This article addresses the question whether the substantial financial flows received by emigration countries contributed to domestic financial development in peripheral Europe before 1914. We quantify a sizable and significant relation between remittances and measures of financial development...

Debt mutualisation through Eurobonds has been proposed as a solution to the Euro crisis. Although this proposal found some support, it also attracted strong criticisms as it risks raising the spreads for strong countries, diluting legacy debt and promoting moral hazard by weak countries. Because...

This paper compares the patterns of foreign investment of two large capital-exporting countries before 1914 - Great Britain and Germany. An original database of German capital exports, comparable to Stone's (1999) data for British capital flows was compiled for the period 1883-1913. Three...