Rui Pedro Esteves (2007), "Between Imperialism and Capitalism: European Capital Exports Before 1914"
Abstract: An original database of German capital exports comparable to Stone's (1993) data for British was compiled for 1883-1913. Three classes of variables were tested as determinants of capital flows: political conditions in recipient countries, long-term growth prospects, and institutional characteristics. German capital flows responded to long-term growth prospects as much as British flows. This conclusion is robust after controlling for political affiliation. It suggests that the sharp distinction in the literature between "developmental" and "revenue" finance is probably a figment of the previous absence of detailed data on non-British capital exports.