منابع مشابه
Capital Flows and Capital Goods*
Studying the relation between equity market liberalization and imports of capital goods, we examine one channel through which international financial integration can promote growth. For the period 1980-1997, we find that after controlling for other policies and fundamentals, stock market liberalizations are associated with a significant increase in the share of imports of machinery and equipmen...
متن کاملCapital Flows
In this paper, we reexamine the question Why doesnt capital ßow from rich to poor countries? posed by Lucas (1990). Our Þndings suggest that even if capital ßows freely it will ßow to middle income countries rather than to poor countries. We start with the stylized fact that poorer countries have high intermediation costs, and develop a simple disaggregation of the neoclassical production fu...
متن کاملBubbles and capital flows
This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and liberating resources that are in part used to invest in high productivity countries. Through this ch...
متن کاملFluctuations in the Swiss Franc : What has Changed Since the Euro ' s Introduction ?
The monetary implications arising from EMU for Swiss monetary policy show up primarily in the exchange rate. Until now, fluctuations in the Swiss franc against the euro have been surprisingly moderate. The Swiss franc has thus tracked the euro's decline against the US dollar without experiencing strong inflationary pressures and a convergence in the interest-rate differential: a paradoxical res...
متن کاملCapital Flows and Financial Crises
This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina’s crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions ...
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ژورنال
عنوان ژورنال: Swiss Journal of Economics and Statistics
سال: 2017
ISSN: 2235-6282
DOI: 10.1007/bf03399513