Financial Integration, Financial Development, and Global Imbalances
نویسندگان
چکیده
منابع مشابه
Global Imbalances and Financial Fragility
The U.S. is currently engulfed in the most severe financial crisis since the Great Depression. A key structural factor behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to show how such demand not only triggered a sharp rise in U.S. asset prices, but also exposed the U.S. financial sector to a downturn by concentrating risk o...
متن کاملCurrent account imbalances and international financial integration
International capital flows expanded strongly before the global financial crisis, and current account imbalances accumulated in key economies. The crisis triggered a contraction in capital flows, which often forced a painful adjustment on countries running high external deficits. This special issue of the Journal of International Money and Finance consists of seven papers that offer novel empir...
متن کاملFinancial Integration, Financial Development and Economic Growth
This paper analyzes the relationship between international financial integration and economic growth. Recent literature, surveyed in this paper, emphasizes the role of financial deepening on economic growth. Less attention has been paid, however, to the role of international financial integration in promoting a deep domestic financial market and through that channel fostering economic growth. F...
متن کاملGlobal Imbalances and the Financial Crisis: Products of Common Causes
One of the main global economic concerns before the financial crisis was the presence of large “global imbalances,” which refer to the massive and persistent current account deficits experienced by the United States and financed by the periphery . This concern was intellectually grounded on the devastating crises often experienced by emerging market economies that run chronic current account de...
متن کاملFinancial integration, entrepreneurial risk and global dynamics
The MIT Faculty has made this article openly available. Please share how this access benefits you. Your story matters. Abstract How does financial integration impact capital accumulation, current-account dynamics, and crosscountry inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2009
ISSN: 0022-3808,1537-534X
DOI: 10.1086/599706