Short-run pain, long-run gain: the conditional welfare gains from international financial integration
نویسندگان
چکیده
منابع مشابه
Short-Run Pain, Long-Run Gain: The Conditional Welfare Gains from International Financial Integration
This paper aims at clarifying the conditions under which nancial globalization originates welfare gains in a simple endogenous growth setting. We focus on the capital-deepening e ect of nancial globalization in an open-economy AK model and we show that constrained borrowing triggers substantial welfare gains, even at small levels of international nancial integration, provided that the autarkic ...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2016
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-016-1019-7