The Elusive 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 ...
متن کاملAccepted Manuscript International Financial Integration
This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting proof before it is published in its final form. Please note that during the production process errors may be discovered which could affect the co...
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We explore the relation between international financial integration and the level of entrepreneurial activity in a country. Researchers have stressed the role of new firm activity and economic dynamism on growth. Yet, the empirical effects of international capital mobility on entrepreneurial activity have received little attention in the literature albeit the ambiguous theoretical predictions a...
متن کاملComment on “International Financial Integration”
Lane and Milesi-Ferretti gather data on assets and liabilities of 18 OECD countries. The data are classified by type of asset–debt instruments and equity instruments (either portfolio or foreign direct investment). To some extent the data allow them to classify changes in asset and liability positions that occur because of capital flows versus changes in valuation. With this data, Lane and Mile...
متن کاملWelfare Gains from Financial Liberalization.
Financial liberalization has been a controversial issue, as empirical evidence for growth enhancing effects is mixed. Here, we find sizable welfare gains from liberalization (cost to repression), though the gain in economic growth is ambiguous. We take the view that financial liberalization is a government policy that alters the path of financial deepening, while financial deepening is endogeno...
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ژورنال
عنوان ژورنال: Review of Economic Studies
سال: 2006
ISSN: 0034-6527,1467-937X
DOI: 10.1111/j.1467-937x.2006.00393.x