During the last few decades, many emerging markets have lifted restrictions on cross-border financial transactions. The conventional view was that this would allow these countries to: (i) receive capital inflows from advanced countries that would finance higher investment and growth; (ii) insure against aggregate shocks and reduce consumption volatility; and (iii) accelerate the development of ...

OBJECTIVE To map and measure the flows of financial resources for health research and development in Brazil for the years 2000-2002. METHODS After adapting the methodology developed for the Center for Economic Policy Research, data were collected on the sources and uses of resources for health research and development. RESULTS The annual average value of resources apportioned to health rese...

In a post-crisis scenario, the global economy has entered into an episode of gradual recovery characterized, in part, by different growth velocities and capital flows to emerging market economies. This global environment has opened a debate relative to macroprudential regulation, financial stability and capital flows. In this paper I highlight the importance of this latest aspect, particularly ...

This paper develops a model of global liquidity with international banks as the carriers of liquidity conditions across borders. Global banks raise wholesale funding from financial centers which is deployed globally through centralized portfolio allocation decisions from headquarters. As the shadow value of bank funding is equalized across regions, permissive credit conditions in financial cent...

The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. We present the first investigation of the architecture of the international ownership network, along with the computation of the control held by each glo...

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...

Cross-country studies associate financial liberalization with increases in aggregate productivity. This paper argues that this finding can be mainly attributed to reductions in distortions in capital markets that promote competition and encourage firms’ investments in technology. I first develop a simple small open economy model in which capital controls distort access to international borrowin...

Globalization is something more than a purely economic phenomenon manifesting itself on a global scale. During the last few decades, human dynamics, institutional change, political relations, and the global environment have become more intertwined. Among these visible manifestations of globalization are the greater international movement of goods and services, financial capital, information and...