| dc.creator |
Bonfiglioli, Alessandra |
|
| dc.date |
2007-10-30T15:18:18Z |
|
| dc.date |
2007-10-30T15:18:18Z |
|
| dc.date |
2007-02-02 |
|
| dc.date.accessioned |
2017-01-31T00:57:46Z |
|
| dc.date.available |
2017-01-31T00:57:46Z |
|
| dc.identifier |
http://hdl.handle.net/10261/1720 |
|
| dc.identifier.uri |
http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1720 |
|
| dc.description |
Trabajo publicado como artículo en Journal of International Economics 76(2): 337-355 (2008).-- http://dx.doi.org/10.1016/j.jinteco.2008.08.001 |
|
| dc.description |
Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of economic performance: productivity (TFP) and investments. I provide empirical evidence from a sample of 93 countries observed between 1975 and 1999. The results suggest that financial integration has a positive direct effect on productivity, while it spurs capital accumulation only with some delay and indirectly, since capital follows the rise in productivity. I control for indirect effects of financial globalization through banking crises. Such episodes depress both investments and TFP, though they are triggered by financial integration only to a minor extent. |
|
| dc.language |
eng |
|
| dc.relation |
UFAE and IAE Working Papers |
|
| dc.relation |
680.07 |
|
| dc.rights |
openAccess |
|
| dc.subject |
Capital account liberalization |
|
| dc.subject |
Financial development |
|
| dc.subject |
Banking crises |
|
| dc.subject |
Growth |
|
| dc.subject |
Productivity |
|
| dc.subject |
Investments |
|
| dc.title |
Financial Integration, Productivity and Capital Accumulation |
|
| dc.type |
Documento de trabajo |
|