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Título : Financial Integration, Productivity and Capital Accumulation
Autor : Bonfiglioli, Alessandra
Palabras clave : Capital account liberalization
Financial development
Banking crises
Growth
Productivity
Investments
Fecha de publicación : 2-feb-2007
Serie : UFAE and IAE Working Papers
680.07
Resumen: 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.
Descripción : 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
URI : http://hdl.handle.net/10261/1720
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