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Financial Integration, Productivity and Capital Accumulation

AutorBonfiglioli, Alessandra
Palabras claveCapital account liberalization
Financial development
Banking crises
Growth
Productivity
Investments
Fecha de publicación2-feb-2007
SerieUFAE and IAE Working Papers
680.07
ResumenUnderstanding 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.
DescripciónTrabajo publicado como artículo en Journal of International Economics 76(2): 337-355 (2008).-- http://dx.doi.org/10.1016/j.jinteco.2008.08.001
URIhttp://hdl.handle.net/10261/1720
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