Boucekkine, Raouf; Fabbri, Giorgio; Pintus, Patrick A. - Centre d'Études des Politiques Économiques (EPEE), … - 2012
This paper aims at clarifying the conditions under which financial globalization originates welfare gains in a simple … show that collateral-constrained borrowing triggers substantial welfare gains, even at small levels of international … commitment, which generates growth breaks and hampers welfare. For reasonable parameter values and relative to autarky, welfare …