growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal … relationship between financial integration and economic growth. Furthermore, there is little evidence that developing countries … have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However …

. There is a growth externality in the tradable sector and agents have imperfect access to international financial markets. By … the tradable sector that boosts growth. Financial frictions generate imperfect substitutability between private and public … reserve accumulation, growth and current account surpluses. The possibility of using reserves to provide liquidity during …

capital varieties is less then infinity, but more than the value that would generate endogenous growth. This production … the relatively slow speed of convergence documented in the growth literature. Calibrating the model, our results are that …

increased. For example, between 1972-99, United States gross FDI and equity assets in the same group of countries rose from 4 to …

We study economic growth and inflation at different levels of government and external debt. Our analysis is based on … findings are: First, the relationship between government debt and real GDP growth is weak for debt/GDP ratios below a threshold … of 90 percent of GDP. Above 90 percent, median growth rates fall by one percent, and average growth falls considerably …