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Does Openness to International Financial Flows Raise Productivity Growth?

Kose, M. Ayhan - 2008

productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output … growth, far less attention has been paid to its effects on productivity growth. We provide a comprehensive analysis of the … relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various …

Persistent link: https://www.econbiz.de/10012464090

A Pragmatic Approach to Capital Account Liberalization

Prasad, Eswar S. - 2008

Cross-country regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the...

Persistent link: https://www.econbiz.de/10012464595

Financial Globalization, Growth and Volatility in Developing Countries

Prasad, Eswar S. - 2004

This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on 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....

Persistent link: https://www.econbiz.de/10012467745

Sources for Financing Domestic Capital -- Is Foreign Saving a Viable Option for Developing Countries?

Aizenman, Joshua - 2004

This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past...

Persistent link: https://www.econbiz.de/10012468068

Endogenous Financial Openness : Efficiency and Political Economy Considerations

Aizenman, Joshua - 2003

This paper studies the endogenous determination of financial openness. We outline a framework where financial openness is endogenously determined by the authority's choice of financial repression as a taxation device, and where the private sector determines endogenously the magnitude of capital...

Persistent link: https://www.econbiz.de/10012468550

Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

Aizenman, Joshua - 2013

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

Persistent link: https://www.econbiz.de/10012459214

Sectoral Debt and Global Dollar Cycles in Developing Economies

Han, Bada; Ahmed, Rashad; Aizenman, Joshua; Jinjarak, Yothin - National Bureau of Economic Research - 2024

We explore the role of sectoral debt dynamics in shaping business cycles in a sample of 52 Emerging Market Economies (EMEs) and Frontier Market Economies (FMEs) from 2005 to 2021. Higher household debt levels and growth are associated with significantly slower GDP growth in more developed EMEs...

Persistent link: https://www.econbiz.de/10014486174