Showing 1 - 10 of 361
We observe less efficient capital allocation in countries whose banking systems are more thoroughly controlled by tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control, tycoon or family control also correlates with slower...
Persistent link: https://www.econbiz.de/10012463074
We explore the association between income and international capital flows between 1880 and 1913. Capital inflows are associated with higher incomes per capita in the long-run, but capital flows also brought income volatility via financial crises. Crises also decreased growth rates of income per...
Persistent link: https://www.econbiz.de/10012465070
This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government...
Persistent link: https://www.econbiz.de/10012469546
Consensus forecasts for the global economy over the medium and long term predict the world's economic gravity will … substantially shift towards Asia and especially towards the Asian Giants, China and India. While such forecasts may pan out, there …
Persistent link: https://www.econbiz.de/10012458092
spectacular advances of the economies of China, India, and Southeast Asia. Section 1 reviews the debate over the sources of … World War II and the increasing economic gap between OECD and Third World nations. Section 3, "The Asian Miracle," describes … the new recognition among Western economists that the sustained, very rapid growth in China and Southeast Asia was …
Persistent link: https://www.econbiz.de/10012463682
We examine the effects of both equity market liberalization and capital account openness on real consumption growth variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are robust, surviving controls for business-cycle...
Persistent link: https://www.econbiz.de/10012468133
There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...
Persistent link: https://www.econbiz.de/10012468401
The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as fiscal burden reaches a critical level. Growth collapse is associated with a Sudden Stop of capital inflows, real depreciation and a drop in output...
Persistent link: https://www.econbiz.de/10012468833
We study the distribution of economic activity, as proxied by lights at night, across 250,000 grid cells of average area 560 square kilometers. We first document that nearly half of the variation can be explained by a parsimonious set of physical geography attributes. A full set of country...
Persistent link: https://www.econbiz.de/10012456530
In this paper, I examine changes in international trade associated with the integration of low- and middle-income countries into the global economy. Led by China and India, the share of developing economies in global exports more than doubled between 1994 and 2008. One feature of new trade...
Persistent link: https://www.econbiz.de/10012460698