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Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
Dumas, Bernard - 1999
In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...
Persistent link: https://www.econbiz.de/10012471806
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G. - 2009
Two observations suggest that financial globalization played an important role in the recent financial crisis. First …
Persistent link: https://www.econbiz.de/10012463217
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Thresholds in the Process of International Financial Integration
Kose, M. Ayhan - 2009
The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications …
Persistent link: https://www.econbiz.de/10012463732
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Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability
Edwards, Sebastian - 2008
I use a large cross country data set and panel probit analysis to investigate the way in which the interaction between trade and financial openness affect the probability of external crises. This analysis is related to debate on the adequate sequencing of reform. I also investigate the role...
Persistent link: https://www.econbiz.de/10012464263
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela L. - 2008
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10012464398
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Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
Kalemli-Ozcan, Sebnem - 2009
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on …
Persistent link: https://www.econbiz.de/10012008492
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Financial Globalization and the Welfare State
Razin, Assaf - 2018
globalization, international tax competition, and the fading generosity of the welfare state. Financial globalization triggers a … key mechanism which links financial globalization to redistribution policy, this paper develops a stripped-down model …, where easing the country access to the world capital markets induces political-economy based policy changes that impact …
Persistent link: https://www.econbiz.de/10012452967
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Quantifying the Impact of Financial Development on Economic Development
Greenwood, Jeremy - 2010
output by 140 to 180% if it could adopt the world's best practice in the financial sector. Still, this amounts to only 34 to …
Persistent link: https://www.econbiz.de/10012462758
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Financial Openness and Productivity
Bekaert, Geert - 2009
Financial openness is often associated with higher rates of economic growth. We show that the impact of openness on factor productivity growth is more important than the effect on capital growth. This explains why the growth effects of liberalization appear to be largely permanent, not...
Persistent link: https://www.econbiz.de/10012463805
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Does Openness to International Financial Flows Raise Productivity Growth?
Kose, M. Ayhan - 2008
Economic theory has identified a number of channels through which openness to international financial flows could raise 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...
Persistent link: https://www.econbiz.de/10012464090