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Systemic Crises and Growth
Ranciere, Romain Rancière; Tornell, Aaron; Westermann, … - National Bureau of Economic Research (NBER) - 2005
In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...
Persistent link: https://www.econbiz.de/10005084641
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Financial Globalization, Growth and Volatility in Developing Countries
Prasad, Eswar; Rogoff, Kenneth S; Wei, Shang-Jin; Kose, … - National Bureau of Economic Research (NBER) - 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/10005085262
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Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries …, unlike their negative impact on the average manufacturing growth rate. FDI inflows exhibit a positive association with …
Persistent link: https://www.econbiz.de/10009226941
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Capital flows: Catalyst or Hindrance to economic takeoffs?
Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
inflows of portfolio debt, portfolio equity, and FDI, controlling for country's stock of short-term external debt and … commodity terms of trade. Average level of FDI inflows is associated with a 23 percent higher takeoff probability relative to a … zero FDI inflow benchmark, and this effect is highest for the Latin America subsample, with a 65 rise in takeoff …
Persistent link: https://www.econbiz.de/10009228892
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Financial Liberalization in Latin-America in the 1990s: A Reassessment
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2005
This paper studies the experience of Latin-America [LATAM] with financial liberalization in the 1990s. The rush towards financial liberalizations in the early 1990s was associated with expectations that external financing would alleviate the scarcity of saving in LATAM, thereby increasing...
Persistent link: https://www.econbiz.de/10005714715
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Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs
Aizenman, Joshua; Isard, Peter - National Bureau of Economic Research (NBER) - 1993
This paper explains why a laissez-faire approach may fail to account for externalities in transforming economies, focusing on externalities associated with supply bottlenecks and adjustment costs. Bottlenecks tend to arise whenever input requirements are stochastic and the opportunity cost of...
Persistent link: https://www.econbiz.de/10005718425
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Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence
Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2002
The empirical relationship between capital controls and the financial development of credit and equity markets is examined. We extend the literature on this subject along a number of dimensions. Specifically, we (1) investigate a substantially broader set of proxy measures of financial...
Persistent link: https://www.econbiz.de/10005718666
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Does Openness to International Financial Flows Raise Productivity Growth?
Kose, Ayhan; Prasad, Eswar; Terrones, Marco E. - National Bureau of Economic Research (NBER) - 2008
this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP …
Persistent link: https://www.econbiz.de/10005720320
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International Finance and Growth in Developing Countries: What Have We Learned?
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2009
Despite an abundance of cross-section, panel, and event studies, there is strikingly little convincing documentation of direct positive impacts of financial opening on the economic welfare levels or growth rates of developing countries. The econometric difficulties are similar to those that...
Persistent link: https://www.econbiz.de/10005720411
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Capital Account Liberalization, Financial Depth and Economic Growth
Klein, Michael W.; Olivei, Giovanni - National Bureau of Economic Research (NBER) - 1999
We show a statistically significant and economically relevant effect of open capital accounts on financial deepness and economic growth in a cross-section of countries over the period 1986 to 1995. Countries with open capital accounts over some or all of this period had a significantly greater...
Persistent link: https://www.econbiz.de/10005830332