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Empirical evidence on the growth benefits of capital inflows is mixed. The growth benefits accruing from capital inflows also appear to be larger for high savings countries. We explain this phenomenon using an OLG model of endogenous growth in open economies with borrowing constraints that can...
Persistent link: https://www.econbiz.de/10009722848
Persistent link: https://www.econbiz.de/10011477894
We present an open economy growth model incorporating various elements of fiscal policy, including government expenditure on education and public capital (infrastructure), budget deficit, internal and external public debt, public consumption, and four tax rates. This detailed description of...
Persistent link: https://www.econbiz.de/10015189601
Policy prescriptions for managing natural resource windfalls are based on the permanent income hypothesis: none of the windfall is invested at home and saving in an intergenerational SWF is dictated by smoothing consumption across different generations. Furthermore, with Dutch disease effects...
Persistent link: https://www.econbiz.de/10012960370
We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have...
Persistent link: https://www.econbiz.de/10014060802
We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have...
Persistent link: https://www.econbiz.de/10013319365
What is the connection between different forms of globalization, economic growth, and welfare? International trade, cross-border capital flows, and labor movements are three areas in which economic historians have focused their research. I critically summarize various measures of international...
Persistent link: https://www.econbiz.de/10014025589
Based on a neoclassical growth model for open low income economies this paper shows that development strategies, which rely on net borrowing abroad lead to a position of sustainable foreign indebtedness (provided that all capital imports are used for investment financing), but turn out to be...
Persistent link: https://www.econbiz.de/10013048953
Pakistan economy has received large inflows of foreign capital, in shape of foreign debt, FDI and worker's remittances, over the years. The present study is focused on the examination of effects of these flows on economic growth in Pakistan. Johansen cointegration technique and Granger causality...
Persistent link: https://www.econbiz.de/10013056211
This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98. Third, the paper examines the origins of Argentina's crisis of 2001-02. Fourth, it presents a comparative...
Persistent link: https://www.econbiz.de/10014068779