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"We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state-it takes twice as...
Persistent link: https://www.econbiz.de/10008669369
portfolio equity and debt investment flows are negatively related to total factor productivity (TFP) in developing Asia, thereby … direct investment, although we find that there is no direct allocation puzzle in developing Asia, financial development can …
Persistent link: https://www.econbiz.de/10014564120
This study reviews the evolution of financial markets, institutions, and policy frameworks in the economy of the Republic of Korea over the two decades since the 1997 Asian financial crisis and assesses their effectiveness in reducing the likelihood and adverse effects of future financial...
Persistent link: https://www.econbiz.de/10011757958
Asia. In particular, we analyze the impacts of automation, artificial intelligence, and digitalization on the growth …
Persistent link: https://www.econbiz.de/10012206273
This paper studies the relationship between Asia’s economic engagements in Africa and individual African nations …’ participation in global value chains (GVC) over the past two decades. We find that while overall exports from Africa to Asia are … to diversify export portfolios through exporting to Asia. Each African nation has a distinct main trade partner in Asia …
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