controversy continues today, even as the world is experiencing an unprecedented period of trade liberalization, and in spite of … faster productivity growth. Although the use of instrumental variables goes a long way towards dealing with endogeneity …

controversy continues today, even as the world is experiencing an unprecedented period of trade liberalization, and in spite of … faster productivity growth. Although the use of instrumental variables goes a long way towards dealing with endogeneity …

productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and … global productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows … cut back investment in innovation. Since innovation in the United States determines the evolution of the world …