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After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account liberalization depends upon the degree of development of a domestic...
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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 effects on productivity growth. We provide a comprehensive analysis of the …
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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 effects on productivity growth. We provide a comprehensive analysis of the …
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