| 来源类型 | Working papers |
| 规范类型 | 论文 |
| Does financial integration spur economic growth? New evidence from the first era of financial globalization | |
| Schularick, Moritz; Steger, Thomas | |
| 发表日期 | 2006-01 |
| 出版者 | CESifo |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Does international financial integration boost economic growth? The question has been discussed controversially for a long time, and a large number of studies has been devoted to its empirical investigation. As of yet, robust evidence for a positive impact of capital market integration on economic growth is lacking, as documented by Edison et al. (2002). However,there is substantial narrative evidence from economic history that highlights the contribution European capital made to economic growth of peripheral economies during the so-called first age of financial globalization before 1914. For this paper, we have compiled the first comprehensive data set to test econometrically if capital market integration had a positive impact on economic growth before WW1. Using the same models and techniques as contemporary studies, we show that there was indeed a significant and robust growth effect of international financialintegration in the first era of financial globalization. Our temptative explanation for this marked difference between now and then stresses property rights protection as a prerequisite for the standard neoclassical model to work properly. |
| 主题 | International financial integration ; Economic growth ; First era of globalization |
| URL | https://www.research-collection.ethz.ch/handle/20.500.11850/159776 |
| 来源智库 | Centre for Energy Policy and Economics (Switzerland) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/266634 |
| 推荐引用方式 GB/T 7714 | Schularick, Moritz,Steger, Thomas. Does financial integration spur economic growth? New evidence from the first era of financial globalization. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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