G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6355
DP6355 Liquidity Traps, Learning and Stagnation
Seppo Honkapohja; George W. Evans; Eran Guse
发表日期2007-06-22
出版年2007
语种英语
摘要This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which financial globalization can be a substitute for reforms of domestic financial system. Inefficient financial system and poor corporate governance in a country may be completely bypassed by two-way capital flows in which domestic savings leave the country in the form of financial capital outflows but domestic investment takes place via inward foreign direct investment. While financial globalization always improves the welfare of a developed country with a good financial system, its effect is ambiguous for a developing country with an inefficient financial sector/poor corporate governance. However, the net effect for a developing country is more likely to be positive, the stronger its property rights protection. This is consistent with the observation that developed countries are often more enthusiastic about capital account liberalization around the world than many developing countries. A noteworthy feature of this theory is that financial and property rights institutions can have different effects on capital flows.
主题Development Economics ; International Macroeconomics
关键词Financial development International capital flows Property rights protection Corporate governance
URLhttps://cepr.org/publications/dp6355
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535185
推荐引用方式
GB/T 7714
Seppo Honkapohja,George W. Evans,Eran Guse. DP6355 Liquidity Traps, Learning and Stagnation. 2007.
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