| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8087 |
| DP8087 Adjusting to Capital Account Liberalization | |
| Nobuhiro Kiyotaki; Gianluca Benigno; Kosuke Aoki | |
| 发表日期 | 2010-10-31 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study theoretically how the adjustment to liberalization of international financial transaction depends upon the degree of domestic financial development. Using a model with domestic and international borrowing constraints, we show that, when the domestic financial system is underdeveloped, capital account liberalization is not necessarily beneficial because TFP stagnates in the long-run or employment decreases in the short-run. Government policy, including allowing foreign direct investment, can mitigate the possible loss of employment, but cannot eliminate it unless the domestic financial system is improved. |
| 主题 | International Macroeconomics |
| 关键词 | Capital account liberalization Credit frictions Domestic financial markets |
| URL | https://cepr.org/publications/dp8087 |
| 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/536924 |
| 推荐引用方式 GB/T 7714 | Nobuhiro Kiyotaki,Gianluca Benigno,Kosuke Aoki. DP8087 Adjusting to Capital Account Liberalization. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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