全球智库信息集成服务系统(G2TT): DP8647 How Big are the Gains from International Financial Integration?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8647
	DP8647 How Big are the Gains from International Financial Integration?
	Sebnem Kalemli-Ozcan; Dietrich Vollrath; Indrit Hoxha
发表日期	2011-11-01
出版年	2011
语种	英语
摘要	The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a production function where the elasticity of substitution between capital varieties is less then infinity, but more than the value that would generate endogenous growth. This production structure is consistent with empirical estimates of the actual elasticity of substitution between capital types, as well as with the relatively slow speed of convergence documented in the growth literature. Calibrating the model, our results are that welfare gains from financial integration are equivalent to a 9% increase in consumption for the median developing country, and up to 14% for the most capital-scarce. These gains rise substantially if capital?s share in output increases even modestly above the baseline value of 0.3, and remain large even if inflows of foreign capital after integration are limited to a fraction of the existing capital stock.
主题	Financial Economics
关键词	Productivity Neoclassical growth model Welfare Fdi Financial integration
URL	https://cepr.org/publications/dp8647
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/537484
推荐引用方式 GB/T 7714	Sebnem Kalemli-Ozcan,Dietrich Vollrath,Indrit Hoxha. DP8647 How Big are the Gains from International Financial Integration?. 2011.