| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9489 |
| DP9489 The Financial Resource Curse | |
| Gianluca Benigno; Luca Fornero | |
| 发表日期 | 2013-05-26 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is increasing in the amount of labor employed by firms in the tradable sector. A period of large capital inflows, triggered by a fall in the interest rate, is associated with a consumption boom. While the increase in tradable consumption is financed through foreign borrowing, the increase in non-tradable consumption requires a shift of productive resources toward the non-tradable sector at the expenses of the tradable sector. The result is stagnant productivity growth. We show that capital controls can be welfare-enhancing and can be used as a second best policy tool to mitigate the misallocation of resources during an episode of financial resource curse. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Capital flows Endogenous growth The financial resource curse |
| URL | https://cepr.org/publications/dp9489 |
| 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/538325 |
| 推荐引用方式 GB/T 7714 | Gianluca Benigno,Luca Fornero. DP9489 The Financial Resource Curse. 2013. |
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