| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11009 |
| DP11009 Financial Integration and Growth in a Risky World | |
| Helene Rey; Nicolas Coeurdacier; Pablo Winant | |
| 发表日期 | 2015-12-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We revisit the debate on the benefits of financial integration in a two-country neoclassical growth model with aggregate uncertainty. Our framework accounts simultaneously for gains from a more efficient capital allocation and gains from risk sharing---together with their interaction. In our general equilibrium model, risk sharing brought by financial integration has an effect on the steady-state itself, altering convergence gains from capital accumulation. Because we use global numerical methods, we are able to do meaningful welfare comparisons along the transition paths. Allowing for country asymmetries in terms of risk, capital scarcity and size, we find important differences in the effect of financial integration on output, direction of capital flows, consumption and welfare over time and across countries. This opens the door to a richer set of empirical implications than previously considered in the literature. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Growth International capital flows Risk sharing |
| URL | https://cepr.org/publications/dp11009 |
| 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/539838 |
| 推荐引用方式 GB/T 7714 | Helene Rey,Nicolas Coeurdacier,Pablo Winant. DP11009 Financial Integration and Growth in a Risky World. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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