G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11009
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
URLhttps://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.
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