全球智库信息集成服务系统(G2TT): DP14001 The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14001
	DP14001 The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
	Davide Furceri; Prakash Loungani; Jonathan D. Ostry
发表日期	2019-09-17
出版年	2019
语种	英语
摘要	We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality. The country-level results are based on 228 capital account liberalization episodes spanning 149 advanced and developing economies from 1970 to the present. Difference-in-difference estimation using industry-level data for 23 advanced economies suggests that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and higher elasticity of substitution between capital and labor.
主题	International Macroeconomics and Finance
关键词	Globalization Inequality Capital account openness
URL	https://cepr.org/publications/dp14001
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/542883
推荐引用方式 GB/T 7714	Davide Furceri,Prakash Loungani,Jonathan D. Ostry. DP14001 The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data. 2019.