| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14441 |
| DP14441 The Global Financial Resource Curse | |
| Luca Fornero; Gianluca Benigno | |
| 发表日期 | 2020-02-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for U.S. non-tradable goods, inducing a reallocation of U.S. economic activity from the tradable sector to the non-tradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determines the evolution of the world technological frontier, the result is a drop in global productivity growth. This effect, which we dub the global financial resource curse, can help explain why the global saving glut has been accompanied by subdued investment and growth, in spite of low global interest rates. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Global saving glut Global productivity growth International financial integration Capital flows U.s. productivity growth slowdown Low global interest rates Bretton woods ii Export-led growth |
| URL | https://cepr.org/publications/dp14441-0 |
| 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/543339 |
| 推荐引用方式 GB/T 7714 | Luca Fornero,Gianluca Benigno. DP14441 The Global Financial Resource Curse. 2020. |
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