G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14441
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
URLhttps://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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