| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12909 |
| 来源ID | Working Paper 12909 |
| Financial Integration, Financial Deepness and Global Imbalances | |
| Enrique G. Mendoza; Vincenzo Quadrini; Jose-Victor Rios-Rull | |
| 发表日期 | 2007-02-16 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show that these imbalances can be the outcome of financial integration when countries differ in financial markets deepness. In particular, countries with more advanced financial markets accumulate foreign liabilities in a gradual, long-lasting process. Differences in financial deepness also affect the composition of foreign portfolios: countries with negative net foreign asset positions maintain positive net holdings of non-diversifiable equity and FDI. Abstracting from the potential impact of globalization on financial development, liberalization leads to sizable welfare gains for the more financially-developed countries and losses for the others. Three empirical observations motivate our analysis: (1)financial deepness varies widely even amongst industrial countries, with the United States ranking at the top; (2) the secular decline in the U.S. net foreign asset position started in the early 1980s, together with a gradual process of international capital markets liberalization; (3) net exports and current account balances are negatively correlated with indicators of financial development. |
| 主题 | Macroeconomics ; Consumption and Investment ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w12909 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570575 |
| 推荐引用方式 GB/T 7714 | Enrique G. Mendoza,Vincenzo Quadrini,Jose-Victor Rios-Rull. Financial Integration, Financial Deepness and Global Imbalances. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12909.pdf（556KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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