| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14558 |
| 来源ID | Working Paper 14558 |
| Does Openness to International Financial Flows Raise Productivity Growth? | |
| M. Ayhan Kose; Eswar S. Prasad; Marco E. Terrones | |
| 发表日期 | 2008-12-11 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on productivity growth. We provide a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w14558 |
| 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/572232 |
| 推荐引用方式 GB/T 7714 | M. Ayhan Kose,Eswar S. Prasad,Marco E. Terrones. Does Openness to International Financial Flows Raise Productivity Growth?. 2008. |
| 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 | ||
| w14558.pdf（549KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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