全球智库信息集成服务系统(G2TT): How Big are the Gains from International Financial Integration?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14636
来源ID	Working Paper 14636
	How Big are the Gains from International Financial Integration?
	Indrit Hoxha; Sebnem Kalemli-Ozcan; Dietrich Vollrath
发表日期	2009-01-08
出版年	2009
语种	英语
摘要	The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a production function where the elasticity of substitution between capital varieties is less then infinity, but more than the value that would generate endogenous growth. This production structure is consistent with empirical estimates of the actual elasticity of substitution between capital types, as well as with the relatively slow speed of convergence documented in the growth literature. Calibrating the model, our results are that welfare gains from financial integration are equivalent to a 9% increase in consumption for the median developing country, and up to 14% for the most capital-scarce. These gains rise substantially if capital's share in output increases even modestly above the baseline value of 0.3, and remain large even if inflows of foreign capital after integration are limited to a fraction of the existing capital stock.
主题	International Economics ; International Finance ; International Macroeconomics ; Development and Growth ; Growth and Productivity
URL	https://www.nber.org/papers/w14636
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/572310
推荐引用方式 GB/T 7714	Indrit Hoxha,Sebnem Kalemli-Ozcan,Dietrich Vollrath. How Big are the Gains from International Financial Integration?. 2009.

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
w14636.pdf（326KB）	智库出版物		限制开放	CC BY-NC-SA	浏览