全球智库信息集成服务系统(G2TT): Thresholds in the Process of International Financial Integration

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14916
来源ID	Working Paper 14916
	Thresholds in the Process of International Financial Integration
	M. Ayhan Kose; Eswar S. Prasad; Ashley D. Taylor
发表日期	2009-04-23
出版年	2009
语种	英语
摘要	The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial integration may be more important than the traditional financing channel emphasized in previous analyses. A major complication, however, is that there seem to be certain "threshold" levels of financial and institutional development that an economy needs to attain before it can derive the indirect benefits and reduce the risks of financial openness. In this paper, we develop a unified empirical framework for characterizing such threshold conditions. We find that there are clearly identifiable thresholds in variables such as financial depth and institutional quality -- the cost-benefit trade-off from financial openness improves significantly once these threshold conditions are satisfied. We also find that the thresholds are lower for foreign direct investment and portfolio equity liabilities compared to those for debt liabilities.
主题	International Economics ; International Finance ; International Macroeconomics ; Development and Growth ; Growth and Productivity
URL	https://www.nber.org/papers/w14916
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/572592
推荐引用方式 GB/T 7714	M. Ayhan Kose,Eswar S. Prasad,Ashley D. Taylor. Thresholds in the Process of 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
w14916.pdf（1240KB）	智库出版物		限制开放	CC BY-NC-SA	浏览