Financial globalization, growth and volatility in developing countries:
This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth. Fur...
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| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2004
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
10942 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth. Furthermore, there is little evidence that developing countries have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly, macroeconomic stability appears to be an important prerequisite for ensuring that financial globalization is beneficial for developing countries. Finally, countries that employ relatively flexible exchange rate regimes and succeed in maintaining fiscal discipline are more likely to enjoy the potential growth and stabilization benefits of financial globalization. |
| Beschreibung: | 67 S. graph. Darst. |
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| 520 | 3 | |a This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth. Furthermore, there is little evidence that developing countries have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly, macroeconomic stability appears to be an important prerequisite for ensuring that financial globalization is beneficial for developing countries. Finally, countries that employ relatively flexible exchange rate regimes and succeed in maintaining fiscal discipline are more likely to enjoy the potential growth and stabilization benefits of financial globalization. | |
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| id | DE-604.BV019877766 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:12Z |
| institution | BVB |
| language | English |
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| publishDate | 2004 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Financial globalization, growth and volatility in developing countries Eswar Prasad ... Cambridge, Mass. National Bureau of Economic Research 2004 67 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10942 This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth. Furthermore, there is little evidence that developing countries have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly, macroeconomic stability appears to be an important prerequisite for ensuring that financial globalization is beneficial for developing countries. Finally, countries that employ relatively flexible exchange rate regimes and succeed in maintaining fiscal discipline are more likely to enjoy the potential growth and stabilization benefits of financial globalization. Internationale Kapitalmobilität / Globalisierung / Wirtschaftswachstum / Konjunktur / Entwicklungsländer Prasad, Eswar S. 1965- Sonstige (DE-588)123812968 oth Rogoff, Kenneth S. 1953- Sonstige (DE-588)128551933 oth Wei, Shang-jin 1964- Sonstige (DE-588)128616636 oth Kose, M. Ayhan Sonstige (DE-588)120255189 oth Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10942 (DE-604)BV002801238 10942 http://papers.nber.org/papers/w10942.pdf kostenfrei Volltext |
| spellingShingle | Financial globalization, growth and volatility in developing countries National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Internationale Kapitalmobilität / Globalisierung / Wirtschaftswachstum / Konjunktur / Entwicklungsländer |
| title | Financial globalization, growth and volatility in developing countries |
| title_auth | Financial globalization, growth and volatility in developing countries |
| title_exact_search | Financial globalization, growth and volatility in developing countries |
| title_full | Financial globalization, growth and volatility in developing countries Eswar Prasad ... |
| title_fullStr | Financial globalization, growth and volatility in developing countries Eswar Prasad ... |
| title_full_unstemmed | Financial globalization, growth and volatility in developing countries Eswar Prasad ... |
| title_short | Financial globalization, growth and volatility in developing countries |
| title_sort | financial globalization growth and volatility in developing countries |
| topic | Internationale Kapitalmobilität / Globalisierung / Wirtschaftswachstum / Konjunktur / Entwicklungsländer |
| topic_facet | Internationale Kapitalmobilität / Globalisierung / Wirtschaftswachstum / Konjunktur / Entwicklungsländer |
| url | http://papers.nber.org/papers/w10942.pdf |
| volume_link | (DE-604)BV002801238 |
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