The aggregate and distributional effects of financial globalization :: evidence from macro and sectoral data /
We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows-financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2018]
|
| Schriftenreihe: | IMF working paper ;
WP/18/83. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows-financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality-that is, they pose an equity-efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data. |
| Beschreibung: | Figure 17. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share-Controlling for Sectoral Growth. |
| Beschreibung: | 1 online resource (62 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781484352144 1484352149 1484350898 9781484350898 |
Internformat
MARC
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| 100 | 1 | |a Furceri, Davide, |e author. |0 http://id.loc.gov/authorities/names/no2010061747 | |
| 245 | 1 | 4 | |a The aggregate and distributional effects of financial globalization : |b evidence from macro and sectoral data / |c by Davide Furceri, Prakash Loungani, and Jonathan D. Ostry. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2018] | |
| 264 | 4 | |c ©2018 | |
| 300 | |a 1 online resource (62 pages) | ||
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| 490 | 1 | |a IMF Working Paper ; |v WP/18/83 | |
| 588 | 0 | |a Print version record. | |
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Contents; I. INTRODUCTION; II. DATA; A. Country-Level Data; 1. Capital Account Liberalization; 2. Output and Inequality; B. Industry-Level-Data; 1. External Financial Dependance; 2. Natural Layoff Rate; 3. Elasticity of Substitution between Capital and Labor; III. EMPIRICAL METHODOLOGY; A. Country-Level Approach; 1. Baseline; 2. Accounting for Differential and Threshold Effects; B. Industry-Level Approach; IV. RESULTS; A. Country-Level Analysis; 1. Addressing Endogeneity; 2. Liberalization vs Flows; 3. Threshold Effects; B. Industry-Level Analysis; 1. Robustness Checks; V. CONCLUSIONS. | |
| 505 | 8 | |a FIGURESFigure 1. The Aggregate and Distributional Effects of Capital Account Liberalization; Figure 2. The Aggregate and Distributional Effects of Capital Account Liberalization-Additional Controls; Figure 3. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Expected Future Growth; Figure 4. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Two Lags of the Dependent Variables; Figure 5. The Aggregate and Distributional Effects of Capital Account Liberalization-IV. | |
| 505 | 8 | |a Figure 6. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-High vs Low FlowsFigure 7. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-The Role of Institutions and Crises; Figure 8. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and its Components; Figure 9. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share. | |
| 505 | 8 | |a Figure 10. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Trade ReformsFigure 11. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Current Account Reforms; Figure 12. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Domestic Financial Liberalization Reforms. | |
| 505 | 8 | |a Figure 13. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Product Market ReformsFigure 14. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Labor Market (EPL) Reforms; Figure 15. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Union Density; Figure 16. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Technology. | |
| 500 | |a Figure 17. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share-Controlling for Sectoral Growth. | ||
| 520 | 3 | |a We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows-financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality-that is, they pose an equity-efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data. | |
| 650 | 0 | |a Capital movements. |0 http://id.loc.gov/authorities/subjects/sh85019946 | |
| 650 | 0 | |a Globalization. |0 http://id.loc.gov/authorities/subjects/sh99010179 | |
| 650 | 6 | |a Mouvements de capitaux. | |
| 650 | 6 | |a Mondialisation. | |
| 650 | 7 | |a globalism. |2 aat | |
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| 700 | 1 | |a Loungani, Prakash, |e author. |0 http://id.loc.gov/authorities/names/n92021651 | |
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| 776 | 0 | 8 | |i Print version: |a Furceri, Davide. |t Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data. |d Washington, D.C. : International Monetary Fund, ©2018 |z 9781484350898 |
| 830 | 0 | |a IMF working paper ; |v WP/18/83. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| author | Furceri, Davide Loungani, Prakash Ostry, Jonathan David, 1962- |
| author_GND | http://id.loc.gov/authorities/names/no2010061747 http://id.loc.gov/authorities/names/n92021651 http://id.loc.gov/authorities/names/no92021049 |
| author_facet | Furceri, Davide Loungani, Prakash Ostry, Jonathan David, 1962- |
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| contents | Cover; Contents; I. INTRODUCTION; II. DATA; A. Country-Level Data; 1. Capital Account Liberalization; 2. Output and Inequality; B. Industry-Level-Data; 1. External Financial Dependance; 2. Natural Layoff Rate; 3. Elasticity of Substitution between Capital and Labor; III. EMPIRICAL METHODOLOGY; A. Country-Level Approach; 1. Baseline; 2. Accounting for Differential and Threshold Effects; B. Industry-Level Approach; IV. RESULTS; A. Country-Level Analysis; 1. Addressing Endogeneity; 2. Liberalization vs Flows; 3. Threshold Effects; B. Industry-Level Analysis; 1. Robustness Checks; V. CONCLUSIONS. FIGURESFigure 1. The Aggregate and Distributional Effects of Capital Account Liberalization; Figure 2. The Aggregate and Distributional Effects of Capital Account Liberalization-Additional Controls; Figure 3. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Expected Future Growth; Figure 4. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Two Lags of the Dependent Variables; Figure 5. The Aggregate and Distributional Effects of Capital Account Liberalization-IV. Figure 6. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-High vs Low FlowsFigure 7. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-The Role of Institutions and Crises; Figure 8. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and its Components; Figure 9. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share. Figure 10. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Trade ReformsFigure 11. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Current Account Reforms; Figure 12. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Domestic Financial Liberalization Reforms. Figure 13. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Product Market ReformsFigure 14. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Labor Market (EPL) Reforms; Figure 15. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Union Density; Figure 16. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Technology. |
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| dewey-full | 332.0424 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.0424 |
| dewey-search | 332.0424 |
| dewey-sort | 3332.0424 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| psigel | ZDB-4-EBU |
| publishDate | 2018 |
| publishDateSearch | 2018 |
| publishDateSort | 2018 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF Working Paper ; |
| spelling | Furceri, Davide, author. http://id.loc.gov/authorities/names/no2010061747 The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / by Davide Furceri, Prakash Loungani, and Jonathan D. Ostry. [Washington, D.C.] : International Monetary Fund, [2018] ©2018 1 online resource (62 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/18/83 Print version record. Includes bibliographical references. Cover; Contents; I. INTRODUCTION; II. DATA; A. Country-Level Data; 1. Capital Account Liberalization; 2. Output and Inequality; B. Industry-Level-Data; 1. External Financial Dependance; 2. Natural Layoff Rate; 3. Elasticity of Substitution between Capital and Labor; III. EMPIRICAL METHODOLOGY; A. Country-Level Approach; 1. Baseline; 2. Accounting for Differential and Threshold Effects; B. Industry-Level Approach; IV. RESULTS; A. Country-Level Analysis; 1. Addressing Endogeneity; 2. Liberalization vs Flows; 3. Threshold Effects; B. Industry-Level Analysis; 1. Robustness Checks; V. CONCLUSIONS. FIGURESFigure 1. The Aggregate and Distributional Effects of Capital Account Liberalization; Figure 2. The Aggregate and Distributional Effects of Capital Account Liberalization-Additional Controls; Figure 3. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Expected Future Growth; Figure 4. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Two Lags of the Dependent Variables; Figure 5. The Aggregate and Distributional Effects of Capital Account Liberalization-IV. Figure 6. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-High vs Low FlowsFigure 7. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-The Role of Institutions and Crises; Figure 8. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and its Components; Figure 9. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share. Figure 10. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Trade ReformsFigure 11. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Current Account Reforms; Figure 12. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Domestic Financial Liberalization Reforms. Figure 13. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Product Market ReformsFigure 14. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Labor Market (EPL) Reforms; Figure 15. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Union Density; Figure 16. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Technology. Figure 17. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share-Controlling for Sectoral Growth. We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows-financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality-that is, they pose an equity-efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data. Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Globalization. http://id.loc.gov/authorities/subjects/sh99010179 Mouvements de capitaux. Mondialisation. globalism. aat BUSINESS & ECONOMICS Finance. bisacsh Capital movements fast Globalization fast Globalization. imf All Countries. imf Loungani, Prakash, author. http://id.loc.gov/authorities/names/n92021651 Ostry, Jonathan David, 1962- author. https://id.oclc.org/worldcat/entity/E39PBJmpbtBRmFqB6wBWTxTJXd http://id.loc.gov/authorities/names/no92021049 has work: The aggregate and distributional effects of financial globalization (Text) https://id.oclc.org/worldcat/entity/E39PCGGc73DDhgT3yHFvDyQpRq https://id.oclc.org/worldcat/ontology/hasWork Print version: Furceri, Davide. Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data. Washington, D.C. : International Monetary Fund, ©2018 9781484350898 IMF working paper ; WP/18/83. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1803117 Volltext |
| spellingShingle | Furceri, Davide Loungani, Prakash Ostry, Jonathan David, 1962- The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / IMF working paper ; Cover; Contents; I. INTRODUCTION; II. DATA; A. Country-Level Data; 1. Capital Account Liberalization; 2. Output and Inequality; B. Industry-Level-Data; 1. External Financial Dependance; 2. Natural Layoff Rate; 3. Elasticity of Substitution between Capital and Labor; III. EMPIRICAL METHODOLOGY; A. Country-Level Approach; 1. Baseline; 2. Accounting for Differential and Threshold Effects; B. Industry-Level Approach; IV. RESULTS; A. Country-Level Analysis; 1. Addressing Endogeneity; 2. Liberalization vs Flows; 3. Threshold Effects; B. Industry-Level Analysis; 1. Robustness Checks; V. CONCLUSIONS. FIGURESFigure 1. The Aggregate and Distributional Effects of Capital Account Liberalization; Figure 2. The Aggregate and Distributional Effects of Capital Account Liberalization-Additional Controls; Figure 3. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Expected Future Growth; Figure 4. The Aggregate and Distributional Effects of Capital Account Liberalization-Controlling for Two Lags of the Dependent Variables; Figure 5. The Aggregate and Distributional Effects of Capital Account Liberalization-IV. Figure 6. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-High vs Low FlowsFigure 7. The Medium-Term Aggregate and Distributional Effects of Capital Account Liberalization-The Role of Institutions and Crises; Figure 8. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and its Components; Figure 9. The Differential Effect of Capital Account Liberalization Episodes on the Labor Share. Figure 10. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Trade ReformsFigure 11. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Current Account Reforms; Figure 12. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Domestic Financial Liberalization Reforms. Figure 13. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Product Market ReformsFigure 14. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Labor Market (EPL) Reforms; Figure 15. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Union Density; Figure 16. The Differential Effect of Capital Account Liberalization Episodes on Sectoral Output and Labor Share-Controlling for Technology. Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Globalization. http://id.loc.gov/authorities/subjects/sh99010179 Mouvements de capitaux. Mondialisation. globalism. aat BUSINESS & ECONOMICS Finance. bisacsh Capital movements fast Globalization fast Globalization. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85019946 http://id.loc.gov/authorities/subjects/sh99010179 |
| title | The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / |
| title_auth | The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / |
| title_exact_search | The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / |
| title_full | The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / by Davide Furceri, Prakash Loungani, and Jonathan D. Ostry. |
| title_fullStr | The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / by Davide Furceri, Prakash Loungani, and Jonathan D. Ostry. |
| title_full_unstemmed | The aggregate and distributional effects of financial globalization : evidence from macro and sectoral data / by Davide Furceri, Prakash Loungani, and Jonathan D. Ostry. |
| title_short | The aggregate and distributional effects of financial globalization : |
| title_sort | aggregate and distributional effects of financial globalization evidence from macro and sectoral data |
| title_sub | evidence from macro and sectoral data / |
| topic | Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Globalization. http://id.loc.gov/authorities/subjects/sh99010179 Mouvements de capitaux. Mondialisation. globalism. aat BUSINESS & ECONOMICS Finance. bisacsh Capital movements fast Globalization fast Globalization. imf |
| topic_facet | Capital movements. Globalization. Mouvements de capitaux. Mondialisation. globalism. BUSINESS & ECONOMICS Finance. Capital movements Globalization All Countries. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1803117 |
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