The global financial resource curse

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  • dc.contributor.author Benigno, Gianluca
  • dc.contributor.author Fornaro, Luca
  • dc.contributor.author Wolf, Martin
  • dc.date.accessioned 2025-01-10T10:08:06Z
  • dc.date.available 2025-01-10T10:08:06Z
  • dc.date.issued 2024
  • dc.description Supplementary materials files: online appendix; replication data.
  • dc.description.abstract We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable goods, inducing a reallocation of US economic activity from the tradable sector to the nontradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determines the evolution of the world technological frontier, the result is a drop in global productivity growth.
  • dc.description.sponsorship Luca Fornaro acknowledges financial support from the European Research Council Starting Grant 851896 and the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563).
  • dc.format.mimetype application/pdf
  • dc.identifier.citation Benigno G, Fornaro L, Wolf M. The global financial resource curse. Am Econ Rev. 2025 Jan;115(1):220-62. DOI: 10.1257/aer.20211792
  • dc.identifier.doi http://dx.doi.org/10.1257/aer.20211792
  • dc.identifier.issn 0002-8282
  • dc.identifier.uri http://hdl.handle.net/10230/69049
  • dc.language.iso eng
  • dc.publisher American Economic Association
  • dc.relation.ispartof American Economic Review. 2025 Jan;115(1):220-62
  • dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/851896
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/SEV-2015-0563
  • dc.rights © American Economic Association. Can be found at https://www.aeaweb.org/articles?id=10.1257/aer.20211792.
  • dc.rights.accessRights info:eu-repo/semantics/openAccess
  • dc.subject.other Finances internacionals
  • dc.subject.other Desenvolupament econòmic
  • dc.title The global financial resource curse
  • dc.type info:eu-repo/semantics/article
  • dc.type.version info:eu-repo/semantics/publishedVersion

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