Rethinking the effects of financial globalization

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• dc.contributor.author Broner, Fernando
• dc.contributor.author Ventura, Jaume
• dc.date.accessioned 2023-11-20T08:24:59Z
• dc.date.available 2023-11-20T08:24:59Z
• dc.date.issued 2016
• dc.description.abstract During the past three decades, many countries have lifted restrictions on cross-border financial transactions. We present a simple model that can account for the observed effects of financial globalization. The model emphasizes the role of imperfect enforcement of domestic debts and the interactions between domestic and foreign debts. Financial globalization can lead to a variety of outcomes: (i) domestic capital flight and ambiguous effects on net capital flows, investment, and growth; (ii) capital inflows and higher investment and growth; or (iii) volatile capital flows and unstable domestic financial markets. The model shows how the effects of financial globalization depend on the level of development, productivity, domestic savings, and the quality of institutions.
• dc.description.sponsorship We acknowledge financial support from the International Growth Centre, the Spanish Ministry of Science and Innovation (ECO2008-01666), and the European Research Council (ERC263846-KF&EM).
• dc.format.mimetype application/pdf
• dc.identifier.citation Broner F, Ventura J. Rethinking the effects of financial globalization. The Quarterly Journal of Economics. 2016 Aug;131(3):1497-542. DOI: 10.1093/qje/qjw010
• dc.identifier.doi http://dx.doi.org/10.1093/qje/qjw010
• dc.identifier.issn 0033-5533
• dc.identifier.uri http://hdl.handle.net/10230/58310
• dc.language.iso eng
• dc.publisher Oxford University Press
• dc.relation.ispartof The Quarterly Journal of Economics. 2016 Aug;131(3):1497-542
• dc.relation.projectID info:eu-repo/grantAgreement/ES/3PN/ECO2008-01666
• dc.relation.projectID info:eu-repo/grantAgreement/EsemS/FP7/263846
• dc.rights © The Author(s) 2016. Published by Oxford University Press, on behalf of President and Fellows of Harvard College. This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited. For commercial re-use, please contact journals.permissions@oup.com
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc/4.0/
• dc.subject.other Globalització -- Aspectes econòmics
• dc.subject.other Globalització (Economia)
• dc.subject.other Mercats financers
• dc.title Rethinking the effects of financial globalization
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion