Financial integration and growth in a risky world

• 成果类型: Article
• 署名作者: Coeurdacier, Nicolas; Rey, Helene; Winant, Pablo
• 署名单位: University of London; London Business School; Centre for Economic Policy Research - UK; Bank of England
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.01.022
• 发表日期: 2020
• 页码: 1-21
• 关键词: financial integration; capital flows; Risky steady-state; Global solutions

摘要

We revisit the debate on the benefits of financial integration in a two-country neoclassical growth model with aggregate uncertainty. The framework accounts simultaneously for gains from a more efficient capital allocation and gains from risk sharing-together with their interaction. Global numerical methods allow for meaningful welfare comparisons. Gains from integration are quantitatively small, even for riskier and capital scarce emerging economies. These countries import capital for efficiency reasons before exporting it for self-insurance, leading to capital flows and growth reversals along the transition. This opens the door to richer empirical implications than previously considered in the literature. (C) 2019 Published by Elsevier B.V.