Rethinking the Effects of Financial Globalization*

• 成果类型: Article
• 署名作者: Broner, Fernando; Ventura, Jaume
• 署名单位: Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qjw010
• 发表日期: 2016
• 页码: 1497-1542
• 关键词: capital flows; Sovereign debt; market imperfections; developing-countries; current accounts; sudden stops; RISK; GROWTH; crises; MODEL

摘要

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.