The elusive gains from international financial integration

Review of Economic Studies

Volumn 73, Issue 3, 2006, Pages 715-741

  Gourinchas, Pierre Olivier ^a,b   Jeanne, Olivier ^c  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

^c INTERNATIONAL MONETARY FUND   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL FLOW; CAPITAL MARKET; CONVERGENCE; ECONOMIC INTEGRATION; FOREIGN DIRECT INVESTMENT;

EID: 33745822013     PISSN: 00346527     EISSN: 1467937X     Source Type: Journal    
DOI: 10.1111/j.1467-937X.2006.00393.x     Document Type: Article

References (43)

1. Acemoglu, D. and Zilibotti, F. (1997), "Was Prometheus Unbound by Chance? Risk, Diversification, and Growth", Journal of Political Economy, 105(4), 709-751.
2. Athanasoulis, S. and van Wincoop, E. (2000), "Growth Uncertainty and Risk-Sharing", Journal of Monetary Economics, 45, 477-505.
3. Barro, R. and Lee, J. (1993), "International Comparisons of Educational Attainment", Journal of Monetary Economics, 32, 363-394.
4. Barro, R. and Lee, J. (2001), "International Data on Educational Attainment: Updates and Implications", Oxford Economic Papers, 53, 541-563.
5. Barro, R., Mankiw, G. and Sala-i-martin, X. (1995), "Capital Mobility in Neoclassical Models of Growth", American Economic Review, 85(1), 103-115.
6. Barro, R. and Sala-i-martin, X. (1992), "Convergence", Journal of Political Economy, 100(2), 223-251.
7. Bartolini, L. and Drazen, A. (1997), "Capital Account Liberalization as a Signal", American Economic Review, 87, 138-154.
8. Bekaert, G., Harvey, C. and Lundblad, C. (2005), "Does Financial Liberalization Spur Growth?", Journal of Financial Economics, 77(1), 3-55.
9. Bernanke, B. and Gürkaynak, R. (2001), "Is Growth Exogenous? Taking Mankiw, Romer and Weil Seriously", in B. Bernanke and K. Rogoff (eds.) NBER Macroeconomics Annual (Cambridge, MA: MIT Press) 11-72.
10. Bils, M. and Klenow, P. J. (1990), "Does Schooling Cause Growth?", American Economic Review, 90(5), 1160-1183.
11. Borenzstein, E., de Gregorio, J. and Lee, J. (1998), "How Does Foreign Investment Affect Growth?", Journal of International Economics, 45, 115-135.
12. Boyd, J. H. and Smith, B. D. (1997), "Capital Market Imperfections, International Credit Markets, and Nonconvergence", Journal of Economic Theory, 73(2), 335-364.
13. Carkovic, M. and Levine, R. (2002), "Does Foreign Direct Investment Accelerate Economic Growth?" (Mimeo, University of Minnesota).
14. Caselli, F. (2004), "Accounting for Cross-Country Income Differences" (NBER Working Paper No. 10828, National Bureau of Economic Research).
15. Caselli, F., Esquivel, G. and Lefort, F. (1996), "Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics", Journal of Economic Growth, 1(3), 363-389.
16. Chari, V. V., Kehoe, P. J. and Mc Grattan, E. R. (1996), "The Poverty of Nations: A Quantitative Exploration" (NBER Working Paper No. 5414, National Bureau of Economic Research).
17. de Melo, J. and Tarr, D.G. (1992) A General Equilibrium Analysis of US Foreign Trade Policy (Cambridge, MA: MIT Press).
18. Easterly, W. and Levine, R. (2001), "It's not Factor Accumulation: Stylized Facts and Growth Models", The World Bank Economic Review, 15(2), 177-219.
19. Edison, H., Levine, R., Ricci, L. and Sloek, T. (2002), "International Financial Integration and Economic Growth", Journal of International Money and Finance, 21, 749-776.
20. Eichengreen, B. and Mussa, M., with Dell'Ariccia, G., Detragiache, E., Milesi-ferretti, G. M. and Tweedie, A. (1998), "Capital Account Liberalization: Theoretical and Practical Aspects" (Occasional Paper No. 172, International Monetary Fund, Washington, DC).
21. Fischer, S. (1998), "Capital Account Liberalization and the Role of the IMF", in Should the IMF Pursue Capital-Account Convertibility?, Vol. 207 (Princeton, NJ: Essays in International Finance, Department of Economics, Princeton University) 1-10.
22. Gertler, M. and Rogoff, K. (1990), "North-South Lending and Endogenous Domestic Capital Market Inefficiencies", Journal of Monetary Economics, 26(2), 245-266.
23. Gollin, D. (2002), "Getting Income Shares Right", Journal of Political Economy, 110(2), 458-474.
24. Gourinchas, P.-O. and Jeanne, O. (2005a), "Capital Mobility and Reform" (Mimeo, University of California, Berkeley).
25. Gourinchas, P.-O. and Jeanne, O. (2005 b), "The Elusive Gains from International Financial Integration" (NBER Working Papers No. 9684, National Bureau of Economic Research).
26. Hall, R. and Jones, C. (1999), "Why do Some Countries Produce so Much More Output per Worker than Others?" Quarterly Journal of Economics, 114(1), 83-116.
27. Henry, P. B. (2003), "Capital Account Liberalization, the Cost of Capital, and Economic Growth", American Economic Review (Papers and Proceedings), 93(2), 91-96.
28. Heston, A., Summers, R. and Aten, B. (2002) Penn World Table Version 6.1 (Center for International Comparisons at the University of Pennsylvania (CICUP)).
29. Isham, J. and Kaufman, D. (1999), "The Forgotten Rationale for Policy Reform: The Productivity of Investment Projects", Quarterly Journal of Economics, 114(1), 149-184.
30. Jones, C. (1997), "Convergence Revisited", Journal of Economic Growth, 2, 131-153.
31. Klenow, P. and Rodriguez-clare, A. (1997), "The Neo-Classical Revival in Growth Economics: Has it Gone Too Far?", in B. Bernanke and J. Rotemberg (eds.) NBER Macroeconomics Annual (Cambridge, MA: MIT Press) 73-103.
32. Levine, R. (1996), "Foreign Banks, Financial Development and Growth", in C. Barfield (ed.) International Financial Markets: Harmonization Versus Competition (Washington, DC: AEI Press) 224-254.
33. Mankiw, N. G., Romer, D. and Weil, D. (1992), "A Contribution to the Empirics of Economic Growth", Quarterly Journal of Economics, 107(2), 407-438.
34. Matsuyama, K. (2004), "Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations", Econometrica, 72(3), 853-884.
35. Mendoza, E. and Tesar, L. (1998), "The International Ramifications of Tax Reforms: Supply-Side Economics in a Global Economy", American Economic Review, 88(1), 226-245.
36. Obstfeld, M. (1994), "Risk-Taking, Global Diversification and Growth", American Economic Review, 85, 1310-1329.
37. Pallage, S. and Robe, M. (2003), "On the Welfare Cost of Economic Fluctuations in Developing Countries", International Economic Review, 44(2), 677-698.
38. Prasad, E., Rogoff, K., Wei, S. and Kose, M. A. (2003), "Effects of Financial Globalization on Developing Countries: Some Empirical Evidence" (IMF Occasional Paper No. 220, International Monetary Fund, Washington, DC).
39. Psacharopoulos, G. (1994), "Returns to Investment in Education: A Global Update", World Development, 22, 1325-1343.
40. Rajan, R. and Zingales, L. (2003), "The Great Reversals: The Politics of Financial Development in the 20th Century", Journal of Financial Economics, 69(1), 5-50.
41. Rutherford, T. F. and Tarr, D. G. (2002), "Trade Liberalization, Product Variety and Growth in a Small Open Economy: A Quantitative Assessment", Journal of International Economics, 56, 247-272.
42. Summers, R. and Heston, A. (1991), "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988", The Quarterly Journal of Economics, 106(2), 327-368.
43. Tornell, A. and Velasco, A. (1992), "The Tragedy of the Commons and Economic Growth: Why does Capital Flow from Poor to Rich Countries?", Journal of Political Economy, 100(6), 1208 -1231.