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Financial Integration, Growth and Volatility

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Date
2016
Link to item file
https://doi.org/10.1111/1468-0106.12177
Dewey
Economie internationale
Sujet
Endogenous Growth; Risk-sharing; Stochastic Growth; Financial Integration; small open economy; growth model; developing economies
JEL code
O.O4.O41; F.F4.F43; F.F3.F36; F.F2.F20; E.E1.E13
Journal issue
Pacific Economic Review
Volume
21
Number
3
Publication date
08-2016
Article pages
330-357
Publisher
Wiley
DOI
http://dx.doi.org/10.1111/1468-0106.12177
URI
https://basepub.dauphine.fr/handle/123456789/20393
Collections
  • LEDa : Publications
Metadata
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Author
Epaulard, Anne
163511 Laboratoire d'Economie de Dauphine [LEDa]
Pommeret, Aude
432899 Institut de Recherche en Gestion et en Economie [IREGE]
Type
Article accepté pour publication ou publié
Abstract (EN)
The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, we build a stochastic endogenous growth model for a small open economy that can: (i) borrow from the rest of the world; (ii) invest in foreign assets; and (iii) receive foreign direct investment. The model is calibrated on 46 emerging market and developing economies for which we evaluate the upper bound for the welfare gain from financial integration. For plausible values of preference parameters and actual levels of financial integration, the mean welfare gain from financial integration is around 13.5% of initial wealth. Compared with financial autarcy, actual levels of financial integration translate into higher annual growth rates.

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