Transcription of InternationalEconomics InternationalMacroeconomics–Lecture3
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InternationalEconomics InternationalMacroeconomics–Lecture3
International EconomicsInternational Macroeconomics Lecture 3 Nicolas Coeurdacier - in Economics - Fall 2018 Financial integration, growth and capital flows Capital flows and welfare gains from financial integration Static and dynamic considerations Discussion of the empirical evidence Capital flows: assessing long-run efficiency[not covered discussed if time permits]Reminder Financial GlobalisationUsingde-jureorde factomeasures, financial globalization increasing since among developed countries but some large emerging markets playingrecently a predominant wave of globalisation, first wave in the 19th-early 20th century beforecollapse in the in capital flows after the Great Capital Flows and the Lucas PuzzleNeoclassical growth model predicts:- Capital flows to capital scarce countries (higher marginalproductivity of cap-ital=MPK).
Gainsfromfinancialintegration–Empiricalevidence - Cross country regressions using IMF-based measures look at the impact of financialintegrationongrowth.
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