Short-run pain, long-run gain: the conditional welfare gains from international financial integration
Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a i...
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Gespeichert in:
| Autor*in: |
Boucekkine, Raouf [verfasserIn] |
|---|
| Format: |
Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2016 |
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| Schlagwörter: |
International financial integration |
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| Anmerkung: |
© Springer-Verlag Berlin Heidelberg 2016 |
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| Übergeordnetes Werk: |
Enthalten in: Economic theory - Springer Berlin Heidelberg, 1991, 65(2016), 2 vom: 08. Dez., Seite 329-360 |
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| Übergeordnetes Werk: |
volume:65 ; year:2016 ; number:2 ; day:08 ; month:12 ; pages:329-360 |
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| DOI / URN: |
10.1007/s00199-016-1019-7 |
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| 520 | |a Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about $$2\%$$ in middle-income countries to about $$13\%$$ in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. | ||
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| 700 | 1 | |a Pintus, Patrick A. |4 aut | |
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10.1007/s00199-016-1019-7 doi (DE-627)OLC206050466X (DE-He213)s00199-016-1019-7-p DE-627 ger DE-627 rakwb eng 330 VZ 330 510 VZ 83.00 bkl Boucekkine, Raouf verfasserin aut Short-run pain, long-run gain: the conditional welfare gains from international financial integration 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag Berlin Heidelberg 2016 Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about $$2\%$$ in middle-income countries to about $$13\%$$ in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. International financial integration Collateral-constrained borrowing Welfare gains Endogenous growth Growth breaks Fabbri, Giorgio aut Pintus, Patrick A. aut Enthalten in Economic theory Springer Berlin Heidelberg, 1991 65(2016), 2 vom: 08. Dez., Seite 329-360 (DE-627)13093870X (DE-600)1059110-2 (DE-576)025091611 0938-2259 nnns volume:65 year:2016 number:2 day:08 month:12 pages:329-360 https://doi.org/10.1007/s00199-016-1019-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OPC-MAT GBV_ILN_11 GBV_ILN_26 GBV_ILN_70 GBV_ILN_267 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4277 83.00 VZ AR 65 2016 2 08 12 329-360 |
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10.1007/s00199-016-1019-7 doi (DE-627)OLC206050466X (DE-He213)s00199-016-1019-7-p DE-627 ger DE-627 rakwb eng 330 VZ 330 510 VZ 83.00 bkl Boucekkine, Raouf verfasserin aut Short-run pain, long-run gain: the conditional welfare gains from international financial integration 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag Berlin Heidelberg 2016 Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about $$2\%$$ in middle-income countries to about $$13\%$$ in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. International financial integration Collateral-constrained borrowing Welfare gains Endogenous growth Growth breaks Fabbri, Giorgio aut Pintus, Patrick A. aut Enthalten in Economic theory Springer Berlin Heidelberg, 1991 65(2016), 2 vom: 08. Dez., Seite 329-360 (DE-627)13093870X (DE-600)1059110-2 (DE-576)025091611 0938-2259 nnns volume:65 year:2016 number:2 day:08 month:12 pages:329-360 https://doi.org/10.1007/s00199-016-1019-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OPC-MAT GBV_ILN_11 GBV_ILN_26 GBV_ILN_70 GBV_ILN_267 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4277 83.00 VZ AR 65 2016 2 08 12 329-360 |
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Boucekkine, Raouf |
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short-run pain, long-run gain: the conditional welfare gains from international financial integration |
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Short-run pain, long-run gain: the conditional welfare gains from international financial integration |
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Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about $$2\%$$ in middle-income countries to about $$13\%$$ in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. © Springer-Verlag Berlin Heidelberg 2016 |
| abstractGer |
Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about $$2\%$$ in middle-income countries to about $$13\%$$ in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. © Springer-Verlag Berlin Heidelberg 2016 |
| abstract_unstemmed |
Abstract This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy $$\textit{AK}$$ model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about $$2\%$$ in middle-income countries to about $$13\%$$ in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. © Springer-Verlag Berlin Heidelberg 2016 |
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Short-run pain, long-run gain: the conditional welfare gains from international financial integration |
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