Arbeitspapier

Financial integration, globalization, and real activity

Using data for a large number of advanced and emerging market economies during 1982-2009, this paper examines the distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial integration has progressed significantly worldwide, particularly in emerging markets, as well as within regions; (b) advances in financial integration predict better growth prospects; (c) both advances in financial integration and globalization are associated with higher growth, lower growth volatility, and lower probabilities of severe declines in real activity. Advances in financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these advances and macroeconomic stability.

Sprache
Englisch

Erschienen in
Series: CESifo Working Paper ; No. 3737

Klassifikation
Wirtschaft
Financial Aspects of Economic Integration
International Financial Markets
Thema
financial integration
globalization
real activity
Internationaler Finanzmarkt
Marktintegration
Globalisierung
Wirtschaftswachstum
Konjunktur
Schätzung
Industriestaaten
Schwellenländer

Ereignis
Geistige Schöpfung
(wer)
De Nicolò, Gianni
Juvenal, Luciana
Ereignis
Veröffentlichung
(wer)
Center for Economic Studies and ifo Institute (CESifo)
(wo)
Munich
(wann)
2012

Handle
Letzte Aktualisierung
20.09.2024, 08:23 MESZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • De Nicolò, Gianni
  • Juvenal, Luciana
  • Center for Economic Studies and ifo Institute (CESifo)

Entstanden

  • 2012

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