Financial Openness and Productivity

被引:181
|
作者
Bekaert, Geert [1 ,2 ]
Harvey, Campbell R. [2 ,3 ]
Lundblad, Christian [4 ]
机构
[1] Columbia Univ, New York, NY 10027 USA
[2] Natl Bur Econ Res, Cambridge, MA 02138 USA
[3] Duke Univ, Durham, NC USA
[4] Univ N Carolina, Chapel Hill, NC USA
关键词
globalization; financial liberalization; economic growth; productivity; crisis; CAPITAL-ACCOUNT LIBERALIZATION; STOCK-MARKET LIBERALIZATION; ECONOMIC-GROWTH; INTEGRATION; INVESTMENT; ALLOCATION; INFORMATION; LIQUIDITY; ORIGINS; CRISES;
D O I
10.1016/j.worlddev.2010.06.016
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
Financial openness is often associated with higher rates of economic growth. We show that the impact of openness on factor productivity growth is more important than the effect on capital growth. This explains why the growth effects of liberalization appear to be largely permanent, not temporary. We attribute these permanent liberalization effects to the role financial openness plays in stock market and banking sector development, and to changes in the quality of institutions. We find some indirect evidence of higher investment efficiency post-liberalization. We also document threshold effects: countries that are more financially developed or have higher quality of institutions experience larger productivity growth responses. Finally, we show that the growth boost from openness outweighs the detrimental loss in growth from global or regional banking crises. (C) 2010 Elsevier Ltd. All rights reserved.
引用
收藏
页码:1 / 19
页数:19
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