The impact of international financial integration on economic growth: New evidence on threshold effects

被引：48
|
作者：
Chen, Jinzhao [1 ]
Quang, Therese [2 ]
机构：
[1] Paris Sch Econ, F-75014 Paris, France
[2] Univ Paris West Nanterre Def, EconomiX CNRS, F-92001 Nanterre, France
来源：
ECONOMIC MODELLING | 2014年 / 42卷
关键词：
International financial integration; Economic growth; Panel threshold regression model; Dynamic threshold panel; FOREIGN DIRECT-INVESTMENT; INSTRUMENTAL VARIABLE ESTIMATION; CAPITAL ACCOUNT LIBERALIZATION; UNIT-ROOT TESTS; PANEL-DATA; HETEROGENEOUS PANELS; CROSS-COUNTRY; GLOBALIZATION; OPENNESS; INSTITUTIONS;
D O I：
10.1016/j.econmod.2014.06.011
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Recent research highlights that countries differ with respect to their experience with capital flows and do not systematically gain from capital account liberalization. This paper contributes to the empirical literature that investigates the circumstances under which international financial integration (IFI) is growth-enhancing. Relying on non-linear dynamic panel techniques, we find that countries that are able to reap the benefits of IFI satisfy certain threshold conditions regarding the level of economic, institutional and financial development, and government spending. Our results also reveal a differentiated behavior of FDI and portfolio equity liabilities compared to other types of capital flows, with threshold conditions being systematically less restricting for the former and growth effects significantly larger. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：475 / 489
页数：15
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