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This paper assesses the effects of international financial liberalization and banking crises on investments and productivity in a sample of 93 countries (at its largest) observed between 1975 and 1999. I provide empirical evidence that financial liberalization spurs productivity growth and...
Persistent link: https://www.econbiz.de/10005648774
Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of...
Persistent link: https://www.econbiz.de/10005527300
In a world where poor countries provide weak protection for intellectual property rights (IPRs), market integration shifts technical change in favor of rich nations. Through this channel, free-trade may amplify international wage differences. At the same time, integration with countries where...
Persistent link: https://www.econbiz.de/10005531873
This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. <p> The...</p>
Persistent link: https://www.econbiz.de/10005423879
This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalizations spurns on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with oper financial system and good institutions. The...
Persistent link: https://www.econbiz.de/10005405024
Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of...
Persistent link: https://www.econbiz.de/10005463529
We study the incentives to acquire skill in a model where heterogeneous firms and workers interact in a labor market characterized by matching frictions and costly screening. When effort in acquiring skill raises both the mean and the variance of the resulting ability distribution, multiple...
Persistent link: https://www.econbiz.de/10011099899
We study the equilibrium determinants of firm-level heterogeneity in a model in which firms can choose between different probability distributions when drawing productivity at the entry stage and explore the implications in closed and open economy. One novel result is that export opportunities,...
Persistent link: https://www.econbiz.de/10011261232
We study the incentives to improve ability in a model where heterogeneous firms and workers interact in a labor market characterized by matching frictions and costly screening. When effort in improving ability raises both the mean and the variance of the resulting ability distribution, multiple...
Persistent link: https://www.econbiz.de/10011261234
This paper formalizes in a fully-rational model the popular idea that politicians perceive an electoral cost in adopting costly reforms with future benefits and reconciles it with the evidence that reformist governments are not punished by voters. To do so, it proposes a model of elections where...
Persistent link: https://www.econbiz.de/10011079958