Does Openness to International Financial Flows Raise Productivity Growth?

Does Openness to International Financial Flows Raise Productivity Growth?

This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital accoun...

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Bibliographic Details
Main Author: Prasad, Eswar
Other Authors: Terrones, Marco, Kose, M. Ayhan
Format: eBook
Language:English
Published: Washington : International Monetary Fund, 2008.
Series:IMF Working Papers.
Subjects:
Economic development > Econometric models.
Fiscal policy.
International finance.
Economic development > Econometric models
Fiscal policy
International finance
Online Access:Click for online access
Table of Contents:
  • Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Methodology and Data; III. Basic Stylized Facts; 1. Growth Accounting for More and Less Financially Open Economies; 2. Growth Accounting for More and Less Financially Open Economies; 3. Growth Accounting for More and Less Financially Open Economies; 1. Sample Statistics: Median Values by Country Group; IV. Regression Results; A. Basic Results on Financial Openness and TFP Growth; 2. Financial Openness and TFP Growth: Cross-Section Regressions; 3. Financial Openness and TFP Growth: Panel Regressions.
  • B. Composition of Flows and Stocks4. Does the Composition of Exernal Liabilities Matter?; V. Extensions and Robustness Tests; A. Alternative Measures of TFP; 5. Alternative Measures of TFP; B. Alternative Measures of De Jure Capital Account Openness; 6. Alternative Measures of Capital Account Openness; C. Alternative Ways of Splitting the Sample Based on Country Characteristics; 7. Financial Openness and TFP Growth in Non-Industrial Countries; 8. Is There a Threshold Level of Financial Integration?; D. Different Time Horizons; 9. Effects on TFP Growth at Different Horizons.
  • E. An Alternative Specification10. Financial Openness and TFP Growth: Difference-in-Differences; F. Other Controls, Outliers; G. Concluding Remarks; 1a. Summary Statistics; References; Footnotes.

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