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dc.contributor.authorKose, M. Ayhanen_US
dc.contributor.authorPrasad, Eswar S.en_US
dc.contributor.authorTerrones, Marco E.en_US
dc.date.accessioned2008-09-22en_US
dc.date.accessioned2010-07-07T11:34:18Z-
dc.date.available2010-07-07T11:34:18Z-
dc.date.issued2008en_US
dc.identifier.piurn:nbn:de:101:1-20080820190en_US
dc.identifier.urihttp://hdl.handle.net/10419/35160-
dc.description.abstractEconomic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on 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 account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 3634en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial opennessen_US
dc.subject.keywordcapital account liberalizationen_US
dc.subject.keywordcapital flowsen_US
dc.subject.keywordexternal assets and liabilitiesen_US
dc.subject.keywordforeign direct investmenten_US
dc.subject.keywordportfolio equityen_US
dc.subject.keyworddebten_US
dc.subject.keywordtotal factor productivityen_US
dc.subject.stwKapitalmarktliberalisierungen_US
dc.subject.stwKapitalmobilitäten_US
dc.subject.stwProduktivitäten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwDirektinvestitionen_US
dc.subject.stwPortfolio-Investitionen_US
dc.subject.stwAuslandsverschuldungen_US
dc.subject.stwWelten_US
dc.titleDoes openness to international financial flows contribute to productivity growth?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn576953407en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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