Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/55543
Authors: 
De Nicolò, Gianni
Juvenal, Luciana
Year of Publication: 
2012
Series/Report no.: 
CESifo working paper: Monetary Policy and International Finance 3737
Abstract: 
Using data for a large number of advanced and emerging market economies during 1982-2009, this paper examines the distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial integration has progressed significantly worldwide, particularly in emerging markets, as well as within regions; (b) advances in financial integration predict better growth prospects; (c) both advances in financial integration and globalization are associated with higher growth, lower growth volatility, and lower probabilities of severe declines in real activity. Advances in financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these advances and macroeconomic stability.
Subjects: 
financial integration
globalization
real activity
JEL: 
F36
G15
Document Type: 
Working Paper

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