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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/55543
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| Title: | | Financial integration, globalization, and real activity  |
| Authors: | | De Nicolò, Gianni Juvenal, Luciana |
| Issue Date: | | 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 |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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