Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/49916 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Diskussionsbeiträge No. 2011/17
Verlag: 
Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft, Berlin
Zusammenfassung: 
We employ a neoclassical growth model to assess the impact of financial liberalization in a developing country on capital owners` and workers` consumption and welfare. We find in a baseline calibration for an average non-OECD country that capitalists suffer a 42 percent reduction in permanent consumption because capital inflows reduce their return to capital while workers gain 8 percent of permanent consumption because capital inflows increase wages. These huge gross impacts contrast with the small positive net effect found in a neoclassical represent agent model by Gourinchas and Jeanne (2006). We further show that the result for capitalists is insensitive to enhanced productivity catch-up processes induced by capital inflows. Our findings can help explain why poorer countries tend to be less financially open as capitalists` losses are largest for countries with the lowest capital stocks, inducing strong opposition to capital market opening.
Schlagwörter: 
Capital flows
international financial integration
growth
neoclassical model
heterogenous agents
JEL: 
F2
F3
F43
E13
E25
O11
Dokumentart: 
Working Paper

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