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dc.contributor.authorKose, M. Ayhanen
dc.contributor.authorPrasad, Eswar S.en
dc.contributor.authorTerrones, Marco E.en
dc.date.accessioned2008-09-22-
dc.date.accessioned2010-07-07T11:34:18Z-
dc.date.available2010-07-07T11:34:18Z-
dc.date.issued2008-
dc.identifier.piurn:nbn:de:101:1-20080820190en
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x3634en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordFinancial opennessen
dc.subject.keywordcapital account liberalizationen
dc.subject.keywordcapital flowsen
dc.subject.keywordexternal assets and liabilitiesen
dc.subject.keywordforeign direct investmenten
dc.subject.keywordportfolio equityen
dc.subject.keyworddebten
dc.subject.keywordtotal factor productivityen
dc.subject.stwKapitalmarktliberalisierungen
dc.subject.stwKapitalmobilitäten
dc.subject.stwProduktivitäten
dc.subject.stwWirtschaftswachstumen
dc.subject.stwDirektinvestitionen
dc.subject.stwPortfolio-Investitionen
dc.subject.stwAuslandsverschuldungen
dc.subject.stwWelten
dc.titleDoes openness to international financial flows contribute to productivity growth?-
dc.type|aWorking Paperen
dc.identifier.ppn576953407en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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