دانلود مقاله ISI انگلیسی شماره 51553
عنوان فارسی مقاله

آستانه های روند به یکپارچگی مالی بین المللی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
51553 2011 33 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Thresholds in the process of international financial integration
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 30, Issue 1, February 2011, Pages 147–179

کلمات کلیدی
گشودگی مالی؛ آزادسازی حساب سرمایه - رشد؛ شرایط آستانه؛ توسعه مالی؛ نهادها، سیاست های اقتصاد کلان
پیش نمایش مقاله
پیش نمایش مقاله آستانه های روند به یکپارچگی مالی بین المللی

چکیده انگلیسی

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial integration may be more important than the traditional financing channel emphasized in previous analyses. A major complication, however, is that there seem to be certain “threshold” levels of financial and institutional development that an economy needs to attain before it can derive the indirect benefits and reduce the risks of financial openness. In this paper, we develop a unified empirical framework for characterizing such threshold conditions. We find that there are clearly identifiable thresholds in variables such as financial depth and institutional quality—the cost-benefit trade-off from financial openness improves significantly once these threshold conditions are satisfied. We also find that the thresholds are lower for foreign direct investment and portfolio equity liabilities compared to those for debt liabilities.

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