Short-run pain, long-run gain: the conditional welfare gains from international financial integration
This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy AK model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entail...
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| Published in | Economic theory Vol. 65; no. 2; pp. 329 - 360 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Berlin/Heidelberg
Springer
01.03.2018
Springer Berlin Heidelberg Springer Nature B.V Springer Verlag |
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| Abstract | This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy AK model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about 2% in middle-income countries to about 13% in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. |
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| AbstractList | This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy
AK
model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about
2
%
in middle-income countries to about
13
%
in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy AK model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about 2% in middle-income countries to about 13% in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes. This paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy [Formula omitted] model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth-long-run gain-arise in our preferred model without investment commitment and they range, relative to autarky, from about [Formula omitted] in middle-income countries to about [Formula omitted] in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls-short-run pain-which is, however, shown not to dwarf positive growth changes. |
| Audience | Academic |
| Author | Fabbri, Giorgio Boucekkine, Raouf Pintus, Patrick A. |
| Author_xml | – sequence: 1 givenname: Raouf surname: Boucekkine fullname: Boucekkine, Raouf – sequence: 2 givenname: Giorgio surname: Fabbri fullname: Fabbri, Giorgio – sequence: 3 givenname: Patrick A. surname: Pintus fullname: Pintus, Patrick A. |
| BackLink | https://amu.hal.science/hal-02084239$$DView record in HAL |
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| CitedBy_id | crossref_primary_10_1155_2018_6945032 crossref_primary_10_1007_s11079_018_9514_z crossref_primary_10_1155_2021_9963437 crossref_primary_10_1007_s00199_015_0946_z crossref_primary_10_1007_s00199_017_1070_z crossref_primary_10_1007_s00199_022_01469_7 |
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| ContentType | Journal Article |
| Copyright | Springer-Verlag GmbH Germany, part of Springer Nature 2018 Springer-Verlag Berlin Heidelberg 2016 COPYRIGHT 2018 Springer Economic Theory is a copyright of Springer, (2016). All Rights Reserved. Distributed under a Creative Commons Attribution 4.0 International License |
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| Keywords | Collateral-constrained borrowing F43 Endogenous growth F34 International financial integration Welfare gains Growth breaks O40 |
| Language | English |
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| SubjectTerms | Analysis Capital Consumption Economic models Economic theory Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Endogenous Financial markets Foreign banks Game Theory Globalization Growth rate Humanities and Social Sciences Interest rates International finance International markets Markets Microeconomics Pain Public assistance Public Finance Quantitative Finance Research Article Social and Behav. Sciences Welfare benefits |
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| Title | Short-run pain, long-run gain: the conditional welfare gains from international financial integration |
| URI | https://www.jstor.org/stable/26705027 https://link.springer.com/article/10.1007/s00199-016-1019-7 https://www.proquest.com/docview/2008790280/abstract/ https://amu.hal.science/hal-02084239 |
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