skip to content
Foreign capital and economic growth in the first era of globalization Preview this item
ClosePreview this item
Checking...

Foreign capital and economic growth in the first era of globalization

Author: Michael D Bordo; Christopher M Meissner; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13577.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We explore the association between economic growth and participation in the international capital market. In standard growth regressions, we find mixed evidence of any association between economic growth and foreign capital inflows. If there is an impact, it comes with a long lag and it is transitory having no impact on either the steady state or the short run growth rate. This suggests a view that there were long  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: History
Additional Physical Format: Print version:
Bordo, Michael D.
Foreign capital and economic growth in the first era of globalization.
Cambridge, Mass. : National Bureau of Economic Research, 2007
(OCoLC)182621158
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael D Bordo; Christopher M Meissner; National Bureau of Economic Research.
OCLC Number: 180704984
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2011. MiAaHDL
Description: 1 online resource (1 volume).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 13577.
Responsibility: Michael D. Bordo, Christopher M. Meissner.

Abstract:

We explore the association between economic growth and participation in the international capital market. In standard growth regressions, we find mixed evidence of any association between economic growth and foreign capital inflows. If there is an impact, it comes with a long lag and it is transitory having no impact on either the steady state or the short run growth rate. This suggests a view that there were long gestation lags of large fixed investments and it is also consistent with a neoclassical growth model. We also argue for a negative indirect channel via financial crises. These followed on the heels of large inflows and sudden stops of capital inflows often erasing the equivalent of several years of growth. We then take a balance sheet perspective on crises and explore other determinants of debt crises and currency crises including the currency composition of debt, debt intolerance and the role of political institutions. We argue that the set of countries that gained the least from capital flows in terms of growth outcomes in this period were those that had currency crises, foreign currency exposure on their national balance sheets, poorly developed financial markets and presidential political systems. Countries with credible commitments and sound fiscal and financial policies avoided major financial crises and achieved higher per capita incomes by the end of the period despite the potential of facing sudden stops of capital inflows, major current account reversals and currency crises that accompanied international capital markets free of capital controls.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/180704984> # Foreign capital and economic growth in the first era of globalization
    a schema:CreativeWork, schema:MediaObject, schema:Book ;
   library:oclcnum "180704984" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/116262306#Place/cambridge_mass> ; # Cambridge, Mass.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   schema:about <http://experiment.worldcat.org/entity/work/data/116262306#Topic/globalization_history_20th_century> ; # Globalization--History--20th century
   schema:about <http://id.worldcat.org/fast/924607> ; # Financial crises
   schema:about <http://id.worldcat.org/fast/943532> ; # Globalization
   schema:about <http://experiment.worldcat.org/entity/work/data/116262306#Topic/globalization_history_19th_century> ; # Globalization--History--19th century
   schema:about <http://id.worldcat.org/fast/901785> ; # Economic development
   schema:about <http://id.worldcat.org/fast/978370> ; # Investments, Foreign
   schema:about <http://experiment.worldcat.org/entity/work/data/116262306#Topic/economic_development_history_19th_century> ; # Economic development--History--19th century
   schema:about <http://experiment.worldcat.org/entity/work/data/116262306#Event/1800_1999> ; # 1800-1999
   schema:about <http://experiment.worldcat.org/entity/work/data/116262306#Topic/economic_development_history_20th_century> ; # Economic development--History--20th century
   schema:about <http://dewey.info/class/330/> ;
   schema:bookFormat schema:EBook ;
   schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
   schema:contributor <http://viaf.org/viaf/13245350> ; # Christopher Michael Meissner
   schema:creator <http://viaf.org/viaf/19743253> ; # Michael D. Bordo
   schema:datePublished "2007" ;
   schema:description "We explore the association between economic growth and participation in the international capital market. In standard growth regressions, we find mixed evidence of any association between economic growth and foreign capital inflows. If there is an impact, it comes with a long lag and it is transitory having no impact on either the steady state or the short run growth rate. This suggests a view that there were long gestation lags of large fixed investments and it is also consistent with a neoclassical growth model. We also argue for a negative indirect channel via financial crises. These followed on the heels of large inflows and sudden stops of capital inflows often erasing the equivalent of several years of growth. We then take a balance sheet perspective on crises and explore other determinants of debt crises and currency crises including the currency composition of debt, debt intolerance and the role of political institutions. We argue that the set of countries that gained the least from capital flows in terms of growth outcomes in this period were those that had currency crises, foreign currency exposure on their national balance sheets, poorly developed financial markets and presidential political systems. Countries with credible commitments and sound fiscal and financial policies avoided major financial crises and achieved higher per capita incomes by the end of the period despite the potential of facing sudden stops of capital inflows, major current account reversals and currency crises that accompanied international capital markets free of capital controls."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/116262306> ;
   schema:genre "History"@en ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/116262306#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/116262306#Series/nber_working_paper_series> ; # NBER working paper series ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/182621158> ;
   schema:name "Foreign capital and economic growth in the first era of globalization"@en ;
   schema:productID "180704984" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/180704984#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2007> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/116262306#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
   schema:url <http://papers.nber.org/papers/13577> ;
   schema:url <http://catalog.hathitrust.org/api/volumes/oclc/182621158.html> ;
   schema:url <http://papers.nber.org/papers/w13577> ;
   schema:url <http://ezproxy.eui.eu/login?url=http://papers.nber.org/papers/> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/180704984> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/116262306#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
   schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/116262306#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
   schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/116262306#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/180704984> ; # Foreign capital and economic growth in the first era of globalization
   schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/116262306#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/180704984> ; # Foreign capital and economic growth in the first era of globalization
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/116262306#Topic/economic_development_history_19th_century> # Economic development--History--19th century
    a schema:Intangible ;
   schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008102561> ;
   schema:name "Economic development--History--19th century"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/116262306#Topic/economic_development_history_20th_century> # Economic development--History--20th century
    a schema:Intangible ;
   schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008102561> ;
   schema:name "Economic development--History--20th century"@en ;
    .

<http://id.worldcat.org/fast/901785> # Economic development
    a schema:Intangible ;
   schema:name "Economic development"@en ;
    .

<http://id.worldcat.org/fast/924607> # Financial crises
    a schema:Intangible ;
   schema:name "Financial crises"@en ;
    .

<http://id.worldcat.org/fast/943532> # Globalization
    a schema:Intangible ;
   schema:name "Globalization"@en ;
    .

<http://id.worldcat.org/fast/978370> # Investments, Foreign
    a schema:Intangible ;
   schema:name "Investments, Foreign"@en ;
    .

<http://papers.nber.org/papers/13577>
   rdfs:comment "An electronic book accessible through the World Wide Web; click for information" ;
    .

<http://viaf.org/viaf/13245350> # Christopher Michael Meissner
    a schema:Person ;
   schema:familyName "Meissner" ;
   schema:givenName "Christopher Michael" ;
   schema:givenName "Christopher M." ;
   schema:name "Christopher Michael Meissner" ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
   schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/19743253> # Michael D. Bordo
    a schema:Person ;
   schema:familyName "Bordo" ;
   schema:givenName "Michael D." ;
   schema:name "Michael D. Bordo" ;
    .

<http://www.worldcat.org/oclc/182621158>
    a schema:CreativeWork ;
   rdfs:label "Foreign capital and economic growth in the first era of globalization." ;
   schema:description "Print version:" ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/180704984> ; # Foreign capital and economic growth in the first era of globalization
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.