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| Opposition to Capital Market opening Engler, Philipp |
| Haupttitel | Opposition to Capital Market opening |
| Autor | Engler, Philipp; Wulff, Alexander |
| Seitenzahl | 27 S. |
| Schriftenreihe | Discussion paper / School of Business & Economics ; 2011/17 : Economics |
| Fachbereich/Einrichtung | FB Wirtschaftswissenschaft |
| Arbeitsbereich/Institut | Lehrstuhl für Geldtheorie und Geldpolitik |
| Erscheinungsjahr | 2011 |
| Dokumente | pdf-Datei
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| Freie Schlagwörter | Capital flows; international financial integration; growth; neoclassical model; heterogenous agents |
| DDC | 332 Finanzwirtschaft 337 Internationale Volkswirtschaft |
| Dokumententyp/-Sammlungen | Monographie/Text |
| Medientyp/Format | Text |
| Abstract | 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 con- sumption because capital inflows increase wages. These huge gross impacts contrast with the small positive net effect found in a neoclas- sical 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 find- ings 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. |
| Sprache | Englisch |
| Rechte | Nutzungsbedingungen |
| Zugriffstatistik | |
| Statische URL | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000011821 |
| Erstellt am | 26.09.2011 - 12:17:32 |
| Letzte Änderung | 19.03.2013 - 11:55:17 |
