Growth in a time of external imbalances
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
comunitat-uji-handle4:
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https://doi.org/10.1016/j.econmod.2018.12.011 |
Metadatos
Título
Growth in a time of external imbalancesFecha de publicación
2018-12-28Editor
ElsevierCita bibliográfica
CAMARERO, Mariam; PEIRÓ PALOMINO, Jesús; TAMARIT, Cecilio R. (2018). Growth in a time of external imbalances. Economic Modelling, online 28/12/2018Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://www.sciencedirect.com/science/article/pii/S0264999318307375Versión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
Globalization and financial integration have increased in the last three decades giving rise to
cumulated large external imbalances. The question we address in this paper is whether
economic growth ... [+]
Globalization and financial integration have increased in the last three decades giving rise to
cumulated large external imbalances. The question we address in this paper is whether
economic growth can be affected by these external imbalances. We estimate an augmented
growth equation with the external stock position of the countries measured by the net foreign
asset position. Unlike previous literature, we use non- parametric methods that capture nonlinearities and heterogeneity, and apply them to a sample that includes 106 developed and
developing countries for the period 1983- 2011. Contrary to the neoclassical theory, we find that
improvements in the external position foster growth. However, our results are in line with
current theoretical contributions, suggesting that the effect of the net foreign asset position on
growth is heterogeneous across countries and that there is no universal mechanism. In
particular, we find that the impact depends on characteristics of the countries such as
institutional quality, openness and financial development. [-]
Publicado en
Economic Modelling, online 281/12/2018Proyecto de investigación
1) Generalitat Valenciana, Prometeo Project PROMETEOII/2014/053; 2) University Jaume I (UJI-B2017-33); 3) Research project (ECO2017-85746-P); 4) Research project (ECO2017-83255-C3-3-P), Programa Estatal de Fomento de la Investigación Científica y Técnica de Excelencia, Subprograma Estatal de Generación de Conocimiento, Ministerio de Economía, Industria y Competitividad (MINEIC), Gobierno de España and FEDER (European Regional Development Fund);Derechos de acceso
http://rightsstatements.org/vocab/CNE/1.0/
info:eu-repo/semantics/restrictedAccess
info:eu-repo/semantics/restrictedAccess
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