04119nam 2200697 450 991046361440332120180927220952.01-4623-7496-41-4527-5916-21-4518-7100-797866128419341-282-84193-9(CKB)3170000000055137(EBL)1586705(SSID)ssj0000944019(PQKBManifestationID)11524001(PQKBTitleCode)TC0000944019(PQKBWorkID)10978559(PQKB)10284091(OCoLC)762099809(MiAaPQ)EBC1586705(EXLCZ)99317000000005513720140226h20082008 uy 0engurcnu||||||||txtccrDoes openness to international financial flows raise productivity growth? /M. Ayhan Kose, Eswar S. Prasad, and Marco E. Terrones ; authorized for distribution by Stijn Claessens[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (65 p.)IMF Working PapersIMF working paper ;WP/08/242Description based upon print version of record.1-4519-1553-5 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Methodology and Data; III. Basic Stylized Facts; 1. Growth Accounting for More and Less Financially Open Economies; 2. Growth Accounting for More and Less Financially Open Economies; 3. Growth Accounting for More and Less Financially Open Economies; 1. Sample Statistics: Median Values by Country Group; IV. Regression Results; A. Basic Results on Financial Openness and TFP Growth; 2. Financial Openness and TFP Growth: Cross-Section Regressions; 3. Financial Openness and TFP Growth: Panel RegressionsB. Composition of Flows and Stocks 4. Does the Composition of External Liabilities Matter?; V. Extensions and Robustness Tests; A. Alternative Measures of TFP; 5. Alternative Measures of TFP; B. Alternative Measures of De Jure Capital Account Openness; 6. Alternative Measures of Capital Account Openness; C. Alternative Ways of Splitting the Sample Based on Country Characteristics; 7. Financial Openness and TFP Growth in Non-Industrial Countries; 8. Is There a Threshold Level of Financial Integration?; D. Different Time Horizons; 9. Effects on TFP Growth at Different HorizonsE. An Alternative Specification10. Financial Openness and TFP Growth: Difference-in-Differences; F. Other Controls, Outliers; G. Concluding Remarks; 1a. Summary Statistics; References; FootnotesThis paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negativelyIMF Working PapersEconomic developmentEconometric modelsInternational financeFiscal policyElectronic books.Economic developmentEconometric models.International finance.Fiscal policy.338.900153535Kose M. Ayhan874352Prasad Eswar124415Terrones Marco869957Claessens Stijn282431MiAaPQMiAaPQMiAaPQBOOK9910463614403321Does openness to international financial flows raise productivity growth1952251UNINA