06726oam 22014054 450 991082644370332120240402023451.01-4623-7496-41-4527-5916-21-4518-7100-797866128419341-282-84193-9(CKB)3170000000055137(EBL)1586705(SSID)ssj0000944019(PQKBManifestationID)11524001(PQKBTitleCode)TC0000944019(PQKBWorkID)10978559(PQKB)10284091(OCoLC)762099809(IMF)WPIEE2008242(NBER)w14558(MiAaPQ)EBC1586705(EXLCZ)99317000000005513720020129d2008 uf 0engurcnu||||||||txtccrDoes Openness to International Financial Flows Raise Productivity Growth? /Eswar Prasad, Marco Terrones, Ayhan Kose1st ed.Washington, D.C. :International Monetary Fund,2008.1 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 negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.IMF Working Papers; Working Paper ;No. 2008/242Economic developmentEconometric modelsInternational financeFiscal policyExports and ImportsimfFinance: GeneralimfInvestments: StocksimfProduction and Operations ManagementimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfCurrent Account AdjustmentimfShort-term Capital MovementsimfGeneral Financial Markets: General (includes Measurement and Data)imfInternational InvestmentimfLong-term Capital MovementsimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfMacroeconomicsimfFinanceimfInternational economicsimfInvestment & securitiesimfTotal factor productivityimfCapital accountimfFinancial integrationimfForeign direct investmentimfStocksimfIndustrial productivityimfBalance of paymentsimfInternational financeimfInvestments, ForeignimfChina, People's Republic ofimfEconomic developmentEconometric models.International finance.Fiscal policy.Exports and ImportsFinance: GeneralInvestments: StocksProduction and Operations ManagementProductionCostCapital and Total Factor ProductivityCapacityCurrent Account AdjustmentShort-term Capital MovementsGeneral Financial Markets: General (includes Measurement and Data)International InvestmentLong-term Capital MovementsPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsMacroeconomicsFinanceInternational economicsInvestment & securitiesTotal factor productivityCapital accountFinancial integrationForeign direct investmentStocksIndustrial productivityBalance of paymentsInternational financeInvestments, Foreign338.900153535Prasad Eswar124415Terrones Marco1084776Kose Ayhan1647842DcWaIMFBOOK9910826443703321Does Openness to International Financial Flows Raise Productivity Growth4083252UNINA