06925oam 22014894 450 991096111730332120250426110605.0978661284193497814623749601462374964978145275916614527591629781451871005145187100797812828419321282841939(CKB)3170000000055137(EBL)1586705(SSID)ssj0000944019(PQKBManifestationID)11524001(PQKBTitleCode)TC0000944019(PQKBWorkID)10978559(PQKB)10284091(OCoLC)762099809(IMF)WPIEE2008242(NBER)w14558(MiAaPQ)EBC1586705(IMF)WPIEA2008242WPIEA2008242(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.9781451915532 1451915535 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 policyBalance of paymentsimfCapacityimfCapital accountimfCapital and Total Factor ProductivityimfCostimfCurrent Account AdjustmentimfExports and ImportsimfFinanceimfFinance: GeneralimfFinancial InstrumentsimfFinancial integrationimfForeign direct investmentimfGeneral Financial Markets: General (includes Measurement and Data)imfIndustrial productivityimfInstitutional InvestorsimfInternational economicsimfInternational financeimfInternational InvestmentimfInvestment & securitiesimfInvestments, ForeignimfInvestments: StocksimfLong-term Capital MovementsimfMacroeconomicsimfNon-bank Financial InstitutionsimfPension FundsimfProduction and Operations ManagementimfProductionimfShort-term Capital MovementsimfStocksimfTotal factor productivityimfChina, People's Republic ofimfEconomic developmentEconometric models.International finance.Fiscal policy.Balance of paymentsCapacityCapital accountCapital and Total Factor ProductivityCostCurrent Account AdjustmentExports and ImportsFinanceFinance: GeneralFinancial InstrumentsFinancial integrationForeign direct investmentGeneral Financial Markets: General (includes Measurement and Data)Industrial productivityInstitutional InvestorsInternational economicsInternational financeInternational InvestmentInvestment & securitiesInvestments, ForeignInvestments: StocksLong-term Capital MovementsMacroeconomicsNon-bank Financial InstitutionsPension FundsProduction and Operations ManagementProductionShort-term Capital MovementsStocksTotal factor productivity338.900153535Prasad Eswar124415Kose Ayhan1815765Terrones Marco1816048DcWaIMFBOOK9910961117303321Does Openness to International Financial Flows Raise Productivity Growth4372624UNINA