LEADER 05273nam 22006134a 450 001 9910817043703321 005 20200520144314.0 010 $a1-282-88300-3 010 $a9786612883002 010 $a0-88132-555-4 035 $a(CKB)2560000000052460 035 $a(OCoLC)685185837 035 $a(CaPaEBR)ebrary10423568 035 $a(SSID)ssj0000417733 035 $a(PQKBManifestationID)12142000 035 $a(PQKBTitleCode)TC0000417733 035 $a(PQKBWorkID)10371036 035 $a(PQKB)10437563 035 $a(MiAaPQ)EBC3385670 035 $a(Au-PeEL)EBL3385670 035 $a(CaPaEBR)ebr10423568 035 $a(CaONFJC)MIL288300 035 $a(OCoLC)923328274 035 $a(EXLCZ)992560000000052460 100 $a20100310d2010 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial globalization, economic growth, and the crisis of 2007-09 /$fWilliam R. Cline 205 $a1st ed. 210 $aWashington, D.C. $cPeterson Institute for International Economics$dc2010 215 $a1 online resource (394 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-88132-499-X 320 $aIncludes bibliographical references and index. 327 $aCover -- Contents -- Preface -- Acknowledgments -- Chapter 1 Overview -- Research Context -- Key Analytical Issues -- Theoretical Expectations -- Empirical Literature -- Synthesis Estimates -- Quantifying Crisis Effects -- Quantifying Debt versus Equity Effects -- Implications of the 2007-09 Crisis -- Conclusion -- Appendix 1A Covered Interest Parity as a Measure of Financial Openness -- Appendix 1B Analogy to Gains from Trade -- Appendix 1C Tests for Compositional Differences in Growth Impact on Financial Openness -- Chapter 2 A Critical Survey of Literature -- Cross-Country Growth Regressions -- Theoretical and Calibrated Studies -- Diversification Gains and Consumption Smoothing -- Summary Surveys -- Conclusion -- Appendix 2A Weighting Cross-Country Regression Results in Meta-Analysis -- Dichotomous Vote Counting, the Null Hypothesis, and Critical Range -- Measured Averages Imputing Insignificant Estimates at Zero -- Measured Averages Excluding Insignificant Estimates -- Meta-Analysis Weighting Averages by the Inverse of Variance -- An Approach for Multivariate Meta-Analysis of a Key Policy Variable -- An Example: Meta-Weighting Individual Results of an IMF Study -- Conclusion -- Appendix 2B Gourinchas-Jeanne Model of Gains from Financial Integration -- Appendix 2C Gemini: A Simple Model of International Risk Sharing -- Appendix 2D Potential Circularity in the Knack-Keefer Government Reputation Variable -- Appendix 2E Current Account Deficits and Growth -- Chapter 3 The Impact of Financial Globalization on Growth: Country-Specific Estimates -- The Synthesis Approach -- Trends in Financial Openness -- Calibration -- Results for General Financial Openness -- Weighting Nonsignificant Model Estimates -- Results for Direct Investment Openness -- Comparison with Theoretical Expectations -- Conclusion. 327 $aAppendix 3A Normalizing Model Coefficients for Synthesis Analysis -- General Financial-Openness Models -- Direct Investment Openness Models -- Appendix 3B Temporary versus Permanent Growth Acceleration in the Henry Model -- Appendix 3C Degree of Correlation among Alternative Measures of Financial Openness -- Chapter 4 The Financial Crisis of 2007-09 and Financial Globalization -- Evolution -- Causes -- Status by Late 2009 -- Implications for Financial Openness in Emerging-Market Economies -- Conclusion -- Appendix 4A Key Events and Policy Responses -- Phase One: July 2007 to February 2008 -- Phase Two: March 2008 to August 2008 -- Phase 3: September 2008 to March 2009 -- Phase 4: April 2009 and After -- Appendix 4B Causes of the Crisis -- The Housing Bubble -- Leverage -- Financial Innovation -- Regulatory Laxity and Gaps? -- Agency Problems and Underpricing Risk -- Misleading Risk Models? -- Monetary Policy -- Global Savings Glut -- Appendix 4C Contemporary Policy Diagnoses from September 2008 to February 2009 -- Spending 700 Billion Wisely (September 22, 2008) -- Mark to What Market? (October 3, 2008) -- Bank Consolidation: More Stability Now for Oligopoly Later? (October 7, 2008) -- Sizing Up the Hole in the Banks: Nationalization Is Not Inevitable (February 6, 2009) -- Appendix 4D Economics of the Geithner Plan -- Problems with Critiques of the Private-Public Investment Program -- Recalculating the Sachs Private-Public Investment Program Overpayment Estimate -- Overview -- Appendix 4E Financing Gaps, Reserves, and Official Finance in the Global Financial Crisis -- References -- Index. 606 $aInternational finance 606 $aEconomic development 606 $aFinancial crises 615 0$aInternational finance. 615 0$aEconomic development. 615 0$aFinancial crises. 676 $a332/.042 700 $aCline$b William R$0121690 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910817043703321 996 $aFinancial globalization, economic growth, and the crisis of 2007-09$93934643 997 $aUNINA