LEADER 06726oam 22014054 450 001 9910826443703321 005 20240402023451.0 010 $a1-4623-7496-4 010 $a1-4527-5916-2 010 $a1-4518-7100-7 010 $a9786612841934 010 $a1-282-84193-9 035 $a(CKB)3170000000055137 035 $a(EBL)1586705 035 $a(SSID)ssj0000944019 035 $a(PQKBManifestationID)11524001 035 $a(PQKBTitleCode)TC0000944019 035 $a(PQKBWorkID)10978559 035 $a(PQKB)10284091 035 $a(OCoLC)762099809 035 $a(IMF)WPIEE2008242 035 $a(NBER)w14558 035 $a(MiAaPQ)EBC1586705 035 $a(EXLCZ)993170000000055137 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDoes Openness to International Financial Flows Raise Productivity Growth? /$fEswar Prasad, Marco Terrones, Ayhan Kose 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (65 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/242 300 $aDescription based upon print version of record. 311 $a1-4519-1553-5 320 $aIncludes bibliographical references. 327 $aCover 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 Regressions 327 $aB. 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 Horizons 327 $aE. An Alternative Specification10. Financial Openness and TFP Growth: Difference-in-Differences; F. Other Controls, Outliers; G. Concluding Remarks; 1a. Summary Statistics; References; Footnotes 330 3 $aThis paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/242 606 $aEconomic development$xEconometric models 606 $aInternational finance 606 $aFiscal policy 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aInvestments: Stocks$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aCost$2imf 606 $aCapital and Total Factor Productivity$2imf 606 $aCapacity$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aMacroeconomics$2imf 606 $aFinance$2imf 606 $aInternational economics$2imf 606 $aInvestment & securities$2imf 606 $aTotal factor productivity$2imf 606 $aCapital account$2imf 606 $aFinancial integration$2imf 606 $aForeign direct investment$2imf 606 $aStocks$2imf 606 $aIndustrial productivity$2imf 606 $aBalance of payments$2imf 606 $aInternational finance$2imf 606 $aInvestments, Foreign$2imf 607 $aChina, People's Republic of$2imf 615 0$aEconomic development$xEconometric models. 615 0$aInternational finance. 615 0$aFiscal policy. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aInvestments: Stocks 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aCost 615 7$aCapital and Total Factor Productivity 615 7$aCapacity 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aMacroeconomics 615 7$aFinance 615 7$aInternational economics 615 7$aInvestment & securities 615 7$aTotal factor productivity 615 7$aCapital account 615 7$aFinancial integration 615 7$aForeign direct investment 615 7$aStocks 615 7$aIndustrial productivity 615 7$aBalance of payments 615 7$aInternational finance 615 7$aInvestments, Foreign 676 $a338.900153535 700 $aPrasad$b Eswar$0124415 701 $aTerrones$b Marco$01084776 701 $aKose$b Ayhan$01647842 801 0$bDcWaIMF 906 $aBOOK 912 $a9910826443703321 996 $aDoes Openness to International Financial Flows Raise Productivity Growth$94083252 997 $aUNINA