Financial Market Globalization, Deglobalization Policies and Growth
Bibliographic Data
| ID | 9723790 |
|---|---|
| Authors | Wai‐Hong Ho (University of Macau, corresponding author) |
| Year | 2022 |
| Volume | 89 |
| Issue | 356 |
| Pages | 1024-1049 |
| Publication date | 2022-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ecca.12434 |
| OpenAlex | W4282917517 |
| Language | EN |
| References cited | 17 |
This paper develops a world economy growth model to explore the consequences of financial market globalization. The model consists of small open countries that are plagued by domestic credit market imperfection and are connected via knowledge spillovers. When knowledge diffuses from the technology leader to the world as an international public good, the model predicts that financial market globalization promotes growth despite uphill credit flows dividing the world economy into a high‐income core and a low‐income periphery. But the associated world growth rate is not optimal. Barriers to cross‐border credit flows can give rise to a higher worldwide rate of growth through which all countries can benefit
Bond market · Business · Economics · Exchange rate · Financial globalization · Financial Integration · Financial market · Globalization · International economics · Market economy · Monetary economics · Monetary policy · Open economy · Small open economy · World economy · Banking stability, regulation, efficiency · Economic Policies and Impacts · Finance · Global Financial Crisis and Policies
| Citation velocity | historical |
|---|---|
| Highly cited | No |