Publication:
International Finance and Growth in Developing Countries: What Have We Learned?

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dc.contributor.authorObstfeld, Maurice
dc.date.accessioned2017-08-28T19:48:06Z
dc.date.available2017-08-28T19:48:06Z
dc.date.issued2008
dc.description.abstractDespite an abundance of cross-section, panel, and event studies, there is strikingly little convincing documentation of direct positive impacts of financial opening on the economic welfare levels or growth rates of developing countries. The econometric difficulties are similar to those that bedevil the literature on trade openness and growth, though if anything, they are more severe in the context of international finance. There is also little systematic evidence that financial opening raises welfare indirectly by promoting collateral reforms of economic institutions or policies. At the same time, opening the financial account does appear to raise the frequency and severity of economic crises. Nonetheless, developing countries continue to move in the direction of further financial openness. A plausible explanation is that financial development is a concomitant of successful economic growth, and a growing financial sector in an economy open to trade cannot long be insulated from cross?border financial flows. This survey discusses the policy framework in which financial globalization is most likely to prove beneficial for developing countries. The reforms developing countries need to carry out to make their economies safe for international asset trade are the same reforms they need to carry out to curtail the power of entrenched economic interests and liberate the economy's productive potential.en
dc.identifierhttp://documents.worldbank.org/curated/en/546061468146057858/International-finance-and-growth-in-developing-countries-what-have-we-learned
dc.identifier.doi10.1596/28029
dc.identifier.urihttps://hdl.handle.net/10986/28029
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesCommission on Growth and Development Working Paper;No. 34
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectAGENCY PROBLEM
dc.subjectALLOCATION OF CAPITAL
dc.subjectASSET POSITIONS
dc.subjectASYMMETRIC INFORMATION
dc.subjectBAILOUT
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK FINANCING
dc.subjectBANK REGULATIONS
dc.subjectBANK SUPERVISION
dc.subjectBANKING CRISES
dc.subjectBANKING CRISIS
dc.subjectBANKING SECTOR
dc.subjectBIDS
dc.subjectBORROWING COST
dc.subjectBORROWING COSTS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL ACCOUNTS
dc.subjectCAPITAL ASSET PRICING
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOW
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET LIBERALIZATION
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MOBILITY
dc.subjectCAPITAL MOVEMENTS
dc.subjectCAPITAL OUTFLOW
dc.subjectCAPITAL STOCK
dc.subjectCAPITAL STOCKS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK INDEPENDENCE
dc.subjectCOLLATERAL
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMER DURABLE
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE INSIDERS
dc.subjectCOUNTRY RISK
dc.subjectCREDIBILITY
dc.subjectCREDIT GROWTH
dc.subjectCREDIT RISK
dc.subjectCRISIS COUNTRIES
dc.subjectCURRENCY
dc.subjectCURRENCY COMPOSITION
dc.subjectCURRENCY CRISIS
dc.subjectCURRENCY DEPRECIATION
dc.subjectCURRENCY MISMATCH
dc.subjectCURRENCY MISMATCHES
dc.subjectCURRENCY RISK
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEFAULT PROBABILITIES
dc.subjectDEFICITS
dc.subjectDEPOSIT
dc.subjectDERIVATIVES
dc.subjectDERIVATIVES MARKETS
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDOMESTIC EQUITY
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDURABLE GOOD
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC RISKS
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMY
dc.subjectEMERGING MARKETS
dc.subjectENFORCEMENT SYSTEM
dc.subjectEQUITY HOLDING
dc.subjectEQUITY INVESTMENT
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKET CAPITALIZATION
dc.subjectEQUITY RETURNS
dc.subjectEQUITY STAKE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXOGENOUS RATE
dc.subjectEXPORTERS
dc.subjectEXPROPRIATION
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEFICITS
dc.subjectFACE VALUE
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL DISTRESS
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL FRAGILITY
dc.subjectFINANCIAL INSTABILITY
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL OPENNESS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRUCTURES
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFIRM PERFORMANCE
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POLICIES
dc.subjectFIXED EXCHANGE RATE
dc.subjectFIXED EXCHANGE RATES
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFLOATING EXCHANGE RATE
dc.subjectFLOATING RATES
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN INVESTOR
dc.subjectFOREIGN INVESTORS
dc.subjectFREE CAPITAL
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGLOBAL DEVELOPMENT FINANCE
dc.subjectGLOBALIZATION
dc.subjectGOVERNANCE STANDARDS
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT BORROWING RATES
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT FINANCES
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGOVERNMENT POLICIES
dc.subjectHOME EQUITY
dc.subjectHUMAN CAPITAL
dc.subjectINCOME VOLATILITY
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINFLATION
dc.subjectINFLATIONARY PRESSURES
dc.subjectINFORMATIONAL ASYMMETRIES
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSURANCE
dc.subjectINTANGIBLE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL PORTFOLIOS
dc.subjectINTERNATIONAL TRADE
dc.subjectINTERNATIONAL TRANSACTIONS
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RATE
dc.subjectJUDICIAL ENFORCEMENT
dc.subjectLABOR MARKET
dc.subjectLIQUIDITY
dc.subjectLOCAL STOCK MARKET
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC VOLATILITY
dc.subjectMALFEASANCE
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET ECONOMY
dc.subjectMARKET PARTICIPANTS
dc.subjectMATURITIES
dc.subjectMONETARY POLICY
dc.subjectMONEYLENDERS
dc.subjectMORAL HAZARD
dc.subjectMORAL HAZARDS
dc.subjectMORTGAGE
dc.subjectOPEN ECONOMIES
dc.subjectPOLICY RESPONSE
dc.subjectPOLITICAL STABILITY
dc.subjectPORTFOLIO
dc.subjectPRICE CHANGE
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE INVESTMENT
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCES
dc.subjectPURCHASING POWER
dc.subjectREAL EXCHANGE RATE
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY STRUCTURE
dc.subjectREPAYMENT
dc.subjectREPAYMENT OF PRINCIPAL
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK SHARING
dc.subjectRULE OF LAW
dc.subjectSHARE OF EQUITY
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSHORT MATURITIES
dc.subjectSHORT MATURITY
dc.subjectSHORT-TERM DEBT
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET PRICES
dc.subjectTAX
dc.subjectTRADE LIBERALIZATIONS
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectUNDERDEVELOPED FINANCIAL SECTOR
dc.subjectWORLD STOCK MARKET
dc.titleInternational Finance and Growth in Developing Countriesen
dc.title.subtitleWhat Have We Learned?en
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.date.disclosure2010-12-15
okr.date.doiregistration2025-04-15T11:51:35.209697Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/546061468146057858/International-finance-and-growth-in-developing-countries-what-have-we-learned
okr.guid546061468146057858
okr.identifier.externaldocumentum000333038_20101206011801
okr.identifier.internaldocumentum13198365
okr.identifier.report57733
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/546061468146057858/pdf/577330NWP0Box353767B01PUBLIC10gcwp034web.pdfen
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicFinance and Financial Sector Development::Capital Markets and Capital Flows
okr.topicInternational Economics and Trade::Capital Flows
okr.topicInternational Economics and Trade::Globalization and Financial Integration
okr.topicInternational Economics and Trade::Trade and Services
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitExecutive Director: China (EDS17)
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