Financial integration,globalization, and real activity |
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| Affiliation: | 1. International Monetary Fund, 700 19th Street, N.W., Washington, DC 20431, United States;2. CESifo, Germany;1. International Monetary Fund, United States;2. Department of Economics and Related Studies, University of York, United Kingdom;1. Middle East Technical University, Department of Economics, Ankara, Turkey;2. Sinop University, Department of Economics, Sinop, Turkey;1. Department of Business Administration, Athens University of Economics and Business, GR-14304, Athens, Greece;2. Department of Economics, University of Crete, GR-74100, Rethymno, Greece;3. Bank of Greece, 21 E.Venizelos Ave., GR-10250, Greece and the Hoover Institution, Stanford University, USA;1. School of Economics, Sichuan University, No. 24 South Section, First Ring Road Chengdu, Cheng du City, Sichuan Province 610065, China;2. Department of Economics, Seoul National University, San 56-1, Sillim-Dong, Gwanak-Gu, Seoul 151-746, Republic of Korea |
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| Abstract: | Using data for 48 advanced and emerging market economies during 1985–2008, this paper examines the impact of measures of financial integration and globalization on several dimensions of real activity. We find that both advances in financial integration and globalization are associated with higher growth, lower growth volatility, and lower probabilities of severe declines in real activity, with the positive impact of financial integration on macroeconomic stability enhanced by improvements in corporate governance. Thus, we find no evidence of a trade-off between advances in financial integration, globalization, and growth and macroeconomic stability. |
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| Keywords: | Financial integration Globalization Real activity |
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