International finance and income convergence : Europe is different
Abiad, Abdul (Author), Leigh, Daniel (Author), Mody, Ashoka (Author)

URLURL - Presentation file, Visit http://www.imf.org/external/pubs/ft/wp/2007/wp0764.pdf This link opens in a new window

Recent studies conclude that the ongoing global financial integration may havehad little or no value in advancing economic growth, especially in poor countries. Capital is often found to flow "uphill" from poor to rich countries. And, when it does flow into the less developed economies, it is negatively correlated with growth, calling into question the desirability of foreign capital. In this paper we report that Europe-including the new member states of the European Union-provides a counterexample to these global anomalies. With increasing financial integration, capital in Europe has traveled "downhill" from rich to poor countries, and has done so with gathering strength. These inflows have been associated with significant acceleration of income convergence.

Keywords:Evropa, mednarodne finance, plačilna bilanca, tekoči računi, dohodek, ekonomska rast, Europe, international finance, balance of payments, current accounts, income, economic growth
Work type:Statistics (i)
Organization:EF - Faculty of Economics
Publisher:International Monetary Fund
Number of pages:36 str.
COBISS.SI-ID:17268710 Link is opened in a new window
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