Financial Openness and Productivity

@inproceedings{Bekaert2009FinancialOA,
  title={Financial Openness and Productivity},
  author={Geert Bekaert},
  year={2009}
}
— Financial openness is often associated with higher rates of economic growth. We show that the impact of openness on factor productivity growth is more important than the effect on capital growth. This explains why the growth effects of liberalization appear to be largely permanent, not temporary. We attribute these permanent liberalization effects to the role financial openness plays in stock market and banking sector development, and to changes in the quality of institutions. We find some… CONTINUE READING
Highly Cited
This paper has 38 citations. REVIEW CITATIONS

From This Paper

Figures, tables, and topics from this paper.

References

Publications referenced by this paper.
Showing 1-10 of 82 references

Czech mate: Expropriation and investor protection in a converging world

M. Desai, A. Moel
Review of Finance, • 2008
View 4 Excerpts
Highly Influenced

Financial Integration , Productivity and Capital Accumulation ∗

Alessandra Bonfiglioli
2006
View 6 Excerpts
Highly Influenced

The Elusive Gains from International Financial Integration

Pierre-Olivier Gourinchas, Olivier Jeanne
2003
View 4 Excerpts
Highly Influenced

Capital account liberalization: What do the crosscountry studies tell us

B. Eichengreen
World Bank Economic Review, • 2001
View 6 Excerpts
Highly Influenced

Growth opportunities and market integration

G. Bekaert, C. R. Harvey, C. Lundblad, S. Siegel
Journal of Finance, • 2007
View 5 Excerpts
Highly Influenced

Are emerging markets more profitable? Implications for comparing weak and semi-strong form efficiency

J. Griffin, P. Kelly, F. Nardari
Review of Financial Studies, • 2010
View 1 Excerpt

Similar Papers

Loading similar papers…