| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w13148
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| 来源ID | Working Paper 13148
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| Domestic Institutions and the Bypass Effect of Financial Globalization |
| Jiandong Ju; Shang-Jin Wei
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| 发表日期 | 2007-06-07
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| 出版年 | 2007
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| 语种 | 英语
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| 摘要 | This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which financial globalization can be a substitute for reforms of domestic financial system. Inefficient financial system and poor corporate governance in a country may be completely bypassed by two-way capital flows in which domestic savings leave the country in the form of financial capital outflows but domestic investment takes place via inward foreign direct investment. While financial globalization always improves the welfare of a developed country with a good financial system, its effect is ambiguous for a developing country with an inefficient financial sector/poor corporate governance. However, the net effect for a developing country is more likely to be positive, the stronger its property rights protection. This is consistent with the observation that developed countries are often more enthusiastic about capital account liberalization around the world than many developing countries. A noteworthy feature of this theory is that financial and property rights institutions can have different effects on capital flows. |
| 主题 | International Economics
; International Factor Mobility
; International Finance
; Financial Economics
; Financial Markets
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| URL | https://www.nber.org/papers/w13148
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570817
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推荐引用方式
GB/T 7714 |
Jiandong Ju,Shang-Jin Wei. Domestic Institutions and the Bypass Effect of Financial Globalization. 2007.
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文件名：
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w13148.pdf
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格式：
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Adobe PDF
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