Open Library logo
New Feature: You can now embed Open Library books on your website!   Learn More
Last edited by Open Library Bot
December 5, 2010 | History

Financial development and the instability of open economies 1 edition

Financial development and the instability of open economies
Philippe Aghion

No ebook available.


Buy this book

Add an ISBN in order to
link to booksellers


Links (leaves Open Library)

There's no description for this book yet. Can you add one?
There is only 1 edition record, so we'll show it here...  •  Add edition?

Financial development and the instability of open economies
Philippe Aghion, Philippe Bacchetta, Abhijit Banerjee.

Published 2004 by National Bureau of Economic Research in Cambridge, MA .
Written in English.

About the Book

"This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial development. A basic implication of this model is that economies at an intermediate level of financial development are more unstable than either very developed or very underdeveloped economies. This is true both in the sense that temporary shocks have large and persistent effects and also in the sense that these economies can exhibit cycles. Thus, countries that are going through a phase of financial development may become more unstable in the short run. Similarly, full capital account liberalization may destabilize the economy in economies at an intermediate level of financial development: phases of growth with capital inflows are followed by collapse with capital outflows. On the other hand, foreign direct investment does not destabilize"--National Bureau of Economic Research web site.

Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 1/21/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Series
NBER working paper series ;, working paper 10246, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10246.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3476612M
LC Control Number
2005616141

History

Download catalog record: RDF / JSON
December 5, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 8, 2009 Created by ImportBot add works page