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International Finance Discussion Papers: Financial Integration, Entrepreneurial Risk and Global Dynamics (en Inglés)
United States Federal Reserve Board
(Autor)
·
Vasia Panousi
(Autor)
·
George Marios Angeletos
(Autor)
·
Bibliogov
· Tapa Blanda
International Finance Discussion Papers: Financial Integration, Entrepreneurial Risk and Global Dynamics (en Inglés) - Panousi, Vasia ; Angeletos, George Marios ; United States Federal Reserve Board
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Origen: Estados Unidos
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Reseña del libro "International Finance Discussion Papers: Financial Integration, Entrepreneurial Risk and Global Dynamics (en Inglés)"
How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk---a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is then to show that this friction provides a simple explanation for the emergence of global imbalances, a simple resolution to the empirical puzzle that capital often fails to flow from the rich or slow-growing countries to the poor or fast-growing ones, and a distinct set of policy lessons regarding the intertemporal costs and benefits of capital-account liberalization.
