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List of Discussion Paper Series
- No.2000-02 (October 2000)
- On the Effects of the Development of International Financial Markets When the World Economy Is Stratified
- Taizo MOTONISHI (Associated Professor, Faculty of Economics, Nagasaki University)
- Abstract:
- This paper analyzes global and national growth under imperfect international financial markets, and evaluates the effects of financial market development using a simple endogenous growth model. The world economy is assumed to be stratified. The agents in developed countries in the face of financial market development may lose by the 'hollowing-out' effect caused by the capital outflows. On the other hand, for agents in developing countries, the development is beneficial, though it prevents them from catching up with agents in developed countries.
- Keywords:
- Stratification; Hollowing-out; Catching up; Financial market development; Convergence
- JEL Classification:
- D31, F43, O40, R11