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Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on productivity growth. The authors provide a comprehensive analysis of the relationship between financial openness and Total Factor Productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries.
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