Financial integration, productivity and capital accumulation

Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of economic performance: productivity (TFP) and investments. I provide empirical evidence from a sample of 93 countries observed between 1975 and 1999. The results suggest that financial integration has a positive direct effect on productivity, while it spurs capital accumulation only with some delay and indirectly, since capital follows the rise in productivity. I control for indirect effects of financial globalization through banking crises. Such episodes depress both investments and TFP, though they are triggered by financial integration only to a minor extent.

Financial liberalization, bank crises and growth: Assessing the links

This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. The positive effect of financial liberalization is robust to different definitions. While the removal of capital account restrictions is effective by increasing financial depth, equity market liberalization affects growth directly. The empirical analysis is performed through GMM dynamic panel data estimations on a panel of 90 countries observed in the period 1975-1999.

Financial integration, productivity and capital accumulation

Understanding the mechanism through which financial globalization affect economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of economic performance: productivity (TFP)and investments. I provide empirical evidence from a sample of 93 countries observed between 1975 and 1999. The results suggest that financial integration has a positive direct effect on productivity, while it spurs capital accumulation only with some delay and indirectly, since capital follows the rise in productivity. I control for indirect effects of financial globalization through banking crises. Such episodes depress both investments and TFP, though they are triggered by financial integration only to a minor extent. The paper also provides a discussion of a simple model on the effects of financial integration, and shows additional empirical evidence supporting it.

Estudio de algunas características de las plantas en variedad de peral y su relación con la incidencia de la psila (Cacopsylla Pyri (L.) Hemiptera: Psyllidae)

Se estudian algunas de las características varietales del peral que pueden influir sobre la instalación y desarrollo de las poblaciones de Cacopsylla pyri (L.). El estudio se realizó en una finca de la Estación Experimental de Lleida en Gimenells, para las variedades Blanquilla y Conference. Los parámetros medidos en la planta fueron: el incremento del perímetro del tronco, la densidad de lamburdas, la superficie foliar, el contenido en clorofila, el contenido en agua y el grosor de la hoja. Para estimar la densidad de poblacion del insecto, se realizaron recuentos de los estados inmaduros de C. pyri en lamburdas durante el invierno y en brotes tiernos durante el periodo vegetativo en los años 2000 y 2001. Se han observado diferencias significativas entre las dos variedades en cuanto a las características de la planta estudiadas y la incidencia de C. pyri. La incidencia de la psila es mayor en la variedad Blanquilla, variedad más vigorosa, con mayor superficie foliar, hojas más delgadas y con menor contenido en clorofila que la variedad Conference.