International financial integration, international capital flows and economic growth : theory and evidence / Integração financeira internacional, fluxos internacionais de capitais e crescimento economico : teoria e evidencia

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

The goal of this dissertation is to develop a critical analysis of the conventional approach regarding the relationship between International Financial Integration, International Capital Flows and Economic growth for national economies. The idea is to provide answers to the following questions: is there sufficient consensus relative to theoretical fundaments to sustain the hypothesis that the International Financial Integration and international capital flows stimulate economic growth? Empirical evidence corroborate the hypothesis that International Financial Integration and international capital flows foster economic growth? The theoretical literature analysis developed in Chapter 1 clarifies the absence of a theoretical consensus and the fragility of theoretical fundaments regarding the hypothesis that International Financial Integration and international capital flows foster economic growth. The empirical literature analysis developed in Chapter 2 reveals that the existing evidences are not sufficient to corroborate the hypothesis that International Financial Integration and international capital flows stimulate economic growth. Finally, on Chapter 3 develops a wide econometric investigation on the relationships between International Financial Integration, international capital flows and economic growth for a sample of countries that are representative of the global economy and a sample of developing countries. The econometric evidence reveals a clear pattern: i) there is no evidence that International Financial Integration and net import of capitals foster the conditional convergence rate; ii) there is no evidence that International Financial Integration stimulate the long run per capita GDP growth, even for countries with high levels of institutional and financial development, trade openness and stable macroeconomic environment; iii) there is no evidence that international capital flows stimulate the long run per capita GDP growth, even for countries with high levels of institutional and financial development, trade openness, human capital stock and stable macroeconomic environment

ASSUNTO(S)

international economic integration desenvolvimento econômico economic growth integração economica internacional capital flows fluxo de capitais

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