Globalisation financière et croissance dans les économies émergentes. La sous-estimation des contraintes macroéconomiques induites
AbstractThe countries that have the least attracted external savings have registered highest growth rates over the past two decades. This paradox can be explained by an underestimation of macro-economic mechanisms induced by the inflow of capital: the external liquidity excess may require a tightening of monetary policy and higher real interest rates ; the inflow of capital may cause an appreciation of real exchange rate likely to slow the development in the tradable goods sector. For the emerging countries that attract international capital movements of vast magnitude, there is a risk of dynamic instability at the macroeconomic level, without any guarantee of faster growth. This article is devoted to the explanation of that mechanism. Classification JEL : E44, F36, F43
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 59 (2008)
Issue (Month): 6 ()
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Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
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