Déséquilibres globaux et croissance des pays émergents dans une économie mondiale
AbstractThe last decade has been characterized by large current account de?cits in the US and by the relative growth of total factor productivity in emerging markets. This article lays down a model of a world economy where ?nancial integration between two countries (an industrial country and an emerging one) and heterogeneous ?nancial markets in these countries trigger these two facts. The key element of the mechanism is the existence of two technologies, one more productive than the other but subject to liquidity shocks. Classi?cation JEL : F36, F43, O16, O33.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 60 (2009)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-economique.htm
Find related papers by JEL classification:
- 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
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
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