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Are global imbalances due to financial underdevelopment in emerging economies?

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  • Diego Valderrama

Abstract

This Economic Letter presents recent research on a new explanation for both the export of savings and the import of equity by emerging countries: their level of underdevelopment of the financial sector compared to that of more advanced countries. Specifically, financial underdevelopment in emerging markets can lead to both over saving by domestic agents and undervaluation of domestic firms, which encourages international investors to purchase equity there.

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File URL: http://www.frbsf.org/publications/economics/letter/2008/el2008-12.html
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File URL: http://www.frbsf.org/publications/economics/letter/2008/el2008-12.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2008)
Issue (Month): apr11 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2008:i:apr11:n:2008-12

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Keywords: Balance of payments ; Capital movements ; International finance;

References

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  1. Enrique G. Mendoza & Vincenzo Quadrini & Jose-Victor Rios-Rull, 2007. "Financial Integration, Financial Deepness and Global Imbalances," NBER Working Papers 12909, National Bureau of Economic Research, Inc.
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Cited by:
  1. James B. Ang & Jakob B. Madsen, 2012. "Risk Capital, Private Credit And Innovative Production," Development Research Unit Working Paper Series 08-12, Monash University, Department of Economics.

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