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Dynamic Effects Of Trade In Financial Services

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Author Info
JOSEPH F. FRANCOIS

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Abstract

An overlapping generations model is used to examine the dynamic implications of trade in financial services. The model highlights the role of finance, through capital accumulation, in the growth process. Emphasis is placed on the dynamic relationship between financial intermediation and the evolution of the capital stock. This relationship has positive implications for the paths of income and consumption and for the inter-generational distribution of income. The results provide formal support for the argument that liberalizing trade in financial services implies dynamic effects grounded in the basic sources of comparative advantage. [F11, F43]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 9 (1995)
Issue (Month): 3 (October)
Pages: 1-14
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Handle: RePEc:taf:intecj:v:9:y:1995:i:3:p:1-14

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Williamson, Stephen D, 1987. "Financial Intermediation, Business Failures, and Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 95(6), pages 1196-1216, December. [Downloadable!] (restricted)
  2. Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 689-721, August. [Downloadable!] (restricted)
  3. Francois, Joseph F, 1990. "Producer Services, Scale, and the Division of Labor," Oxford Economic Papers, Oxford University Press, vol. 42(4), pages 715-29, October. [Downloadable!] (restricted)
  4. Cho, Yoon Je, 1988. "Some Policy Lessons from the Opening of the Korean Insurance Market," World Bank Economic Review, Oxford University Press, vol. 2(2), pages 239-54, May.
  5. Williamson, Stephen D, 1987. "Costly Monitoring, Loan Contracts, and Equilibrium Credit Rationing," The Quarterly Journal of Economics, MIT Press, vol. 102(1), pages 135-45, February. [Downloadable!] (restricted)
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  6. Jeffrey M. Lacker, 1989. "Financial Intermediation, Optimality, and Efficiency," Canadian Journal of Economics, Canadian Economics Association, vol. 22(2), pages 364-82, May. [Downloadable!] (restricted)
  7. Bencivenga, Valerie R & Smith, Bruce D, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 195-209, April. [Downloadable!] (restricted)
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  8. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
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  9. Joseph F. Francois, 1990. "Trade in Producer Services and Returns Due to Specialization under Monopolistic Competition," Canadian Journal of Economics, Canadian Economics Association, vol. 23(1), pages 109-24, February. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Francois, Joseph & Schuknecht, Ludger, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," CEPR Discussion Papers 2144, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Richard E. Baldwin & Elena Seghezza, 1996. "Trade-Induced Investment-led Growth," NBER Working Papers 5582, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Raff, Horst & von der Ruhr, Marc, 2001. "Foreign Direct Investment in Producer Services: Theory and Empirical Evidence," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
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