IDEAS home Printed from
   My bibliography  Save this article

Globalisation financière et croissance dans les économies émergentes. La sous-estimation des contraintes macroéconomiques induites


  • Patrick Artus
  • André Cartapanis


The 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

Suggested Citation

  • Patrick Artus & André Cartapanis, 2008. "Globalisation financière et croissance dans les économies émergentes. La sous-estimation des contraintes macroéconomiques induites," Revue économique, Presses de Sciences-Po, vol. 59(6), pages 1145-1158.
  • Handle: RePEc:cai:recosp:reco_596_1145

    Download full text from publisher

    File URL:
    Download Restriction: free

    File URL:
    Download Restriction: free


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Bouslimi Jihen, 2014. "Financial Mutations and Fragility of The Tunisian Banks," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(7), pages 956-968, July.
    2. Brahim Gaies, 2017. "Globalisation Financière, Croissance et effets de seuil : Le Cas des pays en développement Les moins avancés," EconomiX Working Papers 2017-25, University of Paris Nanterre, EconomiX.

    More about this item

    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


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_596_1145. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.