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

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  • Patrick Artus
  • André Cartapanis

Abstract

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
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    Citations

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    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

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