Déséquilibres globaux et croissance des pays émergents dans une économie mondiale
The 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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