Mendoza, Enrique G., 1963- Quadrini, Vincenzo. Ríos-Rull, José-Victor. National Bureau of Economic Research. text bibliography text mau 2007 monographic Cambridge, MA National Bureau of Economic Research c2007 eng

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"It is widely argued that countries can reap large gains from liberalizing their capital accounts if financial globalization is accompanied by the development of domestic institutions and financial markets. However, if liberalization does not lead to financial development, globalization can result in adverse effects on social welfare and the distribution of wealth. We use a multi-country model with non-insurable idiosyncratic risk to show that, if countries differ in the degree of asset market incompleteness, financial globalization hurts the poor in countries with less developed financial markets. This is because in these countries liberalization leads to an increase in the cost of borrowing, which is harmful for those heavily leveraged, i.e. the poor. Quantitative analysis shows that the welfare effects are sizable and may justify policy intervention"--National Bureau of Economic Research web site. Enrique G. Mendoza, Vincenzo Quadrini, Jos-̌Victor Ro̕s-Rull. Title from PDF file as viewed on 9/21/2007. Includes bibliographical references. Also available in print. Mode of access: World Wide Web. System requirements: Adobe Acrobat Reader. HB1 https://hdl.loc.gov/loc.gdc/gdcebookspublic.2007616541 http://papers.nber.org/papers/w13412 working paper no. 13412 2007616541 aacr DLC 070921 20250607022043.4 15016213 Converted from MARCXML to MODS version 3.8 using MARC21slim2MODS3-8_XSLT1-0.xsl (Revision 1.172 20230208)