Apertura financiera, tipo de cambio real y crecimiento económico

Autores/as

  • Enrique R. Casares Gil Departamento de Economía, Universidad Autónoma Metropolitana-Azcapotzalco.

DOI:

https://doi.org/10.18381/eq.v6i1.108

Resumen

Se resume la evidencia de la relación entre flujos financieros y crecimiento económico. Se presentan los principales resultados teóricos de un modelo de crecimiento endógeno con dos bienes, comerciable (manufacturero) y no-comerciable (no-manufacturero). Se muestra que una liberalización financiera produce una apreciación del  tipo de cambio real. Esto daña la rentabilidad del sector comerciable que genera el progreso técnico. Sin embargo, dado que existen rendimientos crecientes a escala, la tasa de crecimiento de la economía puede disminuir o aumentar en el largo plazo. 

Citas

Aizenman, J., B. Pinto y A. Radziwill (2007). Sources for financing domestic capital - is foreign saving a viable option for developing countries?, Forthcoming, Journal of International Money and Finance.

Alfaro, L. (2003). Foreign Direct Investment and Growth: Does the Sector Matter?, Harvard Business School.

Alfaro, L., A. Chanda, S. Kalemli-Ozcan y S. Sayek (2006). How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages, NBER Working Paper No. 12522.

Balasubramanyan, Salisu y Sapsford (1996). Foreign Direct Investment and Growth in EP Countries and IP Countries, Economic Journal, 106, 92-105.

Borensztein, E., J. De Gregorio y J. W. Lee (1998). How Does Foreign Direct Investment Affect Economic Growth?, Journal of International Economics 45, No. 1, 115–135.

Carkovic, M. y R. Levine (2005). Does Foreign Direct Investment Accelerate Economic Growth? en T. H. Moran, E. M. Graham y M. Blomstrom (editores), “Does Foreign Direct Investment Promote Development?”, The Peterson Institute for International Economics.

Edison, H., R. Levine, L. Ricci y T. Slok (2002). International Financial Integration and Economic Growth, Journal of International Monetary and Finance, Vol. 21, 749–76.

Edwards, S. (2001). Capital Mobility and Economic Performance: Are Emerging Economies Different?, NBER Working Paper No. 8076.

Eicher, T. y L. Hull (2004). Financial Liberalization, Openness and Convergence, Journal of International Trade & Economic Development, Vol. 13, 443-459.

Henry, P. B. (2007). Capital Account Liberalization: Theory, Evidence, and Speculation,

Journal of Economic Literature, Vol. XLV, 887-935.

Obstfeld, M. (2008). International Finance and Growth in Developing Countries: What Have We Learned?, WP 34, Commission on Growth and Development.

Prasad, E., R. G. Rajan y A. Subramanian (2006). Patterns of International Capital Flows and Their Implications for Economic Development, en Symposium Proceedings The New Economic Geography: Effects and Policy Implications, Federal Reserve Bank of Kansas City.

Prasad, E. S., R. G. Rajan y A. Subramanian (2007). Foreign Capital and Economic Growth, Brookings Papers on Economic Activity, 1, 153-230.

Quinn, D. (1997) The Correlates of Changes in International Financial Regulation, American Political Science Review, Vol. 91, 531-551.

Rodrik, D. (1998). Who Needs Capital-Account Convertibility?, Princeton Essays in International Finance, 207, 55-65.

Rodrik, D. (2008). The Real Exchange Rate and Economic Growth, John F. Kennedy School of Government, Harvard University.

Romer, P. M. (1989). Capital Accumulation in the Theory of Long Run Growth, en R. Barro (editor), Modern Business Cycle Theory, Basil Blackwell

Descargas

Publicado

2010-03-01

Cómo citar

Casares Gil, E. R. (2010). Apertura financiera, tipo de cambio real y crecimiento económico. EconoQuantum, 6(1), 153-159. https://doi.org/10.18381/eq.v6i1.108

Número

Sección

Suplemento Especial