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International Finance and Income Convergence: Europe is Different

International Finance and Income Convergence: Europe is Different by Daniel Leigh
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Recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor countries. Capital is often found to flow "uphill" from poor to rich countries. And, when it does flow into the less developed economies, it is negatively correlated with growth, calling into question the desirability of foreign capital. In this paper we report that Europe-including the new member states of the European Union-provides a counterexample to these global anomalies. With increasing financial integration, capital in Europe has traveled "downhill" from rich to poor countries, and has done so with gathering strength. These inflows have been associated with significant acceleration of income convergence.
International Monetary Fund; March 2007
36 pages; ISBN 9781451990348
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Title: International Finance and Income Convergence: Europe is Different
Author: Daniel Leigh; Abdul Abiad; Ashoka Mody
 
ISBNs
1451990340
9781451866285
9781451910810
9781451990348