The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions

Clemens C, Heinemann M (2019)
Macroeconomic Dynamics 23: 2815-2844.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Abstract / Bemerkung
This paper examines the consequences of international financial integration in a two-sector standard incomplete markets model with occupational choice under risk and financial constraints affecting entrepreneurial activity. We endogenize international productivity differences and discuss the implications of international integration for the macroeconomy, inequality, and welfare. Lending countries are characterized by tighter domestic constraints and experience an increase in gross national product, whereas the gross domestic product effect is ambiguous. We conclude that international integration is beneficial only for economies where there are substantial financial constraints on entrepreneurial activity. Otherwise, a majority of households suffer, due to the unequal distribution of welfare gains and losses across the heterogeneous population.
Erscheinungsjahr
2019
Zeitschriftentitel
Macroeconomic Dynamics
Band
23
Seite(n)
2815-2844
ISSN
1469-8056
eISSN
1365-1005
Page URI
https://pub.uni-bielefeld.de/record/2918443

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Clemens C, Heinemann M. The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions. Macroeconomic Dynamics. 2019;23:2815-2844.
Clemens, C., & Heinemann, M. (2019). The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions. Macroeconomic Dynamics, 23, 2815-2844. doi:10.1017/S1365100517000979
Clemens, C., and Heinemann, M. (2019). The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions. Macroeconomic Dynamics 23, 2815-2844.
Clemens, C., & Heinemann, M., 2019. The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions. Macroeconomic Dynamics, 23, p 2815-2844.
C. Clemens and M. Heinemann, “The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions”, Macroeconomic Dynamics, vol. 23, 2019, pp. 2815-2844.
Clemens, C., Heinemann, M.: The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions. Macroeconomic Dynamics. 23, 2815-2844 (2019).
Clemens, Christiane, and Heinemann, Maik. “The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions”. Macroeconomic Dynamics 23 (2019): 2815-2844.

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