Financial Market Globalization and Growth in an Interconnected World
2018/03/20
研討會日期 : 2018-03-20
時間 : 14:30
主講人 : Professor Wai-Hong Ho
主持人 : Professor Kamhon Kan
地點 : Conference Room B110
演講者簡介 : Professor Ho received his Ph.D. in Economics from Virginia Polytechnic Institute & State University in 1999. He is currently an Associate Professor at University of Macau. His research interests are Growth and Development, and Macroeconomic Dynamics.
演講摘要 : I develop an international AK-type of growth model to explore the consequences of financial market globalization. The world economy consists of many small open countries that are plagued by domestic credit market imperfection and connected via knowledge externalities that are by-products of capital production a la Romer (1986). If global knowledge externalities are originated from the wealthiest country's capital stock, financial market globalization will enhance growth and welfare at the expense of the gap of living standards across countries due to reversed capital flows. Our quantitative exercises indicate that the growth and welfare gains can be sizeable.
