000			01629nam a22001577a 4500
999			_c521255 _d521255
008			221227b ||||| |||| 00| 0 eng d
100			_aGuru, Biplab Kumar and Yadav, Inder Sekhar _936450
245			_aFinancial integration in Asia: A macroeconomic perspective
260			_aThe Developing Economies
300			_a59(1), Mar, 2021: p.64-101
520			_aThis study examines the effect of financial integration on growth, total factor productivity, and capital accumulation using a dynamic panel system-GMM for a dataset consisting of 43 Asian economies from 1995 to 2015. The impact of de jure financial openness on output, productivity, and capital stock growth is significant, while the effect of de facto financial integration is fuzzy. The disaggregate asset classes (namely, inflows of foreign direct investment and debt) are found to facilitate higher output while derivative inflows yield an undesirable effect. For developing countries, financial openness significantly boosts productivity and capital accumulation while for less developed countries it only enhances productivity. The negative impact of the currency crisis on growth and capital accumulation is found to be significant for more open economies. The currency crisis is more prominent for developed economies, partially effective for less developed countries, and partially ineffective for developing economies in Asia.- Reproduced
650			_aFinancial integration, Growth, Total factor productivity, Capital accumulation, system-GMM, Asia. _934905
773			_aThe Developing Economies
906			_aECONOMIC DEVELOPMENT - ASIA
942			_cAR