000			03221cam a22003497 4500
001			w10624
003			NBER
005			20211020112739.0
006			m o d
007			cr cnu||||||||
008			210910s2004 mau fo 000 0 eng d
100	1		_aAizenman, Joshua. _94613
245	1	0	_aSources for Financing Domestic Capital -- Is Foreign Saving a Viable Option for Developing Countries? / _cJoshua Aizenman, Brian Pinto, Artur Radziwill.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2004.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w10624
500			_aJuly 2004.
520	3		_aThis paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past domestic saving, relative to the actual stock of capital. We use the constructed measure of self-financing to evaluate the impact of the growing global financial integration on the sources of financing domestic capital stocks in developing countries. On average, 90% of the stock of capital in developing countries is self financed, and this fraction was surprisingly stable throughout the 1990s. The greater integration of financial markets has not changed the dispersion of self-financing rates, and the correlation between changes in de-facto financial integration and changes in self-financing ratios is statistically insignificant. There is no evidence of any growth bonus' associated with increasing the financing share of foreign savings. In fact, the evidence suggests the opposite: throughout the 1990s, countries with higher self-financing ratios grew significantly faster than countries with low self-financing ratios. This result persists even after controlling growth for the quality of institutions. We also find that higher volatility of the self-financing ratios is associated with lower growth rates, and that better institutions are associated with lower volatility of the self-financing ratios. These findings are consistent with the notion that financial integration may have facilitated diversification of assets and liabilities, but failed to offer new net sources of financing capital in developing countries.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF15 - Economic Integration _2Journal of Economic Literature class.
690		7	_aF21 - International Investment • Long-Term Capital Movements _2Journal of Economic Literature class.
700	1		_aPinto, Brian. _918601
700	1		_aRadziwill, Artur.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w10624.
856	4	0	_uhttps://www.nber.org/papers/w10624
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w10624
942			_2ddc _cW-PAPER
999			_c337545 _d296107