The Global Financial Resource Curse

时间：2021年11月09日（周二）16:00-17:30

主持人：余淼杰、余昌华

主讲人：Luca Fornaro（CREI 和 UPF，Review of Economic Studies 编委）

加入Zoom会议：https://zoom.com.cn/j/92638897210?pwd=d1pkemQ3d2MrSmZLNzJmTzdCOCtBUT09

会议号：926 3889 7210

密码：908060

摘要：Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for U.S. non-tradable goods, inducing a reallocation of U.S. economic activity from the tradable sector to the non-tradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determines the evolution of the world technological frontier, the result is a drop in global productivity growth. This effect, which we dub the global financial resource curse, can help explain why the global saving glut has been accompanied by subdued investment and growth, in spite of low global interest rates.

主讲人简介：Luca Fornaro currently works as a Senior researcher of the Centre de Recerca en Economia Internacional and teaches in Universitat Pompeu Fabra. His major interests are in International Trade, Finance, and Development Program. His talented work has been published in several leading journals, including the American Economic Review, the Review of Economic Studies, and the Journal of International Economics.