International Financial Markets and Economic Development of Nations

根据标准的新古典理论，金融市场全球化是一种均衡力量，即使没有劳动力的国际流动，也会导致各国经济表现的趋同。在过去的几十年里，出现了金融市场全球一体化的趋势，金融市场的贸易量远远超过了商品和服务的贸易量。另一方面，一些实证研究表明，各国之间不存在趋同现象。然而，有几个正式的模型，分析国际金融交易和经济增长之间的关系，明确展示的条件下，收敛或不收敛可能发生。本研究建立了一个明确的动态模型，在这个模型中，国内消费者在国际金融市场上进行投资组合决策。国内资本积累和国际金融市场之间的动态关系将被审查。该模型旨在确定导致世界收入分配不同长期行为的国际市场力量和经济结构特征。目的是解释为什么有些国家似乎从全球金融市场中获益，而另一些国家却没有。

According to standard neoclassical theory, financial market globalization is an equalizing force, which induces convergence of economic performance across countries even without international mobility of labor forces. In the last decades there has been a trend toward global integration of financial markets and the trade volume of financial markets have exceeded by far that of goods and services. On the other hand, a number of empirical studies have shown evidence against convergence across countries. However, there are few formal models analyzing the relationships between international financial transactions and economic growth explicitly which exhibit conditions unter which convergence or nonconvergence may take place. This project develops an explicit dynamic model in which domestic consumers make their portfolio decisions in international financial markets. The dynamic relationships between domestic capital accumulation and international financial market will be examined. The model is designed to identify those international market forces and structural characteristics of economies leading to different long run behavior of world income distribution. The goal is to explain why some countries seem to gain from the global financial market while others do not.