Rethinking the Effects of Financial Globalization *
构建一个强调国内债务执行不完善与内外债相互作用的模型，解释金融全球化对资本流动、投资和增长的不同影响，并指出其效果取决于发展水平、生产率、国内储蓄和制度质量。
Abstract During the past three decades, many countries have lifted restrictions on cross-border financial transactions. We present a simple model that can account for the observed effects of financial globalization. The model emphasizes the role of imperfect enforcement of domestic debts and the interactions between domestic and foreign debts. Financial globalization can lead to a variety of outcomes: (i) domestic capital flight and ambiguous effects on net capital flows, investment, and growth; (ii) capital inflows and higher investment and growth; or (iii) volatile capital flows and unstable domestic financial markets. The model shows how the effects of financial globalization depend on the level of development, productivity, domestic savings, and the quality of institutions.