Saving, Investment, Financial Integration, and the Balance of Payments

40 Pages Posted: 15 Feb 2006

See all articles by Michael J. Artis

Michael J. Artis

University of Manchester - Institute for Political & Economic Governance (IPEG)

Tamim Bayoumi

International Monetary Fund (IMF); Centre for Economic Policy Research (CEPR)

Date Written: December 14, 1989

Abstract

This paper examines the extent of international financial integration, and its consequences for the current account. The evidence indicates that financial liberalization in the 1970s and 1980s has resulted in a substantial movement towards closer integration of world capital markets. By reducing constraints on international capital flows, this movement makes the current account more of a residual factor in agents` decisions.

JEL Classification: 423, 431, 441

Suggested Citation

Artis, Michael J. and Bayoumi, Tamim, Saving, Investment, Financial Integration, and the Balance of Payments (December 14, 1989). IMF Working Paper, Vol. , pp. 1-37, 1989. Available at SSRN: https://ssrn.com/abstract=885100

Michael J. Artis (Contact Author)

University of Manchester - Institute for Political & Economic Governance (IPEG) ( email )

Oxford Road
Manchester, M13 9PL
United Kingdom

Tamim Bayoumi

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-6333 (Phone)
202-623-4795 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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