Data and Code for: The Global Financial Resource Curse

Principal Investigator(s):  View help for Principal Investigator(s) Gianluca Benigno, University of Lausanne; Luca Fornaro, CREI; Martin Wolf, University of St Gallen

Version:  View help for Version V1

Name File Type Size Last Modified
EWNdataset.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 2.9 MB 09/29/2023 05:01:AM
Fig10_1.pdf application/pdf 14 KB 10/21/2024 08:17:AM
Fig10_2.pdf application/pdf 10.3 KB 10/21/2024 08:18:AM
Fig10_3.pdf Unknown 9.8 KB 08/20/2024 07:21:AM
Fig11_1.pdf application/pdf 13.8 KB 10/21/2024 08:18:AM
Fig11_2.pdf application/pdf 10.4 KB 10/21/2024 08:18:AM
Fig11_3.pdf application/pdf 9.9 KB 10/21/2024 08:18:AM
Fig1_1.pdf application/pdf 14.4 KB 06/17/2020 07:33:AM
Fig1_2.pdf application/pdf 12.9 KB 10/21/2024 08:39:AM
Fig4_1.pdf application/pdf 13.8 KB 10/21/2024 08:39:AM
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Project Citation: 

Benigno, Gianluca, Fornaro, Luca, and Wolf, Martin. Data and Code for: The Global Financial Resource Curse. Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-11-22. https://doi.org/10.3886/E208605V1

Project Description

Summary:  View help for Summary 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.
Funding Sources:  View help for Funding Sources ERC Starting Grant (851896); Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563)

Scope of Project

Subject Terms:  View help for Subject Terms global saving glut; global productivity growth; international financial integration; capital flows; U.S. productivity growth slowdown; low global interest rates; Bretton Woods II; export-led growth
JEL Classification:  View help for JEL Classification
      E44 Financial Markets and the Macroeconomy
      F21 International Investment; Long-term Capital Movements
      F41 Open Economy Macroeconomics
      F43 Economic Growth of Open Economies
      F62 Economic Impacts of Globalization: Macroeconomic Impacts
      O24 Development Planning and Policy: Trade Policy; Factor Movement; Foreign Exchange Policy
      O31 Innovation and Invention: Processes and Incentives
Geographic Coverage:  View help for Geographic Coverage US, developing countries, global economy
Time Period(s):  View help for Time Period(s) 1/1/1990 – 1/1/2024 (1990s until today)


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V1 [2024-11-22]

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