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The World Bank (2010) World Development Indicators.

has been cited by the following article:

  • TITLE: Economic Growth with Asset Bubbles in a Small Open Economy

    AUTHORS: Atsushi Motohashi

    KEYWORDS: Asset Bubbles, Endogenous Growth, Financial Friction, Open Economy

    JOURNAL NAME: Theoretical Economics Letters, Vol.6 No.5, September 20, 2016

    ABSTRACT: This paper analyzes the characteristics of asset bubbles in a small open economy. First, we show that financial globalization relaxes the existence conditions for asset bubbles. This result implies that more countries may experience asset bubbles in a global economy. Second, we show that the effect of asset bubbles in a global economy is larger than in a closed economy. In particular, countries with high financial friction experience a high economic growth rate before a foreign bubble bursts and they are subjected to more negative influence after that. This conclusion implies that financial globalization may cause large economic movements before and after a bubble bursts.