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DESCRIPTION:Taiji Furusawa Professor of Economics\, Hitotsubashi University
 \, Japan Globalization Under Financial Imperfections (Authors: Taiji Furus
 awa and Noriyuki Yanagawa) Furusawa and Yanagawa investigate the effects o
 f international trade in goods and capital movement on the productivity di
 stribution and industry-wide productivity when countries are heterogeneous
  in the quality of their financial institutions. In autarky\, firm heterog
 eneity in their productivities arises in countries with poor financial ins
 titutions\, while all firms adopt a high-productivity technology in countr
 ies with better financial institutions. Trade in goods will not change the
  productivity distribution (nor the industry-wide productivity as a result
 ) in any country\, although it lowers equilibrium interest rates in countr
 ies with poor financial institutions while it raises them in countries wit
 h better financial institutions. Allowing international capital movement i
 n addition to the trade\, however\, makes a large impact on the industry. 
 Capital flight from countries with poor financial institutions occurs\, wh
 ich may lead to global convergence in which all firms in the world adopt t
 he high-productivity technology under a relatively high interest rate. But
  if the worldwide average of quality of financial institution is low\, int
 ernational capital movement will reduce worldwide production efficiency su
 ch that low-productivity firms re-emerge even in northern countries as wel
 l as in southern countries. Speaker: Taiji Furusawa is a Professor of Econ
 omics at the Hitotsubashi University in Tokyo\, Japan. He is visiting Harv
 ard this current academic year. His research interests are in internationa
 l trade theory and microeconomic theory. 
DTEND:20120227T220000Z
DTSTAMP:20260308T035716Z
DTSTART:20120227T210000Z
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SUMMARY:Trade Development and Political Economy presents: Taiji Furusawa
UID:RFCALITEM639085210365534916
X-ALT-DESC;FMTTYPE=text/html:Taiji Furusawa Professor of Economics\, Hitots
 ubashi University\, Japan Globalization Under Financial Imperfections (Aut
 hors: Taiji Furusawa and Noriyuki Yanagawa) Furusawa and Yanagawa investig
 ate the effects of international trade in goods and capital movement on th
 e productivity distribution and industry-wide productivity when countries 
 are heterogeneous in the quality of their financial institutions. In autar
 ky\, firm heterogeneity in their productivities arises in countries with p
 oor financial institutions\, while all firms adopt a high-productivity tec
 hnology in countries with better financial institutions. Trade in goods wi
 ll not change the productivity distribution (nor the industry-wide product
 ivity as a result) in any country\, although it lowers equilibrium interes
 t rates in countries with poor financial institutions while it raises them
  in countries with better financial institutions. Allowing international c
 apital movement in addition to the trade\, however\, makes a large impact 
 on the industry. Capital flight from countries with poor financial institu
 tions occurs\, which may lead to global convergence in which all firms in 
 the world adopt the high-productivity technology under a relatively high i
 nterest rate. But if the worldwide average of quality of financial institu
 tion is low\, international capital movement will reduce worldwide product
 ion efficiency such that low-productivity firms re-emerge even in northern
  countries as well as in southern countries. Speaker: Taiji Furusawa is a 
 Professor of Economics at the Hitotsubashi University in Tokyo\, Japan. He
  is visiting Harvard this current academic year. His research interests ar
 e in international trade theory and microeconomic theory. <br>
END:VEVENT
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