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Related Experiment Video

Updated: Nov 3, 2025

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Financial Integration Without Financial Development.

Flavia Corneli1

  • 1Bank of Italy, via Nazionale 91, 00184 Rome, Italy.

Atlantic Economic Journal : AEJ
|June 7, 2021
PubMed
Summary

Financial integration can slow capital accumulation and boost savings in developing economies, impacting welfare. Gains depend on the economy

Area of Science:

  • Economics
  • International Finance
  • Economic Development

Background:

  • Financial integration effects are debated, especially concerning developing economies.
  • The Lucas paradox highlights capital flowing from rich to poor countries, contrary to predictions.
  • Domestic capital market distortions can influence integration outcomes.

Purpose of the Study:

  • To analyze the short- and medium-term effects of financial integration in a two-country model.
  • To investigate how differing financial market development levels impact integration outcomes.
  • To explore the relationship between financial integration, capital accumulation, and agent welfare.

Main Methods:

  • A two-country general equilibrium model was employed.
  • The model incorporates differing levels of financial market development.
Keywords:
Economic growthFinancial integrationIncomplete marketsInternational capital movements

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  • Analysis focused on economies with domestic capital market distortions and convergence dynamics.

    • Main Results:

    • Financial integration can reduce capital accumulation speed and increase savings in developing economies.
    • Welfare effects are contingent on the economy's proximity to its steady state.
    • Welfare gains are lower in less financially advanced economies closer to steady state and negative in more developed economies.

    Conclusions:

    • Financial integration's impact on capital accumulation and savings is significant, even without aggregate risks.
    • Precautionary saving and resource reallocation to safe assets drive observed welfare effects.
    • Wealth levels moderate the impact of these forces, influencing welfare outcomes.