Domestic Institutions and the Bypass Effect of Financial Globalization
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We thank Laura Alfaro, Christian Broda, Richard Baldwin, Mihir Desai, Mick Deveraux, Fabio Ghironi, Piere-Olivier Gourinchas, Robert Feenstra, Elhanan Helpman, Olivier Jeanne, Kala Krishna, Nuno Limao, Maurice Obstfeld, Andres Rodriguez-Clare, Kenneth Rogoff, Hui Tong, Jaume Ventura and seminar/conference participants at NBER Summer Institute 2006, NBER Spring Meeting 2007, AEA 2007, and IMF for helpful comments and suggestions, and Chang Hong and Xuebing Yang for research assistance. The paper reflects the personal views of the authors and do not necessarily represent those of the IMF or its policy. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.