NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On the Welfare Implications of Financial Globalization without Financial Development

Enrique G. Mendoza, Vincenzo Quadrini, José-Victor Ríos-Rull

NBER Working Paper No. 13412
Issued in September 2007

---- Acknowledgements -----

This paper was prepared for the NBER's International Seminar on Macroeconomics (ISOM), Istanbul, June 15-16, 2007. We would like to thank Giancarlo Corsetti, Mehmet Yorokoglu and conference participants for insightful comments. Vincenzo Quadrini also acknowledges the Financial support of the National Science Foundation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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