NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Does Openness to International Financial Flows Raise Productivity Growth?

M. Ayhan Kose, Eswar S. Prasad, Marco E. Terrones

NBER Working Paper No. 14558
Issued in December 2008

---- Acknowledgements -----

A revised version of this paper is forthcoming in the Journal of International Money and Finance. We are grateful to Nauro Campos, Stijn Claessens, Peter Howitt, Maury Obstfeld, Kate Phylaktis, Assaf Razin, an anonymous refereee, and participants at the Emerging Markets Finance Conference (Cass Business School), the Conference on Global Liquidity and East Asian Economies (Hong Kong Institute for Monetary Research), and the World Congress of the International Economic Association for their helpful and constructive comments. We thank Dionysios Kaltis and Yusuke Tateno for excellent research assistance. The views expressed in this paper are those of the authors and do not necessarily represent those of the IMF or the National Bureau of Economic Research.

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