Financial Integration and Growth in a Risky World
---- Acknowledgements ----
We thank Pierre-Olivier Gourinchas, Jonathan Heathcote, Hande Kucuk-Tuger, Anna Pavlova, Fabrizio Perri, Robert Zymek, seminar participants at the LBS Macro-Finance Workshop, Princeton, Harvard, HEI, LSE, Columbia, Yale, Chicago, the Jerusalem Macroeconomics conference, Gerzensee Asset Pricing Summer Symposium, Barcelona GSE Summer Workshop, Bank of Chile, ECB, Capri/CSEF, SciencesPo Macro-Finance Workshop, Mannheim and Minnesota for very helpful comments. Taha Choukhmane provided excellent research assistance. Nicolas Coeurdacier thanks the Agence Nationale pour la Recherche (Project INTPORT), the European Research Council (Starting Grant 336748) and the SciencesPo-Banque de France partnership for financial support. Hélène Rey thanks the European Research Council (Starting Grant 210584) for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.