01812cas a2200253 a 4500 AALejournalIMF008597 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451849622 1018-5941 BD-DhAAL BD-DhAAL Gourinchas, Pierre-Olivier. The Elusive Gains from International Financial Integration / Pierre-Olivier Gourinchas, Olivier Jeanne. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (47 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of income convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this type of convergence appear relatively limited for developing countries. The welfare gain from switching from financial autarky to perfect capital mobility is roughly equivalent to a 1 percent permanent increase in domestic consumption for the typical non-OECD country. This is negligible relative to the welfare gain from a take-off in domestic productivity of the magnitude observed in some of these countries. Mode of access: Internet Jeanne, Olivier. IMF Working Papers; Working Paper ; No. 2004/074 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/074/001.2004.issue-074-en.xml IMF e-Library