Financial and real integration

We examine the relationship between real and financial integration. Real integration is measured by productivities of capital and labor from trade data for 1982 to 1997. Financial integration is measured by the black market exchange rate. We find more evidence of convergence to equality for returns to capital than for returns to labor. There is some support for associating the convergence of black market premia with declines in black market premia.

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Year of publication:	2008
Authors:	Baier, Scott L. ; Gerald P. Dwyer, Jr.
Institutions:	Federal Reserve Bank of Atlanta
Subject:	International trade \| Productivity

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Extent:	application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 2008-14
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004965419