Financial Openness and Business Cycle Volatility

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock. Empirical evidence supports this conclusion. Our results also show that the link between business cycle volatility and financial openness has not been stable over time.

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Year of publication:	2002
Authors:	Pierdzioch, Christian ; Döpke, Jörg ; Buch, Claudia M.
Publisher:	Kiel : Kiel Institute for World Economics (IfW)
Subject:	Konjunktur \| Volatilität \| Globalisierung \| Internationale Kapitalmobilität \| Internationaler Finanzmarkt \| Offene Volkswirtschaft \| Makroökonomik \| Allgemeines Gleichgewicht \| Neue Makroökonomik offener Volkswirtschaften \| Schätzung \| OECD-Staaten \| Open Economy Macroeconomics \| Monetary union \| Business cycles \| Financial markets

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Series:	Kiel Working Paper ; 1121
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	85977550X [GVK] hdl:10419/17783 [Handle] RePEc:zbw:ifwkwp:1121 [RePEc]
Classification:	F36 - Financial Aspects of Economic Integration ; F33 - International Monetary Arrangements and Institutions ; F41 - Open Economy Macroeconomics
Source:	EconStor

Persistent link: https://www.econbiz.de/10010260514