Gelman, Maria; Jochem, Axel; Reitz, Stefan; Taylor, Mark P. - Institut für Weltwirtschaft (IfW) - 2014
international capital markets become more and more integrated. This paper provides new empirical evidence from an index of exchange-rate … adjusted cross-country asset price ratios, which may be interpreted as a real effective financial exchange rate. The integrated … stock-flow approach reveals that a county’s real effective financial exchange rate is co-integrated with international …