This paper studies the impact of financial openness on the size of government, and other key economic variables, such … as the consumption-wealth ratio, the growth rate of wealth, and welfare, in a two-country world, based on a portfolio …-wealth ratio, and welfare should be higher in an open economy due to a higher productivity and/or less volatility through risk …

Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and … structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the …

openness, we find that greater financial openness has been associated with lower consumption volatility in Canada and Italy. In …Economic theory predicts that the integration of financial markets lowers the volatility of consumption. In this paper …, we study long-term trends in the consumption volatility of the G7 countries. Using different measures of financial …

implies that business cycle volatility is higher the more integrated the capital markets of the member countries of the …

with more developed financial systems have lower business cycle volatility. Financial openness has no strong impact on …During the last two decades, the degree of openness of national financial systems has increased substantially. At the … frictions for business cycle volatility. In our empirical analysis, we demonstrate that stylised facts suggest that countries …

the link between business cycle volatility and financial openness has not been stable over time. … 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 …