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Financial Integration, Entrepreneurial Risk and Global Imbalances
Angeletos, George-Marios - 2011
How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? We investigate this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk-- a risk that...
Persistent link: https://www.econbiz.de/10012461896
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Risk and Global Economic Architecture : Why Full Financial Integration May Be Undesirable
Stiglitz, Joseph E. - 2010
simplistic models arguing for financial integration typically employed in economics assume convexity; but the world is rife with …
Persistent link: https://www.econbiz.de/10012462933
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Thresholds in the Process of International Financial Integration
Kose, M. Ayhan - 2009
The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....
Persistent link: https://www.econbiz.de/10012463732
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How Big are the Gains from International Financial Integration?
Hoxha, Indrit - 2009
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10012464013
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela L. - 2008
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10012464398
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Financial Integration, Financial Deepness and Global Imbalances
Mendoza, Enrique G. - 2007
Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show …
Persistent link: https://www.econbiz.de/10012465747
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Has Financial Development Made the World Riskier?
Rajan, Raghuram G. - 2005
were not possible, and has created much greater access to finance for firms and households. On net, this has made the world …
Persistent link: https://www.econbiz.de/10012466943
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International Capital Flows, Returns and World Financial Integration
Evans, Martin D. D. - 2005
in equity and debt markets. Such developments are often attributed to the increased integration of world financial … markets. We present a model that allows us to examine how greater integration in world financial markets affects the behavior … concentrated in bonds. As integration progresses and households gain access to world equity markets, the size and volatility of …
Persistent link: https://www.econbiz.de/10012466971
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The Elusive Gains from International Financial Integration
Gourinchas, Pierre-Olivier - 2003
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 convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this type of...
Persistent link: https://www.econbiz.de/10012469014
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Market Integration and Contagion
Bekaert, Geert - 2003
to providing new insights on contagion during crisis periods, we document patterns through time in world and regional …
Persistent link: https://www.econbiz.de/10012469193