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Risk and Global Economic Architecture : Why Full Financial Integration May Be Undesirable
Stiglitz, Joseph E. - 2010
This paper provides a general framework for analyzing the optimal degree and form of financial integration. Full integration is not in general optimal: faced with a choice between two polar regimes, full integration or autarky, autarky may be superior. The intuition is simple: if underlying...
Persistent link: https://www.econbiz.de/10012462933
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Thresholds in the Process of International Financial Integration
Kose, M. Ayhan - 2009
for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the … presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial … to attain before it can derive the indirect benefits and reduce the risks of financial openness. In this paper, we …
Persistent link: https://www.econbiz.de/10012463732
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International Financial Integration and Economic Growth
Edison, Hali J. - 2002
integration on economic growth and also to assess whether this relationship depends on the level of economic development … to reject the null hypothesis that international financial integration does not accelerate economic growth even when …
Persistent link: https://www.econbiz.de/10012469546
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Dating the Integration of World Equity Markets
Bekaert, Geert - 1998
Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which appear comprehensive may have little impact on the functioning of the capital market if they fail to lead to foreign portfolio inflows. In contrast to the usual practice of...
Persistent link: https://www.econbiz.de/10012472089
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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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Has Financial Development Made the World Riskier?
Rajan, Raghuram G. - 2005
Developments in the financial sector have led to an expansion in its ability to spread risks. The increase in the risk bearing capacity of economies, as well as in actual risk taking, has led to a range of financial transactions that hitherto were not possible, and has created much greater...
Persistent link: https://www.econbiz.de/10012466943
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International Capital Flows, Returns and World Financial Integration
Evans, Martin D. D. - 2005
International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade 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...
Persistent link: https://www.econbiz.de/10012466971
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European Financial Markets After EMU : A First Assessment
Danthine, Jean-Pierre - 2000
This paper reviews the first evidence on the impact of European Monetary Union on European capital markets, one year after the launch of the single currency. Our assessment of this evidence is very favourable. On almost all counts EMU has either changed the European financial landscape already...
Persistent link: https://www.econbiz.de/10012470687
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Capital Market Integration and Wages
Chari, Anusha - 2009
annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a … control group of countries. The temporary increase in the growth rate of the real wage drives up the level of average annual …-liberalization salary. The increase in the growth rate of labor productivity in the aftermath of liberalization exceeds the increase in the …
Persistent link: https://www.econbiz.de/10012463445
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Sterilization, Monetary Policy, and Global Financial Integration
Aizenman, Joshua - 2008
This paper investigates the changing pattern and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net balance of payments...
Persistent link: https://www.econbiz.de/10012464745