integration, as the relative price of foreign goods falls and households increase their consumption of imported goods. In addition …, such as income and consumption. Finally, we present some empirical findings that provide mixed support for the model …

volatility of consumption growth relative to that of income growth has increased for more financially integrated developing … economies in the 1990s. Second, increasing financial openness is associated with rising relative volatility of consumption, but … only up to a certain threshold. The benefits of financial integration in terms of improved risk-sharing and consumption …

that allow for increased trade with the third country or increased TFP shock comovement to affect the country pair …

States) to the Middle East and North Africa (MENA) region as well as outward spillovers from a GDP shock in the Gulf …