Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which … equity market becomes financially integrated with world capital markets. We find endogenous break dates that are very … markets are on average larger and more liquid than before; returns are more volatile and more highly correlated with the world …

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications …

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 …

simplistic models arguing for financial integration typically employed in economics assume convexity; but the world is rife with …

countries rose from 4 to 23 percent of the U.S. capital stock (financial globalization). We document that the correlation of … real shocks between the U.S. and the rest of the world has declined. We then present a model in which international …

Two observations suggest that financial globalization played an important role in the recent financial crisis. First …

We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on …