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Measuring Market Integration : Foreign Exchange Arbitrage and the Gold Standard, 1879-1913
Canjels, Eugene - 2004
A major question in the literature on the classical gold standard concerns the efficiency of international arbitrage … tests of various asset market criteria, including speculative efficiency and interest arbitrage. These studies have suffered …
Persistent link: https://www.econbiz.de/10012468110
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Measuring Market Integration : A Model of Arbitrage with an Econometric Application to the Gold Standard, 1879-1913
Prakash, Gauri - 1997
A major question in the literature on the classical gold standard concerns the efficiency of international arbitrage … and interest arbitrage. These studies have suffered from many limitations, both methodological and empirical. We offer a … new methodology for measuring market integration, based on a theoretical model of arbitrage applicable to any type of …
Persistent link: https://www.econbiz.de/10012472741
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Information and Globalization : Wage Co-Movements, Labor Demand Elasticity, and Conventional Trade Liberalization
Rauch, James E. - 2000
wages is complete' in the sense that it is determined entirely by production technology and no arbitrage opportunities …
Persistent link: https://www.econbiz.de/10012471096
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Capital Goods Prices, Global Capital Markets and Accumulation : 1870-1950
Collins, William J. - 1999
Conventional wisdom has it that global financial markets were as well integrated in the 1890s as in the 1990s, but that it took several post-war decades to regenerate the connections that existed before 1914. This view has emerged from a variety of tests for world financial capital market...
Persistent link: https://www.econbiz.de/10012471649
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Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
Dumas, Bernard - 1999
In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...
Persistent link: https://www.econbiz.de/10012471806
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Measuring Product-Market Integration
Knetter, Michael M. - 1999
Globalization -- the integration of national economies -- has become one of the most widely used buzzwords of the late 20th century. Yet there are remarkably few statistical measures of product-market integration across time, countries, and goods. In this paper we present some new measures of...
Persistent link: https://www.econbiz.de/10012471838
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Exploring Spatial Price Relationships : The Case of African Swine Fever in China
Delgado, Michael S.; Ma, Meilin; Wang, H. Holly - National Bureau of Economic Research - 2021
rationalized by the interplay between arbitrage opportunities and imperfect information. Our findings highlight information …
Persistent link: https://www.econbiz.de/10012616589
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The Dynamic Impact of Market Integration : Evidence from Renewable Energy Expansion in Chile
Gonzales, Luis E.; Ito, Koichiro; Reguant, Mar - National Bureau of Economic Research - 2022
Effective and economical expansion of renewable energy is one of the most urgent and important challenges of addressing climate change. However, many countries are facing a problem because existing network infrastructures (i.e., transmission networks) were not originally built to accommodate...
Persistent link: https://www.econbiz.de/10013210044
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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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The European Union, the Euro, and Equity Market Integration
Bekaert, Geert - 2010
At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to equity market integration in Europe. We use a simple and essentially model free measure of bilateral market segmentation: two countries are segmented if there is a wide...
Persistent link: https://www.econbiz.de/10012462074