Showing 1 - 10 of 121
Intertemporal models of the current account generally assume that global shocks do not affect the current account. We use this assumption to identify global and country-specific shocks in a bivariate VAR of output and the current account. Cross-country evidence from the G7 economies suggests...
Persistent link: https://www.econbiz.de/10005608998
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10001753573
How does international financial integration affect national price levels? Panel evidence for 54 industrialized and emerging countries shows that a larger ratio of foreign assets and liabilities to GDP, our measure of international financial integration, increases the national price level under...
Persistent link: https://www.econbiz.de/10009295676
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10011506475
How does international financial integration affect national price levels? To analyze this question, this paper formulates a two-country open economy sticky-price model under either segmented or complete asset markets. It is shown that the effect of financial integration, i.e. moving from...
Persistent link: https://www.econbiz.de/10012991245
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegration-based methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10013320033
In this paper Friedman (1953) and Mundell's (1968) position favouring flexible over alternative exchange rate regimes is reassessed in the context of international financial market integration...
Persistent link: https://www.econbiz.de/10005866161
How does international financial integration a
Persistent link: https://www.econbiz.de/10005866185
Die zunehmende Kapitalmobilität in Industrie- und Schwellenländern führt zu einer wachsenden Finanzmarktintegration und ermöglicht es Volkswirtschaften, sich im Ausland zu verschulden oder Investitionen in den produktivsten Regionen der Welt zu tätigen. Dieser Austausch von Finanzanlagen...
Persistent link: https://www.econbiz.de/10005854142
Die vorliegende Studie untersucht die empirische Regelmäßigkeit, dass Faktorpreise, insbesondere Lohnniveaus, sich im Länderquerschnitt nicht anpassen. Die Studie bietet einen möglichen Erklärungsansatz: Ein allgemeines stochastisches Gleichgewichtsmodell mit monopolistischer Konkurrenz auf...
Persistent link: https://www.econbiz.de/10005854223