This paper tests if real and financial linkages between countries can explain why movements in the world's largest … between the world's 5 largest economies and about 40 other markets to decompose the cross-country factor loadings into: direct … to be the most important determinant of how movements in the world's largest markets affect financial markets around the …

of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold …

of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold …