This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In …

This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In …

We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short …-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial …-varying pattern of volatility, focusing in particular on the role of financial centers. Our results suggest that a significant portion …

We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short …-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial …-varying pattern of volatility, focusing in particular on the role of financial centers. Our results suggest that a significant portion …

We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short …-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial …-varying pattern of volatility, focusing in particular on the role of financial centers. Our results suggest that a significant portion …