المستودع الأكاديمي جامعة المدينة

The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility

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dc.creator Buch, Claudia M.
dc.creator Pierdzioch, Christian
dc.date 2003
dc.date.accessioned 2013-10-16T06:57:22Z
dc.date.available 2013-10-16T06:57:22Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17903
dc.identifier ppn:36267440X
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17903
dc.description During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time, asymmetries in information and other financial market frictions have remain prevalent. We study both empirically and theoretically the implications of the opening up of national financial systems in the presence of financial market frictions for business cycle volatility. In our empirical analysis, we demonstrate that stylised facts suggest that countries with more developed financial systems have lower business cycle volatility. Financial openness has no strong impact on business cycle volatility, in contrast. In our theoretical analysis, we use a dynamic general equilibrium model to study the implications of the opening up of national financial markets and of financial market frictions for business cycle volatility. We find that the implications of opening up national financial markets for business cycle volatility are largely unaffected by the presence of financial market frictions.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1161
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E44
dc.subject F32
dc.subject F31
dc.subject F41
dc.subject F36
dc.subject ddc:330
dc.subject Business cycle volatility
dc.subject Financial frictions
dc.subject Financial market integration
dc.subject Kapitalmarktliberalisierung
dc.subject Internationaler Finanzmarkt
dc.subject Unvollkommener Markt
dc.subject Marktintegration
dc.subject Konjunktur
dc.subject Volatilität
dc.subject Neue Makroökonomik offener Volkswirtschaften
dc.subject Theorie
dc.subject Schätzung
dc.subject OECD-Staaten
dc.title The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility
dc.type doc-type:workingPaper


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