The real effects of financial integration

被引：165

作者：

Imbs, J ^{[1
]}

机构：

[1] HEC Lausanne, Dept Econ, CH-1015 Lausanne, Switzerland

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2006年 / 68卷 / 02期

关键词：

financial integration; international business cycles; risk sharing; quantity puzzle;

D O I：

10.1016/j.jinteco.2005.05.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper shows how correlations in GDP fluctuations rise with financial integration. Finance serves to increase international correlations in both consumption and GDP fluctuations, which explains the persistent gap between the two in the data, a "quantity puzzle". The positive association between financial integration and GDP correlation constitutes a puzzle, as theory suggests a negative relation if anything. Nevertheless, it prevails in the data even after the effects of finance on trade and specialization are accounted for. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：296 / 324

页数：29

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