Financial openness and business cycle volatility

被引：81

作者：

Buch, CM

Doepke, J

Pierdzioch, C

机构：

[1] Univ Tubingen, D-72074 Tubingen, Germany

[2] Deutsch Bundesband, D-60006 Frankfurt, Germany

[3] Univ Saarland, D-66123 Saarbrucken, Germany

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2005年 / 24卷 / 05期

关键词：

business cycle volatility; financial openness; new open economy macro-models;

D O I：

10.1016/j.jimonfin.2005.04.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper discusses whether the integration of international financial markets affects business cycle volatility. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock. Empirical evidence supports this conclusion. Our results also show that the link between business cycle volatility and financial openness has not been stable over time. (c) 2005 Elsevier Ltd. All rights reserved.

引用

页码：744 / 765

页数：22

共 40 条

[1] FORMULATION AND ESTIMATION OF DYNAMIC-MODELS USING PANEL DATA [J].