| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2124 |
| DP2124 EMU and European Stock Market Integration | |
| Gikas Hardouvelis; Richard Priestley; Dimitrios Malliaropoulos | |
| 发表日期 | 1999-04-26 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with one tradeable and one non-tradeable good with the non-tradeable being an input to the production of the tradeable. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial development. The two basic implications of this model are the following: first, economies at an intermediate level of financial development are more unstable than either very developed or very underdeveloped economies. This is true both in the sense that temporary shocks have large and persistent effects and also in the sense that these economies can exhibit stable limit cycles. Thus, countries that are going through a phase of financial development may become more unstable in the short run. Second, in economies at an intermediate level of financial development, full financial liberalization may actually destabilize the economy. On the other hand, foreign direct investment does not destabilize. |
| 主题 | International Macroeconomics |
| 关键词 | Capital flows Credit constraints Instability |
| URL | https://cepr.org/publications/dp2124 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531237 |
| 推荐引用方式 GB/T 7714 | Gikas Hardouvelis,Richard Priestley,Dimitrios Malliaropoulos. DP2124 EMU and European Stock Market Integration. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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