全球智库信息集成服务系统(G2TT): DP2336 A Political Economy Model of Infrastructure Allocation: An Empirical Assessment

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP2336
	DP2336 A Political Economy Model of Infrastructure Allocation: An Empirical Assessment
	Lars-Hendrik Röller; Olivier Cadot; Andreas Stephan
发表日期	1999-12-17
出版年	1999
语种	英语
摘要	The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which i) the number of financial assets is endogenous; ii) assets are imperfect substitutes; iii) cross-border asset trade entails some transaction costs; iv) the investment technology is indivisible. In such an environment, lower transaction costs between two financial markets translate into higher demand for assets issued on those markets, higher asset price and larger diversification. For the country left outside the integrated area, the welfare impact is ambiguous: it enjoys better risk diversification but faces an adverse movement in its financial terms of trade. When we endogenise financial market location, we find that financial integration benefits the largest economy of the integrated area. Only when transaction costs become very small does financial integration lead to relocation of markets in the smallest economy.
主题	Financial Economics ; International Macroeconomics ; International Trade and Regional Economics
关键词	Asset trade Cross-listing Financial integration Transaction costs
URL	https://cepr.org/publications/dp2336
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/531426
推荐引用方式 GB/T 7714	Lars-Hendrik Röller,Olivier Cadot,Andreas Stephan. DP2336 A Political Economy Model of Infrastructure Allocation: An Empirical Assessment. 1999.