| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3256
|
| DP3256 Transparency, Prices and Welfare with Imperfect Substitutes |
| jan boone; Jan Potters
|
| 发表日期 | 2002-03-20
|
| 出版年 | 2002
|
| 语种 | 英语
|
| 摘要 | Over the period 1972-86, the correlations of GDP, employment and investment between the United States and an aggregate of Europe, Canada and Japan were respectively 0.76, 0.66 and 0.63. For the period 1986 to 2000 the same correlations were much lower: 0.26, 0.03, and -0.07 (real regionalization). At the same time, US international asset trade has significantly increased. For example, between 1972-99, United States gross FDI and equity assets in the same group of countries rose from 4 to 23% of the US capital stock (financial globalization). We document that the correlation of real shocks between the US and the rest of the world has declined. We then present a model in which international financial market integration occurs endogenously in response to less correlated shocks. Financial integration further reduces international correlations in GDP and factor supplies. We find that both less correlated shocks and endogenous financial market development are needed to account for all the changes in the international business cycle. |
| 主题 | International Macroeconomics
|
| 关键词 | International business cycles
International diversification
|
| URL | https://cepr.org/publications/dp3256
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532283
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推荐引用方式
GB/T 7714 |
jan boone,Jan Potters. DP3256 Transparency, Prices and Welfare with Imperfect Substitutes. 2002.
|
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