| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7308 |
| DP7308 On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings | |
| Mariassunta Giannetti; Nuno Fernandes | |
| 发表日期 | 2009-05-24 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Standard theory predicts that financial integration leads to a lower degree of business cycle synchronization. Surprisingly, cross-country studies find the opposite. Our contribution is to document the theoretically predicted negative effect of financial integration on business cycle synchronization as a robust regularity. We use a confidential dataset on banks' international bilateral exposure over the past three decades in a panel of twenty developed countries. The rich panel structure allows us to control for time-invariant country-pair factors and global trends that affect both financial integration and business cycle patterns. In contrast to previous empirical work we find that a higher degree of financial integration is associated with less synchronized output cycles. We also employ two distinct instrumental variable approaches to identify the one-way effect of integration on synchronization. These specifications reveal that the component of banking integration predicted by legislative-regulatory harmonization policies and the nature of the bilateral exchange rate regime has a negative effect on output synchronization. |
| 主题 | International Macroeconomics |
| 关键词 | Banks Business cycles Co-movement Financial integration Financial regulation |
| URL | https://cepr.org/publications/dp7308 |
| 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/536144 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Nuno Fernandes. DP7308 On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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