| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7776 |
| DP7776 EMU, EU, capital market integration and consumption smoothing | |
| Jacques MELITZ; Atanas Christev | |
| 发表日期 | 2010-04-04 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This empirical study of the impact of EMU on capital market integration and consumption smoothing comes to three conclusions: first, EMU promotes members? holdings of foreign assets and foreign liabilities; second, no benefits of consumption smoothing result; third, EU membership, not a single money, nevertheless increases consumption smoothing. The source of this last influence on consumption smoothing is an important issue. Theoretically it could come from more tradable capital through greater price competition, more contestable home markets and the greater harmonization of regulations. There is also a seeming conflict between our results and those of one strand of the literature. However, the relevant writings concentrate on the effects of asymmetric output shocks while we study the unconditional impact of international portfolio di-versification in the presence of all shocks. This can explain the difference. |
| 主题 | International Macroeconomics |
| 关键词 | Capital market integration Consumption smoothing Currency union European monetary union European union |
| URL | https://cepr.org/publications/dp7776 |
| 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/536612 |
| 推荐引用方式 GB/T 7714 | Jacques MELITZ,Atanas Christev. DP7776 EMU, EU, capital market integration and consumption smoothing. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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