| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6782 |
| 来源ID | Working Paper 6782 |
| Volatility and the Welfare Costs of Financial Market Integration | |
| Pierre-Richard Agenor; Joshua Aizenman | |
| 发表日期 | 1998-11-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance. |
| 主题 | International Economics ; International Finance ; Health, Education, and Welfare ; Poverty and Wellbeing |
| URL | https://www.nber.org/papers/w6782 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564291 |
| 推荐引用方式 GB/T 7714 | Pierre-Richard Agenor,Joshua Aizenman. Volatility and the Welfare Costs of Financial Market Integration. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6782.pdf（1216KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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