Publication
Jul 2002
This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-level, the authors show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock. Their empirical results show that the link between business cycle volatility and financial openness has not been stable over time.
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English (PDF, 39 pages, 487 KB) |
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Author | Claudia M Buch, Jörg Döpke, Christian Pierdzioch |
Series | Kiel Institute Working Papers |
Issue | 1121 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2002 Kiel Institute for the World Economy |