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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Book Synopsis Consumption, Income, and International Capital Market Integration by : Mr.Tamim Bayoumi
Download or read book Consumption, Income, and International Capital Market Integration written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1994-10-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
This paper uses consumption patterns across countries to measure capital market integration. It argues that earlier empirical tests of this type were potentially mis-specified and proposes a more robust specification. The results indicate that Japan was the only industrialized country for which national consumption was fully integrated with the rest of the world over the period 1973-89. For the other countries the source of the failure varies. Within the EC it is generally associated with incomplete integration across capital markets. Elsewhere, consumption is found to be excessively dependent on disposable income.
Book Synopsis Consumption, Income, and International Capital Market Integration by : Tamim Bayoumi
Download or read book Consumption, Income, and International Capital Market Integration written by Tamim Bayoumi and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses consumption patterns across countries to measure capital market integration. It argues that earlier empirical tests of this type were potentially mis-specified and proposes a more robust specification. The results indicate that Japan was the only industrialized country for which national consumption was fully integrated with the rest of the world over the period 1973-89. For the other countries the source of the failure varies. Within the EC it is generally associated with incomplete integration across capital markets. Elsewhere, consumption is found to be excessively dependent on disposable income.
Book Synopsis Consumption, income, and international capital market integration by : Tamim A. Bayoumi
Download or read book Consumption, income, and international capital market integration written by Tamim A. Bayoumi and published by . This book was released on 1994 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumption, Income and International Capital Market Integration by : T.A.McDonald Bayoumi (R)
Download or read book Consumption, Income and International Capital Market Integration written by T.A.McDonald Bayoumi (R) and published by . This book was released on 1994 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.
Book Synopsis The Integration of World Capital Markets by : Mr.Michael Mussa
Download or read book The Integration of World Capital Markets written by Mr.Michael Mussa and published by International Monetary Fund. This book was released on 1993-12-01 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.
This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Book Synopsis Global Capital Markets by : Maurice Obstfeld
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows--namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years--are examined for insights into the workings of today`s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.
Book Synopsis The Integration of World Capital Markets by : Michael L. Mussa
Download or read book The Integration of World Capital Markets written by Michael L. Mussa and published by . This book was released on 2006 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows--namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years--are examined for insights into the workings of today`s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.
Book Synopsis International Capital Market Imperfections by : Yonghyup Oh
Download or read book International Capital Market Imperfections written by Yonghyup Oh and published by 대외경제정책연구원. This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Although widespread capital market liberalization has resulted in a surge in international capital flows and a more integrated world financial system, the volatility of capital flows has also increased, calling stability into question. This book assesses international capital market behaviour. In particular, the origins of the East Asia and the Latin American crises, and the lessons that can be drawn from these, are examined.
Book Synopsis Financial Market Integration and International Capital Flows by : Gregor Irwin
Download or read book Financial Market Integration and International Capital Flows written by Gregor Irwin and published by Edward Elgar Publishing. This book was released on 2001 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although widespread capital market liberalization has resulted in a surge in international capital flows and a more integrated world financial system, the volatility of capital flows has also increased, calling stability into question. This book assesses international capital market behaviour. In particular, the origins of the East Asia and the Latin American crises, and the lessons that can be drawn from these, are examined.
This paper present some new empirical evidence on the extent of world capital-market integration. The first set of tests carried out uses data from different countries to compare internationally expected marginal rates of substitution between consumption on different dates. If residents of different countries have access to a nominally risk-free bond denominated in dollars, say, their common expected marginal rate of substitution of future for present dollars should equal the gross nominal return on dollar bonds. Tests of the international equality of expected marginal substitution rates yield evidence consistent with a substantial degree of international capital-market integration after, but not before, 1973. These tests are naturally based on a particular model of intertemporal consumption choice, but direct estimation of the inter-country relationships implied by that model lends support to its assumptions. These last findings are relevant to the current debate in macroeconomics about the role of intertemporal substitution. The second set of tests conducted in this paper concerns correlations between countries' saving and investment rates. For a sample often countries, correlations between annual changes in saving and investment rates over the period 1948-1984 look quite similar to those found in quarterly data. Surprisingly, however, the correlation coefficients are often lower before the mid-1960s than afterward This finding throws further doubt on the interpretation of saving-investment correlation coefficients as structural parameters reflecting the response of domestic investment to shifts in national saving
Book Synopsis How Integrated are World Capital Markets? by : Maurice Obstfeld
Download or read book How Integrated are World Capital Markets? written by Maurice Obstfeld and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper present some new empirical evidence on the extent of world capital-market integration. The first set of tests carried out uses data from different countries to compare internationally expected marginal rates of substitution between consumption on different dates. If residents of different countries have access to a nominally risk-free bond denominated in dollars, say, their common expected marginal rate of substitution of future for present dollars should equal the gross nominal return on dollar bonds. Tests of the international equality of expected marginal substitution rates yield evidence consistent with a substantial degree of international capital-market integration after, but not before, 1973. These tests are naturally based on a particular model of intertemporal consumption choice, but direct estimation of the inter-country relationships implied by that model lends support to its assumptions. These last findings are relevant to the current debate in macroeconomics about the role of intertemporal substitution. The second set of tests conducted in this paper concerns correlations between countries' saving and investment rates. For a sample often countries, correlations between annual changes in saving and investment rates over the period 1948-1984 look quite similar to those found in quarterly data. Surprisingly, however, the correlation coefficients are often lower before the mid-1960s than afterward This finding throws further doubt on the interpretation of saving-investment correlation coefficients as structural parameters reflecting the response of domestic investment to shifts in national saving
