International Financial Integration (The International Library of Critical Writings in Economics Series 156)

International Financial Integration (The International Library of Critical Writings in Economics Series 156)

By: Jan Lemmen (editor), Sylvester C. W. Eijffinger (editor)Hardback

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Description

The degree of international financial integration achieved by capital flow remains a matter of debate. Furthermore, it evolves over time as markets become more and less integrated. Policymakers want to have a precise knowledge of the extent and direction of international capital flows because such flows influence the incentives for tax evasion, international redistribution and the vulnerability of the economy to external shocks. These volumes bring together a selection of classic and contemporary readings on international financial integration. First, there is a review of the literature on measuring cross-border capital mobility followed by formal tests of the degree of international financial integration. Second there is an examination of what factors acutally determine the extent of cross-border capital mobility, and hence international financial integration.

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Contents

Volume 1. Part 1 Deviations from interest rate parity: measuring international capital mobility - a review, Jeffrey A. Frankel; political vs. currency premia in international real interest differentials - a study of forward rates for 24 countries, Jeffrey A. Frankel and Alan T. MacArthur; the integration of world capital markets, Michael Mussa and Morris Goldstein; money market integration in Europe, Sylvester C.W. Eijffinger and Jan J. G. Lemmen; long-term covered interest parity - evidence from currency swaps, Helen Popper; capital controls and the political discount - the Spanish experience in the late 1980s, Philippe Bachetta; two cases for sand in the wheels of international finance, Barry Eichengreen, James Tobin and Charles Wyplosz; sand in the wheels of foreign exchange markets - a sceptical note, Peter Garber and Mark P. Taylor; capital controls, the EMS and EMU, peter B. Kenen; how effective are capital controls?, Sebastian Edwards. Part II Correlations between savings and investment: domestic saving and international capital flows, Martin Feldstein and Charles Horioka; domestic saving and international capital movements in the long run and the short run, Martin Feldstein; international capital mobility - what do saving-investment correlations tell us?, Michael Dooley, Jeffrey Frankel and Donald J. Mathieson; capital mobility in developing countries - some measurement issues and empirical estimates, Peter J. Montiel; domestic savings and intra-national capital flows, Tamim A. Bayoumi and Andrew K. Rose; the quantity approach to financial integration - the Feldstin-Horioka criterion revisited, Jan J. G. Lemmen and Sylvester C. W. Eijffinger; estimating saving-investment correlations - evidence for OECD countries based on an error correction model, W. Jos Jansen; international capital mobility - evidence from panel data, Robert Krol; international capital mobility amongst the major industrialised countries - too little or too much?, Atish R. Ghosh; the Feldstein-Horioka puzzle and capital mobility - a review, Jerry Coakley, Farida Kulasi and Ron Smith; the external wealth of nations - measures of foreign assets and liabilities for industrial and developing countries, Philip R. Lane and Gian Maria Milesi-Ferretti. Volume 2. Part 1 Cross-country consumption growth correlations: capital mobility in the world economy - theory and measurement, Maurice Obstfeld; how integrated are world capital markets? some new tests, Maurice Obstfeld; are industrial-country consumption risks globally diversified?, Maurice Obstfeld; consumption, income and international capital market integration, Tamim Bayoumi and Ronald MacDonald; financial integration in Europe - evidence from Euler equation tests, J.J.G. Lemmen and S.C.W. Eijffinger; welfare gains from international risksharing, Eric van Wincoop; what can explain the apparent lack of international consumption risk sharing?, Karen K. Lewis; (Part Contents).

Product Details

  • publication date: 29/01/2003
  • ISBN13: 9781840643831
  • Format: Hardback
  • Number Of Pages: 1056
  • ID: 9781840643831
  • weight: 2105
  • ISBN10: 1840643838

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