Capital Market Integration and Australia’s External Surplus

Anthony Makin

Economia Internazionale / International Economics, 1993, vol. 46, issue 4, 388-402

Abstract: This paper models the open economy macroeconomics of international capital rankest integration from an absorption-Fisherian perspective. Though eliminating indirect and direst foreign investment barriers widens current and capital account imbalances, such imbalances should not, of themselves, be a policy concern, in view of the accompanying national income gains bestowed by freer trade in international saving. The macroeconomic predictions of the approach are broadly supported in the case of Australia, an economy whose capital markets become increasingly integrated with the rest of the world throughout the 1980’s.

Date: 1993
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