Consumption, Income, and International Capital Market Integration

Tamim Bayoumi

No 1028, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: 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 197389. For the other countries the source of the failure varies. Within the European Union it is generally associated with incomplete integration across capital markets. Elsewhere, consumption is found to be excessively dependent on disposable income.

Keywords: Consumption; International Capital Markets (search for similar items in EconPapers)
JEL-codes: E21 F36 (search for similar items in EconPapers)
Date: 1994-10
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Citations: View citations in EconPapers (9)

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Related works:
Journal Article: Consumption, Income, and International Capital Market Integration (1995)
Working Paper: Consumption, Income, and International Capital Market Integration (1994)
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