Financial and real integration

Scott Baier and Gerald Dwyer

No 2008-14, FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta

Abstract: We examine the relationship between real and financial integration. Real integration is measured by productivities of capital and labor from trade data for 1982 to 1997. Financial integration is measured by the black market exchange rate. We find more evidence of convergence to equality for returns to capital than for returns to labor. There is some support for associating the convergence of black market premia with declines in black market premia.

Keywords: International trade; Productivity (search for similar items in EconPapers)
Date: 2008
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