Volatility in International Financial Market Issuance: The Role of the Financial Center

Marco Cipriani and Graciela Kaminsky ()

No 12587, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial integration has not made financial markets more erratic. We use VAR analysis to examine the determinants of the time-varying pattern of volatility, focusing in particular on the role of financial centers. Our results suggest that a significant portion of the decline in volatility of issuance in international capital markets can be explained by the reduction in the volatility of U.S. interest rates.

JEL-codes: F3 (search for similar items in EconPapers)
Date: 2006-10
New Economics Papers: this item is included in nep-fmk
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published as Marco Cipriani & Graciela Kaminsky, 2007. "Volatility in International Financial Market Issuance: The Role of the Financial Center," Open Economies Review, Springer, vol. 18(2), pages 157-176, April.

Downloads: (external link)
http://www.nber.org/papers/w12587.pdf (application/pdf)

Related works:
Journal Article: Volatility in International Financial Market Issuance: The Role of the Financial Center (2007)
Working Paper: Volatility in International Financial Market Issuance: The Role of the Financial Center (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:12587

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w12587

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().