EconPapers    
Economics at your fingertips  
 

The Real Consequences of Financial Market Integration when Countries Are Heterogeneous

Kerstin Gerling

Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)

Abstract: This paper studies the mechanisms through which financial integration affects the pattern of international capital flows and the domestic economic performances when explicitly accounting for wealth inequality on imperfect capital markets. Balancing the impact of a firm size and a credit rationing effect on the net credit position and on aggregate production will help predicting the distribution of gains and losses among and within countries on the basis of a country’s aggregate wealth and its distribution. Altogether, the results contribute new explanations for some empirical puzzles. They also bear important implications for policy making, supranational treaty design and financial stability.

Keywords: international financial integration; inequality; imperfect capital markets and allocative efficiency (search for similar items in EconPapers)
JEL-codes: D24 D31 D61 E44 F36 (search for similar items in EconPapers)
Pages: 36
Date: 2008-04-28
New Economics Papers: this item is included in nep-mac and nep-opm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24) Track citations by RSS feed

Downloads: (external link)
https://www.oenb.at/dam/jcr:00d8c151-0f1b-456a-996 ... p141_tcm16-84944.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden (https://www.oenb.at/dam/jcr:00d8c151-0f1b-456a-996a-1db60da897c1/wp141_tcm16-84944.pdf [303 See Other]--> https://www.oenb.at/error_path/403.html?al_req_id=YzrJZX3BwRBPUACYALCDCAAAALI)

Related works:
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:onb:oenbwp:141

Ordering information: This working paper can be ordered from
Oesterreichische Nationalbank, Economic Studies Division, POB 61, A-1011 Vienna, Austria

The price is Free subject to availability.

Access Statistics for this paper

More papers in Working Papers from Oesterreichische Nationalbank (Austrian Central Bank) P.O. Box 61, A-1011 Vienna, Austria. Contact information at EDIRC.
Bibliographic data for series maintained by Markus Knell ().

 
Page updated 2022-10-04
Handle: RePEc:onb:oenbwp:141