International Financial Integration and Crisis Intensity

Andrew Rose

No 341, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper analyzes the causes of the 2008–2009 global financial crisis together with its manifestations, using a Multiple Indicator Multiple Cause (MIMIC) model. The analysis is conducted on a cross-section of 85 countries. It is found that more financially integrated countries do not seem to have suffered more during the most serious macroeconomic crisis in decades. This strengthens the case for international financial integration; if the costs of international financial integration were not great during the Great Recession, when could we ever expect them to be larger?

Keywords: global financial crisis; international financial integration (search for similar items in EconPapers)
JEL-codes: E65 F30 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2012-01-26
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: International Financial Integration and Crisis Intensity (2012)
Working Paper: International Financial Integration and Crisis Intensity (2012)
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