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Financial Openness and Business Cycle Volatility

Christian Pierdzioch, Jörg Döpke and Claudia Buch

No 1121, Kiel Working Papers from Kiel Institute for the World Economy (IfW)

Abstract: This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock. Empirical evidence supports this conclusion. Our results also show that the link between business cycle volatility and financial openness has not been stable over time.

Keywords: Open Economy Macroeconomics; Monetary union; Business cycles; Financial markets (search for similar items in EconPapers)
JEL-codes: F36 F33 F41 (search for similar items in EconPapers)
Date: 2002
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Journal Article: Financial openness and business cycle volatility (2005) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1121

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