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- International financial integration And Entrepreneurial Firms Dynamics
- This paper explores the relation between international financial integration and the level of entrepreneurial activity in a country. The results are robust to using various proxies for entrepreneurial activity such as entry, size, and skewness of the firm-size distribution; de jure and de facto measures of international capital integration; controlling...
- White papers 2006-12-01
- International financial integration And Entrepreneurship
- We explore the relation between international financial integration and the level of entrepreneurial activity in a country. Using a unique data set of approximately 24 million firms in nearly 100 countries in 1999 and 2004, we find suggestive evidence that international financial integration has been associated with higher levels of...
- White papers 2006-11-01
- International Capital Flows, Returns and World financial integration
- International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and debt markets. Such developments are attributed to the increased integration of world financial markets. The paper presents a model that allows examining how greater integration in world financial markets...
- White papers 2005-10-01
- financial integration: An Overview
- Global financial integration has substantially increased in recent decades. Initially, it manifested itself in growing capital flows between developed countries. This paper discusses how in response to the removal of capital controls, financial innovation and technological progress, financial integration has subsequently spread to emerging market countries. Gross and net capital...
- White papers 2005-06-06
- Has Globalisation Reduced Monetary Policy Independence?
- Growing global financial integration has influenced monetary policy in important ways. Developments have shown, however, that, while many countries have adopted more flexible exchange rate regimes, they often intervene to dampen exchange rate movements. Such developments raise several questions. The paper addresses these questions. It discusses the choice of exchange...
- White papers 2005-06-03
- financial integration, Growth, and Volatility
- The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, it builds a stochastic endogenous growth model for a small open economy that can borrow from the rest of the world, invest in foreign assets, and receives...
- White papers 2005-04-01
- How Do Trade and financial integration Affect the Relationship Between Growth and Volatility?
- This paper examines this relationship in the context of globalization a term typically used to describe the phenomenon of growing international trade and financial integration that has intensified since the mid-1980s. Using a comprehensive new data set, the paper documents that, while the basic negative association between growth and volatility...
- White papers 2005-01-01
- Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
- Among the developing countries of the world, those emerging markets that have sought some degree of integration into world finance are characterized by higher per capita incomes, higher long-run growth rates, and lower output and consumption volatility. These characteristics are more likely to be causes than effects of financial integration....
- White papers 2004-10-01
- Global financial integration: A Collection of New Research
- This paper summarizes and draws together the work reported in eight research papers written by staff economists of the BoardĘs Division of International Finance as part of a project on global financial integration. The eight papers are also International Finance Discussion Papers, the numbers of which are specified on the...
- White papers 2004-10-01
- financial integration: A New Methodology and an Illustration
- This paper develops a simple methodology to test for asset integration, and applies it within and between American stock markets. The techniques rely on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary freely over time, constrained only by the fact that they must...
- White papers 2004-06-01
- financial integration in Central America: Prospects and Adjustment Needs
- This paper assesses the current barriers to trade in financial services in the six Central American countries seeking a free trade agreement with the United States (the CAFTA) and examines the relative merits of regional and multilateral liberalization. Even though there are few formal barriers, deficiencies in regulatory and competition...
- White papers 2003-10-01
- financial integration
- This paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. The technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary...
- White papers 2003-07-31
- How Does Globalization Affect The Synchronization Of Business Cycles?
- This paper examines the impact of rising trade and financial integration on international business cycle co-movement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that...
- White papers 2003-01-01
- International financial integration And Economic Growth
- This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of measures of...
- White papers 2002-08-01
- Measuring Financial and Economic Integration With Equity Prices in Emerging Markets
- This paper examines real and financial links simultaneously at the regional and global level for a group of Pacific-Basin countries by analysing the covariance of excess returns on national stock markets over the period 1980-1998. This seems to suggest that economic integration provides a channel for financial integration, which explains,...
- White papers 2002-04-02
- Banking, financial integration, and International Crises: An Overview
- This paper summarizes new research on the relationship among institutions, financial development, economic growth, financial integration, and the likelihood of boom-bust cycles and banking crises. The paper reviews issues pertaining mainly to the banking sector, and summarizes new findings regarding banking regulation and supervision and the behavior of depositors and...
- White papers 2001-10-08
- Benefits And Costs Of International financial integration : Theory And Facts
- The author provides a selective review of the recent analytical and empirical literature on the benefits and costs of international financial integration. He discusses the impact of financial openness on consumption, investment, and growth and the impact of foreign bank entry on the domestic financial system. The author adopts a...
- White papers 2001-10-01
- Long-Term Capital Movements
- International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. This paper shows that a small set of fundamentals shifts in relative output levels, the stock of public debt and demographic factors can do much to explain the evolution of...
- White papers 2001-07-01
Additional Resources
- The Value of Integration
- This paper highlights the key integration points enabled by Computer Associates (CA) solutions and the value delivered by that integration. It has long been common practice to discuss integration in terms of its benefits to IT. However, it is no longer enough to champion integration because it supports "Ease of...
- White papers 2005-11-01
- AXA Group: Financial Services Company Streamlines Employee Information Provisioning
- AXA Financial, based in New York City, New York, provides insurance and other financial products and services. A lack of integration of user data stores, no single sign-on access to the enterprise, and a homegrown security code left AXA Financial without the availability, resiliency, or performance it required. A Microsoft-based...
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