On Perfect Foresight Models of a Stochastic World
In: The Economic Journal, Band 104, Heft 424, S. 477
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In: The Economic Journal, Band 104, Heft 424, S. 477
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 28, Heft 1, S. 39-51
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 28, Heft 1, S. 39-52
ISSN: 0161-8938
In: The economic journal: the journal of the Royal Economic Society, Band 111, Heft 468, S. 69-102
ISSN: 1468-0297
In: The Manchester School, Band 68, Heft 6, S. 637-658
ISSN: 1467-9957
In this paper we explore the likely implications of financial integration for intertemporal consumption smoothing in member countries. We uncover an intriguing pattern of excess sensitivity of consumption to current income in EU countries prior to integration using two procedures which handle most known time series estimation problems. We then relate this pattern to characteristics of banking sectors, using nonparametric tests which control for several such characteristics, and discuss likely implications of removing impediments to entry of foreign banks. Although conclusions about convergence following financial integration are less optimistic than previously thought, they also point to the need for broad financial integration.
In: Journal of monetary economics, Band 117, S. 671-688
In: Journal of Monetary Economics, Forthcoming
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In: CEPR Discussion Paper No. DP13596
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Working paper
In: Netspar Discussion Paper No. 05/2015-027
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Working paper
In: Journal of economic dynamics & control, Band 21, Heft 8-9, S. 1511-1542
ISSN: 0165-1889
In: The Economic Journal, Band 105, Heft 432, S. 1110
In: NBER Working Paper No. w4253
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In: Discussion paper series 2822
In: Financial economics
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