Consumption, Income, And International Capital Market Integration
Abstract:
This Paper Use Consumptions Patterns Across Countries To Measure Capital Market Integration. It Argues That Earlier Empirical Tests Of This Type Were Potentially Misspecified And Proposes A More Robust Specification. The Results Indicate That Japan Was The Only Industrialized Country For Wich National Consumption Was Fully Integrated With The Rest Of The World Over The Period 1973-92. The Main Source Of Failure Is Excess Sensivity Of Consumption To Home Income. Particulary Within The E ...; [read all]
| Field | Value |
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| Description | Consumption, Income, And International Capital Market Integration/ Bayoumi, Tamin - Macdonald, Ronald |
| Notes |
Sta in: Staff Papers 1995, September, N. 3. 532-576 P.
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| ID file | 62352 |