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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 more...]
Abstract: In This Paper The A. Reviews The Voluminous Litterature That Tests For A Unit Root In Real Exchange Rates And The Closely Related Work On Testing For A Unit Root In The Residual From A Regression Of The Nominal Exchange Rate On Reative Prices. We Argue That The Balance Of Evidence Is Supportive Of The Existance Of Some Form Of Long-Run Exchange Rate Relationship. The Form Of This Relationship, However, Does Not Accord Exactly With A Traditional Representation Of The Long- Run Exchange ...; [Read more...]