The authors examine the effect of volatility on the costs and benefits of financial market integration. The authors use a basic framework that combines the costly state verification model and the contract enforceability approach. They assess the welfare effects of financial market integration by comparing welfare under financial market integration and comparing welfare under financial autarky and financial openness. Under financial openness, foreign...
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INFORMATION
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1998/09/30
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Document de travail de recherche sur les politiques
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WPS1974
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1
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1
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2010/07/01
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Volatility and the welfare costs of financial market integration
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foreign bank
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