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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 1115:
Financial Market Integration and Business Cycle Volatility in a Monetary Union

Christian Pierdzioch

Abstract: This paper uses a dynamic general equilibrium two-country optimizing sticky-price model to analyze the consequences of international financial market integration for the propagation of asymmetric productivity shocks in a monetary union. The model implies that business cycle volatility is higher the more integrated the capital markets of the member countries of the monetary union are.

Keywords: Open Economy Macroeconomics; Monetary union; Business cycles, Financial markets; (follow links to similar papers)

JEL-Codes: F33; F36; F41; (follow links to similar papers)

24 pages, July 2002

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