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

No 1260:
Consumption Volatility and Financial Openness

Claudia M. Buch and Serkan Yener

Abstract: Economic theory predicts that the integration of financial markets lowers the volatility of consumption. In this paper, we study long-term trends in the consumption volatility of the G7 countries. Using different measures of financial openness, we find that greater financial openness has been associated with lower consumption volatility in Canada and Italy. In France, Germany, Japan, and the UK, consumption volatility has declined following equity market liberalization but not following capital account liberalization as such.

Keywords: Consumption volatility, financial integration, G7 countries; (follow links to similar papers)

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

32 pages, July 2005

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