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Financial frictions, financial integration and the international propagation of shocks

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  • Luca Dedola
  • Giovanni Lombardo

Abstract

risky assets, if asset markets are integrated across the board, reflecting a strong pressure towards the cross-border equalization of external finance premia faced by levered investors. In turn, the resulting global flight to quality may bring about tight international linkages in (de-)leveraging, financial and macroeconomic dynamics.

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File URL: http://hdl.handle.net/10.1111/j.1468-0327.2012.00286.x
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Bibliographic Info

Article provided by CEPR & CES & MSH in its journal Economic Policy.

Volume (Year): 27 (2012)
Issue (Month): 70 (04)
Pages: 319-359

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Handle: RePEc:bla:ecpoli:v:27:y:2012:i:70:p:319-359

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