International interest rate convergence: a survey of the issues and evidence
AbstractWorld financial markets have become substantially integrated over the last two decades. Contrary to widespread expectations, however, this integration has not led to any greater convergence of interest rates across countries. This article examines why convergence has not occurred and more generally what financial integration does—and does not—mean for international interest rate relations.
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Bibliographic InfoArticle provided by Federal Reserve Bank of New York in its journal Quarterly Review.
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