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Monetary Policy and the Stock Market: Some International evidence

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Luis Angeles

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Abstract

This paper presents a model where opening the capital account of an economy causes more bankruptcies to take place in the non tradables sector. Non tradable arms must forecast the future state of the economy when investing since the demand for their goods depends on this. In our model the interest rate is a powerful signal that non tradable arms use when the capital account is closed, but its informational content decreases once the capital account opens up and international (as well as domestic) shocks affect it.

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Paper provided by Department of Economics, University of Glasgow in its series Working Papers with number 2006_13.

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Handle: RePEc:gla:glaewp:2006_13

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Find related papers by JEL classification:
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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  16. Rivera-Batiz, Francisco L, 2001. "International Financial Liberalization, Corruption, and Economic Growth," Review of International Economics, Blackwell Publishing, vol. 9(4), pages 727-37, November. [Downloadable!] (restricted)
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