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Difusión de la información en mercados internacionales

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Author Info
Alejandro Izquierdo ()
Jacques Morriset
Marcelo Olarreaga

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Abstract

(Disponible en idioma inglés únicamente) La información específica sobre el comercio y los mercados financieros a través de las fronteras nacionales es costosa. Los vendedores y compradores prefieren emplear información deducida del comportamiento de sus socios en otros países. Se identifican tres canales a través de los cuales se disemina la información en los mercados de importación y bursátiles en 14 países miembros de la OCDE. El primero es el derrame de información de mercados comerciales a mercados financieros y viceversa. Hallamos importantes elementos de prueba a favor de la primera dirección y algo menos a favor de la dirección contraria, lo que sugiere que los operadores emplean información corriente, frecuentemente de las mismas fuentes, tales como intermediarios financieros. El segundo y el tercer canal tienen que ver más que nada con la reputación de vendedores y compradores en otros mercados. Son igualmente importantes para explicar los flujos bilaterales de importación, pero la reputación de los compradores parece ser más importante para los flujos bursátiles. Los tres canales ayudan a explicar mejor los efectos de contagio entre mercados y países.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4336.

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Date of creation: Jul 2003
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Handle: RePEc:idb:wpaper:4336

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