Global Financial Trade: How Far Have We Come?
AbstractIn this paper, I review recent trends in global integration of financial systems and assess the implications for international macroeconomic adjustment. While recent growth in the scale of international balance sheets has been dramatic, product markets remain quite segmented. The mis-match between financial and real integration means that the role of exchange rates in international adjustment has taken on an even more crucial role Classification-
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Bibliographic InfoPaper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp035.
Date of creation: 20 Apr 2005
Date of revision:
financial globalization; net foreign assets; macroeconomic adjustment;
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- Pengfei Wang & Yi Wen, 2006. "Imperfect competition and sunspots," Working Papers 2006-015, Federal Reserve Bank of St. Louis.
- Pengfei Wang & Yi Wen, 2007. "Incomplete information and self-fulfilling prophecies," Working Papers 2007-033, Federal Reserve Bank of St. Louis.
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