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Consumption Volatility and Financial Openness

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Author Info
Claudia M. Buch
Serkan Yener
Abstract

Economic theory predicts that the integration of financial markets lowers the volatility of consumption. In this paper, we study long-term trends in the consumption volatility of the G7 countries. Using different measures of financial openness, we find that greater financial openness has been associated with lower consumption volatility in Canada and Italy. In France, Germany, Japan, and the UK, consumption volatility has declined following equity market liberalization but not following capital account liberalization as such.

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File URL: http://www.ifw-members.ifw-kiel.de/publications/consumption-volatility-and-financial-openness/kap1260.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1260.

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Length: 32 pages
Date of creation: Jul 2005
Date of revision:
Handle: RePEc:kie:kieliw:1260

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Related research
Keywords: Consumption volatility; financial integration; G7 countries;

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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