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Financial integration and volatility in a two-country world

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Author Info
Mino, Kazuo

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Abstract

This paper investigates a two-country model of capital accumulation with country-specific production externalities. The main concern of our discussion is to explore the presence of equilibrium indeterminacy in an open-economy setting. In contrast to the existing studies on equilibrium indeterminacy in small-open economies, the present paper demonstrates that opening up international trade and financial interactions between two counties does not necessarily enhance the possibility of indeterminacy of equilibrium. It is shown that the results depend heavily upon not only on the degree of external increasing returns but also on the preference structures.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16953.

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Date of creation: Mar 2008
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Handle: RePEc:pra:mprapa:16953

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Related research
Keywords: Financial integration; Two-country growth model; Equilibrium determinacy; Preference structure;

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Luis Aguiar-Conraria & Yi Wen, 2005. "Foreign trade and equilibrium indeterminacy," Working Papers 2005-041, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  2. Nishimura, Kazuo & Shimomura, Koji, 2002. "Trade and Indeterminacy in a Dynamic General Equilibrium Model," Journal of Economic Theory, Elsevier, vol. 105(1), pages 244-260, July. [Downloadable!] (restricted)
  3. Weder, Mark, 2001. "Indeterminacy in a Small Open Economy Ramsey Growth Model," Journal of Economic Theory, Elsevier, vol. 98(2), pages 339-356, June. [Downloadable!] (restricted)
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  4. Mino, Kazuo, 2001. "Indeterminacy and Endogenous Growth with Social Constant Returns," Journal of Economic Theory, Elsevier, vol. 97(1), pages 203-222, March. [Downloadable!] (restricted)
  5. Ventura, Jaume, 2005. "Global View of Economic Growth," CEPR Discussion Papers 5059, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Roger E. A. Farmer & Amartya Lahiri, 2006. "Economic Growth in an Interdependent World Economy," Economic Journal, Royal Economic Society, vol. 116(514), pages 969-990, October. [Downloadable!] (restricted)
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  7. Pelloni, Alessandra & Waldmann, Robert, 1998. "Stability properties of a growth model," Economics Letters, Elsevier, vol. 61(1), pages 55-60, October. [Downloadable!] (restricted)
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  8. Baxter, Marianne & Crucini, Mario J, 1995. "Business Cycles and the Asset Structure of Foreign Trade," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(4), pages 821-54, November. [Downloadable!] (restricted)
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  9. Kazuo Nishimura & Koji Shimomura, 2006. "Indeterminacy in a dynamic two-country model," Economic Theory, Springer, vol. 29(2), pages 307-324, October. [Downloadable!] (restricted)
  10. Meng, Qinglai & Velasco, Andres, 2004. "Market imperfections and the instability of open economies," Journal of International Economics, Elsevier, vol. 64(2), pages 503-519, December. [Downloadable!] (restricted)
  11. Christian Ghiglino & Marielle Olszak-Duquenne, 2005. "On The Impact Of Heterogeneity On Indeterminacy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(1), pages 171-188, 02. [Downloadable!] (restricted)
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  12. Roger E. A. Farmer & Amartya Lahiri, 2005. "A Two-Country Model of Endogenous Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(1), pages 68-88, January. [Downloadable!] (restricted)
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  13. Nishimura, Kazuo & Shimomura, Koji, 2002. "Indeterminacy in a dynamic small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 27(2), pages 271-281, December. [Downloadable!] (restricted)
  14. Qinglai Meng & Andrés Velasco, 2003. "Indeterminacy in a small open economy with endogenous labor supply," Economic Theory, Springer, vol. 22(3), pages 661-669, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kazuo Mino, 2008. "Preference Structure and Volatility in a Financially Integrated World," Discussion Papers in Economics and Business 08-05, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
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