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Financial Frictions, Financial Integration and the International Propagation of Shocks

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  • Giovanni Lombardo

    (European Central Bank)

  • Luca Dedola

    (European Central Bank and CEPR)

Abstract

risky assets, if asset markets are integrated across the board, reflecting a strong pressure towards the cross-border equalization of external finance premia faced by levered investors. In turn, the resulting global flight to quality may bring about tight international linkages in (de-)leveraging, financial and macroeconomic dynamics.

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File URL: http://www.economicdynamics.org/meetpapers/2010/paper_288.pdf
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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 288.

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Date of creation: 2010
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Handle: RePEc:red:sed010:288

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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  13. Michael B Devereux & James Yetman, 2010. "Financial deleveraging and the international transmission of shocks," BIS Papers chapters, in: Bank for International Settlements (ed.), The international financial crisis and policy challenges in Asia and the Pacific, volume 52, pages 274-298 Bank for International Settlements.
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