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Preference Structure and Volatility in a Financially Integrated World

In: International Trade and Economic Dynamics

Author

Listed:
  • Kazuo Mino

    (Osaka University)

Abstract

This chapter 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 chapter 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 the degree of external increasing returns but also the preference structures.

Suggested Citation

  • Kazuo Mino, 2009. "Preference Structure and Volatility in a Financially Integrated World," Springer Books, in: Takashi Kamihigashi & Laixun Zhao (ed.), International Trade and Economic Dynamics, pages 323-341, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-78676-4_23
    DOI: 10.1007/978-3-540-78676-4_23
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    Cited by:

    1. is not listed on IDEAS
    2. Hu, Yunfang & Mino, Kazuo, 2013. "Trade structure and belief-driven fluctuations in a global economy," Journal of International Economics, Elsevier, vol. 90(2), pages 414-424.
    3. Yunfang Hu & Kazuo Mino, 2009. "Financial Integration and Aggregate Stability," Discussion Papers in Economics and Business 09-01, Osaka University, Graduate School of Economics.
    4. Yunfang Hu & Kazuo Mino, 2011. "Globalization and Volatility under Alternative Trade Structures," KIER Working Papers 791, Kyoto University, Institute of Economic Research.

    More about this item

    Keywords

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    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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