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Financial Frictions, Financial Integration and the International Propagation of Shocks

  • Giovanni Lombardo

    (European Central Bank)

  • Luca Dedola

    (European Central Bank and CEPR)

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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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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  12. Ester Faia, 2010. "Financial Frictions And The Choice Of Exchange Rate Regimes," Economic Inquiry, Western Economic Association International, vol. 48(4), pages 965-982, October.
  13. Simon Gilchrist & Jean-Olivier Hairault & Hubert Kempf, 2002. "Monetary policy and the financial accelerator in a monetary union," International Finance Discussion Papers 750, Board of Governors of the Federal Reserve System (U.S.).
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  15. Ester Faia, 2005. "Financial Differences and Business Cycle Co-Movements in A Currency Area," Working Papers 97, Oesterreichische Nationalbank (Austrian Central Bank).
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