Volatility and the welfare costs of financial market integration:
This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare und...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1998
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6782 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance. |
| Beschreibung: | 29, [13] S. graph. Darst. |
Internformat
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV012364549 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | t | ||
| 008 | 990121s1998 xxud||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)40515759 | ||
| 035 | |a (DE-599)BVBBV012364549 | ||
| 040 | |a DE-604 |b ger |e rakddb | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-473 |a DE-19 |a DE-521 | ||
| 050 | 0 | |a HB1 | |
| 084 | |a QB 910 |0 (DE-625)141231: |2 rvk | ||
| 100 | 1 | |a Agénor, Pierre-Richard |d 1957- |e Verfasser |0 (DE-588)12408009X |4 aut | |
| 245 | 1 | 0 | |a Volatility and the welfare costs of financial market integration |c Pierre-Richard Agénor ; Joshua Aizenman |
| 264 | 1 | |a Cambridge, Mass. |c 1998 | |
| 300 | |a 29, [13] S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6782 | |
| 520 | |a This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance. | ||
| 650 | 7 | |a Finances internationales - Modèles économétriques |2 ram | |
| 650 | 7 | |a Intermédiation financière - Modèles économétriques |2 ram | |
| 650 | 7 | |a Marché financier - Modèles économétriques |2 ram | |
| 650 | 7 | |a Mouvements de capitaux - Modèles économétriques |2 ram | |
| 650 | 7 | |a Taux d'intérêt - Modèles économétriques |2 ram | |
| 650 | 7 | |a Économies externes - Modèles économétriques |2 ram | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Capital market |x Econometric models | |
| 650 | 4 | |a Capital movements |x Econometric models | |
| 650 | 4 | |a Externalities (Economics) |x Econometric models | |
| 650 | 4 | |a Interest rates |x Econometric models | |
| 650 | 4 | |a Intermediation (Finance) |v Econometric models | |
| 650 | 4 | |a International finance |x Econometric models | |
| 700 | 1 | |a Aizenman, Joshua |d 1949- |e Verfasser |0 (DE-588)124080057 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6782 |w (DE-604)BV002801238 |9 6782 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w6782.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-008384683 | ||
Datensatz im Suchindex
| _version_ | 1804126993325752320 |
|---|---|
| any_adam_object | |
| author | Agénor, Pierre-Richard 1957- Aizenman, Joshua 1949- |
| author_GND | (DE-588)12408009X (DE-588)124080057 |
| author_facet | Agénor, Pierre-Richard 1957- Aizenman, Joshua 1949- |
| author_role | aut aut |
| author_sort | Agénor, Pierre-Richard 1957- |
| author_variant | p r a pra j a ja |
| building | Verbundindex |
| bvnumber | BV012364549 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QB 910 |
| ctrlnum | (OCoLC)40515759 (DE-599)BVBBV012364549 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03071nam a2200505 cb4500</leader><controlfield tag="001">BV012364549</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">990121s1998 xxud||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)40515759</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV012364549</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-473</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-521</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QB 910</subfield><subfield code="0">(DE-625)141231:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Agénor, Pierre-Richard</subfield><subfield code="d">1957-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)12408009X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Volatility and the welfare costs of financial market integration</subfield><subfield code="c">Pierre-Richard Agénor ; Joshua Aizenman</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="c">1998</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">29, [13] S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">6782</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance.</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Finances internationales - Modèles économétriques</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Intermédiation financière - Modèles économétriques</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Marché financier - Modèles économétriques</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Mouvements de capitaux - Modèles économétriques</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Taux d'intérêt - Modèles économétriques</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Économies externes - Modèles économétriques</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Ökonometrisches Modell</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Capital market</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Capital movements</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Externalities (Economics)</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Interest rates</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Intermediation (Finance)</subfield><subfield code="v">Econometric models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">International finance</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Aizenman, Joshua</subfield><subfield code="d">1949-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124080057</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">6782</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">6782</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w6782.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-008384683</subfield></datafield></record></collection> |
| id | DE-604.BV012364549 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:26:17Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008384683 |
| oclc_num | 40515759 |
| open_access_boolean | 1 |
| owner | DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-521 |
| owner_facet | DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-521 |
| physical | 29, [13] S. graph. Darst. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Agénor, Pierre-Richard 1957- Verfasser (DE-588)12408009X aut Volatility and the welfare costs of financial market integration Pierre-Richard Agénor ; Joshua Aizenman Cambridge, Mass. 1998 29, [13] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6782 This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance. Finances internationales - Modèles économétriques ram Intermédiation financière - Modèles économétriques ram Marché financier - Modèles économétriques ram Mouvements de capitaux - Modèles économétriques ram Taux d'intérêt - Modèles économétriques ram Économies externes - Modèles économétriques ram Ökonometrisches Modell Capital market Econometric models Capital movements Econometric models Externalities (Economics) Econometric models Interest rates Econometric models Intermediation (Finance) Econometric models International finance Econometric models Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6782 (DE-604)BV002801238 6782 http://papers.nber.org/papers/w6782.pdf kostenfrei Volltext |
| spellingShingle | Agénor, Pierre-Richard 1957- Aizenman, Joshua 1949- Volatility and the welfare costs of financial market integration National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Finances internationales - Modèles économétriques ram Intermédiation financière - Modèles économétriques ram Marché financier - Modèles économétriques ram Mouvements de capitaux - Modèles économétriques ram Taux d'intérêt - Modèles économétriques ram Économies externes - Modèles économétriques ram Ökonometrisches Modell Capital market Econometric models Capital movements Econometric models Externalities (Economics) Econometric models Interest rates Econometric models Intermediation (Finance) Econometric models International finance Econometric models |
| title | Volatility and the welfare costs of financial market integration |
| title_auth | Volatility and the welfare costs of financial market integration |
| title_exact_search | Volatility and the welfare costs of financial market integration |
| title_full | Volatility and the welfare costs of financial market integration Pierre-Richard Agénor ; Joshua Aizenman |
| title_fullStr | Volatility and the welfare costs of financial market integration Pierre-Richard Agénor ; Joshua Aizenman |
| title_full_unstemmed | Volatility and the welfare costs of financial market integration Pierre-Richard Agénor ; Joshua Aizenman |
| title_short | Volatility and the welfare costs of financial market integration |
| title_sort | volatility and the welfare costs of financial market integration |
| topic | Finances internationales - Modèles économétriques ram Intermédiation financière - Modèles économétriques ram Marché financier - Modèles économétriques ram Mouvements de capitaux - Modèles économétriques ram Taux d'intérêt - Modèles économétriques ram Économies externes - Modèles économétriques ram Ökonometrisches Modell Capital market Econometric models Capital movements Econometric models Externalities (Economics) Econometric models Interest rates Econometric models Intermediation (Finance) Econometric models International finance Econometric models |
| topic_facet | Finances internationales - Modèles économétriques Intermédiation financière - Modèles économétriques Marché financier - Modèles économétriques Mouvements de capitaux - Modèles économétriques Taux d'intérêt - Modèles économétriques Économies externes - Modèles économétriques Ökonometrisches Modell Capital market Econometric models Capital movements Econometric models Externalities (Economics) Econometric models Interest rates Econometric models Intermediation (Finance) Econometric models International finance Econometric models |
| url | http://papers.nber.org/papers/w6782.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT agenorpierrerichard volatilityandthewelfarecostsoffinancialmarketintegration AT aizenmanjoshua volatilityandthewelfarecostsoffinancialmarketintegration |