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dc.contributor.authorvon Hagen, Jürgenen_US
dc.contributor.authorZhang, Haipingen_US
dc.date.accessioned2007-04-25en_US
dc.date.accessioned2010-09-01T09:47:19Z-
dc.date.available2010-09-01T09:47:19Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/39524-
dc.description.abstractWe analyze the implications of financial openness to macroeconomic volatility in a small open economy. Major macroeconomic aggregates show non-monotonic volatility patterns with respect to the degree of financial openness in the model without domestic financial frictions. The introduction of domestic financial frictions makes the volatility patterns flatter. Our model explains the lack of empirical evidence on the linkage between financial openness and macro volatility. If the empirical data of countries with different degree of financial openness are pooled, we cannot estimate a significant linear relationship between financial openness and macro volatility, because the underlying relationship is non-monotonic.en_US
dc.language.isoengen_US
dc.publisherZEI Bonnen_US
dc.relation.ispartofseriesZEI working paper B 02-2006en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.jelF34en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial frictionen_US
dc.subject.keywordFinancial Openessen_US
dc.subject.keywordForeign borrowingen_US
dc.subject.keywordMacroeconomic volatilityen_US
dc.titleFinancial openness and macroeconomic volatilityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn527776106en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zeiwps:B022006-
Appears in Collections:ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn

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