Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212149 
Authors: 
Year of Publication: 
2009
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 28/2009
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This study analyses cross-country correlations of stock prices (values of firms) using the basic New Open Economy Macroeconomics model. We show that cross-country correlations of stock prices greatly depend on the currency of export pricing in the case of monetary shocks but not notably for temporary technology shocks. In the case of a money supply shock, the producer (local) currency pricing version of the model generates a negative (positive) cross-country correlation of stock prices.
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-545-6
Document Type: 
Working Paper

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