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dc.contributor.authorvon Hagen, Jürgenen
dc.contributor.authorZhang, Haipingen
dc.date.accessioned2007-04-25-
dc.date.accessioned2010-09-01T09:47:19Z-
dc.date.available2010-09-01T09:47:19Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aRheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI) |cBonnen
dc.relation.ispartofseries|aZEI Working Paper |xB 02-2006en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelF34en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordFinancial frictionen
dc.subject.keywordFinancial Openessen
dc.subject.keywordForeign borrowingen
dc.subject.keywordMacroeconomic volatilityen
dc.titleFinancial openness and macroeconomic volatility-
dc.type|aWorking Paperen
dc.identifier.ppn527776106en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zeiwps:B022006en

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