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dc.contributor.authorHoffmann, Mathiasen
dc.contributor.authorTillmann, Peteren
dc.date.accessioned2009-01-28T16:02:14Z-
dc.date.available2009-01-28T16:02:14Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/19719-
dc.description.abstractHow does international financial integration affect national price levels? To analyze this question, this paper formulates a two-country open economy sticky-price model under either segmented or complete asset markets. It is shown that the effect of financial integration, i.e. moving from segmented to complete asset markets, is regime-dependent. Under managed exchange rates, financial integration raises the national price level. Under floating exchange rates, however, financial integration lowers national price levels. Thus, the paper proposes a novel argument to rationalize systematic deviations from PPP. Panel evidence for 54 countries supports the main findings. A 10% larger ratio of foreign assets and liabilities to GDP, our measure of international financial integration, increases the national price level by 0.27 percentage points under fixed and intermediate exchange rate regimes and lowers the price level by 0.3 percentage points under floating exchange rates.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2008,07en
dc.subject.jelF21en
dc.subject.jelF36en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordInternational financial integrationen
dc.subject.keywordexchange rate regimeen
dc.subject.keywordnational price levelen
dc.subject.keywordPPPen
dc.subject.keywordforeign asset positionen
dc.subject.stwInternationaler Finanzmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwPreisniveauen
dc.subject.stwWechselkurssystemen
dc.subject.stwKaufkraftparitäten
dc.subject.stwAuslandsvermögenen
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleIntegration of financial markets and national price levels: the role of exchange rate volatility-
dc.typeWorking Paperen
dc.identifier.ppn561200246en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:7216en

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