Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/204910 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Discussion Papers No. 18-10
Verlag: 
University of Bern, Department of Economics, Bern
Zusammenfassung: 
We analyze the effects of intangible investment on international output synchronization. Using a dynamic stochastic general equilibrium model, we find that an increase in the importance of intangible capital leads to a higher degree of output comovement across countries. Therefore, countries in which intangible capital is more important are better suited to economic integration, such as forming a monetary union. This offers an insightful perspective on the potential relation between the considerable differences in intangible capital among Eurozone members and the discussion surrounding the Eurozone as a sub-optimal currency area. A high stock of intangible capital also tends to attract foreign equity investments, in particular foreign direct investments. We find that cross-border equity holdings in tangible and intangible capital further increase the degree of output synchronization. Our results imply that policy reforms to incentivize higher intangible capital formation and cross-border equity investments may not only foster economic growth but also improve the functioning of the monetary policy in the Eurozone.
Schlagwörter: 
International Business Cycles
Investment
Cross-country Correlations
Intangible Capital
JEL: 
E22
E32
F41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
344.08 kB





Publikationen in EconStor sind urheberrechtlich geschützt.