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International Financial Integration

International Financial Integration

Sylvester Eijffinger , Jan J.G. Lemmen

Edited by Sylvester Eijffinger, CentER, European Banking Center and TiasNimbas Business School, Tilburg University and CEPR and Jan J.G. Lemmen, formerly of the House of Representatives of the States General, The Netherlands

2003 1,064 pp Hardback 978 1 84064 383 1

Hardback £293.00 on-line price £263.70

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Series: The International Library of Critical Writings in Economics series






Description
‘Market integration, in Europe and elsewhere, is reshaping financial markets at the national and world level, with far-reaching implications for macroeconomic activity, corporate choices and household behavior. By bringing together the best articles on this issue, this book provides an essential reference, that will be of great service to policymakers and researchers alike.’
– Marco Pagano, Università di Salerno, Italy

The degree of international financial integration achieved by capital flows remains a matter of debate. Furthermore, it evolves over time as markets become more and less integrated. Policymakers want to have a precise knowledge of the extent and direction of international capital flows because such flows influence the incentives for tax evasion, international redistribution and the vulnerability of the economy to external shocks.

Contents
39 articles, dating from 1980 to 2001 Contributors include: P. Bacchetta, S. Edwards, B. Eichengreen, M. Feldstein, J.A. Frankel, P.B. Kenen, G.M. Milesi-Ferretti, M. Obstfeld, R. Portes, J. Tobin

Further information

‘Market integration, in Europe and elsewhere, is reshaping financial markets at the national and world level, with far-reaching implications for macroeconomic activity, corporate choices and household behavior. By bringing together the best articles on this issue, this book provides an essential reference, that will be of great service to policymakers and researchers alike.’
– Marco Pagano, Università di Salerno, Italy

The degree of international financial integration achieved by capital flows remains a matter of debate. Furthermore, it evolves over time as markets become more and less integrated. Policymakers want to have a precise knowledge of the extent and direction of international capital flows because such flows influence the incentives for tax evasion, international redistribution and the vulnerability of the economy to external shocks.

These volumes bring together a comprehensive selection of classic and contemporary readings on international financial integration. First, there is a review of the literature on measuring cross-border capital mobility followed by formal tests of the degree of international financial integration. Second, there is an examination of what factors actually determine the extent of cross-border capital mobility, and hence international financial integration. This authoritative collection will be invaluable for both students and specialists.

Full table of contents

Contents:
Volume I
Acknowledgements
Introduction Sylvester C.W. Eijffinger and Jan J.G. Lemmen
PART I DEVIATIONS FROM INTEREST RATE PARITY
1. Jeffrey A. Frankel (1992), ‘Measuring International Capital Mobility: A Review’
2. Jeffrey A. Frankel and Alan T. MacArthur (1988), ‘Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries’
3. Michael Mussa and Morris Goldstein (1993), ‘The Integration of World Capital Markets’
4. Sylvester C.W. Eijffinger and Jan J.G. Lemmen (1995), ‘Money Market Integration in Europe’
5. Helen Popper (1993), ‘Long-term Covered Interest Parity: Evidence from Currency Swaps’
6. Philippe Bacchetta (1996), ‘Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s’
7. Barry Eichengreen, James Tobin and Charles Wyplosz (1995), ‘Two Cases for Sand in the Wheels of International Finance’
8. Peter Garber and Mark P. Taylor (1995), ‘Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note’
9. Peter B. Kenen (1995), ‘Capital Controls, the EMS and EMU’
10. Sebastian Edwards (1999), ‘How Effective are Capital Controls?’
PART II CORRELATIONS BETWEEN SAVINGS AND INVESTMENT
11. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’
12. Martin Feldstein (1983), ‘Domestic Saving and International Capital Movements in the Long Run and the Short Run’
13. Michael Dooley, Jeffrey Frankel and Donald J. Mathieson (1987), ‘International Capital Mobility: What Do Saving-Investment Correlations Tell Us?’
14. Peter J. Montiel (1994), ‘Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates’
15. Tamim A. Bayoumi and Andrew K. Rose (1993), ‘Domestic Savings and Intra-national Capital Flows’
16. Jan J.G. Lemmen and Sylvester C.W. Eijffinger (1995), ‘The Quantity Approach to Financial Integration: The Feldstein-Horioka Criterion Revisited’
17. W. Jos Jansen (1996), ‘Estimating Saving-Investment Correlations: Evidence for OECD Countries Based on an Error Correction Model’
18. Robert Krol (1996), ‘International Capital Mobility: Evidence from Panel Data’
19. Atish R. Ghosh (1995), ‘International Capital Mobility Amongst the Major Industrialised Countries: Too Little or Too Much?’
20. Jerry Coakley, Farida Kulasi and Ron Smith (1998), ‘The Feldstein-Horioka Puzzle and Capital Mobility: A Review’
21. Philip R. Lane and Gian Maria Milesi-Ferretti (2001), ‘The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries’
Name Index

Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I CROSS-COUNTRY CONSUMPTION GROWTH CORRELATIONS
1. Maurice Obstfeld (1986), ‘Capital Mobility in the World Economy: Theory and Measurement’
2. Maurice Obstfeld (1989), ‘How Integrated are World Capital Markets? Some New Tests’
3. Maurice Obstfeld (1994), ‘Are Industrial-country Consumption Risks Globally Diversified?’
4. Tamim Bayoumi and Ronald MacDonald (1995), ‘Consumption, Income, and International Capital Market Integration’
5. J.J.G. Lemmen and S.C.W. Eijffinger (1998), ‘Financial Integration in Europe: Evidence from Euler Equation Tests’
6. Eric van Wincoop (1994), ‘Welfare Gains from International Risksharing’
7. Karen K. Lewis (1996), ‘What Can Explain the Apparent Lack of International Consumption Risk Sharing?’
8. Bent E. Sørensen and Oved Yosha (1998), ‘International Risk Sharing and European Monetary Unification’
PART II DETERMINANTS
9. George M. von Furstenberg (1998), ‘From Worldwide Capital Mobility to International Financial Integration: A Review Essay’
10. Gerald A. Epstein and Juliet B. Schor (1992), ‘Structural Determinants and Economic Effects of Capital Controls in OECD Countries’
11. Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti (1994), ‘The Political Economy of Capital Controls’
12. Gian Maria Milesi-Ferretti (1998), ‘Why Capital Controls? Theory and Evidence’
13. Jan J.G. Lemmen and Sylvester C.W. Eijffinger (1996), ‘The Fundamental Determinants of Financial Integration in the European Union’
14. Maurice Obstfeld (1998), ‘The Global Capital Market: Benefactor or Menace?’
15. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’
16. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’
17. Richard Portes, Hélène Rey and Yonghyup Oh (2001), ‘Information and Capital Flows: The Determinants of Transactions in Financial Assets’
18. Mark Stephens (2000), ‘Convergence in European Mortgage Systems Before and After EMU’
Name Index



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