| Description |
1 online resource (53 pages) : illustrations |
| Series |
IMF working paper ; 93/95 |
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IMF working paper ; WP/93/95.
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| Summary |
Annotation This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flowsnamely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three yearsare examined for insights into the workings of todays global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies |
| Bibliography |
Includes bibliographical references |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
|
English |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Capital market.
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|
International economic integration
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Capital market.
|
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International economic integration.
|
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Internationaler Kapitalmarkt
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| Form |
Electronic book
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| Author |
Mussa, Michael, author.
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International Monetary Fund. Research Department, issuing body.
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| ISBN |
1462353983 |
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9781462353989 |
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