Financial Integration: A New Methodology and an Illustration
نویسندگان
چکیده
منابع مشابه
Financial Integration: A New Methodology and an Illustration*
This paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary freely over time, constrained only by the fact that they are ...
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A manufacturing strategy is a critical component of the firm's corporate and business strategies, comprising a set of well-coordinated objectives and action programs aimed at securing a long-term, sustainable advantage over the firm's competitors. A manufacturing strategy should be consistent with the firm's corporate and business strategies, as well as with the other managerial functional stra...
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This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper develops a simple methodology to test for asset in...
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Abstract This paper develops a simple new methodology to test financial market integration. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected discount rates across asset markets. Expected discount rates are allowed to vary freely over time, constrained only by the fact that they are equal across (riskadjusted) assets. ...
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ژورنال
عنوان ژورنال: Journal of the European Economic Association
سال: 2005
ISSN: 1542-4766,1542-4774
DOI: 10.1162/jeea.2005.3.6.1349