This paper evaluates the welfare implications of monetary policy rules when international financial markets are incomplete. Using a two-country dynamic general equilibrium monetary model, we evaluate the magnitude of the costs of imperfect risk sharing. Under a price stability policy in both countries, they are in the range of 0.07-0.70 percent of a permanent shift in steady-state consumption. ...

PURPOSE This study examines the integration effects on efficiency and financial viability of the top 100 integrated healthcare networks (IHNs) in the United States. THEORY A contingency-strategic theory is used to identify the relationship of IHNs' performance to their structural and operational characteristics and integration strategies. METHODS The lists of the top 100 IHNs ranked in two ...

The objective of this paper is to explore the effect of financial crisis on trade flows of steel industries in the major Asian-Pacific steel producing countries. Using a static and dynamic panel data analysis, we test the hypothesis that the global financial crisis has a negative effect on Asia-Pacific bilateral steel trade flows. We also examine the role of regional trade integration in bilate...

The paper analyzes how regional financial and trade integration have affected output fluctuations in East Asia. It also controls for possible effects of specialization patterns and exchange rate policies. The findings hint at a convergent direct effect of trade and FDI integration on output fluctuations. Real and financial integration also have sizable indirect effects on output fluctuations th...

The MIT Faculty has made this article openly available. Please share how this access benefits you. Your story matters. Abstract How does financial integration impact capital accumulation, current-account dynamics, and crosscountry inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic ...

While more and more sectors of the economy are linked by electronic information and communication technologies, one domain is often neglected: non-commercial clients, i.e. private households. As consumers, they play an important role within the market and they should be integrated into the electronic data exchange chain. This article focusses on the importance of homebanking as an example for e...

Cadastral systems are mission critical systems designed for the registration of parcels, buildings and apartments as well as their owners and users. The maintenance of real estate cadastre registers is in Poland dispersed. So the attempt to create a unified cadastral system is one of the goals of Polish government. Two main IT projects aimed at the creation of an integrated system are presented...

0378-4266/$ see front matter 2010 Published by doi:10.1016/j.jbankfin.2010.10.017 ⇑ Corresponding author at: School of Business an Integration Studies, Trinity College Dublin, College G +353 1 8961522; fax: +353 1 6799503. E-mail addresses: [email protected] (B.M. Lucey), qzha This paper investigates the impact of country-level financial integration on corporate financing choices in emerging econom...

We use a time-varying copula model to investigate the impact of the introduction of the Euro on the dependence between seventeen European stock markets during the period 1994-2003. The model is implemented with a GJR-GARCH-t model for marginal distributions and the Gaussian copula for the joint distribution, which allows capturing time-varying, non-linear relationships. The results show that wi...

We explore the relation between international financial integration and the level of entrepreneurial activity in a country. Using a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, we find suggestive evidence that international financial integration has been associated with higher levels of entrepreneurial activity. Our results are robust to...