Abstract This paper investigates the effect of international financial integration on international business cycle co-movement. We first show with a reduced form empirical approach how capital market integration (equity) has a negative effect on business cycle co-movement while credit market integration (debt) has a positive effect. We then construct a model that can replicate these empirical r...

This paper tests for the e¤ects of increased trade and …nancial integration on business cycle co-movement. Using both quantitative theory and a reduced form empirical approach motivated by the theory, I measure and explain the channels from bilateral trade integration, …nancial integration, and industrial specialization to cyclical co-movement. The model is also used to measure the causal chann...

First Annual NAFTA Market Integration Workshop Cancun, Mexico May 6-7, 2004 Session II: European perspective on market integration: Lessons for NAFTA Session II has as its primary objective to learn from the steps the European Union has taken to integrate markets and the related accomplishments. Implications should be drawn for NAFTA. In particular, the paper and subsequent discussion should ad...

We examine the relationship between real and financial integration. Real integration is measured by productivities of capital and labor from trade data for 1982 to 1997. Financial integration is measured by the black market exchange rate. We find more evidence of convergence to equality for returns to capital than for returns to labor. There is some support for associating the convergence of bl...

This paper uses a dynamic panel-data gravity model to explain the correlations between 40 markets from 1996 to 2010 using four types of market linkages: information capacity, financial integration, economic integration, and similarity in industrial structure. The mechanism of interdependence of developed markets and that of developing markets are heterogeneous: (1) information capacity and indu...

Introduction: The aim of this paper is to review integration experience in general dentistry curriculum in the world universities in the twenty-first century and advantage of it to review the same curriculum in Iran. Method: In this study, a qualitative method is used. First, by library research and the analysis and interpretation of data, integration of the dental curriculum were some prestig...

The announcement of European Union enlargement coincided with a dramatic rise in stock prices in accession countries. This paper investigates the hypothesis that the rise in stock prices was the result of the integration of accession countries into the world market, and the subsequent repricing of systematic risk. The results show that firm-specific stock price changes are not related to firmsp...

information and knowledge management have become crucial to the development of a competitive edge on the market. this requires the gathering of complete and consistent information in an environment where companies are working increasingly with a vast network of partners. in this paper, we investigate the case of platforms on the tourism market selling trips in boxes thanks to a wide network of ...

During the last decade, significant progress was achieved in terms of policy and institutional reforms in the financial sector in India. A question that needs to be addressed is: how far have these initiatives resulted in narrowing the inter-market divergences and achieved reasonable degree of the market integration? This paper examines this issue empirically and attempts to provide some eviden...