Abstract
Using the consumption correlation-based criterion, this paper analyzes international capital mobility for both advanced and developing countries. We provide evidence that global capital markets are imperfectly integrated for both advanced and developing countries. However, a clear difference between these groups of countries emerges when their consumption growth has stagnated; in developing countries at such times, the opportunity to smooth their consumption drops dramatically.
Original language | English |
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Pages (from-to) | 256-263 |
Number of pages | 8 |
Journal | Structural Change and Economic Dynamics |
Volume | 23 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2012 Sep 1 |
Externally published | Yes |
Keywords
- Consumption correlation
- International capital mobility
- Panel data approach
- Threshold model
ASJC Scopus subject areas
- Economics and Econometrics