Working Paper

The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility

Kiel Working Papers, 1161

During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time, asymmetries in information and other financial market frictions have remain prevalent. We study both empirically and theoretic


Claudia M. Buch
Christian Pierdzioch


Publication Date
JEL Classification
F31, F32, F36, F41, E44