Working Paper

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


  • Buch
  • C.M.
  • Pierdzioch
  • C.
Publication Date

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


JEL Classification
F31, F32, F36, F41, E44

Key Words

  • business cycle volatility
  • financial frictions
  • Financial market integration