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Consumption Volatility and Financial Openness

[journal article]

Yener, Serkan; Buch, Claudia M.

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Abstract Economic theory predicts that the integration of financial markets lowers the volatility of consumption. In this paper, we study long-term trends in the consumption volatility of the G7 countries. Using different measures of financial openness, we find evidence that greater financial openness has been associated with lower consumption volatility. However, volatility of consumption relative to output has not declined.
Classification National Economy
Document language English
Publication Year 2009
Page/Pages p. 3635-3649
Journal Applied Economics, 42 (2009) 28
ISSN 1466-4283
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)