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Consumption Volatility and Financial Openness
[journal article]
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 be... view more
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.... view less
Classification
National Economy
Document language
English
Publication Year
2009
Page/Pages
p. 3635-3649
Journal
Applied Economics, 42 (2009) 28
DOI
https://doi.org/10.1080/00036840802260916
ISSN
1466-4283
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)