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SCOPUS 학술저널

The Role of Stock Markets in International Economic Integration

The Role of Stock Markets in International Economic Integration

The paper studies the role of stock markets in international economic integration in a two country one-good model where intertemporal optimizing behavior of infinitely-lived agents endogenously determines the rate of capital accumulation and the current account. It highlights the significance of adjustment costs and equity prices for the time path the integrated world economy follows upon introduction of intertemporal trade.

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