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Financial Market Integration and the International Business Cycle: Theory vs. Reality

Is financial market integration associated with business cycle synchronization or divergence? In theory, there should be risk sharing and business cycles move in the opposite direction with respect to a country-specific shock. In reality, however, financial crises led to simultaneous economic downturns and business cycle synchronization, which is the opposite of what theory predicts. We know this from past experience: the 2008 financial crisis and the 1997 Asian financial crisis. What causes this difference between theory and reality is the financial friction that the traditional International Real Business Cycle model overlooks. Financial friction refers to the asymmetric information between lenders and borrowers, and this hinders the efficient allocation of resources across countries. We need to figure out financial friction in more detail, and strive to incorporate it into the model rigorously.
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공공누리 OPEN / 공공저작물 자유이용허락 - 출처표시, 상업용금지, 변경금지 공공저작물 자유이용허락 표시기준 (공공누리, KOGL) 제4유형

대외경제정책연구원의 본 공공저작물은 "공공누리 제4유형 : 출처표시 + 상업적 금지 + 변경금지” 조건에 따라 이용할 수 있습니다. 저작권정책 참조

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