NDLI: Financial Openness and Macroeconomic Instability in Emerging Market Economies

Content Provider	Springer Nature Link
Author	Pisani, Massimilia
Copyright Year	2010
Abstract	This paper shows how the macroeconomic instability that affects more financially open emerging economies can be explained in terms of imperfect international financial integration. The analytic tool used is a stochastic dynamic equilibrium model. The model, based on a small open economy, is calibrated to Malaysia. International financial relations are characterized by the presence of a borrowing constraint, that amplifies the volatility of exogenous shocks. Impulse response and simulation analyses are conducted. Main result is that, in presence of international financial frictions, greater access to international liquidity can cause high short-run macroeconomic instability.
Starting Page	501
Ending Page	532
Page Count	32
File Format	PDF
ISSN	09237992
Journal	Open Economies Review
Volume Number	22
Issue Number	3
e-ISSN	1573708X
Language	English
Publisher	Springer US
Publisher Date	2010-02-02
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Financial liberalization Consumption volatility International Economics Development Economics
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics

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Financial Openness and Macroeconomic Instability in Emerging Market Economies