TAILIEUCHUNG - STOCKS, BONDS, MONEY MARKETS AND EXCHANGE RATES MEASURING INTERNATIONAL FINANCIAL TRANSMISSION

We define a factor to be global if it is constructed from the global capital mar- ket, and we define a factor to be regional if it is constructed only from the rele- vant regional market. In this paper, we consider three regions: North America, Europe, and the Far East. Many articles (see for instance, Bekaert and Harvey (1995) and Baele (2005)) have noted that the market integration process may not proceed smoothly. Therefore, maximum f lexibility in the model with regard to the importance of global versus regional factors is necessary. This general model allows time-varying exposures to global and regional factors, potentially capturing full or partial. | EUROPEAN CENTRAL BANK NO. 452 I MARCH 2005 WORKING PAPER SERIES by Michael Ehrmann Marcel Fratzscher and Roberto Rigobon STOCKS BONDS MONEY MARKETS AND EXCHANGE RATES MEASURING INTERNATIONAL FINANCIAL TRANSMISSION EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 452 I MARCH 2005 STOCKS BONDS MONEY MARKETS AND EXCHANGE RATES MEASURING INTERNATIONAL FINANCIAL TRANSMISSION1 by Michael Ehrmann2 50 In 2005 all ECB publications will feature a motif taken from the 50 banknote. Marcel Fratzscher3 and Roberto Rigobon This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 676403. I We are grateful to TerhiJokipii for excellent research also would like to thank an anonymous referee for the ECB Working Paper series as well as Jon Faust Dimitrios Malliaropulos Mark Spiegel Cedric Title and the participants of the ECB-IMF conference on Global financial integration stability and business cycles of the New York Fed conference on Financial globalization and seminars at Trinity College Dublin and at Frankfurt University for comments and paper presents the authors personal views and does not necessarily reflect the views of the European Central Bank. 2 European Central Bank Kaiserstrasse 29 D - 603II Frankfurt Germany e-mail 3 European Central Bank Kaiserstrasse 29 D - 603II Frankfurt Germany e-mail 4 Massachusetts Institute of Technology Cambridge MA 02I42-I347 USA e-mail rigobon@ European Central Bank 2005 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and noncommercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily .

• Đầu tư Chứng khoán
• Changing Business
• Finding the Green
• Based Immune
• Cell Homeostasis
• Oxidative Stress
• Health and Disease
• Changing world
• Organizing business
• Operations management
• Economic systems
• Small business
• Small business ownership
• Nature of business
• Study business
• Ebook Changing the Channel
• Changing the Channel
• Marketing channels
• Marketing in the twenty first century
• Direct response online marketing
• Search engine marketing
• Online marketing
• Social media
• Direct response television
• Direct response radio
• Event marketing
• Public relations
• Business ethics
• Social responsibility
• International business
• Comparative advantage
• The articles of incorporation
• Options for organizing business
• Managing information technology
• Management information systems
• Organizational objectives
• The nature of management
• Functional departmentalization
• Formal communication
• Transformation process
• Motivating the workforce
• Motivation process
• Managing human resources
• Job analysis
• Customer driven marketing
• Marketing Strategy
• Dimensions of marketing strategy
• Financial statements
• Accounting information
• Financial system
• Monetary policies
• Financial management
• Securities markets
• Accounting undergraduate Honors theses
• The changing nature of business cycle fluctuations
• State level study of jobless recoveries and the great moderation
• The great moderation
• The newly developed jobless recovery measure
• Lecture Business
• Human resource advantage
• Fred J
• Tyson PhD
• busines
• business document
• business ebook
• business specific study
• business research
• BUSINESS MODELS
• E APPLICATIONS
• ELECTRONIC BUSINESS
• CHANGING E BUSINESS
• E COMMERCE SYSTEMS
• MICROPAYMENT SYSTEM