Volatility in international financial market issuance
Subtitle: the role of the financial center
By: Marco Cipriani, Graciela L. Kaminsky
Contributors: Kaminsky, Graciela L.; National Bureau of Economic Research
Series: NBER working paper series -- working paper 12587; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 12587.
Publisher: National Bureau of Economic Research
Published: 2006
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "We study the pattern of volatility of gross issuance in international capital markets since 1980.  We find several short-lived episodes of high volatility.  Over the long run, however, volatility has declined, suggesting that international financial integration has not made financial markets more erratic.  We use VAR analysis to examine the determinants of the time-varying pattern of volatility, focusing in particular on the role of financial centers.  Our results suggest that a significant portion of the decline in volatility of issuance in international capital markets can be explained by the reduction in the volatility of U.S.  interest rates"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 10/13/2006.

Includes bibliographical references.

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