نسخه های بتا جهانی، رشد مصرف و یکپارچگی مالی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|51578||2011||20 صفحه PDF||سفارش دهید||10697 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of International Money and Finance, Volume 30, Issue 6, October 2011, Pages 999–1018
We define a country’s beta as the covariance of domestic consumption growth with world consumption growth scaled by the world’s variance. Beta is related to a country’s risk-taking position in models of international financial integration. Empirically, we find that an increase in beta leads to an increase in average consumption growth. This beta-growth relationship is present only among countries with high levels of financial openness, and is absent among the rest. However, we cannot fully discard the presence of non-financial factors (e.g., trade openness) as determinants of the beta-growth relationship.