دانلود مقاله ISI انگلیسی شماره 51545
ترجمه فارسی عنوان مقاله

یکپارچگی مالی، عیوب بازار اعتباری و هموارسازی مصرف

عنوان انگلیسی
Financial integration, credit market imperfections and consumption smoothing
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
51545 2009 17 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Economic Dynamics and Control, Volume 33, Issue 2, February 2009, Pages 377–393

ترجمه کلمات کلیدی
یکپارچگی مالی؛ هموارسازی مصرف؛ اصطکاک بازار اعتبار؛ بازارهای نوظهور؛ مدل های RBC
کلمات کلیدی انگلیسی
F41Financial integration; Consumption smoothing; Credit market frictions; Emerging markets; RBC models
پیش نمایش مقاله
پیش نمایش مقاله  یکپارچگی مالی، عیوب بازار اعتباری و هموارسازی مصرف

چکیده انگلیسی

Contrary to standard theoretical reasoning, recent empirical research shows that financial integration is associated with higher consumption volatility in developing countries. This paper illustrates how domestic credit market imperfections can alter the standard predictions about the consumption smoothing possibilities under financial autarky and international financial integration. I use a two-country international real business cycle model where the non-traded sector in the small country faces borrowing constraints due to contract enforceability problems. If the international risk-sharing opportunities are non-existent, households can secure themselves against the shocks in the non-traded sector only by adjusting their labor effort, which leads to changes in sectorial output and terms of trade. The deterioration of the terms of trade acts as a dampening effect on consumption, causing it to be less volatile under financial autarky relative to financial integration. Under financial integration, international financial assets provide the insurance against domestic productivity shocks without affecting the relative prices, hence allowing the consumption to react more.