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| Author: | Kalemil-Ozcan, S. Sorensen, B.E. Yosha, O. |
| Title: | Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations |
| Journal: | Journal of International Economics
2001 : OCT, VOL. 55:1, p. 107-137 |
| Index terms: | CAPITAL MARKETS ECONOMIC INTEGRATION RISK SHARING SPECIALIZATION |
| Freeterms: | FLUCTUATION |
| Language: | eng |
| Abstract: | The authors show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less "symmetric" fluctuations). Combined with the causal relation running from capital market integration to regional specialization found on an earlier study, this finding supports the idea that higher capital market integration leads to less symmetric fluctuations. |
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