Financial Globalization, Portfolio Diversification, and the Pattern of International Trade

Financial Globalization, Portfolio Diversification, and the Pattern of International Trade
The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low international trade. As international portfolio diversification is limited and productivity is uncertain, investors wish to maintain a diversified industrial structure rather than specializing... READ MORE...

Publication date: December 2003
ISBN 9781451875614
$15.00

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