Claeys, Peter; Moreno, Rosina; Suriñach, Jordi - In: Economic Modelling 29 (2012) 1, pp. 48-59
interest rate differentials are offset due to financial integration. This paper tests crowding out, and measures the degree of … integration of government bond markets, using spatial modelling techniques. Our main finding is that the crowding out effect of … most. Financial integration implies an important spillover effect via international bond markets, but only between OECD …