Kose, M. Ayhan; Prasad, Eswar; Terrones, Marco - International Monetary Fund (IMF) - 2003
This paper examines the impact of rising trade and financial integration on international business cycle comovement … financial integration enhance global spillovers of macroeconomic fluctuations is stronger for industrial countries. One striking … result is that, on average, cross-country consumption correlations have not increased in the 1990s, precisely when financial …