We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...

We explore a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. We show that a quot;gravityquot; model explains international transactions in financial assets at least as well as goods trade transactions. Gross transaction flows depend on market size...

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The model integrates elements of the finance literature on portfolio composition and the international macroeconomics and asset trade literature. Gross asset flows depend...

The introduction of the euro on 1 January 1999 created the conditions for an integrated government bond market in the euro area. Using a unique data set from the electronic trading platform Euro-MTS, we consider what is the quot;benchmarkquot; in this market. We develop and apply two definitions...

Shortcomings of neoclassical growth theory and growth accounting are viewed as a challenge for cultural economics. Recently, new growth theory has introduced several growth determinants and has closed the gap between theoretical and empirical research. Whether this development leaves space for...