ادغام مالي و اثرات آن بر نوسانات اقتصادي در گروهي از كشورهاي در حال توسعه صادركننده نفت

Financial Integration and Macroeconomic Volatility in Oil Exporting Developing Countries

This paper examines the impact of international financial integration on macroeconomic volatility in a group of oil exporting developing countries over the period 1960-2005. The study introduces an index of financial integration into a standard macro-economic model that uses such variables as government expenditures. The study finds that in the same manner that these countries did not succeed to use financial integration to smooth out consumption through spreading risks; financial integration did not act as an effective factor in creating macroeconomic volatility. JEL Classification: F41, F42, F36.