Series: IMF Working Papers
Author(s): Miklós Koren
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 December 2003
Keywords: financial globalization, trade volume, trade structure, incomplete markets, portfolio choice, financial markets, international financial, Neoclassical Models of Trade, Financial Aspects of Economic Integration,
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...