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Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable

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NBER2010-02-01 更新2025-01-04 收录
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This paper provides a general framework for analyzing the optimal degree and form of financial integration. Full integration is not in general optimal: faced with a choice between two polar regimes, full integration or autarky, autarky may be superior. The intuition is simple: if underlying

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2010-02-01
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