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dc.contributor.authorJ. Makin, Anthonyen_US
dc.contributor.editorMyung-gun Chooen_US
dc.date.accessioned2017-04-24T09:17:21Z
dc.date.available2017-04-24T09:17:21Z
dc.date.issued2004en_US
dc.date.modified2009-06-28T21:41:11Z
dc.identifier.issn1225651Xen_US
dc.identifier.urihttp://hdl.handle.net/10072/24462
dc.description.abstractThis paper proposes a new economy-wide framework for decomposing international interest differentials based on aggregate borrowing and lending behaviour in economies whose domestic capital markets are highly globally integrated. Using macroeconomic rather than microeconomic concepts, this alternative approach demonstrates how key inter-relationships involving relative inflation levels and exchange rate expectations govern "average" domestic and foreign interest differentials. It also contributes by identifying different kinds of risk premia that arise due to economy-wide factors such as the level of foreign debt and country and political factors. Unlike standard interest parity approaches, based simply on arbitrage of financial asset returns, it shows that changing exchange rate expectations influence international interest differentials through both excess domestic borrowing and foreign lending behaviour.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherCenter for International Economics, Sejong Universityen_US
dc.publisher.placeSeoul, Koreaen_US
dc.publisher.urihttp://sejong.metapress.com/openurl.asp?genre=article&eissn=1976-5525&volume=19&issue=1&spage=192en_AU
dc.relation.ispartofpagefrom192en_US
dc.relation.ispartofpageto203en_US
dc.relation.ispartofissue1en_US
dc.relation.ispartofjournalJournal of Economic Integrationen_US
dc.relation.ispartofvolume19en_US
dc.subject.fieldofresearchcode340102en_US
dc.titleDecomposing Interest Differentials: An International Borrowing and Lending Approachen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.date.issued2004
gro.hasfulltextNo Full Text


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