Export pricing and the cross-country correlation of stock prices

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Titel: Export pricing and the cross-country correlation of stock prices
Författare: Tervala, Juha
Institution: Bank of Finland
Serie: Bank of Finland Research Discussion Papers
Serienumber: 28/2009
Utgivningsår: 2009
Utgivningsdatum: 1.10.2009
Sidor: 31 s.
Nyckelord: vienti; hinnoittelu; avoin talous; mallit; osakkeet; hinnat; valuutat; häiriöt; yritykset; makrotalous; kansainvälinen; teknologia;
Abstrakt: This study analyses cross-country correlations of stock prices (values of firms) using the basic New Open Economy Macroeconomics model. We show that cross-country correlations of stock prices greatly depend on the currency of export pricing in the case of monetary shocks but not notably for temporary technology shocks. In the case of a money supply shock, the producer (local) currency pricing version of the model generates a negative (positive) cross-country correlation of stock prices.
Licens: https://helda.helsinki.fi/bof/copyright


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