Measuring International Economic Linkages with Stock Market Data
提出用股票市场数据衡量国家间金融和实体经济联系的新框架，发现布雷顿森林体系解体后英美金融联系更紧密，且未来股息增长预期比当期产出的跨国相关性更高，说明经济冲击的跨国传导存在滞后。
ABSTRACT This article develops a new framework for measuring financial and real economic linkages between countries. Using United States and United Kingdom data from 1957 to 1989, we find closer financial linkages after the Bretton Woods currency arrangement was abandoned and Britain suspended exchange controls. In a pairwise application to fifteen countries over a shorter period, we also find that news about future dividend growth is more highly correlated between countries than contemporaneous output measures. This suggests that there are lags in the international transmission of economic shocks and that contemporaneous output correlation may understate the magnitude of integration.