The Effects of International Integration of Financial Markets on Interest Rates
研究了国际金融市场一体化如何影响实际利率和风险价格，发现一体化后风险价格在一国上升、另一国下降，实际利率则趋于上升，尤其当两国技术存在差异时。
This paper examines the effects of international integration of national financial markets on the real rate of interest and the price of risk. Financial integration expands the investment opportunity set allowing investors with different attitude toward risk to trade in real and financial securities and to achieve an optimal allocation of risk. We show that because of financial integration, the price of risk always increases in one country and declines in the other. The effects of financial integration on the real rate of interest are more complex. We show that the real rate of interest has a strong tendency to increase. This is especially true if the two countries are technologically different.