BIS paper finds real links matter for asset price co-movement

trade finance

Real economic integration is an important driver of co-movement between countries’ asset prices, in contrast to earlier findings, research published by the Bank for International Settlements says.

The paper highlights how many economists have converged around a view that financial links are more important for driving asset returns than real links, given the “surprisingly little” evidence for the importance of real economic ties.

In the working paper, Raphael Auer and co-authors develop a more

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