Propagación de información entre países
Abstract
The amount of information produced in an economy varies over time. More information is produced when it is more beneficial, as when agents foresee a state in which many firms may fail. In such a state, it is beneficial to distinguish between possible failures and possible survivors. Stock-price-based measures of information convey relevant facts about cross-country relations; information produced in a subset of advanced economies predicts crises in other advanced economies and in developing markets. Also, stock-price-based measures of information predict global imbalances. We show that these measures are informative about reallocation that occurs via changing the currency composition of imbalances, based on information produced. These results suggest that markets are integrated via an information channel.
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