Journal Article

International interest rate convergence: a survey of the issues and evidence

Abstract: World financial markets have become substantially integrated over the last two decades. Contrary to widespread expectations, however, this integration has not led to any greater convergence of interest rates across countries. This article examines why convergence has not occurred and more generally what financial integration doesand does notmean for international interest rate relations.

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Quarterly Review

Publication Date: 1993

Volume: 18

Issue: Win

Pages: 24-37