Financial Markets and International Risk Sharing



Table 5: Cyclicality of capital gains on domestic bond market

Dependent Variable

Domestic

_____________________Currency

US Dollar

____________________________________(1)___________

(2)        ~

Australia

Real rate of
capital gains on
domestic bond
market

-0.52

(1.33)
-1.83
(0.74)**
-0.73

(0.64)
-1.64

(0.83)*
-2.16

(0.79)**
-1.50

(0.62)**
-2.05
(0.99)*
-0.69

(0.40)*
-1.47

(0.72)*
-0.46
(0.76)
-4.15

Real rate of
capital gain on
domestic bond
market

-0.69
(1.21)
-3.31

(2.76)
-0.84
(0.97)
-2.57

(2.01)
-3.45

(2.24)
-0.84

(1.29)
-4.16

(2.51)
-0.63

(1.34)
-4.49

(2.39)*
0.92
(1.83)
-2.52

Austria

Canada

Denmark

France

Germany

Italy

Japan

Netherlands

Sweden

Switzerland

(2.01)*

(3.29)

UK

-0.79

2.88

(0.66)

(2.16)

US

-1.11

-1.11

(0.53)**

(0.53)**

Notes:

The explanatory variable is the real GDP growth rate. See text for definitions of all
variables. Estimation by generalised least squares with AR(1) correlated disturbances and
robust standard errors (in parentheses). Time period 1984 — 2004. Data availability varies
by country. ***, **, * denote significance at the 1, 5 and 10 percent levels respectively.
Full regression outputs are available upon request.

17



More intriguing information

1. The name is absent
2. Voting by Committees under Constraints
3. Biologically inspired distributed machine cognition: a new formal approach to hyperparallel computation
4. SOME ISSUES CONCERNING SPECIFICATION AND INTERPRETATION OF OUTDOOR RECREATION DEMAND MODELS
5. On the origin of the cumulative semantic inhibition effect
6. The name is absent
7. The name is absent
8. Dynamiques des Entreprises Agroalimentaires (EAA) du Languedoc-Roussillon : évolutions 1998-2003. Programme de recherche PSDR 2001-2006 financé par l'Inra et la Région Languedoc-Roussillon
9. The name is absent
10. Self-Help Groups and Income Generation in the Informal Settlements of Nairobi
11. Altruism with Social Roots: An Emerging Literature
12. Delayed Manifestation of T ransurethral Syndrome as a Complication of T ransurethral Prostatic Resection
13. PEER-REVIEWED FINAL EDITED VERSION OF ARTICLE PRIOR TO PUBLICATION
14. Regional science policy and the growth of knowledge megacentres in bioscience clusters
15. Constructing the Phylomemetic Tree Case of Study: Indonesian Tradition-Inspired Buildings
16. On the Desirability of Taxing Charitable Contributions
17. SAEA EDITOR'S REPORT, FEBRUARY 1988
18. Implementation of a 3GPP LTE Turbo Decoder Accelerator on GPU
19. Disturbing the fiscal theory of the price level: Can it fit the eu-15?
20. Comparison of Optimal Control Solutions in a Labor Market Model