This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset (AMADEUS) from 16 European countries, we construct a measure of "deep" financial integration at the regional level based on observations of foreign...

Integration in Africa can only be a long-term attempt to solve economic problems, because of its high absorption of scarce and therefore expensive factors of production. In contrast to integration, cooperation seems to be a more useful approach to tackle the urgent employment and growth problems.