This study explores the changing direction and degree of financial integration of the emerging economies, People’s Republic of China (PRC) and India, with ASEAN-5 and compares it to the developed economies, the US and Japan, in a time-varying framework. The concordance and rolling...

No single measure of real or financial integration sufficiently captures all of the salient characteristics of the extent of integration between individual economies and of economies within particular regional groups. This paper introduces the idea of utilising and combining the effects of a...

Standard theory predicts that financial integration leads to a lower degree of business cycle synchronization. Surprisingly, cross-country studies find the opposite. Our contribution is to document the theoretically predicted negative effect of financial integration on business cycle...

We find that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial specialization has also been increasing over the last decade and we conjecture that risk sharing plays an important causal effect...

We study the effect of financial integration on the transmission of international business cycles. In a sample of 20 developed countries between 1978 and 2009 we find that, in periods without financial crises, increases in bilateral financial linkages are associated with more divergent output...

We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality, and trade openness appear to help...

In der Juliausgabe veröffentlichte der Wirtschaftsdienst einen Aufsatz von Georg Erber mit dem Titel „Irrungen und Wirrungen mit der Leistungsbilanzstatistik“. Dazu äußert sich Jan Priewe kritisch. Anschließend stellt Georg Erber in einer Erwiderung seine Sicht dar.

Fifteen years ago it counted as received wisdom that accession to the European Union implies arrival to a safe haven concluding the ups and downs of post-communist transformation. Quantitative assessment (Papi et al. in JAMA 60(2): 271-290, 2018) indicates a considerable degree of convergence,...

The EU Single Market remains far from completed: progress in goods and services market integration has stalled, financial markets are still fragmented along national lines and the barriers to labour mobility remain high. Restrictive regulation within countries and regulatory heterogeneity across...

Europe’s economy is finally growing robustly. These positive developments provide an opportunity to renew efforts to meet the long-term challenges facing the European Union (EU). The EU’s record on reducing regional income disparities is mixed and this explains some of citizens’ discontent...