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We explore some empirical properties of gross international investment positions. In order to provide income-smoothing, net investment income should negatively covary with GDP. Moreover, to maximize stabilization of GNP in the face of GDP fluctuations, the yield on foreign assets should move...
Persistent link: https://www.econbiz.de/10005504758
This paper considers a new approach to the optimal management and analysis of exchange rate target zones by regarding the operation of a target zone as a dynamic signalling game between the monetary authorities and the financial markets. A Sequential Open Loop (Feedback) policy of sterilized...
Persistent link: https://www.econbiz.de/10005123996
The Paper analyses (i) if globalization is undemocratic, (ii) if NGOs can fill a gap in representation and … democracy and globalization. A major part deals with the question of whether globalization enhances democracy. The answer is …
Persistent link: https://www.econbiz.de/10005497698
decisions, when the removal either of trade barriers or of restrictions on capital outflows/inflows (‘globalization’) allows … yields the relocation of the whole industry, autarchy is strictly better, in welfare terms, than ‘globalization’. It is only … when relocation is a dominant strategy for one (and only one) of the firms, that ‘globalization’ may be unambiguously …
Persistent link: https://www.econbiz.de/10005661863
The new conventional wisdom on globalization emphasizes that reaping the benefits of trade and financial integration is … alike. An alternative approach to globalization would focus on enhancing policy space rather than market access, and on …
Persistent link: https://www.econbiz.de/10005666608
Globalization – improved access to integrated, anonymous markets – is claimed to crowd out cooperative relations: from …
Persistent link: https://www.econbiz.de/10005136656
This Paper focuses on policies facilitating firm adjustment to globalization. We briefly review the effects of trade …
Persistent link: https://www.econbiz.de/10005114424
The objective of this paper is to evaluate the extent to which technological specialization influences the observed R&D intensity of countries. The econometric analysis performed on a cross-country cross-industry panel dataset (21 industrial sectors, 18 countries, from 2001 to 2004) suggests...
Persistent link: https://www.econbiz.de/10005792096
This Paper analyses the growth and employment effects of the 1994-99 Community Support Framework (CSF) for the Objective 1 Spanish regions, using a simple supply-side model estimated with a panel of regional data. The results suggest that the impact of the Structural Funds in Spain has been...
Persistent link: https://www.econbiz.de/10005067429
Following the rationale for regional redistribution programmes described in the official documents of the European Union, this Paper studies a very simple multi-country model built around two regions: a core and a periphery. Technological spillovers link firms’ productivity in each of the two...
Persistent link: https://www.econbiz.de/10005662349