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Broner, Fernando; Martin, Alberto; Meyer, Josefin; … - 2025

How do shifts in the global balance of power shape the world economy? We propose a theory of alignment-based “hegemonic … globalization,” built on two central premises: countries differ in their preferences over policies (such as the rule of law or …, tends to support globalization. However, the transition to a multipolar world can trigger fragmentation, which is …

Persistent link: https://www.econbiz.de/10015420366

Stock market integration in Asia : global or regional? : evidence from industry level panel convergence tests

Caporale, Guglielmo Maria; You, Kefei - 2017

This paper examines global and regional stock market integration in Asia at both the aggregate and disaggregate (industry) level by applying the Phillips-Sul (2007) tests for panel and club convergence. The main findings can be summarised as follows. In the pre-2008 crisis period, no...

Persistent link: https://www.econbiz.de/10011658042

Global and regional financial integration in emerging Asia : evidence from stock markets

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; You, Kefei - 2017

This paper employs a price-based measure of integration, namely stock return differentials between ten emerging Asian economies and the US (as an indicator of global integration), as well as Japan and the Asian region (as two alternative indicators of regional integration), to test for mean...

Persistent link: https://www.econbiz.de/10011654611

Was Germany ever united? : evidence from intra- and international trade 1885 - 1933

Wolf, Nikolaus (contributor) - 2008

When did Germany become economically integrated? Within the framework of a gravity model, based on a new data set of about 40,000 observations on trade flows within and across the borders of Germany over the period 1885-1933, I explore the geography of trade costs across Central Europe. There...

Persistent link: https://www.econbiz.de/10003771795

The governance of globalization : the political economy of Anglo-American hegemony, 1793-2003

O'Brien, Patrick - 2003

Modern globalization (which includes free flows of trade and factors of production across frontiers, stable rates of … significant public goods for the international order has been degraded in this paper into theory without history. In short the …

Persistent link: https://www.econbiz.de/10011509424

Financial integration, globalization, and real activity

De Nicolò, Gianni; Juvenal, Luciana - 2012

distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial … financial integration predict better growth prospects; (c) both advances in financial integration and globalization are … financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these …

Persistent link: https://www.econbiz.de/10009490605

Does financial integration spur economic growth? : New evidence from the first era of financial globalization

Schularick, Moritz (contributor); … - 2006

Does international financial integration boost economic growth? The question has been discussed controversially for a long time. As of yet, robust evidence for a positive impact is lacking (Edison et al., 2002). However, there is substantial narrative evidence from economic history that...

Persistent link: https://www.econbiz.de/10003301349

Global production linkages and stock market comovement

Auer, Raphael A.; Iwadate, Bruce; Schrimpf, Andreas; … - 2023

, documenting this link empirically has proven challenging. We construct a new dataset of theory-guided, relevant measures of …

Persistent link: https://www.econbiz.de/10014292801

What does trade openness measure?

Fujii, Eiji - 2017 - This version: September 7, 2017

An empirical measure of trade openness is defined as the ratio of total trade to GDP, and represents a convenient variable routinely used for cross-country studies on a variety of issues. However, the effects that the crude measure captures remain ambiguous, making it difficult to interpret the...

Persistent link: https://www.econbiz.de/10011721716

Third-degree price discrimination in oligopoly when markets are covered

Dertwinkel-Kalt, Markus; Wey, Christian - 2020

We analyze oligopolistic third-degree price discrimination relative to uniform pricing when markets are always covered. Pricing equilibria are critically determined by supply-side features such as the number of firms and their marginal cost differences. It follows that each firm's Lerner index...

Persistent link: https://www.econbiz.de/10012390927