Since the end of the Second World War, economic integration has been regarded as being one of the most important global economic policies. Its relevance has not diminished and most countries, especially those that are developing, consider it to be a long-term strategy. Integration is present in...

Accompanying the wave of liberalization in motion since the mid 1980s, trade complementarity and its underlying structure of comparative advantage have started to dictate the directions of international trade flows. The vibrant FDIexport- led Asian growth has revealed the role of FDI as a...

The six Gulf Cooperation Council (GCC) countries (namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and U.A.E.) have exhibited considerable cooperation in the past for deepening the process of economic integration, and there is an animated debate in the academic and policy circles as to whether...

This study extends previous research by comparing banks across European Union (EU) accession and non-accession countries of central-eastern Europe in order to detect differences that perhaps have implications related to policy prescriptions for joining the EU. Using commercial banking data from...

We explore the welfare consequences of the alternative monetary and exchangerate regimes still available to the small country in open international financial markets in view of the optimum monetary policy that the large country adopts for itself. Both economies are based on nominal wage...

This paper examines the trend towards regionalism upon stock market returns in Latin America. Average correlations with other countries in the region and with the world suggest that the Latin American stock markets have become more regionally integrated over the study period. This finding...

This study examines the relationship between financial market segmentation and political risk. Financial economists have attributed market segmentation to factors such as foreign exchange risk, taxes, tariffs and capital controls whereas the influence of political risk has been largely ignored....

The East Asian currency crisis of 1997-98 has led to considerable interest on the interlinkages between foreign exchange markets in the Asian region. Implicit in the literature is the assumption that the currency crisis can be linked to close integration of the goods and capital markets of the...

Using a symmetric multi-country model that allows for the possibility of stagnation, this paper analyzes the effects of openness on effective demand. A regime shift from autarky to free trade boosts the value of consumption utility by expanding the range of consumption goods available to people...

This study examines the feasibility of economic integration in Latin America. We analyze the existence of the long-term and short-term common movements among key macro variables—real GDP, intra-regional trade, private investment and consumption—in the seven largest economies in Latin...