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...

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....

This paper draws a link between international capital flows and the real options approach to investment by extending the development and cascade model applied by Grenadier (Journal of Finance 51, 1996) to real estate markets. This modified model rationalizes such phenomena as gradual investment,...

This paper empirically addresses the question of the prospects of integration among African states in light of Mundell’s theory of optimum currency areas. The symmetry and asymmetry of shocks affecting African countries is measured by a structural vector autoregression decomposition method...

We use an extensive sample of 763 bonds issued by financial institutions of three countries of the “European South”, in 1997, one year before the selection of the “first-wave” EMU participants, and in 1999, EMU’ s starting year, to investigate the extent to which the aforementioned...