This paper aims to empirically investigate the effect of the euro on stock markets for Hungary, Poland and the UK, and also the co-movement of the stock prices with the euro-zone using the daily stock price indices. The result reveals that in order to develop the emerging stock markets, exchange...

Since the signing of the Maastricht Treaty, there has been an intensive discussion whether the convergence criteria incorporated into the contract were appropriate to prepare the EU-member-countries for European Monetary Union. We argue that at least inflationary convergence was not a necessary...

The case of Switzerland appears to be unique with regard to the European Economic and Monetary Integration Process which began in 1957: even though the country has cultivated close ties and growing links with the European Union (EU) over time, it does not desire full membership. If this...

The economies of Canada and the United States, closely linked for many years, began a formal process of tighter integration with the Canada–United States Free Trade Agreement (1989) and North American Free Trade Agreement (1994). Due to the ease of border crossing, American and Canadian...

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...

This paper explores the interaction between labor market deregulation, monetary union and unemployment. Monetary policy autonomy and monetary union are compared in their influence on the optimal level of labor market deregulation consented to and wages demanded by labor unions. EMU leads to...

Adherents to the “natural trading partner” hypothesis argue that forming a PTA is more likely to raise welfare if member countries already trade disproportionately with each other. Opponents of the hypothesis claim that the opposite is true: welfare is likely to be higher if member countries...

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 paper examines Greek external trade following accession to the EU, placing emphasis on the 1990s. Using original disaggregated data we find: (i) Mutually offsetting, stable trade creation/trade diversion in imports from EU and third countries respectively. (ii) No EU effect on exports. These...

East Asian countries have experienced dynamic structural change in regional trade during the 1990s. While intra-regional trade rapidly progressed within the region after the financial crisis, Asia accounts for a large portion of inter-regional trade volume, even after the crisis. In this paper,...