This paper investigates the determinants of the different forms taken by regional integration in different parts of the world. This raises the issue of the relationship between economic and political integration. The theoretical model shows that, in an insecure world, the interplays between...

Preferences about the vertical distribution of power in federal systems are not well understood. I argue that negative historical experiences with higher-level governments can plausibly raise demands for exit strategies and a devolution of power. But integration, for instance delegating power...

Although highly beneficial from a pragmatic point of view, Romania's accession in the European Union is problematic, especially in the long run and from a theoretical perspective. In the short run, adoption of european model emphasizes the advantages of economic integration. In the long run...

We use industry valuation differentials across European countries to study the impact of membership in the European Union as well as the Eurozone on economic and financial integration. In integrated markets, discount rates and expected growth opportunities should be similar within one industry,...

Drawing on recent work on the creation and breakup of countries, this paper examines the impact of economic and political integration on the vertical government structure. It argues that by increasing the market size and the benefits from the decentralized provision of public goods, integration...

The financial crisis in Europe has resulted in a new assessment of monetary and financial integration both in Europe and in Asia. Before the current crisis, regional integration in monetary and fiscal affairs including mechanisms to stabilize exchange rates enjoyed a lot of academic and...

Regional initiatives have flourished since the end of the Cold War. Given the degree of integration it has achieved, the European Union is often cited as a model of regional integration. This article argues that European integration has been the product of very specific historical conditions,...

This paper presents new estimates of the economic benefits from economic and political integration. Using the synthetic counterfactuals method, we estimate how GDP per capita and labour productivity would have behaved for the countries that joined the European Union (EU) in the 1973, 1980s, 1995...

The report represents the first part of a project targeting the problems and prospects of two economic integration projects in Greater Europe — the European project (European Union) and the Eurasian project (Russia, the Customs Union and the Eurasian Economic Union). This topic is particularly...

The EU has evolved from a grouping of six Western European countries with stated economic objectives to a large regional organization of now 27 European countries pursuing a wide range of political, economic, social, environmental, and security objectives, while the majority of the other...