This paper analyses whether there has been an increase in the degree of financial market integration during the nineties. To do this, we focus on stock markets and compute, first, a number of standard measures of co-movements that sometimes are interpreted as measures of financial integration....

The removal of barriers to trade and mobility is usually promoted as it allows for greater division of labor and, thereby, for improved economic welfare. Recent theory, however, suggests that the integration of markets might have serious consequences for the regional allocation of economic...

Power and conflict play virtually no role in mainstream economics, the main reason being the pervasive influence of the competitive model and the difficulty in incorporating quantitavely in formal models. Following some preliminary remarks on power, we proceed to an historical explanation of the...

The purpose of the present paper is to investigate whether Spain's accession to the European Union in 1986 caused a structural break in the allocation of total supplies of manufactures over domestic and foreign supplies. To that end we use the homogeneity-constrained Almost Ideal Demand System...

Southern Africa is strongly tied to the European economy, but their bilateral trade occurs in the context of a global economy. Any change with respect to one trading partner will have repercussions for other partners. This study aims to inform trade negotiations between South Africa and the...

This paper examines the potential for success for trade-focused regional integration agreements in Sub-Saharan Africa, with particular focus on Southern Africa. The paper surveys the existing literature on regional integration, and attempts to distill the most relevant lessons about success and...

We analyse the prospects for greater monetary integration in Africa, in the wake of EMU. We argue that the structural characteristics of African economies are quite different to the EMU members but that much can be gained from monetary cooperation, as external agency of restraint and in...