There have been several proposals to reduce the observed volatility of flexible exchange rates. The paper reviews two recent opposite views on the appropriateness of a common world currency for this purpose. Referring to an adequately formulated theory of world money, it is shown that there is...

To understand the reasons for the formation of regional economic groupings two basic concepts are introduced: association and dissociation. Moreover, the importance of interest groups and strategic groups is discussed, and security and bargaining power as basic political motivations are...

There have been several proposals to reduce the observed volatility of flexible exchange rates. The paper reviews two recent opposite views on the appropriateness of a common world currency for this purpose. Referring to an adequately formulated theory of world money, it is shown that there is...

The World Bank is a prestigious and large international financial institution. Since its foundation it has widened the scope and the size of its activities. One interpretation of what the World Bank is doing is the provision of public goods. If we take this interpretation seriously the...

The main focus of this paper is the question if the success of regional integration organisation in developing countries is, in fact, dependent on factors like similarity of their economic structure, market size or lack of commitment. It is shown that there are also other more important...

The article is based on the idea that geographic proximity is an essential factor for international integration policies due to its impact on the intensity of bilateral foreign trade and growth rate. Development is analysed as a process of structural diversification, whereby the country in...

This document is the technical annex to the full paper "Trade Effects of the East African Community" which is available separately.