See also a publication with a similar title in <A href="http://www.sciencedirect.com/science/article/pii/S0261560611001161">'Journal of International Money and Finance'</A>, 30(7), 1535-61.<p>Using long time series for sovereign bond markets of fifteen industrialized economies from 1875 to 2009, I find that financial market integration by the end of the 20th century was higher...</p></a>

Structural funds are the most intensively used policy instrument by the EuropeanUnion to promote economic growth in its member states and to speed up the process ofconvergence. This paper empirically explores the effectiveness of European Structural Fundsby means of a panel data analysis for 13...

This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the 10 countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a data set of unbalanced...

The paper empirically analyzes stock market integration and the benefit possibilities of international portfolio diversification across the Southeast Asia (ASEAN) and U.S. equity markets. It employs daily sample of 6 ASEAN equity market indices and S&P 500 index as a proxy of U.S. market index...

The severe crisis affecting European Monetary Union has emphasized the prevailing interests of national governments and the lack of political leadership of European institutions, not to mention the failure of eurozone governance in terms of effective crisis management. The present work argues...

Volatile capital flows complicate emerging market economies’ macroeconomic management. This paper demonstrates that financial development helps reduce the impact of non-FDI inflows on real exchange rate appreciation. Using dynamic panel techniques and data from 78 developing economies for the...

This paper proposes a redemption fund for the euro zone countries alternative to that recently proposed by Doluca et al. (2012) – The European Redemption Pact: an Illustrative Guide, GCEE Working Paper No.2, February – and in coherence with a previous proposal of one of the author. In doing...

In the recent years there has been an intense discussion whether the actual behaviour of fiscal authorities is consistent with cyclical stabilization objectives. The question of the appropriate fiscal policy is gaining recognition especially for the countries of the euro area after entering the...

Regional economic integration in the EurAsEC member countries is increasingly often considered by academics from the point of view of cooperation in trade and investment. Much less attention is paid to the activities of banking intermediaries which fund these operations. The expansion and...

Managing capital flows and liquidity demand have been central issues for emerging market countries. This paper analyzes the effects of financial development and capital flows on foreign reserve accumulation in East Asian economies. Using annual data from 12 Asian economies between 1980 and 2009,...