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I. INTRODUCTION The Fiscal Stability Treaty, signed on March 2012 and entered into force on January 2013. is a consequence of the 2010 European sovereign debt crisis. This formal agreement [...]

The reconstruction of Port-au-Prince and its environs is both an end in itself and an opportunity to promote Haiti's economic development. The economic development of Haiti can be boosted by [...]

The American South is a region with a strong regional identity. This identity is frequently examined through cultural terms, but has also been examined in relation to its economic changes [...]

I. Introduction The Association of Southeast Asian Nations (ASEAN) (1) has adopted the ASEAN Free Trade Area (AFTA) and ASEAN Vision 2020 for integrating its economies into a single production [...]

This paper is aimed at providing a better understanding of FDI determinants in the main ASEAN countries through new developments in FDI theories. This paper simultaneously explores bilateral, third-country as well as regional integration as determinants for FDI. As an extension to the exisiting literature, it first proposes a theoretical framework which builds on and extends the work of Baltagi, Egger, and Pfaffermayr (2007) by including the impact of regional integration. The theoretical model is then tested empirically for FDI flows from the United States to five ASEAN countries, i.e., Singapore, Malaysia, Thailand, Indonesia and Philippines, over the period 1995-2007 for fifteen industries. Alternative panel data models are considered, especially models with spatially correlated residuals. The results show that third-country effects and regional integration are significant determinants of FDI in ASEAN countries, especially for vertical and complex vertical FDI. Keywords: FDI, ASEAN, third-country effects, regional integration, panel data., I. Introduction In the past few years, ASEAN countries have experienced a considerable increase in foreign direct investment (FDl) inflows, i.e., +156 per cent from 2000 to 2007. Such an [...]

This paper examines the relationships between Russian and other equity markets over the period of 1995-2004. To account for potential instability in the market relationships we apply a number of cointegration approaches: Gregory-Hansen [1996. Residual-based tests for cointegration in models with regime shifts. Journal of Econometrics 70, 99-126] test, which allows for a structural break in the relationships, a stochastic cointegration framework by McCabe [2003. Testing for Stochastic Cointegration and Evidence for Present Value Models. Working Paper], the non-parametric test by Breitung [2002. Nonparametric tests for unit roots and cointegration. Journal of Econometrics 108(2), 343-363] and a regime-switching cointegration model in the spirit of Ho [1999. Financial liberalization and international capital mobility of Taiwan: a regime-switching approach. Asian Economic Journal 13(4), 407-417]. The tests point to a significant agreement that the Russian equity market remained isolated from the influence by international markets in the long run and that while a structural break might have occurred in August 1998 this did not alter the nature of long-run relationships. JEL classification: G10 G15 Keywords: Stock market integration CEE stock markets Russian Stock Market Cointegration

Two European political economists examine the restructuring of external relations of the Central Asian republics (CARs) after the disintegration of the Soviet Union by focusing on the structures of exports based on evidence provided by past balances of payments and trade data disaggregated at a relatively high level. The authors' investigation identifies shifts in the commodity composition of exports since the CARs' independence, both in terms of the share of major commodity groupings (e.g., toward raw materials) and in the quality/value-added of goods within specific commodity groups, as well as the spatial pattern of export destinations. The paper also addresses differences in the CARs' trade performance during the post-Soviet period, which remain small despite the substantial differences in resource endowments and policy orientations. Journal of Economic Literature, Classification Numbers: F14, F40, O11, P50. 1 figure, 11 tables, 40 references. Key words: Central Asia, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan, Eurasian Economic Community, economics of transition, economic development, foreign trade, GDP, international integration, composition of exports, autarkic industrialization.

A study was conducted to examine the spatial economic behavior of firms in 30 towns across five countries in Europe. Findings indicate that the less productive and more rural firms demonstrate stronger ties to their locality. Aside from this, the size of the local intermediate goods market influences the extent to which companies source locally.

Factors influencing input sourcing trends of foreign-owned European multinational subsidiaries are examined. Implications of economic integration of European Union on sourcing trends are also analyzed.

A prominent American geographer discusses geopolitical implications of U.S. penetration into a vast Eurasian Convergence Zone, within which the influence of major world geopolitical powers (Maritime Europe, Russia, China, India, and Japan) converge. Following a discussion of the nature of U.S. activity in major subsections of the Zone (Eastern Europe, Transcaucasus, Central Asia, and East Asia), the author examines economic, demographic, and military strategic stakes of the major geopolitical powers in the region. Concluding sections assess the complex relationships (both cooperative and competitive) among the U.S. and abutting powers in the Zone and outline ways that U.S. foreign policy objectives might be supported. Journal of Economic Literature, Classification Numbers: O10, O18, R10. 3 figures, 46 references. Key words: geopolitics, Eurasia, foreign policy, world system, gateway, shatterbelt.

Article History: Registration Date: 01/01/2004

An American geographer specializing in southeast Europe and the Middle East examines Turkey's prospects for membership in the European Union, a process that recently received a positive recommendation by the European Commission. Of particular importance in the debate over Turkish accession are claims that cultural differences divide Europe and Turkey, and overshadow both their shared history and practical economic and geopolitical considerations. The author argues that two issues of great interest to the European Union and the domestic politics of its member states--immigration and regional security--relate directly to Turkey's geopolitical situation, complicating its bid for lull membership. Journal of Economic Literature, Classification Numbers: F20, J61, O10, O52.3 figures, 3 tables, 53 references. Key words: Turkey, European Union, enlargement, cultural politics, geopolitics.

Scholars have developed a large body of knowledge on the domestic underpinnings and effects of European integration. Students of the European Union (EU) have devoted considerable attention to the sources of citizen and party support for EU membership. This attention would suggest the presence of a dynamic process in which parties compete for votes by adopting stances on the EU, and citizens vote on the European issue. Evidence from the three new member states--Austria, Finland, and Sweden--shows that citizen attitudes about the EU affected vote choice in national elections in all three states before and after accession. This finding suggests the existence of an electoral dynamic between voters and parties over European integration, with mass publics having an important role in constraining future efforts at integration. Implications and directions for future research are discussed. Keywords: European integration; voting behavior; issue voting; EU voting

Central to ongoing debates over the desirability of monetary unions is a supposed trade-off, outlined by Mundell (1961): a monetary union reduces transactions costs but renders stabilization policy less effective. If shocks across countries are sufficiently correlated, then, according to this argument, delegating monetary policy to a single central bank is not very costly and a monetary union is desirable. This paper explores this argument in a setting with both monetary and fiscal policies. In an economy with monetary policy alone, we confirm the presence of the trade-off and find that indeed a monetary union will not be welfare improving if the correlation of national shocks is too love. However, fiscal interventions by national governments, combined with a central bank that has the ability to commit to monetary policy, overturn these results. In equilibrium, such a monetary union will be welfare improving for any correlation of shocks.

This article examines the outcome of the EU policy process from various comparative perspectives in an effort to distinguish the 'net effects' of EU membership and EU-level regimes from more general--perhaps global--processes of change. It argues that the major features of liberalization would have been diffused to most if not all member states even in the absence of the European Commission, other agents of supranationalism, and EU-level intergovernmental commitment to liberalize. This is not to suggest that Europeanization does not matter but that it matters in less obvious and perhaps in less critical ways than is frequently assumed. The argument is supported by comparative empirical analysis of the spatial and temporal diffusion of liberalization since the 1980s and of nationalization since the late 19th century. Keywords: regulatory reforms; privatization; liberalization; Europeanization; telecommunications; electricity

Traditionally, integration has been studied at the country level. With increasing economic integration, industrial reorganization, and blurring of national boundaries (e.g., European Union (EU)), it is important to investigate global integration at the industry level. We argue that country-level integration (segmentation) does not preclude industry-level segmentation (integration). Indeed, our results suggest that a country is integrated with (segmented from) the world capital markets only if most of her industries are integrated (segmented). We also show that although global industry risk is small, it can be priced for certain industries. Industries that are priced differently from either the world or domestic markets represent incremental opportunities for international diversification. Key words: imperfect industry integration; global industry risk; conditional asset pricing; industry information variables; portfolio diversification, 1. Introduction There is a large body of research on capital market integration and international diversification. Based on international asset-pricing models of Solnik (1974), Stulz (1981), Adler and Dumas (1983), [...]

This article explores the interaction of German domestic politics with the European integration process. It argues that institutions of European integration were a stabilising force for the West German state. But West German engagement with Europe went further. As a persistent demandeur for European-level solutions, West Germany also provided many of the institutional templates adopted for Europe. An unusual level of congruence of institutional forms at German and European levels emerged, embedding not just stability but advantage for German actors. German-EU congruence has been challenged since 1990 by domestic resource tensions and the developing momentum of both integration and enlargement. Aspects of the EU are now seen as disadvantageous to Germany, challenging the instinctive preferences of German actors for Europeanisation., Alone among post-1871 German states, the Federal Republic has been internally stable and a contributor to wider European stability. At the foundation of the Federal Republic in 1949 this outcome [...]

This test of the international capital asset pricing model determined that the East Asian market is integrated.

The authors suggest that regional business cycles can be explained by industrial structure, size of regions, and administrative borders.

ABSTRACT This paper addresses the economic role of these two countries: Will the Chinese economy, as many suggest, continue its strong economic advance under its system of 'undemocratic capitalism' and [...]

In this paper I combine long multi-country time series data for interest rates and stock returns with the institutional evidence for much earlier centuries amassed by economic historians to study the question of financial globalization and how it has altered since the late classical era. At their longest, for Dutch and English short-term interest rates, the quantitative data that I use extend back slightly more than three centuries. The institutional history provides information on an additional millennium's worth of experience. The conclusion that I reach is that the internationalization of money and finance and the globalization of financial markets are not new phenomena. They are part of an evolutionary process that began much earlier and that has continued, albeit with periodic interruptions and reversals, for many centuries. What we see today is simply the latest and most advanced manifestation of this process. Keywords: Financial integration; Real interest rates real stock returns; International money; Financial history

Annual gross national product data of 5 European countries is studied; specifically, analyzing intercountry interaction and dependence. A dynamic factor model is used to account for common information among variables: e.g., common cycles, common trends, and the like.

This research show the short-run effects that a country's governmental policy can have on the prices and outputs in markets on other countries; i.e., a region's role in the world's mutually dependent economy . Four economic regions were studied here: Japan, the United States, the European Union, and Asia.

Ecuador strikingly illustrates two contradictory forces of the global cultural economy: the pressures of market integration that erode economic independence and the pursuit of 'autonomy' that has motivated native movements. Examining here how Quichua communities practice self-determination during enactments of popular justice and negotiations for urban market access, the article shows the political limitations and economic risks of autonomy defined in the context of bounded indigenous territories. It also argues against the practicality and even desirability of autonomy formulas that assume new, unified multicultural identities as a means of framing relations among autonomous peoples. Instead, the author contends that Quichua peoples have been working towards a 'relational autonomy' linked to the geographic mobility of peasant careers. It manifests itself not through zonal separation and new pluricultural identities, but rather through strengthening and restricting relations with others. The autonomy that emerges, then, is situational, reflecting the responsiveness of indigenous organizers--rather than programmatic commitment to ideals, multicultural or otherwise. Key Words: Indigenous people, Latin America, Andes, Autonomy