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( Andrzej Cielik ),( Michael Ryan ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2005 Journal of Economic Integration Vol.20 No.3
We investigate the location determinants of Japanese multinationals in Poland using a regional data set from 1991 to 2001. Special attention is placed on the geographically targeted investment incentives (Special Economic Zones, SEZs) that were created during this period. Controlling for a more comprehensive set of region-specific characteristics than previously employed to evaluate SEZ importance, we find that our results are broadly consistent with previous FDI location choice studies. However, unlike other studies, the SEZ measure`s statistical significance disappears when we control for a number of additional regional characteristics.
Is Time Ripe for a Currency Union in Emerging East Asia?: The Role of Monetary Stabilization
( Marcelo Sanchez ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2006 Journal of Economic Integration Vol.21 No.4
This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. We develop a simple analytical framework for currency unions of small open economies. The empirical analysis looks at a number of supply-side characteristics of EEA countries highlighted by the model, distinguishing between aggregate and tradable sector structural features. Moreover, we discuss the evidence on the cross-country correlation of disturbances hitting the region. Our study indicates that, at present, EEA economies exhibit a high degree of cross-country supply diversity, while there is no compelling evidence that shocks are highly correlated across the region.
Political Instability and the August 1998 Ruble Crisis
( Tatiana Fic ),( Omar Farooq Saqib ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2006 Journal of Economic Integration Vol.21 No.4
The main objective of this study is to highlight the importance of political instability, defined as frequent changes in and of government, in undermining the Russian exchange rate based stabilization program of the 1990s. The empirical evidence supports the significance of political instability along with economic fundamentals in determining Russian real effective exchange rate and exchange market pressure, used as a proxy to the crisis.
Convergence Dynamics in Mercosur
( Juan S. Blyde ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2006 Journal of Economic Integration Vol.21 No.4
According to the traditional theory of international trade, a gradual opening of trade teamed with migration would make initially asymmetric regions more symmetric. In stark contrast, the new economic geography models show that factor mobility and opening may eventually exaggerates initial differences across regions. The mere possibility that uneven development may arise as a result of larger integration renders interesting analyzing the evolution of income disparities in Mercosur after more than a decade of economic integration. This is the main purpose of this paper. The study indicates that income disparities across Mercosur countries and regions have indeed increased during the 1990s. A preliminary analysis regarding the impact of the creation of Mercosur, however, shows that the integration process might not be at the origin of this trend.
A Numerical General Equilibrium Model with Endogenous Formation of Trading Blocs
( Timothy C. G. Fisher ),( Robert G. Waschik ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2006 Journal of Economic Integration Vol.21 No.4
We are interested in whether Preferential Trade Agreements facilitate attainment of Global Free Trade. Using a numerical general equilibrium model based on global trade data aggregated to 5 regions and 12 goods, we calculate the optimal tariffs in a Nash tariff-setting game when regions are free to form trading blocs. Using Riezman`s (1999) notion of blocking coalitions, we determine endogenously whichtradingbloc structures emerge when regions can form Free Trade Areas or Customs Unions. We nd that Global Free Trade may not be an equilibrium outcome unless constraints are placed on the way Customs Unions set their Common External Tariffs.
Sustainability of EU Fiscal Policies: a Panel Test
( Peter Claeys ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2007 Journal of Economic Integration Vol.22 No.1
The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the period 1970-2001. The intertemporal government budget constraint provides a test based on the cointegration relation between government revenues, expenditures and interest payments. Sustainability is analysed at both the national level and for a European panel. Results show that European fiscal policy has been sustainable overall, yet national experiences differ considerably.
Can Growth of a Trading Partner Harm a Country?
( Kwok Tong Soo ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2008 Journal of Economic Integration Vol.23 No.1
Can growth of a trading partner harm a country? This paper seeks to answer this question through the use of an eclectic trade model which is similar in flavour to Markusen (1986). This paper makes two contributions. First, it develops a simple and tractable model of international trade based on a combination of imperfect competition, comparative advantage, and identical but non-homothetic preferences in a three country framework. Second, it uses this framework to consider the possibility of losses from partner-country growth in a free-trading environment. We find that the presence of nonhomothetic preferences in particular, leads to a home bias in consumption which dampens any negative welfare effects when a country`s trading partners grow.
Competing Communications Networks and International Trade
( Toru Kikuchi ),( Marcelo Fukushima ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2008 Journal of Economic Integration Vol.23 No.1
This paper investigates the effects of competing communication networks on trade patterns in a Chamberlinian-Ricardian model of monopolistically competitive firms with a continuum of industries that require communication services in production. We conclude that intraindustry trade between different networks is determined by the relative size of networks and technological differences, and that a network will not have an incentive to expand indefinitely, despite network externalities.
( Yener Kandogan ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2008 Journal of Economic Integration Vol.23 No.1
The slow pace of multilateral negotiations has given a greater impetus to regional trade arrangements (RTA) as countries are eager to take advantage of welfare enhancing trade creation effect of trade liberalization. At the same time, this approach raises concerns as due their discriminatory nature, RTAs lead to welfare reducing trade diversion from third countries. The paper develops a modified triple-indexed gravity model to measure the trade creation and diversion effects of the preferential trade agreements in the Euro-Mediterranean region. The model is applied to different components of imports, since the welfare implications of each component is expected to be different. Using these measures, the paper proceeds to look for evidence for the Natural Trade Partners Theory using three definitions of natural partners. Results show that there is support for the theory when geographical distance or initial trade volumes are used to define naturalness only for intra-industry components. Stronger support is found when complementarity is used to identify natural partners.
( Rossitza B. Wooster ),( Tepa M. Banda ),( Smile Dube ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2008 Journal of Economic Integration Vol.23 No.1
In this paper, we assess whether trade among member countries of a regional trade agreement (intra-regional trade) contributes more to output growth than trade with nonmember countries (extra-regional trade). We use Granger causality tests to evaluate the trade-growth relationship in 13 countries from the European Union and separately estimate the differential impact of the two kinds of trade on economic growth over the period 1980-2003. In addition to the basic influences of investment and population growth, we find that intra-regional trade has had a lesser impact on growth in output per capita than extra-regional trade by almost 30%.