Search results for "INTEGRATION"
showing 10 items of 1465 documents
Financial Fragility and Distress Propagation in a Network of Regions
2012
Building on previous works on business fluctuations, we model the propagation of financial distress in a network of regions, each populated by heterogeneous interacting firms and banks. In order to diversify risk, firm sell goods outside their own region and borrow from banks located there. However, this results in ties across regions which propagate financial distress across regional borders. We investigate how the average level of economic integration affects the probability of both individual and systemic failures. We find that the benefit of greater diversification is eventually offset by the effect of financial acceleration and contagion. In particular, beyond a certain level of integr…
Older Peruvian Migrants’ Capacity and Desire to Send Remittances from Spain
2016
This article draws on the conceptual framework of capacity and desire to analyze the remitting behavior of older Peruvian migrants in Spain. Cross-sectional survey data are explored using regression analysis to estimate how local and transnational factors relate to the sending of remittances. To reveal the complexities involved in this activity, the findings are discussed in the light of qualitative data gathered through semi-structured interviews with older Peruvian migrants in the metropolitan area of Barcelona. Results show that economic integration and transnational ties and practices are strong predictors for the sending of remittances, with local language skills being of intermediate …
STRATEGIC CHOICES FOR THE ECONOMIC DEVELOPMENT THE REPUBLIC OF LATVIA AS EU MEMBER STATE
2012
After joining the EU in 2004, came to an end an important phase of the economic development of Latvian, which opened as new opportunities, as new challenges. Accession to the EU can be viewed on the one hand, the transitional period, on the other hand, it can be characterized as the period when Latvia was standing at the new crossroads and was ready for new, fundamental alternatives. Accession of Latvia in the EU contributed to the deepening of economic integration, radically changing the situation, as in financial, as in labor markets. Since 2004 Latvian experienced both, rapid economic growth, with GDP growth exceeded 12% per annum, and a significant recession, when GDP fell by nearly 18%…
Regional Powers as Leaders or Rambos? The Ambivalent Behaviour of Brazil and South Africa in Regional Economic Integration
2013
The behaviour of regional powers towards their own regions is often volatile in the developing world, which leads to unstable integration processes. This article argues that this volatility is due to limited intra-regional gains from regional integration in developing regions, which implies that the behaviour of regional powers is constrained by extra-regional economic interests. When regional integration is not in conflict with extra-regional interests, regional powers provide regional leadership. However, when extra-regional interests are in conflict with regional integration, regional powers become regional Rambos. This argument is illustrated with the two examples of Brazil's behaviour …
Trade balances and exchange rates in the long run for European Union countries
2000
This paper has found evidence that real effective exchange rates have a positive impact on the trade balance in the long run for major European Union countries. This result sheds more light on the long-run statistical relationship between those two variables, at least in the context of the Community. The existence of that link is sustained by the effects that income variables have on the trade balance. The outcomes of this analysis in support of a long-run equilibrium relationship are consistent with the imperfect substitutes model, confirming the validity of this model for economic policy implementation purposes. Low, long-run elasticities of the trade balance with respect to the real effe…
The economic impact of European financial integration: The importance of the banking union
2015
Abstract The aim of the paper is to analyze the effect of European financial integration on economic growth. We focus on how the international financial crisis that started in 2007 has affected integration and growth. By combining information at country, sector and firm level, we quantify the effect of financial integration on financial development and therefore on economic growth. Our results illustrate that until the outbreak of the crisis, a significant part of financial development is attributable to progress in integration, with a positive contribution of around 0.04 pp to the EU-15 countries’ GDP growth over the period 1999–2007 of advance in integration. However, during the crisis, t…
Measuring Globalization of International Trade: Theory and Evidence
2009
Measuring globalization requires a Standard of Perfect International Integration as a benchmark that a single world space would reach under conditions of geographic neutrality in international trade. We define this standard and present indicators for openness, connectedness and integration, for each specific economy, and for the world economy. We apply our indicators to data on trade flows for 59 countries for the 1967-2004 period. Results show that trade integration is higher than what traditional openness indicators suggest. Several economies find high levels of integration, but the low degree of openness in some large economies jeopardizes the progress of globalization. © 2008 Elsevier L…
The Theory of the Flying Geese Pattern of Development and Its Interpretations
1994
An interpretation is made of Akamatsu Kaname's theory of the flying geese pattern of development, launched in Japan during the 1930s. This theory explains how an undeveloped country can become developed relatively quickly. The undeveloped country adopts suitable labour-intensive industries from more developed countries. It produces first for the home market, but starts to export as soon as the industries have grown strong enough. Initially, products are simple, crude and cheap, but gradually the level of quality is elevated. The procedure is repeated over and over again, leading to a rapid process of national economic development. In Japanese postwar industrial policy, certain industries w…
Early modern trade flows between smaller states : the Portuguese-Swedish trade in the eighteenth century as an example
2015
The eighteenth century was a period of many great power wars and competition for colonies. However, despite the turmoil, smaller nations were able to carve their niches in the international trade of the period. Examination of new sources, used in a comparative fashion, indicates that bilateral trade still has much to offer for the analysis of international trade history. The pattern of bilateral trade between Sweden and Portugal indicates that they were not equally dependent on that trade, and that the products traded varied over time. Usually bulk commodities dominated this trade, as each country focused on its core competencies. Overall, the volume of trade and the number of ships travell…
New Evidence on Regional Inequality in Iberia (1900–2000)
2014
AbstractThis article presents new evidence on the evolution of regional inequality in Iberia from 1900 to 2000 from a geographical perspective. To do so we introduce a new historical dataset of regional gross domestic products (GDPs) for Spanish NUTS III and Portuguese Historical Districts, synthetic indices of regional inequality, and different measures of spatial correlation across regional per capita GDPs. The results show that the Portuguese and Spanish national economic integration processes initially led to the economic specialization across Iberian regions promoting the divergence in terms of their regional per capita GDPs. Notwithstanding, ulterior advances in the integration of nat…