This paper assesses the extent of international capital mobility in a time series context. It explores the possibility that the current account balance of different OECD-countries contains a unit root. It is shown that if the ratio of the current account balance to GDP is found to be integrated...

This paper develops a model of governments in competition. With its help I hope to throw some light on the question of whether economists should advocate coordination or competition among governments. My conclusion will be a plea for less harmonization and more competition, a conclusion that I...

Economists have been interested in the degree of international capital mobility for a variety of reasons. E.g., the extent to which public deficits crowd out domestic investments depends on the ease with which domestic firms may access the international capital market. The welfare reduction due...

This paper discusses the difference between Fisherian and Ricardian trade in terms of a simple two-period model of a small open economy. Fisherian or intertemporal trade occurs when goods are traded today against the promise to deliver goods in the future. The resulting net resource transfer is...

This paper presents an alternative view on the appropriateness of international policy coordination. Policy-makers compete for internationally mobile capital by offering club goods which are used as input factors by firms. A country is attractive for internationally mobile capital if the price...

Das Konzept der internationalen Wettbewerbsfähigkeit einer Volkswirtschaft ist seit den siebziger Jahren in der Öffentlichkeit und auch in der wirtschaftswissenschaftlichen Forschung in den Vordergrund getreten. Die Gründe für dieses zunehmende Interesse insbesondere in der Bundesrepublik...

Häufig wird gefordert, die Wirtschaftspolitik international zu koordinieren; wegen der engen Integration der Weltwirtschaft könnten die wirtschaftlichen Probleme nur durch gemeinsame, aufeinander abgestimmte Maßnahmen bewältigt werden. Die Befürworter dieser Strategie berufen sich dabei...

The world Bank’s proposal to establish a new international organization whose purpose would be insuring foreign direct investment (FDI) against political risk was launched at its annual meeting in Seoul in October 1985. This paper is an attempt to evaluate the proposed Multilateral Investment...