This paper reviews and discusses issues involved in assessing the relationship between capital account liberalization and economic performance. First, it discusses the different measures of restrictions used in the literature. Second, it reviews the literature on the relationship between growth...

This paper develops a method of testing for zones of financial integration based upon intertemporal considerations and applies it to data on Canadian provincial trade. In a financially-integrated region individuals smooth consumption with respect to movements in aggregate income. Consumption in...

Political business cycle theories predict that the occurrence and outcome of elections affect the timing of business cycle turning points. Opportunistic political business cycle theory predicts that a contraction is more likely to end soon after an election than at other times. Rational partisan...

The effects of capital account openness on economic growth may vary across countries. Some countries may not have in place the constellation of institutions required to fully benefit from open capital accounts. Other countries may realize only small marginal improvements in the wake of capital...

Exchange Rate Regimes in the Modern Era Michael W. Klein/and Jay C. Shambaugh The MIT Press Cambridge, Massachusetts London, England Contents Acknowledgments ix I Introduction 1 1 Exchange Rate Regimes in the Modern Era 3 II The Nature of Exchange Rate...

The emergence of an integrated European market will provide new opportunities and new challenges to firms operating in the international arena. This volume addresses some timely issues concerning the "new" European market, with a focus on the multinational corporation and foreign direct...

This paper reviews and discusses issues involved in assessing the relationship between capital account liberalization and economic performance. First, it discusses the different measures of restrictions used in the literature. Second, it reviews the literature on the relationship between growth...