This paper analyzes the impact of ongoing financial integration and increase in crossborder activities on banks’ common exposure to shocks and on banking sector systemic risk. For that, we study the evolution of correlations between large international banks’ asset-to-debt ratios over...

While the regional economic integration encompassing the former Soviet Union (FSU) transpiresto be inefficient, there appears to be a stronger interest in regionalism in smaller groupsof more homogenous and geographically connected countries of the region, specifically, CentralAsia. Using a new...

[...]Das vorliegende Working Paper beschreibt zunächst die Zielsetzung der Richtlinieund ihre Entstehungsgeschichte. Anschließend wird auf die grundlegendenBestandteile der EU-Dienstleistungsrichtlinie eingegangen, den einheitlichenAnsprechpartner und die angestrebte verstärkte Einführung...

This paper introduces the Small World model (Watts and Strogatz, Nature,1998) into the theory of economic growth and investigates how increasing economic integrationaects rm size and effciency, norm enforcement, and aggregate economic performance.When economic integration is low and local...

This paper examines an economic union where oligopolistic firms produce by skilled andunskilled labor and do in-house R&D by skilled labor. The planner of the union accepts newmembers to the union, regulates the labor market through a minimum wage for unskilledlabor and supports firms by...

Starting from Professor Kornai´s assertion about the necessity to focus on the long-termperspectives of the transformation process, we analyze in this paper the Lisbon performanceof the countries of the European Union from such a long-term, structural perspective. Wepresent in a simple form the...

The paper analyzes if and how the experiences of European integration can be used for theprogress of East Asia integration especially of the ASEAN+3 countries1. Of special interest isthe relevance of the new endogeneity approach of monetary integration for East Asia. Thequestion is discussed in...

In this paper an index of financial competitiveness is calculated that corresponds to themarket-to-book ratio of inward FDI stocks. For a panel of five advanced economies from1980 to 2006 it is shown that price competitiveness, stable inflation rates and registeredpatents have a positive impact...

In this paper Friedman (1953) and Mundell's (1968) position favouring flexible over alternative exchange rate regimes is reassessed in the context of international financial market integration...

The main objective of this paper is to study whether the introduction of the euro hadan impact on the degree of integration of European Government bond markets. Weadopt the CAPM-based model of Bekaert and Harvey (1995) to compare, from thebeginning of Monetary Union until June 2008, the...