Real and Monetary Issues of International Economic Integration
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Real and Monetary Issues of International Economic Integration
Editors: Rübel, Gerhard
Schriften zu internationalen Wirtschaftsfragen, Vol. 28
(2000)
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Fragen zu internationalen Wirtschaftsbeziehungen gewinnen angesichts der zunehmenden Globalisierung auch in der Wissenschaft eine immer stärkere Bedeutung. Demgegenüber scheinen Beiträge zu außenwirtschaftlichen Themen bei wirtschaftswissenschaftlichen Fachtagungen in den letzten Jahren eher an Bedeutung verloren zu haben. Angesichts dieses Widerspruches wurde im April 1999 der 1. Passauer Workshop "Internationale Wirtschaftsbeziehungen" an der Wirtschaftswissenschaftlichen Fakultät der Universität Passau ins Leben gerufen."Real and Monetary Issues of International Economic Integration" enthält zehn ausgesuchte Beiträge dieses Workshops, die sich in Teil I mit Außenhandel und Faktorbewegungen und in Teil II mit Fragestellungen internationaler Finanzen und der Makroökonomie offener Volkswirtschaften beschäftigen. Ein eigener Teil III ist dabei den Beiträgen zur Europäischen Währungsunion gewidmet, denen aufgrund der Aktualität dieses Themas eine besondere Stellung zukommt.Aufgrund der überaus positiven Resonanz und der hohen Qualität der Beiträge soll der Passauer Workshop "Internationale Wirtschaftsbeziehungen" fortgesetzt werden. Weitere Informationen zum Workshop und zu den Autoren finden Sie im Internet unter: http://www.wiwi.uni-passau.de/lehrstuehle/ruebel/pwiw/home.htm
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Preface | V | ||
| Table of Contents | IX | ||
| Part I: International Trade and Factor Movements | 1 | ||
| Jörn Kleinert: The Emergence of Multinational Enterprises. Simulation Results | 3 | ||
| I. Introduction | 3 | ||
| II. The Model | 5 | ||
| 1. Consumption | 6 | ||
| 2. Production | 7 | ||
| 3. Investment Decision | 15 | ||
| 4. Factor Demand | 16 | ||
| 5. Market Equilibrium | 17 | ||
| III. Simulation Results | 18 | ||
| Scenario 1: The Influence of Transport Costs | 19 | ||
| Scenario 2: The Influence of Transport Costs when Countries Differ in Size | 20 | ||
| Scenario 3: The Influence of Transport Costs on Various Industries in Economies of Different Size | 21 | ||
| Scenario 4: The Influence of Transport Costs when Fixed Costs Vary | 22 | ||
| Scenario 5: The Influence of Transport Costs on Various Industries with Different Cost Share Spent on Intermediate Goods | 23 | ||
| IV. Conclusion | 23 | ||
| V. Reference List | 24 | ||
| VI. Appendix | 25 | ||
| Michael J. Koop: Market Structures in International Trade. The Role of Partial Capital Mobility | 27 | ||
| I. Introduction | 27 | ||
| II. The Model | 28 | ||
| III. Simulation Results | 35 | ||
| 1. Allocation of Production and Market Structure | 36 | ||
| 2. International Trade and Foreign Direct Investment | 42 | ||
| IV. Conclusions | 48 | ||
| V. References | 49 | ||
| Carsten Eckel: International Production and Domestic Labor Demand | 51 | ||
| I. Introduction | 51 | ||
| II. The Model | 53 | ||
| III. Comparative-statics | 56 | ||
| IV. A Two Sector Analysis | 62 | ||
| V. Conclusion | 63 | ||
| VI. Reference | 64 | ||
| Harald V. Proff: Economic and Social Convergence or Divergence in and between Developing Regions – a Relevant Debate? | 65 | ||
| I. Introduction | 65 | ||
| II. Impacts of Regional Integration Among Developing Countries on Convergence and Divergence in Developing Regions | 66 | ||
| III. Developing Regions in the Growth Controversy – Convergence and Divergence between Developing Regions | 71 | ||
| IV. Inter-Regional Homogeneity and Heterogeneity of Developing Regions | 73 | ||
| 1. Economic Convergence or Divergence in and between Developing Regions | 73 | ||
| 2. Social Convergence or Divergence in and between Developing Regions | 76 | ||
| V. Outlook and Policy Recommendations | 78 | ||
| VI. References | 79 | ||
| Annex: The Economic Variables of the Cluster Analysis | 82 | ||
| Part II: International Finance and Open Economy Macroeconomics | 85 | ||
| Thomas Büttner: Pricing to Market and Exchange Rate Pass-Through in a Macroeconomic Model of a Large Open Economy with Imperfect Competition | 87 | ||
| I. Introduction | 87 | ||
| II. The Model | 89 | ||
| 1. Households | 89 | ||
| 2. International Oligopoly in the Domestic Market | 91 | ||
| 3. International Oligopoly in the Foreign Market | 95 | ||
| 4. Trade Balance | 96 | ||
| III. Macroeconomic Equilibrium for a Large Open Economy | 97 | ||
| 1. Equilibrium on the Labor Market | 97 | ||
| IV. Effects of a Devaluation in the Large Open Economy | 99 | ||
| 1. Derivation of the Effects in General Form | 99 | ||
| 2. Short Run Effects with Fixed Wages | 102 | ||
| 3. Medium Run Effects with Equilibrium on the Labor Market | 104 | ||
| 4. Long Run Effects with Balanced Trade | 108 | ||
| V. Conclusion | 109 | ||
| VI. Acknowledgements | 110 | ||
| VII. References | 110 | ||
| Christoph Fischer: Determinants of the Real Exchange Rate, Capital Stock, and Net Foreign Debt in a Medium-Sized Economy Dependent on Raw Material Imports | 113 | ||
| I. Introduction | 113 | ||
| II. The Model | 114 | ||
| III. Dynamics of the Model | 119 | ||
| IV. Shocks | 124 | ||
| 1. A Positive ‘Autonomous’ Shock to the Current Account | 124 | ||
| 2. An Increase in the Relative Price of Imported Raw Materials | 126 | ||
| 3. A Rise in Domestic Time Preference | 127 | ||
| 4. A Rise in Productivity in the Domestic Country | 129 | ||
| 5. A Rise in the Real Interest Rate in the World Capital Market | 131 | ||
| 6. Shocks to the Model in Retrospect | 133 | ||
| V. Summary and Conclusions | 135 | ||
| VI. References | 136 | ||
| Gregor Kolck / Dirk Rübesamen: Tobin Tax and Exchange Rate Volatility | 139 | ||
| I. Introduction | 139 | ||
| II. Tobin Tax in the Dornbusch-Model | 140 | ||
| 1. Tobin Tax and Interest-Rate Parity | 140 | ||
| 2. Tobin Tax and Overshooting Exchange Rates | 141 | ||
| III. Tobin Tax, Trading Volume, and Foreign Exchange Rate Volatility | 146 | ||
| 1. Market Structure of Foreign Exchange Markets | 146 | ||
| 2. Tobin Tax, Market Structure, and Volatility | 149 | ||
| IV. Conclusion | 151 | ||
| V. References | 151 | ||
| Part III: European Monetary Union | 153 | ||
| Michael Carlberg: European Monetary Union. The New Macroeconomics | 155 | ||
| I. Introduction | 155 | ||
| II. Basic Model | 156 | ||
| III. Fiscal Policy | 159 | ||
| 1. Identical Countries | 159 | ||
| 2. Different Money Demand Functions | 162 | ||
| 3. Different Labour Productivities | 163 | ||
| IV. Monetary Policy | 164 | ||
| 1. Identical Countries | 164 | ||
| 2. Different Exchange Rate Sensitivities | 166 | ||
| 3. Different Money Demand Functions | 167 | ||
| 4. Different Labour Productivities | 167 | ||
| V. Diagrams | 168 | ||
| VI. Policy Mix | 170 | ||
| VII. Extensions | 173 | ||
| VIII. Conclusion | 173 | ||
| IX. References | 174 | ||
| Sylvia Staudinger: Coordinating Monetary Policy between Ins and Outs | 177 | ||
| I. Introduction | 177 | ||
| II. The Model | 179 | ||
| III. Different Target Regimes | 182 | ||
| 1. Cooperative Solution | 182 | ||
| 2. Nash Solution | 183 | ||
| 3. Inflation Targeting | 184 | ||
| 4. The ERM II where the ECB Targets Inflation | 185 | ||
| IV. What Happens under Different Shocks? | 186 | ||
| 1. Supply Shocks | 186 | ||
| 2. Demand Shocks | 192 | ||
| V. Conclusions | 194 | ||
| VI. References | 195 | ||
| VII. Appendix A | 196 | ||
| VIII. Appendix Β | 197 | ||
| IX. Appendix C | 199 | ||
| Christiane Nickel: European Monetary Union and the CEECs – Who's In and Who's Out | 201 | ||
| I . Introduction | 201 | ||
| II. Stylized Facts | 202 | ||
| III. Theoretical Considerations and Estimation Methodology | 208 | ||
| 1. The Optimum Currency Area Theory | 209 | ||
| 2. Measuring the Optimality of a European Monetary Union for Central and Eastern European Countries | 210 | ||
| IV. Estimation Results | 214 | ||
| V. Summary and Conclusions | 218 | ||
| VI. References | 219 |