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Real and Monetary Issues of International Economic Integration

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Rübel, G. (Ed.) (2000). Real and Monetary Issues of International Economic Integration. Duncker & Humblot. https://doi.org/10.3790/978-3-428-49868-0
Rübel, Gerhard. Real and Monetary Issues of International Economic Integration. Duncker & Humblot, 2000. Book. https://doi.org/10.3790/978-3-428-49868-0
Rübel, G (ed.) (2000): Real and Monetary Issues of International Economic Integration, Duncker & Humblot, [online] https://doi.org/10.3790/978-3-428-49868-0

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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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Abstract

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