By Filippo di Mauro, Stéphane Dees, Warwick J. McKibbin

How has expanding monetary integration at nearby and worldwide point affected the functioning of the worldwide financial system? What are the implications of globalisation and regionalism for global exchange, construction methods and household economies? what sort of fiscal changes do those phenomena indicate when it comes to issue mobility and relative bills? Globalisation, Regionalism and monetary Interdependence solutions those and different questions by way of exploring the connection among globalisation and regionalism from either educational and policy-making views. It assesses the level to which elevated international and nearby integration has replaced the functioning of the realm financial system and analyses the consequences for international exchange, relocation of creation, structural alterations and the foreign transmission of shocks. With contributions from either lecturers and pros, this ebook is a useful consultant to the more and more very important results of the interplay among globalisation and numerous assorted kinds of neighborhood integration.

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Note: The exponential of each indicator minus one can be interpreted as the multiple of the average degree of integration of each country. White bars indicate euro area countries, grey bars indicate other south-east Asian trading partners. Black bars indicate all other countries in the sample. 5 40 M. Bussière and B. 7 suggests that China is very well integrated with industrial countries such as Canada, Australia and the United States and with several Latin American countries (Peru, Uruguay and Argentina).

As regards the other euro area countries, the CEEC also seem to be well integrated with Finland, while there is still scope for further integration with more distant countries, such as Portugal. These results suggest that the strong rise in the market share of these countries in euro area external trade mainly reflects their convergence towards their normal degree of trade integration. 6 suggests that the CEEC are regionally very well integrated among themselves, with some countries of the former Yugoslavia and with some countries of the former Soviet Union (particularly Belarus), which may reflect their common historical trade ties within the Comecon system.

4 Globalisation index based on normalised time effects than for the regression encompassing all countries suggests that the larger database possibly also exhibits more noise, as it includes many developing countries, making the sample more heterogeneous. 4). Accordingly, it provides a broad measure for globalisation in international trade. The estimated time effects (normalised to 1981) increased significantly over time. 5 per cent per year, owing to globalisation effects alone. 0 Source: ECB staff.

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