Description
Book SynopsisAlthough the globalization of markets and the rapid growth in worldwide information technologies supports harmonization and integration between countries, substantial differences still exist throughout the world.
Global Divergence in Trade, Money and Policy explores the disparities between a range of countries, arguing that their differences are a major factor in international tensions, and will remain a substantial problem for many decades to come.
The book analyses the implications of disparities in the areas of economic power, institutional structures, per capita income, international trade, exchange rate systems, financial markets, monetary policy issues, the development of monetary unions and welfare. Case studies encompassing Asia, India, Greece, Mexico, the US and EU accession countries illustrate how differently the globalization process is regarded and valued by countries depending on their own particular circumstances.
Exploring the role of different countries in the processes of globalization and shedding light on the issues surrounding economic divergences, this book will strongly appeal to economists with a special interest in globalization, development and international trade.
Trade Review'. . . a wonderful book for those interested in issues of trade, finance and monetary integration, as well as in some peculiarities of the Mexican and US banking systems. It is also an excellent selection for upper-level or graduate courses in international economics and development, as it requires that the reader be familiar not only with theory, but also possess a decent mathematical background.' -- Carlos F. Liard-Muriente, Progress in Development Studies
Table of ContentsContents: Preface The Athenian Policy Forum Introduction PART ONE: PROBLEMS OF INTERNATIONAL TRADE 1. Currency Misalignments and Trade Asymmetries Among Major Economic Areas Dominick Salvatore 2. Free Trade and Poverty Fernando A. Noriega-Ureña PART TWO: EXCHANGE RATE ASPECTS AND FINANCIAL MARKETS 3. The East Asian Dollar Standard, Fear of Floating, and Original Sin Ronald McKinnon and Gunther Schnabl 4. Integration and Convergence of Financial Markets in the European Union Bala Batavia, Parameswar Nandakumar and Cheick Wagué PART THREE: ASYMMETRIES IN BANKING SECTORS 5. Asymmetries in US Banking: The Role of Black-Owned Banks Nicholas A. Lash 6. The Extranjerización of the Mexican Banking Sector: Expectations and Results Carlos A. Rozo PART FOUR: MONETARY POLICY ISSUES 7. Asymmetries in Transatlantic Monetary Policy Relationship? ECB versus FED Ansgar Belke and Daniel Gros 8. Rethinking Monetary Stabilization in the Presence of an Asset Bubble: Should the Response be Symmetric or Asymmetric? Marc D. Hayford and A.G. Malliaris PART FIVE: ACCESSION COUNTRIES AND EMU 9. The Internationalization of the Euro: Trends, Challenges and Risks George Michalopoulos 10. Linkages in the Term Structures of the EU Accession Countries Minoas I. Koukouritakis and Leo Michelis Index
