The Globalization of Markets: Capital Flows, Exchange Rates and Trade RegimesJerome L. Stein With the integration of Europe, there are free movements in goods, services, short and long term capital, and direct investment. The German mark is the key currency in Europe and its value will affect the equilibrium bilateral exchange rates of the other currencies in the EU. It is important to examine the following issues. What determined the trends in the value of the mark? How do we evaluate whether exchange rates are misaligned? Should term capital flows be taxed? What are the effects of regional trading blocs upon trade liberalization? What are the causes of direct foreign investment by multinationals? There is a unity to this book. The authors are senior scholars who approach the subject from the theoretical, policy oriented and econometric points of view. |
Contents
A Currency Transactions Tax Why and How | |
Discussant to Professor J Tobin | 5 |
The Equilibrium Real Exchange Rate of Germany | 6 |
Concepts of Equilibrium Exchange Rates | 41 |
A Note on Estimating Dynamic Economic Models of the Real Exchange Rate | 49 |
Resource Intensive vs Knowledge Intensive Growth | 55 |
The Not Wholly Satisfactory State of the Theory of Foreign Direct Investment and the Multinational Enterprise | 91 |
Other editions - View all
The Globalization of Markets: Capital Flows, Exchange Rates and Trade Regimes Jerome L. Stein No preview available - 2012 |
Common terms and phrases
bifurcation capital flows capital intensity Chichilnisky cluster cointegrating cointegrating vector comparative advantages competitive consumption converges costs countries current account curve decrease determined domestic dynamic East Germany econometric economies of scale effective exchange rate efficient equation equilibrium exchange rate estimates exogenous explain exports external economies factors figure firm foreign assets foreign debt Foreign Direct Investment free trade zone function fundamentals German mark global GRREU imports impose tariffs incentives increasing returns industry interest rate labor long run long term rate longer run MAGRQCON MAGRQGOV MAQRATIO market power medium run NAFTA NATREX model optimal tariff parameter Pareto efficient parities productivity of capital q-ratio quarter moving average rate of interest real effective exchange real exchange rate real long term region result returns to scale rise sector speculators stationary technologies terms of trade theory Tobin trade diversion trading blocks traditional comparative advantages Transactions taxes variables world price