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

How has expanding fiscal integration at neighborhood and worldwide point affected the functioning of the worldwide economic system? What are the results of globalisation and regionalism for international alternate, construction approaches and household economies? what sort of fiscal alterations do those phenomena indicate when it comes to issue mobility and relative bills? Globalisation, Regionalism and monetary Interdependence solutions those and different questions through exploring the connection among globalisation and regionalism from either educational and policy-making views. It assesses the level to which elevated worldwide and neighborhood integration has replaced the functioning of the realm economic system and analyses the consequences for international exchange, relocation of construction, structural alterations and the foreign transmission of shocks. With contributions from either teachers and pros, this booklet is a useful consultant to the more and more vital results of the interplay among globalisation and diverse assorted types of nearby integration.

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Extra resources for Globalisation, regionalism and economic interdependence

Example text

Furthermore, Micco et al. (2003) suggest that the inclusion of country-pair-specific effects may mitigate endogeneity 6 We also considered adding FDI flows as an additional trade determinant, but there are several caveats: (1) the data are very volatile, (2) endogeneity problems could distort the estimates and (3) inspection of the data points to significant quality constraints. Trade integration of CEEC and China 29 problems. For instance, unusually high trade flows may lead to the establishment of a free trade agreement rather than vice versa.

By contrast, significant scope for further trade integration remains with more distant countries, such as Japan and the United States, as well as with the emerging markets in Asia and Latin America. In view of the progress that the CEEC and China have already made during the transition process in terms of more complete trade integration with the euro area, the model suggests that the potential for further strong gains in export market shares of these countries in the euro area emanating from a continued trade reorientation towards the euro area seems to be diminishing.

Di Mauro and W. J. 3 Impact on wages Trade integration and production outsourcing are often quoted as promoting a rise in inequality, especially through their impact on wages. The outsourcing of less skilled jobs to other countries has indeed increased the demand for high-skilled workers in developed economies, leading to a relative fall in the wages of the less skilled workers. Globalisation is not the only factor affecting wage distribution, however. Technological progress, by raising the productivity of high-skilled workers, is another factor that is often mentioned.

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