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Looking at historical cross-country interactions, this book
examines the role of the US in the world economy. Illustrating that
US shocks tend to have a global nature and that Monetary Union only
partially shelters the Euro area from its external environment, the
book argues that the US should fully assume its responsibility,
minimizing shock transmission.
The GVAR is a global Vector autoregression model of the global
economy. The model was initially developed in the early 2000 by
Professor Pesaran and co-authors, for the main purpose of analysing
credit risk in a globalised economy. Starting from mid-2000 the
model was substantially enlarged in the context of a project
financed by the ECB, to comprise all major economies and the Euro
area as a whole. The purpose of this version was to exploit the
rich modelisation of international linkages in order to simulate
and analyse global macro scenarios of high policy interest. The
rich, yet manageable, specification of international linkages has
stimulated a vast literature on the GVAR. Since early 2011, the
basic model - and its data base - has also available on a dedicated
GVAR-Toolbox website with an easy-to-use interface allowing
practical applications by an extended audience, as well as more
complex analysis by the expert public. The book provides an
overview of the extensions and applications of the GVAR which have
been developed in recent years. Such applications are grouped in
three main categories: 1) International transmission and
forecasting; 2) Finance applications; and 3) Regional applications.
By using a language which is accessible to not econometricians, the
book reaches out to the extended audience of practitioners and
policy makers interested in understanding channels and impacts of
international linkages.
Productivity varies widely between industries and countries, but
even more so across individual firms within the same sectors. The
challenge for governments is to strike the right balance between
policies designed to increase overall productivity and policies
designed to promote the reallocation of resources towards firms
that could use them more effectively. The aim of this book is to
provide the empirical evidence necessary in order to strike this
policy balance. The authors do so by using a micro-aggregated
dataset for 20 EU economies produced by CompNet, the
Competitiveness Research Network, established some 10 years ago
among major European institutions and a number of EU productivity
boards, National Central Banks, National Statistical institutes, as
well as academic Institutions. They call for pan-EU initiatives
involving statistical offices and scholars to achieve a truly
complete EU market for firm-level information on which to build
solidly founded economic policies.
Although still relatively closed, the Euro area economy is
nevertheless subject to a broad range of economic impacts
originating from outside its borders. This book aims to improve our
understanding of how, and to what extent, such external
developments affect the Euro area. Using a broad range of
methodologies and techniques, the chapters analyse the various
channels that connect the Euro area to its external environment;
most notably trade, capital flows and other international
macroeconomic linkages. The result is that the interaction between
the Euro area and its 'external dimension' is shown to be more
complex and extensive than had previously been thought. With
contributions from both academics and professionals, this volume
will be an invaluable source of information for researchers and
policy-makers concerned with the interaction between regional
European integration and globalization.
Although still relatively closed, the euro area economy is
nevertheless subject to a broad range of economic impacts
originating from outside its borders. This book aims to improve our
understanding of how, and to what extent, such external
developments affect the euro area. Using a broad range of
methodologies and techniques, the chapters analyse the various
channels that connect the euro area to its external environment;
most notably trade, capital flows and other international
macroeconomic linkages. The result is that the interaction between
the euro area and its ???external dimension??? is shown to be more
complex and extensive than had previously been thought. With
contributions from both academics and professionals, this volume
will be an invaluable source of information for researchers and
policy-makers concerned with the interaction between regional
European integration and globalization.
How has increasing economic integration at regional and global
level affected the functioning of the global economy? What are the
consequences of globalisation and regionalism for world trade,
production processes and domestic economies? What kind of economic
adjustments do these phenomena imply in terms of factor mobility
and relative costs? Globalisation, Regionalism and Economic
Interdependence answers these and other questions by exploring the
relationship between globalisation and regionalism from both
academic and policy-making perspectives. It assesses the extent to
which increased global and regional integration has changed the
functioning of the world economy and analyses the implications for
global trade, relocation of production, structural changes and the
international transmission of shocks. With contributions from both
academics and professionals, this book is an invaluable guide to
the increasingly important effects of the interaction between
globalisation and various different forms of regional integration.
How has increasing economic integration at regional and global
level affected the functioning of the global economy? What are the
consequences of globalisation and regionalism for world trade,
production processes and domestic economies? What kind of economic
adjustments do these phenomena imply in terms of factor mobility
and relative costs? Globalisation, Regionalism and Economic
Interdependence answers these and other questions by exploring the
relationship between globalisation and regionalism from both
academic and policy-making perspectives. It assesses the extent to
which increased global and regional integration has changed the
functioning of the world economy and analyses the implications for
global trade, relocation of production, structural changes and the
international transmission of shocks. With contributions from both
academics and professionals, this book is an invaluable guide to
the increasingly important effects of the interaction between
globalisation and various different forms of regional integration.
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