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We investigate the relationship between foreign direct ownership of firms and firm- and regionhighly robust, relationship between firm-level foreign ownership and volatility of value...
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be su...
We show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less ‘symmetric’ fluctuati...
In this survey, we attempt to consider how ˉnancial integration may increase economic welfare with little mentioning of potentially destabilizing e®ects. Financial crises can result from a rang...
We show empirically that regions with a more specialized production structure exhibit output °uctuations that are less correlated with those of other regions (less \symmetric" °uctuations). Combined w...
We investigate the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture “diversific...
We test if financial integration improves household consumption smoothing using microeconomic data. We find that the process of financial market integration and liberalisation broug...
This article reviews and evaluates a particular aspect of the institution-building process in the transition countries of Southeast Europe. It focuses on the development of the banking sector. It argu...
In the first part (in the previous issue of Economic Review) of this two-part study, the authors identified a number of possible benefits from combining banking and commerce, including portfolio diver...
The policy debate on whether to strengthen or to remove the legal barriers between banking and commerce has paid little attention to what the practical effects of removing the barriers would be. To he...
Current decision-making in natural resource use and management aims at delivering ecologically-sustainable development to achieve conservation and economic benefits. The process of guiding natural res...
Studies the evolution of country and industry effects at the level of the global stock market in terms of market integration from a regional perspective. Importance of the country effects in explainin...
In the first part (in the previous issue of Economic Review) of this two-part study, the authors identified a number of possible benefits from combining banking and commerce, including portfolio diver...
This paper considers the form of monetary policy coordination and regional exchange rate arrangement that would best support economic and financial integration in East Asia. In view of the region's ec...
We propose a simple to implement panel data method to evaluate the impacts of social policy. The basic idea is to exploit the dependence among cross-sectional units to construct the counterfactuals.

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