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Full-Text Articles in International Economics
The Impact Of Monetary Regimes On International Trade Are Eu Experiences Relevant For Asia?, Apanard P. Angkinand, Clas Wihlborg
The Impact Of Monetary Regimes On International Trade Are Eu Experiences Relevant For Asia?, Apanard P. Angkinand, Clas Wihlborg
Business Faculty Articles and Research
We extend much research that has been devoted to the effects of the European Monetary Union (EMU) on international trade by introducing monetary regime variables in bilateral export equations with the objective of capturing the effects on trade of changes in monetary regimes relative to the pure EMU effects. To make the analysis relevant from an Asian perspective trade effects of the EU’s internal markets are also separated from EMU effects. To identify these different effects we include three groups of countries in our sample: EMU countries which are also members of the EU, EU countries outside the EMU and …
Endogenous Oca (Optimum Currency Area) Analysis And The Early Euro Experience, Thomas D. Willett, Orawan Permpoon, Clas Wihlborg
Endogenous Oca (Optimum Currency Area) Analysis And The Early Euro Experience, Thomas D. Willett, Orawan Permpoon, Clas Wihlborg
Business Faculty Articles and Research
Some have argued that the endogenous responses to the formation of a currency area are so strong that one need not worry about optimum currency area conditions ex ante. We argue that this is much too strong a conclusion. We draw on a number of recent studies to evaluate the endogeneity experiences of the eurozone in three major areas; trade flows, business cycle synchronisation and structural reforms to improve labour and product market flexibility. Simple before-and-after comparisons are insufficient for analysis of endogeneity. The experiences of non-euro Western European economies suggest that broader trends also had considerable influence on trade …
Capm In Up And Down Markets: Evidence From Six European Emerging Markets, Jianhua Zhang, Clas Wihlborg
Capm In Up And Down Markets: Evidence From Six European Emerging Markets, Jianhua Zhang, Clas Wihlborg
Business Faculty Articles and Research
The pricing of equity in six European emerging capital markets is analysed using both the conventional CAPM and a ‘conditional’ CAPM wherein up and down markets are separated. International influences on the stock markets are also analysed. The empirical evidence from a sample of 1,131 firms from the six markets indicates that there exists a significant relationship between beta and returns when up and down markets are separated. The international CAPM performs well in some markets that have become increasingly integrated with the world market. The general implication of the analysis is that beta can be a useful risk-measure for …