Progress Of Economic Integration Research Articles

Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration

Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.

Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration

Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.

Специфіка інтеграційної політики в Квебеці

Quebec's historical experience in the field of immigrant integration has always been relatively positive, and mass immigration has received significant support among the population. The special Quebec model of immigration policy deserves international attention and is relevant for study. However, the success of the management of immigration processes is only partially related to policy, and this cannot simply be transferred to another context, other countries, so the issue needs to be considered more broadly. So, the article examines the economic and social integration of immigrants in Quebec, the impact of immigration on social cohesion in the province, the economic situation for new immigrants and the second generation (their children), as well as the relevance of Quebec society discrimination and racism, the general attitude of Quebec residents to the immigration situation in the province. Having studied the specifics of integration policy in Quebec, we will try to conclude whether this policy is effective enough, whether it has some shortcomings, if so, what exactly and how it is possible to correct them. Is the deep and procedurally soft social integration of immigrants one of the results of this policy success what is the level of influence of the policy of multiculturalism on a fairly strong social cohesion? We will also try to find out whether there has been some progress in economic integration, as well as how Quebecians feel about the influx of immigrants to the province and how immigrants themselves evaluate their decision to move to Quebec, and answer the question: why racism or discrimination is minimal in Quebec, compared to the United States and many other European countries.

An Eventful End to an Eventful Year

The year 2017 started with a bang in Asia and ended not with a whimper but with an even bigger bang. The election of U.S. President Donald Trump shook up old premises about U.S. engagement in Asia that had long been taken for granted. The new U.S. government took a strong interest in developments in the Korean Peninsula after DPRK leader Kim Jong Un launched his country's most dangerous nuclear tests yet. However, other aspects of what had long been a traditional U.S. posture in the region suffered from some uncertainty. These included doubts about the U.S. president's sensitivity to the strategic concerns of its allies Japan and South Korea, as well as support for multilateral trade and economic cooperation arrangements that the former Obama government had supported, especially the Trans Pacific Partnership. The “America First” policy also raised questions about the extent to which trade tensions with China and other countries would dominate U.S. foreign policy, and as a consequence imperil long-term U.S. economic influence in the region. Trump's visits to several Asian countries in the latter part of the year went some ways in giving his counterparts in the region some assurances, but apparently not quite enough. In Southeast Asia, the Association of Southeast Asian Nations’ (ASEAN) commemoration of the 50th anniversary of its 1967 establishment provided much occasion to look back and be thankful for the economic success, relative peace, and cordial relations among the neighboring states in this formerly war-torn region. But serious challenges loom in the immediate future, including those arising from domestic political contestations in several states; Cambodia, Thailand, and Malaysia saw signs of growing dissension in 2017. There was also slow progress in economic integration under the ASEAN Economic Community, as well as ASEAN's inability to unify the perspectives of member-states on certain key regional security concerns, including disputes with China in the South China Sea, and the massive humanitarian crisis brought about by repression and abuses by the Myanmar military against the Rohingya minority in Rakhine State. Another sad endnote to the [email protected] celebrations was the untimely passing of Surin Pitsuwan, former ASEAN Secretary-General (2007–2012), consummate diplomat, humanitarian, and peace-maker, who until his very last days was on the road promoting Southeast Asian cooperation. In the Philippines, a siege by an ISIS-inspired rebel group—founded by the Maute brothers—lasted for five months in the once-prosperous and beautiful Islamic city of Marawi in the southern island of Mindanao. The urban landscape was reduced to rubble—a dire warning to the region that—as extremist violence in Iraq and Syria was dwindling, Southeast Asia could easily be the next major front. Toward year-end, the 19th Congress of the Communist Party of China gave President Xi Jinping a fresh five-year mandate which promises to bring even bolder and possibly more controversial measures than those we witnessed during the five years just ended. The “China dream” elucidated by Xi not only portends continuing efforts by China on the path to greater power (in particular, military power), but an invigoration of the Party's control over both the Army and the State. In external relations, the Belt and Road Initiative emerged as a major platform for China to integrate its own economy even further across the globe through infrastructure, trade, and financial connectivity projects. Whereas “America First,” Brexit, and the growth of Islamophobia and right-wing populism in the West may portend loosening links between Asia and the West, China continues to reach out not only to the West and its East Asian neighbors but to the Middle East, Africa, Latin America, and beyond, with promises of infrastructure investments and welcoming markets. Economic problems bedeviled the Chinese economy as well, not least a massive debt. Yet, should there indeed be a Western retreat from global engagement whether in economic or security affairs, the space for growth of China's own influence and leadership will inevitably expand. The sentiment in Beijing is that China is on the cusp of fully rising to reclaim its lost glory; after a “hundred years of humiliation,” it is closer than ever to the rejuvenation of the Chinese nation that its people have long aspired for. Selective as these highlighted events from 2017 are, we are tempted to predict that 2018 in Asia will be no less interesting.

Cross-border sentiment: an empirical analysis on EU stock markets

Most of the behaviour finance literature studies investor sentiment at its aggregate level. However, we argue that with the progress of economic integration and globalization, it is important to differentiate investor sentiment only confined within the market from sentiment across international markets as we have witnessed how the panic spread during the August 2007 financial crisis. Focusing on eight main EU stock market indices from March 1994 to February 2011, this article investigates different aspects of investor sentiment impact by differentiating the scope of influence of the sentiment. We find that sentiment especially developed and emerging EU stock market regional sentiments have significant impact on sample market excess returns and volatility. Since the start of the crisis, there are heterogeneous increases in different sentiment impacts. US sentiment is important in these EU markets but far from being the dominant one. Further analysis shows that regional sentiments can be transmitted across ...

Integracja rynków finansowych w Unii Europejskiej

The integration of financial markets is one of the stages of economic integration. The trends for the integration of financial markets is observed both on a global scale, as well as its various regions. The integration of financial markets may occurs as a result of actions by the authorities, but also by the international free market processes – globalization. Speaking about the integration of EU financial markets, we mean creating opportunities for free movement of capital and financial services in the EU and the single currency. As a result of increase in the financial integration process in Europe the value of the flow of capital between countries has significantly increased. With the progress of economic integration in the EU, the EU as a whole has become a stronger business partner and was able to invest more beyond its borders, as well as more investments flowed from the third countries. The integration of financial markets through greater development of the financial markets is leading to faster economic growth. It can bring many benefits, but also risks. Benefits should be seen in the possibility to boost the GDP growth, the risks in the existence of increasingly stronger links between national markets and intermediaries acting on that markets. A particularly important issue is the contagion effect. Additionally, in case of institutional mismatches on the side of economic policy, financial integration can also have negative effects on the economy, such as greater probability of financial crisis and economic recession, because the price for increased integration of financial markets is an increase in the risk of financial crises. Economic growth stimulated by the development of financial markets should be accompanied by proper regulation of markets to prevent future crisis. However, it must be also remembered that the growth of the institutions may limit the development of markets.

CONNECTING SOUTH EAST ASIA: A BLUEPRINT FOR ASEAN CONNECTIVITY

The Association of Southeast Asian Nations (ASEAN) was established on August 8, 1967, when foreign ministers of five countries, consisting of Indonesia, Malaysia, the Philippines, Singapore, and Thailand, met in Bangkok and signed the ASEAN Declaration. The regional grouping has made the most progress in economic integration, aiming to create an ASEAN Community by 2015. Recently, the Member Countries of the ASEAN have accepted the concept of ASEAN Connectivity, which emphasized on the three pillars regional cooperation of security, socio-cultural, and economic integration. In particular, ASEAN Connectivity is expected: (1) to enhance trade, investment, tourism, and development, (2) to narrow development gaps, and (3) to facilitate people-to-people contacts. As a preparation to adapt with a new system, Indonesia is geared to improve its domestic connectivity as a prerequisite of regional connectivity. In Indonesia’s view, regional connectivity should help empower and develop the local economies, as an effort to narrow the development gaps within ASEAN. To fulfill these goals, Indonesia needs to strengthen its physical connectivity through better transportation infrastructure. However, to support trade facilitation, good transportation infrastructure alone is not sufficient. It needs to be enhanced with ICT infrastructure, which is crucial in supporting trade facilitation through its ability to facilitate information exchange and to reduce the cost of doing business. This paper aims to explore how Indonesia’s domestic connectivity coops with the concept of ASEAN connectivity. Some data and various existing policies in their effort to accomplish ASEAN connectivity will be explored. With the new legal framework in ICT and transportation, the performance of the ICT and transportation system in Indonesia is expected to ameliorate, hence supporting the development of other sectors, and this will ultimately lead to the realization of ASEAN Connectivity. Keywords: ASEAN connectivity, domestic connectivity, economic integration, transportation policy, ICT infrastructure.

The Boao Forum for Asia Progress of Asian Economic Integration Annual Report 2009

This report represents a report card on the progress of economic integration in Asia under the current global financial crisis. It describes some of the major economic issues in the Asia-Australia region in the past, especially those events in the year 2009.The report describes in detail the impacts of the global financial crisis on Asia, how the Asian economies performed during the crisis, how they responded to the hardship caused by the global financial crisis and the encouraging signs that Asia is leading the world on the recovery path. Notably, China and India, the two most populous and fast-growing economies were able to maintain positive growth throughout the crisis. Their outstanding performance in growth and recovery have contributed substantially to the global efforts to overcome the current difficulties.With the severity of the global financial crisis Asia stood firm to intensify its efforts for closer economic cooperation among its members. The Asian economies are more inter-dependent on each other than ever before, with freer movements of goods, services, and capital. Faced with rising global protectionism, Asia called for greater trade and today’s Asia has emerged as a great guardian of the free global trading system.The report also examines the progress of economic integration and cooperation in Asia, including the ASEAN Plus Three process, the APEC and the possibility of fulfilling its goal of becoming a free trade area, the progress of economic integration in sub-regions of Asia. As a matter of fact, the process of economic integration in Asia is very much alive and is moving forward at a steady speed.The Copenhagen Meeting, the environmental issues and the work done by the Asian governments are not ignored in this report. The significance of these issues is that in terms of climate change and environmental protection, there has not been any formal cooperation framework among Asian members. Thus, the issues provide new opportunities for intensified regional cooperation.Asia is leading the world on the recovery path after the global financial crisis, and there is strong evidence that Asia will continue to maintain its vitality and dynamism. No doubt, economic integration in Asia is intensifying, with more intensive and extensive cooperation and mutual dependence among the economies, through the channels of trade, investment, finance, and macroeconomic coordination. We trust that the Asian members will make continued and joint efforts to overcome the current financial crisis and fulfill the goal of an integrated Asia.

Regional Economic Integration & Trade Flows: The Experience of Asean-5 and Japan

This study determines the effect of regional economic integration, namely the ASEAN Free Trade Area, on bilateral trade flows between the ASEAN-5 countries and their major trading partner, Japan. The analysis begins with the construction of a simple country-specific index based on the Common Effective Preferential Tariff (CEPT) scheme of AFTA to measure the progress of economic integration of each ASEAN-5 country. The index is then used to determine the effect of this economic integration on bilateral trade flows between the individual ASEAN-5 country and Japan. The empirical results of this study based on the Autoregressive Distributed Lag (ARDL) approach show that there is a significant trade creation between ASEAN-5 and Japan after the implementation of the regional free-trade area. The Philippines and Malaysia are the two most benefited countries, in terms of trade flows to Japan, from the regional economic integration of AFTA. The results also show that the other three countries, namely Indonesia, Singapore and Thailand, have gained in trade flows to Japan due to the Japanese foreign Investments in the countries.

The Role of Multinational Corporations and National States in the Globalization of Innovatory Capacity: The European Perspective

The recent ability of multinational corporations (MNCs) to develop integrated technological networks, increasingly motivated within Europe by the further progress of economic integration, is argued to affect and be affected by national technological competitiveness. This paper examines the precise geographical dispersion of technological activity in Europe by the largest MNCs, and the potential impact of those MNCs on the level and structure of the technological capacity of European home and host countries, using data on patents granted to the world largest firms in the US. Since the late 1980s, the majority of the technological activity conducted in foreign-owned research facilities located in Europe, has taken place in affiliates of European-owned companies. This paper examines whether the much higher degree of internationalization of corporate technology in European MNCs than in their US or Japanese counterparts is attributable to cross-border activity within Europe, or extends to European-owned research facilities in the US and Japan. While intra-European activity matters more for Dutch, Belgian and Swedish MNCs (and in the electrical equipment and computing industries), whose strategies are substantially based on corporate European integration, investments in the US are of greater significance for French and Swiss companies, and of the greatest importance for German and British firms (and in the chemical and pharmaceutical industries), representing a more widely ‘globalized’ technological strategy.