By Richard Tilly, Paul J.J. Welfens, Michael Heise
Specialists current their analyses of old advancements in addition to new financial demanding situations for the eu Union. members, representatives from significant banks and academia, indicate the dramatic monetary shifts between and inside Europe, Asia, and the us. on the base line of this european research are significant implications for traders, managers, policymakers, and the general public at huge in either the ecu and the remainder of the area.
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Additional resources for 50 Years of EU Economic Dynamics: Integration, Financial Markets and Innovations
There are several dimensions where size plays a role for economic activities. Large economies: • can realize scale economies in the domestic market and advantages for large scale production processes. 3 • have bargaining power in trade- currency, exchange rate and environmental policy and can define and enforce legal, technical and economic norms. 4 • can provide a diversified technical infrastructure for high end research. • dominate world business cycles. • can realize seigniorage if the currency is a substantial fraction of international reserves Apart from these pure economic advantages, the political advantages are obvious.
However, group 6 stands for an industry where firms of catching-up countries successfully compete and displace traditional suppliers located in higher income countries. As group 6 on average does not stand for high technology human capital intensive goods, the observed picture can be expected. A similar pattern of comparative advantages holds for SITC group 8, Commodities. On average products of this group are also not characterized as high technology or human capital intensive goods (figure 8b).
International Finance and Economic Integration In the previous section we looked at the gross and net trade flows in order to investigate total international trading activities. In this section we would like to look at international financial streams. Both the gross and net streams are considered in order to identify the development of financial interconnection of the large centers. The overall picture of financial streams is similar to the picture for trade. Looking at the different types of financial streams, FDI is of particular interest, as it indicates the direct allocations of real economic firm activities over the globe.
50 Years of EU Economic Dynamics: Integration, Financial Markets and Innovations by Richard Tilly, Paul J.J. Welfens, Michael Heise