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Perspectives on Monetary, Financial, and Economic Integration ...

Perspectives on Monetary, Financial, and Economic Integration ...

Perspectives on Monetary, Financial, and Economic Integration

Open economies review 17: 363–364, 2006 c○ 2006 Springer Science + Business Media, LLC. Manufactured in The Netherlands. ong>Perspectivesong> on Monetary, Financial, and Economic Integration: Editor’s Introduction Monetary, financial, and economic integration have been at the heart of Michele Fratianni’s research for several decades. Looking at these issues from a variety of perspectives was, therefore, the appropriate academic purpose of a conference held in Michele’s honor and convening many of his friends and students at the Indiana University Kelley School of Business, his academic home for 35 years, on April 9–10, 2006. This special issue of Open Economies Review, which was founded by Michele in 1990, presents a selection of the contributions to this conference. It opens with a review of Michele’s many contributions to economic analysis by his long-time friend and collaborator Paolo Savona. The papers in this volume reflect the breadth and the depth of the theme of integration and, therefore, of Michele’s work. The first three contributions focus on issues in international financial integration. Von Hagen and Zhang consider the consequences of financial liberalization in a small open economy. They show that the welfare and productivity effects of such liberalization depend critically on the sequencing of deregulation in different financial sectors. Furthermore, liberalization has distributional consequences which are often overlooked in the policy debate and which may go in different directions in the short and in the long run. Clark and Huang provide a model of international financial contagion through the capital market. They develop a role for the IMF as an agency internalizing the externality created by financial contagion. Kelejian, Tavlas, and Hondroyiannis take a spatial modelling approach to contagion and show that, empirically, contagion can be significant in foreign exchange markets. The next two papers consider the scope for international policy coordination in a world characterized by increasingly integrated financial markets. Pattison presents a case study of the Basel Committee and shows that the success of the Capital Regulation emanating from it can be explained by the international club theory approach developed, among others, by Michele. Kirton’s paper provides an assessment of the compliance with international commitments in the G8. Kirton shows that agency and institutionalization matter in explaining the degree of compliance. The next four papers deal with aspects of European monetary and economic integration. Franco Spinelli and Carmine Trecroci develop the roots of the concept of central bank independence in the Maastricht Treaty. They

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