Abstract Bela Balassa's Theory of Economic Integration, published fifty years ago, is a
remarkable, yet little known book. This essay reviews developments in the economic …

The aim of this paper is to analyse the effects of the implementation of the Internal Market
Programme and to propose ideas on how its potential can be better exploited. First, the …

This study introduces two novel metrics that calculate the degree of shock asymmetry which
can be utilized to examine whether countries in a currency area face symmetric shocks. In …

This article examines the implications of the euro crisis for theories of political economy
associated with 'varieties of capitalism', considering how those theories help explain the …

We develop a procedure for applying the core implications of the theory of optimum currency
areas, and find that the relationship between OCA characteristics and the observed behavior …

The article discusses advances and limitations of Comparative Capitalism scholarship on
the causes of the Eurozone crisis. It explains the crisis by highlighting four basic …

Trade intensity increases the business cycle co-movement among industrial countries.
Using annual information for 147 countries for the period 1960–99 we find that the impact of …

Trade effect The euro's trade impact is clearly important for the nations that have already
joined euroland. But the size and nature of the trade effects are even more important for the …

This paper analyses the integration process of European equity markets since the 1980s. Its
central focus is on the role that EMU, and specifically, changes in exchange rate volatility …

This paper re-examines the relationship between trade intensity and business cycle
synchronization for 21 OECD countries in the period 1970–2003. Instead of using …