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Market Integration (market + integration)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	63%
Humanities and Social Sciences	23%
3 Other Domains	14%

Distribution within Business, Economics, Finance and Accounting

General & Introductory Economics	53%
Agricultural Economics & Resource Management	28%
General & Introductory Finance & Investments	7%

Selected Abstracts

THE CLOSED-LOOP EFFECTS OF MARKET INTEGRATION IN A DYNAMIC DUOPOLY

AUSTRALIAN ECONOMIC PAPERS, Issue 1 2010
KENJI FUJIWARA
This paper develops a dynamic game model of reciprocal dumping to reconsider welfare effects of market integration, i.e. reductions in transport costs. We show that welfare under trade is unambiguously less than welfare under autarky for any level of transport costs, which is impossible in static models where trade is profitable if the transport cost is low enough. This is because the negative effect through closed-loop property of feedback strategies dominates the positive effects. [source]

Capital Market Integration in Euroland: The Role of Banks

GERMAN ECONOMIC REVIEW, Issue 4 2000
Claudia M. Buch
The introduction of the euro marks a milestone in the process of European financial market integration. This paper analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of banks as providers of informational and of risk-diversification services. By eliminating exchange rate risks, the euro enhances the incentives of banks to expand within Euroland. Yet, while the currency bias in bank portfolios will be eliminated, the home bias will remain. Implications of market integration for the risk-taking and the monitoring of banks are not clear-cut. [source]

Market integration and convergence to the law of one price in the North American onion markets

AGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 2 2008
Dwi Susanto
The North American agricultural markets have become much more integrated; but the level of integration varies across sectors and over time. Differential tariff phasing-out periods and remaining trade disputes are two of many factors contributing to this. This article applies panel data unit root tests to study price convergence and market integration in the North American onion markets. Commodity and variety monthly base price data for the period of 1998 to 2006 are used. Empirical results decisively suggest the existence of price convergence across markets as well as onion varieties. A two-sample period analysis shows an increase in the speed of price convergence over time, suggesting deeper market integration as NAFTA was fully implemented. Further analysis based on a two-country-market basis found that U.S.,Canadian markets have experienced deeper market integration compared with U.S.,Mexican markets as well as Canadian,Mexican markets. [EconLit citations: F150, Q170]. © 2008 Wiley Periodicals, Inc. [source]

Spatial integration at multiple scales: rice markets in Madagascar

AGRICULTURAL ECONOMICS, Issue 3 2009
Christine Moser
Market integration; Prices; Rice Abstract The dramatic increase in the price of rice and other commodities over the past year has generated new interest in how these markets work and how they can be improved. This article uses an exceptionally rich data set to test the extent to which markets in Madagascar are integrated across space at different scales of analysis and to explain some of the factors that limit spatial arbitrage and price equalization within a single country. We use rice price data across four quarters of 2000,2001 along with data on transportation costs and infrastructure availability for nearly 1,400 communes in Madagascar to examine the extent of market integration at three different spatial scales,subregional, regional, and national,and to determine whether non-integration is due to high transfer costs or lack of competition. The results indicate that markets are fairly well integrated at the subregional level and that factors such as high crime rates, remoteness, and lack of information are among the factors limiting competition. [source]

Market integration in Russia during the transformation years,

THE ECONOMICS OF TRANSITION, Issue 3 2003
Konstantin Gluschenko
Abstract A cross-sectional relationship among Russian regions between price dispersion and per capita income dispersion is used to measure the degree of integration between regional commodity markets. The sequence of cross-sectional estimations for each month of the period spanning 1992 through 2000 provides the temporal pattern of market integration in Russia, yielding an integration trajectory. The regional fragmentation of the national market increased during the early years of transition but integration has subsequently tended to improve notwithstanding occasional deviations from this trend. [source]

Technology Adoption and the Emergence of Regional Asymmetries

THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 1 2000
Emanuele Giovannetti
The model explains the emergence of asymmetric productive structures among regions based on adoption of a quality improving technology. Firms' products are differentiated both in location and quality, location is given. We characterize symmetric and asymmetric equilibria of the two stage game in price and adoption. Asymmetric equilibria display partial adoption frequencies and regular geographical patterns of adoptions. The asymmetry of the economy has, often, a reverse U-shaped relation with the innovation size. Market integration is an obstacle for the full adoption of the new technology and favours the emergence of regional asymmetries. [source]

Challenging Orthodoxies: Understanding Poverty in Pastoral Areas of East Africa

DEVELOPMENT AND CHANGE, Issue 4 2008
Peter D. Little
ABSTRACT Understanding and alleviating poverty in Africa continues to receive considerable attention from a range of diverse actors, including politicians, international celebrities, academics, activists and practitioners. Despite the onslaught of interest, there is surprisingly little agreement on what constitutes poverty in rural Africa, how it should be assessed, and what should be done to alleviate it. Based on data from an interdisciplinary study of pastoralism in northern Kenya, this article examines issues of poverty among one of the continent's most vulnerable groups, pastoralists, and challenges the application of such orthodox proxies as incomes/expenditures, geographic remoteness, and market integration. It argues that current poverty debates ,homogenize' the concept of ,pastoralist' by failing to acknowledge the diverse livelihoods and wealth differentiation that fall under the term. The article concludes that what is not needed is another development label (stereotype) that equates pastoralism with poverty, thereby empowering outside interests to transform rather than strengthen pastoral livelihoods. [source]

Labour market implications of EU product market integration

ECONOMIC POLICY, Issue 30 2000
Torben M. Andersen
European labour markets are in a state of flux due to the changing market situation induced by international integration. This process affects wage formation through more fierce product market competition and increased mobility of jobs. This development is by some observers taken to enforce labour market flexibility, while for others it signals an erosion of social standards and in turn possibly the welfare society. Since labour is not very mobile in Europe, the effects of international integration on labour markets are mostly indirect via product market integration. We review the channels through which product market integration affects labour markets and perform an empirical analysis of the convergence and interdependencies in wage formation among EU countries. We find that integration is changing labour market structures and inducing wage convergences as well as stronger wage interdependencies, but it is a gradual process. Moreover, the present study does not support the view that international integration will lead to a ,race to the bottom' and rapidly erode domestic labour markets standards, nor that it will relieve politicians of the need to consider labour market reforms to improve labour market performance. [source]

Liberalized capital markets, state autonomy, and European monetary union

EUROPEAN JOURNAL OF POLITICAL RESEARCH, Issue 2 2003
Erik Jones
The conventional wisdom is that capital market integration and now monetary union have limited the options available to macroeconomic policy makers in Europe. The question considered here, therefore, is why many prominent Europeans insist that monetary union is a rational response to capital market integration. Monetary union eliminates exchange rate volatility , but only at a cost in terms of tightening the constraints on macroeconomic policy. Using a combination of macroeconomic theory and (descriptive) statistical analysis of European performance, I find that: capital market integration has increased macroeconomic flexibility through a mitigation of the current account constraint; European states have combined macroeconomic policies in a manner that has taken advantage of greater flexibility on the current account; the cost of such flexibility in terms of the impact of financial volatility on the real economy manifests differently in different countries; and monetary union both enhances flexibility on the current account and mitigates financial volatility. [source]

The Free Movement of Goods as a Possible ,Community' Limitation on Industrial Conflict

EUROPEAN LAW JOURNAL, Issue 4 2000
Giovanni Orlandini
The aim of this essay is to underline the fact that the process of achieving single market integration is very likely to influence the regulation of industrial conflict. In this perspective, the Commission v France judgment is analysed, in which the ECJ,through a combined interpretation of Article 30 (now 28) and Article 5 (now 10) of the Treaty,states that a Member State is obliged to adopt all ,appropriate measures' to remove any ,obstacles' impeding the free circulation of goods caused by private persons. A new Regulation (n. 2679/98) has followed the ECJ decision, instituting a system of notification of such obstacles arising, or the threat of them, and the right of the Commission to demand a formal reply from a State on whether it has taken, or will be taking the necessary and proportionate measures. The analysis of the principles adopted by the ECJ and of the Regulation shows that, at Community level, pressure is exerted on States to prevent the exercise of collective action as effectively as possible, if this damages inter-State trade. A transnational limit on industrial conflict thus emerges in the Community order, which may well affect the equilibria of national industrial relations in various ways. [source]

Capital Market Integration in Euroland: The Role of Banks

Global Markets and National Regulation: The Protection of Shareholder Interests in Germany and Italy

GOVERNMENT AND OPPOSITION, Issue 1 2007
Dermot McCann
Global market integration is widely perceived as presenting a major challenge to the sustainability of many national economic regulatory systems. There is far less agreement, however, about precisely how these pressures feed into the politics of reform and reshape national public policy. This article will seek to cast light on this relationship by identifying four influential ,models of linkage' between global pressures and regulatory change. It will then comparatively assess their capacity to elucidate the progress of shareholder protection reform in Germany and Italy. While no single model proves fully satisfactory, it will be argued that the weaknesses of two of them can be largely overcome through a process of refinement and integration. [source]

Free movement, equal treatment and workers' rights: can the European Union solve its trilemma of fundamental principles?

INDUSTRIAL RELATIONS JOURNAL, Issue 6 2009
Jon Erik Dølvik
ABSTRACT This article analyses the trilemma the EU is facing concerning three fundamental principles on which the Community rests: free movement of services and labour; non-discrimination and equal treatment, and the rights of association and industrial action. With rising cross-border flows of services and (posted) labour after the Eastward enlargement, the conflict between these rights has triggered industrial disputes and judicial strife. In the view of the European Court of Justice (ECJ), highlighted in the Laval Quartet, some principles are more fundamental than others. Tracing the ,dual track' along which European integration has evolved, whereby supranational market integration has been combined with national semi-sovereignty in industrial relations and social policies, our claim is that the supremacy of free movement over basic social rights implied by the ECJ judgments is leading Europe in a politically and socially unsustainable direction. To prevent erosion of the European Social Models and of popular support for European integration, the politicians have to reinsert themselves into the governance of the European project. A pertinent start would be to ensure that the rising mass of cross-border service workers in Europe become subject to the same rights and standards as their fellow workers in the emerging pan-European labour market. [source]

Coping with long,term unemployment: economic security, labour market integration and well,being.

INTERNATIONAL JOURNAL OF SOCIAL WELFARE, Issue 3 2002
Results from a Danish panel study
On the basis of a Danish panel study of the long,term unemployed 1994,1999, the article challenges core premises underlying labour market reforms, assigning too high a priority to work and work incentives, and too little priority to social protection. Economic hardship has become widespread among long,term unemployed even in Denmark, and this is a more serious threat against well,being than unemployment as such. Generous social security, denounced as ,passive support', enables the unemployed to cope with their situation, and there are no signs of any ,dependency culture'. Incentives in terms of economic hardship may stimulate active job seeking but the panel study reveals that it has no positive effect on subsequent labour market integration. [source]

"Luring Overseas Trained Doctors to Australia: Issues of Training, Regulating and Trading"

INTERNATIONAL MIGRATION, Issue 4 2009
Robyn Iredale
Australia is at a crossroads. Its long history of relying on overseas trained medical practitioners and the last decade's changes, in terms of the introduction of policies to recruit large numbers of temporary doctors, both require examination. Not only is Australia alone in its overt policy initiatives but it also fails to be aware of the consequences for some sending countries. Australia has not entered into the spirit of international attempts to ameliorate the potential effects of developing-to-developed country medical migration and trade. This paper will provide an overview of the current international situation regarding supply and demand, major ethical issues, Australia's immigration policies and regulatory framework and the situation with respect to the labour market integration of overseas trained doctors (OTDs). It will be argued that Australia ,lures' with little concern for the consequences for source countries. [source]

Market Price of Risk: A Comparison among the United States, United Kingdom, Australia and Japan,

INTERNATIONAL REVIEW OF FINANCE, Issue 4 2009
KENT WANG
ABSTRACT This study examines and compares the market price of risk of the S&P 500, FTSE 100, All Ordinaries, and Nikkei 225 markets from 1984 to 2009 in the framework of Intertemporal Capital Asset Pricing Model (ICAPM). We follow the Vector Autoregressive instrumental variable approach in identifying the risk and hedge components of market returns and argue that in the context of market integration, covariance with a world market portfolio is a better measure of market risk than conditional market variance. Evidence is documented in support of using covariance as a risk measure in explaining market risk premiums in the Australian and Japanese markets. CAY, the consumption wealth ratio from the US market is found to be a robust state variable that helps to explain both conditional variance and covariance processes in the four markets. The market prices of risk, after controlling for the hedging demands, are positive and significant with the United States having the highest price of risk. The results are confirmed using a series of robustness tests that include varying the sampling interval. [source]

Restructuring and Redundancy: The Impacts and Illogic of Neoliberal Agricultural Reforms in Jamaica

JOURNAL OF AGRARIAN CHANGE, Issue 4 2004
TONY WEIS
Since the onset of IMF lending in the late 1970s, Washington-based planners have progressively compelled the Jamaican state to abandon its role in agriculture. Jamaica's agricultural adjustment occurred in two stages: first, agricultural development programmes were rolled back in the 1980s; second, liberalizing pressures in the 1990s threatened both the uncompetitive plantation sector (imperilling preferential markets) and domestically oriented small farmers (initiating a flood of cheap food imports). Today, agriculture in Jamaica is on the brink of irrelevance, with serious social and economic consequences in the balance. In critically assessing the process, impacts and illogic of agricultural restructuring in Jamaica, this paper highlights the uneven outcomes of global market integration and points to the urgent need for a reassertion of local sovereignty. [source]

Market integration and convergence to the law of one price in the North American onion markets

Geographic diversification strategy and the implications of global market integration in table grapes

AGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2002
Angela M. Krueger
The geographic diversification mode for U.S. agribusinesses to establish an international presence is examined, using the example of table grapes. This study extends the analytical work on geographic diversification strategy in a firm-level application that considers how longer marketing seasons might affect early-season premium prices. The method draws on market integration tests from the industrial organization literature. The extent of market integration is examined using a probabilistic measure. Then, a simulation of profit incorporates the probability that markets are integrated. Tests on the market for table grapes indicate high probability that markets for domestic grapes and imports from Chile are not integrated (0.81 and 0.91). Long distances and the lack of overlap in production seasons play key roles in this finding. The simulation that makes operational the findings of limited integration suggests that geographic diversification is more profitable and of lower risk than production in California alone. [JEL Classification: Q130, Q170, F140] © 2002 Wiley Periodicals, Inc. [source]

Spatial integration at multiple scales: rice markets in Madagascar

Capital Market Regimes and Bank Structure in Europe

JOURNAL OF MONEY, CREDIT AND BANKING, Issue 6 2010
RONALD E. SHRIEVES
international banking; market integration; shareholder protection We hypothesize that fundamental features that distinguish European capital markets have predictably influenced emerging national differences in bank capitalization and loan growth. Using bank-level data from 13 European countries, 1998 to 2004, we find evidence of positive effects of "equity-friendly" market features on bank capitalization and positive effects of both "equity-friendly" and "credit-friendly" market features on loan growth. The findings are strongest in small banks and in banks with cooperative charters. Our results suggest that ongoing and prospective integration of European banking markets is mitigated by relatively static features of the equity and credit markets on which banks rely. [source]

Local land use strategies in a globalizing world,managing social and environmental dynamics

LAND DEGRADATION AND DEVELOPMENT, Issue 2 2006
R. L. Wadley
Abstract This special issue deals with local rural people's economic, social and cultural responses to external and internal pressures generated by processes of global and regional change. The contributions deal with issues of resource-base degradation and stable land management, with special emphases on market integration and increased vulnerability of natural resources and local livelihoods in Lao DPR; land-use change in a Malaysian swidden system under varied patterns of migration and off-farm labour; occupational multiplicity and agricultural specialization in the Philippines; land degradation and environmental perceptions in peri-urban Nigeria; food security, gendered labour and shifting cultural-economic values in Uganda; and the rehabilitation of environment and social institutions through neo-localism in Thailand. All of the articles were originally presented at an International Conference in Copenhagen, Denmark in 2003, under the auspices of the Danish University Consortium on Environment and Development,Sustainable Land Use and Natural Resource Management (DUCED SLUSE). Copyright © 2006 John Wiley & Sons, Ltd. [source]

Forests, marketization, livelihoods and the poor in the Lao PDR

LAND DEGRADATION AND DEVELOPMENT, Issue 2 2006
J. D. Rigg
Abstract The Lao PDR is making the transition from subsistence to cash, and command to market. Rural communities are being drawn ever more tightly into the embrace of the market economy and of the central state. The construction of roads, schools and health centres, the provision of credit and new crops and technologies, and the arrival of traders and the panoply of the consumer economy are all, in their different ways, remoulding rural economy and society. This paper looks at one aspect of this multi-stranded process of agrarian transformation: the role and place of forests and, in particular, non-timber forest products, in rural people's lives and livelihoods. The paper highlights the contradictory and uneven livelihood-eroding/enhancing effects of these transformations. In many upland areas of Laos livelihoods are being squeezed from ,below' by environmental degradation and from ,above' by the operation of government policies and, more generally, by evolving market relations. While market pessimists see market integration as a largely destructive process, the paper highlights the opportunities that market integration can provide through diversification and livelihood reorientation. The challenge is that these opportunities are unequally available and are likely to promote social differentiation. Some households find themselves in a position to embrace new opportunities while others are forced to continue to rely on a declining and degrading forest resource. Copyright © 2006 John Wiley & Sons, Ltd. [source]

Integration Among Asia-Pacific and International Stock Markets: Common Stochastic Trends and Regime Shifts

PACIFIC ECONOMIC REVIEW, Issue 1 2001
Pierre L. Siklos
Are stock markets in the Asia-Pacific region integrated with each other and with the US and Japan? The paper examines a number of common stochastic trends among stock prices in the US, Japan, Hong Kong, Korea, Singapore, Taiwan and Thailand. If integration exists it is a fairly recent phenomenon. Institutional and economic considerations suggest the same is true so that a single common stochastic trend among Asian and North American markets is a recent phenomenon. The reason is that the stock markets studied were only recently sufficiently liberalized to permit some form of integration to emerge. Also, not only was the 1987 stock market crash significant, but the 1991 Gulf War also signalled a turning point in the degree of stock market integration among the countries studied. [source]

Time distances and labor market integration

PAPERS IN REGIONAL SCIENCE, Issue 3 2002
Börje Johansson
Accessibility; regional labor markets; commuting Abstract This article investigates how time distances within and between municipalities determine the spatial extent of local and regional labor markets. As time distances change, the extent of the labor market will also change. Diminishing time distances will bring about increases in labor market size by integrating formerly spatially separate markets. We analyze such processes using accessibility measures derived from a random choice preference function approach. Accessibility is measured in terms of number of jobs, labor supply and supply of service functions. The aim of the work is to illustrate the usefulness of the purpose-specific accessibility measure we introduce. [source]

Growth and market integration in Amazonia: A comparison of growth indicators between Shuar, Shiwiar, and nonindigenous school children

AMERICAN JOURNAL OF HUMAN BIOLOGY, Issue 2 2009
Aaron D. Blackwell
We describe and compare the growth of three groups of juveniles, aged 0,18, who experience different degrees of market integration and acculturation in the Ecuadorian Amazon. These include 1,384 indigenous Shuar from the Upano Valley of Ecuador and surrounding areas, 570 nonindigenous colono (or colonist) children from the same area, and 42 Shiwiar from the interior of Ecuador. We use differences between these populations in National Health and Nutrition Examination Survey (NHANES) z -scores to assess the effects of changing subsistence patterns on Shuar growth and nutrition. Although, for all three groups, mean height-for-age z -scores were negative, Shuar z -scores were significantly lower than either colono or Shiwiar z -scores. Mean weight-for-age z -scores were also negative for Shuar and colono juveniles, while mean BMI-for-age and weight-for-height z -scores were greater than zero for all three groups. Using NHANES standards, 41% of male and 38% of female Shuar were classified as stunted, versus 16% of male and 20% of female colonos. Compared to Shuar, colonos were three times less likely to be stunted (OR = 0.33, P < 0.01) and Shiwiar were eight times less likely to be stunted (OR = 0.13, P = 0.01). These differences suggest that changes in diet have negatively affected Shuar growth and nutrition. Am. J. Hum. Biol, 2009. © 2008 Wiley-Liss, Inc. [source]

Market integration in Russia during the transformation years,

Financial market spillovers in transition economies

THE ECONOMICS OF TRANSITION, Issue 1 2001
R. Gaston Gelos
This paper examines financial market comovements across European transition economies and compares their experience to that of other regions. Correlations in monthly indices of exchange market pressures can partly be explained by direct trade linkages, but not by measures of other fundamentals. Higher-frequency data during three crisis periods reveals the presence of structural breaks in the relationship between exchange-, but not stock markets. While the reaction of markets during the Asian and Czech crises is muted, the pattern of high-frequency spillovers during the Russian crisis looks very similar to that observed in other regions during turbulent times. With greater financial market integration, the financial markets of the more advanced transition economies can be expected to behave more and more like their Asian and Latin American counterparts. [source]

The evolution of market integration in Russia

THE ECONOMICS OF TRANSITION, Issue 1 2001
Daniel Berkowitz
We use a statistical model of commodity trade to measure the extent of integration between regional commodity markets within Russia. Monthly time-series data on regional commodity prices spanning 1994 through 1999 indicate substantial fluctuations in integration over this period: an initial period of widespread integration gradually gave way to a period of disconnectedness in 1995 through 1997, which seems to have subsided by mid-1998. These fluctuations exhibit strong statistical relationships with a host of aggregate variables; most notably, internal integration exhibits a strong negative relationship with international trade. [source]

An examination of the impact of macroeconomic news on the spot and futures treasuries markets

THE JOURNAL OF FUTURES MARKETS, Issue 5 2004
Marc W. Simpson
In this study we analyze the reaction of daily cash and futures prices for several Treasury securities to the release of U.S. macroeconomic news. Some important results are reported. First, consistent with the notion of market integration, the futures market is found to be cointegrated with the corresponding cash market. Second, of the 23 types of periodic macroeconomic announcements, 19 of them have a significant influence on either the cash or futures prices. Most notably, surprises in nonfarm payroll and Treasury budget significantly influence the cash and futures market across the entire maturity spectrum. Third, consistent with the Fisher and real activity hypotheses, macroeconomic news that conveys higher inflation and/or economic growth has a negative influence on cash and futures prices. Finally, hedging with Treasury futures appears to offer investors protection from inflation-related fluctuations in interest rates, but not against fluctuations arising due to variations in real output. Some important policy implications of the results are offered. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:453,478, 2004 [source]