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| Srl | Item |
| 1 |
ID:
089260
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2009.
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| Summary/Abstract |
This article offers a survey of the literature on European Economic and Monetary Union (EMU), in particular works that deal with the question why EMU happened and, based on this literature, what one might be able to conclude about its sustainability. It reviews the literature by dividing up the analyses into four categories: those that explain EMU at the global and at the European Union (EU) levels of analysis, explanations at the national level, and explanations at the domestic level of analysis. The review suggests that EMU was a particular European response to global developments, which was possible because of existing EU institutions. EMU was causally motivated by a Franco-German deal, balancing national interests. Domestic motives reflect essentially opportunistic motives, and thus, cannot explain EMU. In our judgment the review suggests that Europe's single currency will remain sustainable as long as the Franco-German political deal sticks, the belief in the "sound money" idea remains hegemonic in Europe, and the losers from EMU are underrepresented in national and EU institutions. While opportunistic domestic motives cannot explain embarking on a long-term project, they can definitely be sufficient to derail such a project.
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| 2 |
ID:
173743
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This article argues that on balance globalization does not increase, and may even reduce, the opportunity cost of Militarized Interstate Disputes (MIDs), as measured by foregone merchandise trade. Specifically, globalization makes it easier for states to substitute trade partners, makes it difficult to employ trade sanctions, makes credit more available to states at conflict, and encourages trade-substituting horizontal Foreign Direct Investment (FDI) and sanctions-resilient vertical FDI. Hypotheses are supported using High Dimensional Fixed Effects regression, applied to a Gravity model, with two-way clustering of standard errors, and an analysis of the effect of globalization on the marginal effect of MIDs on international trade. This suggests that while wars are becoming infrequent in recent decades, due to other factors, trade’s contribution to peace is diminishing.
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| 3 |
ID:
106123
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2011.
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| Summary/Abstract |
As terror's victims increase, hard currency commitments gain effectiveness in reducing inflation, and central bank independence loses its effectiveness, because terror reduces transparency and the number of veto players in domestic politics. PCSE (Panel-Corrected Standard Error) estimations of inflation are run on pooled cross-section time-series sample of 87 countries from 1975-2005. When the trend level rises to 100 victims annually a currency board reduces inflation by up to 7.5%, and an independent bank raises inflation by up to 8%. When victims exceptionally exceed the trend by 100, a currency board reduces inflation by 2.5%, and an independent bank raises it by 2%.
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| 4 |
ID:
135782
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| Summary/Abstract |
This article argues that the tenure of left-wing governments in Israel in the past 40 years has been associated with faster socio-political globalization, while the tenure of right-wing ones has been associated with slower socio-political globalization. In contrast, the pace of Israel's economic globalization and the rise in its average income are found to have been unrelated to the government's political bias. Interestingly, income inequality is found to be unrelated to changes in average income or to government bias with regard to globalization. However, income inequality is found to have risen under governments with a hawkish military bias.
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