Interlocking Global Business Systems: The Restructuring of Industries, Economies and Capital Markets

By Edward B. Flowers; Thomas P. Chen et al. | Go to book overview

Department in the School of Management at the University of Scranton, Scranton, PA 18510-4602, United States, phone: (717)941-7577, fax: (717)941-4342, e-mail: jnk353@tiger.uofs.edu.

1.
Currently, the European Union has 15 countries as members: Austria, Belgium, Britain, Denmark, Finland, France, Germany, Greece, Holland, Italy, Ireland, Luxembourg, Portugal, Spain and Sweden.
2.
From our experience by talking to people and from participating in Conferences, we have derived the conclusion that Mexicans and Canadians are against NAFTA and of course, so are the Americans; only politicians are pro-NAFTA.
3.
The reduced form particular derivatives are what we call the multipliers in macroeconomics.
4.
Also, lagged values of the endogenous variables can be used as independent variables.
5.
See Progress Report on EU- U.S. Relations ( 1995), pp. 1-5.
6.
The United States and the European Union are each other's largest investors and trading partners with more than $200 billion in annual trade. Over 40% of the U.S. investment abroad is in the EU countries and over 50% of their investment abroad is in the United States
7.
See Eisenstat ( 1996, p. 39).
8.
The United States with respect each EU country.
9.
The model can very well be applied between the United States and NAFTA countries.
10.
The structural equations summarize behavior, an equilibrium condition, or an accounting identity and constitute the building block of the model. This chapter does not show explicitly all structural equations.
11.
The model is taking into consideration the works by Bryant, Henderson, Holtham, Hooper and Symansky ( 1988), Dornbusch ( 1980), Rivera-Batiz and Rivera-Batiz ( 1985), Sargent ( 1979), Kallianiotis ( 1991), Kallianiotis ( 1996) and Kallianiotis and Boutchev ( 1996).
12.
The BP curve is the balance of payments equilibrium line; along this line the BP = 0.
13.
We can do a similar analysis between each European country and the rest of our group to determine their degree of integration.
14.
This can be seen from the different interest rates at these countries, even when their inflation rates are similar. The prime rates on Monday, October 14, 1996, were iUS= 8.25%, iG= 3.11%, iUK= 5.75%, (See the Wall Street Journal, October 15, 1996).
15.
The terms of trade (TOT= PM/PX=EP*/P) will deteriorate.
16.
We assume that this negative AD effect on P dominates.
17.
Implicitly, however, the arrangement required each country to adopt a monetary policy similar to that of Germany, the member country with the most credible low-inflation policies.
18.
It is assumed that nominal wage rates are relatively rigid over the short run, as specified by the binding employment contracts previously engaged in. Labor market practices in the United States, as embodied in the widespread presence of nonsynchronized, three-year labor contracts, do tend to generate a relatively high degree of nominal wage stickiness. In Europe, this wage stickiness is much higher.
19.
There is a sense, therefore, in which expansionary domestic monetary policy is a beggar-thy-neighbor policy.
20.
ΔFA = ΔB; ΔB mM = ΔMS, where, FA = foreign assets, B = monetary base, mM =

-57-

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