Governance, Institutional Quality and the Euro Area Crisis: What Lessons to East Asian Integration?
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
We find that institutional quality of an individual country was highly and significantly correlated with its economic performance in the euro area. We argue that governance reforms proposed at present do not suffice to resolving the fundamental problems of the EMU governance system unless disparities of institutional quality in member states are dissolved. Regarding regional integration, East Asia is far behind the Eurozone not only in institutional elements of the governance system but also in institutional quality at the level of individual nations.
Abstract
We find that institutional quality of an individual country was highly and significantly correlated with its economic performance in the euro area. We argue that governance reforms proposed at present do not suffice to resolving the fundamental problems of the EMU governance system unless disparities of institutional quality in member states are dissolved. Regarding regional integration, East Asia is far behind the Eurozone not only in institutional elements of the governance system but also in institutional quality at the level of individual nations.
참고문헌 (52)
- Acemoglu, D., "Insititutions as the fundamental cause of long-run growth?, In The Handbok of Economic Growth" (2005), North-Holland
- Alfaro, L., "Why doesn’t capital flow from rich to poor countries? An empirical investigation", The Review of Economics and Statistics, 90(2), pp.347~368 (2008)
- Does political instability lead to higher inflation? A panel data analysis, "Aisen, A", IMF, ~, pp.IMF Working Paper wp (2005), 05[DOI]
- The value of institutions for financial markets: Evidence from emerging markets, "Akitoby, B.", IMF, ~, pp.IMF Working Paper wp (2009), 09[DOI]
- From ERM to the Euro: New evidence on economic and policy convergence among EU countries, "Angeloni, I.", ECB, ~, pp.ECB Working Paper No. 4 (1999)
- Baek, Seung-Gwan, "Is Currency Union a Feasible Option in East Asia?, In Currency Union in East Asia" (2002), Korea Institute for International Economic Policy
- Baek, Seung-Gwan, "Global Crisis and Currency Competition in the Asia-Pacific Region, In World economy with G-20" (2009), Korea Institute for International Economic Policy
- Bayoumi, T., "Currency unions, economic fluctuations, and adjustment: Some new empirical evidence", IMF Staff Papers, 44(1), pp.36~58 (1997)
- Economic governance in an enlarged euro area, "Begg, I.", European Commission, ~, pp.Economic Papers 311 (2008)
- Bergsten, F., "We Should Listen to Beijing’s Currency Idea", Financial Times, ~ (2009)
- Bergsten, F., "Why the World Needs Three Global Currencies", Financial Times, ~ (2011)
- Country Stress Events: Does Governance Matter?, "Caceres, C.", IMF, ~, pp.IMF Working Paper 12 (2012), 116
- Chinn, M. D., "What matters for financial development? Capital controls, institutions, and interactions", Journal of Development Economics, 81(1), pp.163~192 (2006)
- Chong, A., "Institutional Quality and Income distribution", Economic Development and Cultural Change, 48(4), pp.761~786 (2000)
- Inequality and institutions, "Chong, A.", Inter-American Development Bank, ~, pp.Working Paper #506 (2004)
- Constâncio, V., "The future of euro governance: how to contain imbalances and preserve financial stability", speech, ~ (2010)
- The Future of the Dollar, "Cooper, R. N.", Peterson Institute for International Economics, ~, pp.Policy Brief PB 09-21 (2009)
- Davis, L., "The Institutional Foundations of Inequality and Growth", Journal of Development Studies, 47(7), pp.977~997 (2011)
- De Vaal, A., "Institutions and the Relation between Corruption and Economic Growth", Review of Development Economics, 15(1), pp.108~123 (2011)
- Eichengreen, B., "Global Imbalances and the Lessons of Bretton Woods" (2007), MIT Press
- Eichengreen, B., "Exorbitant Privilege" (2011), Oxford University Press
- Ekinci, M. F., "Financial integration with EU countries: The role of institution, confidence and trust", NBER Seminar on Macroecomics 2007 (2008), University of Chicago Press
- Emara, N, "Inflation volatility, institutions and economic growth", Global Journal of Emerging Market Economies, 4(1), pp.29~53 (2012)
- Faria, A., "Institutions and the external capital structure of countries", Journal of International Money and Finance, 28(3), pp.367~391 (2009)
- Glaeser, E., "Do Institutions Cause Growth?", Journal of Economic Growth, 9(3), pp.271~303 (2004)
- Grindle, M. S., "Governance Reform: The New Analytics of Next Steps", Governance: An International Journal of Policy, Administration, and Institutions, 24(3), pp.415~418 (2011)
- Institutional weakness and stock price volatility, "Hale, G.", NBER, ~, pp.NBER Working Paper 12127 (2006)
- Hallerberg, M., "The design of fiscal rules and forms of governance in European Union countries", European Journal of Political Economy, 23(2), pp.338~359 (2007)
- IMF, "World Economic Outlook database", ~ (2011)
- "International Financial Statistics", ~ (2012)
- "Balance of Payments", ~ (2012)
- Determinants of inflation in the euro area: The role of labor and product market institutions, "Jaumotte, F.", IMF, ~, pp.IMF Working Paper wp (2012), 12[DOI]
- Are the ASEAN plus Three countries coming closer to an OCA?, "Kentaro, K.", RIETI, ~, pp.RIETI Discussion Paper Series, 12-E-032 (2012)
- Capital account liberalization, institutional quality and economic growth: Theory and evidence, "Klein, M. W.", NBER, ~, pp.NBER Working Paper 11112 (2005)
- Mauro, P, "Corruption and growth", Quraterly Journal of Economics, 110(3), pp.681~712 (1995)
- Mundell, R, "A Theory of Optimum Currency Area", American Economic Review, 51(4), pp.657~665 (1961)
- Mundell, R., "International Economics" (1968), Macmillan
- Murphy, K. M., "Why is rent-seeking so costly to growth?", American Economic Review Papers and Proceedings, 83(2), pp.409~414 (1993)
- North, D. C., "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
- Papaioannou, E, "What drives international financial flows? Politics, institutions and other determinants", Journal of Development Economics, 88(2), pp.269~281 (2009)
- East Asian Financial and Monetary Cooperation and Its Prospect: Beyond CMI, "Park, Young-Joon", Korea Institute for International Economic Policy, ~, pp.Working Paper 10-04 (2010)
- Pascha, W., "Economic integration in East Asia and Europe-A comparison, In ASEAN plus three (China, Japan, Korea)-towards an economic union in East Asia?" (2004), Hanns Seidel Stiftung
- PRS Group, "The International Country Risk Guide", ~ (2010)
- Roubini, N., "Political and economic determinants of budget deficits in the industrial countries", European Economic Review, 33(5), pp.903~938 (1989)
- The Stability and Growth Pact: Crisis and Reform, "Schuknecht, L.", European Central Bank, ~, pp.Occasional Paper Series, No. 129 (2011)
- Schwarz, J, "Impact of institutions on cross-border price dispersion", Review of World Economics, 148(4), pp.617~645 (2012)
- Shleifer, A., "Corruption", Quarterly Journal of Economics, 108(3), pp.599~617 (1993)
- Regional Surveillance for East Asia: How Can It Be Designed to complement Global Surveillance?, "Takagi, S.", ADB, ~, pp.ADB Working Paper Series on Regional Economic Integration, No. 50 (2010)
- Vieira, F., "The role of institutions in cross-section income and panel data growth models: A deeper investigation on the weakness and proliferation of instruments", Journal of Comparative Economics, 40(1), pp.127~140 (2012)
- Why SDRs Could Rival the Dollar, "Williamson, J.", Peterson Institute for International Economics, ~, pp.Policy Brief 09-20 (2009)
- Williamson, O. E, "The New Institutional Economics: Taking Stock, Looking Ahead", Journal of Economic Literature, 38(3), pp.595~613 (2000)
- World Bank, "World Governance Indicators", ~ (2013)
