The New Transatlantic Economy

An economic analysis of the causes and effects of the breaking up of the transatlantic economy, first published in 1996.

Matthew Canzoneri (Edited by), Wilfred Ethier (Edited by), Vittorio Grilli (Edited by)

9780521562058, Cambridge University Press

Hardback, published 7 November 1996

352 pages
22.9 x 15.2 x 2.4 cm, 0.69 kg

"All the papers presented in this volume are of a high standard, and are of relevance to policy makers and scholars." Ian Barnes, European Integration

Transatlantic economic relations are dominated by three factors which are of major historical significance. The first and most important is the multilateral process for trade liberalisation, deregulation of financial markets, and macroeconomic policy co-ordination. The second factor is a transatlantic environment of national and regional idiosyncrasies exemplified by protectionist initiatives, a significant weakening of the EMS, and changes in central bank statutes. The second factor is in part a political backlash against the first. The third factor affecting transatlantic economic relations is of course the emergence of regional economic relationships within the transatlantic economy, and a treaty calling for a common currency in Europe. In this 1996 volume, specialists in international trade, international finance, and political economy analyse the causes of these three factors, and their implications.

List of figures
List of tables
Preface
List of conference participants
1. Introduction Matthew B. Canzoneri, Wilfred J. Ethier, and Vittorio Grilli
2. Transatlantic policy coordination with sticky labour markets: the reality of the real side Andrew Hughes Hallett and Yue Ma
Discussion Nouriel Roubini
3. Foreign exchange intervention and international policy coordination: comparing the G3 and EMS experience Axel A. Weber
Discussion Joseph Gagnon
4. Trading blocs and the sustainability of interregional cooperation Eric Bond and Constantinos Syropoulos
Discussion Konstantine Gatsios
5. The effects of trade liberalization on the members of a trading bloc: a lumpy country analysis Alan V. Deardorff
Discussion L. Alan Winters
6. The increased importance of direct investment in North Atlantic economic relationships: a convergence hypothesis James R. Markusen and Anthony J. Venables
Discussion Alasdair Smith
7. Speculative attacks on pegged exchange rates: an empirical exploration with special reference to the European Monetary System Barry Eichengreen, Andrew K. Rose, and Charles Wyplosz
Discussion Robert E. Cumby, Robert P. Flood
8. Central banks and reputation: some transatlantic contrasts Ben Lockwood, Marcus Miller, and Lei Zhang
Discussion Stanley W. Black
9. Trade liberalization and trade adjustment assistance K. C. Fung and Robert W. Staiger
Discussion Constantinos Syropoulos
10. Trade liberalization as politically optimal exchange of market access Arye L. Hillman and Peter Moser
Discussion Martin Richardson
Index.

Subject Areas: International economics [KCL]