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In particular, the East Asian crisis (1997–1998) is widely known as a large-scale financial crisis caused by the combination of the three policies which violate the impossible trinity. [14] The East Asian countries were taking a de facto dollar peg (fixed exchange rate), [ 15 ] promoting the free movement of capital (free capital flow) [ 14 ...
Economies of scale is also a justification for economic integration, since some economies of scale may require a larger market than is possible within a particular country — for example, it would not be efficient for Liechtenstein to have its own car maker, if they would only sell to their local market. A lone car maker may be profitable ...
Economic integration benefits (growth of economy, specifically the GDP; raise of productivity) depend on the level of development as well as a scale of unifying states. For instance, if there are two states being economically integrated, than the larger is the size of economy the less it receives from integration and vice versa (observed ...
Large-scale globalization began in the 1820s, and in the late 19th century and early 20th century drove a rapid expansion in the connectivity of the world's economies and cultures. [9] The term global city was subsequently popularized by sociologist Saskia Sassen in her work The Global City: New York, London, Tokyo (1991).
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...
As suggested by Baldwin and Crescenzi, economic interdependence may be modelled as a function of potential economic exit costs, which may deter, motivate or fail to affect political conflict. A key challenge that is faced is the need for a valid method to measure exit costs and interdependence, whilst maintaining a systematic approach with many ...
Complete economic integration is the final stage of economic integration. After complete economic integration, the integrated units have no or negligible control of economic policy, including full monetary union and complete or near-complete fiscal policy harmonisation. Complete economic integration is most common within countries, rather than ...
Neofunctionalism is a theory of regional integration which downplays globalisation and reintroduces territory into its governance. Neofunctionalism is often regarded as the first European integration theory developed by Ernst B. Haas in 1958 as part of his PhD research on the European Coal and Steel Community. [1]