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Book part
Publication date: 16 February 2006

Jonathan A. Batten and Colm Kearney

The history and prospects of European integration are both fascinating and exciting. Analysts of every aspect of this process, including its cultural, economic, financial…

Abstract

The history and prospects of European integration are both fascinating and exciting. Analysts of every aspect of this process, including its cultural, economic, financial, historical, political, and social dimensions, should recall that its main rationale remains as it has always been, to permanently end conflict and to secure peace and prosperity for all Europeans. As the European Union's (EU's) own website (see http://europa.eu.int) points out Europe has been the scene of many and frequent bloody wars throughout the centuries. In the 75-year period between 1870 and 1945, for example, France and Germany fought each other three times with huge loss of life. The history of modern European integration commenced in earnest with the realization in the early 1950s that the best way to prevent future conflict is to secure more economic and political integration. This led to the establishment of the European Coal and Steel Community in 1951, followed shortly by the European Economic Community (EEC) in 1957. Since then, the process of integration and enlargement has progressed at varying speeds, but always moving forwards. In 1967, the founding institutions of the EEC were merged to form today's European Commission (EC), the Council of Ministers, and the European Parliament. The members of the European Parliament were initially chosen by the member governments of the EEC, but direct elections commenced in 1979, and have continued every 5 years since then. The Treaty of Maastricht created the EU in 1992 and established the process of economic and monetary union (EMU) that culminated in the introduction of the euro in 12 of the 15 Member States in 2002.

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Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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Book part
Publication date: 16 February 2006

Abstract

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Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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Article
Publication date: 1 March 1985

Colm Kearney and Ronald MacDonald

This article formulates, estimates and simulates a structural model of the sterling‐dollar exchange rate over the floating rate period. A critique of existing empirical…

Abstract

This article formulates, estimates and simulates a structural model of the sterling‐dollar exchange rate over the floating rate period. A critique of existing empirical implementations of the asset‐market approach is followed by formulating a small structural model which augments a carefully specified asset sector with a real sector so that output and prices are determined endogenously along with interest rates, foreign reserves and the exchange rate. The model is estimated on quarterly data using Two Stage Least Squares and Zellner's Seemingly Unrelated Regression Procedure. Some policy simulations illustrate the response of the sterling‐dollar rate to various shocks.

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Journal of Economic Studies, vol. 12 no. 3
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 16 February 2006

Yusaf Akbar is Associate Professor of International Business at the Southern New Hampshire University, United States. His teaching and research interests are in foreign…

Abstract

Yusaf Akbar is Associate Professor of International Business at the Southern New Hampshire University, United States. His teaching and research interests are in foreign direct investment, public policy and strategy, and his geographical area interests are in East and Central Europe. He has published widely in peer-reviewed journals including Journal of World Business, Thunderbird International Business Review and World Competition. Yusaf has been Visiting Professor at various schools around the world, including the American University in Bulgaria, ESSCA, the KMBS, the MIB School of Management-Trieste, and Thunderbird.

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Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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Book part
Publication date: 2 March 2011

Jenny Berrill and Colm Kearney

We examine how the international financial crisis of 2007–2010 has impacted on the performance of emerging market MNCs relative to their developed market counterparts. We…

Abstract

We examine how the international financial crisis of 2007–2010 has impacted on the performance of emerging market MNCs relative to their developed market counterparts. We present our multinational classification system and categorise the world's largest firms, the Global Fortune 500 (GF500), according to their degree of multinationality. We show that the number of GF500 firms from emerging markets has increased significantly over the past decade, and that the international financial crisis of 2007–2010 has further enhanced this trend. We compare the relative risk-adjusted performance of emerging and developed markets before and since the international financial crisis. We show that although the GF500 firms from developed markets tend to be more multinational than the GF500 firms from emerging markets, the latter have outperformed the former over the past decade – both before and after the recent international financial crisis.

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The Impact of the Global Financial Crisis on Emerging Financial Markets
Type: Book
ISBN: 978-0-85724-754-4

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Book part
Publication date: 23 December 2005

Colm Kearney and Cal Muckley

We study up to 27 years of weekly data on nine currencies to examine the importance of the Japanese yen in exchange rate determination in North and Southeast Asia. We…

Abstract

We study up to 27 years of weekly data on nine currencies to examine the importance of the Japanese yen in exchange rate determination in North and Southeast Asia. We combine a time-varying methodology alongside a focus on long-run equilibrium. Our findings suggest that the Japanese yen had virtually no influence on Asian exchange rates in the 10-year period prior to the Asian financial crisis in the late 1990s. Since the crisis, the yen and the German mark in particular have exerted a significant influence over the region's exchange rates except for the Chinese yuan, the Hong Kong dollar and the Malaysian ringgit, which continue to be closely related to the US dollar.

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Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century
Type: Book
ISBN: 978-0-76231-258-0

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Article
Publication date: 1 August 1998

Kevin James Daly and Colm Kearney

One of the perceived benefits of a flexible exchange rate system is the insulation of the domestic economy from foreign shocks, and the potential for independent policy…

Abstract

One of the perceived benefits of a flexible exchange rate system is the insulation of the domestic economy from foreign shocks, and the potential for independent policy actions. In view of the considerable uncertainty, which pervades appropriate specification of the relevant theoretical models, the empirical analysis of this paper adopts the vector autoregressive approach. Using quarterly data over the period 1975(2)‐1995(2), models are estimated which test the effect on exchange rates of fiscal variables for seven countries (Australia, Canada, Britain, France, Germany, Italy and the USA). In testing the exchange rate response to a bond financed fiscal expansion, a tax financed fiscal expansion and to a swap of taxes for debt with no change in the level of government expenditure, the results for the seven countries over the recent float are mixed because the impulse response functions to the shocks do not have the same pattern in every country.

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Journal of Economic Studies, vol. 25 no. 4
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 16 February 2006

Abstract

Details

Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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Book part
Publication date: 16 February 2006

Yusaf H. Akbar, Heather Elms and Tej S. Dhakar

Understanding economic development in the transition economies of Central and Eastern Europe (CEE) requires an analysis of investment in these economies. Previous…

Abstract

Understanding economic development in the transition economies of Central and Eastern Europe (CEE) requires an analysis of investment in these economies. Previous analyses, however, have focused primarily if not singularly on the role of foreign direct investment (FDI; Akbar & McBride, 2004; Clague & Rausser, 1992; Uhlenbruck & De Castro, 2000). This focus follows that of regional policy-makers, who heavily encouraged FDI through acquisition or greenfield investments (Frydman, Rapaczynski, & Earle, 1993). These policy-makers, however, additionally established stock exchanges in each of their countries. There are now at least 24 operating stock exchanges in CEE and the countries that previously made up the former Soviet Union and the former Yugoslavia.1 The role of the development of these local stock exchanges in the development (LSED) of local economies (primarily through foreign portfolio investment) has not yet been systematically examined, nor has it been linked explicitly to the role of FDI. Finally, the role of local companies’ listings on foreign exchanges (FSEL) has not been examined in tandem with the role of FDI or LSED (for an examination of the relationship between FDI, LSED, and FSEL, however, see Claessens, Klingebiel, & Schmukler, 2001).

Details

Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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Book part
Publication date: 16 February 2006

Uri Ben-Zion and Niklas Wagner

Overnight risk is of particular interest for many market participants including traders who provide liquidity to the market, but also to market participants with longer…

Abstract

Overnight risk is of particular interest for many market participants including traders who provide liquidity to the market, but also to market participants with longer investment horizons who want to determine whether a given risk–return tradeoff can justify possible intermediate portfolio hedging transactions. Overnight risk may in particular play a highly significant role in emerging markets, given that information is incorporated into prices at a slower rate and liquidity may hinder a quick unwinding of portfolio positions.

Details

Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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