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761. Economic Structure and the Decision to Adopt a Common Currency

Author:
Jeffrey A. Frankel and Andrew K. Rose
Publication Date:
08-1996
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
Everyone studing EMU cites the theory of Optimum Currency Areas: whether a country like Sweden should join the currency union depends on such parameters as the extent of Swedish trade with other EU members and the correlation of Sweden's income with that of other members. Few economists have focused on what we consider one of the most interesting aspects of this issue. Trade patterns and income correlation are endogenous. Sweden could fail the OCA criterion for membership today, and yet, if it goes ahead and joins anyway, could, as the result of joining, pass the Optimum Currency Area (OCA) criterion in the future. (Further, even if Sweden does not enter EMU quickly, it will be more likely to satisfy the OCA criteria in the future as a result of its recent accession to the EU.) The few economists who have identified the importance of the endogeneity of trade patterns and income correlation are divided on the nature of the relationship between the two. This is an important empirical question, which may hold the key to the answer regarding whether it is in Sweden's income interest to join EMU. We review the OCA theory, highlighting the role of trade links and income links. Then we discuss and analyze the endogeneity of these parameters. We present econometric evidence suggesting strongly that if trade links between Sweden and the rest of Europe strengthen in the future, then Sweden's income will become more highly correlated with European income in the future (not less correlated, as some have claimed). This has important implications for the OCA criterion. It means that a naïve examination of historical data gives a biased picture of the effects of EMU entry on Sweden. It also means that EMU membership is more likely to make sense for Sweden in the future than it does today.
Topic:
International Political Economy and International Trade and Finance
Political Geography:
Europe and Sweden

762. The European Commission's Ability to Act under European Competition Law: The Example of Telecommunications and Electricity Policy

Author:
Susanne K. Schmidt
Publication Date:
08-1996
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
European competition law allocates far-reaching competences to the European Commission. The paper asks for the conditions under which the Commission may use these rights against the member states, focusing on the most powerful provision - the right of the Commission under Article 90 to issue directives by itself in those cases where member-state governments have allocated specific rights to undertakings that conflict with the Treaty's rules. In addition the Commission may pursue Treaty violations on a case-by-case basis. In European telecommunications policy the Commission has used its powers rather successfully, with all liberalization decisions being based on Article 90. But for European electricity policy the Commission has shrunk away from using these powers in favor of initiating council legislation. The paper analyzes the conditions of the Commission's ability to act under European competition law in a multi-level framework, drawing among others on a principal-agent approach.
Topic:
Energy Policy, Government, International Law, International Political Economy, and Science and Technology
Political Geography:
Europe

763. Global Cooperation in Science, Engineering, and Medicine

Author:
Kenneth Prewitt, Susan Raymond, Young Gul Kim, Rodney Nichols, Jorge Allende, Arima Akito, Jesse Ausubel, Edward Ayensu, D. Allan Bromley, Praveen Chaudhari, Umberto Colombo, Yuri Gleba, Mark Horn, Coe Ishimoto, Geraldine Kenney-Wallace, Jan Nilsson, Geoffrey Oldham, R. K. Pachauri, Heinz Riesenhuber, Zehev Tadmor, Greg Tegart, Raimundo Villegas, Guillermo Cardoza, Diana Wolff-Albers, and William Padolina
Publication Date:
11-1995
Content Type:
Working Paper
Institution:
New York Academy of Sciences
Abstract:
In the fall of 1995, with assistance from the John D. and Catherine T. MacArthur Foundation and the Carnegie Corporation of New York, the New York Academy of Sciences organized a meeting on international collaboration in science, engineering, and medicine. The meeting was held at the Rockefeller Foundation's conference center in Bellagio, Italy from October 30 through November 2, 1995. The Academy gathered together a group of experienced international leaders to examine changes in the context and con– tent of global research cooperation and the efficacy of existing institutional mechanisms to facilitate future scientific activities. The meeting resulted in a summary report presenting the consensual views of the participants, and the New York Academy of Sciences is currently exploring a range of follow–up options with its institutional partners. Copies of the report can be obtained by contacting the Academy at the address listed below. The critical question under review at Bellagio was to assess current disparities among research opportunities, needs, and institutions and to determine the need for a more extensive international review. Discussions were based in part on extensive preparation. Prior to the meeting, all participants prepared personal statements summarizing their views of future directions for scientific collaboration, key lessons from past experience, and fundamental characteristics of successful collaborative mechanisms. These statements together with a summary issues paper produced by the New York Academy of Sciences, the meeting agenda, and biographical information on participants are collected here. The statements appear as originally distributed; none have been revised in light of the meeting's discussion. With 25 different perspectives it is to be expected that a diversity of views are represented here. However, the commentaries fall broadly along four lines of inquiry.
Topic:
Government, International Cooperation, International Political Economy, and Science and Technology
Political Geography:
New York

764. Conference for Global Development Cooperation

Author:
Jimmy Carter
Publication Date:
12-1992
Content Type:
Working Paper
Institution:
The Carter Center
Abstract:
The Conference for Global Development Cooperation, convened by former President Jimmy Carter and United Nations Secretary-General Boutros Boutros-Ghali, was held at The Carter Center in Atlanta, Georgia on December 4 and 5, 1992.
Topic:
Economics, Government, International Cooperation, International Political Economy, and Third World
Political Geography:
United Nations and Georgia