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Regional Trading Blocs, Mobile Capital and Exchange Rate Co-ordination


  • Gabriel Sterne
  • Tamim Bayoumi


Two recent issues in the world economy have been the emergence of regional trade blocs and the increasing extent of international financial deregulation. Direction of trade data are used to look at the evolution of regional trade patterns in Europe, North America and East Asia, and saving investment data are used to examine the extent of international capital mobility. The results indicate some trend toward increasing regional insularity of trade together with increasing international capital mobility. The policy implications of these trends are then discussed.

Suggested Citation

  • Gabriel Sterne & Tamim Bayoumi, 1993. "Regional Trading Blocs, Mobile Capital and Exchange Rate Co-ordination," Bank of England working papers 12, Bank of England.
  • Handle: RePEc:boe:boeewp:12

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    References listed on IDEAS

    1. Wright, Stephen, 1992. "Equilibrium Real Exchange Rates," The Manchester School of Economic & Social Studies, University of Manchester, vol. 60(0), pages 63-84, Supplemen.
    2. Andrew Atkeson & Tamim Bayoumi, 1993. "Do private capital markets insure regional risk? Evidence from the United States and Europe," Open Economies Review, Springer, vol. 4(3), pages 303-324, September.
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    Cited by:

    1. Frankel, Jeffrey A. & Wei, Shang-Jin, 1993. "Emerging Currency Blocs," Center for International and Development Economics Research (CIDER) Working Papers 233209, University of California-Berkeley, Department of Economics.
    2. Maurice Obstfeld, 1993. "International Capital Mobility in the 1990s," NBER Working Papers 4534, National Bureau of Economic Research, Inc.
    3. Jeffrey A Frankel, 1993. "Is there a Currency Bloc in the Pacific?," RBA Annual Conference Volume,in: Adrian Blundell-Wignall (ed.), The Exchange Rate, International Trade and the Balance of Payments Reserve Bank of Australia.
    4. Lucio Sarno & Mark Taylor, 1998. "Exchange controls, international capital flows and saving-investment correlations in the UK: An empirical investigation," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(1), pages 69-98, March.
    5. Ridhwan, M.M. & Nijkamp, P. & Rietveld, P., 2008. "Regional development and monetary policy : a review of the role of monetary unions, capital mobility and locational effects," Serie Research Memoranda 0007, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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