The Economics of European Integration

The Economics of European Integration Richard Baldwin & Charles Wyplosz The McGraw-Hill Companies London St. Louis Lisbon Santiago Boston San Fran...
Author: Joan Burke
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The Economics of European Integration

Richard Baldwin & Charles Wyplosz

The McGraw-Hill Companies

London St. Louis Lisbon Santiago

Boston San Francisco Madrid Seoul

Burr Ridge, IL Bangkok Mexico City Singapore

Dubuque, IA Bogota Milan Sydney

Madison, WI Caracas Montreal Taipei

New York Kuala Lumpur New Delhi Toronto

Brief Table of Contents Preface

Chapter i: History Chapter 2: Facts, Law, Institutions and the Budget Chapter 3: Decision Making

1

73

Part II: The Microeconomics of European Integration Chapter 4: Essential Microeconomic Tools Chapter 5: The Essential Economics of Preferential Liberalization Chapter 6: Market Size and Scale Effects Chapter 7: Growth Effects and Factor Market Integration

103 122 147 174

Part i l l ; IU Policies Chapter 8: The Common Agricultural Policy Chapter 9: Location Effects, Economic Geography and Regional Policy

242

tiiw!^^ Chapter 10: A Monetary History of Europe Chapter 11: The Choice of an Exchange Rate Regime Chapter 12: The European Monetary System

275 292 313

Chapter 13: Optimum Currency Areas Chapter 14: The European Monetary Union

329 357

Part VI: Beyond Money: Budgets, Financial Markets, jobs Chapter 15: Fiscal Policy and The Stability Pact Chapte* 16: The Financial Markets and the Euro Chapter 17: Economic Integration and Labour Market Institutions

IV

381 401 426

Detailed Table of Contents Preface

x

Guided Tour

xiv

Teaching and Learning Resources

xvi

Technology to Enhance Learning and Teaching

xvii

Acknowledgements

xix

Part I: History, Facts and Institutions

xxi

1.1 Early post-war period 1.2 Two strands of European integration: federalism and intergovernmentalism 1.3 Evolution to two concentric circles: domino effect part I 1.4 Euro-pessimism 1.5 Deeper circles and domino effect part II: the Single Market Programme and the EEA 1.6 Communism's creeping failure and spectacular collapse 1.7 German unification, Maastricht and the euro 1.8 Preparing for Eastern enlargement: Amsterdam and Nice Treaties 1.9 Summary ANNEX A ANNEX B ANNEX C

19 22 24 24 26 28 30 35

2.1 2.2 2.3 2.4

39 43 47 57

Some important facts EU law The 'Big-5' institutions Legislative processes

3 8 14 16

Detailed Table of Contents 2.5 The budget 2.6 Summary Chapter 3: Decision Making 3.1 3.2 3.3 3.4 3.5 3.6

Task allocation and subsidiary: EU practice and principles Fiscal federalism and task allocation among government levels Economical view of decision making The distribution of power among EU members Legitimacy in EU decision making Summary

Part II: The Microeconomics of European Integration Chapter 4: Essential Microeconomic Tools 4.1 Preliminaries I: supply and demand diagrams 4.2 Preliminaries II: introduction to open economy supply and and demand analysis 4.3 MFN tariff analysis 4.4 Types of protection: an economic classification 4.5 Summary Chapter 5: The Essential Economics of Preferential Liberalization 5.1 5.2 5.3 5.4 5.5 5.6

Analysis of unilateral discriminatory liberalization Analysis of a customs union Customs unions versus free trade agreements WTO rules Empirical studies Summary ANNEX

Chapter 6: Market Size and Scale Effects 6.1 Liberalization, defragmentation and industrial restructuring: logic and facts 6.2 Theoretical preliminaries: monopoly, duopoly and oligopoly 6.3 The BE- COMP diagram in a closed economy 6.4 The impact of European liberalization 6.5 State aid

VI

Detailed Table of Contents 6.6 Competition policy and anti-competitive behaviour 6.7 Summary

169 171

7.1 The logic of growth and the facts 7.2 Medium-term growth effects: induced capital formation with Solow's analysis 7.3 Long-term growth effects: faster knowledge creation and absorption 7.4 Microeconomics of capital market integration 7.5 Microeconomics of labour market integration 7.6 Summary

175

Part III: EU Policies

179 188 190 197 205

209

8.1 8.2 8.3 8.4 8.5 8.6

Early days: domestic price supports CAP problems Reforms Evaluation of the today's CAP Future challenges Summary

229 232 236 238

9.1 9.2 9.3 9.4 9.5 9.6 9.7

Europe's economic geography: the facts Theory part 1: comparative advantage Theory part 2: agglomeration and the new economic geography Theory part 3: putting it all together EU regional policy Empirical evidence Summary ANNEX A ANNEX B

243 247 250 258 260 265 266 267 270

Part IV: Monetary Integration: History and Principles

10.1 Metallic money

212 220

273 276

Detailed Table of Contents 10.2 10.3 10.4 10.5 10.6 10.7

The Gold Standard The unhappy inter-war period The post-war years: fear of the past After Bretton Woods: Europe on its own Lessons from history Summary

Chapter n : The Choice of an Exchange Rate Regime 11.1 11.2 11.3 11.4

The exchange rate and monetary policy The range of exchange rate regimes Choices Summary

Chapter 12: The European Monetary System 12.1 12.2 12.3 12.4

The EMS agreements EMS-i: from divergence to convergence and blow-up The EMS re-engineered Summary

Part V: The Monetary Union Chapter 13: Optimum Currency Areas 13.1 13.2 13.3 13.4 13.5

The question, the problem, and the answer The optimum currency area criteria Is Europe an optimum currency area? Will Europe become an optimum currency area? Summary

Chapter 14: The European Monetary Union 14.1 14.2 14.3 14.4 14.5 14.6

The Maastricht Treaty The Eurosystem Objectives, instruments and strategy Independence and accountability The first years Summary

Detailed Table of Contents

Part VI: Beyond Money: Budgets, Financial Markets, Jobs

15.1 15.2 15.3 15.4 15.5

Fiscal policy in the monetary union Fiscal policy externalities Principles The Stability and Growth Pact Summary

16.1 What is special about financial markets and why a single currency might matter 16.2 Financial institutions and markets 16.3 The international role of the euro 16.4 Summary

17.1 17.2 17.3 17.4 Index

National labour markets and economic integration Labour market institutions A European model: what's on the menu? Summary

379

382

385 388 .392 398

402

406 418 422

427

433 445 449

453

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