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

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
Published on 01 April 1993

Working Paper No. 12
By Tamim Bayoumi and Gabriel Sterne

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. 

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