Thesis (Ph. D.)--Lehigh University, 1997. / Includes vita. Includes bibliographical references.

Thesis (L.L.M) -- University of the Western Cape, 2007. / Includes bibliographic references (leaves 87-95).

The study traces the evolution of West African economic integration efforts, leading up to the formation of the Economic Community of West African States (ECOWAS). The original Lagos Treaty of 1975 is reviewed against the background of its revised 1993 Abuja version under the framework of the Customs Unions theory. This study is undertaken to ascertain the consistency of regional integration theory with the stated objectives of ECOWAS. It questions, for example, whether the Customs Unions theory and its welfare effects could actually explain the experience of regional integration of West Africa in general, and within ECOWAS in particular. In other words, the critical success factors and/or moderating influences in ECOWAS are examined against the background of the Community's objectives as set out in its two Treaties. The study also benefits from a wide range of discussions on different political and economic bases for regional integration theory: functionalism, neofunctionalism, federalism and intergovernmentalism and their relevance to ECOWAS. Strange enough, while these 'isms' are demonstrated to be inconsistent with ECOWAS objectives having dwelt more on regional integration efforts in Europe, no other study on West African integration has examined ECOWAS along these lines. The experience of ECOWAS is made against the backdrop of Customs Unions within Africa, such as the Arab Maghreb Union (AMU), East African Community (EAC) and the Southern African Development Community (SADCC); and others outside Africa in regions like the European Union (EU), North American Free Trade Area (NAFTA) and the South American Customs Union (MERCOSUR). One emerging pattern of such comparison reveals that ECOWAS has wavered from its stated objectives in favour of the static principles of customs unions theory and consequently been unable to improve its record on the welfare levels of contracting states. The implication of such departures from its original objectives is that market inter-penetration and intra-regional trade within ECOWAS has neither yielded the desired welfare gains nor improved levels of industrialisation, sustained growth and economic development. It is safe to conclude, therefore, that despite considerable efforts at achieving regional economic integration in ECOWAS, the result has been dismal largely as a result of applying unrealistic models of customs unions theory to the West African situation. It is therefore posited that the process of regional economic integration in other parts of the world and particularly in Europe, are not readily applicable in the West African context, where the economic, political and institutional foundations are not only grossly dissimilar but largely at variance.

No description available.

After promoting in the 1970s a more egalitarian international trade system, developing countries abandoned the prospects of finding an alternative route to their development and have massively participated in the Uruguay Round. Results have been disappointing, and developing countries, particularly in the Latin American-Caribbean (LAC) region, are now also pursuing economic integration at the regional level. The 1990s have in fact been characterised by the general revival of regionalism, a trend considered by many legal scholars and economists as dangerous for multilateralism. The debate is ongoing, and the WTO is currently attempting to better monitor the impacts of regionalism. In any case, regional integration agreements (RIAs) are now present in all parts of the world, and developing countries seem to consider that such arrangements offer promising opportunities than lack in multilateral agreements. More particularly, LAC countries are now pursuing economic integration at the bilateral, subregional, regional and even hemispheric level with the current negotiations for a Free Trade Area of the Americas (FTAA). But the creation of a FTAA faces many obstacles, caused by wide disparities in the level of economic development within the region and the incredible variety of existing RIAs throughout the Hemisphere. And it remains to be seen if equity and social concerns will be better reflected in a regional agreement than at the multilateral level.

No description available.

published_or_final_version / Asian Studies / Doctoral / Doctor of Philosophy

Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / 2031-01-01

Financial integration is often perceived to lead to convergence of asset prices, as well as higher comovements across countries, with the idea that the dependence on world factors should increase as markets integrate. This dissertation focuses on analyzing how integration has changed over time in developed and, especially, emerging markets. In particular, the chapters tackle different aspects of how integration has changed over time and the relevance of particular global factors in pricing. In Chapter 1, I study the link between globalization and asset returns. Here, I provide a comprehensive analysis of the impact of economic and financial globalization on asset return comovements over the past 35 years. The globalization indicators draw a distinction between de jure openness that results from changes in the regulatory environment and de facto or realized openness, as well as between capital market restrictions across different asset classes. Although globalization has trended positively for most of the sample, the global financial crisis and its aftermath have provided new headwinds. Equity, bond, and foreign exchange returns often have different responses to globalization. I generally find weak evidence of comovement measures reacting to globalization and often find other economic factors to be equally or more important determinants. In Chapter 2, I analyze variance risk in global markets. Innovations in volatility constitute a potentially important asset pricing risk factor that can be easily tested through the return on variance swaps. I characterize the exposure of the returns on three asset classes (equities, bonds and currencies) in all regions of the world to United States based equity variance risk. I explore the implications for global risk premiums and asset return comovements using both developed and emerging markets. I first find that regional portfolios across all three asset classes and practically all countries exhibit negative loadings with respect to the variance risk factor. This exposure is not only statistically but also economically significant representing for most assets we consider around 50% of the global risk premiums implied by a simple three-factor model with global equity, bond, and variance risks. Second, this simple three-factor model also explains a substantive fraction of the comovements between international assets, but the fit is best for international equity correlations and is worse for currency returns and across asset correlations. In Chapter 3, I study the link between time-varying integration and asset pricing. Emerging markets are subject to constant integration shocks, which can make markets more integrated or more segmented. Changes in integration have dynamic effects that are difficult to accommodate in valuation models, as both time-varying betas and risk premium are needed to capture the direct and indirect effects of changes in integration on dividend yields. Here, I develop a novel present value model to value cash flows with time-varying expected returns, where integration affects the cost of capital in a time-varying fashion. This framework prices expectations about future integration, which is modeled as a mean reverting process. I calibrate the model using a segmentation shock in Argentina in 2011 as a case study, and find that the model is able to capture part of the increase in dividend yields as markets became more segmented. By assuming that investors perceive the shock as permanent and thus price lower mean integration following the segmentation shock, I am able to model the full extent of the change in dividends. The three chapters show that, while integration has broadly increased over time, different asset classes have different responses to globalization. I find that integration is time-varying and that markets can become more segmented; that is, integration is not a one-way street, as many models have assumed in the past. Finally, I show that global factors matter in emerging markets in all asset classes, and identify variance risk as a new risk factor which helps explain why global capital asset pricing models tend to yield low discount rates in these economies. Therefore, researchers and practitioners should take into account the importance of both local and global factors when valuing emerging market assets and take into account that the relative importance of each factor varies over time.

Thesis (Ph. D.)--Ohio State University, 1974. / Includes bibliographical references (leaves 181-185). Available online via OhioLINK's ETD Center.