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On the growing economic interdependence in a global economy
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Florence : European University Institute, 2002
EUI; ECO; PhD Thesis
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FRATZSCHER, Marcel, On the growing economic interdependence in a global economy, Florence : European University Institute, 2002, EUI, ECO, PhD Thesis - https://hdl.handle.net/1814/4927
Abstract
Over the past half a century the world has become a vastly more integrated place. Economic integration has been one facet of this process that has left few countries or individuals untouched. The rapid increase in trade in goods and services, the movement of capital and also the mobility of labor have created virtually one global economy out of numerous national and local ones. This development has entailed enormous opportunities and benefits but it has also made countries and economies highly interdependent. Interdependence means that positive as well as negative developments in the largest economies, such as the euro area and the United States, are transmitted strongly to smaller economies. But the creation of a global economy and rising economic interdependence also imply that developments in smaller economies, in particular when these are destabilizing ones, can have an important effect on the global economic system as a whole. This, in turn, shows that economic policy that is set by national institutions with national objectives needs to be substituted or complemented by a supra-national, coordinated policy approach that recognizes the common exposure and interest of the different parties involved. Adjusting and creating institutions to fill this void may be one of the most difficult challenges in the early 21st century. The aim of the thesis is to analyze some of the channels through which global economic interdependence manifests itself. The three main chapters of the thesis focus on quite distinct channels, using different analytical approaches and looking at different countries and regions of the world. The chapters concentrate on financial sector related issues, i.e. on financial crises, on equity markets and on monetary policy, although real sector interdependencies are also analyzed and found to be relevant in explaining financial sector phenomena. Overall, although the chapters analyze quite distinct aspects of economic interdependencies, each of them aims to contribute to a better understanding of different important pieces of the puzzle of our developing global economic system.
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Defence date: 12 June 2002
Examining Board: Prof. Michael Artis, EUI, Supervisor ; Prof. Roberto Perotti, EUI ; Prof. Andrew Rose, University of California, Berkeley ; Prof. Axel Weber, University of Cologne
PDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017
First made available in Open Access: 17 October 2025
Examining Board: Prof. Michael Artis, EUI, Supervisor ; Prof. Roberto Perotti, EUI ; Prof. Andrew Rose, University of California, Berkeley ; Prof. Axel Weber, University of Cologne
PDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017
First made available in Open Access: 17 October 2025