Kiel Working Papers, Kiel Institute for World Economics
No 1040:
The Influence of Capital Market Integration on Production and Market Structures
Michael J. Koop
Abstract: The paper analyzes the effects of increasing capital
market integration on production and market structures, trade and capital
flows as well as national and global welfare. In order to facilitate the
analysis of the integration process, three stages of capital market
integration are defined. First, capital is internationally immobile,
secondly, capital is partly mobile, and finally perfect capital mobility is
considered. The analysis is carried by means of a general equilibrium model
of international trade which incorporates the new trade theory as well as
aspects of the theory of multinational enterprises. Simulations of each of
the three versions of the model for different absolute and relative factor
endowments provide insights into the changes that are brought about by
capital market integration.
Keywords: Market Structure, International Trade, Foreign Direct Investment, Multinational Enterprise; (follow links to similar papers)
JEL-Codes: F12; F21; L11; (follow links to similar papers)
30 pages, March 2001
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