GLOBAL FINANCIAL INTEGRATION, INFLATION, AND MARKET ECONOMIES

ABSTRACT. Gaburro and O’Boyle examine experience with global financial integration to identify norms for evaluating economic globalization. Deetz points out that a market economy does not equal democracy, and that a market economy cannot assure democratic representation. Sousa and Zaghini explicitly model a global G5 framework relying on a common structural identification scheme that works well for each single area. Ang and Piazessi construct the measures of real activity and inflation as the first principal component of a large set of candidate macroeconomic series.