Regional Integration and Capital Mobility in the World Economy: Experiences of the European Union, NAFTA and AFTA
Streszczenie
The paper discusses the relationship between regional integration and
capital mobility in the world economy. The experiences of the EU, NAFTA and
AFTA are used to support the thesis that the level
of advancement of an
international integration process influences capital movement into the
integrated area and among the member states. Nevert
heless, the typical time
sequence of liberalization of markets within an integrated area changed in the
90ies which might be related to globalization processes. Even in less developed
countries, capital movement in the form of FDI is liberalized simultaneously to
the liberalization of goods movement. Intensive intra-grouping FDI flows show
that economic interdependence of member states is increasing. This process is
observed not only in the most advanced grouping, i.e. the EU, but also in
NAFTA and AFTA.