Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/323064 
Year of Publication: 
2019
Citation: 
[Journal:] Ekonomika [ISSN:] 2424-6166 [Volume:] 98 [Issue:] 1 [Year:] 2019 [Pages:] 19-37
Publisher: 
Vilnius University Press, Vilnius
Abstract: 
The present work analyzes the effects of goods and capital market integration on welfare. In an imperfectly competitive industry with unionized labor, openness to competition via exports, the possibility of holding minority stakes into a rival company and undertaking Greenfield Foreign Direct Investment (FDI) exemplify product and capital market liberalization, respectively. Challenging the "lieu commune" that liberalization a priori improves the social welfare of an economy, making use of a game-theoretic approach, it is shown that a domestic government should design the appropriate interventions in product and capital markets depending on the precise pattern of economic integration.
Subjects: 
market integration
cross-ownership
labor union
oligopoly
fixed wage
welfare
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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