534 results
Search Results
2. European funds in Central and Eastern Europe: drivers of change or mere funding transfers? Evaluating the impact of European aid on national and local development in Bulgaria and Romania.
- Author
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Surubaru, Neculai-Cristian
- Subjects
EUROPEAN Union membership ,EUROPEAN economic assistance ,STAKEHOLDERS ,EUROPEAN Union countries politics & government ,ECONOMIC history - Abstract
In recent years, there have been numerous academic and policy debates on the delivery mechanisms of European Union (EU) funds in member states. Studies focused on issues arising, for instance, during the management and implementation of EU aid at the local level but devoted less attention to the economic and institutional impact of EU funds. To what extent do EU funds act as drivers of socio-economic development and institutional change? Theoretically, this paper contributes to debates about economic convergence and the institutional spillover effects generated by EU aid across national and local settings. Empirically, the paper evaluates the impact of EU aid in Bulgaria and Romania after a decade of EU membership. Firstly, the paper examines a mix of quantitative indicators and secondary sources on the socio-economic impact of EU funds in the two countries. Secondly, using original qualitative evidence, the paper assesses the spillover effects of EU aid on domestic institutions and stakeholders, policies and practices. Finally, the paper provides an analysis of the unintended domestic consequences triggered by EU funds. It contributes to growing debates on the impact of European aid and suggests potential avenues for policy development and for further academic research in this area. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
3. Monetary dialogue 2009-2014: Looking backward, looking forward.
- Author
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Belke, Ansgar
- Subjects
FINANCIAL crises ,BUSINESS cycles ,MONETARY policy ,TWENTY-first century ,ECONOMIC history - Abstract
In response to the fi nancial crisis, the ECB has had to adopt new instruments to support the euro area economy and preserve the integrity of the single currency. This has challenged the current framework of the Monetary Dialogue exercise. This paper briefl y assesses the implications of enhanced transparency and 'forward guidance' for the effectiveness of the ECB's policies. It then checks whether the Monetary Dialogue works, and if and how the current Monetary Dialogue framework needs to change in order to fulfi l its goal. [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
4. MEASUREMENT OF THE AVERAGE INNOVATIVENESS CHANGE OVER TIME IN THE EU MEMBER STATES.
- Author
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ROSZKO-WÓJTOWICZ, Elżbieta and BIAŁEK, Jacek
- Subjects
TECHNOLOGICAL innovations ,TECHNOLOGICAL innovations & economics ,INDEX theory (Mathematics) ,ECONOMIC development ,ECONOMIC history - Abstract
In the age of globalisation, implementation and commercialisation of new technologies are perceived as key elements determining competitiveness of particular countries, therefore, the growth of innovativeness is seen as the predominant direction of European Union society’s transformation into information society. The aim of the paper is to propose a procedure of measurement of innovativeness growth over time, with the Summary Innovation Index (SII) methodology as a starting point. The considered issue can be expressed by the following main question: how to measure the innovation performance dynamics for a selected group of countries (such as the EU- 28, EU-15 or EU-13 countries) and for time intervals (not only for two moments of observations). This is an important inquiry since well-known innovativeness indices (SII, GII, or IOI) concentrate mainly on the provision of information about countries’ innovation performance for a specific year of observations. Due to this fact, changes occurring over longer time periods are rather neglected. The main result of the paper is a proposition of average innovativeness growth index. The index uses weights describing the employment share of a selected group of specialists (e.g.: scientists and engineers, research and development personnel) in relation to the economically active population. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
5. THE ROLE OF IMMOVABLE PROPERTY TAXES IN THE EU COUNTRIES -- TAXES ON LAND, BUILDINGS AND OTHER STRUCTURE IN SUB-NATIONAL TAX REVENUES UNDER THE CONDITIONS OF TAX DECENTRALIZATION.
- Author
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Maličká, Lenka
- Subjects
TAX revenue estimating ,DECENTRALIZATION in management ,GROSS domestic product ,PUBLIC debts ,ECONOMIC history - Abstract
The literature concerned in fiscal federalism and fiscal decentralization promotes the sub-national responsibility for sub-national resources and spending. In this paper sub-national tax revenues are compared to total tax revenues expressing the tax decentralization for the sample of EU 28 countries. Beside it, the main part of sub-national taxes, the immovable property tax -- tax on land building or other structure, is compared to total sub-national tax revenues. Using the GMM system estimation determinants of sub-national tax revenues, real estate tax revenues and tax decentralization are investigated on the sample of EU countries. Results show the significant negative relation between GDP per capita growth, population density and inflation rate and all variables in question. In the case of sub-national government real estate tax revenues the positive relation with public debt is observed. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
6. AN ANALYSIS OF DYNAMIC CHANGES IN SELECTED AREAS OF SUSTAINABLE DEVELOPMENT OF THE EUROPEAN UNION COUNTRIES.
- Author
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Bąk, Iwona and Cheba, Katarzyna
- Subjects
SUSTAINABLE development ,ECONOMIC indicators ,ECONOMIC development ,DESCRIPTIVE statistics ,ECONOMIC history - Abstract
The aim of the study is to determine the pace and directions of changes (understood as: improvement or deterioration) occurring in selected areas of sustainable development of EU Member States. The paper analyzes dynamics of changes in selected areas of sustainable development monitored on the basis of headline indicators published by Eurostat from 2008 to 2015. In the paper, three variants of reference points of synthetic measure of development were considered. On the basis of the obtained results, the countries in which the improvement in the sustainable development and its deterioration can be observed were identified. The results have confirmed the existence of significant developmental disparities between EU Member States in this field, but it should be noted that the obtained results depend on the methodological approach both to the selection of features and the adoption of a specific standardization formula, as well as the considered variants of reference points. The results obtained can be utilized in subsequent years to examine the directions of change observed both from the point of view of European Union as one organization, and the individual EU Member States. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
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7. Local paper.
- Author
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Leighton, Oonagh
- Subjects
FINANCIAL crises ,DEBT management ,ECONOMIC history - Abstract
Focuses on the need for financing in central European cities, particularly between countries on the European Union fast-track and Commonwealth of Independent States. Regions with feasible borrowing plans; Actions taken by the Russian government to alleviate the crisis faced by European countries; Details on bad debt management.
- Published
- 1998
8. New Challenges for the Balkan Economies in the Context of the European Union.
- Author
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Ionescu, Romeo-Victor
- Subjects
REGIONAL disparities ,REGIONAL differences ,ECONOMIC development ,ECONOMIC policy ,ECONOMIC history - Abstract
The paper deals with the idea that EU has to reformate as a result of the latest challenges, including the Brexit. A possible effect and opportunity from this can be a stronger position for the EU Balkan Member States. The analysis in the paper takes into consideration all Balkan economies, including candidate countries in order to obtain a general approach for the region. This approach is new because it puts together member and candidate members from a region, in the context of re-evaluating the EU, and leads to the idea of finding a regional leader able to generate regional progress and to support the region's interests in the European Institutions. The analysis covers five representative economic indicators (GDP growth rate, gross fixed capital formation, unemployment rate, inflation rate and general government gross debt) and is realized on three levels: a comparative analyses, a cluster analysis, and a cumulative analysis as well. Moreover, regression is used in order to point out the economic disparities across the region. The main conclusion of the analysis is that the great regional economic disparities can be decrease using common regional policies. Moreover, the analysis identifies a regional economic leader able to coordinate common initiatives at least on short and medium terms. The analysis and the conclusions in the paper are supported by the latest official statistic data, pertinent tables and diagrams. [ABSTRACT FROM AUTHOR]
- Published
- 2017
9. Heterogeneous effects of competitiveness shocks on macroeconomic performance across euro area countries.
- Author
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Staehr, Karsten and Vermeulen, Robert
- Subjects
ECONOMIC shock ,ECONOMIC competition ,MACROECONOMICS ,GROSS domestic product ,CREDIT ,LABOR costs ,ECONOMIC history - Abstract
This paper considers how competitiveness impacts macroeconomic performance in 11 euro area countries. VAR models are estimated for the individual countries using quarterly data from 1995Q4 to 2013Q4. Besides unit labour costs as a competitiveness measure, the models include GDP, the current account balance and domestic credit. The empirical analyses show that changes in unit labour costs help explain GDP dynamics in the short and medium term in most countries, whereas they have little explanatory power for the current account balance or domestic credit for most countries. Overall, the effects of the unit labour costs vary substantially across the countries in the euro area. The heterogeneity suggests that policy measures aiming to improve economic growth, correct current account imbalances and ensure financial stability need to take country‐specific features into account. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
10. TOTAL FACTOR PRODUCTIVITY AND ITS DETERMINANTS IN THE EUROPEAN UNION.
- Author
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Čekmeová, Petra
- Subjects
INDUSTRIAL productivity ,ECONOMIC development ,ECONOMIC history - Abstract
Copyright of Journal of International Relations / Medzinarodne Vztahy is the property of University of Economics in Bratislava, Faculty of International Relations and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2016
11. PUBLIC DEBT AND ECONOMIC GROWTH: FURTHER EVIDENCE FOR THE EURO AREA.
- Author
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GÓMEZ-PUIG, Marta and SOSVILLA-RIVERO, Simón
- Subjects
PUBLIC debts & economics ,ECONOMIC development ,ECONOMIC conditions in the Eurozone ,PUBLIC debts ,ECONOMIC history - Abstract
This paper empirically investigates the short and the long run impact of public debt on economic growth. We use annual data from both the central and the peripheral countries of the euro area (EA) for the 1961-2013 period and estimate a production function augmented with a debt stock term by applying the Autoregressive Distributed Lag (ARDL) bounds testing approach. Our results suggest different patterns across the EA countries and tend to support the view that public debt always has a negative impact on the long-run performance of EA member states, whilst its short-run effect may be positive depending on the country. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
12. Regional economic development in Europe: the role of total factor productivity.
- Author
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Beugelsdijk, Sjoerd, Klasing, Mariko J., and Milionis, Petros
- Subjects
REGIONAL economic disparities ,PRODUCTION (Economic theory) ,REGIONAL economics ,TECHNOLOGY ,ECONOMIC history - Abstract
Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2018
- Full Text
- View/download PDF
13. A Quantal Response Statistical Equilibrium Model of Induced Technical Change in an Interactive Factor Market: Firm-Level Evidence in the EU Economies.
- Author
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Yang, Jangho
- Subjects
STATISTICAL equilibrium ,BUSINESS enterprises ,TECHNOLOGY ,PROBABILITY theory ,BAYESIAN analysis ,ECONOMIC history - Abstract
This paper studies the pattern of technical change at the firm level by applying and extending the Quantal Response Statistical Equilibrium model (QRSE). The model assumes that a large number of cost minimizing firms decide whether to adopt a new technology based on the potential rate of cost reduction. The firm in the model is assumed to have a limited capacity to process market signals so there is a positive degree of uncertainty in adopting a new technology. The adoption decision by the firm, in turn, makes an impact on the whole market through changes in the factor-price ratio. The equilibrium distribution of the model is a unimodal probability distribution with four parameters, which is qualitatively different from the Walrasian notion of equilibrium in so far as the state of equilibrium is not a single state but a probability distribution of multiple states. This paper applies Bayesian inference to estimate the unknown parameters of the model using the firm-level data of seven advanced OECD countries over eight years and shows that the mentioned equilibrium distribution from the model can satisfactorily recover the observed pattern of technical change. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
14. Did the economic crisis change V4 trade patterns? The case of intra-industry trade.
- Author
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TOPOROWSKI, Patryk Emanuel
- Subjects
FINANCIAL crises ,ECONOMIC history - Abstract
This study revisits knowledge about the post-EU accession intra-industry trade development in the Visegrad countries (Czech Republic, Hungary, Poland, and the Slovak Republic). These countries--through trade liberalisation, European integration and EU accession--strengthened their position in the global value chains, part of which were located in Western Europe. This paper points out that during the global financial crisis, the changes in intra-industry specialisation were not coherent in the Visegrad countries. Moreover, in some cases, the specialisation even intensified. This paper also applies the Arellano-Bover/Blundell-Bond estimator to assess whether EU accession and the later global financial crisis were driving forces of the changing trade patterns of these countries. The results of the estimation proved the positive effect of European integration (before and after EU enlargement) and the negative effect of the crisis. [ABSTRACT FROM AUTHOR]
- Published
- 2017
15. Seeing the EU from Outside its Borders: Changing Images of Europe.
- Author
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Chaban, Natalia and Holland, Martin
- Subjects
EUROPEAN Sovereign Debt Crisis, 2009-2018 ,FOREIGN relations of the European Union ,SUMMIT meetings ,INTERNATIONAL relations ,ECONOMIC history - Abstract
This paper outlines the importance of the studies of EU external perceptions in the Asia-Pacific region in the times of global multipolar redesign and an ongoing eurozone sovereign debt crisis. It links understanding of the concepts of EU external images and EU international 'branding' to the conduct of the EU's foreign policy. The paper also details the methodology of the transnational comparative research project 'The EU in the Eyes of Asia Pacific' which informs all contributions to this Issue. The paper then presents those contributions which explore EU external perceptions in nine Asia-Pacific locations, members of the Asia-Europe Meeting (ASEM) process: China, Japan, South Korea, India, Singapore, Thailand, Australia, New Zealand, and Russia. [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
16. Why Europe 2020 is Likely to Be as Unsuccessful as the Lisbon Strategy.
- Author
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Treidler, Oliver
- Subjects
TREATY on European Union (1992). Protocols, etc., 2007 December 13 ,EUROPEAN Sovereign Debt Crisis, 2009-2018 ,ECONOMIC policy ,OPEN method of coordination (Government) ,ECONOMIC history - Abstract
In March 2010, the European Commission (2010, preface) introduced Europe 2020 as marking "a new beginning" and having "new tools and [...] new ambition". The research questions guiding my paper are the following: Does Europe 2020 constitute a new beginning? Does Europe 2020 address the shortcomings of the Lisbon Strategy? Is Europe 2020 likely to succeed? The recent crisis illustrates that the EU needs to decide on how to address multiple and pressing challenges. As the member states are faced by similar challenges, adopting a common economic strategy appears to be sensible. However, in 2000 the Lisbon Strategy was also launched as an ambitious common strategy. Despite the substantial effort and resources which were invested, the Lisbon Strategy was a failure. The success of Europe 2020 will in large part depend on whether the lessons have been learned. I conducted a comparative analysis of two strategies. The analysis of key-documents and publications showed that policy content and implementation mechanism of Europe 2020 closely resemble those of the Lisbon Strategy. Further, I identified the main shortcomings of the Lisbon Strategy and analyzed whether Europe 2020 constitutes an adequate remedy. Here, I particularly focused on the open method of coordination (OMC) and found that many shortcomings of the Lisbon Strategy are likely to persist. Based on my findings, I argue that Europe 2020 is unlikely to succeed, unless significant amendments are made. The paper is of relevance for everyone who is interested in engaging in a critical and informed dialogue regarding European economic strategy. [ABSTRACT FROM AUTHOR]
- Published
- 2012
17. BIBLIOGRAPHY.
- Subjects
BIBLIOGRAPHY ,BOOKS ,ECONOMICS ,ECONOMIC history - Abstract
Presents a list of books related to the economy of European Union countries.
- Published
- 2003
18. CREATIVE INDUSTRY AND EUROPEAN UNION INDUSTRY POLICY - INTERACTIONS AND CHALLENGES.
- Author
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Kordos, Marcel
- Subjects
EUROPEAN Union countries industrial policy ,CULTURAL industries ,INTERNATIONAL economic relations ,SOCIAL development ,ECONOMIC development ,ECONOMIC history - Abstract
The paper deals with the relation of creative industry and its position in current European Union Industry policy, where in the long-term run it plays determining role within the industry structure of European Communities countries. The meaning of creative industry within the European Union Industry policy structure is more and more actual because it contributes to the European prosperity and European economy is depended on the vitality of its industry. EU Industry policy includes the set of activities what is the means of how the EU tries to affect the efficiency of processing and services sectors, it is an area on what depends the development and competitiveness of EU member states in addition to as a whole is focused on structural adaptation process which goal is to gain comparative advantages of EU economy in the world economy environment. The goal of this study is by means of the EU industrial policy analysis to figure out the utilization rate of its current efficiency regarding the creative industry issue, in the way of further possible increasing of the EU industrial policy influence in international economics, as well as their significant role relating to the overall socio-economic development of the EU. [ABSTRACT FROM AUTHOR]
- Published
- 2016
19. Gauging the Vertical Specialization in EU Trade.
- Author
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OEHLER-ŞINCAI, IULIA MONICA
- Subjects
INTERNATIONAL trade ,VALUE added (Marketing) ,VALUE chains ,INTERNATIONAL economic relations ,FOREIGN investments ,LABOR mobility ,TECHNOLOGY transfer ,TWENTY-first century ,ECONOMIC history - Abstract
The purpose of this paper is threefold. First, we review the mechanisms and determinants of vertical specialization (VS), as this has gradually become the dominant characteristic of international trade. Second, we underline that there is a rich literature regarding VS in EU trade, at aggregate and individual levels and research is advancing together with the instruments used to measure trade in value added. Third, our investigation brings to the forefront a classification of EU countries according to their GVC participation index, taking into consideration both upstream and downstream links. As a conclusion, the VS analyses help us better understand the interconnectedness among countries and industries by means of foreign direct investment, trade, labour migration and technology transfer. [ABSTRACT FROM AUTHOR]
- Published
- 2014
20. Behind the Pan-European Convergence Path: The Role of Innovation, Specialisation and Socio-economic Factors.
- Author
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Chapman, Sheila and Meliciani, Valentina
- Subjects
ECONOMIC convergence ,TECHNOLOGICAL innovations & economics ,SOCIOECONOMICS ,GROSS domestic product ,TWENTY-first century ,ECONOMIC history - Abstract
The paper analyses the determinants of regional disparities in per capita gross domestic product (GDP) and their evolution over time in the enlarged European Union (EU). With reference to the literature it groups EU regions on the basis of three different factors-specialisation, socio-economic features, and innovation. It then analyses regional disparities in per capita GDP (EU-relative and country-relative) across groups over 2004-2011 using both non-parametric tools and traditional regression analysis with spatial effects. The paper finds that EU-wide convergence actually conceals growing divergence across old member regions and within new members. Coming to the factors that lie at the heart of regional disparities, country factors lose importance for newcomers but become more important for older members, notwithstanding longstanding integration. Socio-economic factors and innovation instead become increasingly important for all areas, socio-economic factors lying at the heart of within-country differences and innovation more of those between regions. Finally, specialisation appears to have a lower explanatory power. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
21. Spatial Clusters in EU Productivity Growth.
- Author
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Postiglione, Paolo, Andreano, Maria Simona, and Benedetti, Roberto
- Subjects
ECONOMIC development ,INDUSTRIAL productivity ,VERDOORN law ,ECONOMIC models ,TWENTY-first century ,ECONOMIC history - Abstract
In the last year, a central issue in regional economic growth debate has been represented by the empirical analysis of Verdoorn's law related to the long-term dynamic relationship between the rate of growth in output and the productivity growth due to increasing returns. Several papers have tested Verdoorn's law on European countries as well as many other world economies. Recently, attempts have been made to provide foundations for a spatial version of the original law specification. The main contributions were dedicated to the inclusion of spatial dependence in the economic model. Surprisingly, in the literature on Verdoom's law the analysis of the spatial heterogeneity is not often considered. The aim of this paper is the regional analysis of the spatial dependence and heterogeneity in Verdoorn's law, identifying spatial regimes that can be interpreted as clusters of productivity growth in European regions at NUTS 2 level. To pursue this objective, an optimization algorithm for the identification of groups is used. This constitutes a modified version of Simulated Annealing. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
22. Hard-line Euroscepticism and the Eurocrisis: Evidence from a Panel Study of 108 Elections Across Europe.
- Author
-
Nicoli, Francesco
- Subjects
EUROSCEPTICISM ,FINANCIAL crises ,ECONOMIC history ,DEPRESSIONS (Economics) ,ELECTIONS ,ECONOMICS - Abstract
The 2014 European elections led to a sharp rise in the electoral consensus of parties and independent parliament members perceived as eurosceptic. This paper analyzes the interconnections between distressed economies and the electoral success of hard-line eurosceptic parties. On a panel of 108 elections between 2008 and 2015, the random-effects model shows the relative effect of long- and short-term political trust, economic performance indicators, and institutional variables in determining the rise of hard-line eurosceptic parties. In contrast with previous studies, which have tended to de-emphasize the effect of economic performance in determining the success of eurosceptic forces, the results of this paper detect both a direct and a mediated effect of the economic crisis on the electoral success of hard-line eurosceptic parties. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
23. Determinants of capital market in the new member EU countries.
- Author
-
Olgić Draženović, Bojana and Kusanović, Tino
- Subjects
CAPITAL market ,FINANCIAL markets ,STOCK exchanges ,MACROECONOMICS ,ECONOMIC history - Abstract
The capital market is an important source of financing for viable investment projects and further economic development. Development of long-term financial markets is particularly important for transition EU countries, taking into account that stock markets in these countries did not start to operate until the mid-1990s. Despite legislation infrastructure quality, functional training and significant progress in market effectiveness, the capital market in many transition economies may be regarded as shallow, illiquid and nontransparent. At the same time, one can observe the strong development of ‘institutional saving’, i.e., financial development related to financial institutions like pension funds, investment funds, and insurance companies. The phenomenon of growth of institutional investors is especially important for capital markets in CEE transition countries, including the Republic of Croatia. The goal of this paper is to test the impulse of non-bank financial intermediaries’ development, and also the influence of implementing the above-mentioned structure reform on capital markets development in the selected transition countries. By applying a panel data approach on a sample of six CEE countries over the period between 1995 and 2010, we provide further evidence on the specific determinants of emerging European capital markets. [ABSTRACT FROM PUBLISHER]
- Published
- 2016
- Full Text
- View/download PDF
24. Comments.
- Subjects
EUROPEAN Sovereign Debt Crisis, 2009-2018 ,PRICE inflation ,AUSTERITY ,ECONOMIC competition ,ECONOMIC equilibrium ,LABOR costs ,ECONOMIC history - Abstract
The author focuses on the euro crisis and the paper by Charles Wyplosz which provides his interpretation on the said event. He says that Wyplosz claims that the crisis is caused by the excessive inflation in the Euro Area and austerity is needed to restore the competitiveness in the region. He explains that European member states experienced significant distortions based on the equilibrium levels for relative unit labor costs.
- Published
- 2013
- Full Text
- View/download PDF
25. Political instability and economic growth: Evidence from two decades of transition in CEE.
- Author
-
Gurgul, Henryk and Lach, Łukasz
- Subjects
POLITICAL stability ,POSTCOMMUNISM ,ECONOMIC development ,POLITICAL change ,ECONOMETRICS ,DEMOCRATIZATION ,ECONOMICS ,ECONOMIC history - Abstract
This paper examines the nexus between political instability and economic growth in 10 CEE countries in transition in the period 1990-2009. Our results support the contention that political instability defined as a propensity for government change had a negative impact on growth. On the other hand, there was no causality in the opposite direction. A sensitivity analysis based on the application of a few hundred different variants of the initial econometric model confirmed the abovementioned findings only in the case where major government changes were applied to the definition of political instability. [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
26. Infrastructure and regional growth in the European Union* Infrastructure and regional growth in the European Union.
- Author
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Crescenzi, Riccardo and Rodríguez-Pose, Andrés
- Subjects
TRANSPORTATION ,INFRASTRUCTURE (Economics) ,RURAL development ,EXPRESS highways ,EMIGRATION & immigration ,ECONOMIC history - Abstract
Transport infrastructure has represented one of the cornerstones of development and cohesion strategies in the European Union (EU) and elsewhere in the world. However, despite the considerable funds devoted to it, its impact remains controversial. This paper revisits the question of to what extent transport infrastructure endowment - proxied by regional motorways - has contributed to regional growth in the EU between 1990 and 2004. It analyses infrastructure in relationship to other factors which may condition economic growth, such as innovation, migration, and the local 'social filter', taking also into account the geographical component of intervention in transport infrastructure and innovation. The results of the two-way fixed-effect (static) and difference GMM (dynamic) panel data regressions indicate that infrastructure endowment is a relatively poor predictor of economic growth and that regional growth in the EU results from a combination of an adequate 'social filter', good innovation capacity, both in the region and in neighbouring areas, and a region's capacity to attract migrants. The meagre returns of infrastructure endowment on economic growth raise interesting questions about the opportunity costs of further infrastructure investments across most of Western Europe. Resumen La infraestructura de transporte ha venido siendo una de las piedras angulares de las estrategias de desarrollo y cohesión en la Unión Europea ( UE) y el resto del mundo. Sin embargo, y a pesar de los considerables recursos que se le ha dedicado, su impacto es un tema controvertido. Este artículo revisa el interrogante de hasta que punto ha contribuido la dotación de infraestructura de transporte - representada por las autopistas regionales - al crecimiento regional en la UE entre 1990 y 2004. Se analiza la infraestructura en relación a otros factores que podrían condicionar el crecimiento económico, como la innovación, la migración, y el 'filtro social' local, teniendo en cuenta asimismo el componente geográfico de la intervención en la infraestructura de transporte y la innovación. Los resultados de las regresiones de datos de panel de efectos fijos (método estático) de doble vía y MGM por diferencias (método dinámico) indican que la dotación de infraestructura es un pobre indicador del crecimiento económico y que el crecimiento regional en la UE tiene su origen en una combinación de un 'filtro social' adecuado, en una buena capacidad innovadora tanto en la región como en áreas vecinas, y en la capacidad de la región de atraer migración. Los escasos retornos para el crecimiento económico de la dotación de infraestructura suscitan cuestiones interesantes sobre los costos de oportunidad de futuras inversiones en infraestructura para la mayoría de Europa Occidental. [ABSTRACT FROM AUTHOR]
- Published
- 2012
- Full Text
- View/download PDF
27. DISTRIBUTIVE TRADE AND ECONOMIC GROWTH: EU28 EVIDENCE FOR THE PERIOD 2008–2015.
- Author
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SOKOLOV MLADENOVIĆ, Svetlana, MLADENOVIĆ, Igor, and ĆUZOVIĆ, Djordje
- Subjects
RETAIL industry ,ECONOMIC development ,SERVICE industries ,WHOLESALE prices ,DISTRIBUTORS (Commerce) ,ECONOMIC history - Abstract
The purpose of this paper is to appoint the causality between economic activity in the sector of distributive trade and the economic growth of 28 European Union nations. Specifically, it examines the impact of changes in turnover per employee in the distributive trade sector in EU member states on the tangible economic growth rate. The determination to adopt this approach stems from the fact that existing studies mainly explore indirect relationship between economic activities in distributive trade and economic development, with less focus on the direct impact of distributive trade on economic growth. The paper utilizes information for the period from 2008 to 2015. The research relies on multiple regression model, with the Hausman test its robustness. The results indicate that a hike in turnover per employee in the distributive trade sector by 10 euros per year in one EU member state increases its real economic growth rate by 0.15% in that same year. The significance of the made results is reflected in the fact that the survey takes into account the last economic crisis, and highlights negative effects of final consumption expenditure of general government % GDP on the tangible economic growth rate in EU member states. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
28. Boosting the Employment Rate of Older Men and Women.
- Author
-
Vandenberghe, V.
- Subjects
EMPLOYMENT ,LABOR costs ,EMPLOYMENT of older people ,GOVERNMENT policy ,LABOR supply ,ECONOMICS ,ECONOMIC history - Abstract
European countries need to expand employment among older individuals. Many papers have examined this issue from different angles. However, very few seem to have considered its gender dimension properly, despite evidence that lifting the overall senior employment rate requires significantly raising that of women older than 50. The key issue examined by this paper is whether employers are willing to employ more older workers, in particular older women. The answer depends to a large extent on the ratio of older individuals' productivity to their cost to employers. To address this question we tap into a unique firm-level panel of Belgian data to produce robust evidence on the causal effect of age/gender on productivity and labour costs. We take advantage of the panel structure to identify age/gender-related differences from within-firm variation. Moreover, inspired by recent developments in the production function estimation literature, we address the problem of endogeneity of the age/gender mix, using a structural production function estimator (Olley and Pakes in Econometrica 64(6):1263-1297, ; Levinsohn and Petrin in Rev Econ Stud 70(2):317-341, ) alongside IV-GMM methods where lagged value of labour inputs are used as instruments. Our results indicate a small negative impact of larger shares of older men on the productivity-labour cost ratio. An increment of 10%-points of in their share causes a 0.17-0.69%-point contraction. However, the main result is that the equivalent handicap with older women is larger, ranging from 1.3 to 2.0%-points. This is not good news for older women's employability. And the vast services industry does not seem to offer working conditions that mitigate older women's disadvantage, on the contrary. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
29. INCOME INEQUALITY AND INNOVATIVENESS: AN APPLICATION FOR EUROPEAN COUNTRIES.
- Author
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Tunalı, Halil and Şahan, Fatih
- Subjects
INCOME inequality ,TECHNOLOGICAL innovations & economics ,ECONOMIC history - Abstract
The major aim of this paper is to elaborate the relationship between technological change and income distribution for 18 developed EU countries. A panel data model is estimated for the data covering the period between 1999-2014. The results suggest that, technological progress occurred in EU countries works to the detriment of people who hold the top income shares. Moreover, the institutional variable is found to increase income inequality. The results underline some important lessons for developing countries. [ABSTRACT FROM AUTHOR]
- Published
- 2016
- Full Text
- View/download PDF
30. Currency boards as a path towards the Eurozone: lessons from the Baltics.
- Author
-
Wolf, Holger
- Subjects
CURRENCY boards ,ECONOMIC conditions in the Eurozone ,FINANCIAL institutions ,MARKET volatility ,TWENTY-first century ,ECONOMIC history - Abstract
In the early 1990s, the three Baltic states adopted de jure (Estonia 1992, Lithuania 1994) or de facto (Latvia) currency boards. After operating under boards for two decades, Estonia (2011), Latvia (2014) and Lithuania (2015) exited to the Eurozone. The paper takes a qualitative look at their experience through the lens of the currency board literature. Viewed over the entire period of operation, the boards delivered on the inflation stabilization objective with little evidence of a growth or trade penalty. The high average performance was however accompanied by high volatility on both the nominal and the real side. While the boards avoided both currency and sovereign debt crises, they contributed to vulnerabilities, notably the 2004-2010 boom-bust cycle. The Baltic experience re-enforces policy lessons from earlier crisis under fixed exchange rates: vigilance and timely response to incipient vulnerabilities associated with short-term capital-inflows and over-heating. [ABSTRACT FROM AUTHOR]
- Published
- 2016
- Full Text
- View/download PDF
31. On the relation between public debt and economic growth: An empirical investigation.
- Author
-
Bökemeier, Bettina and Greiner, Alfred
- Subjects
PUBLIC debts ,ECONOMIC development ,PUBLIC finance ,ECONOMIC policy ,ECONOMIC history - Abstract
In this paper we empirically study the relation between public debt and economic growth. We analyze how the public debt to GDP ratio at a certain point in time is cor- related with the GDP growth rate in the following period, where we consider a one-year time span, a three-year time interval and a five-years interval. Using panel data comprising seven developed countries from 1970-2012, we estimate a pooled regression model and a random effects model. We find some evidence for a significantly negative relation between debt and growth. Further, for most specifications this relationship does not seem to be characterized by non-linearities. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
32. Trends and Change in Social Housing Finance and Provision within the European Union.
- Author
-
Gibb, Kenneth
- Subjects
HOUSING finance ,ECONOMIC history - Abstract
Despite the advent of European integration, the European Union exhibits considerable diversity in its social and economic arrangements in a number of important spheres, not least housing. EU national housing systems differ markedly and interact with national economic structures, welfare regimes, social trends and policy agendas. This paper focuses on the social rented sector and its financing. It maps out trends and sources of change, divergence and convergence across selected EU nations. The paper draws heavily on the UK experience and from secondary sources from other EU nations. The paper begins (after the introduction) with a brief critical description of the main ways social housing is organised in the EU. This is followed by an overview of social housing finance, public spending and subsidy mechanisms. The next section sets out some of the key challenges consequently facing the non-market sectors across the EU. The concluding discussion raises issues for further inquiry. [ABSTRACT FROM AUTHOR]
- Published
- 2002
- Full Text
- View/download PDF
33. PUBLIC DEBT AND ECONOMIC GROWTH - A POLEMIC DISCUSSION.
- Author
-
Muchová, Eva and Kálovec, Marek
- Subjects
FINANCIAL crises ,ECONOMIC indicators ,PUBLIC debts ,EMERGING markets ,ECONOMIC history - Abstract
The global financial crisis has influenced economic performance of the world economy and economic theory as well. The crisis has underlined the fiscal position as a fundamentally fragile element of the Euro Area members' economies and it has also proposed the question whether the growth has not been systematically fed and accelerated by increasing public indebtedness. The paper focuses on the quantification of relation between economic performance and public debt. There is an analysis of 27 EU countries and other 13 OECD economies data (1971-2010) divided into two groups - developed economies and less developed emerging markets and categorized into four blocks. Main findings of the paper are following: increasing public indebtedness as a percentage of GDP has led to lower economic performance in analysing group of 40 countries. The difference between the highest and lowest category of public debt level is almost 2 percent. It is supposed that unsufficient GDP growth might even deepen the ongoing debt crisis. [ABSTRACT FROM AUTHOR]
- Published
- 2014
34. INCENTIVES FOR EMAS REGISTRATION IN EUROPEAN UNION MEMBER STATES: A COMPARATIVE APPROACH.
- Author
-
RAȚIU, P., MORTAN, M., and VEREȘ, V.
- Subjects
LABOR incentives ,BUSINESS enterprises ,ENVIRONMENTAL policy ,PUBLIC administration ,ECONOMIC history - Abstract
Over the last years the objective of European Commission and other E.U institutions was to promote numerous initiatives to simplifying the environmental norms and legislation in order to provide tangible advantages for enterprises and public administrations. In this context the paper investigated the measures and incentives tools implemented in some European Countries to support companies's adoption of Eco-Management and Audit Scheme (EMAS). Starting from analysis of the number of EMAS registration among European Union countries the paper seeks to explain why some countries benefit more form existing incentives measures and which are the most powerful incentives for registered companies. It will be shown that the participation of companies in EMAS is markedly differs between member states. In order to understand these differences in participation rates it is important to take into consideration that EMAS is a voluntary scheme and the national regulators set different simplification measures and incentives. The study is focused on the two main categories of tool incentives indicated by European Commission: regulatory flexibility and promotional incentives. Taking into account that Spain, Germany and Italy are countries with the highest number of EMAS registration the paper concludes with some best practices and recommendations that should be considered by governments in order to increase the diffusion of the EMAS among organizations from other countries. [ABSTRACT FROM AUTHOR]
- Published
- 2015
35. FDI FLOWS IN ROMANIA BEFORE AND AFTER EU INTEGRATION: A COMPARATIVE APPROACH.
- Author
-
Rusu, Elena and Lung, Delia-Cristina
- Subjects
FOREIGN investments ,ROMANIAN economy, 1989- ,EUROPEAN Union membership ,CAPITALISM ,ECONOMICS ,ECONOMIC history - Abstract
Foreign direct investments represent an important part of the economy of a state, producing effects not only in the economic sphere, but also in the legal and institutional ones. The present paper focuses on the analysis of flows of foreign direct investments in the Romanian economy in the period 1999-2013 - the pre and post-accession period to the European Union. The first part of the paper focuses on the analysis of Romanian legal and institutional framework, followed in the second part by a comparative analysis of FDI between the pre and the post-adhesion periods. Thus, we consider such issues as the development of legislation and competent institutions so as to attract foreign investment within a transition economy and afterwards we will track the volume of investments, the main investing countries, presenting which have been the areas that have benefited from foreign capital. This research is achieved through a comparative analysis of the issues mentioned above in the two periods. [ABSTRACT FROM AUTHOR]
- Published
- 2015
36. Which factors affect the distribution of direct payments among farmers in the EU Member States?
- Author
-
Severini, S. and Tantari, A.
- Subjects
INCOME inequality ,FARMERS ,AGRICULTURAL policy ,EUROPEAN Union. Common Agricultural Policy ,WAGES ,ECONOMIC history - Abstract
This paper analyses the distribution of direct payments (DPs) between farmers within the EU Member States (MS). The paper tries to identify some of the factors that can explain the differences between MS in terms of recent distribution and the evolution over time of the distribution of DPs, comparing results of different regression models. The analysis has confirmed that the concentration of direct payments is very heterogeneous across EU Member States and that it reaches very high values in some of them. This is even truer when, as in this paper, non-beneficiary farms are accounted for in the analysis of the DP distribution. The results support the idea that a large part of the concentration of the DP support is generated by the way land is distributed among farms. The results do not support the hypothesis that the models of implementation of the Single Payment Scheme can explain the observed differences among Member States in terms of DP concentration. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
37. Quality of Government and the Returns of Investment: EXAMINING THE IMPACT OF COHESION EXPENDITURE IN EUROPEAN REGIONS.
- Author
-
Rodriguez-Pose, Andrés and Garcilazo, Enrique
- Subjects
RATE of return ,PUBLIC investments ,EUROPEAN Union countries politics & government ,RURAL development ,ECONOMIC history - Abstract
This paper sets out to examine the impact of the quality of local and regional governments on the returns of investment, focusing on the returns of EU structural and cohesion funds. Despite the widespread belief that the quality of government affects the returns of public investments, whether this is effectively the case has seldom been proved. Using primary data on quality of government collected by the Quality of Government Institute, combined with World Bank Global Governance Indicators data, we conduct a two-way fixed effect panel regression model for a total of 169 in European regions during the period 1996 to 2007. The results of the analysis underline the importance of the quality of government both as a direct determinant of economic growth, as well as a moderator of the efficiency of structural and cohesion funds expenditure. Our analysis finds that both EU investments targeting regions and quality of government make a difference for regional economic growth, but that above a significant threshold level of expenditure, the quality of government is the key factor determining the returns of public investment. In many of the regions receiving the bulk of structural funds, greater levels of cohesion expenditure would, in the best case scenario, only lead to a marginal improvement in economic growth, unless the quality of government is significantly enhanced. [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
38. Harmonization of Corporate Income Tax (CIT) in the EU - Achievements and Challenges.
- Author
-
Morina, Fitore and Peci, Bedri
- Subjects
CORPORATE taxes ,TAXATION ,ECONOMIC development ,SUSTAINABLE development ,TWENTY-first century ,ECONOMIC history - Abstract
This paper provides a framework of the tax systems of CIT - Corporate Income Tax in the EU. This paper treats the concept of CIT according to the OECD, EU directives and Kosovo legislation. It aims to identify gaps in the current Kosovo legislaton and the tendency to increase the harmonization of the tax systems in EU, especially, in view of the direct taxes. The theory of international tax law counts some methods used in the case of the relocation of the source of income from countries with high tax rate in countries with the lower tax rate. However, determining the level of taxation in this area is the exclusive issue of Member States in harmony with the principle of subsidiarity. With the aim at securing sustainable economic development and growth in the EU, within the framework of their strategy some changes were proposed regarding the elimination of all legal and fiscal barriers that hinder the full integration of the national systems of member states into the common market. The CCCTB initiative is considered a major step towards aligning the EU tax systems. So, the purpose of this article is to demonstrate the level of harmonization of the tax systems in EU, using the comparativ, empirical, normativ and logical methods, to conclude the role of CIT in the tax systems. [ABSTRACT FROM AUTHOR]
- Published
- 2017
39. Stratified Social Rights Limiting EU Citizenship.
- Author
-
Bruzelius, Cecilia, Reinprecht, Constantin, and Seeleib‐Kaiser, Martin
- Subjects
SOCIAL & economic rights ,IMMIGRANTS ,EUROPEAN Union citizenship ,EMIGRATION & immigration ,SOCIAL history ,ECONOMIC history - Abstract
Differences in Member States' economic development and national social protection systems can translate into significant differences in the substantive social rights of EU migrant citizens. The substantive rights of economically inactive EU migrant citizens are dependent on the 'export' of social rights from their country of origin to the Member State of destination, in particular during the initial phase of their residence in a new Member State as a jobseeker or a pensioner. This paper demonstrates that EU citizens' social rights are substantively stratified, not only by economic status, but also according to the Member State of origin and destination. Stratified social rights, it is argued, generate unequal opportunities to free movement and eo ipso challenge the very concept of EU citizenship. The paper concludes with a proposal for a European Minimum Income Scheme to at least partially overcome the shortcomings of existing EU citizenship. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
40. Wage Divergence, Business Cycle Co-Movement and the Currency Union Effect.
- Author
-
Gächter, Martin, Gruber, Alexander, and Riedl, Aleksandra
- Subjects
INCOMES policy (Economics) ,WAGE differentials ,WAGES ,MONETARY unions ,BUSINESS cycles ,WAGE increases ,ECONOMIC history - Abstract
This paper studies the impact of wage growth divergence on business cycle co-movement in the context of currency unions. While the theoretical literature on optimum currency areas highlights the equilibrating effect of divergent wage growth after asymmetric exogenous demand shocks via the external demand channel, recent literature on euro area imbalances emphasizes its dis-equilibrating effect as a source of asymmetric domestic demand shocks, and therefore suggests a negative link to business cycle co-movement. Our empirical results reveal that the latter effect has been clearly dominating in the euro area: Wage growth differentials across countries - while of minor importance for non-euro area EU countries with sovereign currencies - significantly reduce business cycle co-movement within the monetary union and thus increase the cost of the common monetary policy. The large magnitude of the effect calls for enhanced co-ordination efforts of wage policies in the euro area. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
41. Equity market integration: the new emerging economy of Montenegro.
- Author
-
Papavassiliou, Vassilios G.
- Subjects
COINTEGRATION ,STOCK exchanges ,EMERGING markets ,GRANGER causality test ,FINANCIAL economics ,TWENTY-first century ,ECONOMIC history - Abstract
Purpose – The purpose of this paper is to examine the level of capital market integration between the Montenegrin stock market and a number of European Union (EU) countries and the USA. Design/methodology/approach – The authors use an equity data set at the daily frequency from 12 countries and 4 broad regions, spanning the period from March 2003 to September 2008. They investigate long-run and short-run dynamics using cointegration techniques, Granger causality tests and vector error correction models. Findings – The authors provide evidence for the existence of a long-run equilibrium between Montenegro and the developed countries of Western Europe and the USA. The investigation of short-run dynamics reveals that Montenegro follows an autonomous path, influenced mainly by domestic developments. Originality/value – This is the first study on the Montenegrin stock market which has been neglected by the academic community. Montenegro’s accession in the EU is imminent; thus the study of the level of its integration with the rest of EU countries, before its actual accession, is useful for regulators and policymakers. Various lessons of a more general nature can also be drawn from the analysis of this paper. [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
42. On the Stability of the Catching-Up Process Among Old and New EU Member States.
- Author
-
Prýchniak, Mariusz and Witkowski, Bartosz
- Subjects
ECONOMIC convergence ,ECONOMIC development ,ECONOMIC impact ,ECONOMIC equilibrium ,ECONOMIC history - Abstract
This paper analyzes the time stability of the real economic convergence in the European Union. As a robustness check, the calculations are carried out for two groups of countries: EU27 during 1993-2010 and EU15 during 1972-2010. The analysis is based on three-year intervals, as contrasted with an analysis by Prýchniak and Witkowski (2013a) that is based on annual data. In addition, the paper examines the strength and stability of impact of selected economic growth determinants. In order to verify the research hypotheses, Bayesian model averaging is applied to Blundell and Bond's generalized method of moments system estimator. It turns out that the EU27 countries converged at a rather constant over time rate of about 6 percent per annum while the EU15 countries converged at about 3 percent per annum; this is an enormous difference compared to the widely cited 2 percent speed of convergence in the mainstream literature. [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
43. The Research And Development Performance Of Various EU Social Regimes.
- Author
-
Puškárová, Paula and Gurníková, Jana
- Subjects
RESEARCH & development finance ,TECHNOLOGICAL innovations & economics ,INDUSTRIAL productivity ,PATENT applications ,ECONOMICS ,ECONOMIC history - Abstract
Copyright of Comparative Economic Research is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2013
- Full Text
- View/download PDF
44. Conditions And Prospects For Development Of Innovation In EU Economies In Light Of The Europe 2020 Strategy.
- Author
-
Dworak, Edyta and Kasperkiewicz, Witold
- Subjects
TECHNOLOGICAL innovations & economics ,TECHNOLOGICAL innovations in business enterprises ,RESEARCH & development ,INFORMATION economy ,ECONOMICS ,ECONOMIC history - Abstract
Copyright of Comparative Economic Research is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2013
- Full Text
- View/download PDF
45. The Deepening Crisis in the European Super-periphery.
- Author
-
Bartlett, Will and Prica, Ivana
- Subjects
EUROPEAN Sovereign Debt Crisis, 2009-2018 ,PUBLIC debts ,FINANCIAL crises ,FOREIGN investments ,FINANCIAL bailouts ,GLOBAL Financial Crisis, 2008-2009 ,ECONOMIC history - Abstract
In this paper we argue that the Western Balkans form part of a ‘super-periphery’ of Europe, being highly vulnerable to the effects of the Eurozone crisis, yet lacking support from the European Union (EU) bail out funds and policy instruments that are available to ease the impact of the crisis on the ‘peripheral’ EU member states. In the Western Balkans the crisis has been transmitted through several channels including exports, remittances, foreign investment and bank credit flows. The paper investigates the impact of the Eurozone crisis on the region and questions whether the EU accession process continues to offer hope of economic prosperity in the future or whether the countries of the super-periphery should rely more on their own resources, new alliances and regional cooperation to support future economic growth. [ABSTRACT FROM PUBLISHER]
- Published
- 2013
- Full Text
- View/download PDF
46. In Croatia’s slipstream or on an alternative road? Assessing the objective case for the remaining Western Balkan states acceding into the EU.
- Author
-
Petrovic, Milenko and Smith, Nicholas Ross
- Subjects
EUROPEAN Union membership ,BALKAN Peninsula politics & government, 1989- ,SOCIAL history ,ECONOMIC history - Abstract
Since the ‘mega-enlargement’ of the European Union into the erstwhile communist territories of Eastern Central Europe and the Baltics in 2004/2007, the prospect for further EU enlargement(s) has seriously dissipated. Terms such as ‘enlargement fatigue’ and ‘absorption capacity’ have become en vogue in the post-2007 enlargement setting where older EU member states have developed negative attitudes towards future enlargements. However, the accession of Croatia into the EU in 2013 has inevitably raised questions of which states or regions could be next. This paper contends that due to a multitude of issues surrounding Turkey, particularly the political impasse within the EU towards Turkish accession coupled with its sheer size, only the smaller states of the Western Balkans represent viable candidates (Iceland’s accession prospects have stalled significantly due to internal pressures). This paper argues that the limits of EU eastern enlargement are set by both prevailing (subjectively defined) political attitudes founded on various grounds in the leading EU member states and by the rationally defined objective capacity of the EU’s institutions to absorb potential new member states. It is through the latter, and in comparison to the three most recent accession states - Bulgaria, Romania and Croatia – which this paper attempts to assess the objective potential of the remaining Western Balkan states to accede into the EU in the near future. [ABSTRACT FROM PUBLISHER]
- Published
- 2013
- Full Text
- View/download PDF
47. Can Scharpf be proved wrong? Modelling the EU into a competitive social market economy for the next generation.
- Subjects
CAPITALISM ,ECONOMIC competition ,ECONOMIC history - Abstract
Criticism of the EU's social deficit has become more vivid than ever following the socially regressive handling of the 2008–10 financial and debt crisis. In 2010, Fritz Scharpf famously argued that the EU 'cannot be a social market economy' owing to its institutional architecture, legal features, and collective action issues. The COVID‐19 pandemic has nevertheless led to a new agenda combining investment, social concerns, the green transition and more fiscal solidarity. However, a lot remains to be done, it is argued, to bridge the social gap. A three‐pronged model is outlined to conceive of the EU's role in enhancing national, inter‐national and transnational social cohesion. The paper furthermore points to where the EU's action must be intensified to make significant progress on the way to a competitive and social market economy. In many respects, the hard political battles remain to be fought. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
48. Systemic risk measures and macroprudential stress tests: an assessment over the 2014 EBA exercise.
- Author
-
Pederzoli, Chiara and Torricelli, Costanza
- Subjects
SYSTEMIC risk (Finance) ,BANKING industry ,ECONOMIC history - Abstract
Regulators' stress tests on banks further stimulated an academic debate over systemic risk measures and their predictive content. Focusing on marked based measures, Acharya et al. (Rev Financ Stud 30(1):2-47, 2017) provide a theoretical background to use marginal expected shortfall (MES) for predicting the stress test results, and verify it on the 2009 Supervisory Capital Assessment Program of the US banking system. The aim of this paper is to further test the goodness of MES as a predictive measure, by analysing it in relation to the results of the 2014 European stress tests exercise conducted by the European Banking Authority. Our results underscore the importance of choosing the appropriate index to capture the systemic distress event. In fact MES based on a global market index does not show association with the stress test results, in contrast to Financial MES, which is based on a financial market index, and has a significant information and predictive power. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
49. FISCAL DECENTRALIZATION AND ECONOMIC GROWTH IN SELECTED EUROPEAN COUNTRIES.
- Author
-
SLAVINSKAITĖ, Neringa
- Subjects
ECONOMIC development ,DECENTRALIZATION in government ,MACROECONOMICS ,ECONOMIC stabilization ,FIXED effects model ,TWENTY-first century ,ECONOMIC history - Abstract
The paper analyses the fiscal decentralization effects on economic growth in unitary countries of European Union for the period 2005-2014. The empirical analysis was based on the multiple regression method. The fixed effect panel model was used as framework for the analysis. In order to examine the different impact of fiscal decentralization, the same analysis was applied to subsets of countries categorized into two groups according to countries' level of economic development. This further analysis found that there is positive relationship between fiscal decentralization and economic growth in low level of economically developing countries and no relationship in high level of economically developed countries. These results suggested that fiscal decentralization is not always instrument for promotion of economic growth, which means that country's economic development level is an important factor when introducing reform of fiscal decentralization. The originality of this article - new fiscal decentralization index and evaluated fiscal decentralization level influence for countries economic growth. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
50. Informal employment in the poor European periphery.
- Author
-
Pfau-Effinger, Birgit
- Subjects
INFORMAL sector ,CORE & periphery (Economic theory) ,LABOR market ,UNEMPLOYMENT ,PENSIONS ,ECONOMIC history - Abstract
Purpose During the transition from socialist to post-socialist regimes, many Central and Eastern Europe societies have developed a broad sector of informal work. This development has caused substantial economic and social problems. The paper aims to discuss these issues.Design/methodology/approach This paper aims to answer two questions regarding European countries with a relatively weak economy and welfare state: what are the differences in the social characteristics between workers in formal and informal employment? And how might they be explained? According to the main assumption, a key reason why people work in undeclared employment in such countries is that they are in particularly vulnerable positions in the labour market. This paper uses the example of Moldova. The empirical study is based on a unique survey data set from the National Statistical Office of Moldova covering formal and informal employment.Findings The findings show that, in informal employment, workers in rural areas, workers with a low level of education, young workers and older workers – in the final years of their careers and after the age of retirement – are over-represented. It seems that a significant reason why these workers are often engaged in informal employment is the lack of alternatives in the labour market, particularly in rural areas, compounded by limited social benefits from unemployment benefits and pensions.Originality/value Research about social differences between workers in formal and informal employment in the countries of the European periphery is rare. This paper makes a new contribution to the theoretical debate and research regarding work in informal employment. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
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