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1
McGaughey, Jane. "Blood-debts and Battlefields: Ulster Imperialism and Masculine Authority on the Western Front 1916–1918." Journal of the Canadian Historical Association 20, no. 2 (September 15, 2010): 3–27. http://dx.doi.org/10.7202/044397ar.
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Men’s bodies were one of the more notable sites of conflict in Northern Ireland after the 1918 armistice. Long before the war was over, Ulstermen had become part of a public legacy of blood-sacrifice and the epic mythology of warrior manliness surrounding the 36th (Ulster) Division. The predominantly Protestant north-east of Ireland revelled in heroic language and romantic sentiment about their losses and the consequences of their sacrifice. For years after their most famous battle at the Somme on the 1st of July 1916, Unionists maintained a vibrant communal memory that pointedly excluded the achievements and sacrifices of the 16th (Irish) and 10th (Irish) Divisions, to the detriment of northern Nationalist veterans. More importantly, the ramifications of northern society’s understanding of soldiering masculinities directly led to some of the more infamous physical events of The Troubles from 1920 to 1922. These episodes included the violent shipyard expulsions in Belfast, the intimidation of shell-shocked ex-servicemen, membership in vigilante paramilitary societies, and government-mandated floggings of Catholic veterans in a society that prized service in the Great War as the greatest hallmark of modern Irish masculinity. The language of sacrifice within the public sphere, witnessed in public discourse and literally imprinted upon the bodies of those deemed unworthy and unmanly, mythologized one group of men at the expense of another, making the legacy of the Great War and the actions of and upon male bodies highly significant and influential factors in Northern Ireland for the rest of the twentieth century.
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Huart, Florence. "Is Fiscal Policy Procyclical in the Euro Area?" German Economic Review 14, no. 1 (February 1, 2013): 73–88. http://dx.doi.org/10.1111/geer.12000.
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Abstract We test the relationship between the cyclically adjusted primary balance and alternative indicators of cyclical conditions for the euro area and 18 OECD countries over the period 1970-2009. A countercyclical stance of discretionary fiscal policy is found during bad times after 1999 in the euro area as a whole and in a few member countries only (France, Ireland and The Netherlands). It is also associated with high public deficits or low public debts. There is no significant case of procyclical fiscal policy after 1999, neither in good times nor in bad times.
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Durand, Cédric, and Sébastien Villemot. "Balance sheets after the EMU: an assessment of the redenomination risk." Socio-Economic Review 18, no. 2 (January 30, 2018): 367–94. http://dx.doi.org/10.1093/ser/mwy004.
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Abstract The probability of a partial or complete break-up of the euro has risen over the last years. Such an event could create a balance sheet problem for economic agents, if the redenomination process introduced significant currency mismatches between the asset and liability sides. We propose a new assessment of this redenomination risk, by country and by main institutional sector, for two scenarios: a single country exit and a complete break-up. Our main conclusion is that, even though the problem has to be taken seriously, its order of magnitude should not be exaggerated. Only a few sectors are at significant risk: public debts of Greece and Portugal, financial sectors of Greece, Ireland and Luxembourg. In particular, the balance sheet exposure of the non-financial private sector to the redenomination risk appears to be limited.
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Mucha-Leszko, Bogumiła, and Katarzyna Twarowska. "The European Union As A Global Economic Power." Comparative Economic Research. Central and Eastern Europe 19, no. 3 (September 30, 2016): 27–44. http://dx.doi.org/10.1515/cer-2016-0019.
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The aim of this study is to evaluate the EU economic position in 1995–2014 as well as the prospective growth potential in the global dimension up to 2025. The subject of the research is real and projected data including: GDP growth rate, main growth factors (labour, labour productivity and Total Factor Productivity), and their input to GDP growth, as well as data showing public debts and budget deficits. The analysis was conducted for the years 1995–2014 and 2015–2025. The authors' basic conclusions are: 1) the technological and economic gap between the European Union and the United States has been deepening; 2) the increasing polarisation of world economic powers and low GDP growth in the European Union limit the EU’s chances of maintaining the position as the second centre in the world economy; 3) improving the situation in public finances in the European Union as compared to the US is a factor which could raise GDP growth rates in European countries, however, there are countries whose future is in doubt due to the dramatically poor state of public finances, such as Greece, Italy, Portugal or Ireland; 4) economic growth forecasts indicate a deepening of the economic gap between the largest EU countries and the US.
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Moore, Sean. "Devouring Posterity: A Modest Proposal, Empire, and Ireland's “Debt of the Nation”." PMLA/Publications of the Modern Language Association of America 122, no. 3 (May 2007): 679–95. http://dx.doi.org/10.1632/pmla.2007.122.3.679.
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Scholars have rightly asserted that the cannibal motif of Jonathan Swift's A Modest Proposal is the mechanism by which the author covertly addresses colonialist pillaging in Ireland. Less attention has been paid to an unresolved problem, that of the satire's audience. This article claims that its publication in Dublin at the height of the Irish parliamentary session of 1729 suggests that Anglo-Irish legislators were its target readers. If so, the figure of the cannibal may signify how national debt and the mortgaging of future public revenues needed to amortize that debt metaphorically devoured the posterity of the colonized Irish natives. Given that the famine conditions of 1729 had reduced revenues and produced a crisis in paying Ireland's “debt of the nation,” the satire's calendar for the harvesting and slaughtering of Ireland's babies could be taken as mimicry of the debates over how to raise new taxes and schedule their collection and expenditure.
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Brazys, Samuel, and Aidan Regan. "The Politics of Capitalist Diversity in Europe: Explaining Ireland’s Divergent Recovery from the Euro Crisis." Perspectives on Politics 15, no. 2 (June 2017): 411–27. http://dx.doi.org/10.1017/s1537592717000093.
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The 2008 financial crisis hit few places harder than the Euro periphery. Faced with high levels of public debt, Portugal, Italy, Ireland, Greece, and Spain were each compelled to implement harsh austerity reforms. Yet despite this common policy response, the recoveries have shown significantdivergence.In particular, Ireland seems to have managed to succeed economically in a way that the other peripheral countries have not. The prevailing narrative is that Ireland’s recovery from the crisis is due to “austerity” and improved “cost competitiveness.” Drawing upon theories from the study of comparative capitalism we challenge this narrative, and argue that the Irish recovery is an outcome of a state-ledenterprise policyaimed at nurturing a close relationship with corporate firms from Silicon Valley. Using qualitative and quantitative investigation we find evidence that this state-led FDI growth model, rather than austerity induced competitiveness, kick-started Ireland’s recovery from crisis. As Ireland is a critical case for the “success” story of austerity in Europe, our findings represent a significant challenge to the politics of adjustment. It suggests the strategies of business-state elites, and not simply the workings of electoral coalitions, explains the politics of adjustment in advanced capitalism.
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Kalinowska, Katarzyna. "Overcoming the consequences of financial crisis on the example of Island and Ireland." Central European Review of Economics & Finance 33, no. 2 (August 31, 2021): 55–66. http://dx.doi.org/10.24136/ceref.2021.007.
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Will Ireland share the fate of Iceland? Is this open, small economy with a debt-to-GDP ratio of above 130% on the verge of bankruptcy? Economists argue that if public debt is greater than national income, then smaller economies, heavily involved in the international division of labor are at risk of becoming insolvent. The bankruptcy of Ireland, whose prosperity is based on its reputation for being a good place to do business, could be a catastrophy. Contrary to the countries of southern Europe, the economy of the Green Island has never had problems with paying its liabilities and with solvency. While Greece has gone bankrupt five times since gaining independence in 1826 and Spain as many as thirteen in the past two centuries, Ireland's history in this area is impeccable (Reinhard, Rogoff, 2009, p. 3-6). Since the beginning of the 21st century Ireland's economic development has been based mainly on construction industry and not exports, as it used to be in the 1990s when the country was nicknamed the Celtic Tiger. The boom resulted in a budget surplus and a positive balance in current settlements. But it also resulted in higher prices - the Irish no longer had to accept slow wage growth to stay internationally competitive - which, combined with the low nominal interest rate of the European Central Bank, provided fertile ground for the build-up of the real estate bubble. The aim of the article is to identify the factors that led Ireland to the brink of bankruptcy and to try to answer the question whether the action of recapitalization of failing banks by the government and international financial institutions will bring the expected results in the form of healing the financial system and returning Green Island to the path of economic growth.
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Barbant, Yasmim Dalila, and Leonardo Flauzino de Souza. "Debt patterns of the peripheral economies of Europe: from the increased growth post-implementation of the Euro to the Great Recession." Brazilian Keynesian Review 5, no. 1 (September 21, 2019): 99. http://dx.doi.org/10.33834/bkr.v5i1.182.
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<p>The main purpose of this article is to outline the specificities of the indebtedness process of each country of the European periphery — Greece, Italy, Ireland, Portugal, and Spain — that guided the behavior of the demand and the indebtedness of the domestic economic agents from 2000 to 2017. The main results indicated that from 2000 to 2008, all of the countries had foreign sector surpluses (current account deficits), which characterized distinct indebtedness processes of the domestic economic agents. The reversal of these processes was accompanied by larger public deficits and the replacement of private debt with public debt. With the exception of Ireland, the positive impacts on the economic performance of these countries between 2009 and 2017 came from the foreign sector through the devaluation of the euro in the period.</p>
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Miruka, Collins Ogutu, Gisele Mah, and Mamello A. Nchake. "Financial guarantees and public debt in South Africa." Risk Governance and Control: Financial Markets and Institutions 5, no. 3 (2015): 214–23. http://dx.doi.org/10.22495/rgcv5i3c2art7.
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A few years since the worst of the Euro sovereign debt crisis, many nations, from Cyprus to Ireland, including South Africa are re-visiting their public debt management to avert or lessen the impact of similar such happenings in the future. There are a number of studies on risk assessments of fiscal sustainability; however, few focus on contingent liabilities and even fewer on financial guarantees. In South Africa, financial guarantees have consistently comprised just above or below 50% of all contingent liabilities since the early days of majoritarian rule. In lieu of this, the paper analyses the risks posed by financial guarantees to fiscal sustainability in South Africa. We estimate the effect of financial guarantees on public debt in South Africa via the Engle Granger and causality model with quarterly time series data obtained from the South African Reserve Bank (SARB) as well as the National Treasury. The data covers the April 1997 to December 2011 period. All econometric methods were executed using the statistical software package E-Views 7. We found that no long run relationship exists between national net loan debt and financial guarantees in South Africa. The pass rate of financial guarantees significantly affects its present value. The pass rate of financial guarantees has a predicting ability in determining the present value of national net loan debt. These findings may be contrary to what would be expected in the case of South Africa considering that the country is managing the issuance of financial guarantees prudently and that at present levels, there is no need for a radical policy shift. The study therefore offers a lesson to similar merging economies on the good governance of contingent liabilities.
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López, Isidro, and Emmanuel Rodríguez. "Das spanische Modell." PROKLA. Zeitschrift für kritische Sozialwissenschaft 42, no. 166 (January 1, 2012): 113–34. http://dx.doi.org/10.32387/prokla.v42i166.21.
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Prior to the debacle of 2008,Spain’s economy was an object of particular admiration for Western commentators. In thecontext of the global crisis, however, Spain has been hovering on the brink of classification asa case for Eurozone bail-out, following Greece, Ireland and Portugal. We borrow from RobertBrenner’s concept of ‘asset-price Keynesianism’ in order to analyse the recent crash of theSpanish economy as well as its social and political consequences. The bursting of the Spanishbubble has torn the veil from a highly polarized social order, with a large proportion of thepopulation deep in debt, many out of work and dependent on public services doubly hit byspending cuts and privatization.
11
Grbic, Vladimir. "The Eurozone crisis: Causes and policy." Zbornik Matice srpske za drustvene nauke, no. 140 (2012): 455–69. http://dx.doi.org/10.2298/zmsdn1240455g.
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Fiscal instability, the growth of the public debt, current account deficits, especially in countries which are largely on the periphery of the Eurozone: Portugal, Ireland, Italy, Greece and Spain, the so-called PIIGS countries, have opened numerous questions and provoked various measures for their resolution. The article focuses on the analysis of the causes of the crisis and considers two main approaches to the issue, the anti-crisis measures undertaken now in the Eurozone, but also the evaluation of their performance. The article also identifies the need to construct new, unconventional policies, which should effectively respond to the challenges, so certain measures have been proposed in this direction.
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Miškinis, Algirdas, and Ilma Juozėnaitė. "A comparative analysis of foreign direct investment factors." Ekonomika 94, no. 2 (January 1, 2015): 7–27. http://dx.doi.org/10.15388/ekon.2015.2.8230.
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The paper identifies factors affecting the foreign direct investment (FDI) inflow. It analyzes the determinants of FDI in recent empirical evidence as well as determines differences among FDI factors in Greece, Ireland, and the Netherlands. The determinants being examined are the gross domestic product (GDP) per capita, exchange rate, unit labor costs, trade openness as well as inflation. The analyzed period is 1974–2012. Data were collected from the World Bank and the Organization for Economic Cooperation and Development (OECD) databases. With the help of the VAR model it was determined that only the exchange rate had a significant impact on FDI in Greece. Exchange rate, trade openness and inflation had a slight impact on FDI in Ireland. GDP per capita, unit labor costs and inflation had a slight impact on FDI in the Netherlands. The introduction of euro and the financial crisis had a significant impact on FDI only in Greece. Furthermore, after comparison of public debt, the ease of doing business ranking, budget deficit and the corruption index among the countries, it was determined that the low level of FDI in Greece was caused by the unfavorable investment climate.
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Köppe, Stephan, and Muiris MacCarthaigh. "Public service integration in hard times: Merging unemployment benefit and labour market activation measures." Administration 67, no. 2 (May 1, 2019): 137–60. http://dx.doi.org/10.2478/admin-2019-0017.
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AbstractThe creation of Intreo as a one-stop shop for jobseekers in Ireland occurred during the financial and sovereign debt crisis period of 2010–16. The organisational merger was the product of an extensive programme of successful administrative reorganisation and service integration that deserves attention. This article begins with an overview of the policy to merge insurance-based unemployment benefit, discretionary social welfare payments and labour market activation measures, as well as the various political and institutional rationales that led to this development. Drawing on the special issue framework concerning how the interaction of ideology, institutions and interests comes into play during policy change, we consider the contextual factors that facilitated the rapid implementation of the programme and its overall successful execution. Whilst focusing on the success, we also critically point out the inhibitors in the implementation chain, some of which predated the crisis, as well as problems during the implementation process, such as delays in the national rollout and back-office supports. We identify the main contributing factors for successful implementation of a one-stop shop for activation and unemployment services as (a) a high problem pressure, (b) a small and agile implementation team, (c) changing labour relations (e.g. binding arbitration, weakened unions) and (d) a modern communication strategy.
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Filipiak, Beata Z., and Dorota Wyszkowska. "Fiscal stability in EU countries." Wiadomości Statystyczne. The Polish Statistician 67, no. 8 (August 31, 2022): 17–40. http://dx.doi.org/10.5604/01.3001.0015.9703.
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The article presents the evolution of the concept of fiscal stability towards the sustainability of public finances. The aim of the study is to join the discussion on the factors shaping fiscal stability and to verify their significance during disturbances caused by the financial and economic crisis and the impact that the COVID-19 pandemic had on the economy. The result of the undertaken research is a ranking of EU countries according to the sustainability of their public finances, created using one of the linear ordering methods, TOPSIS. In addition, the study allowed the indication of the factores determining the stability of public finances and its affecting its sustainability. The analysis was based on Eurostat data for 2010, 2015, 2017 and 2020. The study showed that the variation among the analysed countries’ sustainability of public finances decreased significantly in 2020 as compared to the previous years. Moreover, relatively significant changes in the ranking were observed in the analysed period in terms of the adopted criterion, which primarily resulted from changes in the countries’ level of economic growth and the size of their public debt in relation to GDP. In each of the studied years, Greece proved to have had the most unstable public finance. In the years 2010 and 2015, Ireland, Malta and Slovakia, respectively, occupied the first positions in the ranking, while in 2020 Romania, Lithuania, Poland and Bulgaria became the leaders.
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Pešić, Ivana V., and Gajo M. Vanka. "EU Crises Multiplier - From One Crisis To Another." Economic Themes 52, no. 2 (June 1, 2014): 215–41. http://dx.doi.org/10.1515/ethemes-2014-0015.
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Abstract Since the wide spreading of the European Union (EU) crisis begun, the research papers have been providing different definitions such as currency crisis, competitiveness crisis, banking crisis, balance of payment crisis, but the most frequent notion of EU crises is the sovereign debt crisis. In this paper, the researchers agree that the current European crisis can be identified as sovereign debt crises at its surface, but in order to search for solutions of EU problems, we must look deeper into the sources of this crisis. Through this paper, the multiplication of crisis is explained, whereby it is being concluded that one type of crisis led to another, while staying on the point that the Eurozone current crisis is basically a combination of two core crisis: balance of payment crisis and banking crisis. In order to support the hypothesis that sovereign debt crisis is deeply connected with balance of payment crisis, we have analysed the trade and capital flows of European countries. It was discovered that periphery countries mostly financed their current account deficit, trade deficits and public deficit through external borrowing from creditor countries. Further, the periphery countries have been cumulating not only trade deficit in trade activity with other European partners, but also in trade with the rest of the world. The key source of imbalances between the European countries seems to be a different level of competitiveness caused by different level of productivity. As the second face of EU crises, we recognised a banking crisis. We found that sovereign debt crisis and banking crisis are interconnected but banking crisis usually precedes the debt crisis. With the fast growth of international capital flows, financial integration was strongly regionally concentrated and became especially important within the EU. Through the analysis of the international investment position of creditor countries, it was concluded that these countries are more integrated within the euro area through financial flows than through real economic flows. Additionally, it was discovered that creditor countries’ banks were among the biggest investors in bonds of periphery countries such as Greece. In other periphery countries such as Ireland, banking crisis and subsequent measures for the rescuing of banking system led to the increase of public debt. In the other countries, banks were faced with solvency problems due to bad debt holdings. Having in mind that we found interconnection of the debt crisis with balance of payment crisis on the one side, and with the banking crisis on the other side, the conclusion is that sovereign debt crisis in the Eurozone is a result of two-core crisis: balance of payment crisis and bank crisis. Reckoning on the European Union history where each crisis usually led to the stronger integration, maybe the current crisis is a step further towards better and deeper integration.
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Villadangos Seijas, Esther. "Irlanda : reforma constitucional versus convención constitucional : análisis del déjà vu de Irlanda desde la perspectiva de la reforma constituciónal española." Teoría y Realidad Constitucional, no. 30 (June 1, 2012): 411. http://dx.doi.org/10.5944/trc.30.2012.7014.
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El presente artículo se centra en el estudio de la gestación de la crisis económica en Irlanda y en el análisis de las respuestas constitucionales a la misma. En primer lugar se analiza el papel de la reforma constitucional, estudiando el mecanismo diseñado en los arts. 46 y 47 de la Constitución. El carácter preceptivo del referéndum ha reforzado la implicación social en un total de 23 reformas aprobadas hasta la fecha. De especial trascendencia, como reacciones constitucionales ante el contexto de crisis, podemos destacar la reforma de 2011 relativa a la reducción del salario de los jueces y la afrontada en 2012, como consecuencia de la ratificación del Tratado de Estabilidad. Un segundo contenido de este trabajo expone una «relativa» novedad en el panorama constitucional, la de la Convención Constitucional. Concebida como un órgano deliberativo y participativo, estamos ante un mecanismo que trata de paliar una común demanda de las democracias actuales de fomentar la participación social como complemento a las limitaciones de los cauces parlamentarios tradicionales, subyugados a demasiadas lealtades, partidistas, endogámicas que impiden el ejercicio de sus funcione de canalización de la voluntad popular en el seguimiento de los asuntos públicos.This article focusses on Irish answers to the economic crisis. The full force of the sovereign debt crisis has been affected Ireland from 2008. The failures in the policy-making and regulatory systems have caused a critical eye on traditional ways of doing business in the political system and the public service. The paths that Ireland has followed are two. First, the constitutional amendment mechanism. It pays attention to constitutional precepts that ruler this constitutional reform, mainly articles 46 and 47. The referendum has developed a key element in this system. Ireland has developed 23 constitutional reforms nowadays. The second important element is a Constitutional Convention. This body will allow a group of randomly selected citizens to deliberate and make recommendations upon a number of areas of political reform. Many of the changes envisaged offers an space for reflection about the viability of a macro political and constitutional change strategy that the bailout require.
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Lekka, Anastasia Chr. "How Memoranda of Understanding Have Affected EU Democratic Institutions in Southern EU Countries." International Journal of Social Science Research 5, no. 2 (August 10, 2017): 25. http://dx.doi.org/10.5296/ijssr.v5i2.11692.
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The recent recession having emerged in 2007 has been the worst economic downturn since the time of Great Depression of 1929 in USA and spread across the European continent. In many European countries this led to severe sovereign debt crisis beginning in 2010 and was followed by implementation of austerity measures with significant impact on public, social and employment sector. Those tough austerity measures resulted in structural reforms of welfare and labor market especially in Southern EU countries like Greece, Spain, Portugal, Ireland and Italy representing the most prominent examples. These policies were imposed to a large extend through the so called “Troika” which was an interaction between internal EU and external Organizations, like the European Union, the European Central Bank and International Monetary Fund respectively.Citizens realize that their national economic institutions are no longer responsible for the decision making on major social and economic policies, on economic and welfare policies, on privatization and sale of public assets. Consequently, citizens tend to question if this constrained democracy deserves further support. This is enhanced by the fact that National Parliaments no longer develop policies but rather align with policies dictated by the above stated Institutions and are forced to accept such deals without asking the opinion of citizens. Nevertheless the EU intends to promote civil society participation in decision making and program policies applied. This contradiction needs to be analyzed in order to determine if there is a democratic deficit in EU member states.
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Stoian, Andreea, Laura Obreja Brașoveanu, Iulian Brașoveanu, and Bogdan Dumitrescu. "A Framework to Assess Fiscal Vulnerability: Empirical Evidence for European Union Countries." Sustainability 10, no. 7 (July 16, 2018): 2482. http://dx.doi.org/10.3390/su10072482.
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Following the financial crisis of 2007 and the sovereign debt crisis in 2010 that affected the soundness and reduced the strength of public finance in European countries, there has been a growing interest in developing methodologies to the help assess and signal the vulnerability of fiscal policy. Therefore, the aim of this study is to develop a new framework (V-L-D) to assess fiscal vulnerability. V-L-D represents a new methodology on the measurement of fiscal vulnerability that relies on the assumption that vulnerability can occur even during calm times. In comparison with previous methodologies that studied fiscal vulnerability around crisis and fiscal distress times, our framework investigates fiscal vulnerability near fiscal adjustments episodes. Our methodology relies on two distinct indicators: one showing the vulnerabilities indicated by the level of the cyclically adjusted budget balance and distance-to-stability, and one showing the vulnerabilities pointed out through the changes of the cyclically adjusted budget balance and public debt. V-L-D is able to classify fiscal vulnerability into five distinct categories having scores from 0 (no fiscal vulnerability) to 4 (extreme fiscal vulnerability). Using annual data ranging over 1990–2013 for 28 European Union countries, we evidenced 310 episodes of fiscal vulnerability, out of which 128 episodes of low vulnerability, 94 of moderate, 62 of strong, and 26 of extreme fiscal vulnerability. We also found that over 2004–2013, Greece, Portugal, Romania, United Kingdom, Ireland, Spain, and Slovenia were the most fiscally vulnerable countries in the Union. United Kingdom and Greece went through the longest episodes of fiscal vulnerability, counting 12 and 11 consecutive years, respectively. We tested our framework’s effectiveness against the Excessive Deficit Procedure. We found that the overall performance is good: V-L-D assessed moderate fiscal vulnerability during the procedure, strong fiscal vulnerability in the first year when procedure was initiated, and extreme vulnerability one year before the initiation.
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Clark Mitchell, David. "A New ‘Rhetoric of Darkness’: Joseph Sheridan Le Fanu, John Connolly and the Irish Gothic." Oceánide 13 (February 9, 2020): 95–102. http://dx.doi.org/10.37668/oceanide.v13i.45.
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The relationship between Ireland and the Gothic goes back to the early days of the genre, when the Sublime, as identified by the Irish philosopher Edmund Burke, became central to the aesthetic concepts which would abound in the articulation of the Gothic as a literary form. The “dark, desolate and stormy grandeur” of the perception of Ireland which was held by the English reading public in the late eighteenth century was readily adaptable for the use of the island as a kind of pre-Enlightenment wilderness which, when combined with its linguistic, religious and cultural “otherness”, provided a fertile territory for the growth of a literature which favoured the supernatural, the uncanny and the numerous features which unite to make up the genre. As early as 1771, Elizabeth Griffin’s "The History of Lady Barton" contains elements of the Gothic, and the huge popularity of Waterford-born Regina Maria Roche’s "The Children of the Abbey"gave a definitive boost to the genre with regard to Irish writers. The success of Sydney Owenson’s "The Wild Irish Girl", and that of Charles Robert Maturin with "The Milesian Chief" and "Melmoth the Wanderer" helped foster a tradition which would be continued throughout the nineteenth century by writers such as Joseph Sheridan Le Fanu, L.T. Meade and Bram Stoker. It is Le Fanu who, arguably, was the first writer to merge the Gothic with crime fiction. For Begnall, his works “oscillate between the poles of supernatural horror and suspenseful detection”, and, in short fiction such as “The Murdered Cousin” and “The Evil Guest” and novels including "Uncle Silas" and "Wylder’s Hand" Le Fanu consciously merges the emerging format of the murder mystery with the lugubrious labyrinths of the Gothic. Le Fanu’s influence was, of course, international, but the paths he trod were also followed by numerous Irish writers. One of the most successful of these is John Connolly who, since the introduction of Charlie Parker with the publication of "Every Dead Thing" in 1999 has, in the eighteen novels which have appeared to date, successfully revised the concepts and tropes which make up the Irish Gothic. In this paper these works will be analysed with reference to their debt to the Irish Gothic tradition and, most specifically, to the writing of Le Fanu.
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Morselli, Alessandro. "Theoretical approaches on the possible existence of a stabilising economic policy in Europe." Journal of Economic Studies 43, no. 5 (October 10, 2016): 815–34. http://dx.doi.org/10.1108/jes-03-2015-0056.
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Purpose The purpose of this paper is to investigate whether there is room for a stabilising fiscal policy, through an analysis of the supporters of the new classical economics and the supporters of the new Keynesian economics. There are no reliable results on the Keynesian and non-Keynesian effects of fiscal policies. As such, the policy-mix becomes a problem of theoretical approach, in the sense of a strategic game between monetary authorities and tax authorities (among them). This points to the problem of coordination between budgetary authorities as being the central debate within the Eurozone. The end-result is that without fiscal policy coordination, Eurozone member states are working on a series of non-cooperative games that are inefficient, because no player can improve its position by unilaterally changing its strategy. Design/methodology/approach The analysis starts from the experience of three countries in the 1980s, these are Denmark, Ireland and Sweden. In all three cases the adoption of restrictive budget policies has provoked a strong, rapid and enduring resizing of public debt, and growth did not weaken, moreover it accelerated. In all three cases the logic behind the policy-mix actions allowed the individualisation of the respective roles of fiscal and monetary policies. Fiscal policies were joining with fiscal instruments and reduction in public spending and furthermore monetary policy was accommodated in respect of the budget contraction. Findings First, the authors were not able to identify an analytical method that can ensure the success of a fiscal policy. Second, analysing fiscal policies within the Eurozone implies also that the authors reflect on the need for a coordination of these policies. In fact, the authors have shown how the possible coordination of economic policies in the Eurozone would result in major benefits for all member countries. Originality/value In the absence of fiscal policy coordination, member states are engaged in a series of non-cooperative games that prove inefficient, when no player is able to improve its position by unilaterally changing its fiscal policy. The coordination of national fiscal policies generates a collective advantage, bringing each state to consistently change its strategies.
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Bagus, Philipp. "The bailout of Greece and the instability of the Eurozone." REVISTA PROCESOS DE MERCADO, March 19, 2021. http://dx.doi.org/10.52195/pm.v7i1.290.
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The euro has been sliding against the US dollar for weeks. Concerns about the public finances of eurozone countries Portugal, Ireland, Greece, and Spain, the so-called «PIGS,» have emerged in financial markets. Greece is facing the severest crisis, with its 10-year bond yield approaching 7%. The Greek government estimates its budget deficit at 12.7% of GDP in 2009. Gross government debts amount to 113% of its GDP. If the interest rate Greece has to pay for its debts keeps rising, the country may have to default on its obligations.
In an attempt to recoup confidence in the future of the country, the Greek government has announced a freeze on public salaries, a reduction in the number of public servants, and an increase in taxes on gas, tobacco, alcohol, and big real-estate properties. This should help to reduce the deficit to 8% in 2010. However, the markets do not trust this solution.
While the increase in taxes will cause new problems for the Greeks, other problems remain unaddressed: The huge public sector has not been substantially reduced. Wage rates remain uncompetitive as a result of strong labor unions.
Moreover, it is not clear if the government can stick to these small spending cuts, as there will be a general strike in February. In December 2008, Greece experienced riots against comparatively minor political reforms. As the majority of the population seems to be against spending cuts, the government may not be able to prevent the bankruptcy of the country.
For years, the Greek government has demonstrated rather thriftless spending behavior. This was exacerbated when Greece started to pay lower interest rates on government bonds by virtue of having entered the European Economic and Monetary Union.
Greece’s interest rates were subsidized due to an implicit guarantee from the strong members of the eurozone, who were expected to support weaker members in times of trouble. During the first years of the euro, interest rates on Greek bonds were thus reduced; they approached German bond yields. Greece spent wildly but paid interest rates like a much more conservative country. Meanwhile, the Greek economy and voting public adapted to government spending subsidized by low interest rates.
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Broner, Fernando, Daragh Clancy, Aitor Erce, and Alberto Martin. "Fiscal Multipliers and Foreign Holdings of Public Debt." Review of Economic Studies, September 9, 2021. http://dx.doi.org/10.1093/restud/rdab055.
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Abstract This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are likely to be weaker when governments have access to foreign savings when selling their debt. We test this hypothesis for the US in the post-war period and for a panel of 17 advanced economies from the 1980s to the present. To do so, we assemble a novel database of public debt holdings by domestic and foreign creditors for these countries. We combine this data with standard measures of fiscal policy shocks and show that, indeed, the size of fiscal multipliers is increasing in the share of public debt held by foreigners. In particular, the fiscal multiplier is smaller than one when the foreign share is low, such as in the U.S. in the 1950s and 1960s and Japan today, and larger than one when the foreign share is high, such as in the U.S. and Ireland today.
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Di Sanzo, Silvestro, and Mariano Bella. "Public debt and growth in the euro area: evidence from parametric and nonparametric Granger causality." B.E. Journal of Macroeconomics 15, no. 2 (January 1, 2015). http://dx.doi.org/10.1515/bejm-2014-0028.
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AbstractMany studies in the empirical literature show that public debt is negatively correlated with economic growth but there is no paper that studies the causal links between these variables using rigorous tests based on Granger’s ideas. Accordingly, we investigate the causal links between debt-to-GDP ratio and economic growth using both linear parametric and nonlinear nonparametric Granger causality tests. We focus on 12 euro countries for the period 1970–2012. Our empirical results suggest a unidirectional causality running from debt to economic growth for Spain and Portugal and a bidirectional causality for Belgium, Germany, Greece, Ireland and Italy. No causality in either direction is identified for Austria, Finland, Luxembourg and the Netherlands. Finally, for France, the tests provide evidence for a unidirectional causality running from GDP growth to debt-to-GDP ratio. In addition, the nonlinear tests indicate that overlooking nonlinearities may result in misleading conclusions about Granger causality. Caveats of the analysis, as well as policy conclusions, are also discussed.
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"Rising Public Debt and the Need for Fiscal Consolidation in Europe." National Institute Economic Review 211 (January 2010): F27—F37. http://dx.doi.org/10.1177/002795011021100108.
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The deepest, longest and most broadly-based recession the European Union has ever experienced appears to have come to an end. The third quarter of 2009 saw GDP in the EU increase by 0.3 per cent and economic activity in the Euro Area rose by 0.4 per cent. The recovery is expected to be broadly based across countries. After deep contractions registered in 2009 in all members of the EU (with the exception of Poland), all but four EU economies are expected to have recorded some growth in the second half of 2009. Greece, Ireland, Spain and Latvia suffered more than other EU economies, due to their intrinsic vulnerabilities, which reinforced the negative impact of the global shock. These economies are expected to record only moderate positive growth in 2011.
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Tosun, Tayfun Tuncay. "Re-analysis of the EU public debt crises with NARX." Pressacademia, January 31, 2023. http://dx.doi.org/10.17261/pressacademia.2023.1702.
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Purpose- This paper employs the public debt equation of motion, which covers variables that represent a country's competitiveness, such as past public debt, GDP, external balance, real exchange rate, real interest, and inflation, to estimate the public debt of Southern EU countries (Greece, Ireland, Italy, Portugal, and Spain). The paper is designed to test whether the public debt equation of motion (see Croce and Ramon, 2003; IMF, 2013; Chirwa and Odhiambo, 2018), which is characterized by significant variables representing competitiveness in macroeconomics, can statistically account for the public debt of Southern EU countries after the monetary union period including the EU public debt crisis. Consequently, based on the findings, it will be determined whether the competitiveness problems of Southern EU countries are important in the EU public debt crisis. Methodology- The analysis is performed with the nonlinear autoregressive network with exogenous inputs (NARX) with quarterly data for the period from 2005Q1 to 2021Q4. In NARX, which is a dynamic non-parametric neural network used in time series analysis, the prediction performance of the model is more robust than other neural network models, as the gradient descent approaches the local minimum perfectly (see Lin et al., 1996; Gao and Er, 2005; Diaconescu, 2008). However, it is important to define the parameters correctly in NARX to obtain effective results. In the study, parameters are defined according to the minimum Mean Squared Error values. The feedback Levenberg-Marquardt (LM) algorithm, which produces fast and effective results, is used as the training algorithm. The performance of the training algorithm for robustness is compared with testing and validation. Findings- The analysis results reveal that public debt in Southern EU countries is statistically explained by the public debt equation of motion with a confidence ratio of over 95%. Conclusion- This result implies that the public debt problem in Southern EU countries is associated with their competitiveness (see also Hall and Soskice, 2001; Dallago and Guglielmetti, 2011; Hall, 2012; Lane, 2012; Gros, 2012; Iversen et al., 2016; De Ville and Vermeiven, 2016; Frieden and Walter, 2017). In addition, the analysis goes beyond parametric analyzes that relate economic growth or a few variables with public debt and reveals the importance of inclusive variables and non-parametric analyzes in the estimation of public debt. Keywords: EU public debt crises, Southern EU countries, NARX, competitiveness problems JEL Codes: C45, F35, F45, N14, N24
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DAYAR, Hatice, and Ebru YALÇIN. "The Impact of Fiscal Consolidation Programs on Private Consumption Expenditures: Panel Data Analysis for PIIGS Countries." Sosyoekonomi, July 29, 2022, 347–69. http://dx.doi.org/10.17233/sosyoekonomi.2022.03.18.
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As a result of the deterioration of the budget balance for various reasons, fiscal consolidation programs are implemented to restore the balance. Fiscal consolidation is a contractionary fiscal policy applied to reduce public deficits and debt stock. This study revealed the effect of fiscal consolidation programs on private consumption expenditures by panel data analysis including PIIGS (Portugal, Italy, Ireland, Greece, Spain) countries based on the 1995-2020 data. In the light of the findings, it has been seen that fiscal consolidation programs have different effects between countries. While Ireland and Italy supported the expansionary fiscal contraction hypothesis and revealed findings, results supporting Keynesian effects were reached in Greece. It has been observed that the government programs implemented due to the Covid-19 epidemic, which was experienced in 2019-2020, one of the exemplary years and included in the study as a dummy variable, positively affected private consumption expenditures in Portugal, Italy and Ireland. In this case, the expansionary fiscal contraction hypothesis in fiscal consolidation periods; shows that the Traditional Keynesian model is valid during the expansion periods.
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Xuan Truong, Pham. "Models of Public Debt Management in the World and Lessons for Vietnam." VNU Journal of Science: Policy and Management Studies 37, no. 1 (March 23, 2021). http://dx.doi.org/10.25073/2588-1116/vnupam.4278.
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Vietnam embarked on fundamentally building a public debt management system since 2009 as the Law of Public Debt Management was designed and promulgated. From then Vietnam has been following the typical model of public debt management used by developing countries, the market – based model which encompasses gradual building and completion of domestic market for government bond. However, because of several limitations in the national system of public debt management, the current model needs to be improved in alignment with the development level of Vietnam’s economy. Especially, economic shocks such as the 2009 financial crisis or Covid 19 which has increased dramatically the scope of public debt also urge a more technical and effective model. The paper focuses on analyzing the practical models of public debt management in the world and subsequently the current situation of Vietnam’s model. On that basis, the author figures out the limitations of the model and proposes a number of solutions to upgrade the model in accordance with the international practice regarding model of public debt management suitable with development level of economy.
Keywords
Public debt, sustainable public debt, public debt management, risk management, model of public debt management.
References
[1] D.Q. Bao, The science of Management and Organization Statistical Publishing House, Hanoi, 1999 (in Vietnamese),[2] IMF, Defining the Government’s debt and deficit, Working paper, WP/15/238, 2015.[3] IMF, Revised guidelines for public debt management, IMF Policy paper, 2014.[4] WB, Government debt management: Designing debt management strategies, Debt management learning & training note, 2017. [5] E. Currie, J. Dethier and E. Togo, Institutional arrangements for Public Debt Management, World Bank Policy Research Working Paper 3021, 2003.[6] E.C. Pascal, The debt office and the effective debt management functions: an institutional and operational framework, Public debt and Public Finance Working Paper, 2006.[7] H. Bohn, Tax Smoothing with Financial Instruments, American Economic Review, 80/5 (1990) pp 1217–1230.[8] J. Tobin, An Essay on the Principles of Debt Management, Fiscal and Debt Management Policies, 2 (1963), Reprinted in J. Tobin Essays in Economics, vol.1, Amsterdam: North Holland, 1971.[9] E. Togo, Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework, World Bank Policy Research Working Paper, No. 4369, 2007.[10] L. Hoogduin, B. Ozturk & P.Wierts, Public debt managers’ behavior: interactions with macro policies, DNB Working paper No.273, 2010.[11] WB, Debt management performance assessment (DeMPA) methodology, 2015.[12] R. Cabral, How strategically is public debt being managed around the globe? A survey on public debt management strategies, WB Financial advisory and Banking department report, 2015.[13] C. Aslan, A. Ajazaj & S.A. Wahidh, Study on Public debt management system and results of a survey on solutions used by debt management office, WB Financial advisory and Banking department report, 2018.[14] IMF, G-20 note: Improving public debt recording, monitoring, and reporting capacity in low and lower middle-income countries: proposed reforms, 2018.[15] A.A. Badurina, S. Svaljek, Public debt management before, during and after the crisis, Finance theory and practice, 36(1) (2012) 73 – 100.[16] I. Storkey, Sound practice, in: M. Williams and P. Brione (Eds.), Government Debt Management: New Trends and Challenge, Central Banking Publications Ltd, London, 2006, pp 300 – 325.[17] G. Wheeler, Sound Practice in Government Debt Management, The World Bank Publication, Washington D.C, 2004. doi. 10.1596/0-8213-5073-0.[18] National Treasury Management Agency, Ireland Information Memorandum 2010, National Treasury Management Agency, Dublin, 2010.[19] M. Williams, The growing responsibilities of debt management offices, in: M. Williams, P. Brione (Eds.), Government Debt Management: New Trends and Challenge, Central Banking Publications Ltd, London, 2006, pp 258 – 273.[20] H.N. Au, Public debt management in Vietnam in the international integration period (in Vietnamese), https://hcma.vn/Uploads/2018/8/8/Hoang%20Ngoc%20Au%20-%20Luan%20an%20-%20CN%20Quan%20ly%20kinh%20te.pdf, 2018 (accessed 20 August 2020).[21] T. Phung, Firmly maintaining the country’s credit rate (in Vietnamese), http://tapchitaichinh.vn/su-kien-noi-bat/tiep-tuc-giu-vung-muc-xep-hang-tin-nhiem-quoc-gia-325601.html, 2020 (accessed 21 August 2020).[22] N.T. Binh, The factors affecting the efficiency of public debt management in Vietnam (in Vietnamese), http://www.tapchicongthuong.vn/bai-viet/cac-yeu-to-anh-huong-toi-hieu-qua-quan-ly-no-cong-o-viet-nam-73005.htm, 2020 (accessed 22 August 2020).[23] T. Anh, Six solutions for public management in the new context (in Vietnamese), http://tapchitaichinh.vn/su-kien-noi-bat/6-giai-phap-quan-ly-no-cong-trong-boi-canh-moi-308263.html, 2019 (accessed 23 August 2020).
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Moller, Horst Dieter, and Tales Vital. "PERSPECTIVES OF THE EURO AREA SOVEREIGN DEBT CRISIS FOR THE BRAZILIAN ECONOMY." Análise Econômica 31, no. 60 (September 6, 2013). http://dx.doi.org/10.22456/2176-5456.36869.
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The objective of this article is to show the perspectives of the euro area sovereign debt crisis for the Brazilian economy. The euro area sovereign debt crisis, beginning in 2010, could be seen as fallout of the global financial crisis of 2008/09. The ways to the crisis for Portugal, Ireland, Italy, Greece and Spain were different: Credit booms and housing bubbles, banking crises, unsustainable public indebting. The impacts on Brazil were felt in 2011 and 2012 with the Brazilian economy almost stagnating. The article evaluates the impacts of the global financial crisis 2008/09 on the Brazilian economy through real and monetary channels, as well as through the contagion of expectations, to find similarities with the present crisis. The main influence was the fall of Brazilian exportations and the credit crunch following the failure of Lehman Brothers in September 2008. The article supposes that the impacts of the euro area crisis shall be less problematic than that of the global financial crisis of 2008/09, because exportations are geographically more diversified and a credit crunch could be confronted by the BNDES and the public banks in Brazil. But the main argument is that the stability of Brazilian institutions, the geographical diversification of exportations and the increasing demand for commodities by the emerging markets in Asia will soften the impacts of the present crisis for Brazil, supposing that contagion of the sovereign debt crisis in the euro area will not expressively hit the more important economic powers in Europe and the world. The causes of the stagnating Brazilian economy in 2012 probably are not only the problems in the euro area.
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Pirot, Florent. "The “Reverse Magnet Effect” of Alpha Emitters and the Health Costs of Depleted Uranium in the Balkans: The Root of the Debt Crisis in Greece, Italy, Portugal, Spain and Ireland." Medical Research Archives 10, no. 9 (2022). http://dx.doi.org/10.18103/mra.v10i9.3118.
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Very large scale health effects of the depleted uranium (DU) spreading from the Balkans can be observed through analysis of WHO DALYs data and explain the budgetary deficits at the roots of the 2010s’ debt crisis in Southern Europe (the “PIGS”, Portugal, Italy, Greece and Spain) and Ireland. The countries around the Balkans suffered from DU exposure through patterns of “positive push”, the brain being constrained in its decisions by pre-existing internal contamination with alpha emitters and their positive charge repelled by the new alpha emitters of the DU strikes in the Balkans (“reverse magnet effect” from +/+ repelling). The subjects are constrained to move in certain patterns by the positive resistance coming from the area of the Balkans, clogs emerge in their bodies leading for instance to cardiomyopathies, kidney and urinary diseases, mesothelioma and other neoplasms, along with immune deficiencies and mutations causing rises in infectious diseases, and alcoholism. The slow rise in alpha activity of depleted uranium, with its decay chain pattern leading to more and more alpha-emitting atoms over time (because daughter atoms are shorter-lived) causes a “timebomb” pattern (as usual in veterans of wars with DU) with an increasing “push” effect and explains the later public debt crisis. Beyond the so-called “PIGS”, Austria suffered as well a lot from the DU fallout, with health costs and environmental damage altogether and this is shown analytically. More direct endocrine effects on the brain are also shown, with behavioural consequences. The case for more epidemiological effects if nothing is done is clear and comes together with strong societal issues resulting directly from the intertwinning of the neurological impairments affecting decisionmaking and divergence in the answers that can be offered. NATO refunding of the ECB’s public bond-buying programs with depleted uranium to allow it to emit depleted uranium coins is suggested as final fixture to the root problems of the debt crisis.
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Frazer, K., N. Bhardwaj, P. Fox, V. Niranjan, S. Quinn, C. Kelleher, and P. Fitzpatrick. "Rapid systematic review of smoking cessation interventions for people who smoke and have cancer." European Journal of Public Health 32, Supplement_3 (October 1, 2022). http://dx.doi.org/10.1093/eurpub/ckac129.556.
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Abstract Background Higher rates of cancer are reported in smokers compared to non-smokers, and continued smoking following a cancer diagnosis is associated with reduced health outcomes and survival. Despite international evidence of increased risks, a substantial percentage of people with a cancer diagnosis continue to smoke. Patients may be unaware of the additional risks associated with continued smoking, and health care professionals may not engage with quit supports. As part of a larger feasibility study to develop a smoking cessation pathway in cancer services in Ireland, a rapid review of the evidence was completed. Methods Systematic searches of PubMed, Embase, and CINAHL 2015 to December 2020 were conducted; with studies restricted to adults with a cancer diagnosis [lung, breast, cervical, head and neck] and published in English. No restriction was placed on study designs. 6404 studies were identified and uploaded into COVIDENCE platform, Cochrane's systematic review methods were adopted throughout, PRISMA reporting guidelines were used, and narrative data synthesis was completed (CRD 42020214204). Results The twenty-three-studies report evidence from USA, Canada, England, Lebanon, and Australia. The setting for all interventions was hospitals and cancer clinics. Evidence identifies high dropout rates, inconsistencies in approaches and duration of smoking cessation interventions with varied outcomes. A wide-ranging number of critical components emerged associated with optimal quit support- including the timing of and frequency of quit conversations, use of electronic records, in-person support meetings, provision of nicotine replacement therapy and extended use of Varenicline, smoking cessation services embedded in oncology depts, and engaging with families wanting to quit at the same time. Conclusions Developing tailored smoking cessation interventions are needed for smokers diagnosed with cancer to enable engagement. Key messages • Continued smoking following a cancer diagnosis is associated with reduced health outcomes. • Smoking cessation programmes for cancer patient should be tailored to meet needs.