Academic literature on the topic 'Financial crises – Europe, Southern'
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Journal articles on the topic "Financial crises – Europe, Southern"
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Verney, Susannah. "Flaky Fringe? Southern Europe Facing the Financial Crisis." South European Society and Politics 14, no. 1 (March 2009): 1–6. http://dx.doi.org/10.1080/13608740902995794.
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Scholten, Daniel, and Miroslava Scholten. "Towards a European Division of Labour: Do Europe’s Crises Highlight Structural Challenges to Sustainable Economic Growth in the Eurozone?" European Review 22, no. 3 (June 30, 2014): 382–87. http://dx.doi.org/10.1017/s1062798714000222.
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The financial and economic crises of the last few years in many Southern Eurozone countries are generally studied individually, without reference to other such crises in the region. In this note, we argue that they may also be approached as symptoms of an underlying structural challenge facing the EU economy. In many ways the relationship between northern and southern Eurozone countries seems remarkably similar to typical economic centre–periphery relations, yet without the harmonizing role that a national government could play. The occurrence and combination of crises seems to be indicative of what one would expect from the adverse effects of centre–periphery relations among countries. Unfortunately, this would imply that the crises we are currently seeing are likely to continuously reoccur in the near future to the detriment of sustainable economic growth and political-economic stability in Europe.
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Casquilho-Martins, Inês, and Helena Belchior-Rocha. "Responses to COVID-19 Social and Economic Impacts: A Comparative Analysis in Southern European Countries." Social Sciences 11, no. 2 (January 20, 2022): 36. http://dx.doi.org/10.3390/socsci11020036.
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The COVID-19 pandemic globally affected European societies. This new crisis arrived after a period of gradual recovery from the 2008 financial crisis that had jeopardized the achievement of Europe Strategy 2020 (ES2020) targets. The need to recover for the Southern European countries, which had austerity programs during the financial crisis, is crucial to ensure a continuum of economic and social development. This study aims to analyze the impact of the two last international crises on the accomplishment of ES2020 goals and how the ‘NextGenerationEU’ program presents a mechanism to recover from the pandemic’s socioeconomic impacts. We analyzed secondary statistical data from Eurostat and official European documents. Additionally, we carried out a systematic analysis of 162 measures of the recovery and resilience plan from Southern European countries (Greece, Spain, Italy, and Portugal). The results showed that ES2020 targets were at risk, particularly in the field of employment, combating poverty, and social exclusion. Currently, there is strong European investment in response to the socioeconomic impacts of the pandemic, with all countries defining measures adjusted to protect the most vulnerable groups. However, the implications of these responses require a political commitment for them to effectively contribute to sustainable recovery and development.
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Benítez-Aurioles, Beatriz. "Tourism Resilience Patterns in Southern Europe." Tourism Analysis 25, no. 4 (December 7, 2020): 409–24. http://dx.doi.org/10.3727/108354220x16010020096118.
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This article studies the patterns of tourism resilience, understood as the capacity to recover tourism demand, which has characterized Spain, Greece, Italy, and Portugal after the impact of the global financial crisis of 2008 and 2009. A shift-share analysis will allow us to decompose the growth of nonresident tourist arrivals to hotels and similar establishments originating from markets outside these four countries in 2009–2016. The technique used allows us to classify the markets according to the competitive advantage or specialization demonstrated by each country. The results reveal some similarity in resilience patterns in tourism between Portugal and Spain, whereas Italy and Greece maintain their own singularities. In this context, some ideas are suggested for the design of a tourism policy that makes the most of the potential of each country.
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Perez, Sofia A. "The Pandemic and the Long Shadow of Austerity in Southern Europe." Current History 122, no. 842 (March 1, 2023): 95–100. http://dx.doi.org/10.1525/curh.2023.122.842.95.
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Greece, Italy, Spain, and Portugal have suffered some of Europe’s worst health outcomes in the COVID-19 pandemic. The same countries also bore the brunt of the European sovereign debt crisis a decade earlier, when they were forced to undertake severe budget austerity measures in return for financial support from European institutions. Austerity left their economies and health care systems weakened when the pandemic arrived. Yet they were able to avoid another surge in unemployment, showing that some lessons were learned from the financial crisis.
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Jasiecki, Krzysztof. "The coronavirus and center-peripheral relations in the economies of the European Union." International Journal of Management and Economics 58, no. 3 (September 1, 2022): 235–47. http://dx.doi.org/10.2478/ijme-2022-0017.
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Abstract From the perspective of the diversity of capitalism and that of economic sociology, the article deals with the issue of center-peripheral relations as one of the key dimensions of economic diversification that determines the development opportunities of the European Union. The collapse of the convergence processes during the 2008–2010 financial crisis revealed the separateness of development trajectories of various countries and geographical regions of the EU. Without reversing this phenomenon and working out new mechanisms of development convergence and institutions supporting them, the process of European integration will enter further structural crises that may lead to the disintegration of the EU. Various classifications of the core and of the peripheries of the euro area are characterized, within which several types of countries are identified with different economic characteristics (countries of the Northern core and of the Southern peripheries of the euro area, different types of peripheries in Southern Europe and in Central and Eastern Europe, the internal core and the external core or the outer core, and the internal peripheries and the external peripheries, as well as the super-peripheries including candidates or potential candidates to join the EU). The COVID-19 crisis has an asymmetric impact on the economic situation of the Member States. As with other crises, this impact will be the result of the interconnection of the prior state of economies, structural differences in growth patterns, and responses to new challenges brought about by the pandemic. Also, the consequences of the pandemic for the reconfiguration of center-peripheral relations in the EU are discussed, with a particular focus on the CEE.
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Charalambous, Giorgos, Nicolò Conti, and Andrea Pedrazzani. "The political contestation of European integration in Southern Europe." Party Politics 24, no. 1 (January 2018): 39–51. http://dx.doi.org/10.1177/1354068817740756.
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The ways in which political actors form positions on European integration in the face of exogenous shocks, such as the financial crisis that spilled over to the Eurozone countries, have become a key question in studies of politics in Europe. In the article, we show that party system polarization over European integration has increased during the crisis, but only with respect to the parties’ public stance. Instead, the crisis does not appear to pose a real threat to the consensus on the European Union among party elites serving in public office, which remains almost as strong as before. Hence, a so far unconsidered consequence of the crisis may concern a mounting tension inside political parties, between a leadership that is more sensitive to popular pressures and to Euroscepticism and public office holders that reiterate the traditional elite consensus on Europe.
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Capucha, Luís, João Sebastião, Susana da Cruz Martins, and Ana Rita Capucha. "Crisis and Education in Southern Europe: The Effects of Austerity and Ideology." Comparative Sociology 15, no. 5 (October 7, 2016): 593–620. http://dx.doi.org/10.1163/15691330-12341402.
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Since the mid-1970s, the countries of Southern Europe have been approaching European education patterns. This result can be observed in the positive dynamics and convergence with the rest of Europe. However, despite these visible results, the convergence was more evident up until the outbreak of the crisis, where the overall economic and political conditions also brought changes in policymaking in education to the Southern European countries, both in terms of policy priorities and educational outcomes. Therefore, while economic hardship and austere programs are a common trait in recent years, the changes cannot be directly or simply attributed to economic or financial constraints; these changes are mainly due to different political options endorsed by the governments of Portugal, Spain, Italy, and Greece. The main empirical sources are the Eurostat and theoecd. Other empirical material relates to national reports produced in the framework of an international project:ecseInternational Report, Educational Challenges in Southern Europe. Equity and efficiency in a time of crisis.
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Díez-Esteban, José María, Jorge Bento Farinha, and Conrado Diego García-Gómez. "The role of institutional investors in propagating the 2007 financial crisis in Southern Europe." Research in International Business and Finance 38 (September 2016): 439–54. http://dx.doi.org/10.1016/j.ribaf.2016.07.006.
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Joerges, Christian. "Europe's Economic Constitution in Crisis and the Emergence of a New Constitutional Constellation." German Law Journal 15, no. 5 (August 1, 2014): 985–1027. http://dx.doi.org/10.1017/s2071832200019234.
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The European Union rides through troubled waters. Its original reliance on law as the object and agent of the integration project and on the “economic constitution,” which the Economic and Monetary Union (EMU)—as accomplished by the Treaty of Maastricht— expected to complete, have proven unsustainable. Following the financial and sovereign debt crises, individuals perceive the EMU, with its commitments to price stability and monetary politics, as a failed construction precisely because of its reliance on inflexible rules. The European crisis management seeks to compensate for these failures by means of regulatory machinery which disregards the European order of competences, takes power from national institutions, and burdens—in particular—Southern Europe with austerity measures; it establishes pan-European commitments to budgetary discipline and macroeconomic balancing. This abolishes the ideal of a legal ordering of the European economy, while the economic and social prospects of these efforts appear gloomy and the Union's political legitimacy becomes precarious. A fictitious debate between Carl Schmitt and Jürgen Habermas addresses the present critical constellation, where a number of Schmittian notions seem alarmingly realistic. This essay pleads for a more modest Europe committing itself to “unity in diversity,” the motto of the ill-fated Constitutional Treaty of 2003.
Dissertations / Theses on the topic "Financial crises – Europe, Southern"
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VIDAL, Guillem. "The political consequences of the Great Recession in Southern Europe crisis and representation in Spain." Doctoral thesis, European University Institute, 2019. http://hdl.handle.net/1814/63265.
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Defence date: 13 June 2019Examining Board: Prof. Hanspeter Kriesi, European University Institute (Supervisor); Prof. Elias Dinas, European University Institute; Prof. Eva Anduiza, Universitat Autònoma de Barcelona; Prof. Kenneth M. Roberts, Duke University
The Great Recession constituted a breaking point in several aspects of the cultural, economic and political life of southern European countries (i.e. Greece, Italy, Portugal and Spain). This dissertation aims to shed light on the political consequences of the economic crisis in this region —with a specific focus on Spain as a paradigmatic case— by analysing different aspects of the political transformations that took place during the period of crisis. The underlying argument is that, albeit some relevant differences, the four countries experienced a common pattern: the incapacity of national politics to offer differentiated recipes to the deteriorating economic situation triggered a widespread crisis of representation that introduced new issues in the political agenda and drove the political transformations in these countries. The combination of a political and economic crisis at the national and European levels opened new political spaces that new parties capitalised by appealing to the need for democratic renewal and opposition to austerity politics. Furthermore, as illustrated by the Spanish case, and in particular the Catalan experience, the political crisis had far-reaching consequences beyond economic grievances, leading to the activation of different types of conflicts. Overall, the findings suggest that the transformations in the structure of political conflict in southern Europe in the aftermath of the Great Recession are not the by-product of a growing cultural divide —as is the case in several other continental and north-European countries—, but instead respond to the loss of credibility in the political system. Methodologically, the dissertation relies on an original dataset of media content as well as on several sources of survey data to test the empirical validity of the claims.
Chapter 2 'From Boom to Bust : A Comparative Analysis of Greece and Spain under Austerity' of the PhD thesis draws upon an earlier version published as chapter 'From boom to bust : a comparative analysis of Greece and Spain under austerity' (2018) in the book Living under austerity : Greek society in crisis.
Chapter 3 'Old versus new politics: The political spaces in Southern Europe in times of crisis' of the PhD thesis draws upon an earlier version published as an article 'Old versus new politics : the political spaces in Southern Europe in times of crises' (2018) in the journal 'Party politics'
Chapter 4 'Out with the Old: Restructuring Spanish Politics' of the PhD thesis draws upon an earlier version published as an article 'Challenging business as usual? : the rise of new parties in Spain in times of crisis' (2017) in the journal 'West European politics'
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Barros, Marta Gonçalves. "Leading indicators of banking crises in Europe." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/18072.
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Mestrado em FinançasO presente estudo analisa as melhores variáveis para prever uma crise bancária na União Europeia, focando-se especialmente no crescimento do crédito bancário a particulares e empresas. A amostra é constituída por dados anuais de 1960 até 2016 de onze países, todos pertencentes à UE antes da Crise Financeira de 2007-2009. Os modelos logit e OLS linear probability foram utilizados para avaliar que variáveis influenciam a probabilidade de ocorrência de uma crise bancária e, posteriormente, para analisar as variáveis mais impactantes na evolução do crédito a sociedades não financeiras. Os resultados evidenciam que quando o crédito bancário está a crescer há quatro anos, a probabilidade de ocorrência de uma crise bancária, no ano seguinte, aumenta. Estes resultados assemelham-se ao que foi encontrado por Bordo & Meissner (2012) e Schularick & Taylor (2012), pois também argumentam que o crescimento exponencial do crédito é uma boa variável para estimar uma crise.
This study examines the variables that are more appropriated to predict a banking crisis in the European Union, with a special focus on private credit growth. The sample is composed by annual data from 1960 until 2016 from eleven countries, all belonging to the EU prior to the Global Financial Crisis. It is used the logit and the OLS linear probability models to assess what variables influence the likelihood of a banking crisis and, afterwards, to analyze which variables influence the evolution of private credit. The results provide evidence that when credit is growing for four years, the probability of facing a banking crisis, in the following year, increases. This finding is similar to what was found by Bordo & Meissner (2012) and Schularick & Taylor (2012), as they also argue that credit booms are good estimators of financial crisis.
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Veilahti, Antti V. P. "'Financial' crises in Europe : multilevel analysis of youth, employment and the economy of wellbeing from 2007 to 2012." Thesis, Goldsmiths College (University of London), 2016. http://research.gold.ac.uk/18875/.
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The economic crisis in Europe is often articulated as a direct consequence of Lehman Brothers’ collapse. Yet it was only in Europe that the real economic crisis was sustained in a peculiar, prolonged way. In this comparative study of the EU-27, I examine the different manifestations of the crisis with an emphasis on employment, marginalisation and inequality. Questions: How to locate the crisis and the people the most affected by it; how can different policy responses (stimulation, social investment, active labour market policies) be viewed in connection with the crisis? Methods: Using multilevel methods I analyse how individual experiences are linked to and explained by national differences. Multiple correspondence analysis is used to model subjective experiences. Results: First, there is no correlation between fiscal, financial and welfare-related aspects of the crisis. Therefore, the imbalances of the public economy do not straightforwardly justify the recent cuts to social protection. Second, and coincidently, in countries where expenditure on social protection has been maintaned, economic difficulties have been less emphatic. Non-social stimulation bears no similar benefits. Third, in the so-called post-Fordist, education-intensive economies the subjective effects of the crisis are systematically stronger. These effects are the most emphatic among the young, indicating vast sustained consequences into adulthood. However, the attitudes of young adults are straying further. The unemployed young and those working in fixed-term contracts relate differently to insecurity, lacking shared, generation-wide experiences and representations of conflict. Conclusions: Qualitative changes in the conditions of work make the crisis present everywhere in Europe, including Protestant countries where the effects of the banking crisis were limited. As a possible alternative explanation my thesis then frames the crisis as a crisis of ‘post-Fordist’ work, asking whether it is primarily ‘financial’ except as a rhetorical construct. I then discuss its broad implications to welfare and inter-generational equity.
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Rharrabti, Houda. "Essais sur la contagion financière en Europe." Thesis, Paris 10, 2016. http://www.theses.fr/2016PA100194.
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Cette thèse étudie quelques aspects de la contagion financière en Europe, pendant la crise des subprimes et celle des dettes souveraines européennes. Ainsi, dans le premier chapitre, nous étudions la transmission du stress financier de la zone euro aux pays de l’Europe Orientale, et centrale (PECO). Notre objectif est d’examiner empiriquement le lien entre la dégradation de l’environnement financier de la zone euro -pendant ces deux crises- et les variations de la volatilité sur les marchés boursiers des PECO. Dans le deuxième chapitre, notre objectif est d’étudier la contagion entre les marchés boursiers des PECO et de la zone euro. Pour ce faire, nous optons pour la méthodologie de Flavin et al. (2008) fondée sur une approche unifiée qui permet de tester à la fois la shift et la pure contagion. Enfin, dans le troisième chapitre, nous nous intéressons aux effets des crises financières récentes sur les rendements des actions bancaires de 15 pays. Notre contribution à la littérature est double. Tout d’abord, nous utilisons un modèle multifactoriel des rendements des actions bancaires augmenté par un facteur de risque souverain. En outre, nous optons pour un modèle de régression avec transition douce (STR) qui permet une définition endogène des périodes de crises et capte les changements de paramètres associés à la shift contagionThis thesis examines some aspects of the financial contagion in Europe during the subprime crisis and the European sovereign debt. The aim of the first chapter is to study the transmission of financial stress in the Eurozone to Central and Eastern European countries (CEE). Our goal is to empirically examine the relationship between the degradation of the financial environment of the Eurozone -during these two crises- and the variations of volatility on the CEE’s stock markets. In the second chapter, we investigate contagion between pairs of Eurozone and CEE’s stock market. For this purpose, we opt for the methodology of Flavin et al. (2008) based on a unified approach that allows for testing both shift and bi-directional pure contagion. In the third chapter, we analyze the influence of the recent European sovereign debt crisis on banks’ equity returns for 15 countries. Our contribution to the literature is twofold. First, we use an explicit multifactor model of equity returns extended with a sovereign risk factor. Second, we adopt a Smooth Transition Regression (STR) framework that allows for an endogenous definition of crisis periods and captures the changes in parameters associated with shift contagion
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Pra, Alex. "Forest plantations investments in southern Europe: a comparative trend analysis on returns, markets and policies." Doctoral thesis, Università degli studi di Padova, 2018. http://hdl.handle.net/11577/3424992.
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At global level there is a growing interest towards forest plantations as investment opportunities for profit generation, for building strategic assets, but also to address sustainable development challenges with the production of essential goods and services. These are the reasons why plantation investments are attracting new investors and expanding outside the traditional regions and markets.
In southern Europe, forest plantations represent a consolidated segment of investment for landowners. In future years, the increasing demand for timber and fibres driven by bioeconomy and bioenergy policies, might boost the interest towards forest plantations investments in this region, with an increasingly important role played by financial investors as well as by strategic partnerships between landowners, industrial companies and external investors.
In the light of this evolution, there is an urgent need for more information and valuation studies on forest plantations to support better investment and policy-making decisions. Recent research by Sedjo (1983; 2001) and Cubbage et al. (2007; 2010; 2014) estimated investment returns for the main species and contexts at global level. In this study, we used a similar approach to estimate and analyse, on a comparative perspective, investment returns for productive forest plantation species in the southern European context, focusing in some regions of Italy, Spain and Portugal. Our main interest involved forest plantations of private nature with the primary purpose of wood and fibers production. We carried out a financial analysis before-tax, using capital budgeting indicators to estimate returns at aggregate level, based on representative stand management regimes. Indicators were calculated according to a baseline scenario as well as in alternative scenarios, analyzing how the main policy and market factors are influencing returns. We also carried out a trend analysis – which represents the most original methodological contribution of this research – estimating how returns have changed in recent years as a result of the evolution of the key economic variables.
Overall, our results indicate that in southern Europe there are some opportunities for reasonably interesting returns for sectorial investors, i.e. landowners and forest-based industry, and in some cases also for financial investors. Nevertheless, the dynamicity of the regional timber market and the small-scale fragmented forest holdings are structural factors that new investors would have to take into consideration. More in specific, hybrid poplar plantations in northern Italy and Castile and León (Spain) are estimated to provide on average the potentially highest returns, but the large range of variability and the high land and opportunity costs are unlikely to make them an attractive investment for non-landowners. Eucalyptus plantations in Portugal are estimated to be the only investment where non-landowners could expect to get relatively interesting and stable returns, although a recent law reform in the country could limit new investments. Maritime pine and radiata pine plantations in Portugal and Spain present lower returns, suffering the situation of depressed stumpage prices after the 2008 economic crisis, which strongly affected the sawmilling sector. We also extended our analysis to mixed and multipurpose plantations, i.e. polycyclic plantations, in the context of the Po valley (northern Italy); these showed potentially competitive profitability performances and advantages, in spite of the experimental character and technology transfer limitations.
From a more general perspective, our research provided valuable results to improve the knowledge on the potential investment returns from forest plantation in the region, offering means to compare the status and trends of investments, markets and policies. For example, it has emerged from our research that the current subsidy policies are not effective in providing a clear, balanced and stable framework for investments in forest plantations, and that a more strategic coordination at regional level is urgently needed in order to support the competitive position of the sector in front of the challenges posed by the bioeconomy strategy. Moreover, the methodological design and approach of this research could provide the basis for establishing a permanent observatory on forestry investments in southern Europe, allowing a better market monitoring, business analysis and policy-making in the future.A livello globale, vi è una crescita d’interesse verso le piantagioni forestali come opportunità d’investimento per generare profitto, per costruire assets strategici, ma anche per affrontare le sfide di sviluppo sostenibile attraverso la produzione di beni e servizi essenziali. Queste sono le principali ragioni per le quali gli investimenti in piantagioni stanno attraendo nuovi investitori e si stanno espandendo al di fuori delle regioni e dei mercati tradizionali. Nell'Europa meridionale, le piantagioni forestali rappresentano un segmento d’investimento consolidato, soprattutto per i proprietari terrieri. Nei prossimi anni, la crescente domanda di legname spinta dalle attuali politiche per la bio-economia potrebbe stimolare ulteriormente l'interesse verso gli investimenti in piantagioni in questa regione, con un ruolo sempre più importante svolto da investitori finanziari e da partnership strategiche tra proprietari terrieri, imprese industriali ed investitori esterni. Alla luce di quest’evoluzione, vi è un'urgente necessità di maggiori informazioni e studi di valutazione degli investimenti in piantagioni per sostenere migliori decisioni d’investimento e di politiche. I recenti lavori di Sedjo (1983; 2001) e Cubbage et al. (2007; 2010; 2014) hanno stimato i rendimenti degli investimenti per le principali specie e contesti a livello mondiale. In questo studio, abbiamo utilizzato un approccio simile per stimare e analizzare, in una prospettiva comparativa, i rendimenti degli investimenti in piantagioni produttive nel contesto dell'Europa meridionale, concentrandoci in alcune regioni di Italia, Spagna e Portogallo. Il nostro interesse principale si è indirizzato sulle piantagioni forestali di natura privata e aventi come obbiettivo primario la produzione di legname. Abbiamo effettuato un'analisi di tipo finanziario al lordo delle imposte, utilizzando indicatori di convenienza per stimare i rendimenti a livello aggregato sulla base di modelli gestionali rappresentativi. Tali indicatori sono stati calcolati prima sulla base di uno scenario base, e poi di scenari alternativi, analizzando l’effetto delle principali variabili esterne derivanti dal mercato e dalle politiche settoriali. Inoltre, abbiamo effettuato un'analisi degli andamenti, la quale rappresenta il contributo metodologico più originale di questo lavoro, dove abbiamo analizzato come sono cambiati, nel corso degli ultimi anni, i margini d’investimento a fronte dell’evoluzione delle principali variabili economiche. In generale, i risultati della ricerca indicano che, nell'Europa meridionale esistono alcune opportunità di rendimenti finanziari interessanti per gli investitori settoriali (cioè i proprietari terrieri e le industrie forestali) e in alcuni casi potenzialmente d’interesse anche per gli investitori finanziari. Ciononostante, è emerso che il contesto regionale è caratterizzato da fattori strutturali, legati alla dinamica del mercato del legname e dalla struttura fondiaria forestale, che devono essere presi in esame accuratamente dai nuovi investitori. Nello specifico, le piantagioni di pioppo nell'Italia settentrionale e Castiglia e León (Spagna) sono state stimate essere potenzialmente le più redditizie, ma è improbabile che gli ampi margini di variabilità e gli elevati costi di uso dei terreni li rendano un investimento interessante per non proprietari terrieri. Le piantagioni di eucalipto in Portogallo sono state stimate essere l'unico investimento in cui anche i non-proprietari possono aspettarsi livelli di redditività relativamente interessanti e stabili, anche se una recente riforma legislativa nel Paese potrebbe limitare nuovi investimenti. Le piantagioni di pino marittimo e pino radiata in Portogallo e Spagna presentano rendimenti sensibilmente inferiori, risentendo della situazione di prezzi bassi causata della crisi economica del 2008 che ha colpito pesantemente il settore delle segherie. Abbiamo anche esteso la nostra analisi a piantagioni miste e multifunzionali, ovvero le piantagioni policicliche nel contesto della pianura padana (Italia settentrionale); queste hanno dimostrato di poter offrire rendimenti finanziari e vantaggi potenzialmente competitivi, anche se è da tenere presente il loro carattere sperimentale e i limiti legati al trasferimento tecnologico. Da un punto di vista più generale, la nostra ricerca ha fornito risultati preziosi per migliorare la conoscenza dei potenziali rendimenti degli investimenti delle piantagioni forestali nell’Europa meridionale, fornendo strumenti per analizzare e confrontare lo stato e l’andamento degli investimenti, dei mercati e delle politiche. Ad esempio, è emerso che le attuali politiche di sussidio non si rivelano efficaci nel fornire un quadro chiaro, equilibrato e stabile per stimolare gli investimenti in piantagioni forestali, e che è urgente un maggiore coordinamento strategico a livello europeo per sostenere la posizione competitiva del settore di fronte alle sfide che la strategia per la bio-economia pone. Inoltre, l’approccio e la metodologia di questa ricerca potrebbero fornire le basi per la creazione di un osservatorio permanente sugli investimenti forestali in Europa, consentendo in prospettiva un migliore monitoraggio del mercato, analisi settoriali e sviluppo di politiche.
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Hekimian, Raphaël. "Contagion et intégration financière pendant l’entre-deux guerres : l’exemple de la Bourse de Paris." Thesis, Paris 10, 2017. http://www.theses.fr/2017PA100087/document.
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Cette thèse a pour objet de revisiter, à la lumière de données financières historiques inédites, certains résultats de la littérature en histoire économique concernant la propagation de la Grande Dépression vers l’Europe, et plus particulièrement vers la France. Nous cherchons notamment à étudier les différents canaux de transmission à l’échelle internationale -boursiers, bancaires et monétaires- de cette crise et évaluons le rôle respectif qu’ils ont pu exercer dans la propagation de cette crise aux marchés financiers français. Les différentes contributions, que nous proposons dans cette thèse, sont avant tout empiriques et s’appuient sur un travail important effectué en amont de collecte et de traitement de données financières originales, provenant principalement des archives de la Bourse de Paris.Plusieurs résultats importants émergent de notre travail. Notre analyse sur les marchés boursiers montre, tout d’abord, que le krach boursier américain de 1929 a eu un faible impact sur la bourse de Paris, De même, le système bancaire français a, dans son ensemble, plutôt bien résisté à la crise bancaire du début des années 1930, en raison notamment de la forte spécialisation qui le caractérisait à cette époque. Enfin, nous montrons que le niveau d’intégration financière entre les États-Unis, la France et la Belgique, à travers l’étude des relations bilatérales entre les marchés actions de ces trois pays, a eu tendance à se renforcer avec l’adoption par ces pays du système de l’étalon "de change" or. Cette forte intégration financière, couplée aux contraintes en matière de politique économique liées à ce système monétaire, pourraient ainsi expliquer comment la Grande Dépression s’est propagée en Europe et pourquoi la crise économique s’est prolongée dans des pays comme la France ou la Belgique, comparativement à d’autres grandes économiesThe aim of this thesis is to shed new light on how the Great Depression spread to Europe, and more particularly to France by relying on new historical financial data compiled from original source documents. In particular, we analyze the different transmission channels - stock markets, banking sector and international monetary system - of this crisis, in order to assess the respective role they have played in the impact of this crisis on French financial markets. We contribute empirically to this larger literature by providing evidence based on original historical data hand-collected from the archives of the Paris Stock Exchange.Several important results emerge from our work. Our analysis based on the stock markets shows, first, that the American stock market crash of 1929 had a low impact on the Paris stock exchange. Similarly, the French banking system, as a whole, remained quite resilient to the banking crisis of the beginning of the 1930s, mainly due to its strong specialization of the sector at that time. Finally, we show that the level of financial integration between the United States, France and Belgium - proxied by bilateral relationships between their equity markets - has tended to increase with the adoption by these countries of the Gold Exchange Standard. This high financial integration, coupled with economic policies constrained by the exchange rate regime, could explain how the Great Depression spread to Europe and why the economic crisis lasted longer in countries such as France or Belgium, compared to other major economies
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Forti, Neto Octávio 1987. "Embates políticos ideológicos na crise europeia : o caso da centro-esquerda e da centro-direita no Parlamento Europeu." [s.n.], 2014. http://repositorio.unicamp.br/jspui/handle/REPOSIP/279733.
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Orientador: Rachel MeneguelloDissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Filosofia e Ciências Humanas
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Resumo: Este trabalho tem como objetivo demonstrar os posicionamentos partidários das duas maiores agremiações e grupos transnacionais do Parlamento Europeu em relação à crise europeia, que se refletiu na área econômica, financeira, social e de emprego, no período entre 2009 e 2011. Para isto, esta dissertação analisou os programas partidários do S&D e do PPE-DC e seus documentos produzidos em quatro comissões do Parlamento Europeu. A principal conclusão dessa dissertação é que a ideologia foi importante para definir posicionamentos observados no âmbito das agremiações transnacionais. A partir desta descoberta, identificou-se também que a agremiação transnacional de esquerda e seu respectivo grupo no Parlamento Europeu produziram respostas políticas relacionadas a elementos da Terceira Via. Com referência à direita, descobriu-se que ainda persiste a defesa de políticas neoliberais. Outro achado importante foi que embora ambos os grupos apresentassem respostas e soluções diferenciadas para a crise, votaram em conjunto em muitos relatórios finais, mostrando que em âmbito transnacional os grupos tendem a cooperar mais do que competir
Abstract: This research aims to demonstrate the party positions of the two major parties and transnational groups in the European Parliament in relation to the European crisis, which was reflected in the economic, financial, social and employment areas in the period between 2009 and 2011. To this end, this dissertation analyzed the party programs of the S&D and EPP-CD and their documents produced in four Parliamentary Committees of the European Parliament. The main conclusion is that the ideology was important to define positions observed in the context of transnational parties. From this finding, we also identified that the transnational leftist party and its respective group party in the EP produced political responses related to elements of the Third Way. In regards the right wing, it still defends neoliberal responses to the crisis. Another important finding was that although both groups presented different answers and solutions to the crisis, they voted together on many final reports, showing that at transnational dimension they tend to cooperate more than compete
Mestrado
Ciencia Politica
Mestre em Ciência Política
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Zhang, Peixin. "La consolidation des politiques prudentielles en Europe face à l'interdépendance des différents métiers de la banque." Thesis, Paris 10, 2013. http://www.theses.fr/2013PA100107.
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L’interdépendance entre les différents métiers de la banque s’est considérablement renforcée au cours des deux dernières décennies. En effet, la globalisation financière a accru la porosité entre les différents métiers bancaires notamment lors de chocs qui bien qu’initialement circonscrits sur un segment de l’activité des banques contaminent maintenant rapidement la santé financière globale des banques. Cet état de fait est étayé par la crise des subprimes. L’échec de la réglementation bancaire révélé à travers la crise financière globale nous oblige à réexaminer le régime réglementaire en vigueur et à accorder une grande importance aux réformes réglementaires dans le système bancaire. Cette thèse a pour objectif d’identifier les carences de la réglementation bancaire et d’analyser les pistes de réforme réglementaire pour remédier à ces lacunes du régime réglementaire actuel. Ce travail de thèse fournit des évidences empiriques sur le fait que la mise en œuvre conjointe d’une stratégie de levier élevé et d’une stratégie de liquidité risquée a déstabilisé les banques au cours des années récentes. Les réglementations futures doivent donc s’orienter vers la complémentarité entre la réglementation de la capitalisation et la réglementation de la liquidité. En accord avec ces résultats empiriques, ce travail de thèse propose finalement un cadre théorique pour montrer que la prise en compte de la réglementation de la liquidité en tant que le complément de la réglementation de capitalisation est socialement optimaleThe interdependence between different banking businesses has significantly increased over the past two decades. In fact, financial globalization increased the porosity between banking businesses in the case of shocks that rapidly infects the global financial health of banks, although they were initially limited to one segment of banking activities. That was shown by the Subprime crisis. The failure of banking regulation, as the global financial crisis demonstrated, is forcing us to review the existing regulatory regime and to pay attention to regulatory reforms in the banking system. This thesis aims to identify the flaws in the banking regulation and to analyze possible reform avenues. In this study, we provide empirical evidence on the joint use of risky leverage strategy and risky liquidity strategy by banks over the past years. Consequently, the future regulatory reforms have to shift towards the complementarity between capitalization regulation and liquidity regulation. In line with our empirical results, we finally propose a theoretical framework in order to establish that implementing liquidity regulation, as complement to the actual capitalization regulation is socially optimal
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Zdzienicka, Aleksandra. "Vulnérabilités des nouveaux états membres de l’Union Européenne et processus d’adhésion à l’Euro." Thesis, Lyon 2, 2009. http://www.theses.fr/2009LYO22014.
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Bien que les pays de l’Europe Centrale et Orientale montrent de plus en plus des similitudes structurelles avec des pays développés, leurs économies restent vulnérables aux facteurs d’instabilité financière caractéristiques aux pays en développement. La présence de ces vulnérabilités a conduit aux débats sur les avantages de l’adhésion rapide à l’Union Economique et Monétaire (UEM). Traditionnellement, selon de la Théorie des Zones Monétaires Optimales, l’adoption de l’euro peut être bénéfique éliminant le risque du taux de change, donnant un meilleur accès au financement externe et atténuant l’impact des crises financières. De l’autre côté, l’abandon de l’autonomie de la politique monétaire et du taux de change prive les autorités nationales d’une marge de manœuvre dans le cas où le pays soit touché par les chocs asymétriques (d’offre) ou sa réponse aux chocs symétriques diverge de celle de la zone monétaire. L’objective de cette thèse est de déterminer les vulnérabilités financières des PECO et le degré d’asymétrie de leurs économies afin de participer aux débats sur la stratégie d’adhésion à l’euroAlthough the Central and Eastern European countries show in many respects increasing similarities to developed economies they still present some characteristics pointing to potential sources of increased financial vulnerability. The presence of these vulnerabilities has raised the discussion about whether early euro adoption could represent an effective policy remedy for the CEECs’ economies. Traditionally, in the sense of the Optimum Currency Area (OCA) Theory, the arguments vary between two points of view. On the one side, the EMU adhesion would have a beneficial effect eliminating exchange rate risks, giving a better access to external financing and attenuating the impact of financial crises. On the other side, EMU membership may not protect these countries against asymmetric shocks. In fact, in the case of (real) asymmetric shocks or asymmetric response to common (real and nominal) shocks, the output and employment costs of the euro adoption could be very high. The objective of this dissertation is to study these issues, focusing first on potential source of financial vulnerabilities, and then to assess the degree of the CEECs’ shock asymmetry to participate in debates on the euro adoption
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Kazi, Irfan Akbar. "Essais sur la crise financière, la contagion et la transmission de la politique monétaire." Thesis, Paris 10, 2013. http://www.theses.fr/2013PA100040.
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Depuis les quarante dernières années, toutes les régions du monde ont été traversées par des événements majeurs d’instabilité économique et financière. L’un des traits caractéristiques de ces manifestations est qu’elles ont non seulement eu un impact sur la santé économique financière et sociale de leur pays d’origine, mais aussi sur les économies étrangères. Cette thèse retrace l’évolution de la crise financière mondiale, démontre comment la plupart des pays de l’OCDE ont été affectés par la contagion, et met en lumière le rôle de la politique monétaire dans la propagation de la crise. Elle se compose en six essais. Le premier chapitre s’attache à étudier les corrélations dynamiques entre différents actifs et certaines variables économiques et financières durant la bulle internet de 2000 et la crise financière mondiale. Dans le deuxième essai, nous nous intéressons aux changements de transmission internationale des chocs de politique monétaire américaine. Le troisième essai adopte une approche plus économique. Nous y étudions la synchronisation des cycles, la composante stochastique de la volatilité de l’inflation, du produit et des taux d’intérêts. Dans le 4ème essai, nous abordons l’existence d’un éventuel «shift-contagion» lors de la crise financière mondiale et lors de la crise de la dette souveraine en Europe. Le cinquième essai aborde la dynamique intra-journalière ainsi que la transmission de volatilité entre Allemagne, France, et Royaume-Uni lors de la crise financière mondiale. Enfin le dernier cherche à analyser la volatilité de 12 marchés d’actionDepuis les quarante dernières années, toutes les régions du monde ont été traversées par des événements majeurs d’instabilité économique et financière. L’un des traits caractéristiques de ces manifestations est qu’elles ont non seulement eu un impact sur la santé économique financière et sociale de leur pays d’origine, mais aussi sur les économies étrangères. Cette thèse retrace l’évolution de la crise financière mondiale, démontre comment la plupart des pays de l’OCDE ont été affectés par la contagion, et met en lumière le rôle de la politique monétaire dans la propagation de la crise. Elle se compose en six essais. Le premier chapitre s’attache à étudier les corrélations dynamiques entre différents actifs et certaines variables économiques et financières durant la bulle internet de 2000 et la crise financière mondiale. Dans le deuxième essai, nous nous intéressons aux changements de transmission internationale des chocs de politique monétaire américaine. Le troisième essai adopte une approche plus économique. Nous y étudions la synchronisation des cycles, la composante stochastique de la volatilité de l’inflation, du produit et des taux d’intérêts. Dans le 4ème essai, nous abordons l’existence d’un éventuel «shift-contagion» lors de la crise financière mondiale et lors de la crise de la dette souveraine en Europe. Le cinquième essai aborde la dynamique intra-journalière ainsi que la transmission de volatilité entre Allemagne, France, et Royaume-Uni lors de la crise financière mondiale. Enfin le dernier cherche à analyser la volatilité de 12 marchés d’action
Books on the topic "Financial crises – Europe, Southern"
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Cities in crisis: Socio-spatial impacts of the economic crisis in Southern European cities. London: Routledge, Taylor & Francis Group, 2016.
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Meurs, Wim, Robin Bruin, Liesbeth Grift, Carla Hoetink, Karin Leeuwen, and Reijnen. The Unfinished History of European Integration. NL Amsterdam: Amsterdam University Press, 2018. http://dx.doi.org/10.5117/9789462988149.
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When the Treaty of Lisbon went into effect in December 2009, the event seemed to mark the beginning of a longer phase of institutional consolidation for the EU. Since 2010, however, the EU has faced multiple crises, which have rocked its foundations and deeply challenged the narrative of 'the end of the history of integration'. The military crisis in eastern Ukraine and the refugee crisis call for a joint approach, but in practice reveal the difficulty of maintaining even the appearance of European solidarity and political unanimity. The financial and socio-economic crisis in southern Europe and Brexit present the EU with the latest set of challenges. If seventy years of European integration have taught us anything, it is that fundamental crises as well as moments of rapid institutional change form integral parts of its history. The Unfinished History of European Integration presents the reader with historical and theoretical knowledge on which well-founded judgements can be based. This textbook on European integration history has been written as a student textbook for a bachelor's or master's programme in European integration history, as a manual for the analysis of EU sources and, finally, as an information resource for a bachelor's or master's thesis.
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The new political geography of Europe. London: European Council on Foreign Relations, [2013], 2013.
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1951-, Dąbrowski Marek, and CASE (Organization : Warsaw, Poland), eds. Currency crises in emerging markets. Boston: Kluwer Academic Publishers, 2003.
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Kindleberger, Charles Poor. Economic and financial crises and transformations in sixteenth-century Europe. Princeton, N.J: International Finance Section, Department of Economics, Princeton University, 1998.
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Kindleberger, Charles Poor. Economic and financial crises and transformations in sixteenth-century Europe. Princeton, N.J: Princeton University, Dept. of Economics, International Finance Section, 1998.
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Cooperation, Council for Asia-Europe, Institut français des relations internationales., and Institute of Southeast Asian Studies., eds. Asia-Europe cooperation: Beyond the financial crisis : report of the Council for Asia-Europe Cooperation (CAEC) = La coopération Europe-Asie au-delà de la crise financière : rapport du Conseil pour la Coopération Europe-Asie (CAEC). Paris: Institut français des relations internationales, 2000.
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Fund, International Monetary, ed. From fragmentation to financial integration in Europe. Washington, D.C: International Monetary Fund, 2014.
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1961-, Gibson Heather D., and Tsakalotos Euclid, eds. Economic integration and financial liberalization: Prospects for Southern Europe. Basingstoke: Macmillan, 1992.
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Europe in trouble: Developing under the constraint of crises. Baden-Baden: Nomos, 2016.
Find full textBook chapters on the topic "Financial crises – Europe, Southern"
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Glenn, John G. "Disciplining the Sovereign Periphery of Europe." In Foucault and Post-Financial Crises, 153–91. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-77188-5_6.
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Árvai, Zsófia, and János Vincze. "Models of Financial Crises and the ‘Boom’ of Financial Crises in Transition Countries." In Banking and Monetary Policy in Eastern Europe, 89–103. London: Palgrave Macmillan UK, 2002. http://dx.doi.org/10.1057/9781403907684_5.
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Sobol, Dorothy Meadow. "7. Central and Eastern Europe: Financial Markets and Private Capital Flows." In Capital Flows and Financial Crises, edited by Miles Kahler, 186–228. Ithaca, NY: Cornell University Press, 2019. http://dx.doi.org/10.7591/9781501731402-010.
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Tsionas, Efthymios G. "Policy and Institutional Change in Southern Europe." In Financial and Monetary Policy Studies, 247–54. Cham: Springer International Publishing, 2013. http://dx.doi.org/10.1007/978-3-319-01171-4_35.
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Stein, Jerome L. "The Diversity of Debt Crises in Europe." In Stochastic Optimal Control and the U.S. Financial Debt Crisis, 133–54. Boston, MA: Springer US, 2012. http://dx.doi.org/10.1007/978-1-4614-3079-7_8.
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Raviv, Or. "Central Europe: Predatory Finance and the Financialization of the New European Periphery." In Power and Politics After Financial Crises, 168–86. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/9780230235366_8.
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Conway, Patrick. "The Role of the IMF in the International Financial and Eurozone Crises." In Economic Crisis in Europe, 154–74. London: Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137005236_8.
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Berg, Sigbjørn Atle. "Governments’ Strategies: The Nordic Banking Industries After the Crises." In The Competitiveness of Financial Institutions and Centres in Europe, 479–93. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_28.
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Ribeiro Hoffmann, Andrea, and Bettina De Souza Guilherme. "Comparing the Crises in Europe and Latin America: Causes, Management, Impact and Consequences." In Financial Crisis Management and Democracy, 297–306. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-54895-7_19.
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AbstractThis chapter summarizes the findings of the theoretical and analytical chapters, and comparatively assesses the causes of the crises, the crisis management strategies, and their impact in a selection of case studies from the national level – Greece, Portugal and Italy in Europe; and Argentina, Mexico, Brazil and Venezuela in Latin America; and the regional level – the European Union, and regional organizations and regional governance structures in Latin America such as CELAC, Unasur, Mercosur and Alba.
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Griffith-Jones, Stephany, and Bettina De Souza Guilherme. "Introduction." In Financial Crisis Management and Democracy, 1–7. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-54895-7_1.
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AbstractThis book is the result of the first 3 years of the comparative and multidisciplinary Jean Monnet Network, “Crisis-Equity-Democracy for Europe and Latin America”, of senior academics and policy advisors from four European and three Latin American countries, including experts on the European Union and Latin American regionalism. The rationale of the project and the common link is that both Europe and Latin America can learn from their respective experiences on “crisis”, its management and the distributive and democratic implications at national and regional level. The main purposes of the joint research can be summarised as to (1) locate in the current global financial system as one of the very major causes of the financial and debt crises in the EU and Latin America; (2) demonstrate the impact of the paradigm change on global and EU economic governance; (3) analyse key systemic aspects of the global crisis, i.e. climate change, macro-financial instability and the weakening of democracy and their inter-connections; (4) map and evaluate how both regions and individual countries within both regions have tried to manage these crises; (5) discuss the economic, political and social effects of these crises on both regions and individual countries; (6) finally, to make policy suggestions on how to transition from finance capitalism to a more sustainable real capitalism, on how both regions can better manage/govern/respond to such systemic pressures and on how they can increase their cooperation.
Conference papers on the topic "Financial crises – Europe, Southern"
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Mitrović, Đorđe, and Sabina Taškar Beloglavec. "SIMPLE TOURISM SECTOR DEVELOPMENT INDEX: CRISES VALUES." In Tourism in Southern and Eastern Europe 2021: ToSEE – Smart, Experience, Excellence & ToFEEL – Feelings, Excitement, Education, Leisure. University of Rijeka, Faculty of Tourism and Hospitality Management, 2021. http://dx.doi.org/10.20867/tosee.06.32.
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Purpose – The paper aims to construct a simple tourism sector development index reacting to crises occurrences. Methodology – Paper is two-folded, theoretical background with literature overview and empirical part based on the DEA method. Instead of using a vast number of different individual indicators measuring countries’ tourism performance, it is more appropriate to use one composite index to depict complex tourism development issues in a particular country. The composite index proposed in this paper TSDI, was developed using DEA encompassing tourism soundness and macroeconomic data. Findings – We are especially interested in index values in the 2019 COVID-19 pandemic crises relatively to the previous and following year. Therefore, the data time series include the annual data of selected truisms soundness factors from 2016 to 2020. The paper has three hypotheses dealing with simple tourism sector development index (TSDI) values during crises and the correlation of this calculated index to The Travel & Tourism Competitiveness Index (TTCI) and The Global Competitiveness Index (GCI). Contribution – The paper may offer some basic policy recommendations for policymakers as it may be applied as a relatively simple tool for professionals to assess future crises or economic shocks implications on the tourism sector. The TDSI proposed in this paper can point at the differences in countries’ responses to crises shock that could be influenced by government policies aimed at tourism sector development. TDSI is, due to its simplicity, a good tool for practitioners to use in monitoring and placing recommendations for improvements.
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Radulovic, Ana. "FINANCIAL CRISES AND STRUCTURAL CHARACTERISTICS OF THE ECONOMY." In 6th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eraz.2020.99.
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Economic structures are a major cause of long-term growth or stagnation. Different economic structures have different ranges of structural learning, innovation, and different effects on income distribution, which are key determinants of economic performance. Through theory about economic structures it is explained why institutions work differently in space and time. This paper shows using a case study in the United States, that the source of recent financial crises rests on the structural characteristics of the economy. Constant deindustrialization is increasing inequality, and a debt-intensive credit boom has emerged to offset the deflationary effects of this structural change. The strong application of the austerity system in Europe and other parts of the world, even after the evidence points to less frugal policies, illustrates the theory of power it has over public policy. The economic structure should be put at the center of analysis, to better understand the economic changes, income disparities and differences in the dynamics of political economy through time and space. This paper provides a critical overview of the rapidly developing comparative studies of institutions and economic performance, with an emphasis on its analytical and political implications. The paper tries to identify some conceptual gaps in the literature on economic growth policy. Emphasis is placed on the contrasting experiences of East Asia and Latin America. This paper argues that the future investments in this field should be based on rigorous conceptual difference between the rules of the game and the game, and between the political and institutional, embedded in the concept of management. It also emphasizes the importance of a serious understanding of the endogenous and distributive nature of institutions and steps beyond the narrow approach of property law relations in management and development. By providing insights from the political channels through which institutions affect economic performance, this paper aims to contribute to the consolidation of theoretically based, empirically based and relevant to policy research on political and institutional foundations of growth and prosperity.
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Stanić, Marina. "EXPLORING THE LANDSCAPE OF CREATIVE INDUSTRIES: A FINANCIAL PERSPECTIVE." In Tourism in Southern and Eastern Europe 2017: Tourism and Creative Industries: Trends and Challenges. University of Rijeka, Faculty of Tourism and Hospitality Management, 2017. http://dx.doi.org/10.20867/tosee.04.35.
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Dadić, Lorena, and Helga Maškarin Ribarić. "IDENTIFYING THE IMPACTS OF NPOs ON TOURISM IN ORDER TO INCREASE THEIR FINANCIAL SUSTAINABILITY." In Tourism in Southern and Eastern Europe 2017: Tourism and Creative Industries: Trends and Challenges. University of Rijeka, Faculty of Tourism and Hospitality Management, 2017. http://dx.doi.org/10.20867/tosee.04.33.
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Dragičević, Daniel, and Hana Paleka. "HEALTH TOURISM MARKET IN POLAND AND CROATIA – FINANCIAL EFFECTS AND POTENTIALS." In Tourism in Southern and Eastern Europe: Creating Innovative Tourism Experiences: The Way to Extend the Tourist Season. University of Rijeka, Faculty of Tourism and Hospitality Management, 2019. http://dx.doi.org/10.20867/tosee.05.5.
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Arsov, Sasho. "THE ROLE OF BANKS AND SECURITIES MARKETS IN THE POST-TRANSITION ECONOMIES OF EASTERN EUROPE." In Economic and Business Trends Shaping the Future. Ss Cyril and Methodius University, Faculty of Economics-Skopje, 2020. http://dx.doi.org/10.47063/ebtsf.2020.0007.
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Economic theory predicts that the development of the financial sector should have a positive impact on the overall economic development. Research has predominantly confirmed this expectation, with the remark that at earlier stages of economic development this impact should be higher, while a disproportionate banking sector has detrimental effect on growth through its impact on attracting highly skilled workforce, increased presence of moral hazard and the associated banking crises. This issue has been studied only occasionally in the case of the former socialist economies of Central and Eastern Europe and the former USSR. This paper represents an attempt to analyze the impact of the banking sector and securities markets development on the economic growth of these countries. A sample of 22 countries is assembled, using data from 1995 to 2018 and a panel regression and a GMM technique are used to derive conclusions on the researched topic. The analysis has shown that the banking sector has played a positive role in the economic growth throughout the analyzed period, while the role of the stock market is not significant. This is in line with the previous studies which have confirmed that the positive role of the securities markets should be expected only at higher levels of economic development. Also, the impact of the overall financial sector is deemed to be positive.
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Stojčić, Nebojša. "ACCESS TO EU PUBLIC FINANCIAL SUPPORT AND COMMERCIALIZATION OF INNOVATIONS: EVIDENCE FROM HOSPITALITY INDUSTRIES IN SPAIN AND CROATIA." In Tourism in Southern and Eastern Europe: Creating Innovative Tourism Experiences: The Way to Extend the Tourist Season. University of Rijeka, Faculty of Tourism and Hospitality Management, 2019. http://dx.doi.org/10.20867/tosee.05.1.
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Jarolímková, Liběna, Jiří Vaníček, and Blanka Bejdáková. "EVALUATION OF THE BENEFITS OF THE CERTIFICATION LEADING QUALITY TRAILS – BEST OF EUROPE: CASE STUDY LUŽNICE VALLEY HIKING TRAIL." In Tourism in Southern and Eastern Europe 2021: ToSEE – Smart, Experience, Excellence & ToFEEL – Feelings, Excitement, Education, Leisure. University of Rijeka, Faculty of Tourism and Hospitality Management, 2021. http://dx.doi.org/10.20867/tosee.06.25.
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Purpose – The article presents the results of a study evaluating the efficiency, benefits, and contribution to the sustainable development of destination of the Certification Leading Quality Trails – Best of Europe in the Czech Republic in Lužnice Valley Hiking Trail. Methodology – The cost-benefit analysis was used for the evaluation of the efficiency of the certification. HEAT (Health economic assessment tool) method was used for quantification of the economic benefits from improving health due to hiking activity on the monitored route. The evaluation of non-financial benefits was based on indicators of the sustainability of destination development in the economic, social, and environmental areas, and on the aspect of visitors´ satisfaction. Findings – The economic efficiency of the certification is low. However, the non-financial benefits of the certified trail are significant. The research showed the benefits of the trail certification in several aspects: the improvement of the quality of the tourist hiking trail led to greater satisfaction of tourists and their better experience. Another benefit is the increase of the image of the destination (Toulava). The certification of the trail contributed also to the sustainable development of the destination in all three pillars. Contribution – The investigation confirmed the importance and benefits of the trail certification. There was a significant improvement in the quality of the route and increased tourist satisfaction. This creates potential for further sustainable development of the destination and related services. Therefore, it is recommended that other hiking trails in the Czech Republic also undergo certification.
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Pawlicz, Adam, and Catherine Prentice. "UNDERSTANDING SHORT-TERM RENTAL DATA SOURCES – A VARIETY OF SECOND-BEST SOLUTIONS." In Tourism in Southern and Eastern Europe 2021: ToSEE – Smart, Experience, Excellence & ToFEEL – Feelings, Excitement, Education, Leisure. University of Rijeka, Faculty of Tourism and Hospitality Management, 2021. http://dx.doi.org/10.20867/tosee.06.39.
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Purpose – This paper aims to identify major supply data sources for short-term rental market research and to provide their advantages and limitations. Methodology – In the paper a grounded approach was used based on a literature review. This review comprised two steps with the first being the query in major databases that was supplemented by academic search engine that resulted in 170 articles. The second step was to investigate the papers’ methodological sections to identify characteristics and limitations of all data sources. Findings – This study identifies three major data sources for the short-term rental market: web scraping with the use of self-made bots, Inside Airbnb and Airdna. A majority (e.g. 74% of papers using Airdna as a source) did not mention any limitations and provide no discussion about the data source, while the remainder gave only superfluous information about possible limitations of its use. Their characteristics and limitations are extensively discussed using a proposed framework that consists of three levels: intermediary, web scraping, and source-specific. Contribution – Very limited number of studies have focused on the short-term rental data sources and this is the first one that discusses advantages and limitation of their use. This paper may be of help to academics or professionals in identifying the right source of data to suit their technical knowledge, financial and technical resources and research areas.
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Bogdan, Siniša, Luka Šikić, and Suzana Bareša. "THE EFFECT OF THE COVID-19 PANDEMIC ON THE CROATIAN TOURIST SECTOR." In Tourism in Southern and Eastern Europe 2021: ToSEE – Smart, Experience, Excellence & ToFEEL – Feelings, Excitement, Education, Leisure. University of Rijeka, Faculty of Tourism and Hospitality Management, 2021. http://dx.doi.org/10.20867/tosee.06.8.
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Purpose – The COVID-19 pandemic, unprecedented in terms of the speed at which it spread globally, affected the whole world swiftly after the initial outbreak and has produced heterogeneous effects on various industrial sectors and particularly pronounced effects on the tourism industry. This paper analyses the effect of the spread of the COVID-19 pandemic through Europe on the tourist stocks in Croatia by means of application of the event study methodology. Methodology – The analysis starts with a descriptive overview of the market-wide performance of different sectors in the period before, during and after the initial pandemic outbreak and subsequently explicitly tests for the COVID-19 outbreak effects on the tourist sector. First, a 35- day event window is specified so that important events related to the pandemic can be identified. Second, the first officially reported COVID-19 incidence in Italy and the World Health Organization’s declaration of a global pandemic are used as identified events in a shorter 10day window event study estimation. Findings – The results robustly point to the significant negative effect of the COVID-19 pandemic on the returns of tourist stocks on the Zagreb Stock Exchange. However, the overall results do not provide evidence of the relatively stronger COVID-19 effects on the tourist sector, but rather equal effects across different sectors. Contribution – This research offers a novel comprehensive review of the literature regarding the research topic and provides insights into the sectoral effects of the global financial shock caused by the COVID-19 pandemic on the local market. As this pandemic is increasing the market volatility, this research will be of importance to fund managers and carries implications for economic policy in terms of sectoral stimulus distribution and debt refinancing.