Dissertations / Theses on the topic 'Financial institutions – Europe, Eastern'
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Owolabi, Oluwarotimi Ayokunnu. "Corporate financing in transition : implications for institutions and ownership." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/6154.
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The present thesis examines the implications of ownership and institutions for corporate financing in Central and Eastern Europe. There are three empirical chapters (chapters 2, 3 and 4). Chapter two examines the role of business networks for firm external financing. Our central hypothesis here is that firms’ affiliation to business association is likely to be beneficial in securing external finance (especially bank finance) in countries with weak legal and judicial institutions, as it helps banks and financial institutions to minimize the underlying agency costs of lending. Using recent EBRD-World Bank BEEPS data, we find some support to this central hypothesis in our sample. Importance of foreign banks for economic development of CEE countries has been emphasized in the literature though there is wide dispersion in foreign investment in the region. In this context, chapter three (i.e., the second empirical chapter) focuses on the implications of corruption for foreign bank entry and ownership structure in Central and Eastern European countries. The chapter argues that the presence and persistence of corruption (both absolute and relative) may adversely affect costs of setting up as well as running day-to-day operations of foreign banks in host emerging economies. Using primarily Bankscope bank-level data we find that greater absolute and relative corruption may lower foreign bank entry, greater relative corruption may encourage foreign greenfield entry in our sample; while relative corruption is not significant for foreign takeover. The latter highlights the importance of encouraging foreign investors from countries with similar institutions. Finally, considering the implications of ownership for bank capital and performance in chapter four (the final empirical chapter) in light of the focus on bank capital and capital regulation in discussions after the recent banking crisis, we argue that the relationship between bank capital and bank performance crucially depends on bank ownership structure. Using Osiris data we examine foreign greenfield and other joint venture (JV) differential effect of high bank capital on bank performance. A significant positive effect of foreign Greenfield (as opposed to JV) bank capital on bank performance, after controlling for all other factors is found. We attribute this to better governance compared to varied ownership arrangement in other joint venture banks. Thus wide dispersion in the quality of institutions and ownership explains a great deal of variation in the economic performance of countries in the region. We hope findings of this thesis would inform policies and will also influence future research.
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Impavido, Gregorio. "Essays in asymmetric information : institutional response in financial markets with applications to the transition economies of Eastern Europe." Thesis, University of Warwick, 1997. http://wrap.warwick.ac.uk/75577/.
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Loh, Christian. "Bankensysteme in Mittel- und Osteuropa : die Evolution des Bankensystems am Beispiel ausgewählter Transformationsländer /." Hamburg : Kovač, 2008. http://www.gbv.de/dms/zbw/56477121X.pdf.
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Loranth, Gyöngyi. "Essays on Financial Markets Strategies." Doctoral thesis, Universite Libre de Bruxelles, 2002. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211358.
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Singh, Rupinder. "Financial restructuring of transition economics in Central and Eastern Europe." Thesis, Birkbeck (University of London), 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299789.
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Armengol, Ferrer Ferran. "El Banc Europeu de Reconstrucció i Desenvolupament: una institució financera internacional en el marc de la integració europea i la globalització." Doctoral thesis, Universitat Pompeu Fabra, 2004. http://hdl.handle.net/10803/7285.
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L'objecte de la present tesi doctoral és l'estudi del Banc Europeu de Reconstrucció i Desenvolupament (BERD), institució financera internacional específicament dedicada a la cooperació a la transició política i econòmica dels estats d'Europa central i oriental. L'estudi és de caràcter essencialment jurídic i analitza la "funció d'adaptació" a la democràcia pluralista i l'economia de mercat dels esmentats estats que desenvolupa el Banc, i els problemes jurídics derivats d'aquesta activitat. La Tesi s'estructura, així, en quatre parts: en la primera s'analitzen els fonaments del marc de cooperació en el qual s'insereix la creació del BERD ; la segona descriu els diversos tipus d'operacions desenvolupades pel banc. La tercera incideix sobre l'estructura institucional del Banc i la quarta, i última, es refereix al règim jurídic del Banc i els mitjans de control polític i judicial de la seva activitat.El objeto de la presente tesis doctoral es el estudio del Banco Europeo de Reconstrucción y Desarrollo (BERD), institución financiera internacional específicamente dedicada a la cooperación a la transición política y económica de los estados de Europa central y oriental. El estudio es de carácter esencialmente jurídico y analiza la "función de adaptación" a la democracia pluralista y la economía de mercado de dichos estados que desarrolla el Banco, y los problemas jurídicos derivados de dicha actividad. La Tesis se estructura, así, en cuatro partes: en la primera se analizan los fundamentos del marco de cooperación en el que se inserta la creación del BERD; la segunda describe los diversos tipos de operaciones desarrolladas por el Banco. La tercera incide sobre la estructura institucional del Banco y la cuarta, y última, se refiere al régimen jurídico del Banco y los medios de control político y judicial de su actividad.
The object of this Ph D thesis is the study of the European Bank for Reconstruction and Development (EBRD), international financial institution specifically devoted to the cooperation to the political and economic transition in Central and Eastern Europe States. The study is from essentially juridical character and analyzes the function of adaptation of the aforementioned States to pluralistic democracy and market economy that develops the Bank , and the juridical problems derived from this activity. The Thesis is structured, thus, in four parts: in Part One, the foundations of the frame of cooperation in which the creation of the EBRD is inserted are analyzed; Part Two portrays the several types of operations developed by the Bank. Part Three falls upon the institutional structure of the Bank. Part Four refers to the juridical regime of the Bank and the means of political and judicial control of its activity.
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Stone, Zita. "Financial system development in central and Eastern Europe: time for equity culture?" Thesis, University of Kent, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.594199.
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Equity culture is underdeveloped in Central and Eastern Europe. The corporate sector's dependence on debt as an external source of capital, scarce and illiquid capital markets and distrust in corporate sharing are the reasons for this. Yet, according to a number of surveys, fIrms are dissatisfied with the existing forms of debt driven external capital. The barriers of access to capital and the cost of capital are high resulting in unattractive and inflexible financing options. However, the availability of capital is a necessity for corporate existence and economic growth. The question of the viability of equity financing development as an alternative to the traditional debt financing in the transition economies of Central and Eastern Europe puzzles many. National policymakers as well as domestic and foreign investors need this question answered so that time and effort is not wasted on pursuing unviable strategies and creating unrealistic investment plans. The development of an equity culture in the CEECs is the main focus of this study. We develop a theory-bridging conceptual framework through which we attempt to demonstrate what factors contribute to its formation. We maintain that fIrms seeking equity finance are the main drivers for equity culture development in a country. This demand is affected by the size of transaction costs these finns incur in the process of searching for, establishing and co-ordinating contractual relationships with equity providers. We establish that the size of transaction costs is detennined by a set of conditions stemming from internal (managerial) and external (macro-economic and institutional) environments impacting the firm. The conceptual framework is empirically tested using quantitative data on ten Central and Eastern European countries (CEECs) (EU member countries since 2004 and 2007) for a continuous period of thirteen years (1996-2008). Firstly, a relatively new graphical display method - the Co-Plot method - is applied to cluster the gathered data. This method facilitates benchmarking against two representatives of the equity oriented financial system (UK and USA) and two representatives of the bank (debt) oriented financial system (Germany and Japan). The outcome of this analysis is the identification of three separate groups within our sample ofCEECs (Leaders, Potentials, Laggards) in terms of the potential for equity culture development they exhibit. Secondly, a regression analysis follows. It determines causal relationships between the demand-based dependent variables and independent variables represented by equity culture supportive conditions. Regressions are performed while controlling for different finn sizes (Large finns, SMEs, Micro firms and the total number of firms) to detennine the driving factors of equity culture development for each firm size individually as differing effects are expected. Furthermore, we carry out the regression analysis while controlling for the groups of Leaders, Potentials, and Laggards on a case by case basis. Finally, a qualitative comparative analysis for three CEECs, Slovakia, Hungary and Bulgaria, (each being a representative for a group with different potential for equity culture development) is provided. Our findings suggest that CEECs belonging to the group of Leaders have the macroeconomic and institutional conditions necessary for the development of an equity culture in place and that it is the equity-oriented financial institutions and the managerial capabilities which require further attention so that equity culture can be fully developed. By contrast, countries from the Potentials group have the macroeconomic performance required for the development of an advanced equity-based fmancial system, however the conditions stemming from the institutional (including both quality as weil as adequacy of equityiii r I .1 oriented financial intermediaries) and the managerial environment need improving. The results for the group of Laggards indicate that in order for an equity culture to be able to develop, a complex set of macro-economic, institutional and managerial conditions requires attention. Furthermore, we establish that large firms do not necessarily require the presence of adequate managerial conditions for them to become the drivers of equity culture development. In the case of SMEs we fmd that it i& primarily the presence of appropriate institutional rather than macro-economic and managerial conditions that have to be satisfied in order for these finns to opt for equity finance. Finally. our results for micro firms imply that although the presence of adequate macro-economic and institutional conditions is important, however, it is not sufficient. It is the presence of appropriate managerial conditions which motivate micro firms to consider equity finance. Our study contributes to the existing literature in several ways. Firstly, it contributes to theory by providing a Dew conceptual perspective on the financial system development and finn financing options in transition economies typical for their limited experience with equity financing and an underdeveloped equity culture, such as the CEECs. Secondly, it provides contributions to practice by proposing managerial and policy recommendations, how to identify best investment targets, and how to support equity culture development should it be desired.
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Scarpitta, Lara. "Justice and home affairs and Romania's accession to the European Union." Thesis, University of Birmingham, 2009. http://etheses.bham.ac.uk//id/eprint/473/.
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When compared to the other candidate states of Central and Eastern Europe, Romania emerged as a laggard of transition. Its integration into the European Union has been marked by much uncertainty and setbacks, as well as profound delays in fulfilling the EU's entry conditions. As a difficult case, the dynamics of Romania's EU accession provide insight into the potential and limits of the EU's leverage, revealing how domestic factors can be decisive in constraining external influence. Focusing on the reform trajectory in the fields of judiciary reforms, anti-corruption and external border policies between 1989 and 2007, this study assesses the interaction between EU politics and domestic politics and the role of domestic factors in slowing down internal reforms. By identifying the domestic conditions under which conditionality is likely to more, or less, successful, this study contributes to the Europeanization and enlargement literature. By assessing the preparations for accession in the field of Justice and Home Affairs, this research also fills a major lacuna in the existing specialised literature.
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Wielopolska, Anna. "Causes and consequences of ambivalence in Germany's policy towards the Eastern enlargement of the European Union." Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/646/.
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Germany’s support for the Eastern enlargement of the European Union was a key factor in the successful completion of this idea in 2004. Germany’s policy towards the enlargement was, however, ambivalent and for this reason perceived as controversial. This thesis examines and explains the reasons of this paradox. German policy makers endorsed the idea of the Eastern enlargement of the EU for the reasons deriving from the national identity, based on a history-related narrative, and from the fact of the successful unification of Germany. As Chancellor Helmut Kohl captured it — the unification of Germany and the unification of Europe were two sides of the same coin. Eastern enlargement was, however, a novel idea and was changing the existing European order and concepts of the European integration. It faced therefore powerful constraints both in the shape of still existing, though declining, Cold War structural grip, as well as of the conflicting with the enlargement interests of other member state of the EU and domestic economic preferences and interests. It caught German policy makers between powerful and mutually conflicting challenges and faced them with a need to choose strategic priorities for the foreign policy. The choice was continuity of multilateralism, the principle of the foreign policy of the West Germany. This choice turned the enlargement policy into one of the premises of the grand strategy of the German Europapolitik. Examining the ambivalence in the enlargement policy allows not only to explain its causes but also to observe a process of changing the concept of the European integration. This doctoral thesis is a result of the research conducted at the London School of Economics and Political Science under the supervision of Prof. William Wallace and Dr. Ulrich Sedelmeier.
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Sergi, Bruno S. "Economics in transition in Eastern Europe and the function of the Bruxelles consensus." Thesis, University of Greenwich, 2007. http://gala.gre.ac.uk/8246/.
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In today's fast evolving Central and Eastern Europe, economic perspectives, especially European Union perspectives are indispensable to the success of the transformation process initiated in the late 1980s and early 1990s. Based on our research output, this thesis offers many such perspectives that can help understand the logic of the transformation and the subsequent business done by national and international enterprises. We have interwoven many information-rich threads of transformation principles with banking, dynamic cultural factors and tax policy that influence these new market-economy countries. We observe the role and the process of financial institutions and also consider the impact that information technology exerts on these economies and thus concluding that the significance of culture development and the betterment of the population are the central driving force within a wider Europe. This thesis offers fundamental notions that influence cross-cultural interactions also, providing a concrete basis for understanding the influence of Central and Eastern European countries on the European Union's political choices and vice versa. We examine the transformation and its significance, paradoxes and the interplay of economic approaches and entrepreneurship. In the specific, we look at how the European Union policy towards these countries evolved, suggesting that a trend towards a Bruxelles Consensus is the specific outcome of the European Union's attitudes towards Central and Eastern Europe. An extended evaluation of the consequences for all of us will also emerge as our approach has been that to present all these aspects in a way that inspire understanding of basic governing issues and expectations concerning the future on Central and Eastern Europe in the ever-growing European Union.
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Rabrenović, Aleksandra. "Financial accountability as a condition for EU membership." Thesis, University of Glasgow, 2007. http://theses.gla.ac.uk/2265/.
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The objective of this thesis is to provide advice on how to establish a reliable system of financial accountability in Serbia, as a condition for EU membership. The creation of a functional financial accountability system in Serbia is important not only for further Serbian development, but also to secure efficient and effective use of the EU/Member States’ monies, which are already being used in Serbia. This thesis analyses financial accountability systems of two EU Member States: UK and France and a supranational EU system, which are then compared with the Serbian system. The legal frameworks of these systems of financial accountability are analysed against their socio-historical backgrounds, focusing on the key challenges they face in both their strategic developments and everyday work. The conclusion is that Serbia has still not met the financial accountability conditions for EU membership outlined in the acquis communitaure. The comparative socio-legal analysis has demonstrated that the application of pure, more advanced Western European models of financial accountability would not be possible in the transitional Serbian environment. However, specific elements of these systems, exemplified in the emerging European system of financial accountability, could be well applied in the Serbian context.
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Marinov, Valentin. "Three essays on the financial liberalization in Eastern Europe, its consequences and results /." Frankfurt a.M, 2008. http://opac.nebis.ch/cgi-bin/showAbstract.pl?sys=000253644.
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Shields, Kalvinder K. "An econometric analysis of financial markets in Eastern Europe : the case of Poland." Thesis, University of Leicester, 1998. http://hdl.handle.net/2381/30163.
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In recent years, the economies of Eastern Europe have experienced a complete breakdown of their political and economic structures in the transition process. These changes have led to the emergence of a financial sector, the infrastructure of which has had to be established practically from scratch. In Poland, the most important non-bank financial sector, the Warsaw Stock Exchange (WSE), has played an essential role in the privatisation process and in providing an alternative source of finance and investment amongst firms and households. In this thesis, we provide an econometric analysis of asset returns on the WSE. On the WSE, there exists a one-period censoring of asset returns moving beyond a pre-specified range introduced to limit speculative behaviour and volatility on the market. Our principal aim has been to incorporate such a feature into any analyses undertaken. Considering predictability, in an explicit intertemporal model of an investor's effective demand for a single asset facing a binding quantity constraint, we show that the market may not be predictable and return predictability on such constrained markets is non-trivial. Proposing an approach to model the predictability of returns, we find evidence of predictability of six main returns series on the WSE. Considering the volatility of asset returns, we investigate whether the finding for developed stock markets that negative shocks entering the market lead to a larger return volatility than positive shocks of a similar magnitude also applies to two emerging Eastern European markets. Concentrating on the WSE and the Budapest Stock Exchange, we therefore also examine whether the findings differ depending on the exchanges' institutional microstructures. We propose an approach to model the conditional volatility of returns on a quantity constrained market such as the WSE and find no evidence of an asymmetric impact of news on the volatility of returns on either exchange.
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Onaran, Özlem. "International financial markets and fragility in the Eastern Europe: "can it happen" here?" Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2007. http://epub.wu.ac.at/734/1/document.pdf.
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The aim of this paper is to analyze the fragility of the New Member States and accession countries in the Central Eastern and South Eastern European countries (henceforth Eastern Europe) to the turbulences in the global economy and the changes in the direction of the international capital flows. (author's abstract)Series: Department of Economics Working Paper Series
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Kats, Jasper. "Financial integration and the financing decisions of SMEs in Central and Eastern Europe." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-319492.
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Bakar, Eric S. "Financial Intermediation and Economic Development in 12 Central and Eastern European Economies." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1501.
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This paper takes a panel series approach to investigate whether the intensity of financial intermediation encouraged investment and growth in 12 Central and Eastern European(CEE) economies from 2001 to 2015. The results from our regression confirmed our hypothesis that there was a uni-directional relationship between financial intermediation and economic growth and while we only analyzed 12 CEE countries, this relationship has held among other developing countries as well. We will provide background on the general CEE transition out of communism and the ensuing ebbs and flows of the financial and real sector through the early 2000s. The 2008 financial crisis marked a key event for CEE that gave us the opportunity to analyze important characteristics of how our model acted before and after a major crisis. We found a significant relationship with the crisis and our finance-growth model that furthered our prediction that the expansion of financial intermediaries in developing countries acts as a key mechanism through which an economy grows. The research allowed us to understand the nature of statistical causality between financial and real sector activity.
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Haiss, Peter, and Elisabeth Schellander. "Knowledge Transfer by Austrian Banks to the Transition Economies of Central, Eastern and South Eastern Europe." WU Vienna University of Economics and Business, 2010. http://epub.wu.ac.at/3878/1/haissknowledge.pdf.
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Since the opening of the Central, Eastern and South Eastern European (CESEE) banking market, foreign banks, have started to invest in the financial sector of emerging economies. Economic research highlights that foreign banks have brought advanced technology, improved management expertise, upgraded risk management techniques and generally more efficient and competitive banking practices into CESEE countries (Clarke, Cull, Peria and Sànchez, 2002; Eller, Haiss and Steiner, 2006). However, there is hardly evidence about how this large-scale knowledge transfer has been achieved and what knowledge has actually been transferred. This paper intends to fill this gap. Two in-depth case studies of bank acquisitions by Austrian banks in CESEE give insight into the methods and content of knowledge transfer within the post-acquisition integration. A questionnaire sent out to CESEE subsidiaries of Austrian banks additionally provides information on the topic. The results show that knowledge transfer mainly occurs in international teams and during international meetings, trainings and development programs and that it is supported by information and communication technologies. Results further show that the content, methods and magnitude of knowledge transfer efforts change along the stages of post-acquisition integration. (author's abstract)
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Colombo, Emilio. "Essays on transitional economies." Thesis, University of Southampton, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.340331.
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Bennett, Hanna. "Leverage and limitations of the EU's influence in the eastern neighbourhood : a study of compliance with the EU's justice and home affairs' standards in Georgia, Moldova and Ukraine." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/508/.
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When the European Neighbourhood Policy (ENP) was launched in 2004 expectations of its potential were low because it lacks the ability to offer EU membership as an incentive, which was found to be pivotal for the EU to have influence in the Central and Eastern European Countries (CEECs). Nevertheless, progress reports have demonstrated that some convergence toward the EU standards has taken place in the neighbouring countries. This research seeks to understand under which conditions compliance takes place, what explains the variation in (non)compliance with the EU standards in the area of Justice and Home Affairs (JHA) and what influence does the EU have. It examines formal and behavioural compliance with the EU action plan recommendations in the area of border guard reform, readmission agreement, asylum and refugee protection, and criminalisation of human trafficking in Georgia, Moldova and Ukraine. The three states have all expressed interest in EU membership, but they vary in their potential to be considered as candidates and in their identification with the EU. Rather than assuming that the EU’s influence is low in the neighbourhood because it cannot offer a certain membership incentive, this research studies the problem by focusing on a combination of explanatory factors drawn from rational choice and sociological/constructivist institutionalism both at the macro level (strength of membership prospect and identification with the EU) and at the issue-specific levels. The research demonstrates that the EU’s influence is differential and dependent on domestic, external and issue-specific conditions. The results indicate that the EU is capable of eliciting influence in the JHA area without a certain EU membership prospect. However, when the country perceives that there is a possibility to accede to the EU, compliance with the EU standards has been more even across the four issue areas and at the formal and behavioural levels.
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Northmore-Ball, Ksenia. "Explaining voter turnout inequality in post-communist Eastern Europe : income inequality, institutions, and the normalization of voting." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:3d198664-cd60-401f-b4f1-c8a75ec4395e.
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This research examines the causes of turnout inequality in post-Communist Eastern Europe, particularly focusing on how macro-level contextual factors influence voter turnout across socioeconomic groups (by education, income, occupation class). I use repeated cross-sectional survey data covering twelve countries from the collapse of communism in 1989 to the late 2000s. I show that unlike in established democracies, turnout inequality cannot be simply explained by how easy it is to vote as determined by various institutions, such as voter registration rules and ballot complexity, and neither can turnout inequality be explained by disengagement among the losers in the economic transition. Instead turnout inequality is primarily determined by the interaction between the level political motivation of individual voters, which is the product of early life political socialization, and factors related to the transition process itself, such as the waning of the initial excitement with democratic elections. Income inequality appears to indirectly discourage educated and discerning voters by reinforcing the conditions, such as the dominance of clientelistic and paternalistic parties and corruption, which render electoral choices less meaningful.
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Denca, Sorin Stefan. "European integration and foreign policy in Central and Eastern Europe : the cases of Hungary, Slovakia and Romania." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/1462/.
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This thesis examines the impact of Europeanization on the foreign policy of the new member states of the European Union, using as case studies Hungary, Slovakia and Romania. It asks what the extent of Europeanization of foreign policy is and whether and to what extent there has been divergence in the way in which the new member states have responded to the similar constraints and opportunities of the European integration. Insofar as divergence can be identified, a third research question asks why there is policy divergence. It argues that the governmental politics and the politics of national identity play a key role as mediating factors for the Europeanization of the system of policy making, the process of elite socialization and the conduct of foreign policy itself. Three critical international events are used as sub-case studies in order to assess the extent of Europeanization of foreign policy of the CEE counties: the US-led war in Iraq in 2003, the NATO airstrikes against Yugoslavia in 1999 and the Kosovo declaration of independence in 2008. The study’s findings suggest that the pressures of Europeanization leads to convergence in some policy areas, but domestic factors such as governmental and national identity politics offer a more convincing explanation of divergence. Overall, Europeanization is uneven not only across issue-areas, but also across countries. The limits of convergence as an outcome of Europeanization and the persistence of diversity are therefore best accounted for by the diversity of domestic factors.
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Hough, Daniel. "The PDS : a study of the development and stabilisation of the PDS as an eastern German regional party, 1989-2000." Thesis, University of Birmingham, 2001. http://etheses.bham.ac.uk//id/eprint/5253/.
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This study examines the place of the PDS within the German political system. By developing and employing a typology of regional parties this work illustrates that the PDS has been politically successful on account of its mobilisation of distinct territorial interests - in much the same way as other regional parties across the democratic world have done. The creation of a territorial divide along the former inner-German border has offered the PDS the opportunity to re-model its image and profile as the protector of eastern German specificity. The West German party system that expanded eastwards in 1990 has not been able to sufficiently channel regionally specific sentiment into the political process: and it is for this reason that a regional party has been able to stabilise itself in the eastern states. The PDS has taken advantage of a number of structural advantages (in terms of its regional heritage, leadership, its party organisation and so forth) in moulding and shaping a policy package that reflects the differing opinions, attitudes, values and beliefs of many eastern Germans. It is as a result of this that the PDS has been able to stabilise its position within the eastern German regional party system and to build a platform that offers it the opportunity of being a longterm actor in the German party system.
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Eller, Markus, Peter Haiss, and Katharina Steiner. "Foreign Direct Investment in the Financial Sector. The Engine of Growth for Central and Eastern Europe?" Europainstitut, WU Vienna University of Economics and Business, 2005. http://epub.wu.ac.at/98/1/document.pdf.
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This paper examines the impact of financial sector foreign direct investment (FSFDI) on economic growth by estimating a panel data model for 11 Central and Eastern European countries (CEECs) between 1996 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the efficiency channel linking FSFDI to economic growth. The results clearly indicate that there can be a relationship between FSFDI and economic growth. Approaching a medium degree of financial M&A is rewarded by higher economic growth after two periods. Beyond it, FSFDI seems to spur economic growth depending on a higher human capital stock. FSFDI-induced knowledge-spillovers to domestic banks can be an explanation for this phenomenon. Above a certain threshold, the crowding-out of local physical capital caused by the entry of a foreign bank seems to hamper economic growth. The value of the paper lies in (1) providing novel data on FSFDI in CEECs, (2) analyzing the impact of FDI on a sectoral level and (3) in modeling the hitherto only qualitatively discussed relationship between foreign banks and economic development into a structural, econometric model that combines two streams of economic research: the FDI-growth-literature and the finance-growth-literature. (author's abstract)Series: EI Working Papers / Europainstitut
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Zalewska-Mitura, Anna. "Emerging markets from Central and Eastern Europe : evolving market efficiency, problems of thin trading and price limits." Thesis, London School of Economics and Political Science (University of London), 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.286193.
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Fitzsimons, Vincent Gerard. "The impact of economic institutions on macroeconomic performance : with reference to the transition economies of Central and Eastern Europe." Thesis, University of Leeds, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.434235.
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Bateson, Rositsa. "The role of student services in enhancing the student experience : cases of transformation in Central and Eastern Europe." Thesis, University of Southampton, 2008. https://eprints.soton.ac.uk/66747/.
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This research project examines the role of student services in universities in Central and Eastern Europe at a time of rapid transformation of the higher education sector, following from the collapse of the socialist period in 1989 and the implementation of the Bologna process after 1999. Conducted in the period 2004- 2006, the research process aimed to identify the major factors of institutional change, and to what extent are students, and services for students, considered a driving force for organisational restructuring. Based upon a comparative qualitative study of four public universities in Hungary, Romania, Croatia and Serbia, this project found ample evidence of institutional change and introspection, innovation, achievement, as well as awareness and critical analysis of weaknesses. However, the main expectation to find students as active agents in institutional change and in the improvement of the old and the provision of new services for students was not supported by the findings in this study. Although the four universities in this project share the characteristics of an allencompassing change process, students, and services for students, still play a marginal part in determining institutional priorities and in influencing the service provision and culture. Having anticipated the lack of awareness of the role of student services in organisational management, this project examines the reasons for this from a historical perspective, using a comparative approach to development trends in the United States, continental Europe, and Central and Eastern Europe. It further suggests a model of integrated student services, based upon the actual experience of the Central European University, but defined and analysed against the context of the region. This research project coincides with a growing awareness in public policy debates in continental Europe of the importance of institutional student support services. As the first study of institutional practices with regard to student services in Central and Eastern Europe, it anticipates the reform in this area and the integration of student services as part of the university core.
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Mgoduka, Bulelwa Keitumetse. "Impact of microfinance institutions on small business sustainability in Nelson Mandela Bay." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/8564.
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The rise of microfinance in South Africa as a development trajectory has dismissed ideas that small business enterprises have no significant contribution to the economic growth and development of the country. The primary objective of the study is to assess the impact of microfinance service providers on the success and sustainability of small business enterprises in the Nelson Mandela Bay. By applying descriptive statistics, 2 ordinary least square regression analyses as well as correlation matrix; the results reveal that microfinance has a positive and significant impact on the success and sustainability on small business enterprises in the Nelson Mandela Bay. The research findings hold a variety of implications for Government and policymakers. The study recommends that the microfinance sector must be under good governance through the microfinance regulatory and supervisory structures, since the sector contributes a great deal towards one of the most important objectives of the Post-Apartheid Government. Further, small business entrepreneurs must be well exposed to the requirements, standards and norms which govern the financial sector. This is particularly important in terms of the National Credit Act provisions.
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Haiss, Peter, and Stefan Marin. "Options for developing bond markets. Lessons from Asia for Central and Eastern Europe." Europainstitut, WU Vienna University of Economics and Business, 2005. http://epub.wu.ac.at/1234/1/document.pdf.
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Asian efforts towards bond market development are driven by the 1997-98 financial crises; Central and Eastern European efforts by the transition towards EMU. The small size of most of the economies underlying these still "emerging" bond markets poses the question of minimum efficient scale and which options to pursue. We argue that the joint bond funds and regional bond market linkups that follow existing trade, FDI and bank ties will broaden the sources of finance, can improve market discipline, provide signals to the market, and thus increase financial stability. Based upon bond market data and analysis of regional efforts like the Asian Bond Funds, we argue that bond market development should be given more attention to foster growth and stability. (author's abstract)Series: EI Working Papers / Europainstitut
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Carciumaru, Radu [Verfasser], and Subrata [Akademischer Betreuer] Mitra. "Negotiating Conflict in Deeply Divided Societies: Complex power-sharing institutions in South Asia and Eastern Europe / Radu Carciumaru ; Betreuer: Subrata Mitra." Heidelberg : Universitätsbibliothek Heidelberg, 2019. http://d-nb.info/1177045761/34.
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Келер, Е., Т. Діц, and Т. В. Процик. "Causes for the spread of the global financial crisis and tools for fighting it - Differences and similarities between Eastern and Western countries." Thesis, Українська академія банківської справи Національного банку України, 2009. http://essuir.sumdu.edu.ua/handle/123456789/59881.
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Те, що розпочалося як так звана криза субстандартного ризику в липні 2007 року, становить лише 18 місяців
стати найбільшою кризою фінансового ринку після Великої депресії. В жовтні
2008 Міжнародний валютний фонд (МВФ) оцінив потенційний глобальний
збитки, спричинені цією кризою, приблизно в 1,4 трильйони доларів СШАWhat started as the so-called subprime crisis in July 2007 has in only 18 months become the biggest financial market crisis since the Great depression. In October 2008 the International Monetary Fund (IMF) has estimated the potential global losses caused by this crisis at approximately 1,4 Trillion US Dollars
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Louisy-Louis, Moise. "The determinants of rates used in défined-benefit pension plans : a pan-European study of financial institutions over 2005/2011." Thesis, Nice, 2014. http://www.theses.fr/2014NICE0026/document.
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A la lumière du débat actuel visant la comptabilisation des engagements de retraite, la thèse examine les forces et faiblesses de la comptabilisation telle que stipulée par le normalisateur international, l’International Accounting Standards Board (IASB). Afin d’étayer nos arguments, nous étudions l’influence de certains paramètres, à savoir la rentabilité, les flux, le levier financier, le levier des engagements de retraite, ou la composition du portefeuille d’actifs du régime, parmi d’autres, sur le choix du taux d’actualisation et du taux de rendement attendu des actifs du régime dans le cadre des régimes à prestations définies. La littérature, incluant en particulier les travaux d’Amir et Benartzi (1998), Asthana (1999), Picconi (2006), ou Adams, Frank et Perry (2011), identifie ces paramètres comme influents sur le choix des taux. A l’échelle de l’entreprise, l’impact de ces taux peut être significatif sur le niveau d’endettement ou de rentabilité, et à l’échelle de l’économie, le provisionnement correct des engagements de retraite représente un défi majeur pour des secteurs, industries ou nations (OECD, 2011). Dans ce contexte, la dissertation analyse en détails les règles comptables, la recherche et les pratiques en usage en Europe, une région qui a traditionnellement attiré relativement peu d’intérêt empirique à un niveau paneuropéen notamment à cause de la grande diversité qui caractérise les pratiques comptables et les juridictions locales. Une étude basée sur les membres du Stoxx Europe Total Market Index a été réalisée afin de répondre à la problématique suivante : quels sont les facteurs influençant et expliquant le choix du taux d’actualisation et du taux de rendement attendu des actifs du régime ?In light of the current debate about pension accounting, the dissertation examines the strengths and weaknesses of pension accounting as stipulated by the International Accounting Standards Board (IASB). To substantiate our arguments, we study the influence of key parameters, namely profitability, cash flow, leverage, funding status, and plan asset investment allocation, among others, on the choice of the discount rate and the expected rate of return used when accounting for defined benefit pension schemes. Prior literature, including research performed by Amir and Benartzi (1998), Asthana (1999), Picconi (2006), and Adams, Frank and Perry (2011), identifies these factors as influential in the choice of these rates. At a micro level, the impact of these rates can be tremendous on the financial status of reporting entities (e.g. inflated/deflated indebtedness or earnings) and at a macro level, the correct provisioning of pension represents a major challenge for sectors, industries or nations as a whole (OECD, 2011). In such a context, the dissertation reviews in details current regulation, research, and practices across Europe, a region which has historically attracted relatively little empirical research on a pan-European basis mainly because of the great diversity in accounting practices and local jurisdictions. A study focused on members of Stoxx Europe Total Market Index is performed to address the following research question: what are the factors impacting and explaining the choice of the discount rate and the expected rate of return ?
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Rahman, Dima. "The fragility of financial institutions : dependence structure, extremal behaviour and contagion." Thesis, Paris 10, 2011. http://www.theses.fr/2011PA100128.
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Cette thèse se propose d’analyser la structure et la dynamique de dépendance de crédit des institutions financières aux Etats-Unis et en Europe durant la crise financière de 2008. Un premier chapitre présente une revue de la littérature des modèles multi-dimensionnels de crédit et des modèles économétriques de contagion financière. Ce chapitre a pour vocation de guider notre réflexion à la fois conceptuelle et méthodologique sur les hypothèses analytiques de la contagion ainsi que ses méthodes de mesure. Nous montrons que si la contagion est devenue une hypothèse centrale des modèles multivariés de risque de crédit, il n’en reste néanmoins que sa définition et sa quantification ne font pas l’objet de consensus dans la littérature. Un deuxième chapitre propose une analyse empirique des co-movements des rendements de CDS de banques et sociétés d’assurance américaines et européennes. La dissociation de leur structure de dépendance entre association linéaire et dépendances extrêmes nous permet de mettre en évidence des phénomènes d'interconnexions entre institutions financières apparues au courant de la crise et véhiculant ainsi sous l'effet de la contagion, un risque systémique croissant. Un dernier chapitre présente une interprétation économique des résultats obtenus dans notre deuxième chapitre. En particulier, nous cherchons à quantifier l'influence jouée par la contagion et les facteurs de risques communs sur la dynamique de dépendance extrême des institutions financières. Nous démontrons ainsi le rôle du risque de contrepartie, du risque de liquidité et du risque de défaut des institutions financières dans la transmission de la contagion sur le marché de CDSThis thesis examines the credit dependence structure and dynamics of financial institutions in the U.S. and Europe amid the recent financial crisis. A first chapter presents a survey of multi-name models of credit risk and econometric models of financial contagion with the purpose of guiding both the analytical and conceptual assumptions and econometric modelling techniques we use in the subsequent chapters. We show that if contagion has become a central cornerstone of multi-name models of credit risk, there is nonetheless a lack of consensus on the way to both define and measure it. A second chapter presents the results of an empirical analysis of U.S. and European banks and insurance companies’ CDS return extreme co-movements. By uncovering financial institutions' linear as well as extremal dependence structures, we provide evidence that their credit dependence has strengthened during the crisis, thereby effectively conveying, in the face of extreme tail events, potential systemic risks. A third and last chapter provides an economic rationale of the results presented in our second chapter. In particular, we examine the impact of common risk factors and contagion on the dynamics of financial institutions' extremal credit dependence. We demonstrate the role of counterparty risk and liquidity risk, as well the repricing by market participants since July 2007 of their jump-to-default premia as additional channels driving financial institutions' increased dependence and amplifying contagion on the CDS market
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Pardo, Sierra Oscar. "The governance of the European Union in its Eastern neighbourhood : the impact of the EU on Georgia." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/1708/.
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The European Union (EU) has set itself ambitious objectives in order to transform its neighbourhood. It aims to induce domestic reforms in order to promote democracy, good governance and prosperity. Theoretical-oriented empirical analyses on the impact of the EU’s attempts to trigger institutional, regulatory and normative changes in domestic policies remain scarce. It is necessary to increase our understanding of the EU’s potential, limitations, and the conditions under which it may have an impact. This thesis contributes to closing this empirical and theoretical gap by examining the impact of the EU on Georgia, a country included in the Eastern dimension of the European Neighbourhood Policy (ENP). This evaluation is derived from original empirical research of four different modes of EU governance in the context of the ENP: Governance by conditionality (access to the single market regarding economic issues); intergovernmental governance (cooperation in foreign and security policies); external governance (energy security); and cooperative governance (Security Sector Reform). This thesis suggests that we can explain the responses to EU policies in neighbouring countries if we use a synthetic ideational/rationalist analytical framework which takes into account additional variables in the EU–neighbour relations in the domestic and regional context. The findings indicate that the impact of the EU is slowly increasing, even in areas dominated by geopolitics such as energy security. Although the impact has been uneven at policy level, the EU has become an important external influence in Georgia. The thesis argues that, although important, EU incentives and geopolitical pressures are less decisive than the existing literature would predict. In contrast, the role of ideas in bilateral relations has had a crucial role across the case studies, showing in some instances the limitations of the alluring power of the EU as a ‘normative power’. Thus, EU impact is based on the existence of a coherent institutional framework of relations; embedded in social, political and economic links that are locked into favourable path-dependence processes and where ideational convergence is present.
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Romenska, Sandra. "Processes of institutional innovation in higher education in central and eastern Europe in the period 1989-2005 : five higher education institutions supported by the Hesp/Open society institute network." Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.553062.
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This thesis presents the results of a study of institutional innovation in higher education. After 1989 the structures and systems of higher education in a number of countries in Central and Eastern Europe were exposed to turbulent pressures from their radically changing environments, triggered by the fall of the communist regimes in the region. As a consequence, during the period of transition of the post- communist societies towards democratisation and market reform, new higher education institutions emerged, and new actors entered the higher education scene. Despite the potential of these developments to expose how and why innovative higher education institutions develop, there is a deficit of studies which systematically examine the pathways of change in post-communist higher education, especially from a comparative perspective. This research shortage becomes even more evident if thematically relevant areas are considered - comparative higher education research, research on change and innovation, and the burgeoning body of literature on institutions. As a result, individual explanatory factors, as well as causes of the differences and similarities in the institutional transition remain ambiguous. The study reported in this thesis focused on five higher education institutions established after 1989 in four countries in Central and Eastern Europe. The institutions were selected from a network of innovative higher education institutions, supported by one of the principal non-governmental organisations investing in the reform of post-communist higher education. The study was guided by the following research questions: How did the five higher education institutions develop in the period between 1989 and 2005? What descriptive and analytical ideas regarding the establishment and development of their institutions are revealed by participants in the study? The thesis begins with a review of historical developments in higher education in Central and Eastern Europe after the fall of the communist regimes. Chapters One to Four draw on this historical account to build the structure of the analytical and methodological framework of the study, by incorporating analyses of relevant literature on higher education, institutional theories and innovation. Gaps in existing literature are identified and linked with the rationale of the study, which serves to support the formulation of the research questions. The empirical analysis in Chapters Five to Seven seeks to address the two research questions by examining evidence, generated from interviews with members of the five higher education institutions selected for this study, representatives of organisations supporting the institutions, and documentary evidence. The individual histories of the five higher education institutions and the non-governmental programme which supported them are explored. Evidence of participants' ideas about the innovative strategies of their institutions, the evolution of their institutional missions with the change in the nature of their relationship with the state and their funders, and the challenge of achieving sustainability serves to construct an account of institutional innovation as a dynamic balance between processes of imitation, recombination, transfer and invention. Finally, the findings of the study are discussed with reference to existing research. The insights gained in the study map out the fertile ground for exploring further considerations, relating to the emergent view of institutional innovation in higher education. The idea that innovations and institutions, rather than ruling each other out, could be parts in the same continuous process may be a simple one, but it is an idea worthy of further exploration.
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Shimizu, Shu. "The battle of economic ideas : a critical analysis of financial crisis management discourse in the UK, 2007-8." Thesis, University of Essex, 2016. http://repository.essex.ac.uk/16259/.
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This thesis contributes to our understanding of the financial crisis as it played itself out in the UK. The onset of the crisis provoked multiple diagnoses and interpretations of the crisis. Pre-dominant economic understandings of the crisis minimised its significance, suggesting that the natural operation of market mechanisms would enable the economic system to self-correct spontaneously and rapidly. As the economic situation worsened, however, other interpretations gained ground. From this perspective, the crisis was an event that exposed the limits of the highly financialised status of our economy, presenting policy makers with the opportunity to roll back the financialisation. The eventual non-realisation of this financial ‘roll-back’ is the starting point of many studies, and my thesis can be said to contribute to this literature in a modest way. Its main focus is the battle of economic ideas in elite policy-making circles in the UK. What is often missing from critical narratives of the crisis period is a detailed account of the dynamic interplay of competing interpretations of the crisis at crucial conjunctural moments by key agencies and figures animating the crisis drama in the UK context. These battles are ‘battles of ideas’ in the sense that they refer to competing characterisations of the unfolding events, as well as competing policy and regulatory proposals designed to manage the crisis, rooted in competing economic doctrines, espoused by different actors occupying hegemonic positions of the UK elite finance and media establishment. Although these battles were often fought with great intensity and urgency, there was an internal complexity to the dynamic of these battles that often gets glossed over in accounts of this period. I suggest that ‘reactivating’ this period in detail and with nuance is helpful in showing not only the manner in which ‘neoliberal finance’ has managed to survive the crisis largely intact despite the general expectation of its end but also in pointing to the challenges faced by those who wish its end. Three key conjunctural moments are chosen as the focus of my empirical analysis: the Great Crunch in the Summer of 2007, the Run on the Rock in the Autumn of 2007, and the Lehman Shock in the Autumn of 2008. I articulate a novel theoretical approach and research strategy, drawing on poststructuralist discourse theories. I deploy this approach in a close and systematic analysis of UK elite narratives on economic management, my corpus comprising the discourse produced by official political and economic institutions and agents, including professional economists, as well as narratives found in the broadsheet press more generally. Qualitative interpretative techniques are used to probe the justifications informing a range of bailout and regulatory policy proposals, in order to characterize in a unique and original manner the discursive battles at each one of the conjunctures. My empirical investigation reveals how the battle of economic ideas played itself out politically and ideologically in such a way as to leave neoliberal finance largely unperturbed. While anti-interventionist and interventionist proposals were frequently thematised and debated, these exchanges did not end up challenging the neoliberal finance character of our economy. Moreover, while my findings reveal a clear shift of emphasis in the centre of gravity of elite policy debates when moving from the Great Crunch to the Rock Run (the focus shifting from bailouts to regulation), the legal reforms announced following the Lehman Shock were understood to be largely temporary measures designed to calm and stabilise the markets rather than challenge neoliberal finance. More radical proposals were not taken seriously in the mainstream policy making community, and I argue that this is in part due to the hegemonic sway of neoliberal finance within this context. In order to contribute to the broader question of why neoliberal finance survived the crisis, it is essential to have a clear picture of how the detail and dynamics of the battle of ideas in the early period of the crisis unfolded, including a clear picture of the main actors, the discursive coalitions within which they operated, and the economic doctrines they appealed to when debating the scale of the crisis and the state management of the crisis. It is at this level that my thesis contributes to an overall account of the ‘non-death’ of neoliberal finance.
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Golab, Anna. "An investigation into the volatility and cointegration of emerging European stock markets." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2013. https://ro.ecu.edu.au/theses/572.
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This dissertation examines the interaction between European Emerging markets including cointegration, volatility, correlation and spillover effects. This study is also concerned with the process of the enlargement of the European Union and how this affects the emerging markets of newcomers. The twelve emerging markets studied are Bulgaria, the Czech Republic, Cyprus, Estonia, Hungry, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia, which are all progressing very rapidly in their reforms and domestic economic stability.
The majority of prior studies on stock market comovements and integration have concentrated on mature developed markets or the advanced emerging markets of the Czech Republic, Hungary and Poland whilst the behaviour and interrelationship of other Central and Eastern European equity markets has been neglected. This study fills that gap.
There are two key aspects investigated in this study. Firstly the cointegration between studied emerging markets and secondly the volatility and spillover effects.
The cointegration analysis examines the short and long run behaviour of the twelve emerging stock markets and assesses the impact of the EU on stock market linkages as revealed by the time series behaviour of their stock market indices. The adopted time- series framework incorporates the Johansen procedure, Granger Causality tests, Variance Decompositions and Impulse Response analyses. The cointegration results for both pre- and post- EU periods confirm the existence of long run relationships between markets. Granger Causality relationships are indentified among the most advanced emerging markets. The Variance Decomposition analyses find evidence of regional integration amongst the markets. Furthermore, the Impulse Response function illustrates that the shocks in returns for all twelve markets persist for very short time periods.
The volatility and spillover analysis applies several univariate models of Autoregressive Conditional Heteroscedasticity, including GARCH, GJR and EGARCH. The models used in the analysis of cross market effects include CCC, diagonal BEKK, VARMA GARCH and VARMA AGARCH. Overall, the econometric analysis using these models shows stock market integration during the pre-EU period, however interdependence of the markets is established for the post-EU period. The results provide important information on the impact of the accession of new countries to the EU, with clear evidence of stability in Central and Eastern Europe markets and integration within the region.
This study has important implications for investors wishing to diversify across national markets, such as the implications of growing asset correlations, if they are displayed, and whether investors should diversify outside the Central and Eastern European countries. It could be argued that the former Eastern block economies constitute emerging markets which typically offer attractive risk adjusted returns for international investors. Moreover, stock market comovement is of considerable interest to policy makers from a perspective of the effects on the macroeconomy, the planning of monetary policy and impact of the degree of stock market comovements on the stability of international monetary policy.
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Oguzsoy, Cenk Mehmet. "The Structure Of National And Subnational Institutons In European Union Candidate Countries And Eu Implications." Thesis, METU, 2004. http://etd.lib.metu.edu.tr/upload/1260459/index.pdf.
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The European Union is now facing with the enormous enlargement processes, which comprise thirteen new countries. Different from the European Union member states, these candidate countries are suffering significant socio-economic problems and have to face with the need for adjustment of their regional policies, administrations and institutions. In this process, the EU is intervening actively into the development of the Central and Eastern European Countries&rsquoregional policies and institutional structures. While twelve of these countries (Bulgaria, the Czech Republic, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, the Slovak Republic and Slovenia) will be definitely the member states until the year of 2007, Turkey is not currently negotiating her membership and is highly backward status in comparison with the other candidate countries. In this context, the thesis study is composed of four main parts: 1. the changing system of the European Union regional policy, 2. the realized applications of the candidate countries in the field of regional policy after the year 1989, 3. the developments of the candidate countries&rsquo
institutional structures on regional policy, and 4. the position of Turkish regional policy and institutional structure. Basically, the thesis investigates how the European Union is following a similar system for the candidate countries in the field of regional policy and institutional structure and tries to provide significant outputs in Turkish case.
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Рижкова, Г. В. "Співробітництво України з міжнародними фінансовими організаціями у сфері фінансування програм підвищення енергоефективності." Thesis, Українська академія банківської справи Національного банку України, 2011. http://essuir.sumdu.edu.ua/handle/123456789/62112.
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LUNDSTEDT, Ludvig. "Too big to fail : financial market reform in transition economies." Doctoral thesis, 2017. http://hdl.handle.net/1814/49484.
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Defence date: 13 December 2017Examining Board: Professor Laszlo Bruszt, European University Institute (Supervisor); Professor Dorothee Bohle, European University Institute; Professor Juliet Johnson, McGill Univeristy; Professor Nauro F. Campos, Brunei University
This dissertation deals with the issue of institutional reform in transition economies. In particular, it studies banking reform in 17 transition economies during their accession to the European Union (EU). It does so by building on the veto player theory often used in the literature on the political economy of reform. However, the veto player theory as traditionally applied seldom take into account the role of special interests. The dissertation aims to fill this gap in the literature by developing a theoretical account of how veto players and special interests interact. The empirical part of the dissertation, on whoch the theoretical account is based, consists of two parts. First, a quantitative part that studies the effect of the interaction between veto players and special interest on banking reform during seventeen transition economies accession to the EU. Banking reform is meaured through a new dataset based on the Commission Progress Reports. A measure of market concentration has also been developed for the purpose of the thesis, the measure uses data from BankScope (2016), which consists of yearly data for more than 43 000 banks world-wide. Second, the qualitative part of the dissertation consists of two case-studies of Estonia and Lithuania. The main finding of the dissertation is that neither veto players nor special interests can be studied in isolation, but rather that they should be studied in tandem. How veto players affect the reform capacity of a country will depend on how special interest is structured in the country. At high level of market concentration, additional veto players will make the movement towrds full reform more likely. Conversly, at low levels of market concentration additional veto players decreases the likelyhood of reform.
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Cloyd, James Timothy. "Trading technology with Eastern Europe and the U.S.S.R.: Power, interests, institutions, and discourse among allies." 1991. https://scholarworks.umass.edu/dissertations/AAI9207375.
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This dissertation analyses export control programs in the Western state system. The main focus is Western alliance collaboration on East-West technology transfer controls through COCOM. It examines post-1945 intra-alliance and intra-national perspectives on the relationship between East-West trade and Western security. Within four historical periods (1949-1964, 1965-1979, 1979-1989, 1989-1991) four questions are addressed: (a) How does the structural distribution of power and the nature of United States leadership affect collaboration on the form, the nature, and the enforcement of controls? (b) How does the nature of global economic competition affect Western alliance states' collaboration on and Western firms' compliance with export controls? (c) How does the nature and the distribution of power in intra-national politics on this issue affect United States policy and multilateral collaboration? (d) How does the nature of changing images and representations of security and threats to security affect United States policy and the nature of collaboration? The project thesis is that a multi-factor analysis is necessary for an appropriate understanding of the dynamics of discord and consensus over the terms of the Western alliance export control program. To conduct such an analysis the project draws on four theoretical frameworks: modified structural realism, a market explanation, institutionalism and discourse analysis. The study is a contribution to the literature on international relations theory, particularly the role of ideas in international policy collaboration. It draws on work in theories of language and discourse and microeconomic theories of contested exchange. The dissertation concludes that emerging opportunities regarding overall global security will result in a transformation of Western collaboration from East-West export control to a multi-directional technology transfer management system. The problems with this transformation and issues that must be addressed in a broader-based program (such as: the proliferation of missile, nuclear, and chemical weapons and environmental management) are considered.
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Carter, Daniel Arthur. "Globalization or regionalization : financial flows and business practices in Central Europe and Latin America." 1997. https://scholarworks.umass.edu/theses/2546.
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Žáková, Kristýna. "Cross-Border Contagion: An Empirical Analysis of the Current Financial Crisis in Central and Eastern Europe." Master's thesis, 2011. http://www.nusl.cz/ntk/nusl-298421.
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The objective of this thesis is to examine cross-border contagion effects during the 2007-09 crisis in Central and Eastern Europe (CEE) and from all the possible propagation channels, it chooses to focus on cross-border bank loans. It tries to discover which global and local factors had significant influence on the changes in bank loans from banks in source (lending) countries to banks, as well as households, corporations and government in host (borrowing) countries. The main research method is a panel data regression model. The empirical results suggest that both local and global factors had influence on the changes in cross-border loans, i.e. helped to spread the 2007-09 crisis to CEE. The significant local factors were macroeconomic and financial characteristics of both source and host countries, such as their GDP growth differential, interest rate differential, FDI, or profitability and health of the banking sector. The significant global factors were the expected market volatility and investors' risk appetite/aversion which was an indicator of "pure" contagion. The main contribution of this thesis lies in its focus on CEE and the analysis of investors' behavior based on their changing risk appetite.
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Zhang, Wen. "Dopad finanční krize na export zemí střední a východní Evropy." Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-449684.
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Finanční krize, která začala v roce 2008, ovlivnila nejen finanční sektor, ale i zbytek ekonomik mnoha zemí světa. Země střední a východní Evropy (SVE) zažily především negativní externí poptávkový šok. Tato dizertace analyzuje, zda exporty zemí SVE odpovídají změnám HDP a zda finanční krize měla na obchod zemí SVE dlouhodobé dopady. Analýza využívá data za období 2000-2018 za 12 zemí SVE v roli exportérů a celkem 198 importérů. Je založena na strukturálním gravitačním modelu využívajícím Baier & Bergstrandovu (2009) "Bonus Vetus" metodu doplněnou o roční dummy proměnné a vybrané párové dummies pro vybrané páry zemí. Výsledky v první řadě ukazují, že v souladu se základní logikou gravitačních modelů jsou vzdálenost a HDP vývozců a dovozců významnými determinantami exportů. Výsledky dále ukazují na přítomnost dalších efektů, tj. že obchod se během krize změnil více, než by odpovídalo čistě změnám HDP. Dummy proměnné vztažené k citlivosti na HDP a k úrovňovému efektu ukazují na dlouhodobé dopady krize na obchod. Pokud jde o další vlivy, členství v EU a přítomnost plovoucího kurzu může exportům napomoci, zatímco vliv členství v Eurozóně byl nevýznamný. Kvůli přítomnosti trvalejších efektů dále analyzujeme data na sektorové úrovni. Dopady se týkaly všech sektorů, ale příčiny a velikost se lišily. I...
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MOREIRO, GONZALEZ Carlos Javier. "Banking in Europe : the harmonization process in establishment and services." Doctoral thesis, 1992. http://hdl.handle.net/1814/4717.
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Supervisor: F. SnyderDefence date: 6 March 1992
First made available online on 10 September 2013.
This research is an interdisciplinary approach to the EEC banking harmonization process. The methodology employed consists in focusing the subject from the legal, economic and political Science perspectives. Therefore, the underlying purpose of the research is to study the legal outcomes within their context. The research is subdivided in several parts. The first part is a legal approach to both the first and second Banking Directives as the cornerstones of the EEC banking harmonization process. The detailed analysis of both Directives from an EEC legal perspective is a condition precedent for the understanding of how is being shaped the Community Financial Policy. The Second Part is a political science approach to the role of interest within the EEC decision making process. More specifically, it is an attempt to show how banks can influence legislators for the achievement of their objectives. An additional study to this second part, is constituted by the analysis of the Community policies in consumer protection. This sector provides us with comparative information for an estimation of the importance of "interest” within the shaping of regulatory policies within the EEC. A socioeconomic approach to credit institutions strategies1 for the controlling of financial markets is the subject of the third part. Through the study of the United States current "deregulatory" trends, we show the interrelationship between the world financial markets. A second stage of this part connects the European context with the other representative world financial markets. Thus, similar behaviours can be remarked, which leads the author to the conclusion that neither national governments, nor the European Institutions are currently capable to regulate financial markets without a previous “consensus" with the financial institutions. The fourth part of the research consists in a critical approach to the institutional behaviour of the Community as regards policy-making for the achievement of an integrated financial market by 1992. This analysis shows that credit institutions, whose profits are greatly affected by public policy, have an extraordinary capacity to innovate and adapt, notably as a way of lawfully avoiding the effects of "public Controls”. Each of the four parts of the research used the same methodology. First, there is an introduction to establish the guidelines of the research approach to the subject. Secondly, there is a detailed analysis of the main issues constituting the field of the study. Thirdly, we draw some conclusions from the research.
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Dandashly, Assem. "Domestic politics comes first: Euro adoption strategies in Central Europe : the cases of the Czech Republic, Hungary and Poland." Thesis, 2012. http://hdl.handle.net/1828/3828.
Full textAbstract:
In the 2003 Treaty of Accession, the signatories agreed that all New Member States (NMS) that joined the European Union (EU) in 2004, would adopt the euro, even if no timetable was provided. Why have some NMS not been able to join the euro area even if they made serious attempts at the outset? What are the circumstances and policies in these countries that have led them not yet to adopt the euro? Has it been lack of political will on the part of the government, a strong voice in the opposition, a euroskeptic president, insufficient administrative capacity, or lack of policy learning? Though there is no consensus among economists as to whether or not adopting the euro in the short run is a good idea, an economic cost-benefit analysis would suggest that in the long run euro adoption is positive for NMS. Yet, macroeconomic analyses cannot explain the change in government policies that may lead to euro adoption. Political scientists have typically focused on collective identity, policy learning, ideas and knowledge transfer among central bankers and other political elites, as well as adjustment to global pressures and Europeanization. This political science literature is unable to provide a satisfactory explanation as to why the Czech Republic, Hungary and Poland have not adopted the euro yet. I argue that the role of domestic politics is key to explaining the process of euro adoption in Czech Republic, Hungary and Poland: government policies, elections, electoral cycles as well as constitutional rules, veto points, central banks, public opinion and the media turn out to be crucial in explaining the lagging euro adoption process in these countries.Graduate
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Colaço, Marta. "Unicredit anking sector: Italy’s prodigy bank returns." Master's thesis, 2018. http://hdl.handle.net/10362/35216.
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