Dissertations / Theses on the topic 'Financial markets – European Union countries'
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YIATROU, Mikaella. "Behaviourally informed retail financial regulation : turning bias into bliss?" Doctoral thesis, European University Institute, 2020. https://hdl.handle.net/1814/68156.
Full textExamining Board: Professor Stefan Grundmann (EUI, Supervisor); Professor Mathias Siems (EUI); Professor Nicoletta Rangone (LUMSA University); Professor Danny Busch (Radbound University)
The thesis examines whether the existing European retail investor protection legislation can be interpreted to be taking into account behavioural heuristics, biases, and norms that the average individual exhibits in their decision-making. In doing so, the thesis observes a clear general shift towards behaviourism in the interventions underpinning the retail investor legislation. The thesis aids this behavioural turn in investor protection legislation by compiling insights from studies on effective behavioural change interventions that can render behavioural investor protection more effective in influencing behaviour. The underlying argument is that the more effective the interventions the legislation incorporates for influencing behaviour, the more likely it is that such behaviourally-informed legislation can be effective in attracting more median retail consumer participation in the financial markets, helping in turn to mobilise retail investors’ cash savings into financial assets in Europe in light of the Capital Markets Union. The thesis concludes that this observed shift towards behaviourally-informed retail investor protection regulation is conducive to a functional, market-building, perspective in investor protection regulation. This is because market-building and market efficiency are not just pursued from the trust-conferring function of investor protection regulation, but also from a directly behavioural perspective, through nudging, biasing, and de-biasing. Thus, the thesis argues that in the behavioural turn of investor protection regulation the three main theoretical foundations for regulating for investor protection cited in the literature, namely: appeal to fairness; the pursuit of efficiency; and the acknowledgement of cognitive errors and limitations, are not only interlinked as the literature holds, but they also follow a hierarchical ordering with appeal to fairness and acknowledgement of cognitive limitations being functions of the pursuit of efficiency rather than self-standing foundations for regulating for investor protection. Such prioritization of market efficiency can potentially carry dangerous implications in the absence of a thoughtful moral examination.
Koether, Philipp. "On the basis of F.A.v. Hayek's idea of a free market monetary system and his publication: "Denationalisation ofmoney : an analysis of the theory and practice of concurrentcurrencies" (1976) about currency competition on financial markets inthe times of electronic commerce and the introduction of "e-money"." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2001. http://hub.hku.hk/bib/B31972810.
Full textGolab, 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.
Full textD'Agostino, Antonello. "Understanding co-movements in macro and financial variables." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210597.
Full textIn the first chapter of this thesis, the generalized dynamic factor model of Forni et. al (2002) is employed to explore the predictive content of the asset returns in forecasting Consumer Price Index (CPI) inflation and the growth rate of Industrial Production (IP). The connection between stock markets and economic growth is well known. In the fundamental valuation of equity, the stock price is equal to the discounted future streams of expected dividends. Since the future dividends are related to future growth, a revision of prices, and hence returns, should signal movements in the future growth path. Though other important transmission channels, such as the Tobin's q theory (Tobin, 1969), the wealth effect as well as capital market imperfections, have been widely studied in this literature. I show that an aggregate index, such as the S&P500, could be misleading if used as a proxy for the informative content of the stock market as a whole. Despite the widespread wisdom of considering such index as a leading variable, only part of the assets included in the composition of the index has a leading behaviour with respect to the variables of interest. Its forecasting performance might be poor, leading to sceptical conclusions about the effectiveness of asset prices in forecasting macroeconomic variables. The main idea of the first essay is therefore to analyze the lead-lag structure of the assets composing the S&P500. The classification in leading, lagging and coincident variables is achieved by means of the cross correlation function cleaned of idiosyncratic noise and short run fluctuations. I assume that asset returns follow a factor structure. That is, they are the sum of two parts: a common part driven by few shocks common to all the assets and an idiosyncratic part, which is rather asset specific. The correlation
function, computed on the common part of the series, is not affected by the assets' specific dynamics and should provide information only on the series driven by the same common factors. Once the leading series are identified, they are grouped within the economic sector they belong to. The predictive content that such aggregates have in forecasting IP growth and CPI inflation is then explored and compared with the forecasting power of the S&P500 composite index. The forecasting exercise is addressed in the following way: first, in an autoregressive (AR) model I choose the truncation lag that minimizes the Mean Square Forecast Error (MSFE) in 11 years out of sample simulations for 1, 6 and 12 steps ahead, both for the IP growth rate and the CPI inflation. Second, the S&P500 is added as an explanatory variable to the previous AR specification. I repeat the simulation exercise and find that there are very small improvements of the MSFE statistics. Third, averages of stock return leading series, in the respective sector, are added as additional explanatory variables in the benchmark regression. Remarkable improvements are achieved with respect to the benchmark specification especially for one year horizon forecast. Significant improvements are also achieved for the shorter forecast horizons, when the leading series of the technology and energy sectors are used.
The second chapter of this thesis disentangles the sources of aggregate risk and measures the extent of co-movements in five European stock markets. Based on the static factor model of Stock and Watson (2002), it proposes a new method for measuring the impact of international, national and industry-specific shocks. The process of European economic and monetary integration with the advent of the EMU has been a central issue for investors and policy makers. During these years, the number of studies on the integration and linkages among European stock markets has increased enormously. Given their forward looking nature, stock prices are considered a key variable to use for establishing the developments in the economic and financial markets. Therefore, measuring the extent of co-movements between European stock markets has became, especially over the last years, one of the main concerns both for policy makers, who want to best shape their policy responses, and for investors who need to adapt their hedging strategies to the new political and economic environment. An optimal portfolio allocation strategy is based on a timely identification of the factors affecting asset returns. So far, literature dating back to Solnik (1974) identifies national factors as the main contributors to the co-variations among stock returns, with the industry factors playing a marginal role. The increasing financial and economic integration over the past years, fostered by the decline of trade barriers and a greater policy coordination, should have strongly reduced the importance of national factors and increased the importance of global determinants, such as industry determinants. However, somehow puzzling, recent studies demonstrated that countries sources are still very important and generally more important of the industry ones. This paper tries to cast some light on these conflicting results. The chapter proposes an econometric estimation strategy more flexible and suitable to disentangle and measure the impact of global and country factors. Results point to a declining influence of national determinants and to an increasing influence of the industries ones. The international influences remains the most important driving forces of excess returns. These findings overturn the results in the literature and have important implications for strategic portfolio allocation policies; they need to be revisited and adapted to the changed financial and economic scenario.
The third chapter presents a new stylized fact which can be helpful for discriminating among alternative explanations of the U.S. macroeconomic stability. The main finding is that the fall in time series volatility is associated with a sizable decline, of the order of 30% on average, in the predictive accuracy of several widely used forecasting models, included the factor models proposed by Stock and Watson (2002). This pattern is not limited to the measures of inflation but also extends to several indicators of real economic activity and interest rates. The generalized fall in predictive ability after the mid-1980s is particularly pronounced for forecast horizons beyond one quarter. Furthermore, this empirical regularity is not simply specific to a single method, rather it is a common feature of all models including those used by public and private institutions. In particular, the forecasts for output and inflation of the Fed's Green book and the Survey of Professional Forecasters (SPF) are significantly more accurate than a random walk only before 1985. After this date, in contrast, the hypothesis of equal predictive ability between naive random walk forecasts and the predictions of those institutions is not rejected for all horizons, the only exception being the current quarter. The results of this chapter may also be of interest for the empirical literature on asymmetric information. Romer and Romer (2000), for instance, consider a sample ending in the early 1990s and find that the Fed produced more accurate forecasts of inflation and output compared to several commercial providers. The results imply that the informational advantage of the Fed and those private forecasters is in fact limited to the 1970s and the beginning of the 1980s. In contrast, during the last two decades no forecasting model is better than "tossing a coin" beyond the first quarter horizon, thereby implying that on average uninformed economic agents can effectively anticipate future macroeconomics developments. On the other hand, econometric models and economists' judgement are quite helpful for the forecasts over the very short horizon, that is relevant for conjunctural analysis. Moreover, the literature on forecasting methods, recently surveyed by Stock and Watson (2005), has devoted a great deal of attention towards identifying the best model for predicting inflation and output. The majority of studies however are based on full-sample periods. The main findings in the chapter reveal that most of the full sample predictability of U.S. macroeconomic series arises from the years before 1985. Long time series appear
to attach a far larger weight on the earlier sub-sample, which is characterized by a larger volatility of inflation and output. Results also suggest that some caution should be used in evaluating the performance of alternative forecasting models on the basis of a pool of different sub-periods as full sample analysis are likely to miss parameter instability.
The fourth chapter performs a detailed forecast comparison between the static factor model of Stock and Watson (2002) (SW) and the dynamic factor model of Forni et. al. (2005) (FHLR). It is not the first work in performing such an evaluation. Boivin and Ng (2005) focus on a very similar problem, while Stock and Watson (2005) compare the performances of a larger class of predictors. The SW and FHLR methods essentially differ in the computation of the forecast of the common component. In particular, they differ in the estimation of the factor space and in the way projections onto this space are performed. In SW, the factors are estimated by static Principal Components (PC) of the sample covariance matrix and the forecast of the common component is simply the projection of the predicted variable on the factors. FHLR propose efficiency improvements in two directions. First, they estimate the common factors based on Generalized Principal Components (GPC) in which observations are weighted according to their signal to noise ratio. Second, they impose the constraints implied by the dynamic factors structure when the variables of interest are projected on the common factors. Specifically, they take into account the leading and lagging relations across series by means of principal components in the frequency domain. This allows for an efficient aggregation of variables that may be out of phase. Whether these efficiency improvements are helpful to forecast in a finite sample is however an empirical question. Literature has not yet reached a consensus. On the one hand, Stock and Watson (2005) show that both methods perform similarly (although they focus on the weighting of the idiosyncratic and not on the dynamic restrictions), while Boivin and Ng (2005) show that SW's method largely outperforms the FHLR's and, in particular, conjecture that the dynamic restrictions implied by the method are harmful for the forecast accuracy of the model. This chapter tries to shed some new light on these conflicting results. It
focuses on the Industrial Production index (IP) and the Consumer Price Index (CPI) and bases the evaluation on a simulated out-of sample forecasting exercise. The data set, borrowed from Stock and Watson (2002), consists of 146 monthly observations for the US economy. The data spans from 1959 to 1999. In order to isolate and evaluate specific characteristics of the methods, a procedure, where the
two non-parametric approaches are nested in a common framework, is designed. In addition, for both versions of the factor model forecasts, the chapter studies the contribution of the idiosyncratic component to the forecast. Other non-core aspects of the model are also investigated: robustness with respect to the choice of the number of factors and variable transformations. Finally, the chapter performs a sub-sample performances of the factor based forecasts. The purpose of this exercise is to design an experiment for assessing the contribution of the core characteristics of different models to the forecasting performance and discussing auxiliary issues. Hopefully this may also serve as a guide for practitioners in the field. As in Stock and Watson (2005), results show that efficiency improvements due to the weighting of the idiosyncratic components do not lead to significant more accurate forecasts, but, in contrast to Boivin and Ng (2005), it is shown that the dynamic restrictions imposed by the procedure of Forni et al. (2005) are not harmful for predictability. The main conclusion is that the two methods have a similar performance and produce highly collinear forecasts.
Doctorat en sciences économiques, Orientation économie
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Tan, Zu Jia. "Analysis on the integration of EU consumer credit markets : a co-integration analysis." Thesis, University of Macau, 2011. http://umaclib3.umac.mo/record=b2555572.
Full textYucesan, Esin. "Stock Market Integration Between Turkey And European Union Countries." Thesis, METU, 2004. http://etd.lib.metu.edu.tr/upload/12605686/index.pdf.
Full texts economic relations, the European Union countries are expected to be influenced by only the introduction of the Euro. Stock market indices provided by DataStream is utilized. The statistical techniques used include the correlation and cointegration analysis. Results indicate that when examined on pair wise basis Turkish stock market has more liaisons with the European stock markets, in general, after the Customs Union
but less liaisons after the conversion to Euro. However, when examined as a group, the cointegration result finds the Euro as influential as the Customs Union. Alternatively, the European stock markets have decreasing integrations as a result of correlation analysis after the Euro, but it is an influential breakpoint according to cointegrating structures.
Mitrenga, Ondřej, and Hai Trieu Phan. "Linear correlation pattern between Asset Management in European Union Households and country’s Degree of Development." Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-53183.
Full textSCHWADERER, Melanie Ariane. "Resale price maintenance in consumer good markets : an economic justification for the prohibition of RPM." Doctoral thesis, European University Institute, 2019. https://hdl.handle.net/1814/62545.
Full textExamining Board: Prof. Dr. Heike Schweitzer, LL.M. (Yale), Humboldt-Universität zu Berlin; Prof. Giorgio Monti, European University Institute; Prof. Dr. Rupprecht Podszun, Heinrich-Heine-Universität Düsseldorf; Prof. Lorenzo Federico Pace, Università degli studi del Molise
The thesis contributes to the debate on the EU’s approach to the business practice of resale price maintenance (RPM), which is widely criticized as too strict and in conflict with what is considered to be the consensus in the economic literature. The thesis critically dissects the economic consensus, on which the critique against the EU’s approach is based, by analyzing the empirical evidence that is cited to support the claim that RPM can frequently be explained by the service-based RPM models and shows that there is no convincing evidence that would support the significance of these positive RPM models that predict positive effects on welfare. To support this finding the thesis collects new evidence by surveying the marketing literature and shows that not only is there no convincing evidence that the positive RPM models frequently apply, but to the contrary there is evidence that these models are inconsistent with the real world phenomenon of RPM. Having refuted the service-based models the thesis takes up the scientific challenge that “it takes a theory to beat a theory” and proposes to fill the gap with three price-based models. The thesis offers an analysis of the three price-based RPM models, first from the perspective of welfare effects and then from a broader economic perspective in an attempt to ultimately show that the EU approach to RPM can be justified based on these economic models. All three models explain the situation in which RPM is used by a branded good manufacturer to create the perception of high quality, which is used either as a credible quality signal, becomes a component of the product or is used to bias the consumer decision; they thus enter the difficult terrain of consumer preference formation and of markets for the intangible components of a product.
Münch, Wolfgang. "Effects of EU enlargement to the Central European countries on agricultural markets /." Frankfurt am Main [u.a.] : Lang, 2002. http://www.loc.gov/catdir/toc/fy037/2003054521.html.
Full textBertrand, Vincent. "The european union emission trading scheme and energy markets : economic and financial analysis." Phd thesis, Université de Franche-Comté, 2012. http://tel.archives-ouvertes.fr/tel-00930886.
Full textNystedt, Jens. "Competition, regulation and integration in international financial markets." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-539.
Full textDiss. Stockholm : Handelshögskolan, 2004
Romya, Kivilcim. "A Comparative Analysis Of The European Union Financial Assistance To Central And Eastern European Countries And Turkey." Master's thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/2/12609344/index.pdf.
Full textGIGLI, Michele. "EUROSUR funding policy : how financial accountability challenges the European strategy for external border management." Doctoral thesis, European University Institute, 2020. https://hdl.handle.net/1814/69196.
Full textSupervisor : Professor Deirdre Curtin (European University Insitute)
This thesis explores the way the development of the European Border Surveillance System (EUROSUR) has been funded and assess whether the funding strategy adopted complies with established principles of financial accountability. Starting from a notion of financial accountability as a duty to report expenditure in a measurable, transparent and coherent way, relevant budget lines contributing to the development of the system will be singled out in order to assess whether they have been implemented in accordance with those criteria. While the funding strategy initially relied on a multi-level system of financial governance involving the EU, the Member States and the executive agency Frontex, EUROSUR funds were then channelled into three main funding streams belonging to different policy areas of the EU: research and development, border management and humanitarian aid to developing countries. An integrated analysis of these financial instruments shows that the overall EUROSUR funding policy infringes principles to be respected to give account of expenditure, because of original accountability gaps affecting the launch of the EUROSUR project. Nevertheless, this deficit has been reduced over time. Chances are that in the next multiannual financial framework, running for the period 2021-2027 compliance will be improved in the field of external border management, with a more efficient use of available resources.
Mourre, Gilles B. P. "Five essays on performance and structural rigidities in European labour markets." Doctoral thesis, Universite Libre de Bruxelles, 2009. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210306.
Full textDoctorat en Sciences économiques et de gestion
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Dingfield, Mark Frederick. "GOVERNING EUROPE’S FINANCIAL MARKETS: ORIGINS, EVOLUTION AND CRITICAL JUNCTURES IN EUROPEAN UNION REGULATION, 1999-2014." Diss., Temple University Libraries, 2016. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/395229.
Full textPh.D.
The 2008-2009 global financial crisis, and the protracted European sovereign debt and banking crisis that followed, re-shaped the institutions that govern Europe’s financial system. Despite demands for comprehensive and integrated reform, patterns of regulatory change varied significantly across core elements of the financial system. Through case studies of the banking, securities, insurance and pensions sectors, this study documents the emergence of a patchwork of European financial regulatory institutions that entail new divisions in the responsibilities held by the European Commission, the European Central Bank (ECB), and domestic governments. Employing an historical institutional framework, the study finds that the distribution of financial regulatory authority between member states and the European Union preceding the onset of the 2008 global financial crisis was instrumental in shaping changes to EU regulatory institutions during and in the immediate aftermath of the crises. Sectoral variation in levels of regulatory integration among member states prior to the crises shaped state preferences and predisposed institutions to particular patterns of institutional change. Where high levels of regulatory integration existed before the crisis, EU institutions expanded through a process of institutional layering, gradually hardening enforcement mechanisms, extending regulation to new markets, and issuing more binding technical standards. This contrasts with the displacement in the locus of supervisory authority experienced in the creation of a European banking union in 2013, in which supervisory control over eurozone banks was transferred from domestic authorities to the ECB. Low-levels of regulatory integration are found to have been a necessary condition for this transformative change to occur, while the protracted eurozone sovereign debt crisis is found to have provided a period of heightened contingency during which the ECB was able to exert significant political agency at the European Council to effect the resulting shift. In explaining the emergence of a complex financial regulatory system in Europe after 2008, the study contributes to deeper understanding of the political processes that shape the evolution and integration of national and international institutions of economic governance in the early 21st century.
Temple University--Theses
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.
Full textregional 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.
Gao, Pei. "The impact of European debt crisis on EU's FDI in China." Thesis, University of Macau, 2018. http://umaclib3.umac.mo/record=b3953560.
Full textHåkansson, Caroline, and Kristin Salu. "Sustainability in the European Union : The Role of Financial Development in Environmental, Social and Governance (ESG) Performance." Thesis, Linköpings universitet, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-176781.
Full textVespro, Cristina. "Essays on understanding financial architecture." Doctoral thesis, Universite Libre de Bruxelles, 2008. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210588.
Full textThe first essay, analysed in the first chapter of the thesis, contributes to the literature on Efficient Market Hypothesis and in particular in understanding several issues associated with how prices are determined for individual stocks. The chapter, in particular, provides further evidence of price and volume effects associated with index compositional changes by analysing the inclusions (exclusions) from the French CAC40 and SBF120 indices, as well as the FTSE100. I find evidence supporting the price pressure hypothesis associated with index fund rebalancing, but weak or no evidence for the imperfect substitution, liquidity and information hypotheses. The results improve on recent evidence from the S&P500 index. The evidence for the FTSE100 additions shows, in particular, that markets learn about an imminent inclusion and incorporate this information into prices, even before the announcement date.
The other two essays of this thesis relate to Corporate Governance issues. Chapters 2 and 3, in particular, analyze some aspects of two corporate governance mechanisms: ownership concentration and managerial labour market.
Chapter 2 provides an overview of the evolution of control in listed Slovenian corporations and evaluates the impact of the current changes in ownership on firm performance. Ownership and control has been concentrating in most transition countries. This consolidation of control introduces changes in the power distribution within privatised firms and, most importantly, redirects the corporate governance problem to a conflict between large and small shareholders. The chapter evaluate the ownership changes in Slovenian privatised firms through an analysis of stock price reactions to the entrance of a new blockholder (the shared benefits of control) and through an estimation of the premiums paid for large blocks (the private benefits of control). It provides evidence and discuss the reasons for the failures of the privatization investment funds in implementing control over firm managers and in promoting the restructuring of firms in the first post-privatization years.
Chapter 3 concentrates on one specific aspect of the managerial labour market: monetary remuneration schemes. The purpose of this chapter is to examine the interconnection between pay and corporate governance approaches with respect to the different rules found across European legal systems. The research data on reported pay practices for 2001 among FTSE Eurotop300 companies reveal a reliance on performance-based pay generally and a somewhat variable adoption of share options programs and other equity-based incentive contracts, which generate difficulties in dispersed ownership systems. Furthermore, on the basis of the regulation on executive remuneration disclosure discussed in this chapter and on the basis of the disclosure practices resulting from the data collected for the FTSE Eurotop300 constituents, I construct some disclosure indicators and analyse empirically how country and firm characteristics affect remuneration disclosure.
Doctorat en sciences économiques, Orientation économie
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Fink, Gerhard, Peter Haiss, and Goran Vuksic. "Changing importance of financial sectors for growth from transition to cohesion and European integration." Europainstitut, WU Vienna University of Economics and Business, 2004. http://epub.wu.ac.at/184/1/document.pdf.
Full textSeries: EI Working Papers / Europainstitut
Machová, Soňa. "Budoucnost dohledového uspořádání na finančním trhu EU." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-161905.
Full textCommendatore, Pasquale, Ingrid Kubin, Spiros Bougheas, Alan Kirman, Michael Kopel, and Gian Italo Bischi. "Introduction." Springer International Publishing AG, 2017. http://dx.doi.org/10.1007/978-3-319-65627-4_1.
Full textBarker, Roger M. "Competition, parties and the determinants of change in European corporate governance : a macro-comparative analysis /." Thesis, University of Oxford, 2008. http://ora.ouls.ox.ac.uk/objects/uuid:31d9f1df-60e4-413d-80b2-e35e8790bac9.
Full textCommendatore, Pasquale, Ingrid Kubin, Spiros Bougheas, Alan Kirman, Michael Kopel, and Gian Italo Bischi. "The Economy as a Complex Spatial System." Springer, 2018. http://dx.doi.org/10.1007/978-3-319-65627-4.
Full textBlikstad, Nicholas Maguns Deleuse 1985. "O projeto de integração europeu e a crise da zona do euro (2007-2013)." [s.n.], 2015. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286396.
Full textDissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia
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Resumo: Esta dissertação tem o objetivo de analisar a crise da zona do euro (2007-2013) à luz do processo de integração europeu do pós-guerra e da teoria econômica ortodoxa que embasou e legitimou a forma de constituição da zona do euro. Em relação ao processo de integração, o trabalho enfatiza cinco fatores: 1) mudança das motivações; 2) consolidação da liderança alemã; 3) como as diversas etapas de integração impactaram na coordenação de políticas econômicas; 4) inserção do bloco no sistema monetário e financeiro internacional em cada período; e 5) constituição de um bloco com países heterogêneos. Argumenta-se que a evolução do processo de integração, resultando na constituição de uma união monetária, em 1999, ocorreu sob influência da teoria econômica ortodoxa, com o Novo Consenso Macroeconômico e a Hipótese dos Mercados Eficientes, além dos efeitos dessas teorias para as modificações da teoria das Áreas Monetárias Ótimas. Nesse sentido, sustenta-se que a institucionalidade da zona do euro, em um contexto de livre movimentação de capitais, resultou em problemas estruturais que permitiram: 1) a evolução dos desequilíbrios internos ao bloco, no período de expansão econômica (2000-2007), entre centro e periferia (PIIGS); 2) o aprofundamento e transformação da crise, a partir de 2010, com a crise dos títulos soberanos dos PIIGS; e 3) o prolongamento da crise, devido às recomendações realizadas pelas autoridades europeias. Defende-se, assim, que a crise da zona do euro é o resultado dessa dinâmica e que os países centrais possuem um papel essencial para sua determinação. Dessa forma, as causas da crise da zona do euro devem ser buscadas nos problemas estruturais do bloco, com a evolução de suas assimetrias internas e das dificuldades que a institucionalidade do euro impôs para a adoção de políticas econômicas autônomas, especialmente de caráter anticíclico. Para isso, será utilizado o referencial teórico keynesiano e pós-keynesiano, evidenciando a importância da incerteza, das expectativas e do comportamento dos bancos nesse processo
Abstract: This paper seeks to analyze the eurozone crisis (2007-2013) in the light of the European integration process and orthodox economic theory that contributed to legitimate the form of the constitution of the euro area. Regarding the integration process, the paper emphasizes five factors: 1) change in the motivations; 2) consolidation of the German leadership; 3) how the different integration steps impacted in the coordination of the economic policies; 4) insertion of the region in the international monetary and financial system in each period; and 5) establishment of a monetary union with heterogeneous countries. It is argued that the evolution of the integration process, resulting in the formation of a monetary union in 1999, occurred under the influence of orthodox economic theory, with the New Consensus Macroeconomic and the Efficient Market Hypothesis, in addition of the effects of these theories to the modifications of the theory of Optimal Currency Area. In this sense, the overall goal of the dissertation is to show that the institutions of the euro area, in a context of free movement of capital, resulted in structural problems that allowed: 1) development of internal imbalances, between center and periphery (PIIGS), in the economic expansion period (2000-2007); 2) deepening and transformation of the crisis, from 2010, with the crisis of sovereign bonds in the PIIGS; and 3) prolonging the crisis, due to recommendations made by the European authorities. It is argued, therefore, that the eurozone crisis is the result of this dynamic and those central countries has a key role in its determination. In this sense, the causes of the eurozone crisis must be sought in the structural problems of the monetary union, in the performance of its internal imbalances and the difficulties that the institutions of the euro imposed for the adoption of autonomous economic policies, especially countercyclical ones. For this, a theoretical framework of Keynesian and post-Keynesian nature will be used, highlighting the importance of uncertainty and bank behavior
Mestrado
Teoria Economica
Mestre em Ciências Econômicas
Van, den Haute Erik. "Harmonisation européenne du crédit hypothécaire: perspectives de droit comparé, de droit international privé et de droit européen." Doctoral thesis, Universite Libre de Bruxelles, 2008. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210458.
Full textDoctorat en droit
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Cicconi, Claudia. "Essays on macroeconometrics and short-term forecasting." Doctoral thesis, Universite Libre de Bruxelles, 2012. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209660.
Full textis composed of three chapters. The first two chapters are on nowcasting,
a topic that has received an increasing attention both among practitioners and
the academics especially in conjunction and in the aftermath of the 2008-2009
economic crisis. At the heart of the two chapters is the idea of exploiting the
information from data published at a higher frequency for obtaining early estimates
of the macroeconomic variable of interest. The models used to compute
the nowcasts are dynamic models conceived for handling in an efficient way
the characteristics of the data used in a real-time context, like the fact that due to the different frequencies and the non-synchronicity of the releases
the time series have in general missing data at the end of the sample. While
the first chapter uses a small model like a VAR for nowcasting Italian GDP,
the second one makes use of a dynamic factor model, more suitable to handle
medium-large data sets, for providing early estimates of the employment in
the euro area. The third chapter develops a topic only marginally touched
by the second chapter, i.e. the estimation of dynamic factor models on data characterized by block-structures.
The firrst chapter assesses the accuracy of the Italian GDP nowcasts based
on a small information set consisting of GDP itself, the industrial production
index and the Economic Sentiment Indicator. The task is carried out by using
real-time vintages of data in an out-of-sample exercise over rolling windows
of data. Beside using real-time data, the real-time setting of the exercise is
also guaranteed by updating the nowcasts according to the historical release calendar. The model used to compute the nowcasts is a mixed-frequency Vector
Autoregressive (VAR) model, cast in state-space form and estimated by
maximum likelihood. The results show that the model can provide quite accurate
early estimates of the Italian GDP growth rates not only with respect
to a naive benchmark but also with respect to a bridge model based on the
same information set and a mixed-frequency VAR with only GDP and the industrial production index.
The chapter also analyzes with some attention the role of the Economic Sentiment
Indicator, and of soft information in general. The comparison of our
mixed-frequency VAR with one with only GDP and the industrial production
index clearly shows that using soft information helps obtaining more accurate
early estimates. Evidence is also found that the advantage from using soft
information goes beyond its timeliness.
In the second chapter we focus on nowcasting the quarterly national account
employment of the euro area making use of both country-specific and
area wide information. The relevance of anticipating Eurostat estimates of
employment rests on the fact that, despite it represents an important macroeconomic
variable, euro area employment is measured at a relatively low frequency
(quarterly) and published with a considerable delay (approximately
two months and a half). Obtaining an early estimate of this variable is possible
thanks to the fact that several Member States publish employment data and
employment-related statistics in advance with respect to the Eurostat release
of the euro area employment. Data availability represents, nevertheless, a
major limit as country-level time series are in general non homogeneous, have
different starting periods and, in some cases, are very short. We construct a
data set of monthly and quarterly time series consisting of both aggregate and
country-level data on Quarterly National Account employment, employment
expectations from business surveys and Labour Force Survey employment and
unemployment. In order to perform a real time out-of-sample exercise simulating
the (pseudo) real-time availability of the data, we construct an artificial
calendar of data releases based on the effective calendar observed during the first quarter of 2012. The model used to compute the nowcasts is a dynamic
factor model allowing for mixed-frequency data, missing data at the beginning
of the sample and ragged edges typical of non synchronous data releases. Our
results show that using country-specific information as soon as it is available
allows to obtain reasonably accurate estimates of the employment of the euro
area about fifteen days before the end of the quarter.
We also look at the nowcasts of employment of the four largest Member
States. We find that (with the exception of France) augmenting the dynamic
factor model with country-specific factors provides better results than those
obtained with the model without country-specific factors.
The third chapter of the thesis deals with dynamic factor models on data
characterized by local cross-correlation due to the presence of block-structures.
The latter is modeled by introducing block-specific factors, i.e. factors that
are specific to blocks of time series. We propose an algorithm to estimate the model by (quasi) maximum likelihood and use it to run Monte Carlo
simulations to evaluate the effects of modeling or not the block-structure on
the estimates of common factors. We find two main results: first, that in finite samples modeling the block-structure, beside being interesting per se, can help
reducing the model miss-specification and getting more accurate estimates
of the common factors; second, that imposing a wrong block-structure or
imposing a block-structure when it is not present does not have negative
effects on the estimates of the common factors. These two results allow us
to conclude that it is always recommendable to model the block-structure
especially if the characteristics of the data suggest that there is one.
Doctorat en Sciences économiques et de gestion
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DELLA, NEGRA Federico. "Private law and private enforcement in the post-crisis EU retail financial regulation." Doctoral thesis, 2017. http://hdl.handle.net/1814/47844.
Full textExamining Board: Prof. Hans-W. Micklitz (EUI Supervisor); Prof. Giorgio Monti, European University Institute; Prof. Mads Andenas, University of Oslo; Prof. Takis Tridimas, King’s College London
The thesis examines the role of private law and private enforcement in the post crisis EU retail financial markets. Whilst private law and private enforcement have been traditionally regarded as 'foreign bodies' in EU financial regulation, the thesis argues that after the global financial crisis, private law and private enforcement, through courts and alternative dispute resolution (ADR) mechanisms, have become essential tools to compensate retail clients against mis-selling and mitigate systemic risk. To substantiate this argument, the thesis analyzes how the national and EU supervisory authorities, ADRs and courts, in Italy, Spain, France and UK, have interpreted and enforced the EU investor protection regulation (conduct, product and disclosure rules) before and after the global financial crisis. This institutional and comparative analysis shows that the EU regulatory duties, via regulation, 'administrative rule-making', out-of-court dispute resolution and litigation, increasingly influence the interpretation of national private law (Europeanization) and determine its consequent instrumentalization to achieve a high level of investor protection and ensure the stability of the financial market. The thesis argues that this form of instrumentalization has led to the creation of private law remedies and procedures which, albeit based on national law, have become tools to ensure the effective protection of the EU-derived rights (hybridization). After the crisis, the process of hybridization is driven not only by the investor protection objective but also by the financial stability objective which can determine a limitation of the private law law rights and remedies of the investor vis-à-vis the financial firm in order to mitigate the systemic risk, arising, in particular, from vexatious litigation. The thesis discusses the complex relationship between the investor protection and the financial stability objectives of EU financial regulation and examines the extent financial stability concerns can lead to a limitation of the investors rights and remedies in financial disputes.
CHIRICO, Alessandra. "Monetary sovereignty and the ESCB : towards a multilayered approach to the Euro-sovereignty game in the EMU." Doctoral thesis, 2004. http://hdl.handle.net/1814/4597.
Full textExamining board: Prof. Neil Walker, EUI (co-supervisor) ; Prof. Jean-Victor Louis, ULB, Brussels/EUI (supervisor) ; Dr Christos Hadjiemmanuil, LSE London ; Dr Chiara Zilioli, Deputy General Counsel, Head of Institutional Law Division, DG-Legal Service of the ECB, Frankfurt
First made available online on 24 September 2013.
This dissertation provides a doctrinal and “applied” overview of the main developments in the post-Maastricht transfer of monetary sovereignty from the member states to supranational institutions. In so doing, it concentrates on three areas of particular interest, complexity and tension between different forces. One area is simply the configuration of supranational institutions involved and their relationship, and in particular the tensions among the independent ECB, the national dimension of the broader ESCB and the state-dominated Ecofin Council. A second area concerns the well-known tension between monetary and broader economic union – and in particular the asymmetry between the significantly centralized monetary institutions and the retention of fiscal authority at national level. A third area concerns the internal and external dimension of monetary authority (exchange rates) from broader macro-economic consideration, and, reflecting this, the continuing absence of a definitive legal and institutional resolution of the extent of external monetary sovereignty transferred to central EU institutions. Here there emerges an analysis of the framework of good governance for the new multilayered system of monetary union. The key question addressed by the author of this study is whether the shift in monetary authority does or should involve a reconceptualization of the question of where sovereignty lies in Europe, both over monetary matters specifically or more generally.
MONTERO-PASCUAL, Juan J. "Public intervention in liberalised markets : from regulation to competition in European Telecoms?" Doctoral thesis, 2001. http://hdl.handle.net/1814/4714.
Full textMARQUIS, Mel. "Introducing free markets and competition to the electricity sector in Europe." Doctoral thesis, 2000. http://hdl.handle.net/1814/5602.
Full textMADIEGA, Tambiana. "Interaction between EC competition law and sector-specific regulation in converging electronic communications markets." Doctoral thesis, 2008. http://hdl.handle.net/1814/12006.
Full textExamining Board: Pr. Hanns Ullrich (EUI), Florence, Italy ; Pr. Heike Schweitzer (EUI), Florence, Italy ; Pr. Paul Nihoul (Université Catholique de Louvain), Belgium ; Pr. Catherine Prieto (Université Aix-Marseille, élue Paris I Panthéon Sorbonne), France
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
no abstract available
VAN, STRAALEN Jens Marlon. "Supervisory convergence on the EU Capital Markets Union : a new incentive for strengthening the supervisory architecture." Doctoral thesis, 2017. http://hdl.handle.net/1814/49345.
Full textSupervisor: Professor Stefan Grundmann, European University Institute
It is no secret that the financial crisis of 2008 has had a great impact on the regulatory landscape in the European Union (‘EU’ or ‘Union’). As a result of the deep economic impact the financial crisis, the EU has set out over the past years to pass a wide scale of regulatory reform in the financial sector that was meant to close loopholes in legislation and address weaknesses in the financial systems more recently however a shift in emphasis has taken place to not only restore investor confidence through regulatory repair of the legislative framework, but also to make the financial system more resilient, and focus on economic growth an important step in this process is the creation of a Capital Markets Union (‘CMU’) for the EU. Jean-Claude Juncker, the president of the European Commission (‘Commission’), introduced this project as an important policy in his agenda of political guidelines for his Commission this project would introduce a true and genuine single market for capital across all 28 Member States in September 2015, the Commission set out a wide range of legislative objectives in order to establish the CMU in building the CMU, the Commission revises existing legislation in order to harmonize standards, or introduces new legislative proposals. More recently, in June 2017 the Commission evaluated the CMU project in its mid-term review, and underlined the necessity of the CMU project once more, as well as its intention to continue and advance its CMU policy and law making.
Lee, Liwen, and 李麗雯. "The Effect of Financial Indicators on Stock Markets: Evidence from Five European Countries." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/51161869076428988839.
Full text東海大學
管理碩士在職專班
100
This study attempts to analyze the influence of the variables of euro exchange rate, volatility index, ten-year bond yields, credit default swaps on the stock market of PIIGS, including Portugal, Ireland, Italy, Greece and Spain. By applying the cointergration test, Granger causality test, Vector Autoregression (VAR) model, the interrelationship among these variables are investigated. Taking the structural break into account, the research period is divided into three phases, i.e., the U.S. subprime mortgage crisis, the euro zone debt crisis and the whole sample period, so that we can examine the influence of the various financial indicators across different periods and different markets. The empirical findings indicate the financial indicators do exert influence on the national stock index returns in different sample phases, especially pronounced during the two crisis periods. Secondly, in terms of nations, the most influential country is Greece, followed by Spain and the lowest is Ireland. Furthermore, when comparing the influence of the different financial indicators, the major negative shocks on national stock market are accounted for by the exchange rate and volatility index; Bond yields plays a big role during the euro zone debt crisis and in the country with serious sovereign debt, which increases the sensitivity of the stock return change; Credit default swaps are generally detected to be negatively correlated to the stock return across the examined countries, which indicate the increase in the price of the former would lead to the downward trend of the stock price since the investors would require a higher risk premium due to the bearish sentiment. Overall, this study highlights the significance of financial indicators in accounting for the national stock market return during financial crises, which implies these relevant financial indicators could be regarded as a reference for the decision making of investment during the period of financial crises.
PFRANG, Elvira. "The directive concerning common rules for the internal market in electricity in the frame of the competition and internal market rules of the EC-Treaty - towards liberalisation of the European electricity markets?" Doctoral thesis, 1998. http://hdl.handle.net/1814/5650.
Full textRODGER, Barry J. "The control of oligopolistic markets and the concept of a collective dominant position under article 86 of the EC treaty : a comparative study of the law and policy of the European Community, the United States and the United Kingdom." Doctoral thesis, 1994. http://hdl.handle.net/1814/5683.
Full textCHATZIMANOLI, Despina. "Law and governance in the institutional organisation of EU financial services : the Lamfalussy procedure and the single supervisor revisited." Doctoral thesis, 2009. http://hdl.handle.net/1814/12010.
Full textExamining Board: Prof. Gráinne De Búrca, EUI- Fordham Law School- Harvard Law School (Supervisor); Prof. Marise Cremona, EUI (Internal Advisor); Prof. Takis Tridimas, Financial Law Unit, Queen Mary, University of London; Prof. Niamh Moloney, London School of Economics and Political Science- Financial Markets Group, University of London
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
Financial markets help allocate capital efficiently across the economy, thereby boosting economic growth- hence the salience of the creation of a single market in financial services within the EU single market project. Nevertheless, despite the EU's financial regulatory programme, it appears that a fully-fledged single European financial market is yet to be achieved. According to some, the substantive context of EU financial regulation is partially to account for this failure. More recently, though, both in policy and academic circles, the focus has been shifting towards the governance of EU financial law. Within this context, this thesis analyses the institutional arrangements for EU financial market regulation and supervision - crystallized in the so-called Lamfalussy framework- and explores the potential and problems of the prospect of institutional consolidation (in the form of one or more EU financial authorities) as an alternative to that framework. The debate, which seemed to have subsided in recent years, is now again coming to the fore, in light of the ongoing international financial crisis. This evidences the close relationship between substance and governance: the quality of rules ultimately depends both on the input that produced them, as well as -if not more- on the quality of the implementation, application and enforcement of the rules. This discussion on the future of EU financial governance is undertaken in two parts. The thesis examines firstly the interaction of 'classical' financial law aims (achieving efficient and stable financial markets) with 'integrationist' aims (the commitment to create a single European financial market, as a response to growing international competition). The thesis then situates the institutional question within the broader context of the EU public law framework in a more deliberate and systematic way than has hitherto been done in the existing scholarly literature. The result is an argument in favour of institutional consolidation in the EU financial sector, with an emphasis on supervision. The case of the US SEC, whose success is arguably based on its enforcement function, is used to illustrate that institutional consolidation is not synonymous with 'one size fits all' solutions, but that flexibility can be incorporated in an authority's regulatory tools. To be sure, further discussion is necessary in order to achieve this balance; but the thesis argues that we do better to focus on the details of the 'how' best to design such institutions, rather than on omphaloskeptical questions of 'whether' they are needed. Indeed, at a closer look, arguments against this approach rarely dispute the need itself for some institutional consolidation, but rather point to the difficulties in its design.
LEE, Nicholas Anthony. "Fluid dynamics : emergency liquidity assistance during the eurocrisis." Doctoral thesis, 2016. http://hdl.handle.net/1814/44968.
Full textKRISSINEL, Kira. "EU state aid rules and the lender of last resort : challenges to the notion of state aid in the wake of the financial crisis." Doctoral thesis, 2010. http://hdl.handle.net/1814/15402.
Full text"Three essays on the economic consequences of mandatory adoption of IFRS in Europe." Thesis, 2011. http://library.cuhk.edu.hk/record=b6075471.
Full textChen, Chen.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2011.
Includes bibliographical references (leaves 148-157).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
BUSCA, Alessandro. "A legal and economic assessment of the EMU’s common principles and alternative routes of budget constraints." Doctoral thesis, 2018. http://hdl.handle.net/1814/57525.
Full textExamining Board: Professor Stefan Grundmann, European University Institute; Professor Klaus Heine, Erasmus University Rotterdam; Professor Giorgio Monti, European University Institute; Professor Pietro Sirena, Università commerciale Luigi Bocconi
In the past 20 years, the European integration process has been mostly successful at establishing a single European market. However, no such success can be attributed to the establishment of an economic and monetary union. The recent financial and sovereign debt crisis dramatically exposed all the flaws and weaknesses of this ambitious project, which led the European Union into a deep economic and political crisis. In this context, the task of scholars and academics should be to explore new effective and efficient alternative in order to strengthen and create “a more perfect union”. On these premises and considerations, the present research will analyze the current legal framework of the European Monetary Union in order to assess and understand its success, and explore possible alternative institutional designs which could be more effective in achieving its objectives and, at the same time, be potentially more efficient and legittimate. More in details, after examining in the first chapter, the origin and evolution of the economic and monetary integration from its very foundation, and, in the second chapter, the current legal structure of the economic union; the last and third chapter represents the normative claim of thesis. In an attempt to reconcile both law and economics, this normative part will involve a balancing exercise between the economic concepts of effectiveness and efficiency, and the legal concepts of legitimacy. The analysis will first understand and assess the effectiveness of the present governance structure. We will argue that the fundamental problem of the present governance structure is given by its many internal inconsistencies. On these premises, we will claim that it is possible to design an alternative regime which could potentially solve such issues and thus be more effective. The resulting three different alternative regimes will then be compared and evaluated in terms of their efficiency, according to the new institutional economics approach. The purpose of the efficiency evaluation is not to identify the single most efficient system of governance, but rather to understand the distinctive strenghts and weaknesses of the various alternatives in comparison with the current structure. Ultimately, the chapter will also evaluate the current EMU structure under a legitimacy standpoint. In particular, it will try to assess and understand whether these potentially more effective and efficient alternative arrangements would also improve the EMU under a legitimacy standpoint.
MCDERMOTT, Brian. "The "rough guide" to the European financial services industry : its evolution, traditions and future prospects, in the light of the European Community's 1992 programme." Doctoral thesis, 1990. http://hdl.handle.net/1814/5598.
Full textSOHRAB, Julia Adiba. "Sexing the benefit : women social security and financial independence in EC equality law." Doctoral thesis, 1994. http://hdl.handle.net/1814/4791.
Full textO'FARRELL, Rory. "Globalisation and Labour Markets." Doctoral thesis, 2010. http://hdl.handle.net/1814/13597.
Full textExamining Board: Prof. Sara de la Rica, University of the Basque Country Prof. Salvador Ortigueira, EUI, Supervisor Prof. Xavier Raurich, University of Barcelona and EUI Prof. Rick van der Ploeg, University of Oxford
In this thesis how labour markets are affected by globalisation is examined. The thesis takes the form of three chapters. The first chapter looks at the state of trade unions in Europe and how they have been affected by globalisation; the second chapter is theoretical in nature and shows how the increasing size of trade blocs and lower transport costs can help to explain the decline in trade union density; and the third chapter looks at how the ability of firms to locate production in more than one country can affect wages and unemployment. The first chapter describes trends related to trade unions in Europe, before examining how globalisation can affect trade unions and how trade unions may respond. Since the 1980s there has been a general decline in trade union density and strike activity. At the same time there has been an increase in globalisation. Although common explanations have been put forward for the decline of trade union density across European countries, no cointegration has been found between trends in trade union density. Despite declines in trade union density, unions have continued to be successful in gaining wage premia for their members. The increase in globalisation has been associated with an increase in the elasticity of demand for labour. This affects the employment/wage trade o_ faced by trade unions. There is also some evidence that multinationals can use their cross-border bargaining power to reduce wages. Unions have reacted to globalisation by cooperating internationally, but any progress towards cross border collective bargaining has been at best slow. A simple model is presented in the chapter in order to anticipate the issues discussed in chapters two and three. The model suggests that unions will be more likely to cooperate internationally if they are substitutes in production and if the reservation wage is low. The second chapter looks at how multinational enterprises (MNEs) can affect wages and unemployment. While the increase in international firm mobility has been well documented, its effects on macroeconomic aggregates and in the labour market are still controversial. MNEs benefit from an international outside option during wage bargaining, leading to a decrease in average wages. However, a strategic incentive to hire extra workers in a foreign (home) plant in order to reduce wages in the home (foreign) plant has an indirect positive effect on wages due to spillovers resulting from an increased demand for labour. In a framework of frictional unemployment, permitting MNEs leads to a decrease in unemployment. Abstracting from transport and plant fixed costs, MNEs lead to higher wages. However, including transport and plant costs generally leads to lower wages, though the effects are small. The strategic hiring effect is important in mitigating the fall in wages. Finally, in the third chapter a model is presented which shows how increased product market competition due to an increase in the size of trade blocs and a lower cost of transporting goods internationally can lead to a decline in trade union density. Increasing international product market competition harms unionised workers more than workers who bargain wages individually. This is as union wages are a function of average revenue but individually bargained wages are a function of marginal revenue. Increasing competition narrows the gap between average and marginal revenue. This lowers the incentive to be a member of a trade union, which leads to a fall in trade union density. Globalisation can lead to falling union density despite a stable union wage premium and increasing union wages.
MARCACCI, Antonio. "Protecting investors in financial times : the design and functioning of the legal protection of retail investors." Doctoral thesis, 2013. http://hdl.handle.net/1814/28043.
Full textExamining Board: Professor Hans-Wolfgang Micklitz, European University Institute (EUI Supervisor); Professor Giorgio Monti, European University Institute; Professor Mads Andenæs, Universiteteti Oslo; Professor Jan Wouters, Katholieke Universiteit Leuven.
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This thesis studies and analyzes the current paradigm governing the legal protection of retail investors in the United States and the European Union, by framing both of the legal systems within the transnational financial regulatory arena. In order to do so, the thesis carries out an evolutionary analysis of the European and American statutes dealing with financial markets regulation and gives an account, also grounded on the previous professional experience of the author, concerning the relationship between a retail investor and an investment services provider. It, then, examines whether and how far the US and EU legal systems either are affected by or affect transnational financial regulation, namely those (soft-law) rules adopted by the International Organization of Securities Commissions IOSCO, in particular as regards the protection of retail investors. Subsequently, the thesis describes the Organization’s governance structure, the decision-making process, the content of its financial rules and how far these are implemented into national domestic legislation. The third and last part of the thesis gives an analysis of the different legal tools provided by the European and American systems for public and collective private enforcement mechanisms, with the purpose to check whether a set of tools is preferred over the other (private VS public), and how far retail investors have the chance to concretely protect their rights. At the end, an assessment will be provided regarding the workability of the current paradigm from the point of view of retail investors.
SCHOELLER, Magnus G. "Explaining political leadership : the role of Germany and the EU institutions in Eurozone crisis management." Doctoral thesis, 2016. http://hdl.handle.net/1814/43705.
Full textExamining Board: Professor Adrienne Héritier, European University Institute (Supervisor) ; Professor Ulrich Krotz, European University Institute / RSCAS (Co-Supervisor) ; Professor Amy Verdun, University of Victoria ; Professor Lucia Quaglia, University of York
Why and how do composite actors such as states or international institutions emerge as political leaders? Moreover, once in charge, how do they influence policy or institutional change? What are the conditions for successful leadership? These questions become particularly relevant in times of crisis. However, there is no political science theory that explains the emergence and the impact of leadership when exercised by composite actors. In the context of the Eurozone crisis, we observe that neither Germany, which is the actor most frequently called upon to assume leadership, nor any of the EU’s institutional actors have emerged as leader under all circumstances. Instead, we find three different outcomes: no leadership, failed leadership, and successful leadership. This thesis develops a theoretical model to explain this variation and to address the stated gap in the literature. Building on rational-institutionalist assumptions, it argues that leaders can help a group to enhance collective action when there are no, or only incomplete, institutional rules to do so. Thus, especially in times of crisis, leaders can act as drivers of policy or institutional change. However, they emerge only if the expected benefits of leading exceed the costs of it, and if the potential followers suffer high status quo costs. A leader’s impact on the outcomes, by contrast, depends on its power resources, the distribution of preferences, and the institutional constraint. The model is applied to Germany’s role in the first financial assistance to Greece, the proposal to establish a so-called ‘super-commissioner’, and the shaping of the Fiscal Compact. Moreover, the attitude of the European Commission and the European Parliament towards the issue of Eurobonds as well as the European Central Bank’s launch of the Outright Monetary Transactions are analysed on the basis of congruence tests and rigorous process-tracing. These within-case analyses are complemented by a cross-case comparison in order to enhance the external validity of the results. The analysis draws on 35 semi-structured élite interviews conducted at the German Ministry of Finance, the European Central Bank, the European Commission, the Council of the European Union, the European Parliament, and two Permanent Representations in Brussels.
Domingos, Patrícia Isabel Pedro. "Why the european market depend so much on the banking system when compared to capital markets? A comparison with the United States reality." Master's thesis, 2019. http://hdl.handle.net/10400.14/36184.
Full text"The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy: A Study of the Sulfur Financial Instrument and European Union Allowance." Doctoral diss., 2015. http://hdl.handle.net/2286/R.I.34859.
Full textDissertation/Thesis
Doctoral Dissertation Business Administration 2015
Costa, Estrela da Assunção Ramos. "Determinants of corporate debt maturity structure: a study in euro zone countries." Master's thesis, 2017. http://hdl.handle.net/10071/15790.
Full textO principal objetivo da dissertação consiste em entender quais os determinantes relativamente à escolha da maturidade da dívida das empresas. De um modo geral, alguns países foram afetados pela crise financeira de 2008, tendo sido aplicadas diferentes medidas de forma a ultrapassar a situação instalada. Tal facto afetou as suas decisões no que respeita à maturidade da dívida, razão pela qual será analisado se de facto estas escolhas estão de acordo com as teorias existentes, propostas pela literatura financeira. O presente estudo engloba uma amostra de 3.618.795 empresas cotadas e não cotadas no principal mercado bolsista, durante o período de 2007 a 2015. No que respeita à metodologia, utilizou-se dados em painel e diferentes técnicas de regressão, como OLS e "Fixed Effects", avaliando a alteração dos determinantes da maturidade da dívida. As variáveis implícitas na nossa análise estão divididas em variáveis com impacto nas empresas e nos países. Constatámos que, tendo em conta os estudos empíricos presentes na revisão da literatura, as variáveis referentes às empresas têm um contributo significativo para a maturidade da dívida. Apenas os impostos, num dos modelos apresentou valores diferentes dos esperados e apesar de significativos, baixos. No que respeita às variáveis dos países, verificámos que não têm tanto impacto na maturidade da dívida, no período em análise, nomeadamente a taxa de inflação e a dimensão do sistema bancário do país. Importa referir que o facto de ter ocorrido a crise financeira em 2008, em algumas variáveis houve um impacto na oscilação dos valores. Desta forma, tendo em conta os resultados que obtivemos, pode-se constatar que a maturidade da dívida das empresas é determinada tanto pelas características das empresas, como de cada país.
Carvalhas, Diogo Gomes. "Sobre os Mercados Bancários: A concorrência e o comportamento de assunção de riscos bancários perante a recente União Bancária." Master's thesis, 2017. http://hdl.handle.net/10316/84201.
Full textThis dissertation deals with banks and their markets. In the first place, I am going to examine banks within the framework of the financial institutions. Then, a collection of risks faced by banks as a result of their specific features regarding enterprises from other economic sectors is going to be looked at. Later on, after a literature review on the structure of markets and their effects on the fixing of interest rates in the deposit and loan markets follows a reflection supported by studies that establish the dichotomy between competition-fragility and competition-stability. Moreover, the effects that regulation may have on the structure of banking markets are going to be highlighted.In the second part of this thesis, I shall present the legislation to be examined, in particular, the legislation about the European Banking Union project, analyze the main characteristics of each of the three pillars of that banking system and draw conclusions on the results of those laws on the structure of banking markets, and consequently also on the effects on banking risk and economic growth.---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------------------------------
A dissertação versa sobre os bancos e os seus mercados, realizando num primeiro ponto uma classificação da entidade bancária no quadro das instituições financeiras. Em seguida, procura-se realizar uma recolha dos riscos enfrentados pelos bancos, em razão da sua especificidade em relação às empresas dos restantes sectores económicos. Depois, procede-se a uma revisão da literatura sobre a estrutura dos mercados e respetivos efeitos sobre a fixação das taxas de juro nos mercados de depósitos e nos mercados de empréstimos, para depois evoluir para uma reflexão, apoiada na literatura que estabelece a dicotomia entre concorrência-fragilidade e concorrência-estabilidade. Por outro lado, procura-se os efeitos que a regulação pode ter sobre a estrutura dos mercados bancários.Na segunda parte da tese, introduzimos a legislação a analisar, designadamente, a legislação proveniente do projeto União Bancária Europeia, analisando as principais características de cada um dos três pilares estabelecidos, para concluir sobre os resultados desta na estrutura dos mercados bancários, e consequentemente também sobre os efeitos no risco bancário e no crescimento económico. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------