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1
Dajcman, Silvo, Mejra Festic, and Alenka Kavkler. "Comovement Dynamics between Central and Eastern European and Developed European Stock Markets during European Integration and Amid Financial Crises – A Wavelet Analysis." Engineering Economics 23, no. 1 (February 15, 2012): 22–32. http://dx.doi.org/10.5755/j01.ee.23.1.1221.
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Stock market comovements between developed (represented in the article by markets of Austria, France, Germany, and the UK) and developing stock markets (represented here by three Central and Eastern European (CEE) markets of Slovenia, the Czech Republic, and Hungary) are of great importance for the financial decisions of international investors. From the point of view of portfolio diversification, short-term investors are more interested in the comovements of stock returns at higher frequencies (short-term movements), while long-term investors focus on lower frequencies comovements. As such, one has to resort to a time-frequency domain analysis to obtain insight about comovements at the particular time-frequency (scale) level. The empirical literature on the CEE and developed stock markets interdependence predominantly apply simple (Pearsons) correlation analysis, Granger causality tests, cointegration analysis, and GARCH modeling. None of the existent empirical studies examine time-scale comovements between CEE and developed stock market returns. By applying a maximal overlap discrete wavelet transform correlation estimator and a running correlation technique, we investigated the dynamics of stock market return comovements between individual Central and Eastern European countries and developed European stock markets in the period from 1997-2010. By analyzing the time-varying dynamics of stock market comovements on a scale-by-scale basis, we also examined how major events (financial crises in the investigated time period and entrance to the European Union) affected the comovement of CEE stock markets with developed European stock markets. The results of the unconditional correlation analysis show that the developed European stock markets of France, the UK, Germany and Austria were more interdependent in the observed period than the CEEs stock markets. The later group of countries exhibited a lower degree of comovement between themselves as well as with the developed European stock markets during all the observed time period. The Slovenian stock market was the least correlated with other stock markets. By using the rolling wavelet correlation technique, we wanted to answer the question as to how the correlation between CEE and developed stock markets changed over the observed period. In particular, we wanted to examine whether major economic (financial) and political events in the world and European economies (the Russian financial crisis, the dot-com financial crisis, the attack on the WTC, the CEE countries joining the European union, and the recent global financial crisis) have influenced the dynamics of CEE stock market comovements with developed European stock markets. The results show that stock market return comovements between CEE and developed European stock markets varied over time scales and time. At all scales and during the entire observed time period the Hungarian and Czech stock markets were more interconnected to developed European stock markets than the Slovenian stock market was. The highest comovement between the investigated CEE and developed European stock market returns was normally observed at the highest scales (scale 5, corresponding to stock market return dynamics over 32-64 days, and scale 6, corresponding to stock market return dynamics over 32-64 and 64-128 days). At all scales the Hungarian and Czech stock markets were more connected to developed European stock markets than the Slovenian stock market. We found that European integration lead to increased comovement between CEE and developed stock markets, while the financial crises in the observed period led only to short-term increases in stock market return comovements.DOI: http://dx.doi.org/10.5755/j01.ee.23.1.1221
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Akçay, S. Belgin, and Begüm Şeren Güler. "European Mortgage Markets Versus Institutions." International Real Estate Review 24, no. 4 (December 31, 2021): 577–612. http://dx.doi.org/10.53383/100331.
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This study aims to measure the institutional features of residential mortgage markets in the European Union (EU) countries. The institutional features of the mortgage markets include access to credit information, protection of creditor rights, and enforcement of contracts among others, and attributes that define the evolution and functioning of mortgage markets. Differences among these features lead to institutional variations in mortgage markets among countries. In this study, we measure the institutional features along four dimensions (financial, legal, openness and cultural), and compare them to a benchmark. To achieve this, composite indices (overall index and its sub-indices) are developed with the use of a factor analysis. The findings show that the institutional features of the EU mortgage markets are diverse; northern European countries and the United Kingdom (UK) take the lead with respect to the institutional environment of their mortgage markets and have markets with higher institutional quality than the others. That is, these countries have mortgage markets with a more efficient legal framework, more government transparency in policymaking, easier access to financial services and credit information, etc.
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Jachowicz, Agnieszka. "Fiscal Policy in European Union Countries in Time of the Economic Crisis – Attempt to Estimation." Przedsiebiorczosc i Zarzadzanie 16, no. 1 (March 1, 2015): 39–50. http://dx.doi.org/10.1515/eam-2015-0003.
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AbstractIn this article, stability of fiscal policy and its impact on fiscal market have been analyzed. The issue appears especially important in times of the financial crisis which has affected all the European Union countries, although to a different extent. To achieve this, the author presented the aims, the tools and the aspects of financial stability to confront them with the situation that has occurred in the EU countries. To present the issue profoundly, the scientific research related to fiscal policy and its impact on financial markets were used in two opening units. In the third unit, the statistic data was cited to show the condition of the EU countries, the changes to it and the attempts aimed at improving the state of the public finance and therefore stabilizing financial markets.
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Śliwiński, Adam, and Tomasz Michalski. "European Insurance Markets in the Face of the 2007 Financial Crisis." International Advances in Economic Research 26, no. 4 (November 2020): 419–32. http://dx.doi.org/10.1007/s11294-020-09808-x.
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AbstractThis study compares the development of insurance markets in countries such as Portugal, Italy, Greece and Spain to mature markets in countries such as the UK and Germany during the 2007 financial crisis. Markets are examined from the product innovation perspective. The market in a country is assessed using taxonomic measures, such as distance and similarity. Markets are described by a set of features divided into five groups: market structure, technical sphere, finance and investment, effectiveness, and product. The measures are calculated at two points in time, 1997 and 2010. The data were gathered from publications of the World Bank, European Union Commission (statistics offices), National Polish Bank and insurance associations. The financial crisis has slowed the speed of market development and influenced other spheres. In countries like Greece and Portugal, progress was even slower than in post-Soviet states, like Poland. The crisis has not imposed structural changes within the selected markets and the influence of the crisis is visible. The sectors were not very innovative, particularly in the product sphere. The literature on the influence of the crisis on insurance is contradictory. This study’s novelty is that it applies multidimensional analysis when comparing insurance-market innovativeness and development.
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Tang, Donny. "Has European monetary union influenced the European Union bank lending flows to the EU countries from Central and Eastern Europe?" Journal of Financial Economic Policy 11, no. 2 (May 7, 2019): 263–82. http://dx.doi.org/10.1108/jfep-05-2018-0080.
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Purpose The purpose of this study is to modify the gravity model to identify the main determinants of the European Union (EU) bank lending to the Central and Eastern Europe (CEE) countries during 1994-2012. Design/methodology/approach This study uses both two-stage least squares and dynamic generalized method of moments to estimate the modified gravity model. Findings This study finds that the CEE countries with more developed stock markets have received the higher EU bank lending inflows. The EU banks have greater access to additional financing in the stock markets. Second, the higher stock market difference between the CEE and EU countries has boosted the EU bank lending. Compared to the developed EU stock markets, the less developed CEE stock markets have become more favorable to the EU banks seeking to earn higher profits. Research limitations/implications The CEE countries can further boost the EU bank lending inflows through deepening capital liberalization. They should facilitate easy foreign bank entry by reducing excessive bank legislations and regulations. Moreover, they can promote the EU bank lending through substantial EU bank integration. This can accelerate the major bank reform which would facilitate better bank supervision and regulations. Originality/value Most previous studies have primarily used the macroeconomic and institutional factors to explain the EU bank lending. In contrast, this study explores the growing importance of the CEE financial development and bilateral trade in explaining the EU bank lending.
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Moagăr-Poladian, Simona, Dorina Clichici, and Cristian-Valeriu Stanciu. "The Comovement of Exchange Rates and Stock Markets in Central and Eastern Europe." Sustainability 11, no. 14 (July 23, 2019): 3985. http://dx.doi.org/10.3390/su11143985.
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This paper analyses the link between exchange rates and stock markets in four Central and Eastern European countries. We simultaneously explore the comovements of foreign exchange markets and stock markets at the cross-country level and the link between these two markets within each country while employing a Dynamic Conditional Correlation Mixed Data Sampling (DCC-MIDAS) model. Such an approach to financial markets conveys a much more visible picture of the existing patterns of financial integration between these markets that would otherwise be neglected. The estimates reveal significant differences between the patterns of correlation in our sample countries. First, the paper finds a quite low degree of convergence between foreign exchange markets, with rising correlations during some of the crisis episodes. Second, both the 2004 European Union enlargement and the European sovereign debt crisis underpin the stock market comovements in the Central and Eastern European countries. Third, the correlations between the exchange rate returns and stock markets rise mostly during the European sovereign debt crisis and to a lesser extent during the global financial crisis, revealing signs of contagion and lower portfolio diversification opportunities. These results are of utmost relevance for the process of financial integration and they also have important implications for policy makers, risk management, and investors.
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Puślecki, Zdzislaw W. "La Pologne, d'autres pays d'Europe centrale et l'Union européenne. Une période d'adaptation et de transition." Études internationales 26, no. 3 (April 12, 2005): 527–42. http://dx.doi.org/10.7202/703490ar.
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In the early nineties, parallel to the increasing integration processes of the European Union, realized through the formation of a uniform common internal market and the conclusion of the treaty of Maastricht of the formation of the European Union, systemic reforms were also taking place in Poland and the other countries of Middle-East Europe. Their substance was transformation of the economies - which up to the present were guided centrally - into market economies. At the same time Poland and the other countries of Middle-East Europe made efforts to come into closer economic cooperation with European Union. An important role in speeding up the economic growth of Poland and the other countries of Middle-East Europe, besides internal financial means, play such sources as external financing, in the form of profitable credits, and also the opening of ready markets.
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Bezooijen, Emiel F. S. van, and Jacob A. Bikker. "Financial Structure and Macroeconomic Volatility: A Panel Data Analysis." International Journal of Economics and Finance 11, no. 12 (November 30, 2019): 117. http://dx.doi.org/10.5539/ijef.v11n12p117.
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In 2015, the European Commission (EC) launched its action plan for the creation of a European Capital Markets Union. The EC aims to return the European economy to sustainable growth and to enhance its shock-absorbing capacity by reducing the reliance on bank finance and stimulating financial deepening and cross-border integration of Europe’s capital markets. Financial diversification and integrated European capital markets are expected to improve risk sharing among households, supporting economic stability. However, the economic literature reveals a lack of theoretical and empirical consensus on the superiority of either a bank-based or a market-based financial system in promoting growth or reducing macroeconomic volatility. This article is the first to include bond markets in its financial structure indicators, besides stock markets and bank lending. Using panel data on 55 countries between 1975 and 2014 and three different measures of financial structure, we investigate the effect of the structure of the financial system on the volatility of output and investment growth as well as their cyclical components. We do not find evidence that market-based financial structures dampen volatility of output or overall investment. Increase of the stock market size relative to that of the banking sector has a significant positive effect on the business cycle volatility of investments.
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Pilvere-Javorska, Aija, and Irina Pilvere. "European Nordic Countries Stock Market Listed Companies’: Factor and Cluster Analysis Approach." Emerging Science Journal 4, no. 6 (December 1, 2020): 443–53. http://dx.doi.org/10.28991/esj-2020-01244.
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Public financial markets are crucial in the access to the funding and as a platform for investments to the investors in today’s world. Nordic European Union countries such as Sweden, Finland and Denmark are considered to have advanced and well-developed stock markets, while neighboring three Baltic States have rather small stock market. Backbone of the stock market are there listed companies. In this analysis authors attempt to analyze 510 Nordic countries listed companies’ absolute value indicators using factor and cluster analysis and to compare results with similar analysis of the Baltic States. Factor and cluster analysis revealed the homogeneity of Nordic countries stock market listed companies’ absolute values, authors obtained three complex factors, explaining 89% of dispersion within the indicators, which in turn resulted in being able to obtain the portrait of Nordic States stock market listed company. Similar results were obtained for Baltic States listed companies, though on different scale. Authors have not seen as detailed analysis of Nordic Stock market on the level of listed companies financial statement analysis. Time period covered in this research of the financials are from 2004 to 2018. The analysis could be beneficial for other researchers focusing on the Nordic region stock market companies and also to the policy makers in the Baltic States, how the neighboring well-developed countries indicators could be interpreted and obtained results used for the enhancement of Baltic States stock market. Doi: 10.28991/esj-2020-01244 Full Text: PDF
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Puşcaşu, Ela-Andrada. "The impact of financial systems on economic growth in European Union member countries." Proceedings of the International Conference on Business Excellence 16, no. 1 (August 1, 2022): 722–31. http://dx.doi.org/10.2478/picbe-2022-0068.
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Abstract As the economy develops, self-financed capital investments are less frequent, being replaced by financing through banking intermediation and later through capital markets. The development of financial systems has a positive effect on the mobilization of resources, improving corporate governance and risk management, leading to economic growth. The preponderance of previous research papers shows a positive relationship between financial development and economic growth. Studies using cross-sectional methodologies discover almost unanimously a positive link between financial development and economic growth, while studies with methodologies based on time series, panel data or case studies reach different conclusions depending on the period considered, the countries’ initial level of development and the structure of the financial systems. The purpose of this paper is to investigate the impact of financial systems on economic growth using panel regressions based on annual data regarding measures of financial development for the member countries of the European Union, for the period 1990-2020. The findings show that the development of the financial systems, through the activity of banks and capital markets, has a positive effect on the allocation of resources, the mobilization of savings and the efficient management of risks, leading in turn to economic growth if there is a correlation between the funds invested and the output of the real sector. The paper’s contribution to the field refers to the study of the long-term relations between the financial systems and the economic growth using data for all European Union countries, the findings helping to formulate public policies.
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Savchenko, M. "Integration of Ukraine into European Union securities market." Galic'kij ekonomičnij visnik 69, no. 2 (2021): 168–78. http://dx.doi.org/10.33108/galicianvisnyk_tntu2021.02.168.
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The paper deals with the main parameters of the Ukrainian securities market at the current stage, identifies its functioning problems, gives a set of measures for the effective implementation of Ukraine's desire to integrate the national stock market into the European Union. Compared with the stock markets of the EU countries, the domestic securities market is underdeveloped, poorly regulated and illiquid, therefore there is the need to develop it and implement the European legislative initiatives. The paper covers the basic laws in the field of legal regulation of the Ukrainian and EU securities market. The investigation includes the results of the research of the current experience in leading European countries in terms of capitalization of the largest stock exchanges in Europe. The classification of 5 largest European stock exchanges is given and the influence of COVID-19 virus on their activity is analyzed. The main trends in the field of securities investment market of the largest stock exchanges in Europe and Ukraine are led. While examining statistical data concerning the capitalization of European stock exchanges in comparison with the PFTS of Ukraine in 2019, the LSE (London Stock Exchange) ranks 1st with €3.86 bn., 2nd place is taken by Euronext – €3.4 bn., 3rd place by Deutsche Börse having capitalization volume at the level of €1.9 bn., and PFTS Ukraine – €0.17 bn., which indicates that Ukrainian securities market is insufficiently elaborated. Nowadays, the Ukrainian securities market repeats European historical development trends, and at this stage it largely depends on the directions of development that international stock markets can take. Changes in European securities markets are extremely rapid and require competent response from regulatory structures. The rapid development of the European stock market, accompanied by the emergence of advanced technologies in the field of securities and new financial instruments, make it necessary to monitor all the changes and innovations that happen in the Ukrainian securities market in order to develop more effective recommendations for improving its functioning and regulation. In addition, integration with the European Union requires deeper and more radical reforms of the domestic state administration, macroeconomic regulation, property relations, and anti-corruption policy. Only a large-scale and complete reform will enable progressive renewal and effective, socially responsible integration into the EU countries, taking into account national interests.
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Asaturov, Konstantin, and Tamara Teplova. "Volatility Spillover and Contagion Effects on Stock Markets: Global and Local Leaders Determination (Part 2)." Moscow University Economics Bulletin 2014, no. 6 (December 30, 2014): 3–34. http://dx.doi.org/10.38050/01300105201461.
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The paper presents an ARMA-DCC-GARCH model used for a quantitative analysis of dynamic linkages between 26 stock markets in three regions (Americas, Europe and Asia) over the period from 1995 to 2012. Dynamic conditional correlations between the international equity markets were tested to reveal contagion effects and its origins. It was found that the US market spreads shocks to the majority of international stock markets during the Dotcom crisis of 2000-2002 and the Financial Crisis of 2007-2009. The German, French and British markets are also proved to be contagion originators during the Financial Crisis of 2007-2009 and Eurozone Crisis of 2010-2012. The authors provide evidence that, the German and French markets transmitted a positive effect from euro currency adoption in 2002 through Europe. Concerning the linkages in Eastern and Northern European region Russia is found to be a source of contagion for the neighboring countries in time of Russian stock market index (RTSI) fall in 2008 and Banking Crisis in 2004, whereas Poland with the second biggest equity market capitalization affected much fewer countries in the area during the Financial Crisis of 2007-2009. Poland’s entry into European Union in May 2004 had no impact on interrelationships between Polish and the other stock markets.
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Kubacki, Dominik. "INFORMATIONAL EFFICIENCY COMPARISON OF THE FINANCIAL MARKETS IN SELECTED COUNTRIES OF THE EUROPEAN UNION." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 86 (2017): 123–34. http://dx.doi.org/10.18276/frfu.2017.86-10.
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Andrieș, Alin, Nicu Marcu, Florin Oprea, and Mihaela Tofan. "Financial Infrastructure and Access to Finance for European SMEs." Sustainability 10, no. 10 (September 25, 2018): 3400. http://dx.doi.org/10.3390/su10103400.
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In this article we assess credit rationing across European countries by analyzing the impact of banking competition on the access to finance of firms. The importance of the financial sector in promoting the sustainable economy is recognized by the European Union, that has taken the lead in efforts to build a financial system that supports sustainable growth. However, it should be acknowledged that in highly competitive business environments, it is not easy to challenge the existing paradigms, since companies need to be profitable in addition to improving their environmental performance. Using data from European firms Survey on the Access to Finance of small- and medium-sized enterprises (SMEs), our results, using Probit regression, support the Market Power Hypothesis, outlining that more concentrated banking markets are characterized by higher levels of credit rationing. Also, our results reveal that small firms are more credit rationed compared to large firms. The analysis shows that financial constraints are stronger in the countries more affected by the financial crisis.
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Callao, Susana, José I. Jarne, and David Wroblewski. "Do the burst of financial crisis and European Union membership impact Earnings Management. Evidence from emerging Eastern European countries." Journal of East European Management Studies 25, no. 4 (2020): 608–47. http://dx.doi.org/10.5771/0949-6181-2020-4-608.
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The paper studies earnings management in developing European countries. We investigated if membership in the European Union and the recent global financial crisis affected the decisions of managers in Eastern European countries to engage in earnings management. By analyzing a sample of 4,627 firms from four developing Eastern European countries (the Czech Republic, Poland, Hungary, and Slovakia) over the period of 2002-2009, our findings suggest there was a decrease in earnings management over the period leading up to the accession of these countries to the European Union. Additionally, we found that there was an increase in earnings management after the burst of the financial crisis. The results contribute to the debate in the accounting literature regarding the variations in earnings management related to the changes in environmental factors influencing companies. These results have several implications for standard setters and regulators; in particular, companies’ incentives are strongly influenced by the general conditions and circumstance of their home countries. Additionally, the study explores the still unexplored developing markets of Eastern European countries.
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Furåker, Bengt. "European trade union cooperation, union density and employee attitudes to unions." Transfer: European Review of Labour and Research 26, no. 3 (July 9, 2020): 345–58. http://dx.doi.org/10.1177/1024258920933118.
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European trade unions have much to gain from cooperating with each other. Such cooperation does exist, but it is still fairly limited and many obstacles need to be overcome if cooperation is to be improved. According to our survey data, higher-level union officials regard differences concerning financial resources and national labour market regulations to be particularly substantial barriers to cooperation. The enormously varying union density across Europe, and its general decrease, also creates barriers. Therefore, employee attitudes to unions are examined using data from the International Social Survey Programme. As expected, union members tend to be more positive about trade unions than non-members. The most interesting finding, however, is that employees in some countries with low union density exhibit fairly positive views or at least views that are not less positive than what we find among employees in many countries with higher density rates. This suggests that there is potential for recruiting members.
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Christner, Ron. "An Evaluation Of The Prospects For The Euro Currency In 2012-2013." International Business & Economics Research Journal (IBER) 11, no. 9 (August 17, 2012): 1051. http://dx.doi.org/10.19030/iber.v11i9.7188.
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The 2008 global Financial Crisis and the subsequent relative collapse of the financial and economic markets, including the government bond markets, in Greece, Ireland, and Portugal as well as economic weakness in other Western European economies have called into question the viability, going forward, of the Euro Currency. The so called PIIGS countries of Portugal, Ireland, Italy, Greece, and Spain are thought to be financially vulnerable because of high levels of government spending and resulting deficit levels and inefficient labor markets and tax collection policies among other factors. Those five countries, along with the stronger economies of France and Germany, comprise 7 of the 17 countries in the Eurocurrency Union. Any weakness in the 5 country group can have a contagion effect on the rest and if the recent financial bailouts by the IMF and the European Central Bank in Greece, Portugal and Ireland are not effective then there is a real danger that one of more of the GIP (Greece, Ireland and Spain) countries may have to abandon or be forced to abandon the Euro. Because there is no provision for a country leaving the Eurocurrency Union this is uncharted territory and could lead to the weakening or even demise of the Euro depending upon circumstances. The fact that there are also significant financial linkages and related default risk connecting the five countries to the sounder economies of Germany and France increases the risks. This paper will evaluate the likelihood that the Eurocurrency will be substantially weakened or abandoned over the next 18 months. The evaluation will be highly dependent upon the forecasts for the 5 countries economic prospects, especially the very large economies of Italy and Spain as well as the likely responses of Germany and France to future default like events in the five countries. Metrics utilized will include the trend in economic indicators like long term government bond yields, deficit spending, tax collections, economic growth, and financial linkages and dependence among the seven countries. European Central Bank data and information from related sources like the IMF will be utilized.
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Dovhan, Zhanna, and Igor Kravchuk. "MODERN TRENDS OF PRIVATE PENSION INSTITUTIONS DEVELOPMENT IN THE EUROPEAN UNION." Economic Analysis, no. 27(4) (2017): 124–32. http://dx.doi.org/10.35774/econa2017.04.124.
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Introduction. Current demographic trends and social and economic models initiate the challenges regarding the possibility of adequate pension provision of the population in many European countries. International organizations forecasts confirm the need to diversify the sources of pension benefits to the population by accelerating the development of private pension institutions. At the same time effective regulation environment of pension assets management should be provided. It must be done because of their important social value and interrelationship with financial markets, in particular in the aspect of their stable functioning. Purpose. The article aims to identify the key elements of the financial institutions functioning regarding pension assets managing in the European market. They can be determinants of the intensification of regulation modernization of private pension sector in terms of social and financial stability. Method (methodology). Structural and dynamics and correlation analysis of the private pension institutions activities in the European financial market have been considered in this research. Results. The features of EU private pension systems modern trends have been determined. They indicate an increase in financial fragility (in some countries) through the predominance of structures with a defined benefit among occupational pension programs. They also show a growth of share of more risky investments in the instruments of collective investment institutions in the structure of pension investment portfolios, high concentration of cross-border pension assets, sensitivity to cross-border contagion, taking into consideration the low values of home bias and the strategies homogeneity. Low levels of private pension programs coverage of the population, as well as a minor role in the economy (the ratio of pension assets to GDP) in many EU countries demonstrate the feasibility of stimulation the financial industry development. The key characteristics determine the necessity of development of prudential regulations (reduction of pension systems fragility), and stimulation regulations (standards implementation for the development of pan-European personal pension products, which will be standardized by main characteristics).
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Conac, Pierre-Henri. "The International Organisation of Securities Commissions (IOSCO), Europe, Brexit, and Rethinking Cross-border Regulation: A Call for a World Finance Organisation." European Company and Financial Law Review 17, no. 1 (March 5, 2020): 72–98. http://dx.doi.org/10.1515/ecfr-2020-0005.
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The need to promote cross-border regulation and cooperation between supervisors of financial markets has become acute ten years after the 2008 global financial crisis. This is due to a rise in extra-territorial legislation and cross-border access to foreign markets conditioned on “equivalence” and “deference” among jurisdictions. Brexit has made the issue more critical in Europe because the United Kingdom will rely on “equivalence” decisions on many aspects of its future cross-border financial relationships with the European Union. Equivalence decisions by the European Commission are based on a technical assessment but also include a political dimension which can punish or reward the other party. It is not just a European issue since the financial world will be more connected in the next twenty years and will need to rely even more on cross-border cooperation and equivalence. In addition, the amount of bilateral equivalence assessments and decisions could very quickly become unmanageable with dozens of jurisdictions dealing with hundreds of various regimes. The global financial architecture needs to be adapted, market fragmentation to be pre-empted, and international standards to become more granular. The International Organisation of Securities Commission (IOSCO), made up of all securities supervisors in the world, should play a leading role in cross-border regulation and deference. It is the interest of many Europeans countries, and not just the European Union, to be the driving force to strengthen IOSCO so that a more rule-based and cooperative system can prevail and prevent future market fragmentation. For this goal to be achieved, IOSCO should become a new treaty-based World Finance Organisation.
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Tennyson, Sharon. "Can Regulation Improve Financial Information and Advice?" International Review of Financial Consumers 1, No. 1 Oct 2016 (October 1, 2015): 1–8. http://dx.doi.org/10.36544/irfc.2016.1.1-1.
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Many governments are considering strengthening regulations for financial advisors. New regulations have been enacted in a number of countries, including the United Kingdom, Australia, the Netherlands, Singapore, and United States. Many other countries, including Canada and the European Union as a whole, are actively considering new regulations. Interest in these policies reflects both the disappointing progress on improving consumers’ financial literacy, and the recognition of significant conflicts of interest in these markets. This article discusses rationales for regulatory reform and considers various approaches to reform.
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Stoian, Andreea, and Delia Tatu-Cornea. "What do European stock markets prefer? Left or right governments?" Managerial Finance 41, no. 10 (October 12, 2015): 1096–111. http://dx.doi.org/10.1108/mf-09-2014-0239.
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Purpose – The purpose of this paper is to examine the influence of the political partisanship of government in charges of returns on the European stock markets. The authors found a large body of research investigating this issue for the case of US stock market but less evidence for the European stock markets. Design/methodology/approach – The authors employ a panel data model with fixed-effects and an additional dynamic panel model using the bias-corrected LSDV estimator on a data set consisting of monthly and quarterly data. The data range from 2000 to 2010 and cover 20 European Union (EU) countries. The authors test several hypotheses, and run distinct regressions using political, financial, and economic variables. The authors also divide the data set into two sub-samples in order to reveal the distinctions between advanced and emerging economies in the EU. Findings – The authors find that stock markets perform better under right-wing administrations. The result is consistent for the advanced EU economies, but the authors found no robust evidence in that sense for emerging countries. Additionally, the authors show that European stock market preferences for right/left-wing administrations is not necessarily related to the beliefs about the size of unemployment, inflation, deficit, and/or debt, which opens the field for further research in this area. Originality/value – The study contributes to existing knowledge. It examines if Wall Street folklore, asserting for many decades that stock markets perform better under right-wing governments, also holds for European stock markets given the distinctions in the political and financial systems between USA and Europe. Moreover, the authors underline the introduction in the analysis of the Central and Eastern European countries.
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Urbankova, Erika, and David Krizek. "Homogeneity of Determinants in the Financial Sector and Investment in EU Countries." Economies 8, no. 1 (February 17, 2020): 14. http://dx.doi.org/10.3390/economies8010014.
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This paper evaluates the homogeneity of the financial markets in European Union (EU) countries and the impact of determinants of the financial sector in individual EU countries on the investment by economic entities in the given countries. The objective of the paper is to evaluate the homogeneity of financial sectors in EU countries in terms of individual indicators. The paper also evaluates the interdependence between the loan amount (debt and liabilities of the financial sector) on one side and the selected investments on the other. This paper uses the statistical method of correlation analysis to determine the strength and closeness of dependence among indicators, and the multidimensional statistical method of cluster analysis to determine the homogeneity among the individual countries. The results show that, in terms of financial markets, there is still a difference between developed countries in terms of Gross Domestic Product and the rest of the EU Member States. However, in the case of investment activity that is no longer. Partial integration therefore takes place within the EU, in terms of financial markets.
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Flotyński, Marcin Jan. "Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014." Przegląd Europejski, no. 2-2016 (October 23, 2016): 26–46. http://dx.doi.org/10.31338/1641-2478pe.2.16.2.
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The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.
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Proksová, Denisa, and Mária Bohdalová. "Bond Yield Spreads in the Eurozone." Annals of the Alexandru Ioan Cuza University - Economics 62, no. 2 (July 1, 2015): 222–40. http://dx.doi.org/10.1515/aicue-2015-0015.
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Abstract Euro Area sovereign bond yield spreads fell significantly after the creation of the monetary union and moved in unison until the recession of 2008, when investors’ risk pricing changed considerably. Rising bond yield spreads caught the attention of economists who tried to find the factors influencing their size. Evolution of bond spreads was mostly related to various macroeconomic factors as well as the soundness of the countries’ banking sectors and a general level of risk aversion in the financial markets. Analysis presented in this paper compares bond yield spreads of Euro Area member countries and relates them to their debt levels as well as the liquidity of the securities and a general level of risk aversion. Apart from the usual variables, we also analysed differences in purchasing power to assess the impact of the common monetary policy in the pre-crisis period. After adjusting the model to better explain movements of linear regression residuals, we could not prove a systematic assessment of the above-mentioned factors except for time periods of high market volatility. We explain sudden changes in the importance of idiosyncratic factors as consequences of policies of the European Central Bank and other European Union institutions following such time periods, which, as our analysis suggests, distorted pricing of risk in the markets.
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Li, Haolan, Tiancheng He, Xihong Liao, and Weizhen Tong. "China’s Green Bond Market: Structural Characteristics, Formation Factors, and Development Suggestions—Based on the Comparison of the Chinese and the US Green Bond Markets Structure." International Journal of Antennas and Propagation 2022 (October 4, 2022): 1–15. http://dx.doi.org/10.1155/2022/1890029.
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Since 2012, green bond markets have boomed worldwide, particularly in the European Union, the United States, and China. Under this background, the researchers use the methods of literature research, qualitative analysis, and descriptive research to compare the structure of Chinese and American green bond markets and analyze their differences from the perspective of historical evolution, issuance standards, and market operation characteristics. The researchers believe that China’s bank-oriented financial structure and America’s market-oriented financial structure are the main reasons for the difference between the two countries. The researchers then discuss the strengths and weaknesses of China’s green bond market and conclude that the advantages of China’s green bond market structure lie in low risk and close relationships between banks and enterprises, while the disadvantages lie in low financial efficiency and give relevant suggestions. This article makes up for the lack of cross-country comparison in the existing research on the green bond market and provides a qualitative research perspective. The suggestions put forward have specific policy significance for developing the green bond market in China and other developing countries.
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Barbu, Teodora Cristina, and Iustina Alina Boitan. "FINANCIAL SYSTEM PERFORMANCE IN EUROPEAN UNION COUNTRIES: DO COUNTRY’S GOVERNANCE INDICATORS MATTER?" Journal of Business Economics and Management 21, no. 6 (October 12, 2020): 1646–64. http://dx.doi.org/10.3846/jbem.2020.13633.
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The study analyses the impact of country’s governance factors on the financial behaviour and performance of financial intermediaries operating in European Union countries, by covering the period 2000–2017. Empirical evidence provided by the paper relies on a set of financial and political factors that has not been previously studied. Four indicators are jointly used as proxies for capturing the various dimensions of a country’s good governance, while 21 financial indicators represent the alternative dependent variables meant to comprehensively depict the banking sector and capital market development. Each panel regression has been controlled for country’s degree of economic development and its membership to OECD and euro-zone. The findings indicated that various dimensions of political factor caused different effects on financial sector features. Control of corruption, solid political and economic stability determine significant effects on most financial variables considered (almost two-thirds of the financial indicators considered). Even after controlling for the lagged effect of governance factors the main results hold, in that monitoring corruption, maintaining political stability and designing sound economic policies still have an impact on most financial indicators considered. Another interesting conclusion supported by the results is that not all political instability indicators are detrimental for banking and stock market functioning.
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Zaher, Heba F., and László Buics. "The impact of financial globalisation on stock market volatility in European Union countries." Hungarian Statistical Review 5, no. 1 (2022): 109–22. http://dx.doi.org/10.35618/hsr2022.01.en109.
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This study examines the impact of financial globalisation on stock market volatility in 24 countries, based on yearly observations from 1993 to 2019. Previous research shows that growing global financial linkages are decreasing countries’ stock market volatility. The financial globalisation composite index consists of two indices. The first is the de facto index, which measures the actual activities and flows between a country and other parts of the world, and the second is the de jure index, which expresses the conditions and policies that enable these activities and flows. According to the authors’ results, the de facto index has no significant effect on countries’ stock market volatility, while there is a significant negative relationship between the de jure index and stock market volatility, underlining the importance of policies and conditions conducive to financial globalisation.
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Tang, Donny. "Determinants of the Current Account Balances among Central and Eastern European Countries in the European Union." European Review 27, no. 02 (February 14, 2019): 220–45. http://dx.doi.org/10.1017/s1062798718000765.
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This study examines whether the financial market development and integration have affected the current account balances in the European Union (EU) countries in Central and Eastern Europe (CEE) during 1996–2015. First, the results suggest that the higher bank credit flows have resulted in the current account deficits especially after EU accession. The larger pool of bank lending flows due to the foreign mergers and acquisitions has helped finance domestic investment. This has led to the larger current account deficits. Second, the results indicate that the larger stock market size due to EU accession has caused current account surpluses rather than deficits. This contradicts the findings of previous studies, which find that higher financial market development leads to current account deficit. Finally, the result confirms that financial integration has facilitated higher current account deficits. The European Monetary Union has eliminated the regulatory restrictions on cross-border capital flows. The increase in foreign capital inflows has helped finance the growing local consumption and investment needs, which has made the CEE countries run the larger current account deficits.
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Burghof, Hans-Peter, and Marcel Gehrung. "One Market to Rule Them All: How Financial Integration Influenced Inequality in the European Union." CESifo Economic Studies 68, no. 1 (December 20, 2021): 73–97. http://dx.doi.org/10.1093/cesifo/ifab012.
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Abstract Financial integration is seen as a major driver of economic growth and wealth. Its effects on income inequality have been analyzed for the bank branch deregulation in the USA and foreign bank entry in India. Another prominent example of financial integration and liberalization, so far, has been ignored: the introduction and progression of the European Single Market. By using a difference-in-difference design, we investigate the effects of the Single Banking License introduced in 1993 on economic growth and several inequality measures. This directive abolished any cross-country restrictions on banks in EU Member States and allowed them to freely branch into other Member States. This constitutes a fundamental change in the competitive environment of financial markets. We show that the European Single Financial Market positively influenced economic growth across a variety of subsamples of EU Member States. The effects on income inequality indicate that inequality across states was reduced. Additional regressions with the unemployment rate and top and bottom 20% income shares support this finding and show a reduction of unemployment in previously less developed countries accompanied by an increase in the bottom income shares across all Member States. (JEL codes: D63, E44, G21 and O11).
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De Arriba-Sellier, Nathan. "The Brexit Reform of European Financial Supervision: Lost in Transition?" European Business Law Review 30, Issue 4 (July 1, 2019): 695–719. http://dx.doi.org/10.54648/eulr2019029.
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This article reviews the impact of Brexit on the European System of Financial Supervision (ESFS) and claims that the withdrawal of the United Kingdom will lead to more centralisation of supervision at EU level and a tightening of the supervision over third countries’ markets actors. This conclusion is based on a study of both the European authorities’ activism and the amendments recently adopted by EU legislators to reform the functioning of European financial supervision. Brexit has highlighted the extent of the remaining gaps in European financial supervision, which are partly due to the role that the UK played in designing European financial supervision. The reform is also geared towards mitigating the “costs” for the European economy incurred by Brexit. By analysing these developments, this contribution argues that Brexit has been seized by the European Union as an opportunity to significantly strengthen European financial supervision.
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Ermolaev, S. S., T. I. Galiev, and A. G. Glebova. "Features of modern electronic trading in international financial markets." E-Management 5, no. 3 (September 27, 2022): 90–97. http://dx.doi.org/10.26425/2658-3445-2022-5-3-90-97.
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The subject of research is the Internet trading in the American and European financial markets for individuals from the Russian Federation. The relevance of the topic is due to the huge influx of Russian private investors into the global financial market over the past few years, caused by the simplification of the process of opening brokerage accounts, automation of taxation, the possibility of trading via web terminals, as well as significantly changed conditions of online trading in 2022. The whole work is the development of a report on investing in the financial markets of the United States of America and the European Union for citizens of the Russian Federation. The study was conducted using the methods of systematization, grouping and comparison, with their help, analysis and generalization of the results obtained were carried out, conclusions were drawn. It has been established that in the current geopolitical situation and the restrictive measures taken by many multinational banks and companies, private investors of Russian origin have risks of freezing their own assets on brokerage accounts, which can be reduced by opening a brokerage account in companies registered in the territory of countries friendly to the Russian Federation. The article suggests two least risky options for investing in securities of issuers from Europe and USA.
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Kasyanov, Rustam A. "The EU Experience as a Model for the Development of a Single Financial Market Regulation in the Eurasian Economic Union (EAEU)." European Company and Financial Law Review 16, no. 5 (October 9, 2019): 592–621. http://dx.doi.org/10.1515/ecfr-2019-0021.
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Five countries became members of the Eurasian Economic Union – an international organization of regional economic integration. The Republic of Kazakhstan, the Russian Federation, and the Republic of Belarus signed the international Treaty in the city of Astana, Kazakhstan on May 29, 2014. The Republic of Armenia and the Kyrgyz Republic acceded to the Treaty later. Harmonized regulation of financial markets should be one of the initial areas of cooperation, with the aims of creating a single financial services market within the EAEU and ensuring non-discriminatory access to the national financial markets of each of the member states. The EAEU member states have already entered into the initial stage of developing the Eurasian common market in financial services. A considerable part of the work should be carried out by a supranational financial market regulation body, which is to be established by 2025 according to the EAEU Treaty. Such financial integration in the EAEU has only been in progress for a limited time period and many of the key steps are yet to be done. The existing national-markets development level is highly non-homogeneous and is in need of further development. In such circumstances, a relevant question related to the study of foreign experience arises. European Union started to form its single financial services market in 1973, and since then it has gained certain experience in financial markets integration. This research paper is dedicated to the issue of necessity and possibility of using the EU experience in the course of the EAEU Single market development. The issue will be addressed in terms of political, legal, academic, and practical aspects. The article is of a general, theoretical legal character, which is why emphasis will be placed on legal and doctrinal questions. Special attention will be paid to an analysis of the Eurasian Economic Union Treaty and its Protocols. The work will be based on the academic research and opinions of Russian and foreign authors.
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Özdeşer, Hüseyin. "Analysis of the Economic Impacts of the Euro, the Efficiency of the Euro in the Optimum Currency Area, and the Place of the Euro in Global Economics." European Review 28, no. 2 (January 7, 2020): 258–75. http://dx.doi.org/10.1017/s1062798719000449.
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The introduction of the euro has led to three dominant currencies in the financial markets, namely the euro, dollar and yen. The use of the euro as the single currency is a key element for economic and political unification in the EU (European Union). While some of the criteria for achieving monetary integration between the European Monetary Union (EMU) member countries in the euro area have been satisfied, some problems still remain. As the euro is not the currency of a single country like the dollar, the dollar still retains its dominant position in the international markets. After the Brexit referendum, apprehension regarding the collapse of the EU has reached a peak. Originally introduced in 12 EU member countries, and since extended to 19, the euro may potentially embrace 27 member countries. In this study, the economic impacts of the euro on the per capita income, inflation rate and foreign direct investment are analysed. The analysis will be performed on three countries participating in the EMU, namely, Germany, France and Italy.
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Posner, Elliot. "Sources of Institutional Change: The Supranational Origins of Europe's New Stock Markets." World Politics 58, no. 1 (October 2005): 1–40. http://dx.doi.org/10.1353/wp.2006.0021.
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The article explains a curious turn in European political economies. Between 1995 and 2005 national financial elites in twelve Western European countries created almost twenty competing new stock markets designed to improve financing alternatives for entrepreneurial companies. For a region supposedly averse to risk and U.S.-style capitalism, it is surprising that most of the new markets were modeled on the U.S.-based Nasdaq Stock Market, an iconic American institution. The author's structured comparisons of the new markets to one another, to previous ones, and to proposals that never saw the light of day reveal that the primary causes behind the creation, form, and timing of Europe's new markets lie in the political skills, motivations, and actions of supranational European Union bureaucrats. Challenging leading social science explanations for the cross-border convergence of domestic institutions, these findings show that the accumulated effects of day-to-day action by these supranational bureaucrats are potential causes of institutional innovation. The argument adds to a growing body of detailed empirical research on the domestic and global impact of the European regional polity and contributes to scholarly debates about market formation.
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Pishchik, V. Ya. "Institutional Mechanisms for Regulating External Imbalances in the European Economic and Monetary Union." Economics, taxes & law 11, no. 6 (December 26, 2018): 131–42. http://dx.doi.org/10.26794/1999-849x-2018-11-6-131-142.
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The relevance of the research is driven by the need to reveal modern factors and specifics of structural financial imbalances typical for regional integrated associations by an example of the European Union and to assess new mechanisms for regulation of disparities and investment cooperation development in a region. The subject of the research is the factors, trends and consequences of the division of EU countries into creditors and debtors by parameters of external debt financing; structure and directions of cross-border financial flows; and net international investment position based on the analysis of statistics related to types, structure and scale of external imbalances in the euro area as well as to methods and institutional mechanisms for their regulation. The purposes of the research were to reveal the acuteness of external imbalances in the countries of the European Economic and Monetary Union (EMU) in the financial sphere as a factor of macroeconomic destabilization in the region and systematize measures for strengthening and development of various institutional mechanisms to level off the remaining structural imbalances and expand the channels of investment in the real economy as part of the project to create a sustainable renovated EMU in the period until 2025 It is concluded that new more developed forms of regional financial integration, including the creation of the Banking Union and the Union of Capital Markets, the European Monetary Fund and the European Fund for Strategic Investment, are strategically important as effective institutions for regulation of external financing imbalances and support of investment in the economic development.
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Bindseil, Ulrich, and Wolfgang Modery. "Ansteckungsgefahren im Eurogebiet und die Rettungsmaßnahmen des Frühling 2010." Perspektiven der Wirtschaftspolitik 12, no. 3 (August 2011): 215–41. http://dx.doi.org/10.1111/j.1468-2516.2011.00369.x.
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AbstractA large number of German economists have spoken out against the package of aid measures provided by the Member States of the European Union and the International Monetary Fund (IMF) for the countries within the euro area that have been facing severe financial difficulties. This includes in particular the opinion of 189 German economists on the EU debt crisis (see the plenum of German economists, 2011) and the study of the Scientific Advisory Board of the Federal Ministry of Economics and Technology of January 2011. Above all many German economists question whether those measures were necessary in order to prevent the emergence of contagion risks and domino effects within the European monetary union following a restructuring in one of the euro area countries. This paper illustrates the main channels of possible contagion. It emphasises how important it is, especially given the current crisis situation, to maintain the confidence of international investors in the willingness of euro area countries to honour their debt. In this respect, contract compliance on the part of highly-indebted national governments towards their creditors is essential. By contrast, if in the case of Greece for example financial market participants were to perceive a debt restructuring as a viable and politically acceptabelle option in case financial problems emerge in individual euro area countries, access to the capital markets will be harmed for the majority of these countries for many years to come.
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Pietryka, Ilona. "The process of nominal and real convergence under the conditions of monetary integration." Equilibrium 3, no. 2 (December 31, 2009): 51–66. http://dx.doi.org/10.12775/equil.2009.020.
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The creation of the Economic and Monetary Union is the next stage of monetary integration. Due to differentiation between Member States of the European Union, expenses and profits of participation in Eurosystem are not spread similarly. The first part of this paper reviews the fulfillment of nominal Maastricht criteria (stability of public finances, prices, exchange rate and interest rates). The second part presents the state of real convergence between countries either belonging to or aspiring to European Economic and Monetary Union (flexibility of prices and salaries, mobility of means of production, integration of financial markets, openness of economy, diversification of production and consumption and similarity of economic disorders). Analyses are based on available statistical data and scientific research.
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Borlea, Sorin Nicolae, Codruta Mare, Monica Violeta Achim, and Adriana Puscas. "Direction of Causality Between Financial Development and Economic Growth. Evidence for Developing Countries." Studia Universitatis „Vasile Goldis” Arad – Economics Series 26, no. 2 (June 1, 2016): 1–22. http://dx.doi.org/10.1515/sues-2016-0006.
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Abstract The results of extensive studies that analyzed the existence and meaning of correlations between the economic growth and the financial market development lead us to a more thorough study of these correlations. Therefore, we performed a broad study of the developing countries from around the world (the developing part of each region constructed by the World Bank through its Statistics Bureau). The regions taken into analysis were: Europe and Central Asia, South Asia, East Asia and the Pacific, the Arab world, Latin America & and the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa. For comparison purposes, we have also included in the sample the North American countries, the Euro Area and the European Union as a whole, because these last three areas are the main benchmarks of the financial markets. The results are consistent with those from previous studies on the subject and vary depending on region and financial indicator considered.
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Vuković, Ivan. "Development of European Union and joining perspective of Croatia." Tourism and hospitality management 13, no. 2 (June 2007): 507–14. http://dx.doi.org/10.20867/thm.13.2.7.
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In this paper we researched European Union starting with the Agreement from Maastrich from year 1992, even though the European Union has a long traditional history and its origin is founded on regulations of economical integrations in Europe beginning from the 1950’s through the Roman treaty from year 1957 and the forming of the European Union Committee in year 1965. Further we follow her expansion and introduction of the European economic and monetary policy, to last, the joining perspective of Croatia. According to the Agreement from Maastrich, European Union lies on three posts: 1) Legal-political and regulative post, 2) Economical post, where the forming of European economical and monetary policy is in the first plan, especially the introducing of Euro as the unique European currency, 3) Post of Mutual foreign security policy within European Union. In that context we need to highlight the research conducted here and in European Union, including the world, regarding development of European Union and its economical, legal, political and cultural, as well as foreign diplomatic results, which are all perspectives of European Union. All the scientists and researches which were involved in exploring the development of EU with its modern tendencies and development perspective, agree that extraordinary results are achieved regards to economical, legal, political, foreign-security and diplomatic views, even tough many repercussions exist in progress of some particular members and within the EU as a whole. The biggest controversy arises in the perspective and expanding of European Union regarding ratification of the Constitution of EU from particular country members, but especially after the referendum was refused from two European countries, France and Netherlands. According to some estimates, the Constitution of EU would have difficulty to be adopted in Switzerland and some other Scandinavian countries, but also in Great Britain and other very developed countries. However the European Community and European Union were developing and expanding towards third European countries, regardless of Constitutional non-existence, where we can assume that if and when the Constitution of EU will be ratified, the EU will further develop as one of the most modern communities. This will enable economical development, especially development of European business, unique European market and free trade of goods and services, market of financial capital and labour market in free movement of labour. Being that EU has become one of the most largest dominating markets in the world, it offers a possibility to all new members to divide labour by using modern knowledge and high technology which insure economical, social and political prosperity. This results to forming a society of European countries which will guarantee all rights and freedom of development for all nations and ethnic groups. As well as, all European countries with somewhat less sovereignty, but in international relations will be stronger and significant, not only in sense of economics, but also in politics and military diplomatic relations. Therefore, Croatia has no choice and perspective if she does not join the European Union till year 2010, but until than it needs to create its strategy of economical and scientific-technological development, including demographic development, which will insure equal progress of Croatia as an equal member of European Union.
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Khrifech, Dhouha, Walid Khoufi, and Ahmed Ghorbel. "Web based financial disclosure in European con-text: European transparency directive analysis." International Journal of Accounting and Economics Studies 6, no. 1 (December 22, 2017): 11. http://dx.doi.org/10.14419/ijaes.v6i1.8631.
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This study aims to explain the relationship between firm specific characteristics and the corporate Web based disclosure level in European Union countries. European companies should apply the transparency directive requirements, which clarifies principal component of corporate Websites content. We analyze the Websites content of 197 listed groups on capital market of six European countries: Germany, Spain, French, Italy, Netherlands and UK.Web disclosure level, endogenous variable, is measured by disclosure index. It includes four dimensions: content, timeliness, technology and user supports.Our findings show that profitability, concentration ownership, information technology (IT) sector and Big 4 affect significantly Web disclosure index. We conclude that IT sector determining factor of Web financial disclosure in Europe.
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Magone, José M. "The Dissension over the Logic of European Cohesion Policy. The Core-Periphery Divide and the Impact on European Integration." Europa XXI 38 (2020): 97–117. http://dx.doi.org/10.7163/eu21.2020.38.6.
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This article seeks to trace the growing dissension over the logic of European cohesion policy. Two perspectives are fighting for dominance, the European and the national. Only the European Commission and the European Parliament are actively promoting the European logic, which has gained ground over time through the overarching strategization (or Lisbonization) of European policies. In contrast, the memberstates subscribe to a national logic concerning European cohesion policy. This outlook is particularly notable among the ‘friends of cohesion policy’, a group that includes the southern, central, and eastern European countries. The funding allocated through the EU is applied in individual national markets, not in the single European market. In this regard, the concept of European cohesion policy to adjust national markets towards the European level has been sidelined by the national logic. This contribution attempts to reconstruct the dispute over the purpose of European cohesion policy since the reform of structural funds in 1988, focusing primarily on the latest rounds of negotiations over the multiannual financial framework (in which cohesion policy funds are a central issue) and the emerging conflict between the core and the periphery in the political economy of the European Union. If the European logic regarding the single European market’s construction does not prevail, European integration will stagnate or even reverse, and national compartmentalization of cohesion policy may become the dominant spatial model in Europe.
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Silva, Célia Taborda. "Protests in Europe in Times of Crisis -The Case of Greece, Ireland and Portugal." European Journal of Social Sciences 5, no. 2 (October 1, 2022): 97–109. http://dx.doi.org/10.2478/eujss-2022-0019.
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Abstract The year 2008 was marked by a financial crisis that started in the United States but quickly spread to the rest of the world. Subprime-related, this crisis was linked to property speculation, leveraged by the banking sector. This crisis quickly spread to Europe due to exposure of European economies to international markets. To avoid economic collapse the States decided to intervene in the banking sector, nationalizing some banks and injecting capital in others. Some European countries not to enter bankruptcy had to ask for external financial support between 2010-11, was the case of Greece, Ireland and Portugal. The aid granted by the Troika (European Union, European Central Bank, International Monetary Fund) to European countries referenced advocated a drastic austerity plan. Faced with such a scenario of crisis, austerity, unemployment and precariousness, Europeans came to the streets to demonstrate their discontent with the crisis but also with politicians and policies implemented to solve the economic problems. Throughout Europe there were large protests, especially in the countries that received international aid. From a corpus taken from newspapers and from a theoretical framework of social movements we intend to verify if there was a direct relationship between crisis and contestation in the three countries that had external aid and if this crisis returned the centrality to materials on European social movements.
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Rehman, Scheherazade. "The Future of the European Union." Global Economy Journal 15, no. 2 (July 2015): 213–30. http://dx.doi.org/10.1515/gej-2015-0028.
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The European Union (EU) currently comprised of 28 countries is heralded as the single most ambitious voluntary supra-national economic, trade and monetary arrangement in recent modern history. The initial impetus of this arrangement began in 1951 with The Coal and Steel Union amongst Germany, France, Belgium, Luxemburg, Netherlands, and Italy and it continues to evolve today. The most ambitious part of this arrangement is the economic and monetary union (EMU) of 19 EU members countries called the Eurozone. This grand experiment has recently faced its biggest stress test with a double dip recession – the 2008 global financial crisis and the 2010+ European sovereign debt crisis. While many experts focused on the lack of fiscal union to resolve the Eurozone’s current problems, the issues are more complex. Systemic risk in Eurozone originates in part from three principal areas: political issues, lack of a fiscal discipline enforcement mechanism, and market failure.
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Blahun, Ivan S., and Yulian R. Nadvirnianskyi. "Applying the Gravity Models for the Analysis of Trade between Ukraine and the European Union." Business Inform 12, no. 539 (2022): 140–45. http://dx.doi.org/10.32983/2222-4459-2022-12-140-145.
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This article presents the application of gravitation models in bilateral trade in agricultural products such as wheat, corn and barley between Ukraine and the European Union. The power of influence of factors related to the process of globalization on the volume of trade flows of agricultural products between countries is shown. These determinants were considered as an alternative to the physical distance between countries in the equation of gravity proposed by Jan Tinbergen. Trade relations between the EU and Ukraine are of interest in influencing the functioning of the entire sector of the economy. The weight of these ties is especially important if we take into account such sensitive markets as, e. g., market of agricultural products. In this case, trade and its results are affected by complex agricultural policies, including diversified support instruments or rules applicable in the EU and in Ukraine. Disparities in the scale of financial support for individual markets and their impact on the level of domestic prices have led to a diversification of the impact on trade turnover. This phenomenon also explains the lack of mutual attractiveness of economies in terms of trade flows. In the traditional gravitation model, the value of trade between any two countries is proportional (all other things being equal) to the GDP gain of these countries and inversely proportional to the distance separating them. In today’s global economy, physical distance between countries is no longer such a significant brake on international trade, and thus the distance in the gravitation model can be understood as the degree of similarity between economies trading with each other.
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Prokopowicz, Dariusz. "THE IMPORTANCE OF ECONOMIC GLOBALIZATION IN THE CONTEXT OF THE DEVELOPMENT OF THE FINANCIAL SYSTEM IN POLAND." International Journal of New Economics and Social Sciences 4, no. 2 (December 30, 2016): 7–17. http://dx.doi.org/10.5604/01.3001.0010.3862.
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At the beginning of the 90s of the last century in connection with the ongoing process of the transformation and marketization of the economy observed in Poland growing importance of globalization processes executing within the scope of this multifaceted socio-economic and cultural unification of standards of existence of citizens. With adjusting to the time urynkawianiem and systemic transformation of the Polish economy were related to the processes of global integration of financial markets and the development of ICT. Operating in Poland for more than a quarter of the market financial system and the banking sector is among the most globalized and computerized sectors of the economy. This process was intensified Polish accession to the European Union in 2004. Zglobalizowania a wide range of financial markets in Poland was shown during the recent financial crisis 2008 years. Currently, it is assumed that the process of globalization of financial markets and the banking system in Poland is, first of all such determinants as administrative and supervisory functions of central banking and supervisory bodies in the financial system and adjusting norms of law to the standards of Western developed countries including the regulations, recommendations and EU recommendations.
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Edirisuriya, Piyadasa. "Financial market integration and co-movements among the growth rates: Evidence from South Asian countries." Corporate Ownership and Control 8, no. 2 (2011): 203–16. http://dx.doi.org/10.22495/cocv8i2c1p5.
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Since the 1980s, South Asian countries have been implementing financial market deregulation policies continuously. Although the process of deregulations has been slow, many countries in the region are heading toward a more integrated market despite current global turmoil. Financial market integration in South Asia could have synchronised economic activities of the countries in the region due to the impact of consolidation. This suggests that when the region’s economies grow/contract, all countries could follow the same path demonstrating a co-movement of growth rates among countries. When economic growth rates are similar for a region, it may be easier to formulate economic policies to achieve a common goal. As the political leadership of South Asia has agreed to work towards forming an economic block similar to that of the European Union and ASIAN, examining co-movement of growth rates could shed more lights on the issue of the success of market integration in the region. The objective of this study is to study market integration by analysing financial markets, trade and economic growth data to spot whether there is any co-movement of growth rates among South Asian countries due to financial market deregulation policies implemented so far. As findings show mix results, we used region’s governance indicators to examine further and found that weak governance is a serious problem in the South Asian region.
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Quaglia, Lucia. "Regulatory power, post-crisis transatlantic disputes, and the network structure of the financial industry." Business and Politics 19, no. 2 (February 6, 2017): 241–66. http://dx.doi.org/10.1017/bap.2017.1.
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AbstractThe international financial crisis was followed by waves of domestic regulatory reforms, first and foremost, in the United States and the European Union. Post-crisis financial regulation was sometimes different across jurisdictions. Moreover, the United States and the European Union sought in various ways to (re)assert their regulatory power not only vis-à-vis the market, but also with regard to other jurisdictions, which often resisted the projection of regulatory power beyond national borders. Consequently, a handful of important post-crisis transatlantic regulatory disputes emerged concerning E.U. rules on hedge funds, U.S. rules on bank structure and E.U. and U.S. rules on over-the-counter (OTC) derivatives. These disputes mainly involved the terms of access to each other's markets, the equivalence between domestic rules, and the extraterritorial effects of those rules. Some of these disputes were also intra-E.U. disagreements, whenever the preferences of the United Kingdom were different from those of Continental countries and similar to those of the United States. The network structure of the financial industry and the patterns of financial interdependence across the Atlantic amplified the extra territorial effects of domestic reforms, but at the same time triggered an active involvement of the transnational financial industry in the management and, eventually, the settlement of these disputes.
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Gwoździewicz, Sylwia, and Dariusz Prokopowicz. "ADMINISTRATIVE, LEGAL AND SUPERVISORY DETERMINANTS OF GLOBALIZATION OF FINANCIAL MARKETS AND THE BANKING SYSTEM IN POLAND." International Journal of New Economics and Social Sciences 2, no. 2 (December 30, 2015): 0. http://dx.doi.org/10.5604/01.3001.0010.4774.
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Since the early 90s of the last century, the growing importance of globalization processes in Poland, executing in the field of socio-economic and cultural unification of the community has been observed. Due to the ongoing process of the transformation of the Polish economy, this process was also determined successively increasing integration of financial markets and the development of ICT. Currently operating in Poland, the financial system and the banking sector is one of the most globalized sectors of the economy. This process has been intensified Polish accession to the European Union in 2004. High scale of financial markets globalization in Poland was visualized during the recent financial crisis 2008 years. The process of globalization of financial markets and the banking system in Poland is determined mainly by factors such as administrative and supervisory functions of central banking and supervisory bodies in the financial system and to adapt legal norms to the standards of Western developed countries.
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Palát, Milan. "Recent migration developments in the European perspective." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 60, no. 2 (2012): 245–54. http://dx.doi.org/10.11118/actaun201260020245.
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The aim of the paper is to evaluate the development of international migration in relationship to the recent economic situation in member countries of the European Union using quantitative methods including cluster analysis. The number of immigration in Europe has declined since the start of the global recession. The main reason was the decrease of demand in many sectors of the national economy, for instance the demand for retail and construction workers. Despite the drop in new immigration, labour markets of the EU countries were hit very severely. Unemployment rates in the most of European countries increased much more in the category of migrants than among natives. Despite the general decline in immigration in Europe during the economic crisis, the number of immigrants employed in educational sector and health care has increased. Also the number of female immigrants has been growing. The cluster analysis uses a multidimensional variable that includes GDP, unemployment, inflation rate and also net migration. We can distinguish two main clusters in 2010. The majority of highly developed West European countries are a part of the first cluster; the second cluster includes the group of post-communist countries. The latter countries form two sub-groups. A relatively independent sub-cluster is formed by some of the EU15 countries that were hit by the financial crisis the most. In general, the main two clusters illustrate that the economic division of established and new member countries of the European Union is still present.
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Tilfani, Oussama, Paulo Ferreira, Andreia Dionisio, and My Youssef El Boukfaoui. "EU Stock Markets vs. Germany, UK and US: Analysis of Dynamic Comovements Using Time-Varying DCCA Correlation Coefficients." Journal of Risk and Financial Management 13, no. 5 (May 7, 2020): 91. http://dx.doi.org/10.3390/jrfm13050091.
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For this paper, we dynamically analysed the comovements between three major stock markets—Germany, the UK, and the US—and the countries of the European Union, divided into two groups: Eurozone and non-Eurozone. Correlation coefficients based on a detrended cross-correlation analysis (DCCA) were used, and the respective temporal variation was evaluated. Given the objective of performing a dynamic analysis, sliding windows were used in an attempt to represent short and long-term analyses. Critical moments in financial markets worldwide were also taken into account, namely the subprime debt crisis, the sovereign debt crisis, and Brexit. The results suggest that Germany and other Eurozone countries generally share high levels of comovements, although the Brexit decision reduced those connections. The subprime crisis also increases comovements among markets.