Journal articles on the topic 'Macroeconomics – European Union countries'
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Misztal, Anna, Magdalena Kowalska, Anita Fajczak-Kowalska, and Otakar Strunecky. "Energy Efficiency and Decarbonization in the Context of Macroeconomic Stabilization." Energies 14, no. 16 (August 23, 2021): 5197. http://dx.doi.org/10.3390/en14165197.
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Decarbonization is an activity aimed at reducing greenhouse gas emissions to limit climate change and global warming. Ensuring macroeconomic stabilization is the basis for ecological action. The question is whether macroeconomic stabilization helps companies, institutions and countries act for decarbonization. This article presents research on the impact of components of macroeconomic stabilization on decarbonization and energy efficiency in the largest greenhouse gas emitters in the European Union from 1990 to 2020. We focus on the following countries, France, Germany, Italy, Poland and Spain. The contribution to knowledge is using the pentagon of macroeconomic stabilization to assess macroeconomic stabilization’s impact on decarbonization and energy efficiency. According to the correlation coefficients, the Ordinary Least Squares and the Seemingly Unrelated Regression method, there is a statistically significant impact of components of macroeconomics stabilization on decarbonization and energy efficiency. Moreover, our models show a different strength and direction of relationships between the explained and explanatory variables. Research results confirm the necessity to coordinate the macroeconomic with environmental policy. We think that it is essential to use effective tools of economic support (European Union Emissions Trading System, environmental taxes) and greater pressure from European Union institutions on countries that emit harmful substances.
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Stavytskyy, A., and M. Kozub. "Modeling of income inequality in the European Union countries." Bulletin of Taras Shevchenko National University of Kyiv. Economics, no. 205 (2019): 34–40. http://dx.doi.org/10.17721/1728-2667.2019/205-4/5.
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The article describes the current tendencies of the development of income differentiation processes in the countries of the European Union during the last 10 years. According to the analysis of the i mpact of income inequality on the economy of the countries, there is an inverse relationship between the growth of the gap between the income of different groups of people and the economic development. In order to confirm this conclusion and calculate the real index of income inequality, the dynamic stochastic general equilibrium (DSGE) model has been developed. The authors analysed three macroeconomics objects (household, firm, government), relationships between them and made their own model of eight equations. After that, the index of income inequality of all 27 current members of the European Union has been calculated for the last 10 years. The result shows in the general negative tendency. That is why it is important to choose the right strategic direction for the future development of the country. This DSGE model is a universal model and can be applied to other regions of the world after calibration of the parameters. The improvement of the model is about its expansion by adding other sources of income to get more accurate results. As a conclusion of the article, there was analysed the main directions of reforming the European economy in order to achieve sustainable development.
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Migala-Warchol, Aldona. "Forecasting Macroeconomic Indicators for Selected European Union Countries." EUROPEAN RESEARCH STUDIES JOURNAL XXV, Issue 2 (May 1, 2022): 420–31. http://dx.doi.org/10.35808/ersj/2930.
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Lingaitienė, Olga, Virginija Grybaitė, and Aurelija Burinskienė. "Core Elements Affecting Sharing Evidence from the European Union." Sustainability 14, no. 7 (March 24, 2022): 3845. http://dx.doi.org/10.3390/su14073845.
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Sharing activities are receiving greater attention due to increasing popularity in recent years. This article focuses on how the use of digital sharing platforms by customers to share products and services helps to increase the saving of natural resources and support sustainable development. In the paper, the authors investigated the main elements affecting ICT based sharing. (1) Literature review: The theoretical part starts with the revision of definitions of sharing activities; descriptions of the links between sharing and sustainable development, policy recommendations, and relevant regulation in the field. Further on, the study emphasises key elements, including ICT ones, that are important for sharing. Finally, the authors investigate how the COVID-19 pandemic affected sharing activities in previously published studies. (2) Methods: During empirical research, the authors revised a list of 33 variables, among which are 16 indicators describing network infrastructure, internet literacy and online shopping. The study uses data for each of the 27 EU countries from 2011 to 2020. The authors investigated correlations between macroeconomics and other variables to determine key variables for the regression model. (3) Results: The authors constructed a dynamic regression model that can be applied to predict the number of participants visiting digital sharing platforms in the European Union (EU). (4) Conclusions: The study shows that, when seeking to forecast the number of visits to digital sharing platforms, it is necessary to use values of main macroeconomic and ICT variables. Among these variables, ICT based indicators are highly dominating.
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Sorrosal-Forradellas, M. Teresa, Lisana B. Martinez, and Antonio Terceño. "Are European sovereign bond spreads in concordance with macroeconomic variables evolution?" Kybernetes 46, no. 1 (January 9, 2017): 85–101. http://dx.doi.org/10.1108/k-06-2016-0121.
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Purpose The last great financial crisis which arose in the middle of 2007 in the USA produced contagion effects over others economies. The purpose of this paper is focused on analyzing the evolution of a set of economic variables of 17 European countries since 1991 until 2013. Sovereign bond spreads are also considered to compare the incidence of the financial crisis over the economies considering macroeconomics fundamentals and fixed bonds. Design/methodology/approach Self-organizing maps (SOMs) are used to achieve the purpose of the research. With this methodology, it is possible to analyze the evolution of the macroeconomic fundamentals of each country, obtaining particular and general conclusions according to the position of each country in the SOM. Moreover, the countries are compared between them and with its respective sovereign bond spreads level for each year of analysis. Findings The impact of the crisis is different between the countries was analyzed. Belonging to the European Monetary Union is an interesting characteristic of some of the most affect economies. Research limitations/implications This research presents wide implications for the economies to control the most vulnerable economic variables in front of financial crisis to prevent the contagion effect. The inclusion of more economic variables and countries could enhance the study. Originality/value This research analyzes the relationship between macroeconomic variables and sovereign bond spreads using an infrequent methodology. The results obtained are valuable because they highlight how the present crisis has differently affected the European countries.
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Costabile, Lilia. "Istitutions for Social Well-Being: alcune risposte." QA Rivista dell'Associazione Rossi-Doria, no. 3 (August 2009): 103–11. http://dx.doi.org/10.3280/qu2009-003005.
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- Answering the round table participants, the author illustrates the project of this book and its main findings. While the book implies a focus on social policy, the contributors have brought to it their expertise not only in welfare economics but also in macroeconomic and monetary policy. This article outlines how social policy relates to these economic issues, and adopts an international political economy approach both in explaining hierarchies among countries, and in calling into question the "efficiency/equality trade off" as a useful instrument in comparing the economic performance of Europe and the US. Finally, the article discusses the issue of a possible convergence between the social models of Europe towards those of the best performing countries.EconLit Classification: D600, E120, F300, F400, F500Keywords: Welfare Economic, Growth, Globalization, Open Economy Macroeconomics, European Monetary UnionParole chiave: Welfare state, Crescita, Globalizzazione, Macroeconomia delle economie aperte, Unione monetaria europea
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Feldmeier, Gerhard. "German foreign trade surpluses – a problem for the European Monetary Union?" International Journal Of Innovation And Economic Development 1, no. 1 (2015): 7–17. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.11.2001.
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In the light of the controversial discussion on the cause and effects to the total economy of the high export surplus of one country and their consequences for other countries, the concrete question as to whether high German balance on current account surplus mentioned is indeed responsible, as alleged, for macroeconomic divergence in the European Union or for balance on current account deficits in other European countries will is addressed in this paper. We examine how and to what extent German export success represents a lasting threat to the stability of the Eurozone and impedes economic recovery in instable countries in the south, or whether it can even offer those countries better chances to overcome crisis and stabilise their economy. The study suggests that politically enforced shrinkage of German exports accompanied by a weakening of the German economy scarcely benefits deficit countries. Due to the very close intertwining of German industrial intermediate inputs import trade with European crisis partner countries, with their great demand for German investment goods exports, a decrease in German exports would not only cause a drop in their exports, but it would also whittle down the basis for public European financial help for handling crisis, help for which Germany provides a large proportion of the liability.
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Siljak, Dzenita, and Sándor Gyula Nagy. "Do Transition Countries Converge towards the European Union?" Baltic Journal of European Studies 9, no. 1 (June 1, 2019): 115–39. http://dx.doi.org/10.1515/bjes-2019-0007.
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AbstractThe aim of this paper is to analyze if the Western Balkan and Eastern Partnership countries converge towards the twenty-eight members of the European Union. The relationships between the selected macroeconomic variables and per capita GDP growth rate are econometrically tested to support this research. The analyzed period is 2004–2017, with two sub-periods: 2004–2008 and 2009–2013. The subdivision is made to test whether the recent financial crisis affected the absolute and conditional convergence process in the analyzed group of countries. The empirical findings support the economic convergence hypothesis. The results show that the recent financial crisis negatively affected the absolute and conditional convergence process, when economic variables are included in the analysis. The negative effects of the crisis on conditional convergence with economic and socio-political variables are not identified. The poorer countries in the analyzed group should do more to attract investment and open their economies, as gross fixed capital formation and economic openness have a positive impact on per capita growth, and keep low inflation or stabilize it, while general government debt and unemployment should be decreased in the examined sample of countries.
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STOIKA, Viktoriia. "Problems of Ukraine’s integration into the European Union." Scientific Papers of Silesian University of Technology. Organization and Management Series 2020, no. 146 (2020): 469–86. http://dx.doi.org/10.29119/1641-3466.2020.146.33.
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European integration and the identification of obstacles to full membership in the European Union. Design/methodology/approach: The methodological and theoretical basis of the article is the fundamental provisions of economic theory, the works of scientists and economists in the field of international economic relations and integration. Findings: The article explores the problems of Ukraine’s integration into the EU. The study analyzed the attitude of Ukrainians towards European integration, identified the main arguments for and against accession to the EU countries, as well as the main internal and external threats of the integration process. It has been determined that in recent years the proportion of the population that has supported Ukraine’s accession to the EU has significantly increased. From the integration into the EU, Ukrainians primarily expect to expand the space of their own capabilities and the country's internal development in accordance with modern world trends. It is concluded that the population considers a high level of corruption in the country, problems in the Donbass and the inefficiency of public administration as the main obstacles to this process. Most residents of Ukraine consider it necessary to implement European reforms, but the consequence of their implementation has identified significant problems in terms of their real social effect. It is determined that Ukraine in some macroeconomic indicators lags significantly behind the EU countries, continues to lose its position in the global ranking of countries in terms of economic competitiveness, and remains one of the poorest countries in Europe. A significant problem for the development of Ukraine is the labor migration of the population and, in particular, the increase in the number of illegal migrants - Ukrainians in Europe. The main achievements in the implementation of the Association Agreement between Ukraine and the EU are analyzed and the main threats to the further European integration are identified. It is concluded that Ukraine needs to develop its own “action plan” for the possibility of realizing national interests, taking into account the interests of the parties involved in the integration process. Originality/value: The mood of Ukrainian society, the current position of the state, the main obstacles and priorities that Ukraine faces on the way to the EU have been analysed in detail.
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Mikuła, Aneta, Małgorzata Raczkowska, and Monika Utzig. "Pro-Environmental Behaviour in the European Union Countries." Energies 14, no. 18 (September 9, 2021): 5689. http://dx.doi.org/10.3390/en14185689.
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The purpose of the presented research is to assess pro-environmental behaviour (PEB) in European Union countries in 2009 and 2019. The study used a synthetic measure developed using the TOPSIS (Technique for Order Preference by Similarity to an Ideal Solution) benchmark method. This method enables distinguishing classes and ranks of countries depending on the adopted characteristics. Basic measures of descriptive statistics, i.e., average, standard deviation and the coefficient of variation, were used in the analysis of the data set. The main research question addressed in this study concerns the relationship between the level of PEB and economic, demographic, and educational factors—not only on a micro scale but also from the macroeconomic perspective. The research has revealed a wide variety throughout the European Union (EU-27) countries in terms of pro-environmental behaviour. Sweden, Finland, and Denmark top the ranking, while Malta, Greece, Spain, and Romania are at the bottom of it. Northern European countries can therefore be identified as a group that represents a positive benchmark in terms of PEB across the European Union (EU-27). The correlation between PEB and selected economic, demographic, and education-related variables was also investigated. Country-level PEB is correlated with demographic and economic variables, but it is not correlated with education-related variables.
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Vidovic, Aleksandra. "Management of Market Development of South East Europe Countries." Journal of Business Theory and Practice 7, no. 2 (May 9, 2019): p89. http://dx.doi.org/10.22158/jbtp.v7n2p89.
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Development management in most cases starts closer economic cooperation in order to increase GDP and welfare, which is primarily economic. Market liberalization has in fact started the integration of European states. The countries of South East Europe need to aim at for development paying particular attention to the maintenance of macroeconomic stability South East Europe need to aim at management changes paying particular attention to the maintenance of macroeconomic stability, competitiveness and cooperation with the European Union.In this work, the author wishes to emphasize the importance of development management, long-term sustainable and stable growth is the priority of every society that passes through the transition period. The focus of the paper is the management of market development, where a comparison of the situation of the three countries within the European Union is given: Croatia, Romania and Bulgaria and three candidate countries for membership of the European Union: Bosnia and Herzegovina, Serbia and Montenegro.
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Fendel, Ralf, and Michael Frenkel. "Putting European Monetary Integration into a Historical Perspective: Two Decades of the European Monetary System versus Two Decades of the European Monetary Union." Jahrbücher für Nationalökonomie und Statistik 239, no. 5-6 (September 25, 2019): 769–95. http://dx.doi.org/10.1515/jbnst-2018-0097.
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AbstractThis comparative study looks at broad economic developments during the 20 years of the European Monetary Union (EMU) and 20 years of the European Monetary System (EMS). We analyze the economic performance by looking at a set of macroeconomic variables. The analysis of macroeconomic performance includes two perspectives: one is internal, i. e. how did the countries perform relative to each other; the other is external, i. e. how did the group of member countries perform vis-à-vis other countries. Overall, the analysis of the two periods suggest that the EMU does not display a macroeconomic development inferior to the EMS period. On the contrary, some crucial macroeconomic indicators point to a greater stability during the EMU period compared to the EMS period.
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Katunar, Jana, Vinko Zaninović, and Hrvoje Katunar. "MACROECONOMIC DETERMINANTS OF WINE PRODUCTION IN THE EUROPEAN UNION." Ekonomska misao i praksa 30, no. 1 (June 2021): 43–55. http://dx.doi.org/10.17818/emip/2021/1.2.
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This paper focuses on the determinants of wine production in the European wine industry. In the last two decades, the European wine industry has undergone many changes due to the entry of new countries into the world wine market. Although increasing competitiveness became the priority of the European Common Agricultural Policy, wine production and consumption in the EU have decreased in the last two decades, and therefore the aim of this research is to analyse and identify the macroeconomic determinants of wine production, i.e. what factors besides the price influence wine production in selected EU countries and in how they can be controlled. Empirical research was conducted using data for EU member states traditionally engaged in wine production. Panel data on wine production, wine consumption, average wine price, wine imports, wine exports and EU support to the wine sector were collected from secondary sources for 15 wine-producing EU countries and for the period 2009-2018. We estimated the econometric model using pooled OLS, as diagnostic tests indicated that this estimator was the best fit for our data. Our results suggest that domestic demand and domestic (EU) subsidies are the main drivers of wine production. To keep up with New World wine producers, even more emphasis should be placed on promoting the wine drinking culture.
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ISAYEVA, Ainur, Zhanar MEDEUBAYEVA, Saule ALIEVA, and Asemgul GUSMANOVA. "POLICY OF THE EUROPEAN UNION IN THE FIGHT AGAINST TERRORISM: STATE, OPPORTUNITIES AND LIMITATIONS." PUBLIC ADMINISTRATION AND CIVIL SERVICE, no. 2 (June 30, 2022): 85–94. http://dx.doi.org/10.52123/1994-2370-2022-631.
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In the 21st century, terrorism has become a global problem and one of the main factor in world politics at all levels. Cyclical economic and financial crises have a detrimental effect on the state of the social sphere in all countries without exception, thereby creating fertile ground for radical sentiments and terrorist intentions. The growth of geopolitical tension in the world over the past decades has also contributed to the expansion of the activity of terrorist groups around the globe. This article through SWOT analysis attempts to study the state of the EU's fight against terrorism. The threat of terrorism and its most severe manifestations also affected the countries of the European Union, which prompted it to develop a specific policy in the fight against terrorism and improve methods for preventing and neutralizing the terrorist threat. When analyzing the development process of anti-terrorist structures and the practice of combating terrorism in the European Union in 2001-2020, one can distinguish undoubted achievements of the anti-terrorist course. The weaknesses and objective shortcomings of this course stem from the complexities in world politics and macroeconomics, as well as from the very nature of the EU as a supranational structure.
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Trpkova-Nestorovska, Marija. "FACTORS OF EMIGRATION: ANALYSIS OF COUNTRIES FROM THE EUROPEAN UNION." Knowledge International Journal 32, no. 1 (July 26, 2019): 33–38. http://dx.doi.org/10.35120/kij320133t.
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The past decade was a period that was characterized by massive migration flows in European Union countries, a situation like none other before. Different migration flows contributed to inflow of working force from conflict areas of the Middle East, countries from the Western Balkans, and also migration within the European Union. While immigration is dominant, emigration also has large impact in the migration flow in the EU. The purpose of this paper is to determine the main factors that contribute to emigration in the 28 EU countries. The panel regression model with random effects is used where seven factors were examined in order to determine their influence on the emigration. Macroeconomic determinants include GDP per capita and unemployment rate, demographic factors include total population, young male population and young female population and other factors include level of corruption and enrollment in tertiary education. Analysis includes 28 EU countries, while the analyzed period is 1999-2017 (19 periods), and the total number is 560 observations. The results confirm that emigration is driven by unemployment rate, total population, young male and young female population. When the unemployment rate increases, the emigration also increases, which is logical. If the national labor market cannot provide vacancies for the increasing supply of work force, the next option would be emigration in another country due to eligible working positions. Population, as demographic factor, also influences emigration. The bigger the population, the larger emigration is expected. Also, young female and male population have statistically significant effect on the emigration, yet the direction of the relationship is different. Increase in young male population can contribute to increase in emigration. On the other side, increase in young female population reduces the number of emigrants. From the results it would seem that demographic factors dominate over macroeconomic and other factors. Policy makers in the countries with accentuated emigration component should be concerned that young male population is leaving, and this labor force is or soon will become deficitary. Also, unemployment is another issue that should be addressed. National governments should create policies that contribute to increased economic growth that produces vacancies. Otherwise, the high unemployment rate would soon drain the country out of its working source. Other factors such as level of corruption, GDP per capita and enrollment in tertiary education seem not to have statistically significant impact on emigration in the countries of the European Union.
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Nicoleta, ONOFREI, and PAŞA, Adina Teodora. "PRIVATE CONSUMPTION IN THE EUROPEAN UNION: A COMPARATIVE STUDY." ECONOMY AND SOCIOLOGY 2019 NO. 1, no. 2021.1 (July 1, 2021): 52–62. http://dx.doi.org/10.36004/nier.es.2021.1-05.
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The aim of this paper is to study consumption of households from an economic and cultural perspective in the European Union with 28 Member States during the period 2010-2019. For this purpose, we compared the Eastern European countries, dominated by rapid economic growth and development with the Western European countries, which represent the most developed countries in the EU-28. From this perspective, we proposed a multidimensional analysis of consumption that includes macroeconomic indicators of households’ wealth, which strongly influence their consumption together with an overview on expenditure by consumption purpose. Moreover, we have also considered Hofstede’s cultural dimension theory based initially on four cultural dimensions (power distance, individualism versus collectivism, masculinity versus femininity, and uncertainty avoidance) to observe the impact national culture plays on households’ consumption in Eastern and Western European countries tracking the historical changes of these countries. Our methodological approach consisted in descriptive and inferential statistics based on the selected economic and cultural indicators. Pearson’s product-moment correlations were calculated to assess the correlations between the variables. Our analysis shows that the level of wealth is lower in Eastern European countries compared to Western Europe, which influences significantly the private consumption in these countries. Moreover, the systematic differences of national culture between Eastern and Western Europe influence strongly the private consumption of their population. Results of this paper indicate that in Eastern European countries the highest share of expenditure is allocated to primary needs such as food, non-alcoholic beverages, alcoholic beverages and cigarettes to the detriment of health, education, recreation and culture.
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Nagy, Sándor Gyula, and Dženita Šiljak. "Is the European Union still a convergence machine?" Acta Oeconomica 72, no. 1 (March 25, 2022): 47–63. http://dx.doi.org/10.1556/032.2022.00003.
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Abstract We investigate whether the European Union can be considered as a convergence machine after the 2008/2009 financial crisis. To do so, we econometrically test the relationship between the per capita GDP growth rate and macroeconomic variables in the period of 2004–2018, further subdivided into three periods: 2004–2008, 2009–2013 and 2014–2018. We hypothesize that the 2008/2009 financial crisis had a negative effect on the σ and β-convergence process. Our results support the convergence hypothesis, namely that the poor countries tend to grow faster than the rich countries. The convergence rates ranged between 1.71% and 4.51%. The negative effects of the crisis on convergence have been identified only for the absolute convergence. Our findings demonstrate that economic openness, inflation and government integrity have a positive impact on growth. The effects of unemployment have not been identified.
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KUZMINA, Violetta M., and Arina V. SVETIKOVA. "THE REACTION OF THE WORLD COMMUNITY AND THE ECONOMIES OF GREAT BRITAIN AND THE EU TO BREXIT." Historical and social-educational ideas 11, no. 2 (May 16, 2019): 147–57. http://dx.doi.org/10.17748/2075-9908-2019-11-2-147-157.
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Introduction. Today Brexit is one of the most pressing issues of world politics, due to the acquisition of global proportions. Of course, this process is a phenomenon at the regional level, but the very fact of the voting and the efforts being made to exit the UK economy from the EU created many questions around themselves, thereby giving rise to the idea in the minds of the population of other countries that the EU cannot cope with the main functions there is the possibility of holding a referendum and a decision to leave the union. The UK and the European Union have never been partners for each other from a historical perspective. Multiple prerequisites, which originated in the last century almost immediately after the signing of the decision on the accession of the Kingdom to the EU, tended to develop and grow. Disputes among members of parliament have always existed, but were not as pronounced as today. In this sense, the country's policy was divided into 2 camps: those who spoke and advocate for the measures of “tough” Brexit, and those who believed and believe that the exit process should be smooth and measured in order not to spoil relations with the EU point of no return.Methods. As the materials of the study were taken data presented in monographic studies and journalistic articles of domestic, but mostly foreign experts in the field of international law, the General modern history, the history of the UK, macroeconomics. The article is written on the basis of sociological research conducted by Western European agencies and Brexit research centers using the analytical type of research and its forms: sociological and expert surveys. The analysis of statistical economic information regarding the real GDP of the EU countries is presented using a comparative historical research method.Results and conclusions. Economic consequences for the European Union from Brexit will become noticeable after some time has passed since the date of the official UK secession from the European Union. Also a minus will be the reduction of anti-crisis programs that the European Union is trying to implement. Attention is deserved by the attitude of other European countries to the membership in the European Union. In this case, more and more we are talking about opposition movements, parties that develop the theme of Euroscepticism. This is especially true in drawing a parallel with the critical eurodirection, which has been traced in EU policy lately.
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Sojka, Elżbieta. "Health condition of ageing populations of the European Union." Bulletin of Geography. Socio-economic Series 23, no. 23 (March 1, 2014): 135–48. http://dx.doi.org/10.2478/bog-2014-0009.
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AbstractThe paper is a comparative analysis of health condition of EU-27 states that are differentiated with respect to demographic situation and the level of social and economic development with the use of methods of multidimensional comparative analysis. Relationships between macroeconomic values and health indices of EU populations were also studied with the use of demometric models. The study was performed for 2009. The most favourable health situation (in the light of diagnostic qualities adopted for the study) was observed in Cyprus, where the value of synthetic measure was almost 0.9. Cyprus is a relatively young country, with the lowest rate of mortality due to malicious tumours among all the countries of the European Community. Apart from Cyprus, Ireland was found in the first group (the lowest rate of people at 65+ years of age of all EU countries), Luxembourg (low rate of infant mortality) and Spain (relatively low mortality due to diseases of circulatory system). Definitely the worst health situation was observed in majority of the countries of the former Eastern bloc. On the grounds of the correlation diagram it was possible to conclude that, together with social and economic development of the country and resulting growth in expenditures on health protection per capita, mean life expectancy at birth significantly extended. However, these relations are not linear. Logarithmically constructed regression functions proved a strong and statistically significant impact of macroeconomic values on indices of population health condition.
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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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Holobiuc, Ana-Maria. "Determinants of economic growth in the European Union. An empirical analysis of conditional convergence." SocioEconomic Challenges 5, no. 2 (2021): 26–34. http://dx.doi.org/10.21272/sec.5(2).26-34.2021.
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Being established from the initiative of six visionary countries in the second half of the 20th century, the European Economic Community has shifted the history of the European continent by promoting economic collaboration and political stability. Given its initial success, the regional group has quickly evolved from customs union to Economic and Monetary Union, comprising nowadays twenty-seven European countries. Although the European Union has successfully managed political, economic, social and even sanitary turmoil, the stability of the European architecture continues to be threatened by the heterogeneity of its members. In this respect, one of the main challenges for the European Union in its current composition aims the convergence of the economic performance between countries and regions. The purpose of this paper is to study the economic growth patterns in the European Union during 2000 and 2019, also conducting a comparative analysis between New and Old Member States. In order to capture the European economic landscape, the methodology was based on conditional β-convergence and the estimates were conducted by using ordinary least squares and generalized least squares with fixed effects. We have tried to find the relationship between the lagged value of GDP per capita and the subsequent growth rates, but also to study the influence of macroeconomic and social-related variables. By estimating regressions based on panel data, we have found evidence in favor of income convergence in the European Union, based on the inverse relationship between the lagged value of GDP per capita and the annual growth rates. Moreover, the comparative analysis between the New and Old Members illustrated that convergence was stronger in the latter group, given the sound macroeconomic and social environment. The empirical analysis suggested that the economic growth process both at aggregate and subgroup level was enhanced by investment, exports of goods and services, sound public finances and the increase of percentage of population with tertiary education. Consequently, in order to increase the cohesion between Members and to avoid separatist movements, the European decision-makers should strengthen the macroeconomic and social frameworks, maintaining a sustainable economic growth trajectory for both the New Members from Central and Eastern Europe and the Old Member States.
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Stanković, Jelena J., Marija Džunić, and Vesna Janković Milić. "Competitiveness and the EU Accession Process: Can Candidate Countries Become Competitive as EU Countries?" Economic Themes 57, no. 4 (December 1, 2019): 415–32. http://dx.doi.org/10.2478/ethemes-2019-0024.
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AbstractEconomic growth and competitiveness are usually analysed at the level of the national economy in traditional economic research. The problem of competitiveness within this line of thought is mainly regarded from the perspective of determining the sources of sustainable growth, which makes the economy more competitive than others. Competitiveness, therefore, is a multidimensional concept, which includes a range of factors, such as institutions, infrastructure, macroeconomic environment, market, human capital and technological development. Also, the process of joining the European Union significantly stimulates the development of the exact categories that are relevant for acceleration of the economic development. The aim of the paper is to assess the competitiveness of the candidate or potential candidate countries for membership in the European Union, through a comparative analysis of their competitiveness vis-à-vis EU countries. The results indicate that the competitiveness of the EU 15 countries, measured by Global Competitiveness Index and GDP per capita, is statistically significantly higher than the competitiveness of EU country group enlarged in the period 2004-2013, also compared to EU candidate or potential candidate countries. However, when it comes to the pillar of competitiveness related to the macroeconomic environment, according to the latest Global Competitiveness Report (2017-2018), the scores of the EU countries associated with enlargements in the period 2004-2013 are statistically significantly better than the EU 15 countries.
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MIERZEJEWSKI, MATEUSZ. "MACROECONOMIC STABILITY OD POLAND AGAINST THE BACKGROUND OF THE EUROPEAN UNION COUNTRIES IN 2007 – 2017." sj-economics scientific journal 28, no. 1 (March 30, 2018): 243–58. http://dx.doi.org/10.58246/sjeconomics.v28i1.153.
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The article presents the analysis of macroeconomic stability of Poland using the Pentagon of macroeconomic stabilization and the Macroeconomic Imbalance Procedure (MIP) indicators. The results of the analysis showed that in 2007-2014 Poland maintained the status of a macroeconomic stable economy, however, the changes resulting from the impact of the global financial crisis of the beginning of the 21st century were noted as well as the weakening of some values related to the stability of the country in later periods. It is worth remembering that when analyzing all kinds of macroeconomic indicators, one should not approach them with too much optimism. This is due to many factors - including from the delays of the captured variables in the analysis tools used. For some economic phenomena may occur in a rapid manner even in the most stable economy, which means that macroeconomic stability may be difficult to precisely determine.
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Ramescu, Doriana Andreea, and Nicoleta Sirghi. "THE PRICE EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS." Oradea Journal of Business and Economics 2, no. 1 (March 2017): 72–80. http://dx.doi.org/10.47535/1991ojbe019.
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The economic crisis is a negative macroeconomic phenomenon with consequences both at European Union level and worldwide. The main objective of this paper is to analyse the variation of price levels in Romania, during the economic crisis until the end of 2015, compared with the Member States of the European Union and the countries of the European Free Trade Association. For this research, information provided by EUROSTAT was used, such as price level indices for actual individual consumption per capita, and for different goods and services, calculated based on purchasing power parity. The aim is to identify solutions to rising living standards, compared with more developed countries of the European Union. This paper presents possible solutions for avoiding a future economic crisis, caused by overconsumption. The paper is divided into four sections: introduction, part two which presents aspects of the economic crisis in Romania and in the European Union, the third part presents price level indices for different products and services in 2015, and the last part, the conclusions of the research.
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Osipov, V. S. "To Characteristic the Uneven Economic Development of the European Union." Russian Economic Journal, no. 6 (December 2019): 63–73. http://dx.doi.org/10.33983/0130-9757-2019-6-63-73.
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The article attempts to econometric modeling of the influence of a complex of factors on the volume and dynamics of the economies of the member States of the European Union, taking into account their differentiation. The main results of the author’s research are as follows. First, the fundamental coincidence of trends in the EU GDP dynamics with global trends and the presence of a strong negative impact on this dynamics of the global crisis of the late 2000s have been established. Secondly, it is once again confirmed that there is a significant differentiation between the founding States of the EU and the countries that joined it after 1990, expressed in a significant excess of macroeconomic indicators of the first group of countries of similar indicators of the second group. Thirdly, the difference between the combinations of factors influencing economic development in the two groups of EU countries is revealed, which once again testifies to the bloc nature of the EU structure.
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Ádám, Zoltán, László Csaba, András Bakács, and Zoltán Pogátsa. "Book Reviews." Acta Oeconomica 56, no. 4 (December 1, 2006): 455–68. http://dx.doi.org/10.1556/aoecon.56.2006.4.5.
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István Csillag - Péter Mihályi: Kettős kötés: A stabilizáció és a reformok 18 hónapja [Double Bandage: The 18 Months of Stabilisation and Reforms] (Budapest: Globális Tudás Alapítvány, 2006, 144 pp.) Reviewed by Zoltán Ádám; Marco Buti - Daniele Franco: Fiscal Policy in Economic and Monetary Union. Theory, Evidence and Institutions (Cheltenham/UK - Northampton/MA/USA: Edward Elgar Publishing Co., 2005, 320 pp.) Reviewed by László Csaba; Piotr Jaworski - Tomasz Mickiewicz (eds): Polish EU Accession in Comparative Perspective: Macroeconomics, Finance and the Government (School of Slavonic and East European Studies, University College of London, 2006, 171 pp.) Reviewed by András Bakács; Is FDI Based R&D Really Growing in Developing Countries? The World Investment Report 2005. Reviewed by Zoltán Pogátsa
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Mokhova, Natalia, and Marek Zinecker. "The determinants of capital structure: the evidence from the European Union." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 7 (2013): 2533–46. http://dx.doi.org/10.11118/actaun201361072533.
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The aim of this study is to indicate the influence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union. Nowadays there are a lot of debates according the future of the European Union. The recent global financial crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 32 countries of European Union dividing them into three groups as (1) old EU members (15 countries), (2) new EU members (12 countries) and (3) EU candidates (4 candidate countries and 1 acceding country).The managers make their financial decisions according to the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on company’s advantages and disadvantages, i.e. its internal characteristics. Based on the analysis of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and firm’s size.The findings show that the country’s specifics, EU membership and corporate debt structure influence the relation between capital structure and its internal characteristics. The capital structure in all countries has tendency to increase, furthermore the old members rely more on debt then candidates or new members.There is no doubt that the majority of countries support Pecking Order Theory then Trade off Theory regarding investigated relations. In most countries the profitability and size have negative and significant influence on corporate capital structure. At the same time tangibility, growth opportunities and non-debt tax shields split up: selected countries experience positive impact, another part negative, supporting different theories.
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Kajurová, Veronika, and Petr Rozmahel. "Stock Market Development and Economic Growth: Evidence from the European Union." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 64, no. 6 (2016): 1927–36. http://dx.doi.org/10.11118/actaun201664061927.
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The paper examines the causal relation between the stock markets development and economic growth in the EU countries. In particular, the nature and causality direction is investigated. Panel data techniques including cointegration tests, vector error correction models and Granger causality tests were applied to indicate the nature and direction of causality. Long‑run effects of the economic growth upon stock market development was detected in the sample of the Euro area member countries. In addition, the short‑run mutual relations between growth and stock markets were indicated in that country‑sample. In the non‑Euro area countries, only short‑run impact of the stock market development upon economic growth was found. The empirical findings bring up implications for macroeconomic stabilization and development policies. The indicated relations also play a role in predicting economic growth and stock markets’ development.
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Razić, Sanel, and Merim Kasumović. "MACROECONOMIC STABILITY OF NEW MEMBER STATES OF THE EUROPEAN UNION: FIFTH ENLARGEMENT." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 8, no. 19 (February 10, 2020): 55. http://dx.doi.org/10.7251/zrefis1919055r.
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The historical context of globalization as an organized process, which influenced the majority of national economies linked via international institutional mediators, led to the so called regional economic integration phenomenon. It is interpreted as the efforts of underdeveloped and developing countries to speed up their economic growth and more significantly impact the entire macroeconomic stability by means of some form of regional integration. Nowadays, regional economic integration is one of the pillars for proper functioning of modern economic relations. Experience of developed countries serves as an example to point out that integration processes inevitably contribute to more favorable environment for developing business sector in the countries striving for integration. In the context of global integrations, more frequent forms of regional changes and the establishment of trade blocks come as the consequence as well as the overall need for obtaining trade balance among national economies. Within this context, the European Union is seen as one of the most important regional integration and an imperative in economic, political and cultural segment, as it is the territory with significant economic growth and the region with high living standards.
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Gibson, Heather D., and Euclid Tsakalotos. "European Monetary Union and Macroeconomic Policy in Southern Europe: the Case for Positive Integration." Journal of Public Policy 11, no. 3 (July 1991): 249–73. http://dx.doi.org/10.1017/s0143814x00005328.
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ABSTRACTThis paper discusses the prospects of Greece, Portugal and Spain completing stage 1 of the Delors plan. Much of the academic literature on the removal of capital controls seeks to extend the experience of the ERM countries in the 1980s. We argue that its applicability for southern Europe is not straightforward, because these countries have not had the same experience of operating the ‘old’ ERM with capital controls, and examine the implications for these countries of removing capital controls for macroeconomic, and especially, fiscal policy. Intermediate institutional arrangements may be necessary and we consider how EC-wide measures may help these countries in this transitional phase. For the next phase of European integration, the focus of the EC should be on developing appropriate public institutions at the European level to promote positive integration.
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Pietrzykowski, Robert. "Zróżnicowanie dochodów gospodarstw rolniczych państw Unii Europejskiej – ujęcie czasowo-przestrzenne." Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego 17(32), no. 1 (March 30, 2017): 142–51. http://dx.doi.org/10.22630/prs.2017.17.1.13.
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The aim of the study was to show changes in income received by farmers in countries belonging to the European Union having regard to the factors which are time and location in space. In the performed analysis, we pay special attention to the countries which joined the EU after 2004 (UE 11: Estonia, Czech Republic, Latvia, Lithuania, Poland, Slovakia, Slovenia, Hungary, Bulgaria, Romania and Croatia). The study used data on farms, which are generally in the Eurostat database. Because of the macroeconomic nature of the research used in Economic Accounts for Agriculture (RER). The study used autocorrelation coefficient of Moran. The analyzes were found positive spatial autocorrelation in the period 2004-2013 which confirmed the existence of clusters for the countries belonging to the European Union.
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Garcia-Centeno, Ma Carmen, Jorge Uxo, and Roman Minguez. "Rankings In The Euro Zone Based On Macroeconomic Information." Review of Business Information Systems (RBIS) 15, no. 5 (September 28, 2011): 31–40. http://dx.doi.org/10.19030/rbis.v15i5.6016.
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One consequence of the Great Recession that began in 2008 has been the sovereign debt crisis within the European Monetary Union (EMU) and the increasing risk premium associated with government debt of "peripheral" countries (primarily, Greece, Ireland, Portugal and Spain). Firstly, this paper analyses what macroeconomic variables are more related with the evolution of the risk premium, using panel data estimation. Secondly, we also try to sort the countries belonging to the monetary union in terms of their likelihood of experiencing an increase in the risk premium. To this purpose, we use discrete multicriteria decision aid methods.
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Nachtigal, Vladimír, Martin Srholec, Vladimír Tomšík, and Markéta Votavová. "Convergence process of central and eastern european countries toward the european union as measured by macroeconomic polygons." Prague Economic Papers 11, no. 4 (January 1, 2002): 291–317. http://dx.doi.org/10.18267/j.pep.199.
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Alexiou, Constantinos. "Crafting a Post Keynesian Macroeconomic Framework to Explain European Unemployment: Econometric Evidence from the European Union Countries." Journal of Post Keynesian Economics 24, no. 1 (September 2001): 59–80. http://dx.doi.org/10.1080/01603477.2001.11490315.
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Rutskiy, Vladislav N., and Ilia A. Filippov. "Relationship Between the Level of Poverty and the Factors of Green Economy in the Countries of the European Union." Financial Journal 14, no. 1 (February 2022): 56–70. http://dx.doi.org/10.31107/2075-1990-2022-1-56-70.
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The paper is aimed at studying approaches to measuring poverty and the green economy, and conducting an empirical analysis of the relationship between the poverty rate and the factors of the green economy for the countries of the European Union. The authors identify trends in the formation of a new model of environmentally sustainable development in these countries. An empirical correlation and regression model is developed, which describes, along with macroeconomic factors, the impact of green economy factors on the level of poverty risk in the EU countries. The assessment of the model specification based on panel data of the countries of the European Union shows a negative relationship between the share of renewable energy and labor productivity on the one hand and the level of poverty risk on the other hand. This indicates the need for further development of green economy in the EU countries countries.
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Marton, Boris, and Alena Mojsejová. "Macroeconomic Indicators and Subjective Well-Being: Evidence from the European Union." Statistika: Statistics and Economy Journal 102, no. 4 (December 16, 2022): 369–81. http://dx.doi.org/10.54694/stat.2022.19.
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This paper examines the role of factors which could have influenced subjective well-being (SWB) in European countries at a national level between 2010 and 2019. Macroeconomic variables in much of the existing literature have looked at GDP, inflation, government size and expenditure and their relationship to SWB. The current analysis included corruption, property rights, poverty, life expectancy, working time and emissions to enrich the existing body of literature. The World Happiness Index (WHI) is used to measure SWB in this study. The correlation analysis in this study shows a high level of correlation between WHI and the Human Development Index (HDI) which suggests the WHI is a suitable proxy for measuring subjective well-being. Next, the fixed and random effects models were estimated since the dataset was longitudinal, and we have also compared panel regression models with OLS regression models. This analysis revealed positive relationships of GDP, income and property rights on WHI, while poverty and unemployment impact WHI negatively, thus we can conclude positive relationship between material aspects of life and subjective well-being. Corruption and working time impact SWB in a negative way while the impact of life expectancy is positive. The regression models with inflation and emissions were not found to be significant in the research. The results were compared with existing studies based on individual as well as aggregated data. Similarities in results prove that it is possible to analyze determinants of SWB from aggregated data on national level. At the end, we formulate proposals for improving quality of life in the analyzed countries.
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Szymańska, Agata. "National fiscal frameworks in the post-crisis European Union." Equilibrium 13, no. 4 (December 31, 2018): 623–42. http://dx.doi.org/10.24136/eq.2018.030.
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Research background: The latest economic and financial crisis has seriously injured European Union Member States, affecting the condition of their public finances. In the face of the crisis, the EU made a special effort to increase the effectiveness of national fiscal frameworks, e.g. by improving the compliance with legislation. The post 2009 reforms were aimed at providing a solid economic foundation for the national fiscal frameworks, especially in the high-debt euro area countries.
Purpose of the article: The goal of this research is twofold. Firstly, it aims to provide an outline of the national fiscal governance in the EU. Secondly, the paper analyzes the changes in the core measures of fiscal governance in the EU between the crisis period and the year 2016 (due to the latest available data) and investigates the similarities in the progress made by the 28 EU countries in restoring balance in public finance.
Methods: To achieve the goal, the literature review and the analysis of core elements of national fiscal frameworks are provided. In the empirical section the grouping method for all 28 EU countries based on the Ward's agglomerative hierarchical clustering method is employed. The study uses data derived from the AMECO database (in the case of fiscal data) and the European Commission thematic data for quality indexes of particular elements of fiscal governance (numerical fiscal rules, medium-term budgetary frameworks and independent fiscal institutions).
Findings & Value added: This paper contributes to the literature by, on the one hand, attempting to analyze changes in main fiscal governance measures and, on the other hand, by assessing their link with public finance through employment of the agglomerative clustering method. Based on the results, the conclusion about the importance of the improvement in fiscal frameworks is provided. The analysis shows that countries with better national fiscal framework achieved better results in public finances regardless the macroeconomic conditions.
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Menguy, Séverine. "ADVANTAGES OF FOLLOWING A GOLDEN RULE IN A MONETARY UNION." Macroeconomic Dynamics 21, no. 2 (October 13, 2015): 279–310. http://dx.doi.org/10.1017/s1365100515000462.
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The European sovereign debt crisis has revived the debate about appropriate fiscal rules in the European Economic and Monetary Union. Whereas the Stability and Growth Pact and the Fiscal Compact make no distinction between public consumption and investment expenditure, the aim of the current paper is to analyze the implications of the adoption of the Golden rule in a monetary union, distinguishing between the two types of public expenditure. With the help of a macroeconomic model, we show that introducing a Golden rule and smoothing public investment expenditure would be welfare-improving, and mostly for countries where taxation rates and the productivity of public investment are highest, and for the most closed countries. It would also be the most beneficial for countries where the monetary transmission parameter, the propensity to consume, and the price elasticity of supply are weakest, whereas supply-side distortions are the strongest.
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Dorosiewicz, Sławomir. "Cyclical fluctuations in freight transport in selected european union countries. Synchronization, or not?" Transport Economics and Logistics 80 (December 31, 2018): 49–58. http://dx.doi.org/10.26881/etil.2018.80.05.
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Fluctuations of the economic activity in transport result from the operation of many factors of a demand and supply nature in all sectors of the economy. These factors determine both the common and specific characteristics of such fluctuations. The aim of this paper is not only to examine the morphological features of cyclical fluctuations on the transport market in Poland and selected countries of the European Union, but also the degree of their synchronization. The latter can be understood in the external context (between fluctuations in the transport production of various countries), but also in the internal one, where the subject of comparisons are fluctuations in transport and basic macroeconomic variables. The properties of business fluctuations will be examined by classical procedures for the separation of cyclical components and the detection of their turning points.
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Błaszczyk, Maria Celina. "Selected Aspects of European Integration of the Visegrad Group Countries." Comparative Economic Research. Central and Eastern Europe 25, no. 2 (June 20, 2022): 81–98. http://dx.doi.org/10.18778/1508-2008.25.14.
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This paper analyzes the membership of the Visegrad Group countries (the Czech Republic, Poland, Slovakia, and Hungary) in the European Union (EU). It presents the parallel process of fundamental systemic transformation and integration with the EU in the analyzed countries. Their integration path is shown, starting from the association with the European Communities, a transitional period to membership, through adjustments to the requirements related to EU accession and membership. A comparative analysis of the main macroeconomic indicators, trade development, and the inflow of foreign direct investment showed that the adopted measures and the membership of these countries in the EU positively impacted their overall socio‑economic development, in particular in the context of modernizing and restructuring their economies, which ultimately translated into the civilizational leap of the analyzed countries.
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MURSALOVA, Khalima N., Bakytgul A. AINAKANOVA, Aigul S. KAZKENOVA, Nurgul ZHALELKANOVA, and Ozay OZPENCE. "Analysis of Problems of Kazakhstan’s Economic Integration in the EAEU." Journal of Advanced Research in Law and Economics 11, no. 4 (June 15, 2020): 1218. http://dx.doi.org/10.14505//jarle.v11.4(50).18.
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At the present stage, to ensure economic security at different levels (both national and regional), for economic growth and sustainable development, one of the important factors is integration processes. At present, integration unions, which include several member states, are acting quite effectively. One of such unions is the Eurasian Economic Union (EAEU), in comparison other integration unions such as the EU (European Union), the European Free Trade Association (EFTA) and some other, EAEU is quite young. However, this union of countries can be called one of the dynamically developing, and nevertheless, in the interaction within the union, a certain imbalance between the member states can be noted, which can be called a serious internal challenge for the EAEU. It is worth noting the economic context of the imbalances in the Union: there is no correlation in macroeconomic indicators (for the majority) between the countries – members of the Union. One of the leading participants in the Eurasian Economic Union, as well as one of the founders is Kazakhstan. It was with at the behest of Kazakhstan that the implementation of this union began. But, after 5.5 years of the functioning of this integration association, the effectiveness of this association gives rise to certain disputes, especially the effectiveness of the union, which calls into question the advisability of Kazakhstan in the composition of this union. The purpose of the article is to analyze the problems of economic integration of Kazakhstan in the Eurasian Economic Union and the possibility of solving them. In the framework of the study of the problem, a scientific approach was used using general scientific methods that were also special, in particular, systematization, theoretical generalization and the method of comparison with the use of statistical analysis. The study defines the concept of integration, reveals the understanding of economic integration from the perspective of different economic schools, using various approaches to understanding this category, defines forms of economic integration and factors defining the integration process, gives a brief disclosure of the essence of the Eurasian Economic Union. The participation of Kazakhstan in the EAEU relative to other participating countries is considered and the main problems are identified, some prospects for Kazakhstan’s participation in the EAEU are considered. The prospects for further research are due to further study of the EAEU problems with respect to the participating countries, for their subsequent study and search for solutions. The instrumental value of the material lies in the possibility of studying problematic issues for further sustainable and effective interaction.
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Todorov, Ivan Krumov. "Macroeconomic Trends in the New Member Countries of the European Union Before the Euro Area Debt Crisis." Annals of the Alexandru Ioan Cuza University - Economics 61, no. 2 (December 1, 2014): 197–217. http://dx.doi.org/10.2478/aicue-2014-0014.
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Abstract The objective of this paper is to outline the main macroeconomic trends in the new member countries of the European Union before the Euro Area debt crisis. In order to achieve this objective, the developments in a wide range of macroeconomic indicators (exchange rates, foreign trade, monetary policy, inflation, price levels, and fiscal balances, sovereign debt, GDP, labour productivity, composition of output and current account balances) have been analyzed. The analysis results in recommendations on the macroeconomic policies the new member countries should have implemented under global crisis condition in accordance with the peculiarities of their economies and their specific national priorities.
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Rusu and Dornean. "The Quality of Entrepreneurial Activity and Economic Competitiveness in European Union Countries: A Panel Data Approach." Administrative Sciences 9, no. 2 (April 16, 2019): 35. http://dx.doi.org/10.3390/admsci9020035.
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To increase competitiveness, a country has to outperform its competitors in terms of research and innovation, entrepreneurship, competition, and education. In this paper, we aim to test the relationship between the quality of entrepreneurial activity and the economic competitiveness for the European Union countries by using panel data estimation techniques. Our research considers a sample of 28 EU countries over the period 2011–2017. For the empirical investigation we apply panel data regression models. The results obtained show that business, macroeconomic environment and the quality of entrepreneurship are significant determinants of economic competitiveness of EU countries. Thus, we identify significant positive relations between innovation rate, inflation rate, FDI and economic competitiveness, and significant negative relations between expectations regarding job creation, tax rate, costs and competitiveness. Our study completes the literature by analyzing the relationship between the quality of entrepreneurship and the competitiveness of countries, for an extensive sample formed by all the 28 countries members of the European Union for a period of seven recent years.
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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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SOAVA, Georgeta, Anca MEHEDINTU, Mihaela STERPU, and Mircea RADUTEANU. "IMPACT OF RENEWABLE ENERGY CONSUMPTION ON ECONOMIC GROWTH: EVIDENCE FROM EUROPEAN UNION COUNTRIES." Technological and Economic Development of Economy 24, no. 3 (May 17, 2018): 914–32. http://dx.doi.org/10.3846/tede.2018.1426.
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This study examines the causal relationship between economic growth and renewable energy consumption using data for 28 countries of European Union, taken from Eurostat database for years from 1995 to 2015. In addition, motivated by EU Directive 2009/28/EC, the tendency of the share of renewable energy consumption into the final energy consumption is analysed. Various panel data techniques implemented in EViews are used. The empirical results suggest a positive impact of renewable energy consumption on economic growth, and emphasize bidirectional or unidirectional Granger causalities between the two macroeconomic indicators, for each country in the panel. These results justify the political decisions of EU concerning the necessity of increasing the renewable energy consumption, and prove that this type of energy consumption has a strong positive impact on economic growth. Thus, the inclusion of such policies in future EU and national strategies is further motivated. Finally, by means of linear regression, an increasing trend was found for the ratio between renewable energy consumption and final energy consumption for all but one of the EU countries.
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Stępień, Sebastian, and Andrzej Czyżewski. "Quo vadis Common Agricultural Policy of the European Union?" Management 23, no. 2 (December 1, 2019): 295–309. http://dx.doi.org/10.2478/manment-2019-0032.
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Summary The agricultural policy of the European Union - Common Agricultural Policy (CAP) - was introduced in the 1960s as the first EU policy. Over the next decades it constituted the largest share in the expenditure of the EU budget. Today, although cohesion policy has replaced it in the first place, it is still being prioritized by the countries of the Community. Observation of the next financial perspectives, however, allows to conclude that the nature of the CAP is changing, which is a manifestation of the evolution of views on the role of the food sector in the economic development of the European Union. The aim of the study is to indicate the directions of reforms of the Common Agricultural Policy during its sixty-year functioning, the reasons for these changes and the consequences they have had for the agricultural sector in EU countries. These outcomes were supplemented by outlining the perspectives for the development of the EU agricultural policy in the coming years. The authors focused on the basic instruments of the CAP including income-generating, environmental and rural development-related. On the basis of the analysis of objectives and instruments of the CAP, it was stated that it departed from traditional market support to create more sophisticated intervention related to the changing macroeconomic conditions and expectations of the society. The paper is a review, with elements of meta-analysis, deduction and inductive reasoning.
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Oppong, Clement, and Mehmet Aga. "Economic growth in European Union: does IFRS mandatory adoption matter?" International Journal of Emerging Markets 14, no. 5 (December 2, 2019): 792–808. http://dx.doi.org/10.1108/ijoem-01-2018-0010.
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Purpose The purpose of this paper is to examine the impact of International Financial Reporting Standards (IFRS) adoption on economic growth. Design/methodology/approach Using data from 2005–2014, the study examined whether the mandatory adoption of IFRS increases economic growth synchronicity in the European Union (EU) context. The study utilizes a sample of 28 countries containing 10-year observations in the EU market where IFRS have been adopted since 2005. The empirical model, relating to economic growth synchronicity with the adoption of IFRS, and other country-specific control variables were analyzed using the dynamic panel data technique. Findings Different specifications of the model results showed that IFRS adoption improves the economic growth and that IFRS adoption matters for developing economies than developed ones. It is, therefore, recommended that authorities in Europe should try to enforce the adoption and implementation of IFRS, especially among the developing economies. Originality/value The paper’s investigation of the impact of IFRS on economic growth expands the extant literature. Studies that dealt with IFRS impacts mostly fixate on the accounting benefits of IFRS adoption to institutional investors and fail to capture the commensurate impact of IFRS adoption on macroeconomic indicators. This little attention is because prior researchers suggest IFRS adoption is important in shaping financial reporting characteristics which provide useful information to the prime users of financial reports. Also, separating the study’s countries into developed and developing countries would help delineate the impact of IFRS adoption on economic growth based on the stage of development.
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Dan, Anamaria, and Adriana Tiron-Tudor. "The Determinants of Green Bond Issuance in the European Union." Journal of Risk and Financial Management 14, no. 9 (September 16, 2021): 446. http://dx.doi.org/10.3390/jrfm14090446.
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Green bonds are a new financial tool that has developed rapidly in the context of climate change risks. Their proceeds are used to finance only environmentally friendly projects. This paper aims to examine the determinant factors of the green bonds issue in the context of the European Union countries. Using linear regression, we explore the impact of environmental, social, governance, and macroeconomic indicators on the level of green bond issues in the period 2014–2019. The results reveal that rating, ESG index; fiscal balance, inflation rate, and population have a significant impact and lead to a higher volume of green bond issuances. Our findings provide valuable insights into the development of the green bond market.
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Dovgal, Olena. "The Role of State Policy in the Formation of Food Security in the Countries of the European Union." Modern Economics 33, no. 1 (June 20, 2022): 132–39. http://dx.doi.org/10.31521/modecon.v33(2022)-17.
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Abstract. Introduction. The correlation between inflation and unemployment is a very relevant topic for both Ukraine and other countries. The connection between them is so strong that they are like a natural disaster with severe socio-economic consequences directly for the population of the countries on whose territory these processes are taking place. The level of food supply in modern conditions is one of the priority areas of state policy in the vast majority of countries in the world. The categorical apparatus of the sphere of food supply was formed in the 70s of the 20th century, when the problem of hunger acquired special importance for most countries of the world. The main priorities in this field at that time were quantitative satisfaction with food products and their financial availability for each person. And although almost half a century has passed since that time, this question has not only not lost its relevance today, but has also become one of the most important and priority ones. Purpose. The aim of this study is to thoroughly analyze the current trends of inflation in the countries of the European Union and the impact of these factors on the level of unemployment and the sustainable development of agro-food production as a component of food security in the region. Results. The results of empirical and regression analysis have shown that there is a direct causal relationship between inflation and unemployment, with inflation being the cause and unemployment being the effect. This made it possible to assert that the maintenance of macroeconomic stability in the EU countries should, first of all, consist in ensuring stable prices and a stable exchange rate. Maintaining the stability of the country's economic condition will prevent violations of the system of sustainable development of enterprises and contribute to the strengthening of food security trends. Conclusions. Inflation and unemployment threaten the economy of any country. However, as a rule, the most vulnerable strata of the population suffer, which affects food security. The relationship between inflation and unemployment exists and is legally regulated by the state administration. As practice shows, modern analytical software tools are used in various states, which are based on macro-, regional, and micro-level statistical data for modeling socio-economic situations, which helps to make the most realistic forecasts of the economic situation. In the future, it will be expedient for the EU government to set the following key tasks: first, use the entire arsenal of measures aimed at further suppressing inflationary factors; secondly, optimization of the nature and structure of public expenditures, while not abandoning the state's duties to protect socially vulnerable segments of the population, which is necessary for successful state regulation of food security processes; to establish the mechanisms and algorithm for achieving national food security, which will include scientific support, the formation of a regulatory and legal framework, increasing production volumes and increasing food security.
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Marčeta, Milja, and Štefan Bojnec. "Drivers of Global Competitiveness in the European Union Countries in 2014 and 2017." Organizacija 53, no. 1 (February 1, 2020): 37–52. http://dx.doi.org/10.2478/orga-2020-0003.
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AbstractBackground and Purpose: The main purpose of this study is to find the key drivers of Global Competitiveness Index (GCI) in the European Union (EU-28) countries from the aspect of country’s global competitiveness: institutions, macroeconomic environment, infrastructure, higher education, market effectiveness, market size, technological readiness, innovation and business sophistication.Methodology: This paper investigates global competitiveness of the EU-28 countries with the use of GCI in the periods 2014-2015 and 2017-2018. The correlation analysis and regression analysis are applied for testing the set two hypotheses.Results: The empirical results confirmed our hypotheses that GCI is particularly significantly positively correlated with innovation and business sophistication, and universities-industry collaboration in researches, and clusters development.Conclusion: The paper contributes to the literature of global competitiveness, by examining the relationship of sub-indexes of competitiveness of the EU-28 countries, pointing out the influence of universities-industries collaboration in researches and cluster development with geographic concentration of companies. The results and findings can be relevant for science, economic and research policy, and managerial practices that enhance innovation and business sophistication for research in collaboration of companies, universities, higher education institutions, and decision makers. The implications of this study can be important for better understanding of drivers of the EU-28 countries global competitiveness.