Dissertations / Theses on the topic 'Unione economica e monetaria'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Unione economica e monetaria.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
Cisotta, Roberto. "Le relazioni esterne dell'Unione Europea in materia economica e monetaria." Doctoral thesis, Università degli studi di Trieste, 2009. http://hdl.handle.net/10077/3161.
Full textLa trattazione prende le mosse, nel cap. 1, da un inquadramento generale delle relazioni economiche e finanziarie a livello globale. Viene delineato anzitutto il quadro storico di riferimento, con particolare attenzione al periodo seguente al secondo conflitto mondiale e ai decenni successivi. Tali cenni storici sono utili alla ricostruzione del sistema così come esso si presenta oggi, con riferimento tanto al settore economico inteso in senso lato, quanto in particolare al mondo delle relazioni in campo monetario. Al §§ 1.5 si presenta il sistema complessivo delle norme giuridiche che nell’ordinamento internazionale sovrintendono a questo particolare tipo di relazioni: il diritto internazionale dell’economia e, come settore specifico di questo, il diritto internazionale monetario. Si procede ad enuclearne le specificità – in particolare rispetto al complessivo corpus del diritto internazionale – con riguardo al problema delle erosioni alla sovranità subite dagli Stati in queste materie, alla vigenza anche in questo settore del principio dell’eguaglianza sovrana degli Stati (messa in discussione da un parte della dottrina), alla funzione di accertamento del diritto e della risoluzione delle controversie. Viene posto anche il problema della vigenza di alcune particolari norme consuetudinarie in questa materia, concernenti soprattutto i doveri di collaborazione degli Stati. Viene quindi enucleato il concetto di sovranità monetaria e le eventuali limitazioni cui questa è sottoposta. Infine si prendono in considerazione le pratiche di currency board e currency substitution, fornendone una valutazione dal punto di vista del diritto internazionale monetario e si definiscono i concetti di area monetaria, sistema monetario e gli altri messi a punto dalla dottrina per classificare i diversi gradi di integrazione monetaria realizzabili tra Paesi. Al § 1.6 viene presentato il concetto di Ordine economico internazionale e viene ricordato il tentativo di instaurazione di un Nuovo Ordine Economico Internazionale (NOEI). Infine si presentano le ultime evoluzioni dei caratteri del governo dell’economia internazionale, il quale, anche a detta di diverse voci dottrinali, può essere meglio qualificato come governance. L’esposizione di cui al cap. 1 è utile poiché l’Unione europea (UE) – sulla cui azione è concentrata l’attenzione in questo studio – si pone come attore delle relazioni economiche e monetarie globali e si ritrova ad agire nell’ambiente che si è presentato, restando quindi sottoposta alle norme che lo reggono. Nel cap. 2 si analizza il versante interno del governo dell’economia, cioè l’apparato normativo e istituzionale che l’Unione si è data per l’esercizio delle competenze acquisite in materia economica e monetaria. Dopo aver ripercorso le principali tappe storiche che hanno segnato il conferimento da parte degli Stati membri di competenze alla Comunità prima e all’Unione poi in materia – con riferimenti alla situazione più generale, così come presentata nel cap. 1 – vengono presentati gli obiettivi, previsti in particolare dal Trattato istitutivo della Comunità Europea (TCE), per la Politica economica e la Politica monetaria (§ 2.2); si rileva già in prima battuta come non sia possibile ridurle facilmente ad unità dal punto di vista del livello di integrazione accettato dagli Stati e degli strumenti messi a disposizione delle Istituzioni comunitarie. I termini monetario, e soprattutto economico, si intendono in tutto il lavoro come riferiti a quelle due Politiche, e ai limiti di oggetto e di strumenti da cui esse sono caratterizzate nel sistema del TCE. Si fa riferimento alla possibilità di paralare di una Costituzione economica dell’Unione europea (§ 2.2.1) e si procede quindi a presentare più analiticamente l’apparato di norme poste dal TCE per le due citate Politiche, segnatamente nel suo Titolo VII (§§ da 2.3 a 2.4.2). Si delinea il profilo degli organi specialmente preposti al perseguimento di quelle politiche, con particolare attenzione all’assetto del Sistema Europeo di Banche centrali (SEBC) e allo status della Banca Centrale europea (BCE), così come essi sono delineati dal TCE e come è stato possibile meglio inquadrare grazie ai contributi della dottrina e della giurisprudenza (§§ da 2.5 a 2.5.3). Al § 2.5 si presentano le novità che si avranno qualora dovesse entrare in vigore il Trattato di Lisbona, la maggiore delle quali è l’attribuzione dello status di Istituzione dell’Unione alla BCE. Nel cap. 3 iniziano ad affrontarsi gli aspetti generali dell’azione esterna dell’UE in campo economico e monetario. Essa si pone come uno degli attori di quelle relazioni, così come presentate al cap. 1, di cui sono ordinariamente protagonisti gli Stati, altre Organizzazioni internazionali, nonché altri soggetti anche non dotati di soggettività propria nell’ambito dell’ordinamento internazionale (come le banche centrali nazionali, che quindi agiscono ordinariamente come organi degli Stati). Al § 3.1 viene presentato il problema generale della soggettività nel diritto internazionale di enti diversi dagli Stati sovrani. Al § 3.1.1 si procede ad analizzare la situazione dell’Unione europea, giungendo alla conclusione che essa è ormai da considerarsi un soggetto autonomo di diritto internazionale, ricomprendente anche le sue articolazioni interne, come la stessa Comunità europea. Lo stesso è da dirsi per la BCE, alla quale non va quindi riconosciuta soggettività autonoma, come pure vorrebbe una parte della dottrina (§ 3.1.2). Nei §§ successivi si affrontano i problemi riguardanti il sistema che l’UE si è data per la gestione delle sue relazioni esterne in generale. In esso infatti rientra anche l’intrattenimento di rapporti in materia economica e monetaria, il quale è quindi sottoposto – in linea generale – ai medesimi principi generali. In particolare, si ha attenzione alle regole stabilite in questo campo con riguardo alla CE; infatti, pur essendo l’UE nel suo complesso il soggetto in capo al quale va riconosciuta la titolarità dei rapporti e delle conseguenti situazioni soggettive, va tenuto presente che essa la suo interno prevede regole diverse per la gestione delle relazioni esterne. Si prendono in considerazione in particolare tre profili: l’esistenza di competenze esterne, oggetto di una risalente ed elaborata giurisprudenza della Corte di giustizia delle Comunità europee (§§ da 3.2.1 a 3.3.1; al § 3.3.2 si analizzano anche le novità in argomento presenti nel Trattato di Lisbona), il procedimento previsto – in generale – per la negoziazione e la conclusione di accordi con Stati terzi o altre Organizzazioni internazionali (§ 3.4) e la prassi di rapporti con altre Organizzazioni internazionali (§ 3.5). Nei cap. 4 e 5 si affronta lo studio delle relazioni esterne in materia economica e monetaria, utilizzando le conclusioni cui si è giunti nei cap. precedenti. Innanzitutto si affronta il problema – che in prima approssimazione si presenta di più semplice soluzione – della competenza esterna in campo economico (§ 4.1.1). Riguardo ad essa il principio del parallelismo delle competenze esterne con quelle interne e gli altri messi a punto dalla giurisprudenza portano a possibilità di azione esterna dell’Unione piuttosto limitate. E’ da ritenersi che alcune possibilità di azione anche in campo economico, possano essere attratte nella sfera dell’UE nell’ambito dei rapporti con altre Organizzazioni internazionali (e il riscontro di questa possibilità viene cercato nel cap. 5, dedicato alla materia – v. infra). Si analizza quindi l’art. 111, disposizione speciale dettata dal TCE per ciò che riguarda la materia monetaria (§§ da 4.2 a 4.2.8). In un’ampia analisi vengono affrontati tutti i nodi problematici che caratterizzano la disposizione, in particolare quei par. di essa che disciplinano la politica di cambio e la conclusione di accordi in materia monetaria (a loro volta rientranti tra gli strumenti di politica di cambio, o anche di diverso tipo); vengono inoltre affrontate le questioni relative alla competenza (e alle eventuali residue competenze statali), agli effetti degli accordi e alle possibilità di controllo giurisdizionale e, infine ai rapporti con alcune disposizioni dello Statuto del SEBC, contenute in un Protocollo allegato al TCE (e condividenti con questo il medesimo rango). Nel § 4.3 viene presentato il nuovo testo che disciplinerà queste materie nel Trattato di Lisbona, rilevandone la scarsa portata innovativa rispetto all’attuale. Più articolata sarebbe invece nel nuovo Trattato l’individuazione degli obiettivi e dei principi ispiratori della complessiva azione esterna dell’UE, con riferimenti più chiari di cui si gioverebbe anche la gestione dei rapporti in campo economico e monetario. In conclusione del cap. 4, vengono passate in rassegna le prime applicazioni pratiche delle disposizioni dell’art. 111 TCE che sono state analizzate (§§ da 4.4 a 4.4.6). Infine, nel cap. 5 sono oggetto di studio le relazioni dell’UE con altre Organizzazioni internazionali, nonché consessi informali (come ad es. il G-7/8). Disposizione di riferimento è il par. 4 dell’art. 111 TCE; alla sua analisi testuale e allo studio delle implicazioni di carattere sistematico legate all’opzione tra le diverse possibilità interpretative si dedica ampio spazio (§§ da 5.1 a 5.2.1). Esso disciplina la procedura per l’adozione di posizioni della Comunità (dell’UE) su questioni “di particolare importanza per l’unione economica e monetaria” e per la decisione dei modi in cui essa debba essere rappresentata nei fori internazionali rilevanti nel settore; la formulazione ha fatto supporre a più di un autore la possibilità di estendere l’operatività della disposizione anche a questioni non esclusivamente monetarie (benché l’art. 111 sia inserito nel capo 2, relativo alla sola politica monetaria). Ma è stato il Consiglio europeo nel 1997, al di fuori della procedura prevista dall’art. 111 TCE, a dare le prime soluzioni “pragmatiche” (secondo un’espressione utilizzata in dottrina) per la rappresentanza dell’UE nei più importanti di questi fori; tali soluzioni erano esplicitamente tese a provocare cambiamenti il meno profondi possibili nei modi di rappresentanza e quindi negli assetti dei fori internazionali coinvolti. Vengono quindi passati in rassegna i rapporti dell’UE con le principali Organizzazioni internazionali e i consessi informali operanti nel settore. Particolare importanza rivestono le relazioni col Fondo monetario internazionale (FMI), cui è dedicato ampio spazio (§ 5.3.1). Di esso possono far parte solo “Stati”, ma gran parte dei suoi ambiti di attività rientrano ormai nella sfera delle competenze dell’Unione. All’interno di essa tuttavia, vi sono – come visto nel cap. 2 – diverse Istituzioni e organi con compiti e prerogative proprie che operano nell’ambito delle Politiche economica e monetaria. Di qui la necessità di dar vita ad un complicato intreccio di sedi e metodi di coordinamento per esprimere la posizione dell’UE. Ciò è reso ancora più difficile dal modo in cui è organizzato il processo decisionale nel FMI e dai criteri di voto utilizzati. Vengono quindi presentati i rapporti dell’UE con la Banca Mondiale (§ 5.3.2), con la Banca dei Regolamenti internazionali (in cui è in effetti presente la BCE, § 5.3.3), con l’Organizzazione per la Cooperazione e lo Sviluppo Economico (§ 5.3.4), nonché col G-7/8 (§ 5.3.5) e con altri consessi informali (§ 5.3.6). Infine, al § 5.4 viene analizzato il nuovo testo che disciplinerà l’assunzione di decisioni sulla rappresentanza e l’assunzione di posizioni nel Trattato di Lisbona. Tale nuova disposizione offre alcuni spunti innovativi, che potrebbero prestarsi a diverse letture; la prassi mostrerà quale verrà privilegiata dalle Istituzioni.
XXI Ciclo
1976
Nidasio, Gerolamo Daniele <1994>. "Fino a dove può spingersi la politica monetaria? Analisi comparativa delle politiche monetarie di Giappone e Unione Europea all’indomani della crisi." Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/13393.
Full textLIONELLO, LUCA. "Trasferimenti di sovranità nell'Unione Economica e Monetaria alla luce della crisi del debito." Doctoral thesis, Università Cattolica del Sacro Cuore, 2016. http://hdl.handle.net/10280/11372.
Full textThe thesis aims to provide a critical analysis of the development of the Economic and Monetary Union (EMU) in the light of the sovereign debt crisis. Since 2009 a number of measures have been progressively implemented, which have limited the autonomy of Member States in exercising their sovereign prerogatives and have granted EU institutions new powers in key policy areas. The research will investigate the ongoing transfers of sovereignty from national to European level focusing on the transformation of both the Economic and the Monetary Union. In the first chapter, it will consider the original features of the EMU, from its introduction at the intergovernmental conference of Maastricht until the ratification of the Lisbon Treaty. The second chapter will focus on the creation of rescue and stabilization mechanisms put in place to save Member States from imminent default and to ensure the financial stability of the Eurozone as a whole. The third chapter will study the interventions of the European Central Bank during the crisis considering how the necessity to protect the single currency has developed its role and extended its mandate. The fourth chapter will focus on the reform of the economic governance through the fiscal discipline of Member States. The fifth chapter will take into consideration the reform of the banking governance and the establishment of the European Banking Union, which was finally introduced to stop the vicious cycle between the debt and banking crisis. By developing the thesis, the analysis will consider each reform from the point of view of its legality, effectiveness and democratic legitimacy.
LIONELLO, LUCA. "Trasferimenti di sovranità nell'Unione Economica e Monetaria alla luce della crisi del debito." Doctoral thesis, Università Cattolica del Sacro Cuore, 2016. http://hdl.handle.net/10280/11372.
Full textThe thesis aims to provide a critical analysis of the development of the Economic and Monetary Union (EMU) in the light of the sovereign debt crisis. Since 2009 a number of measures have been progressively implemented, which have limited the autonomy of Member States in exercising their sovereign prerogatives and have granted EU institutions new powers in key policy areas. The research will investigate the ongoing transfers of sovereignty from national to European level focusing on the transformation of both the Economic and the Monetary Union. In the first chapter, it will consider the original features of the EMU, from its introduction at the intergovernmental conference of Maastricht until the ratification of the Lisbon Treaty. The second chapter will focus on the creation of rescue and stabilization mechanisms put in place to save Member States from imminent default and to ensure the financial stability of the Eurozone as a whole. The third chapter will study the interventions of the European Central Bank during the crisis considering how the necessity to protect the single currency has developed its role and extended its mandate. The fourth chapter will focus on the reform of the economic governance through the fiscal discipline of Member States. The fifth chapter will take into consideration the reform of the banking governance and the establishment of the European Banking Union, which was finally introduced to stop the vicious cycle between the debt and banking crisis. By developing the thesis, the analysis will consider each reform from the point of view of its legality, effectiveness and democratic legitimacy.
BRAGOLI, DANIELA. "THREE ESSAYS ON OPEN ECONOMY MACROECONOMICS AND POLICY." Doctoral thesis, Università Cattolica del Sacro Cuore, 2009. http://hdl.handle.net/10280/624.
Full textThe present work is made of three different essays, the first is an extension of a two region general equilibrium model (Benigno JIE 2004), with the intent of calculating optimal weights for EU inflation using micro data on the level of price rigidities, the second and the third have as main focus financial and currency country crises, with the task of selecting the most important variables in terms of crisis prediction by means of a descriptive statistics methodology called transvariation analysis. While the second essay focuses on univariate transvariation, the third extends the methodology to a multivariate framework. The last two essays are based on two different datasets. The first studies the most recent deep financial crises of the 1990s and the source is IMF, International Financial Statistics, the second uses a vast sample of currency crisis episodes taken from Frankel and Rose (1996) dataset made of annual data on more than one hundred developed countries from 1971 through 1992 and defining currency crash as a large change of nominal exchange rate that is also a substantial increase in the rate of change of nominal depreciation. The source in this case is World Bank, World Development Indicators.
BRAGOLI, DANIELA. "THREE ESSAYS ON OPEN ECONOMY MACROECONOMICS AND POLICY." Doctoral thesis, Università Cattolica del Sacro Cuore, 2009. http://hdl.handle.net/10280/624.
Full textThe present work is made of three different essays, the first is an extension of a two region general equilibrium model (Benigno JIE 2004), with the intent of calculating optimal weights for EU inflation using micro data on the level of price rigidities, the second and the third have as main focus financial and currency country crises, with the task of selecting the most important variables in terms of crisis prediction by means of a descriptive statistics methodology called transvariation analysis. While the second essay focuses on univariate transvariation, the third extends the methodology to a multivariate framework. The last two essays are based on two different datasets. The first studies the most recent deep financial crises of the 1990s and the source is IMF, International Financial Statistics, the second uses a vast sample of currency crisis episodes taken from Frankel and Rose (1996) dataset made of annual data on more than one hundred developed countries from 1971 through 1992 and defining currency crash as a large change of nominal exchange rate that is also a substantial increase in the rate of change of nominal depreciation. The source in this case is World Bank, World Development Indicators.
Erlandsson, Mattias. "On monetary integration and macroeconomic policy." Göteborg : Dept. of Economics, School of Economics and Commercial Law, [Nationalekonomiska institutionen, Handelshögsk.], Univ, 2003. http://www.handels.gu.se/epc/archive/00002715/01/Erlandsson.avhandl.pdf.
Full textMachado, Celsa Maria Carvalho. "Monetary and Fiscal Policies Interactions in a Monetary Union With Country-size Asymmetry." Tese, Faculdade de Economia da Universidade do Porto, 2007. http://hdl.handle.net/10216/7566.
Full textDoctoral Programme in Economics
As interacções entre as políticas monetária e orçamental numa união monetária podem ser condicionadas, de forma crucial, pela existência de países com diferentes dimensões. Pequenos E grandes países geram desiguais externalidades e podem possuir distintos poderes de negociação no jogo político da estabilização macroeconómica. As interacções estratégicas resultantes de diferentes objectivos de política e de comportamentos não cooperativos podem desempenhar um papel fundamental na política económica levada a cabo numa união monetária com países de dimensão assimétrica. Neste contexto, analisamos as políticas de estabilização óptimas, cooperativas e não cooperativas, através de um modelo Novo-Keynesiano com fundamentos microeconómicos e que modeliza uma união monetária constituída por dois países, sob dois cenários de política diferentes. Um cenário em que os instrumentos de política orçamental e monetária exercem ambos o seu papel de estabilização exclusivamente através do lado da procura, sem qualquer consequência na acumulação de dívida pública; e um outro cenário onde a política orçamental afecta a procura e a oferta mas em que os impostos lump sum são insuficientes para assegurar o equilíbrio orçamental. Em cada um dos cenários, deriva-se a combinação óptima de políticas estratégicas avaliando, igualmente, os efeitos de alguns arranjos institucionais (cooperação, regras orçamentais e a opção por um banco central conservador) e do nível de endividamento público sobre a eficácia das políticas de estabilização. Constata-se que a dimensão assimétrica dos países qualifica significativamente as interacções estratégicas da política orçamental e monetária. Um pequeno país, suportando maiores externalidades e beneficiando menos da estabilização promovida pela política monetária comum, terá de realizar uma política orçamental mais activa e, como seria de esperar, enfrenta maiores custos de estabilização do que um grande país. Além do mais, a avaliação do bem-estar social obtido sob jogos de política alternativos releva que um país grande obtém uma melhor estabilização quando a política orçamental lidera e que, portanto, pode oferecer resistência à cooperação. Também se verifica que grandes e pequenos níveis de endividamento público determinam especializações diferentes dos instrumentos de política na realização da estabilização económica. Tendo em conta apenas os custos de estabilização macroeconómica, observa-se que, numa união monetária com elevado nível de dívida pública, o país grande tem incentivos a aumentar o seu endividamento enquanto o pequeno pode desejar ser mais disciplinado. Numa união monetária em que o nível médio de dívida pública é pequeno, podem ocorrer incentivos contrários: o pequeno país pode sentir-se estimulado a aumentar a dívida pública permanentemente.
Country-size asymmetry may crucially shape the monetary and fiscal policy interactions in a monetary union. Small and large countries cause different cross-border effects and may have different bargaining power in a stabilization policy game. Strategic interactions arising from different policy objectives and non-cooperative policies might play a significant role in the actual policymaking of a country-size asymmetric monetary union. We analyze cooperative and non cooperative optimizing stabilization policies in a micro-founded New-Keynesian two-country monetary union model, under two policy scenarios. One, where monetary and fiscal policy instruments exert their stabilization roles exclusively through the demand channel without any consequence on debt sustainability; other, where fiscal policy has both demand and supply-side effects but where lump-sum taxes are not enough to ensure fiscal policy solvency. We derive optimal strategic policy mix within an asymmetric country-size monetary union, and assess the effects of some institutional arrangements (cooperation, fiscal constraints, weight-conservative central bank) and of public debt on the effectiveness of policy stabilization. We found that country-size asymmetry within a monetary union qualifies meaningfully monetary and fiscal policy strategic interactions. A small country, suffering larger externality effects and benefiting less from a common monetary policy for stabilization purposes, has to optimally rely on a more active fiscal policy and, as expected, it experiences more welfare costs than a larger country. Furthermore, welfare evaluation of the alternative policy games shows that a large country achieves a better stabilization performance under fiscal leadership and that it may resist to a policy cooperation arrangement. We also found out that large and small debt levels condition the stabilization assignments of the different policy instruments. Moreover, in a large-debt monetary union, and focusing exclusively on stabilization costs, the large country may face incentives to raise public debt while the small country may prefer to be more disciplined. In a small-debt monetary union, reverse incentives can occur: a small country may face incentives to raise debt permanently.
Machado, Celsa Maria Carvalho. "Monetary and Fiscal Policies Interactions in a Monetary Union With Country-size Asymmetry." Doctoral thesis, Faculdade de Economia da Universidade do Porto, 2007. http://hdl.handle.net/10216/7566.
Full textDoctoral Programme in Economics
As interacções entre as políticas monetária e orçamental numa união monetária podem ser condicionadas, de forma crucial, pela existência de países com diferentes dimensões. Pequenos E grandes países geram desiguais externalidades e podem possuir distintos poderes de negociação no jogo político da estabilização macroeconómica. As interacções estratégicas resultantes de diferentes objectivos de política e de comportamentos não cooperativos podem desempenhar um papel fundamental na política económica levada a cabo numa união monetária com países de dimensão assimétrica. Neste contexto, analisamos as políticas de estabilização óptimas, cooperativas e não cooperativas, através de um modelo Novo-Keynesiano com fundamentos microeconómicos e que modeliza uma união monetária constituída por dois países, sob dois cenários de política diferentes. Um cenário em que os instrumentos de política orçamental e monetária exercem ambos o seu papel de estabilização exclusivamente através do lado da procura, sem qualquer consequência na acumulação de dívida pública; e um outro cenário onde a política orçamental afecta a procura e a oferta mas em que os impostos lump sum são insuficientes para assegurar o equilíbrio orçamental. Em cada um dos cenários, deriva-se a combinação óptima de políticas estratégicas avaliando, igualmente, os efeitos de alguns arranjos institucionais (cooperação, regras orçamentais e a opção por um banco central conservador) e do nível de endividamento público sobre a eficácia das políticas de estabilização. Constata-se que a dimensão assimétrica dos países qualifica significativamente as interacções estratégicas da política orçamental e monetária. Um pequeno país, suportando maiores externalidades e beneficiando menos da estabilização promovida pela política monetária comum, terá de realizar uma política orçamental mais activa e, como seria de esperar, enfrenta maiores custos de estabilização do que um grande país. Além do mais, a avaliação do bem-estar social obtido sob jogos de política alternativos releva que um país grande obtém uma melhor estabilização quando a política orçamental lidera e que, portanto, pode oferecer resistência à cooperação. Também se verifica que grandes e pequenos níveis de endividamento público determinam especializações diferentes dos instrumentos de política na realização da estabilização económica. Tendo em conta apenas os custos de estabilização macroeconómica, observa-se que, numa união monetária com elevado nível de dívida pública, o país grande tem incentivos a aumentar o seu endividamento enquanto o pequeno pode desejar ser mais disciplinado. Numa união monetária em que o nível médio de dívida pública é pequeno, podem ocorrer incentivos contrários: o pequeno país pode sentir-se estimulado a aumentar a dívida pública permanentemente.
Country-size asymmetry may crucially shape the monetary and fiscal policy interactions in a monetary union. Small and large countries cause different cross-border effects and may have different bargaining power in a stabilization policy game. Strategic interactions arising from different policy objectives and non-cooperative policies might play a significant role in the actual policymaking of a country-size asymmetric monetary union. We analyze cooperative and non cooperative optimizing stabilization policies in a micro-founded New-Keynesian two-country monetary union model, under two policy scenarios. One, where monetary and fiscal policy instruments exert their stabilization roles exclusively through the demand channel without any consequence on debt sustainability; other, where fiscal policy has both demand and supply-side effects but where lump-sum taxes are not enough to ensure fiscal policy solvency. We derive optimal strategic policy mix within an asymmetric country-size monetary union, and assess the effects of some institutional arrangements (cooperation, fiscal constraints, weight-conservative central bank) and of public debt on the effectiveness of policy stabilization. We found that country-size asymmetry within a monetary union qualifies meaningfully monetary and fiscal policy strategic interactions. A small country, suffering larger externality effects and benefiting less from a common monetary policy for stabilization purposes, has to optimally rely on a more active fiscal policy and, as expected, it experiences more welfare costs than a larger country. Furthermore, welfare evaluation of the alternative policy games shows that a large country achieves a better stabilization performance under fiscal leadership and that it may resist to a policy cooperation arrangement. We also found out that large and small debt levels condition the stabilization assignments of the different policy instruments. Moreover, in a large-debt monetary union, and focusing exclusively on stabilization costs, the large country may face incentives to raise public debt while the small country may prefer to be more disciplined. In a small-debt monetary union, reverse incentives can occur: a small country may face incentives to raise debt permanently.
Machado, Celsa Maria Carvalho. "Monetary and Fiscal Policies Interactions in a Monetary Union With Country-size Asymmetry." Doctoral thesis, Faculdade de Economia da Universidade do Porto, 2007. https://repositorio-aberto.up.pt/handle/10216/112885.
Full textIto, Elcio Mitsuhiro. "Integração financeira na Europa do euro: avanços, desafios, perspectivas." Pontifícia Universidade Católica de São Paulo, 2009. https://tede2.pucsp.br/handle/handle/9411.
Full textThis research analyzes the development of the financial integration in the euro area, a decisive process for the consolidation of the new common currency and the European Union itself. Since the beginning of the monetary union process, it was assigned to the financial integration the fundamental role for the countries to extract the maximum benefits from the monetary union with the least cost possible. Given the low labor mobility and lack of fiscal coordination within the euro zone, the financial integration received special attention as a mechanism to soften macroeconomic asymmetric shocks via reallocation of resources among segments and companies in the financial markets. Moreover, financial integration allows a more efficient transmission of monetary policies and also allows risk sharing within the monetary union. As a result, new members to the European Union do not necessarily need to wait to have symmetric business cycles before joining the euro. This research presents a selective review of main studies about measuring of financial integration and its current situation in the various segments of the financial markets in the euro area. We conclude that material improvements in the financial integration have been achieved after 10 years of the euro however further challenges are still present mainly in the stock market and retail banking sectors. The recent financial turmoil, which was originated in the U.S. during mid 2007, has resulted in inflexion of the trend in some financial integration indicators but it is still premature to affirm whether this is a trend reversal or a temporary movement
A dissertação analisa o desenvolvimento da integração financeira na área do euro, processo decisivo para a consolidação da nova moeda e da própria União Européia. Prevista desde o início do processo de unificação monetária, foi atribuído à integração financeira papel fundamental para que os países do bloco consigam obter o,máximo de benefícios da união monetária, com o menor custo possível. Diante da baixa mobilidade do mercado de trabalho e das dificuldades para a coordenação políticas fiscais na Europa do euro, a integração financeira ganhou destaque como um caminho para atenuar e suavizar os choques macroeconômicos assimétricos, por meio da realocação de recursos entre setores e empresas nos mercados financeiros. Além disso, a integração do mercado financeiro possibilita a transmissão mais eficiente da política monetária única e permite a diversificação de risco dentro de área monetária. Uma decorrência importante é que novos países da comunidade européia não precisariam esperar necessariamente por uma maior simetria dos ciclos de negócios para se unirem ao euro. A dissertação apresenta uma revisão dos principais referenciais sobre mensuração da integração financeira e seu atual estágio nos diversos segmentos dos mercados da área do euro. Conclui-se que houve avanços importantes na integração financeira em vários mercados ao longo de dez anos, maiores dificuldades para o avanço da integração em alguns deles, em especial o mercado de ações e o mercado bancário de varejo. A recente crise financeira mundial, que se originou nos Estados Unidos em meados de 2007, reverteu a tendência de alguns indicadores de integração financeira, mas é prematuro afirmar se a reversão de tendência se manterá ou se há apenas uma retração temporária
Damaskopoulos, Panagiotis. "European Economic and Monetary Union, global finance, states and strategic concepts of monetary sovereignty." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ59126.pdf.
Full textWai, Cheng Iong. "A politica monetaria na reforma economica da China." Thesis, University of Macau, 1996. http://umaclib3.umac.mo/record=b1636861.
Full textRojas, Pinochet Esteban. "Unión monetaria e integración regional." Tesis, Universidad de Chile, 2010. http://repositorio.uchile.cl/handle/2250/144758.
Full textLa teoría del OCA impulsada por Robert Mundell y Ronald Mckinnon hacia principios de los sesenta, es la base para pensar en la instauración de una moneda común. En el presente trabajo nos abocamos a descubrir si es que en Sudamérica se cumplen los criterios para la formación de un área monetaria óptima. También tocaremos el tema de los fondos de cooperación regional como una forma de acercamiento Intra-Regional. La importancia que vemos en estos, proviene de la estabilidad que entregan en términos macro al disminuir la volatilidad de los flujos de capital, los problemas de liquidez y un posible de riesgo de contagio. En ellos vemos la gran oportunidad de Sudamérica. Por esta última razón es que se entregan algunas ideas de política económica que ayuden a sentar las bases de una integración regional, siendo la más importante el potenciar el Fondo Latinoamericano de Reservas.
CHIESI, GIAN MARCO. "Il costo del capitale proprio nella banche: rassegna dei modelli di analisi e verifica empirica per il sistema bancario italiano." Doctoral thesis, Università Cattolica del Sacro Cuore, 2007. http://hdl.handle.net/10280/131.
Full textThis work analyses the techniques to assess the cost of equity of Italian banks in the light of two antithetical investment policies: international portfolio diversification and ownership concentration directed to hold large blocks of shares. Financial market integration and European Monetary Union involve using a broader index, referred to the Euro area, as the proxy for the market portfolio pointed out by CAPM. The analysis carried out on a sample of Italian banks shows this change brings about a reduction of both the estimated Beta and the cost of equity. This is due to the limited contribution that domestic market index makes to the systematic risk of the Euro portfolio. The control of the decision-making process enables the holders of large blocks of shares to extract private benefits and to obtain extra returns compared with other investors. This can explain an investment policy directed to wealth concentration. That causes a higher equity cost of equity.
CHIESI, GIAN MARCO. "Il costo del capitale proprio nella banche: rassegna dei modelli di analisi e verifica empirica per il sistema bancario italiano." Doctoral thesis, Università Cattolica del Sacro Cuore, 2007. http://hdl.handle.net/10280/131.
Full textThis work analyses the techniques to assess the cost of equity of Italian banks in the light of two antithetical investment policies: international portfolio diversification and ownership concentration directed to hold large blocks of shares. Financial market integration and European Monetary Union involve using a broader index, referred to the Euro area, as the proxy for the market portfolio pointed out by CAPM. The analysis carried out on a sample of Italian banks shows this change brings about a reduction of both the estimated Beta and the cost of equity. This is due to the limited contribution that domestic market index makes to the systematic risk of the Euro portfolio. The control of the decision-making process enables the holders of large blocks of shares to extract private benefits and to obtain extra returns compared with other investors. This can explain an investment policy directed to wealth concentration. That causes a higher equity cost of equity.
Ouedraogo, Daniel. "Economic issues in a monetary union : the case of the West African Economic and Monetary Union." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED004.
Full textThe creation of a monetary union deprives the member States of the unilateral use of the monetary instrument. Therefore, an effective orientation of economic policies is required through (i) a hierarchy of macroeconomic targets, (ii) identification of appropriate instruments, and (iii) appropriate implementation. This PhD thesis provides answers to this orientation in order to ensure greater effectiveness of economic policies through a theoretical and empirical analysis applied to the case of the WAEMU which constitutes a singular analytical laboratory through which to study the economic policy of a monetary union
Mavrikiou, Petros Andreas. "Aspects of European economic integration : the single market and the single currency." Thesis, McGill University, 1995. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23724.
Full textGiorgioni, Gianluigi. "Essays on a monetary union : the case of the CFA Franc zone." Thesis, Liverpool John Moores University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299056.
Full textKimbrough, Karin Janel. "Monetary union, real exchange rates and trade in the West African Economic and Monetary Union." Thesis, University of Oxford, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.313551.
Full textKasparova, Diana. "Economic and monetary union and its housing consequences." Thesis, University of Glasgow, 2004. http://theses.gla.ac.uk/3899/.
Full textPogorelec, Sabina. "Fiscal and monetary policy in the European Union." Thesis, Boston College, 2005. http://hdl.handle.net/2345/53.
Full textThesis (PhD) — Boston College, 2005
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
Singh, Manish Kumar. "Bank and Sovereign Risk: The Case of European Economic and Monetary Union." Doctoral thesis, Universitat de Barcelona, 2018. http://hdl.handle.net/10803/672653.
Full textMykhaylova, Olena. "Essays in international monetary economics." Connect to Electronic Thesis (CONTENTdm), 2008. http://worldcat.org/oclc/454250002/viewonline.
Full textMarkakis, Menelaos. "Political and legal accountability in economic and monetary union." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:5a9a0090-1dca-4461-8733-e09dd617d183.
Full textAlouini, Olfa. "Country size, growth and the economic and monetary union." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2012. http://dx.doi.org/10.18452/16609.
Full textThe purpose of this dissertation is to investigate the relationship between country size and growth at the international level and comparatively in the Economic and Monetary Union, and to draw up its consequences for the conduct of growth-orientated fiscal policies. To further a global understanding of the link between country size and growth in the EMU, we follow an interdisciplinary approach, including macro-economic modelling (DSGE), econometrics and political economy analysis. Combining these analyses, we conclude that country size has an incidence on the economic structures of nations, the effects of their policies and therefore on their pace of growth. For this reason there is a need to reinstate the importance of country size and its consequences for the EMU.
Quaglia, Lucia. "Italy and economic and monetary union : domestic politics and European union policy-making." Thesis, University of Sussex, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.390828.
Full textBumtaia, Ahmed Jassim. "GCC monetary union prospective effects on trade and economic growth." Thesis, Kingston University, 2014. http://eprints.kingston.ac.uk/30593/.
Full textShpitontsev, Leonid. "Dealing with potential break up of Economic and Monetary Union." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114044.
Full textBRAITHWAITE, SAMUEL. "THREE ESSAYS ON THE PROPOSED CARIBBEAN MONETARY UNION." Diss., Temple University Libraries, 2014. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/255121.
Full textPh.D.
This thesis asks the question, is there economic justification for two CARICOM countries forming a currency union? There is a theoretical component consisting of a dynamic stochastic general equilibrium (DSGE) model, and an empirical component utilizing vector autoregressions and cointegration analyses. More specifically, the reactions of two, small, open economies, to symmetric and asymmetric shocks, with and without a currency union, are investigated. Secondly, the demand and supply shocks between country pairs are examined to determine whether positive correlations exist. Thirdly, the thesis looks at the issue of economic convergence, especially given the coordinated efforts of CARICOM member states towards an environment conducive for a currency union. The theoretical results support the traditional view that countries with symmetric shocks are better candidates for a currency union, while those with asymmetric shocks are not. The empirical work supports the formation of currency unions for the following country pairs, Grenada-St. Kitts, Grenada-St. Vincent, Trinidad-Grenada, and Trinidad-St. Vincent.
Temple University--Theses
Bouchoucha, Meriem. "The single currency effects on a heterogeneous economic and monetary union." Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCD089.
Full textThe Eurozone pattern has evolved over time and that before the experience of the unique money. Since the beginning of the crisis, the heterogenity of the Eurozone is more than ever highlighted. Actually, the Eurozone economies converge and diverge according to the conjuncture. The crisis placed the euro behavior and role at the core of the economic debate.The disconnection between the evolution of its exchange rate and those of its determinants is showed in the thesis as well as its impact on exports. Our findings suggest that even the exchange rate is an important determinant of exports, the role of structural competitiveness is increasingly important
Capuzzo, Ilaria <1988>. "Monetary policy of the ECB: future perspectives for the Banking Union." Master's Degree Thesis, Università Ca' Foscari Venezia, 2014. http://hdl.handle.net/10579/5171.
Full textAlyafai, Yahya. "Gulf Cooperation Council monetary unification." Kansas State University, 2011. http://hdl.handle.net/2097/9191.
Full textDepartment of Economics
Steven P. Cassou
In this report, I investigate the possibility of a monetary unification among the Arab States. The Gulf Cooperation Council (GCC) states that include Bahrain, Saudi Arabia, Qatar, UAE, Kuwait and Oman are coming together on the basis of common ethnicity, religion, culture, traditions, and monetary issues. This research will discuss different factors upon which the monetary unification and the birth of a new currency depend. For comparison to the Euro, I closely examined different factors such as inflation rates, exchange rates, trade, etc. over the past decade. As stated, this examination was done to see how these factors compare with those of the Euro region to determine if a similar monetary unification among the GCC states is possible. The target date for launching the new GCC currency was January 1, 2010; however that date has long passed. Although the above mentioned factors are favorable to currency unification of the GCC states, ample time is necessary to achieve such a herculean feat. After all, the Europeans did not achieve the unification of the Euro in one night. One hurdle to unification is that the GCC states still need to control the inflation rates in their own economies. Other economic factors, such as trade, have been favorable for all the GCC states, and all the states have been doing well in terms of the U.S. dollar (USD). Although unification may not have met the January 1, 2010 goal, the GCC will still be observing the economic factors and considering other possible scenarios. All the GCC countries vow to achieve this unification.
Boumediene, Farid Jimmy. "Determinacy and learning stability of economic policy in asymmetric monetary union models." Thesis, University of St Andrews, 2010. http://hdl.handle.net/10023/972.
Full textTsirkuleva, Arina <1986>. "The economic and monetary union in construction: tackling fault lines in language." Doctoral thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/17796.
Full textСавченко, Тарас Григорович, Тарас Григорьевич Савченко, and Taras Hryhorovych Savchenko. "Countercyclical monetary policy in major economies of the former Soviet Union." Thesis, Ukrainian Academy of Banking of the National Bank of Ukraine, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63434.
Full textJones, Basil Morris. "Growth, convergence and economic integration in West Africa : the case of the Economic Community of West African States (ECOWAS)." Thesis, University of Hull, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.342964.
Full textIannizzotto, Matteo. "Essays in the economics of exchange rates." Thesis, University of Oxford, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.323013.
Full textMonteiro, Albertino Paulo Vila Maior Guimarães. "Economic and Monetary Union : can this form of federalism survive without 'fiscal federalism'?" Thesis, University of Sussex, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.408088.
Full textKamkhaji, Jonathan Camillo. "Regime and learning shifts in fiscal policy coordination under economic and monetary union." Thesis, University of Exeter, 2017. http://hdl.handle.net/10871/30017.
Full textJurák, Jan. "The European Economic and Monetary Union and the Theory of Optimum Currency Areas." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-1181.
Full textSeiter, Corina. "Vergleich historischer Währungsunionen und Zentralbankensysteme als Lehrstück für die Europäische Wirtschafts- und Währungsunion /." Berlin : Dissertation.de, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009800656&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Full textNicklasson, Henric, and Måns Ekström. "Monetary Policy Determination: A Taylor Rule Based Approach : A study of the West African Economic and Monetary Union." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44368.
Full textGagnol, Laurent. "Politiques budgetaires et organisation institutionnelle d'une union monetaire." Strasbourg 1, 2000. http://www.theses.fr/2000STR1EC07.
Full textMokoena, Motshidisi Suzan. "The feasibility of forming a monetary union in SADC : meeting convergence and optimum currency area criteria and evaluating fiscal sustainability." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1007743.
Full textBuigut, Steven K. "Feasibility of Proposed Monetary Unions in the Eastern and Southern Africa Region." Digital Archive @ GSU, 2007. http://digitalarchive.gsu.edu/econ_diss/20.
Full textAlthaus, Fabio. "Teoria fiscal do nível de preços." Florianópolis, SC, 2006. http://repositorio.ufsc.br/xmlui/handle/123456789/88552.
Full textMade available in DSpace on 2012-10-22T10:28:57Z (GMT). No. of bitstreams: 0Bitstream added on 2013-07-16T19:54:06Z : No. of bitstreams: 1 242240.pdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5)
Küller, Albert. "How the size of a Country Affects its Performance when joining the European Monetary Union." Thesis, Jönköping University, JIBS, Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-8066.
Full textThe purpose of the thesis is to evaluate if smaller countries that have joined the ‘European Monetary Union’ outperform their larger partners in terms of higher growth and lower inflation. This is something suggested by the theory of Optimum Currency Areas (OCA). Three smaller countries, Austria, Finland and Ireland, were selected for analysis. Their growth and inflation were compared to the weighted growth and inflation of France, Germany and Italy and against a control-group of advanced countries.
A simple form of regression analysis along with some graphical analysis was used and the results to some extent support that the small countries have outperformed their larger partners in term of growth. On the other hand they seem to experience a relatively higher inflation, which is contradicting the OCA theory. Perhaps this can be explained by the fact that higher growth is often associated with higher inflation in more advanced countries.
Johns, Michael Ryan. "Macroeconomic convergence within SADC : implications for the formation of a regional monetary union." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002758.
Full textMIGLIARDO, CARLO. "Saggi su Politica Monetaria, Persistenza dell'Inflazione e Rigidità dei Prezzi." Doctoral thesis, Università Cattolica del Sacro Cuore, 2010. http://hdl.handle.net/10280/829.
Full textThe thesis is structured in three parts. Each part deals with a crucial aspect for monetary policy transmission. In the first one, I set up a New Keynesian model with to Italian economy. To this end, I estimate the dynamic responses both for the theoretical model and for the data using the SMM technique. Chapter 2 presents new evidence about inflation persistence through a novel technique to identify a Bayesian VAR model, and it analyzes the effects of several policy shocks on the macroeconomic variables. Chapter 3 provides the new micro-evidence on price setting and heterogeneity among Italian companies by using a new longitudinal data provided by the Bank of Italy. This allowed an analysis that captures the regional and sectoral disparities among firms’ price setting. This micro-evidence has a very important policy implication for the monetary authority.