Search results for "Integra"

Fiscal and regulatory federalism in the European Union

1995

This contribution summarizes some quantitative results and presents relevant policy-oriented conclusions obtained from research program No. PBS91-0363. It is mainly supported by the Inter-ministerial Committee on Science and Technology of the Spanish government, which was carried out at the Public Finance and Public Sector Economics Research Unit of University of Valencia (Spain) to analyze, from a fiscal and regulatory point of view, the dynamic characteristics of federalism in the European Union. The research was performed in order to contribute to the establishment of the basis for the acceleration of the economic European integration and the future constitution of the United States of E…

Oil prices and Spanish competitiveness

2002

Abstract This paper tries to find, using panel cointegration techniques, the factors explaining the real exchange rate of the Spanish peseta following the monetary approach to exchange rate determination developed in Meese and Rogoff (1988). In addition to the real interest rate differential, the real oil price (adjusted accounting for the relative oil dependence of the countries considered) is included as one of the main long-run determinants. The results are favorable to this simple model, stressing the role played by both, demand and supply factors, to explain the behavior of the peseta real exchange rate. However, the results are not homogeneous in the case of the real oil prices: this …

The European Union and Interregionalism: Patterns of Engagement - By M. Doidge

2012

European Integration and the Disembedding of Labour Market Regulation: Transnational Labour Relations at theEuropeanCentralBank Construction Site

2013

European integration through mutual recognition has facilitated the growth of a pan-European labour supply system in which transnational subcontractors ‘post’ workers from low-wage areas to higher wage areas. This allows employers to create spaces of exception in which the national industrial relations system of the country where work occurs does not fully apply. Drawing on interviews with managers, workers, unionists and works councillors at the European Central Bank construction site in Frankfurt, Germany, this article shows how transnational subcontracting allows employers to access, and create competition between, sovereign regulatory regimes. It concludes that high-cost, high-collectiv…

50 years of capital mobility in the eurozone: breaking the Feldstein-Horioka puzzle

2021

AbstractThis paper assesses capital mobility for the Eurozone countries by studying the long-run relationship between domestic investment and savings for the period 1970-2019. Our main goal is to analyze the impact of economic events on capital mobility during this period. We apply the cointegration methodology in a setting that allows us to identify endogenous breaks in the long-run saving-investment relationship. Precisely, the breaks coincide with relevant economic events. We find a downward trend in the saving-investment retention since the 70s for the so-called “core countries”, whereas this trend is not so evident in the peripheral, where the financial and sovereign crises have had a …

The EU's New Economic Governance Framework and Budgetary Decision‐Making in the Member States: Boon or Bane for Throughput Legitimacy?*

2021

The euro crisis has sparked changes in the EU's economic governance framework and a crisis of legitimacy across the union. While the institutional repercussions of the crisis have been studied before, the democratic impact at the national level has received much less attention. This paper aims to fill this gap, focusing on the procedural changes that the EU's new economic governance (NEG) framework has brought to national budgetary decision-making. Building upon the Varieties of Democracy framework, the paper adds empirical nuance and conceptual clarity to the notion of 'throughput legitimacy' and its components: openness, inclusiveness, transparency and accountability. Detailed case studie…

Work–Family Practices and Complexity of Their Usage: A Discourse Analysis Towards Socially Responsible Human Resource Management

2020

AbstractThe question of work–family practices commonly arises in both theory and daily practice as a matter of responsibility in today’s organisations. More information is needed about them for socially responsible human resource management (SR-HRM). In this article our interest is in how work–family practices, serve as an important element of SR-HRM, constructed as (un)helpful for employees’ work–family integration, are realised in organisational life. We investigate the discursive ways in which members of two different organisations working at different organisational levels construct the issue in the Finnish context. Three discourses were interpreted: (1) a discourse of compliance with e…

Nonlinear dynamics of interest rate and inflation

2004

According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move one-for-one in the long run, which is not consistent with the theoretical models. In this paper we introduce a nonlinear bivariate mixture autoregressive model that seems to fit quarterly US data (1952 Q1 – 2000 Q2) reasonably well. It is found that the three-month treasury bill rate and inflation share a common nonlinear component that explains a large part of their persistence. The real interest rate is devoid of this component, indicating one-for-one m…

The evolution of the Polish central bank’s views on Eurozone membership

2016

AbstractThis article analyses the reports published by the National Bank of Poland (NBP – Narodowy Bank Polski) between 2004 and 2014. These reports shed light on the evolution of official thinking on the possibility of Polish participation in the Eurozone, revealing a decline in enthusiasm over time. This change has taken place against a backdrop of a shift in general public attitudes (in Poland) towards the European Union, and a more specific shift in public opinion on the desirability of monetary integration on the supranational level caused by the economic crisis. These two factors explain the shift in conclusions and arguments contained in the official reports of the National Bank of P…

Stock market information and the relationship between real exchange rate and real interest rates

2013

In this paper we propose to augment the traditional relationship between real exchange rates and real interest rates (RERI) by adding the stock market equilibrium condition to it. We introduce the relative dividend yield as the new information variable. In the empirical analysis we use recent monthly observations from the U.K., Japan, Canada and Eurozone, all relative to the U.S. We show that the introduction of stock market information is highly relevant for the functioning of the RERI hypothesis. Based on the results from the cointegration analysis the role of relative stock market performance is especially important in the short- term (3 month) horizon, where the augmented RERI represent…