Search results for "MACRO"
showing 10 items of 3471 documents
The Analysis of the Relationship between the Level of the Public Expenditure for Investments and de Degree of Development of the Society in Romania
2013
Abstract Public expenditure for development have a decisive role in Romania in the economic recovery of the country, in a first step, but at the same time taking into account the EU's objectives. Romania during 2000-2010 had the largest public investment expenditures across European countries as a share of GDP, and in 2011 was ranked second after Poland. But while the share of GDP allocated to public investment in Romania is above the average of EU countries, in the economy these expenditures have been seen too little. Looking at Lisbon Index score, which tracks the performance of member countries to achieve the objectives of the current Lisbon strategy, one can notice that Romania is on th…
Twenty Years of Basic Vocational Education Provision in Spain: Changes and Trends
2015
International journal for research in vocational education and training 2 (2015) 2, S. 137-151
Trade in final goods and the impact of innovation
2011
Abstract This paper analyses how innovations in imported final goods impact via terms of trade effects upon welfare growth in the domestic economy. It is shown that the impacts, although differing across countries, are quantitatively significant and worthy of further consideration.
The determinants of increasing equity market comovement: economic or financial integration?
2010
This paper investigates to what extent the substantial increase in exposures of local European equity market returns to global shocks is mainly due to a convergence in cash flows (“economic integration”), to a convergence in discount rates (“financial integration”), or to both. We find that this increased exposure is nearly entirely due to increasing discount-rate betas. This finding is robust to alternative ways of calculating discount-rate and cash-flow shocks.
Western European Studies: Economics
2004
In this entry, we overview major developments of Western European studies in Economics in the last two decades. Given the richness of contributions in this field, we decided to restrict our discussion to three general topics: the theory of economic and financial integration; the economics of unemployment and the microeconomic foundations of market regulation. In the Section 1, we present the evolutions of thought on European monetary and economic integration, with particular emphasis on the discussion of exchange rate regimes, the role of policy authorities, and the cost–benefit analysis related to the establishment of a European monetary union. In Section 2, we examine some results produce…
Trade Liberalization and Heterogeneous Technology Investments
2015
We propose a trade model where heterogeneous firms decide on a productivity-enhancing technology investment. The model analyzes the impact of multilateral trade liberalization on firm- and industry-level productivity. Freer trade increases the incentives to invest in technology by raising export profits. It also dampens these incentives, however, as profits stemming from domestic sales are reduced. Only exporters benefit from the former positive effect. The shape of the distribution of efficiency draws, the level of trade costs and the technology intensity of the industry are key elements removing the ambiguities regarding the net impact of trade liberalization.
The Spanish Turn against Renewable Energy Development
2018
[EN] In this study, we focus on the case of Spanish energy policy and its implications for sustainable energy development. In recent years, Spanish legislation has changed dramatically in its approach to sustainable energy sources. This change is despite EU and international efforts to increase energy efficiency, and to accelerate the transition to renewable energy sources (RES) in order to reduce greenhouse gas emissions. Based on the socio-technical transitions literature, this paper assesses the role of the new legislation in this altered scenario, and analyzes the evolution of energy production in Spain in the EU context. The results are triangulated with two expert assessments. We find…
From the Global Crisis to the National Crises: The Case of the European Union Countries
2013
Abstract The aim of this paper is to examine the way in which the 2007 global financial crisis has emerged into more specific national ones. The interventionist policies responses have led to an intensification of the economic unhealthy situations in some countries of the European Union. At the same time through well-chosen economic policies other countries, managed to escape from the threat of collapse of their national economies.
Migration and fdi: the role of job skills
2018
Abstract Using a multi-country gravity framework, this paper models and quantifies the relevance of migrants' job position in fostering Foreign Direct Investment (FDI). High-skilled migrants are defined as those individuals born in the investors' home/host country occupying managerial or professional positions in the host/home country of investment. Our estimates show that higher shares of migrants with management skills in a given country promote FDI into that country. In contrast, an increase in the share of migrants in non-qualified positions (regardless of their educational attainment) has a negative impact on FDI decisions. These findings highlight that the FDI-enhancing effect of migr…
Stress test impact and bank risk profile: Evidence from macro stress testing in Europe
2019
Abstract This study investigates the risk profile of banks that get a significant capital level reduction in the EU-wide stress test exercises. Using the CAMELS multifaceted risk approach, we look into the connection between the bank risk factors and the macro stress testing impact on capital. The results show that financial institutions that are inefficient or complex, with low profitability levels and small loan portfolio, receive highly negative results in the stress tests. As this risk profile is not consistent over time, the results support the stress tests disciplinary role, suggesting risk management strategy adjustment through consideration of prior stress test outcomes.