Search results for "economic and monetary union"
showing 10 items of 11 documents
Democratic Principles and the Economic Branch of the European Monetary Union
2017
L'articolo si propone di indagare sul valore che i vari principi democratici enunciati nel TUE hanno nello specifico settore dell'UEM, in particolare nel pilastro della politica economica, dopo l'entrata in vigore delle riforme contenute nel Six pack e nel successivo Two Pack. Il lavoro intende in particolare rispondere a tre domande: A) le regole contenute nel six pack e nel two pack in tema di controllo democratico sono espressione di un preciso modello di controllo democratico sulle scelte di politica economica nell'ambito dell'UEM? B) E' un simile modello compatibile con i principi democratici del TUE? C) I principi democratici non rappresentativi possono compensare il minor peso che vi…
Measuring the shadow economy and its drivers: the case of peripheral EMU countries
2019
We adopt a long-run perspective to investigate the size of the shadow economy and explore the trends in this area. The analysis is based on a panel of peripheral EMU countries over the period 1965-2015. Our empirical approach relies on a multiple indicators and multiple causes (MIMIC) framework. This approach is a variant of structural equation modelling (SEM). We used two sets of variables, (i.e. potential determinants and indicator variables) to estimate an underlying (unobserved) index that measures the evolution of the shadow economy. Ascertaining the relative importance of the shadow economy enabled analysis of its relationship with other institutional and social issues (e.g. corruptio…
Producer Prices in the Transition to a Common Currency
2006
We analyze producer price developments in the transition from a national exchange rate regime to a monetary union. The focus is on the European Economic and Monetary Union (EMU). Stylized facts witness about an exploding gaps in producer-price inflation during the years immediately following the completion of the EMU. Price convergence is found to be an important driver throughout the entire euro period (1999-2005), but with no significant differences in speed compared to the pre euro period. Productivity growth had its primary effect in the first years and effective exchange-rate changes in the later years of the euro period.
Business Cycle Affiliations in the Context of European Integration
2007
We study affiliations for the countries of the European Economic and Monetary Union (EMU) with Germany and the USA, using various business cycle measures derived from quarterly real GDP. These measures are Hodrick-Prescott and Baxter-King filtered series and annual growth rates. By using rolling contemporaneous and maximum (over a short lead/lag interval) correlations, we document increasing correlations of EMU countries with Germany, with these typically being largest during the 1990s. We also document a strong leading role for the USA in relation to these countries in the period since 1993, thereby correcting the fallacy that the European business cycle was disjointed from the USA for mos…
PRICE CONVERGENCE IN THE EUROPEAN CAR MARKET
2008
International audience; This paper examines price convergence in the European Union car market over the period 1995-2005. We find that there is a clear evidence of price convergence among the EU15 countries, but not before 1999. Moreover, countries of the Economic and Monetary Union (EMU) started convergence previously to the EU15 as a whole. Finally, exchange rate changes have significantly contributed to price dispersion over time across countries. The results provide significant evidence that trade liberalization and the EMU have enhanced the process of regional integration in the European automobile industry, even though there is room for further measures to promote integration.
Convergence in car prices among European countries
2011
This article contributes to the literature on price convergence in Europe by investigating the existence of stochastic and deterministic convergence of car prices in the EU15 countries. We apply recently developed econometric techniques that allow for multiple structural breaks to an up-to-date dataset. We find considerable evidence of both types of convergence in our sample of countries and car models, therefore suggesting a tendency for relative prices to equalize over time. In addition, we find evidence regarding the importance in this convergence process of both legislative changes taking place in the years 1996 and 2002, and the implementation of Economic and Monetary Union (EMU).
Economic and fiscal policy coordination after the crisis: is the European Semester promoting more or less state intervention?
2020
The European Union (EU) – and its Economic and Monetary Union (EMU) in particular – is often criticized as a predominantly marketoriented project. We analyse to what extent such claims can be substantiated by focusing on one key aspect of the EU’s post-crisis framework for economic governance: the country-specific recom- 15 mendations (CSRs) that the EU has been issuing annually since 2011. Based on an original dataset, we analyse more than 1300 CSRs, which show that the EU does not push uniformly for less state intervention. Rather, the CSRs tend to suggest fiscal restraint and less protection for labour market insiders, while simultaneously 20 promoting measures that benefit vulnerable gr…
New Alliances in Post-Brexit Europe: Does the New Hanseatic League Revive Nordic Political Cooperation?
2020
As Brexit removes the Nordic countries’ most powerful ally from the EU, what does this imply for their approach to European affairs? The literature on small states within the EU suggests that they can counterbalance limited bargaining capacities by entering two types of alliances: strategic partnerships with bigger member states and institutionalised cooperation on a regional basis. Against this backdrop we ask whether, by significantly raising the costs of non-cooperation for Nordic governments, the Brexit referendum has triggered a revival of Nordic political cooperation. We scrutinise this conjecture by analysing Nordic strategies of coalition-building on EU financial and budgetary polic…
The Effect of EMU on Tourism
2007
Abstract This paper estimates the effect of the euro on intra-EMU tourist flows by using a panel dataset of 20 OECD countries over the period 1995–2002. The results reveal that the euro has increased tourism, with an effect of around 6.5%. This is a noticeable impact given the early stage of the EMU analyzed. The robustness checks show that the evidence of a positive impact is quite widespread across EMU destinationcountries. 1. Introduction The aim of this paper is to analyze the impact of the euro on tourism among the 12members of the Economic and Monetary Union (EMU) in Europe. One of theexpected effects of the creation of the single European currency was the increase in trade of goods an…
The role of the economic crisis on the competitiveness of the agri-food sector in the main Mediterranean countries
2014
Th e world economic crisis that, since 2008 has also struck the real economy, cannot be attributed only to the United States bubble which in 2007 involved the mortgage credit market, but it is the result of a series of factors among which the imbalance of the fi nancial market, of the public accounts of the main economies and the real sector. Also agricul- ture, which has always been considered an anti-cyclic sector, has seen a strong slowdown with a plunge in the trade fl ows. Th is paper analyses the changes which happened to the competitive position in the world market of some Mediterranean countries and of France, Italy, Spain and Turkey in particular trying, moreover, to understand the…