European Economics: Macroeconomics & Monetary Economics eJournal最新文献_第4页

World War I and the Restructuring of International Business 第一次世界大战与国际贸易的重组

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-12-01 DOI: 10.3386/w28224

Edward Fertik, N. Lamoreaux

{"title":"World War I and the Restructuring of International Business","authors":"Edward Fertik, N. Lamoreaux","doi":"10.3386/w28224","DOIUrl":"https://doi.org/10.3386/w28224","url":null,"abstract":"This paper considers the effect of the First World War on large-scale businesses in Second-Industrial-Revolution industries like steel, electricity, and chemicals. For firms in the nations of the Entente, we argue, the war mainly interrupted long-term trends that resumed in the aftermath of the conflict. For Germany, however, the war and its subsequent territorial settlements had a disruptive impact on the economic geography of key industries. The global restructuring that resulted from the collapse of the Habsburg, Romanov, and Ottoman empires and Germany’s loss of its colonial possessions set up a new kind of international rivalry as German firms sought to regain their dominance by contracting with emerging nations in the European periphery and the Global South to build industrial capacity, forcing Britain and the now capital-rich United States to compete for this business or see their influence in these areas decline. The end result of this rivalry was the construction of massive steel works in Brazil and other industrializing countries around the world. These investments would provide the foundation for the import-substituting policies of the post-World War II era.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122487710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Fiscal Transfers and Economic Convergence 财政转移与经济趋同

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3742258

João Capella-Ramos, Cristina D. Checherita-Westphal, Nadine Leiner-Killinger

{"title":"Fiscal Transfers and Economic Convergence","authors":"João Capella-Ramos, Cristina D. Checherita-Westphal, Nadine Leiner-Killinger","doi":"10.2139/ssrn.3742258","DOIUrl":"https://doi.org/10.2139/ssrn.3742258","url":null,"abstract":"Before the outbreak of the coronavirus (COVID-19) pandemic, discussions were already taking place on how to complete Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of the current unprecedented crisis on the euro area economy has given the debate new impetus. As a contribution to this topic – and without going into details of new mechanisms for crisis resolution – this paper analyses the role of fiscal transfers in real and business cycle convergence at a regional level. The paper distinguishes between net fiscal transfers – a broad measure defined as the ratio between disposable and primary incomes – and EU structural and investment funds. It provides evidence that net fiscal transfers have contributed to income redistribution across regions and to faster convergence in disposable incomes, although not to higher economic growth and real convergence. More positive evidence has been found for the role of the EU structural and investment funds over the medium term, based on the newly available – and richest so far – European Commission database. Going forward, in addition to efficiency considerations, which are important for real convergence, recommendations on the size and allocation of fiscal transfers should account for their impact on the business cycle. At the same time, in the longer run, it should be borne in mind that fiscal transfers are no substitute for genuine structural reforms and sound macroeconomic and fiscal policies when it comes to promoting sustainable economic growth and convergence.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"24 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120918349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Cycles and Long-Range Behaviour in the European Stock Market 欧洲股市的周期和长期行为

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-11-22 DOI: 10.1007/978-3-030-54252-8_11

G. Caporale, L. Gil‐Alana, Carlos Poza

引用次数: 0

Economic Integration and Convergence: Theory and Practice 经济一体化与趋同:理论与实践

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-11-21 DOI: 10.2139/ssrn.3752588

A. Tsibulina

引用次数: 0

Liquidity in Resolution: Estimating Possible Liquidity Gaps for Specific Banks in Resolution and in a Systemic Crisis 清算中的流动性:估计特定银行在清算和系统性危机中可能出现的流动性缺口

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-11-01 DOI: 10.2866/48515

L. Parisi, Dimitrios Chalamandaris, R. Amamou, P. Torstensson

引用次数: 4

Adapting lending policies in a “negative-for-long” scenario (Updated October 2020) 在“长期负增长”情景下调整贷款政策(2020年10月更新)

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-10-15 DOI: 10.2139/ssrn.3255441

Oscar J. Arce, Miguel García-Posada, S. Mayordomo, S. Ongena

引用次数: 13

The Effect of ‘Brexit’ Uncertainty on the FTSE 100 Index and the UK Pound 英国脱欧的不确定性对富时100指数和英镑的影响

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-10-03 DOI: 10.2139/ssrn.3711280

R. McCann, Daniel Broby

{"title":"The Effect of ‘Brexit’ Uncertainty on the FTSE 100 Index and the UK Pound","authors":"R. McCann, Daniel Broby","doi":"10.2139/ssrn.3711280","DOIUrl":"https://doi.org/10.2139/ssrn.3711280","url":null,"abstract":"We investigate the impact of the uncertainty surrounding the United Kingdom’s proposed departure from the European Community (“Brexit”) on financial assets. We conduct an event study around the November 14th 2018 draft withdrawal agreement. Our motivation was that the economic impact of the various political permutations that persisted throughout the negotiation period were both measurable and distinct. The probability of each Brexit scenario that was discussed varied over the political discourse. Using opinion poll data we investigate the event impact on both the FTSE 100 and the UK Pound. We found that, in accordance with existing academic evidence, asset prices discounted the weighted probabilistic economic impact of likely outcomes. We observe, however, that this impact was not as immediate as theory suggests. Interestingly, currency markets had the greater sensitivity. Our conclusions have important implications for the pricing of country risk premia in general and the European Union in particular. Key takeaways: 1) Asset prices were slow to discount the weighted probabilistic economic impact of Brexit risk. 2) Currency markets had the greater sensitivity to changes in Brexit risk. 3) Country risk premia can be impacted by perceived changes in custom union.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122335552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Spending When Illiquid Savings Become Liquid: Evidence From Danish Wage Earners 当非流动储蓄变成流动储蓄时的消费:来自丹麦工薪阶层的证据

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-09-21 DOI: 10.2139/ssrn.3696220

H. Andersen

引用次数: 2

Who Is Unhappy for Brexit? A Machine-Learning, Agent-based study on Financial Instability 谁对英国脱欧不满?基于机器学习的金融不稳定性研究

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-09-20 DOI: 10.2139/ssrn.3710504

Stathis Polyzos, Aristeidis Samitas, Marina-Selini Katsaiti

引用次数: 11

Evaluation of Seaports’ Investment Attractiveness 海港投资吸引力评价

European Economics: Macroeconomics & Monetary Economics eJournal Pub Date : 2020-09-18 DOI: 10.21511/IMFI.17(3).2020.13

O. Palyvoda, O. Karpenko, V. Vlasova, N. Bondar, O. Mishulina

{"title":"Evaluation of Seaports’ Investment Attractiveness","authors":"O. Palyvoda, O. Karpenko, V. Vlasova, N. Bondar, O. Mishulina","doi":"10.21511/IMFI.17(3).2020.13","DOIUrl":"https://doi.org/10.21511/IMFI.17(3).2020.13","url":null,"abstract":"Ukraine’s European integration requires the involvement of seaports in the international TEN-T network, so it is extremely important to create favorable investment conditions to develop port infrastructure. This study aims to make a comprehensive assessment of the seaports’ investment attractiveness to use it for increasing the efficiency of attracting investment in the development of Ukrainian seaports, which are part of the European transport network. The study was conducted using the Saati method and the method of calculating the integrated indicator of seaports’ investment attractiveness. The integrated indicator includes assessing indicators of business activity in the region and consolidated indicators of financial and property status, logistical attractiveness, and prospects for port development. According to the results of calculations, the seaports of Ukraine were divided into three groups. The ports of Yuzhne, Odesa, Illichivsk, and Mykolaiv have a high level of investment attractiveness. The ratio of investment attractiveness ranges from 3 to 2.6. The ports of Izmail, Mariupol, Oktyabrsk, and Kherson have an average level (ratio from 2.2 to 1), and other ports have a low investment attractiveness (coefficient from 0.9 to 0.7).","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132388058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5