scholarly journals Financialisation of pensions in semi-peripheral Portugal

2017 ◽  
Vol 18 (2) ◽  
pp. 189-209 ◽  
Author(s):  
João Rodrigues ◽  
Ana C Santos ◽  
Nuno Teles
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Public Expenditure ◽  
Banking Sector ◽  
Pension System ◽  
Financial Sector ◽  
Retirement Income ◽  
Eu Countries

This article aims at contributing to the literature on the financialisation of pensions in Europe by examining the transformations occurring in semi-peripheral Portugal. The Portuguese case accounts for the variegated nature of financialisation in general, and of pension provision in particular, throughout Europe. While the country followed similar processes to those of core European Union (EU) countries, leading to an increasingly integrated financial sector in the international arena, this integration was mainly led by the banking sector rather than by capital markets. This helps account for the relatively reduced role of private retirement income products in the country. Nonetheless, the Portuguese pension system has been equally subject to reform, aiming at reducing its weight in public expenditure. The result is a contraction in coverage and benefit without achieving an equivalent match in supplementary private forms of pension provision. Under a prolonged period of stagnation and crisis, the deterioration of State pensions for the majority continues while a residual private, outward-oriented and foreign-owned pension sector grows for the most affluent, further exposing the systemic and variegated nature of financialisation processes in the semi-periphery.

scholarly journals Development of the Financial Markets in Turkey in Comparison with the EU Countries

2014 ◽  
Author(s):  
Sudi Apak ◽  
Mehmet Fatih Bayramoğlu
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Banking Sector ◽  
Financial Sector ◽  
Current Situation ◽  
Special Focus ◽  
Eu Countries ◽  
Financial Center ◽  
The Eu

The Turkish financial sector, especially the Turkish banking sector, demonstrates a growth tendency in recent years. Although this growth is observed to be steady, it has not reached a sufficient volume and the sources of growth are not healthy. In this study, the dimensions of the said growth in the Turkish financial sector are analyzed in comparison with the EU member countries, which are also the members of OECD, with respect to the competitiveness features of the countries and financial centers, banking sectors of the countries and the capital markets of the countries. The study presents an evaluation of the current situation with a special focus on Istanbul - a city planned to be a global financial center.

scholarly journals International Trade in Transport Services between Poland and the European Union

2021 ◽  
Vol 13 (1) ◽  
pp. 424
Author(s):  
Agnieszka Malkowska ◽  
Arkadiusz Malkowski
Keyword(s):  
European Union ◽  
Sustainable Development ◽  
Foreign Trade ◽  
Secondary Data ◽  
The European Union ◽  
Eu Countries ◽  
Transport Services ◽  
Polish Economy ◽  
Polish Foreign

The structure of international trade in today’s global economy is undergoing transformation. The increase in the importance of services is a clear trend. In Polish foreign trade with the European Union countries, it is transport services that to the greatest extent create the trade surplus. These services significantly affect the environment, which makes it necessary to take measures aimed at the implementation of the green transport principles. The aim of the study was to provide a detailed description of transport services in Polish foreign trade with European Union (EU) countries and to assess the role of these services in Polish economy, including in terms of sustainable development. The study concerned transport services, consisting of four separate types: maritime transport, air transport, other transport services (except maritime and air) and postal and courier services. The time span of the study was 2010–2018. The latest secondary data from the official statistics of the National Bank of Poland and the Central Statistical Office were used for the purpose of the analysis. The research methods included: critical analysis of the source literature, analysis of secondary data (desk-research) and graphic methods (tables and diagrams), by means of which the results of the study were presented. The conclusions drawn are inductive and deductive in nature. The article describes in detail Polish trade in transport services with EU countries. It focuses on export, import and balance. The role of the examined services in foreign trade and Polish economy was assessed based on the analysis of the structure of export and import and the rate of export and import, geographical orientation of trade, as well as the activity of enterprises from the transport service sector, registered in Poland, including joint ventures. Research has shown that between 2010 and 2018 Polish export and import of transport services as part of trade relations with EU countries increased considerably. The conducted research indicates that transport services are a crucial element of Polish trade. The role of EU countries in the Polish trade in transport services was recognised as significant and growing. This has a positive impact on the country’s economy. The increasing role of road transport in the structure of the Polish trade indicates that Polish entities providing transport services are thriving in this demanding market. However, the analysis of the source literature indicated changes in the preferences of consumers, who increasingly often expect the implementation of sustainable development principles in the distribution of goods. Green marketing or green transport are concepts more and more frequently used to gain competitive advantage in the market. The transport sector in Poland is facing a major trend towards the implementation of sustainable development principles. In order to maintain sales growth internationally, the entities will have to implement sustainable development principles.

scholarly journals THE ROLE OF BANKS AND SECURITIES MARKETS IN THE POST-TRANSITION ECONOMIES OF EASTERN EUROPE

2020 ◽  
Author(s):  
Sasho Arsov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Eastern Europe ◽  
Banking Sector ◽  
Positive Impact ◽  
Financial Sector ◽  
Securities Markets ◽  
Positive Role ◽  
The Impact

Economic theory predicts that the development of the financial sector should have a positive impact on the overall economic development. Research has predominantly confirmed this expectation, with the remark that at earlier stages of economic development this impact should be higher, while a disproportionate banking sector has detrimental effect on growth through its impact on attracting highly skilled workforce, increased presence of moral hazard and the associated banking crises. This issue has been studied only occasionally in the case of the former socialist economies of Central and Eastern Europe and the former USSR. This paper represents an attempt to analyze the impact of the banking sector and securities markets development on the economic growth of these countries. A sample of 22 countries is assembled, using data from 1995 to 2018 and a panel regression and a GMM technique are used to derive conclusions on the researched topic. The analysis has shown that the banking sector has played a positive role in the economic growth throughout the analyzed period, while the role of the stock market is not significant. This is in line with the previous studies which have confirmed that the positive role of the securities markets should be expected only at higher levels of economic development. Also, the impact of the overall financial sector is deemed to be positive.

scholarly journals The Growing Importance of the Financial Sector in the Founding Countries of the European Union

2021 ◽  
Vol 2 (26) ◽  
pp. 37-49
Author(s):  
Tomasz Florczak
Keyword(s):  
European Union ◽  
Economic Development ◽  
United Kingdom ◽  
Financial Crisis ◽  
21St Century ◽  
Banking Sector ◽  
Financial Sector ◽  
Developed Countries ◽  
The Other ◽  
The European Union

The economies of the 21st century countries operate on the principle of connected vessels. A significant element of changes in economies is the growth of the financial sector. The process of financial sector growth is often referred as financialization. The significant impact of this sector on economic development was shown during the financial crisis of 2008. Financialization is more visible in highly developed countries. Undoubtedly the founding countries of the European Union belong to highly developed countries. It is possible that the financialization is higher in bigger countries like France, Germany, Italy or United Kingdom, which can also have bigger financial sectors. From the other side there is also country, which economy is based on banks. The aim of the article is to indicate the growth of the financial sector in the founding countries of the European Union. To determine the growth of the financial sector, the author used the indicators appearing in the literature of subject. There are indicators relating to functioning of the economy and banking sector. The second method helps to determine in which country financialization is higher. To made the research there was used zero unitarization method. The results of the study allows to determine in which of the subjects the financial sector is at a higher level of development. It is possible, that during researched period there were changes in financializiation of researched countries.

The Calculation of Age

2014 ◽  
Vol 35 (11) ◽  
pp. 1627-1653 ◽  
Author(s):  
Cameron Graham
Keyword(s):  
20Th Century ◽  
Capital Markets ◽  
The Elderly ◽  
The Political ◽  
Retirement Income ◽  
Contemporary Society ◽  
Public And Private ◽  
The Individual

This article explores the role of calculative technologies, such as taxation, accounting and actuarial practices, in constructing ‘age’ in contemporary society. It argues that retirement income programs built on these technologies attempt to construct specific relations not just between the individual and other generations, but between the individual and herself at other stages of life. Retracing the series of Canadian attempts to secure income for the elderly over the course of the 20th century, the paper shows how calculative technologies have been used to connect responsibility for the elderly to the political rationalities of the day. This genealogy allows us to recognize how the present Canadian retirement income system, with its public and private programs addressing different subsets of the population, is contingent on neoliberal rationalities of governance. These demand the alignment of the individual with the goals of the capital markets, and seek to achieve this through a distributed agency that encourages the investment of individual savings in retirement income products. The paper argues that this distributed agency is perpetually incomplete, and that uncertainty is necessary in order that the individual be constantly remade as an investor.

scholarly journals Capital Market Union – Perspectives on Changes in the Financial System Model in the European Union

2018 ◽  
Vol 1 (333) ◽  
Author(s):  
Małgorzata Anna Janicka
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Banking Sector ◽  
The European Union ◽  
Investment Funds ◽  
Member States ◽  
Euro Zone ◽  
Eu Member States ◽  
Financing Model ◽  
The Eu

Currently the EU is working on the building of the so‑called Capital Markets Union. The undertaken restructuring of the financing model is designed to make a shift in the main channel through which enterprises raise investment funds, from loans to capital, and – as a result – contribute to more dynamic growth in the EU Member States. So far, the key problem with insufficient dynamics of Economic growth in the EU seems to stem not so much from the structure of investment financing but from mechanisms of the euro zone, which economically polarise its members. The European Union should, first and foremost, thoroughly analyse and reformulate the constituting principles of the euro zone, instead of making another attempt to deepen capital markets integration and changing the financing model dominant in the EU Member States. The objective of the paper is to analyse conditions and rationale of the shift in the role which the banking sector plays in transferring investment resources for the benefit of the European Union capital markets (intensification of disintermediation). Conclusions from the analysis were formulated based on qualitative studies and analyses of source materials prepared by the EU, as well as research and financial institutions (surveys, reports, recommendations), and on the basis of available data.

scholarly journals The impact of banking sector development on economic growth: Comparative analysis of Ukraine and some EU countries

2021 ◽  
Vol 18 (2) ◽  
pp. 193-208
Author(s):  
Nadiya Rushchyshyn ◽  
Olha Mulska ◽  
Yuliia Nikolchuk ◽  
Mariia Rushchyshyn ◽  
Taras Vasyltsiv
Keyword(s):  
Economic Growth ◽  
Banking Sector ◽  
Principal Component ◽  
Causality Analysis ◽  
Eu Countries ◽  
Banking Sector Development ◽  
Reverse Relationship ◽  
The Stability ◽  
The Impact

The effective functioning of the banking sector has a key impact on the stability of economic growth. The study is aimed at monitoring the banking sector development and identifying causality between the banking sector and economic growth. The methodological tools of the research are Principal component analysis, causal relationship, and vector regression modeling. The empirical study is based on the World Bank databank by eight components (for integral analysis) and seven indicators (for causality analysis). The study presents an improved algorithm for monitoring the level of banking sector development based on calculating the integral coefficient. According to assessment, the level of banking sector development and realization of its potential in Ukraine is low and significantly inferior to the EU countries; in 2000–2019, the development of the banking sector in Ukraine was 0.061-0.153. The results obtained confirmed the large discrepancy in the development of Ukraine’s banking sector with some EU countries (the highest lag values were observed with the Czech Republic and Poland). The causality analysis revealed a strong favorable relationship between the level of development of the banking sector in Ukraine and GDP per capita (0.796), a moderate one – with foreign direct investment (0.400), and a reverse relationship with the level of national poverty (0.678). This study is of practical value for identifying two possible trajectories of a country’s development, namely, sustainable development and economic turbulence, and has allowed forming a conceptual vision of the role of the banking sector in achieving social and economic goals.

scholarly journals SINGLE MARKET NON-COMPLIANCE: HOW RELEVANT IS THE INSTITUTIONAL SETTING?

2017 ◽  
Vol 62 (05) ◽  
pp. 1115-1135 ◽  
Author(s):  
NATÁLIA BARBOSA ◽  
MARIA HELENA GUIMARÃES ◽  
ANA PAULA FARIA
Keyword(s):  
European Union ◽  
Single Market ◽  
Institutional Setting ◽  
Institutional Characteristics ◽  
Eu Countries ◽  
Industry Level ◽  
Regulatory Quality ◽  
Using Data

This paper investigates the role of the national institutional setting in explaining Single Market non-compliance regarding non-tariff barriers in intra-European Union (EU) trade. Using data on infringements to Single Market law we show that the quality of domestic institutional characteristics is relevant to explain non-compliance among EU countries. While government independence from political pressures and higher levels of representativeness and accountability reduce the propensity of member states to infringe upon Single Market laws, better regulatory quality increases the probability of non-compliance at industry level, suggesting that increases in competition may generate protectionist measures that violate Single Market law.

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