scholarly journals The Western Balkans: Weak performance since the crisis

2018 ◽  
Vol 68 (s2) ◽  
pp. 85-120
Author(s):  
Marek Dabrowski ◽  
Yana Myachenkova
Keyword(s):  
Economic Growth ◽  
Global Financial Crisis ◽  
Western Balkans ◽  
Eu Accession ◽  
Institutional Reforms ◽  
Western Balkan Region ◽  
Speed Up ◽  
Balkan Region ◽  
The Global Financial Crisis ◽  
The Eu

In the early and mid-2000s, the prospect of EU accession and the global boom facilitated rapid economic recovery and boosted economic and institutional reforms in the Western Balkan region. The global financial crisis of 2007–2009 and the European crisis of 2010–2013 slowed the pace of economic growth and amplified high unemployment in the region. In addition, various unresolved legacies from past conflicts slowed the pace of reform and progress towards EU accession. The European Commission’s February 2018 communication sets an indicative deadline (2025) for the two most advanced candidates – Serbia’s and Montenegro’s admission to the EU. This could incentivise all Western Balkan countries, including those candidates that have not yet started membership negotiations (Macedonia and Albania) and those waiting for candidate status (Bosnia and Herzegovina and Kosovo), to remove domestic political obstacles to EU accession, solve conflicts with neighbours, speed up reforms and accelerate economic growth.

German Policy towards EU Enlargement

2015 ◽  
pp. 18-22
Author(s):  
F. Basov
Keyword(s):  
European Union ◽  
Developed Countries ◽  
Eu Enlargement ◽  
The European Union ◽  
Western Balkans ◽  
Eastern Partnership ◽  
Western Balkan Region ◽  
Balkan Region ◽  
The Stability ◽  
The Eu

This article is dedicated to the German policy towards the EU enlargement. Its history as well as the current German policy towards prospective enlargements are analyzed in this paper. The article offers party-political and sociological analysis of Germany`s attitude towards the EU enlargement, also the reasons for it are determined. FRG supported all of the European Community and European Union enlargements. This line is being continued, but nowadays only step to step approach is being supported. Germany‘s motives to the EU enlargement are based on the liberal concept of the common security. The main goals of this policy are the including of European countries into the Western community of developed countries (the EU), the extension of the stability and security area. The economic integration is also very important for Germany. The key priority of the EU enlargement is the Western Balkan region (the so called “Europeanisation” of Western Balkans). This process is being supported by political elites of the region and by the European Union itself. It is recognized, that the Europeanisation of Western Balkans was used as a sample for the Eastern Partnership Program. Without consideration of the Russian factor, though, this strategy towards the post-Soviet countries has many weaknesses. But the EU-membership for the Eastern Partnership members is not excluded.

Section III. Prospects for Europe

1998 ◽  
Vol 166 ◽  
pp. 44-56
Author(s):  
Nigel Pain ◽  
Florence Hubert ◽  
Dirk te Velde ◽  
Dawn Holland ◽  
Véronique Genre
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
European Commission ◽  
Global Financial Crisis ◽  
Future Prospects ◽  
The Global Financial Crisis ◽  
The Eu

Economic growth in the EU area rose markedly last year. Output expanded by more than 3 per cent in over half of the member countries, although growth was notably slower in the larger economies. The outlook continued to improve in the first half of this year. Growth in the first quarter was particularly buoyant. Eurostat figures indicate that output in the EU was some 3.3 per cent higher in the first quarter of 1998 than a year earlier. Although output rose by only 0.2 per cent in the second quarter, this was partly due to statistical distortions arising from the different number of working days in the quarter. Italy is the sole economy where growth has proved to be weaker than initially expected. The global financial crisis and slowdown in worldwide demand is expected to dampen EU growth somewhat next year, and we continue to be less optimistic than the European Commission about future prospects. Growth in the EU economies is projected to slow from 2¾ per cent this year to around 2¼ per cent in 1999.

China in the Period of Global Crisis: Beneficiary, Victim or Culprit?

2010 ◽  
pp. 93-114
Author(s):  
P. Mozias
Keyword(s):  
Economic Growth ◽  
Global Financial Crisis ◽  
Trade Deficit ◽  
Developed Countries ◽  
Mirror Reflection ◽  
Stabilization Policy ◽  
Trade Surplus ◽  
Institutional Reforms ◽  
The Developed Countries ◽  
The Global Financial Crisis

This article analyzes new opportunities and challenges associated with Chinas entry into the world economy against the background of the recent crisis. It is shown that Chinas domestic macroeconomic disequilibria contributed heavily to the global disbalances which resulted in the global financial crisis. Extremely high rates of saving and investment, along with the huge trade surplus of China, are a mirror reflection of the US economic problems, such as negative gross saving rate, overdependence on consumer demand for economic growth, trade deficit and hefty inflows of foreign capital. Chinas economic cycle broke even in late 2007 - early 2008 that was aggravated with the recession in the developed countries. Hence Chinas economy met with unprecedented economic difficulties. Chinas government stabilization policy was up to the mark, and the economy has accelerated again. But deepening institutional reforms is essential for harmonic economic growth.

scholarly journals (What about) the Further Enlargement of the EU? In between European Enlargement Fatigue and Balkan Instability Challenges

2009 ◽  
Vol 1 (2) ◽  
Author(s):  
Milenko Petrovic
Keyword(s):  
European Union ◽  
Public Support ◽  
Eu Enlargement ◽  
The European Union ◽  
Western Balkans ◽  
Eu Accession ◽  
Eu Member States ◽  
Balkan Region ◽  
Balkan States ◽  
The Eu

Despite an initial delay in post-communist reforms and opening the EU accession process, Bulgaria and Romania have already succeeded in becoming EU members while Croatia is just a ‘step away’ from full membership status. Although considerably behind these three, the remaining (Western) Balkan states have been progressing fairly well in the association negotiations (i.e. Stabilisation and Association Process) with the European Union since the early 2000s and expect to officially open negotiations for accession (as is the case with FYR Macedonia) or get full candidate status by the end of 2009 or in 2010 at the latest. However, on their way to Europe, these countries have still to overcome some challenges which the previous EU membership candidates from post-communist Europe faced to a significantly lesser extent or not at all. Focusing on the problems of the increased toughness of EU accession criteria due to the declining public support in the ‘old’ EU member states for further EU enlargement and on the interior political instability in the countries of the Western Balkans, caused primarily by their still ‘undefined’ statehood status, this paper investigates the character and strength of the remaining obstacles for further enlargement of the European Union into the Balkan region.

Financial Supervisory and Regulatory Reform of the EU after the Global Financial Crisis

2013 ◽  
Author(s):  
Yoo-Duk Kang ◽  
Kyuntae Kim ◽  
Tae Hyun Oh ◽  
Cheol-Won Lee ◽  
Hyun Jean Lee ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Regulatory Reform ◽  
The Global Financial Crisis ◽  
The Eu

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

Adapting the European System of Financial Supervision (ESFS) to the EEA Two-Pillar Structure – A Workable Solution?

2019 ◽  
Vol 16 (5) ◽  
pp. 557-591
Author(s):  
Andri Fannar Bergþórsson
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
National Level ◽  
Financial Supervision ◽  
Member States ◽  
Eu Member States ◽  
European System ◽  
Pillar Structure ◽  
The Global Financial Crisis ◽  
The Eu

In response to the global financial crisis, the European System of Financial Supervision (ESFS) was created in 2010. Supranational bodies were established for different financial sectors to act as supervisors of sorts for national-level supervisors in EU Member States. This article focuses on how the system was adapted to three EFTA States that are not part of the EU but form the internal market along with EU Member States through the EEA Agreement – Iceland, Norway and Lichtenstein (EEA EFTA States). The aim is to clarify how ESFS has been incorporated into the EEA agreement and to discuss whether this a workable solution for the EEA EFTA States that have not transferred their sovereignty by name in the same manner as the EU Member States. One issue is whether the adaptation has gone beyond the limits of the two-pillar structure, as all initiative and work stem from the EU supranational bodies and not the EFTA pillar.

scholarly journals Do Bubble Behaviors Exist in Chinese Film Stocks?

SAGE Open ◽  
2020 ◽  
Vol 10 (4) ◽  
pp. 215824402098330
Author(s):  
Chi-Wei Su ◽  
Lu Liu ◽  
Kai-Hua Wang
Keyword(s):  
Economic Growth ◽  
Global Financial Crisis ◽  
Film Industry ◽  
Stock Index ◽  
Industrial Policies ◽  
Chinese Film ◽  
Augmented Dickey Fuller ◽  
Boom And Bust ◽  
Negative Impacts ◽  
The Global Financial Crisis

This article investigates bubbles in the Chinese film industry to reveal the industry’s boom and bust process that influences employment, citizen’s livelihoods, and even economic growth. We adopt the film stock index to reflect the industry’s trajectory and employ the generalized and backward sup augmented Dickey–Fuller tests to detect bubble periods. Empirical results indicate that there are three positive bubbles in 2007, 2013, and 2015, indicating that the film market continues to expand after temporary frustrations. Meanwhile, one negative bubble is found in 2019, which demonstrates that the bubble’s negative impacts persist and the film industry is still having problems such as declining industrial output. Economic growth, film quality, and industrial policies are common factors for all bubbles. The global financial crisis, capital in- and outflows, internet giants’ entry and sky-high remuneration are reasons for certain bubble behaviors. Hence, market practitioners should actively recognize bubbles and observe their evolution, which will favor industrial stabilization. A perfect legal system, moderate industrial policies, a competitive market environment, and other measures are needed to confront the opportunities and challenges.

scholarly journals The causal relationship between current account and financial account balance in Western Balkan countries: The case of Serbia

Bankarstvo ◽  
2020 ◽  
Vol 49 (4) ◽  
pp. 9-41
Author(s):  
Radovan Kovačević
Keyword(s):  
Current Account ◽  
Global Financial Crisis ◽  
Western Balkans ◽  
Causality Test ◽  
Vec Model ◽  
Long Run ◽  
Financial Account ◽  
Causality Relationship ◽  
Johansen Cointegration Test ◽  
The Global Financial Crisis

The Western Balkans (WB) countries registered an increase in the current account (CA) deficit and net capital inflow in the period before the outbreak of the global financial crisis of 2008. The external debt of these countries has increased. The aim of this paper is to examine the causality relationship between the CA and financial accounts (FA) balance of Serbia. A framework for the empirical analysis is the vector autoregression (VAR) model and the vector error correction (VEC) model. Using the Johansen cointegration test, we find the existence of a long-run causality relationship between these two variables. The estimated long-run coefficient on the FA variable as an independent variable shows that an increase of Serbia's FA balance by 1% leads to an increase in the CA deficit of Serbia by 0.58%. Applying the Granger causality test, it was found that causality runs from FA to the CA, which implies recommendations for economic policymakers. The finding indicates the need to continuously check the sustainability of the CA deficit of Serbia, as well as to monitor the level of presence of foreign capital in the Serbian economy.

Sign in / Sign up

Export Citation Format

Share Document