scholarly journals Common Markets Measuring Price Integration in European Agricultural Markets

2006 ◽  
Vol 2 (1) ◽  
Author(s):  
Crina Viju ◽  
James Nolan ◽  
William A Kerr
Keyword(s):  
Market Integration ◽  
The European Union ◽  
Monthly Data ◽  
Agricultural Prices ◽  
Eu Integration ◽  
Long Run ◽  
Short Run ◽  
The Individual ◽  
Common Markets ◽  
The Eu

The accession of Austria, Finland and Sweden to the European Union (EU) is assessed from the perspective of market integration in key agricultural sectors. An empirical investigation is conducted using monthly data for two periods: from 1975:01-1994:12 (the pre-EU period) and 1995:01-2004:12 (post-EU period). The existence of market integration both within the countries and within the EU is tested using time-series methods. A long-run equilibrium between prices for the same good in different markets does not exclude the possibility of short-run deviations in the individual data, so part of this analysis consists of estimating an econometric model (error correction) to uncover long-run effects of price deviations. Only a subset of agricultural prices moves together after EU integration.

Common Markets Measuring Price Integration in European Agricultural Markets

2006 ◽  
Author(s):  
Crina Viju ◽  
James Nolan ◽  
William A. Kerr
Keyword(s):  
Market Integration ◽  
The European Union ◽  
Monthly Data ◽  
Agricultural Prices ◽  
Eu Integration ◽  
Long Run ◽  
Short Run ◽  
The Individual ◽  
Common Markets ◽  
The Eu

The accession of Austria, Finland and Sweden to the European Union (EU) is assessed from the perspective of market integration in key agricultural sectors. An empirical investigation is conducted using monthly data for two periods: from 1975:01-1994:12 (the pre-EU period) and 1995:01-2004:12 (post-EU period). The existence of market integration both within the countries and within the EU is tested using time-series methods. A long-run equilibrium between prices for the same good in different markets does not exclude the possibility of short-run deviations in the individual data, so part of this analysis consists of estimating an econometric model (error correction) to uncover long-run effects of price deviations. Only a subset of agricultural prices moves together after EU integration.     Full text available at: https://doi.org/10.22215/rera.v2i1.164

Unia Rynków Kapitałowych – ewolucja czy rewolucja europejskiego modelu rynku kapitałowego?

2019 ◽  
Vol 76 ◽  
pp. 153-170
Author(s):  
Michał Czykierda
Keyword(s):  
Capital Markets ◽  
Market Integration ◽  
The European Union ◽  
Investment Funds ◽  
Eu Member States ◽  
Long Run ◽  
Capital Markets Union ◽  
History Of ◽  
Rate Environment ◽  
The Eu

In September 2015, the European Commission announced the first actions of its plan to build a Capital Markets Union in Europe. 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. I describe the key features of the Commission’s plan and discuss the economic rationale behind it. The plan has many strengths but also some weaknesses, such as limited ambition in the supervision and enforcement of securities regulations. Other challenges to the development of European capital markets include the financial transactions tax, the low-interest-rate environment, cultural reasons, and potential political opposition. My paper deals first of all with highlighting the structure of the financial sector in the European Union. It provides a overview of the role of the different financial and no financial sectors in offering capital funds to accomplish the needs of households, companies, governments, etc.. I also describe the history of capital market integration in the EU. The paper also analyses some important aspects of the implementation of the Capital Markets Union, which will be a key step in completing the EU Single Market. I concluded that the integration of the capital markets will be a strong step in supporting economic growth and competitiveness in the EU in the long run.

scholarly journals A COMPARATIVE ANALYSIS OF THE EU INTEGRATION PROCESS OF ALBANIA AND KOSOVO

2021 ◽  
Vol 4 (2) ◽  
Author(s):  
Zerina Causevic ◽  
Keyword(s):  
European Union ◽  
Levels Of Analysis ◽  
The European Union ◽  
Individual Level ◽  
Eu Integration ◽  
Policy Goals ◽  
Foreign Policies ◽  
The Individual ◽  
Level Of Analysis ◽  
The Eu

Having their populations add up to over 80% of Albanian ethnicity, Kosovo and Albania can be conceptualized as being closely intertwined namely when it comes to their foreign policies. This article will primarily focus on the foreign policies of Albania and Kosovo through the lens of their major foreign policy goals and their connections with the European Union. The path of the contemporary existence of Albania and Kosovo has been marked by various events such as the dissolution of Kosovo from Serbia. Their primary efforts include building and maintaining a democratic society that would enable the two countries to gradually flourish and establish closer ties with neighboring countries as well as Europe and the EU if successful. This research provides a comparison of the two foreign policies through a lateral method by also focusing on one of the three levels of analysis, the individual, state, and system. Within the individual level emphasis is laid on crucial individuals such as Rama, Pacolli, Cakaj, and Meta. This level of analysis and the outline of influential decisionmakers statements and actions can confirm the idea that the two countries of Kosovo and Albania can survive only in case of successful cooperation amongst each other as well as through Euro Atlantic integration namely with the European Union.

scholarly journals Using Mimic Models to Examine Determinants of Vat Gap in Lithuania

2015 ◽  
Vol 6 (1) ◽  
pp. 107-126
Author(s):  
Gindra Kasnauskienė ◽  
Jolita Krimisieraitė
Keyword(s):  
Economic Loss ◽  
The European Union ◽  
Policy Makers ◽  
Mimic Models ◽  
Knowing That ◽  
Long Run ◽  
General Government ◽  
Two Factors ◽  
Short Run ◽  
The Eu

In recent years analysis of economic loss attributed to different aspects of shadow economy has attracted much attention of both academics and policy makers. Recent statistical data shows that new member states have on average a 9 percent higher VAT gap than the older members of the European Union. Knowing that economies of emerging markets rely on the VAT for a substantially higher percentage of their government revenues, it is very important to understand the determinants limiting revenue mobilization in those countries. In Lithuania, the VAT gap increased dramatically after the crisis of 2008 , and now is one of the largest in the EU. However, few studies have empirically tested some hypotheses about the VAT as a revenue-raising instrument in the country. The purpose of this study is to identify the determinants significantly influencing the size of the VAT gap in Lithuania using the MIMIC method for quarterly data of the period 2000-2013. The applied MIMIC model indicated that two factors (General government consumption expenditure and inflation) have a statistically significant impact on the VAT gap in the long-run. The results of the eMIMIC model show that two determinants (inflation and household deposits) have a statistically significant influence on the gap in the short-run. The authors believe that the key findings of the study can be used as one of the supporting tools in adjusting Lithuanian pro-growth tax policy and improving administration of VAT taxes.

The European Union and Greece: Political Acceptability and Financial Transfers

Politics ◽  
1998 ◽  
Vol 18 (2) ◽  
pp. 89-99 ◽  
Author(s):  
Dimitris Bourantonis ◽  
Sarantis Kalyvitis ◽  
Constantine Tsoutsoplides
Keyword(s):  
Regional Policy ◽  
The European Union ◽  
Financial Transfers ◽  
The Public ◽  
Positive Effects ◽  
Long Run ◽  
Short Run ◽  
Material Benefits ◽  
Of Greece ◽  
The Eu

In this paper a conceptual model is developed that relates loyalty to a community of countries to the material benefits derived from it, measured by the transfer of extra income. We argue that the extent of a country's welfare, and consequently its acceptance to participate in a community increase together with the latter's scope for influence on the former. We use the paradigm of Greece, which is one of the main recipient countries in the EU. It was found that financial transfers concerning regional policy affect in the long-run ‘the acceptance of European integration’ by the public in Greece while social policy funds appear to have short-run positive effects on public opinion.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

scholarly journals Analysis of the New Kuznets Relationship: Considering Emissions of Carbon, Methanol, and Nitrous Oxide Greenhouse Gases—Evidence from EU Countries

2021 ◽  
Vol 18 (6) ◽  
pp. 2907
Author(s):  
Mara Madaleno ◽  
Victor Moutinho
Keyword(s):  
Nitrous Oxide ◽  
Least Squares ◽  
Fixed Effects ◽  
Ghg Emissions ◽  
Ordinary Least Squares ◽  
Kuznets Curve ◽  
Ekc Hypothesis ◽  
Long Run ◽  
Short Run ◽  
The Eu

Decreased greenhouse gas emissions (GHG) are urgently needed in view of global health threat represented by climate change. The goal of this paper is to test the validity of the Environmental Kuznets Curve (EKC) hypothesis, considering less common measures of environmental burden. For that, four different estimations are done, one considering total GHG emissions, and three more taking into account, individually, the three main GHG gases—carbon dioxide (CO2), nitrous oxide (N2O), and methane gas (CH4)—considering the oldest and most recent economies adhering to the EU27 (the EU 15 (Old Europe) and the EU 12 (New Europe)) separately. Using panel dynamic fixed effects (DFE), dynamic ordinary least squares (DOLS), and fully modified ordinary least squares (FMOLS) techniques, we validate the existence of a U-shaped relationship for all emission proxies considered, and groups of countries in the short-run. Some evidence of this effect also exists in the long-run. However, we were only able to validate the EKC hypothesis for the short-run in EU 12 under DOLS and the short and long-run using FMOLS. Confirmed is the fact that results are sensitive to models and measures adopted. Externalization of problems globally takes a longer period for national policies to correct, turning global measures harder and local environmental proxies more suitable to deeply explore the EKC hypothesis.

Income convergence in Europe: Catching up or falling behind?

2012 ◽  
Vol 62 (2) ◽  
pp. 183-204 ◽  
Author(s):  
Megan Czasonis ◽  
Michael Quinn
Keyword(s):  
European Countries ◽  
Eastern European ◽  
The European Union ◽  
Income Convergence ◽  
Euro Zone ◽  
Long Run ◽  
Time Period ◽  
Eastern European Countries ◽  
Time Frames ◽  
The Eu

One of the motivations for a country to join the European Union is the belief that this will boost short- and long-run incomes. Researchers have tested the hypothesis of income convergence in different settings using either regression or unit root analysis, with mixed results. In this paper, we use both methods on the same samples over a significant time period. This allows us to judge differences in results across varied time-frames and methodologies. The focus of these tests is on convergence to German and EMU average incomes by Eastern European countries and those within the Euro-zone from 1971–2007. The evidence for convergence is mixed. Among the Euro-zone countries, there is more evidence of convergence in the 1970s and 1980s than recently. There is significant evidence that Eastern Europe experienced convergence and that capital formation was one of the root causes. While the results do not support the hypothesis that joining the EU increases convergence, reforms undertaken in the 1990s by Eastern European countries in preparation for joining may have helped them to “catch up”, even if the act of joining the EU did not directly impact convergence.

Military Expenditures and Economic Growth in Central and Eastern EU Countries: Evidence from the Post-Cold War Era

2017 ◽  
Vol 25 (3) ◽  
pp. 453-462 ◽  
Author(s):  
Mert Topcu ◽  
İlhan Aras
Keyword(s):  
Economic Growth ◽  
Panel Cointegration ◽  
Eastern European ◽  
The European Union ◽  
New Members ◽  
Post Cold War ◽  
Long Run ◽  
Short Run ◽  
Military Expenditures ◽  
Eastern European Countries

Although the relationship between military expenditures and economic growth is well documented for the old members of the European Union, empirically little is known for the new members. Thus, the goal of this paper is to investigate the economic impact of military expenditures in Central and Eastern European countries employing panel cointegration and causality methods for the period 1993–2013. Findings indicate that the variables in question do not move together in the long run and the direction of causality in the short run is from economic growth to military expenditures. The implications of the results for international relations are discussed.

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