scholarly journals COMPARATIVE ANALYSIS OF STRUCTURAL Σ-CONVERGENCE OF EXPORTS

2020 ◽  
Author(s):  
Vera Pirimova ◽  
Keyword(s):  
Comparative Analysis ◽  
Euro Area ◽  
Graphical Form ◽  
Economic Convergence ◽  
Common Currency ◽  
Dissimilarity Index ◽  
Index Method ◽  
Analysis And Synthesis ◽  
The Common ◽  
Degree Of Similarity

The paper analyses the structural σ-convergence of exports of six CEE countries to the Euro area. The countries are Estonia, Latvia, Lithuania, Slovakia, and Slovenia, which are members of the Euro area, as well as Bulgaria, which was included in the ERM II currency mechanism on 10.07.2020. The main goals are to measure and compare the structural σ-convergence of exports of the six CEE countries and to prove whether the introduction of the common currency (the euro) has an impact on the convergence. The research consists of the theoretical and empirical parts. The theoretical part systematizes basic concepts of economic, trade, club, and structural convergence. One index method used by his authors to study economic convergence has been adapted to the structural σ-convergence of exports. This is the dissimilarity index of Von Hagen and Traistaru. In the empirical part, the values of the index, by commodity groups, according to SITС, Rev. 4, for the six countries during the period 2002-2018 are determined. The index is calculated also as aggregated, referring to the total exports of the selected countries and for the whole period. The results are presented in graphical form. Based on them, the structural and dynamic characteristics of the convergence and divergence of exports of the six countries compared to the exports of the Euro area are derived. Conclusions are made about achieved the different degree of similarity, that is uncertain and unstable and so the convergence can be only partially attributed to the adoption of the euro. Methods of analysis and synthesis, induction and deduction, methods of the empirical index, and comparative analysis are applied.

scholarly journals The Resilience of the Euro

2021 ◽  
Vol 35 (2) ◽  
pp. 3-22
Author(s):  
Philip R. Lane
Keyword(s):  
Central Bank ◽  
Euro Area ◽  
Public Debt ◽  
Risk Premia ◽  
Policy Support ◽  
Economic Recovery ◽  
Common Currency ◽  
Institutional Reforms ◽  
Fiscal Capacity ◽  
The Common

Over 2014 – 2019, the euro area charted a substantial post-crisis economic recovery while also reducing macro-financial vulnerabilities. The array of post-crisis institutional reforms has improved the capacity of the euro area to withstand adverse shocks, even if the narrowing of imbalances also came at a high cost (especially in the most indebted member countries). The pandemic has provided a new test: the combination of a common central bank and the enlargement of the common fiscal capacity has provided substantial policy support and fostered a narrowing in risk premia, despite significant differences in levels of public debt and exposures to the pandemic shock. While the resilience of the euro is sure to be tested further in the coming years, the extent of the underlying political backing for the common currency should not be underestimated.

scholarly journals The Latin-American Union and the LAT

2020 ◽  
Vol 7 (3) ◽  
pp. 177-194
Author(s):  
Luis F. Copertari
Keyword(s):  
Latin America ◽  
Regional Development ◽  
Latin American ◽  
Good Option ◽  
Common Currency ◽  
Analysis And Synthesis ◽  
The Common ◽  
The Creation ◽  
American Union ◽  
The Way

Objective. To support the creation of a Latin-American Union with the creation of the Latin-American peso (LAT) as the common currency. Methodology. Analysis and synthesis using induction and deduction proposing theory and reviewing its validity. Results. The LAT can be used as a robust enough currency. Limitations. The study was carried out only for the three main Latin-American Union candidates: Argentina, Brazil and Mexico. Originality. The ideas proposed here are original in the way the LAT is meant to function. Conclusions. The LAT promises to be a good option for stabilizing Latin-America and promote its regional development.

scholarly journals Towards a more resilient euro area

2019 ◽  
Vol 8 (2) ◽  
pp. 106
Author(s):  
Esther Gordo ◽  
Ivan Kataryniuk
Keyword(s):  
Euro Area ◽  
Capital Markets ◽  
Risk Sharing ◽  
Common Currency ◽  
Monetary Unions ◽  
Economic Resilience ◽  
Currency Area ◽  
The Us ◽  
The Common ◽  
Lower Capacity

The euro area has shown lower capacity to resist shocks than other monetary unions, such as the US. One possible determinant is the lack of risk-sharing mechanisms. In this article, we estimate the risk-sharing capacity of the Euro Area according to the Asdrubali et al. (1996) methodology. The results show that the degree of risk-sharing is low in the euro area, in particular, due to underdeveloped capital markets and the lack of a central fiscal capacity. We suggest venues of reform to increase the economic resilience of the common currency area.

The current economic and debt crisis in eurozone and crisis of grand theories of European integration

Human Affairs ◽  
2013 ◽  
Vol 23 (3) ◽  
Author(s):  
Dušan Leška
Keyword(s):  
European Integration ◽  
Euro Area ◽  
Social Constructivism ◽  
Debt Crisis ◽  
Economic Recession ◽  
Banking Union ◽  
Common Currency ◽  
Eu Member States ◽  
Liberal Intergovernmentalism ◽  
The Common

AbstractThe economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, however, requires further convergence of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism.

scholarly journals Aspects of divergence in the Euro Area

2020 ◽  
pp. 9
Author(s):  
Nicos Christodoulakis
Keyword(s):  
Euro Area ◽  
Capita Income ◽  
Capital Formation ◽  
Common Currency ◽  
Policy Initiatives ◽  
Convergence Process ◽  
Quality Of Institutions ◽  
The Common ◽  
Per Capita

The paper examines how the convergence process between the less and the more developed members of the Euro Area weakened significantly after the circulation of the common currency, and subsequently reversed course in the postcrisis recession. The front-loaded consolidation programs that followed the bailouts in the over-indebted economies caused asymmetric losses in per capita income in the peripheral countries and led to further North-South polarization. The paper identifies public indebtedness, quality of institutions and capital formation as the areas where divergences are more pronounced and suggests that policy initiatives to encourage more investment and a faster institutional assimilation are needed for the convergence process in the Euro Area to take off again.

Improving the integrated reporting of electric-power industry companies

2020 ◽  
Vol 23 (8) ◽  
pp. 922-939
Author(s):  
N.V. Malinovskaya ◽  
M.D. Malinovskii
Keyword(s):  
Comparative Analysis ◽  
Electric Power ◽  
Electric Power Industry ◽  
Power Industry ◽  
Integrated Reporting ◽  
Strategic Objectives ◽  
Methods Of Analysis ◽  
Analysis And Synthesis ◽  
Guiding Principles

Subject. This article deals with the issues relating to improving integrated reporting in terms of dovetailing strategic objectives with capital changes. Objectives. The article aims to develop a system of indicators for disclosure of capital types in integrated reporting of electricity generating companies, as well as recommendations aimed at implementing the fundamental concepts and guiding principles of integrated reporting. Methods. For the study, we used the methods of analysis and synthesis, comparison, generalization, and abstraction. As a case study, we conduct a comparative analysis of the disclosure of six types of capital by the largest electricity generating companies, namely PAO Inter RAO, AO Rosenergoatom and PAO RusHydro. Results. The article formulates proposals for disclosure of capital information to address such a lack of accountability as a contradiction to the principle of coherence. It proposes a system of indicators (core and additional) for disclosure of six types of capital by electricity generating companies. Conclusions. A significant reporting problem is the lack of correlation between key strategic objectives and capital changes. The formulated recommendations for disclosure of capital information can help solve this problem, and increase the attractiveness of the integrated report for capital providers.

FINANCIAL CONTROLLING IN THE SYSTEM OF FINANCIAL MANAGEMENT

2018 ◽  
Vol 28 (1) ◽  
pp. 137-141
Author(s):  
Petya Yordanova – Dinova
Keyword(s):  
Comparative Analysis ◽  
Financial Management ◽  
Financial Stability ◽  
Business Environment ◽  
Innovative Approach ◽  
Financial Sustainability ◽  
The Common ◽  
The Difference ◽  
Effective Use ◽  
And Control

This paper explores the comparative analysis of the financial controlling, who is a result from the common controlling concept and the financial management. In the specialized literature, financial controlling is seen as an innovative approach to financial management. It is often presented as the most promising instrument of financial diagnostics. Generally speaking, financial controlling is seen as a process of managing the company`s assets which are valued in monetary measures. The difference between the financial management and the financial controlling is that the second covers all functions of management, analysis and control of finances, aiming at maximizing their effective use and increasing the value of the enterprise. Financial controlling is often seen as a function of the common practice of financial management. Its objective is to preserve the financial stability and financial sustainability of enterprises operating in a highly aggressive business environment.

scholarly journals Economic Growth in the Euro Zone Countries and Other Member States of the European Union in the Years 2006 - 2017 - Comparative Analysis

2018 ◽  
Vol 57 ◽  
pp. 01011
Author(s):  
Krzysztof Dobrowolski ◽  
Grzegorz Pawłowski
Keyword(s):  
Consumption Expenditure ◽  
The European Union ◽  
Common Currency ◽  
Non Profit ◽  
Euro Zone ◽  
Final Consumption ◽  
National Currencies ◽  
General Government ◽  
Level Of Economic Development ◽  
The Common

The aim of the conducted research is to verify III hypotheses. Hypothesis I: changes in GDP and its components should demonstrate higher dynamics in the euro zone countries than in countries using national currencies, taking into account differences in their level of economic development. Hypothesis II: in countries that joined the euro zone during the period under examination, the analyzed indicators should demonstrate higher dynamics after the adoption of the common currency. Hypothesis III: the index of final consumption expenditure of general government should demonstrate lower dynamics in the euro zone countries and a decline in dynamics after the adoption of the euro in the countries that have done so during the period considered. Statistical material was analyzed. Data on GDP dynamics, investments, final consumption expenditure of households and non-profit institutions serving households (later referred to as: "final consumption expenditure"), final consumption expenditure of general government, export and import were used. The research methods used were: the method of analysis and logical construction and a statistical one. The hypotheses tested were only partially confirmed.

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