scholarly journals Systemic Risk in the European Union: A Network Approach to Banks’ Sovereign Debt Exposures

2015 ◽  
Vol 3 (3) ◽  
pp. 244-279 ◽  
Author(s):  
Annika Westphal
Keyword(s):  
European Union ◽  
Systemic Risk ◽  
Sovereign Debt ◽  
The European Union ◽  
Network Approach

scholarly journals The Impact of the Introduction of Uniform European Collective Action Clauses on European Government Bonds as a Regulatory Result of the European Sovereign Debt Crisis

2020 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Nicoletta Layher ◽  
Eyden Samunderu
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
Bond Yields ◽  
Member States ◽  
Sovereign Bond ◽  
European Sovereign Debt Crisis ◽  
Collective Action Clauses

This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in sovereign bond contracts issued from member states of the European Union, introduced as a regulatory result of the European sovereign debt crisis. The study focuses on the reaction of sovereign bond yields from European Union member states with the inclusion of the new regulation in the European Union. A two-stage least squares regression analysis is adopted in order to determine the extent of impact effects of CACs on member states sovereign bond yields. Evidence is found that CACs in the European Union are priced on financial markets and that sovereign bond yields do respond to the inclusion of uniform CACs in the European Union.

scholarly journals Ownership Concentration and Performance Recovery Patterns in the European Union

2019 ◽  
Vol 11 (4) ◽  
pp. 953 ◽  
Author(s):  
Alexandra Horobet ◽  
Lucian Belascu ◽  
Ștefania Curea ◽  
Alma Pentescu
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Corporate Performance ◽  
Manufacturing Sector ◽  
Ownership Concentration ◽  
The European Union ◽  
And Performance ◽  
The Global Financial Crisis

Our study addresses the link between ownership concentration and corporate performance in the manufacturing sector in the European Union in an economic environment stressed by the global financial and sovereign debt crises. This is, to our knowledge, the first attempt to tackle differences between companies with different origin-countries in EU from the perspective of ownership concentration and corporate performance in a period marked by the adverse impact of the global financial crisis. Ownership concentration is measured by the number of shareholders and the percentage of their individual and collective holdings, while performance is measured by accounting-based and market-based indicators. Our results, based on a detailed and methodical statistical analysis, show a clear division between Western and Eastern companies in terms of ownership concentration and performance, with an impact on businesses’ recovery patterns. Overall, there is a positive link between ownership concentration and corporate performance in the case of Western companies, but not for Eastern-based companies. Moreover, ownership concentration has supported business recovery in EU, but particularly for Western companies. On the other hand, our results suggest that market investors’ assessment of corporate performance is disconnected from business fundamentals and do not acknowledge the role of ownership concentration (either beneficial of detrimental) for performance assessment.

From embedded to uncompromising neoliberalism: Competitiveness policies and European Union interscalar relations in the case of Greece

2016 ◽  
Vol 24 (3) ◽  
pp. 227-240 ◽  
Author(s):  
Nicos Souliotis ◽  
Georgia Alexandri
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Central Government ◽  
Debt Crisis ◽  
The European Union ◽  
Governance System ◽  
Before And After ◽  
Supranational Level ◽  
Of Greece ◽  
The Eu

This article traces the transfer of competitiveness and cohesion policies from the European Union (EU) institutions to the national and subnational authorities in Greece, both before and after the sovereign debt crisis. We argue that prior to the crisis, the flexibilities of the EU governance system allowed the Greek central government to use the competitiveness and cohesion agenda, as well as the associated funds, to build a domestic socio-political consensus focused on the idea of ‘convergence’ with Europe. The crisis-induced bailout programme deepened neoliberal policies and reorganised vertical and horizontal power relations: policy-making powers have been upscaled towards the supranational level, while the national authorities have been socially disembedded.

Towards a full harmonization of the European banking regulation: Dilemmas in a legal discourse between regulation and enforcement

2019 ◽  
Vol 26 (2) ◽  
pp. 190-216
Author(s):  
Matteo De Poli ◽  
Pierre de Gioia Carabellese
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Banking Sector ◽  
Debt Crisis ◽  
Banking Regulation ◽  
Main Theme ◽  
The European Union ◽  
Single Supervisory Mechanism ◽  
Legal Literature ◽  
European Banking

With the birth of the Single Supervisory Mechanism came the emergence of a new regime of supervision of the banking industry in the Eurozone. The allocation of enforcement powers between the European Central Bank and the National Competent Authorities is the corollary of the unified supervision, which reverberates from the Single Supervisory Mechanism, and it is ultimately the main theme of this contribution. More specifically, the architecture of the enforcement, principally shaped by the SSM and its principles and rules, is assessed and analysed in this paper against the background of the general theory of enforcement, as developed in the legal literature. The enforcement discourse in the European Union banking sector is debated alongside its interaction with the related aspects of the regulation and supervision and the way these three notions have been integrated and codified in the European Union after the 2011 sovereign debt crisis.

Macroeconomic Trends in the New Member Countries of the European Union Before the Euro Area Debt Crisis

2014 ◽  
Vol 61 (2) ◽  
pp. 197-217
Author(s):  
Ivan Krumov Todorov
Keyword(s):  
European Union ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Labour Productivity ◽  
The European Union ◽  
Macroeconomic Policies ◽  
Wide Range ◽  
Macroeconomic Indicators ◽  
Current Account Balances

Abstract The objective of this paper is to outline the main macroeconomic trends in the new member countries of the European Union before the Euro Area debt crisis. In order to achieve this objective, the developments in a wide range of macroeconomic indicators (exchange rates, foreign trade, monetary policy, inflation, price levels, and fiscal balances, sovereign debt, GDP, labour productivity, composition of output and current account balances) have been analyzed. The analysis results in recommendations on the macroeconomic policies the new member countries should have implemented under global crisis condition in accordance with the peculiarities of their economies and their specific national priorities.

Sign in / Sign up

Export Citation Format

Share Document