Institutional, Economic, and Social Impacts of Globalization and Liberalization

2021 ◽  
pp. 169-184
Author(s):  
Dilek Murat ◽  
Simla Güzel
Keyword(s):  
European Union ◽  
Public Debt ◽  
Gdp Growth ◽  
Annual Data ◽  
Weighting Method ◽  
Institutional Economic ◽  
Development Levels ◽  
Grey Relational ◽  
Economic And Social Impacts ◽  
Performance Ranking

The present study aimed to rank the financial development levels of European Union (EU) nations and Turkey based on selected financial and economic indicators. Thus, the most recent annual data for these countries (2017) were analyzed with grey relational analysis (GRA). In the analysis, the decision criteria for 24 EU member nations and Turkey were determined as public debt, public expenditure, unemployment rate, Gini coefficient, and GDP growth. The grey coefficient scores obtained in the analysis revealed the financial performance ranking for the analyzed nations. Based on the entropy weighting method (EM) ranking, the top three countries with highest scores were Ireland, Czech Republic, and Slovakia, while the countries with the lowest scores were Spain, Italy, and Greece.

scholarly journals Shift in tax burden and its impact on economic growth in the European Union

2013 ◽  
Vol 61 (4) ◽  
pp. 1153-1160 ◽  
Author(s):  
Irena Szarowská
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Gdp Growth ◽  
Annual Data ◽  
Tax Burden ◽  
The European Union ◽  
Causality Test ◽  
Tax Rate ◽  
Eu Member States ◽  
The Eu

This article deals with a tax burden in the European Union in as financial and economic crisis has impacted also on tax systems in the European Union. Governments’ tax measure aims to consolidate public finance and promote an economic growth. The article provides empirical evidence on a shift in a tax burden and its structure and analyzes the effects of shift in tax burden on economic growth in the EU. It is used the Eurostat definition to categorize tax burden by economic functions and implicit rates of consumption, labour and capital are investigated. The analysis is based on annual data of the EU member states in a period 1995–2010. On average, labour taxes have decreased by 1.9 p.p., capital taxes have also decreased – by 2.1 p.p., but consumption taxes have mildly increased by 0.4 p.p. in the European Union in a period 1995–2010. Pairwise Granger Causality Test was used for examining relations between economic growth and tax burden by economic functions in short-term. Results confirm that there is two-way causality between change of implicit tax rate of consumption and GDP growth; and also GDP growth Granger-causes change of implicit tax rate of capital and implicit tax rate of labour through one-way causality.

The Nexus between Financial Development and Human Development: The Case of Developing Countries

2020 ◽  
Vol 8 (2) ◽  
pp. 68
Author(s):  
Bilgehan Tekin
Keyword(s):  
Developing Countries ◽  
Private Sector ◽  
Human Development ◽  
Financial Development ◽  
Cointegration Analysis ◽  
Annual Data ◽  
Causality Analysis ◽  
Development Index ◽  
Development Levels ◽  
The Relationship

The purpose of this study to examine the relationship between financial development and human development in the health and welfare dimensions of developing countries. This study aims to determine whether the financial developments of the countries have an effect on the basic human development of the individuals and whether human development indicators have an impact on financial development. In this study, the relationship between financial development and human development has been tried to be revealed by using data obtained from developing countries. Financial development levels of the countries were measured with the developed financial development index. The index is calculated by using M3 / GDP, private sector loans / GDP and loans to banks from private sector / GDP ratios. The human development index is calculated by considering various health indicators and GNP per capita. The data includes annual data for the period 1970-2016. Pedroni and Kao cointegration analysis and Dumitrescu & Hurlin panel causality analysis were performed in the study. According to the results of the study, the cointegration relationship was determined between the two variables. There is also a two-way causality between the variables.

scholarly journals Environmental Production Efficiency in the European Union Countries as a Tool for the Implementation of Goal 7 of the 2030 Agenda

Energies ◽  
2021 ◽  
Vol 14 (15) ◽  
pp. 4593
Author(s):  
Katarzyna Cheba ◽  
Iwona Bąk
Keyword(s):  
European Union ◽  
Production Efficiency ◽  
Energy Use ◽  
The European Union ◽  
2030 Agenda ◽  
European Union Countries ◽  
Taxonomic Methods ◽  
Development Levels ◽  
The Relationship ◽  
The Eu

The main purpose of the paper is to present a proposal to measure the relationships between Goal 7 of the 2030 Agenda for Sustainable Development and one of the areas considered in the green growth concept: environmental production efficiency. Both of these areas illustrate the relationship between the natural environment and the economy, emphasizing transformations in the field of energy use. Selected taxonomic methods, TOPSIS, and multicriteria taxonomy, were applied to study the relationships between the two areas. The results of the EU countries classification showed a variety of countries’ development pathways within a single economic community. Despite continued attempts to equalize the development levels between European Union countries in many strategic areas, they remain highly diversified. That is also true for the areas analyzed in the paper, which is a disturbing situation, indicating that both strategies might not correlate in all respects. Further research into the relationships linking the remaining dimensions of both strategies is required.

scholarly journals Assessment of the ripple effects and spatial heterogeneity of total losses in the capital of China after a great catastrophic shock

2017 ◽  
Vol 17 (3) ◽  
pp. 367-379 ◽  
Author(s):  
Zhengtao Zhang ◽  
Ning Li ◽  
Wei Xie ◽  
Yu Liu ◽  
Jieling Feng ◽  
...  
Keyword(s):  
Growth Rate ◽  
Spatial Heterogeneity ◽  
Economic Loss ◽  
Gdp Growth ◽  
Ripple Effect ◽  
Ripple Effects ◽  
Gdp Growth Rate ◽  
Direct Economic Loss ◽  
Indirect Economic Loss ◽  
Development Levels

Abstract. The total losses caused by natural disasters have spatial heterogeneity due to the different economic development levels inside the disaster-hit areas. This paper uses scenarios of direct economic loss to introduce the sectors' losses caused by the 2008 Wenchuan earthquake (2008 WCE) in Beijing, utilizing the Adaptive Regional Input–Output (ARIO) model and the Inter-regional ripple effect (IRRE) model. The purpose is to assess the ripple effects of indirect economic loss and spatial heterogeneity of both direct and indirect economic loss at the scale of the smallest administrative divisions of China (streets, villages, and towns). The results indicate that the district of Beijing with the most severe indirect economic loss is the Chaoyang District; the finance and insurance industry (15, see Table 1) of Chaowai Street suffers the most in the Chaoyang District, which is 1.46 times that of its direct economic loss. During 2008–2014, the average annual GDP (gross domestic product) growth rate of Beijing was decreased 3.63 % by the catastrophe. Compared with the 8 % of GDP growth rate target, the decreasing GDP growth rate is a significant and noticeable economic impact, and it can be efficiently mitigated by increasing rescue effort and by supporting the industries which are located in the seriously damaged regions.

scholarly journals A Framework to Assess Fiscal Vulnerability: Empirical Evidence for European Union Countries

2018 ◽  
Vol 10 (7) ◽  
pp. 2482 ◽  
Author(s):  
Andreea Stoian ◽  
Laura Obreja Brașoveanu ◽  
Iulian Brașoveanu ◽  
Bogdan Dumitrescu
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
First Year ◽  
Annual Data ◽  
Budget Balance ◽  
European Union Countries ◽  
One Year ◽  
Fiscal Distress

Following the financial crisis of 2007 and the sovereign debt crisis in 2010 that affected the soundness and reduced the strength of public finance in European countries, there has been a growing interest in developing methodologies to the help assess and signal the vulnerability of fiscal policy. Therefore, the aim of this study is to develop a new framework (V-L-D) to assess fiscal vulnerability. V-L-D represents a new methodology on the measurement of fiscal vulnerability that relies on the assumption that vulnerability can occur even during calm times. In comparison with previous methodologies that studied fiscal vulnerability around crisis and fiscal distress times, our framework investigates fiscal vulnerability near fiscal adjustments episodes. Our methodology relies on two distinct indicators: one showing the vulnerabilities indicated by the level of the cyclically adjusted budget balance and distance-to-stability, and one showing the vulnerabilities pointed out through the changes of the cyclically adjusted budget balance and public debt. V-L-D is able to classify fiscal vulnerability into five distinct categories having scores from 0 (no fiscal vulnerability) to 4 (extreme fiscal vulnerability). Using annual data ranging over 1990–2013 for 28 European Union countries, we evidenced 310 episodes of fiscal vulnerability, out of which 128 episodes of low vulnerability, 94 of moderate, 62 of strong, and 26 of extreme fiscal vulnerability. We also found that over 2004–2013, Greece, Portugal, Romania, United Kingdom, Ireland, Spain, and Slovenia were the most fiscally vulnerable countries in the Union. United Kingdom and Greece went through the longest episodes of fiscal vulnerability, counting 12 and 11 consecutive years, respectively. We tested our framework’s effectiveness against the Excessive Deficit Procedure. We found that the overall performance is good: V-L-D assessed moderate fiscal vulnerability during the procedure, strong fiscal vulnerability in the first year when procedure was initiated, and extreme vulnerability one year before the initiation.

scholarly journals FDI and Economic Growth in EU13 Countries: Cointegration and Causality Tests

2020 ◽  
Vol 12 (3) ◽  
pp. 47-63
Author(s):  
Vlatka Bilas ◽  
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
European Union ◽  
Annual Data ◽  
Foreign Direct Investments ◽  
Causality Test ◽  
Panel Ardl ◽  
Long Run ◽  
Causality Tests ◽  
The Relationship

Foreign direct investments are seen as a prerequisite for gaining and maintaining competitiveness. The research objective of this study is to examine the relationship between foreign direct investment (FDI) and economic growth in “new” European Union member countries using various unit root, cointegration, as well as causality tests. The paper employs annual data for FDI and gross domestic product (GDP) from 2002 to 2018 for the 13 most recent members of European Union (EU13): Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia. An estimated panel ARDL (PMG) model found evidence that there is a long-run equilibrium between the LogGDP, LogFDI and LogFDIP series, with the rate of adjustment back to equilibrium between 3.27% and 20.67%. In the case of the LogFDI series, long-run coefficients are highly statistically significant in all four models, varying between 0.0828 and 0.3019. These coefficients indicate that a 1% increase in LogFDI increases LogGDP between 0.0828% and 0.3019%. Results of a Dumitrescu-Hurlin panel causality test indicated that a relationship between the GDP growth rate and FDI growth rate is only indirect. Finally, only weak evidence was shown that FDI had a statistically significant impact on GDP in the EU13 countries over the period 2002-2018. This report of findings contributes to the literature concerning FDI and economic growth, namely regarding the current understanding of the relationship between these two factors.

European Union in Counter-Crisis Competition of Power Centers: Potential, Realities, Hopes

2013 ◽  
pp. 68-77
Author(s):  
K. Voronov
Keyword(s):  
European Union ◽  
Gdp Growth ◽  
The European Union ◽  
Historical Experience ◽  
The World ◽  
The Usa ◽  
Evolutionary Robustness ◽  
Power Centers ◽  
Macroeconomic Growth ◽  
The Eu

Despite the crisis, the economy of the European Union remains to be the largest in the world. The economic mechanism of the EU is rather differentiated. It has a great historical experience and possesses sufficient evolutionary robustness. Currently, the former relationships between the EU and the USA undergo substantial changes and new forms emerge. For both of them the greatest challenge is presented by China which in recent decades shows the solid rates of GDP growth. Supposedly, Chines economy will become the world largest on in the new future. Under such conditions the Old World has to conduct a persistent search for new sources of its successful macroeconomic growth.

Financial Assistance to Non-Euro Area Member States

2020 ◽  
Author(s):  
Alexander Thiele
Keyword(s):  
European Union ◽  
Public Debt ◽  
European Central Bank ◽  
Financial Assistance ◽  
The European Union ◽  
Member States ◽  
Money Markets ◽  
Complete Breakdown ◽  
The International Monetary Fund ◽  
Bail Out

The historic financial crisis that began on the American housing market in 2007 and from there spread all over the globe had tremendous consequences for more or less every country worldwide, especially for their respective public finances. The overall public debt level skyrocketed due to the substantial economic downfall and the necessity to bail out hundreds of financial institutions that had suffered severe losses when the American subprime market collapsed and the money markets froze. Though the States were (with tremendous help by the European Central Bank) finally successful in preventing a complete breakdown of the major financial markets, their intervention left the national budgets and the balance of payments (BOP) of several of them in a devastating condition with insolvencies only being averted by massive external and mainly financial assistance by other States and institutions (especially the International Monetary Fund (IMF)). Some of these states facing such a financial calamity were Member States of the European Union (EU)—a fact having an important normative implication: Other Member States wanting to help financially were bound by the normative framework of the European Union Treaties. And the same was obviously true for the European Union itself where it wanted to initiate any form of (financial) assistance.

scholarly journals Grey SWARA-FUCOM Weighting Method for Contractor Selection MCDM Problem: A Case Study of Floating Solar Panel Energy System Installation

Energies ◽  
2019 ◽  
Vol 12 (13) ◽  
pp. 2481 ◽  
Author(s):  
Cao ◽  
Esangbedo ◽  
Bai ◽  
Esangbedo
Keyword(s):  
Renewable Energy ◽  
Renewable Energy Sources ◽  
Cost Effective ◽  
Energy System ◽  
Solar Panel ◽  
Solar Panels ◽  
Weighting Method ◽  
Weight Analysis ◽  
Consistent Method ◽  
Grey Relational

Selection of the most appropriate contractor for the installation of solar panels is essential to maximizing the benefit of this renewable, sustainable energy source. Solar energy is one of the 100% renewable energy sources, but implementation may not be very simple and cost-effective. A key phase in the implementation of renewable energy is the evaluation of contractors for the installation of solar panels, which is addressed as a multi-criteria decision-making (MCDM) problem. A new hybrid method is proposed that combines the stepwise weight analysis ratio assessment (SWARA) and full consistent method (FUCOM) weights that are represented as grey numbers used with traditional grey relational analysis (GRA) and evaluation based on distance from average solution (EDAS) methods. The ranking of contractors by both methods is the same, which confirmed the results presented in this research. The use of the grey SWARA-FUCOM weighting method combined with the GRA and EDAS methods increased the decision-makers’ (DMs) confidence in awarding the installation of the solar panel energy system to the top-ranked contractor.

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