Top PDF THE COMPETITIVENESS OF EMU MEMBER STATES IN THE FINANCIAL CRISIS

THE COMPETITIVENESS OF EMU MEMBER STATES IN THE FINANCIAL CRISIS

THE COMPETITIVENESS OF EMU MEMBER STATES IN THE FINANCIAL CRISIS

One important reason for growing heterogeneity within the euro area is that the benefits of monetary union, in particular lower interest rates and the elimination of exchange rate risk, have not always been used wisely and have tempted some countries to live beyond their means: Too often inflowing capital did not reach the most productive sectors, and in some cases cheaper and easier access to funding led to excessive credit dynamics facilitating a rise in household and corporate debt and ultimately causing the real estate markets to overheat. In addition, fiscal policy often failed to use higher growth and lower interest rates to reduce deficits sufficiently. In economies with rigid or only partly flexible labour markets all these large expansionary stimuli resulted in accelerated wage increases that were well in excess of productivity growth, reducing price competitiveness and exports of domestic firms. 70
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EU trade in the time of financial crisis

EU trade in the time of financial crisis

Abstract: The paper is focused on the European Union (EU) trade and trade policy in the time of global financial and economic crisis. The analysis of the EU exports and imports points out that the financial crisis has had a negative impact on the intra as well as on the extra-EU trade in the period 2007-2009, but differences among the EU member states have existed. Although the EU tries to support trade development in the world and remove barriers to trade, some protectionist tendencies were recorded in the time of the economic crisis. The last part of the paper gives emphasis to the EU trade policy and some trade measures which have been taken in the EU and its member states to support trade development or vice versa, to protect domestic industries. The results of the analysis show that, although some protectionist tendencies have been recorded both in extra and intra-EU trade, trade relations which are provided among member states are of significant importance all the time.
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Euro area enlargement: dilemmas and strategies after the crisis

Euro area enlargement: dilemmas and strategies after the crisis

The reason is related to the costs of monetary union in crisis time, and also to the impossibility of the member states to fulfill the nominal convergence criteria. Maastricht Treaty set out the conditions which member states have to comply with to be eligible for Euro-zone membership.

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SOCIAL ECONOMY – A FORM OF INCLUSION AND OF ''REACTIVATING'' OF LABOR IN THE CONTEXT OF THE CURRENT CRISIS

SOCIAL ECONOMY – A FORM OF INCLUSION AND OF ''REACTIVATING'' OF LABOR IN THE CONTEXT OF THE CURRENT CRISIS

The essence of social economy is the inclusive function of the labor market through which the different forms of social economy that exist in the member states can play a role in the overcoming the crisis, especially in the creating of jobs, including in social services field Opinion of the European Economic and Social Committee on the post‐ 2010 Lisbon Strategy 9, p. .

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THE CURRENCY CRISIS TRIGGER OF THE ROMANIAN FINANCIAL CRISIS OF 2008

THE CURRENCY CRISIS TRIGGER OF THE ROMANIAN FINANCIAL CRISIS OF 2008

Krugman (1979) and Flood&Garber (1974) explain how the currency crises develop especially after and inadequate economic policy mix - mainly by persistent high fiscal deficits and by trying to maintain a fix exchange rate regime. The inconstancy may be just partially compensated if the Central Bank has enough foreign exchange reserve, but when the reserves become inadequate, the speculators try to force the depreciation of the exchange rate by the selling of the domestic currency 2 . Krugman (1979) states that the speculators will attack a currency as soon as such an action might have a success. In this condition, the false conclusion we might draw is that the currency fall was provoked by the speculators and would not have been justified by fundamentals.
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Crime and punishment: an economic analysis of illegal fishing

Crime and punishment: an economic analysis of illegal fishing

According to Becker, individuals rationally decide whether or not engage in criminal activities by comparing the expected returns to crime with the legitimate business. His main thesis is that crime is less attractive if the government increases the probability and severity of punishment (Garoupa (2000). The analysis of the Commission proposals seems to give a special attention to the increase of the probability of detection as a means to deter criminal behaviour and increase compliance with regulation. The introduction of severe penalties is not a priority (Coelho et al (2008)). Of course they are considered and an important effort is made to define and make clear the legal procedures to penalise the violators. However, the severity of penalties is not in the centre of the European Fisheries Policy. The Commission believes that the financial support will guarantee the indispensable means of surveillance and control to the member states and this will increase the deterrence capacity of control in member states, in a uniform way, and, also, the transparency and trust between partners. But the Commission also knows that legal administrations, in the member states, have significant differences and that judicial machinery has a great inertia. The capacity and efficiency of member states justice is not just a question of financial means devoted to his mission. It has also cultural and historical roots. It’s virtually impossible to put all the member states in a uniform position in terms of speed and severity in the application of penalties.
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Competitive destination analysis in Southern European countries

Competitive destination analysis in Southern European countries

The results obtained lead to the rejection of H1 (the relative tourist competitiveness of Spain, France, Greece, Italy and Portugal has not changed) and provide support for H2 (the countries present distinct levels of tourist competitiveness for the various countries of origin). Between the first three-year period (1999-2001) and the most recent one (2005-2007), the total nights spent by non-residents at Member States of Southern Europe increased by 4.5 per cent but from other Member States of Central and Northern Europe decreased by 4.3 per cent. During that period, Italy was the only country showing no reduction (þ 0.6 per cent), and Spain (2 1.2 per cent) and Portugal
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RESOURCES AND LABOUR PRODUCTIVITY OF FOOD INDUSTRY IN MEMBER STATES OF THE EUROPEAN UNION IN THE CONTEXT OF COMPETITIVENESS

RESOURCES AND LABOUR PRODUCTIVITY OF FOOD INDUSTRY IN MEMBER STATES OF THE EUROPEAN UNION IN THE CONTEXT OF COMPETITIVENESS

Summary. Labour resources are an important factor in competitiveness of the sector. The aim of the study was to evaluate the spatial concentration of labour resources, performance advantages and cost-price advantages that are associated with the work factor in the food industry in the źuropean Union in 2ŃńŃ–2Ńń2. The results indicate that the greatest concentration of labour re- sources exists in żermany, Żrance, Italy and Poland. The biggest performance advantage was observed in the old źU countries, mainly in Ireland, the Netherlands, Belgium and Źenmark. Źiff erences in labour productivity in the food industry, the new źU countries, in relation to the old member states, are getting smaller. The most signifi cant cost-price advantage was observed in Ireland and the Netherlands, and many of the new źU countries, which compensated for the lack of performance advantages of lower labour costs. These include Poland, Bulgaria, Czech Republic, Latvia, Lithuania, Hungary and Romania.
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TRENDS IN THE DEVELOPMENT OF INDIRECT TAXES IN THE MEMBER STATES OF THE EUROPEAN UNION

TRENDS IN THE DEVELOPMENT OF INDIRECT TAXES IN THE MEMBER STATES OF THE EUROPEAN UNION

Most countries in transition have passed the first part of this decade major tax reforms that have followed, primarily the introduction of value added tax, instead of "cascading" of tax on movement of goods, but overall - it considers the most important economic bodies and financial affairs - that transition economies evolve the structure of taxes own countries emerging due to the fact that, overall, the transition taxation has been a process ad hoc and progress uneven.
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Electronic Government In Democratic Public Service In One Door Integrated Permit Handling Services Agency In The City Of Samarinda

Electronic Government In Democratic Public Service In One Door Integrated Permit Handling Services Agency In The City Of Samarinda

As state institutions, it should be possible to present and make use of electronic government in the function of serving the community. The emphasis in information technology to avoid the digital gap in at least. The provision of better government services to residents, increase interaction with the business world and industry, through access to information for community empowerment, a more efficient government or management. The results of that is expected of a reduction in corruption, the increase in transparency, the increase in comfort, and rising income or reducing expenses. Based on the results of research. Electronic government in the context of the ability to look the ability to run the function of government electronic media and build partnerships with private not optimal it is marked with the need for the allocation of fund optimally and support to work jointly with private companies to more so handling equipment and support for the success of electronic government could be achieved. As an effort to harmonize the acceleration of the completion of work, the licensing of the city of Samarinda must be able to implement the interests of citizens as well as problems faced by. No service to stop because of the support of funding led to the ability to reform it weakened to find appropriate formulations to stiffness in public service is not of stagnation. According to results of the review Khidasseli in Sutedi (2010) that norms behavior officers public service providers (a code of conduct for public officials), who set about norms in an administrative authority: 1) The obligation to work in accordance with the rules of law and standards of conduct of relevance to its function, 2) The obligation to put themselves in a neutral of or free from the
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The influence of the arc plasma treatment on the structure and microhardness C120U carbon tool steel

The influence of the arc plasma treatment on the structure and microhardness C120U carbon tool steel

The material used in this study was C120U steel. Chemical composition of this steel is presented in Table 1. Specimens as cuboids about dimensions 7,5 x 30 x 30 mm were conventional hardened (temperature austenitization – 770 o C, quenching in oil) and tempered (in temperature 250 o C). Temperatures hardening and tempering were chosen on the basis EN ISO 4957:1999 norms to obtain a structure with a relatively high toughness. Remelting surface was carried out using gas tungsten arc welding method. The surface of the samples were remelted by means of
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Operating characteristics of turbine mixers based on the analysis of power demand of the mixer’s drive

Operating characteristics of turbine mixers based on the analysis of power demand of the mixer’s drive

Rebonding of sand mix is a common practice in foundry engineering. The sand mix contains used sand whose grains are already coated with the rebonding material. Rebonding of the used sand [3,4] involves disintegration of grain agglomerates and uniform distribution of the rebodning agent in the entire volume of the sand mix batch, coating of sand grains with the rebonding agent and activation of thus formed coating. Turbine (rotor) mixers are now in widespread use as they feature high efficiency and short mixing cycles.
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Political budget cycles in the Eurozone

Political budget cycles in the Eurozone

According to the results, the electoral period seems to increase the share of both compensations to employees and other current expenditure on GDP, being the last one also affected on the year before the elections. Corroborating with Vergne (2009) and the predictions of the Rogoff’s “visibility expenditure” model, it shows that policy makers prefer to use current spending rather than target capital spending in electoral years. Since there was a suspicion of reverse causality problems, a IV/GMM estimation was performed for this specification, whose output showed very similar results. The only significant difference arises from the electoral dummies, where the electoral years lost the ability to significantly explain compensation to employees and investment, and became statistically significant to explain (positively) other current expenditures. In addition, the year before elections lost the negative impact on the other current expenditures.
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The role of business intelligence in decision process modeling

The role of business intelligence in decision process modeling

Figure 2 shows the dialog box for assigning the signii cance of each criterion related to others in the predei ned table. h e predei ned table with nine op- tions is Saaty’s most famous scale for assigning the weights that is coni dent in solving real problems of business systems. Saaty’s scale for conversion of lin- guistic statements while comparing the signii cance of pairs of criteria is put as a standard due to its sim- plicity. h e manager most ot en dei nes the relations between the criteria, and therefore the subjective as- pect of the decision making is apparent.
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Human Capital and the Recent Fall of Earnings Inequality in Brazil

Human Capital and the Recent Fall of Earnings Inequality in Brazil

This paper evaluates the factors that have contributed to the decline in earnings inequality in Brazil, for the first time in decades, by means of a flexible decomposition technique and counterfactual exercises. The variance of (log) earnings declined by about a quarter between 1995 and 2009. We find that, until the end of the 1990s, most of the fall happened within education and age groups, with very little role for our observable measures of skill. But, in the new century, the between-groups component also contributed significantly to the fall in inequality, mostly through the fall in the education wage differentials. Returns to experience have also declined, especially among the less skilled workers. We find that the education composition of the workforce also contributed
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The modification process of AlSi21CuNi silumin and its effect on change of mechanical properties of the alloy

The modification process of AlSi21CuNi silumin and its effect on change of mechanical properties of the alloy

Essence of modification of silumins boils to change of form or size of silicon crystals present as eutectic or primary ones. Perfect sliding properties and high abrasion resistance of hypereutectoid silumins result from their structure, which can be characterized by precipitations of primary crystals of silicon in soft eutectic groundmass. Primary crystals of silicon are unfavorable due to their impact on machinability of material. They bring about considerable wear of tools and have negative effect on conditions of machined surface (big roughness). In case of hypereutectic silumins, by introduction of active nucleuses of crystallization are refined mainly a brittle, hard precipitations of primary silicon [1]. High content o silicon results in necessity of superheating of the alloy in limits of 850 – 900 C and keeping it
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The crisis of the contemporary global financial system.

The crisis of the contemporary global financial system.

Nesse novo sistema financeiro internacional caracterizado pela flexibilidade dos preços dos ativos, desintermediação bancária, elevada liquidez, baixas taxas de juros e derivativos, os[r]

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An Analysis Of The Difference In Gender Level Of Cassava Production And Access To Land In Abia State Nigeria

An Analysis Of The Difference In Gender Level Of Cassava Production And Access To Land In Abia State Nigeria

Women also provide most of the labour for harvesting and post-harvest activities (FAO, 1996). Cassava is important, not only as a food crop but even more as a major source of income for rural households (Davies et al., 2008). As a cash crop, cassava generates cash income for the largest number of households in comparison with other staples. However the sustainability of this staple crop depends on the enormous availability of land for its cultivation. Land is the foundation of all human, social and economic activities that lie at the heart of social, political, or economic life of most nations especially African nations. Land is recognized as a primary source of wealth, social status and power, the basis for shelter, food, and economic activities and significantly provides employment opportunities in the rural areas. Land is fundamental to agriculture, yet the different challenges women face in accessing them are rarely fully addressed. For women, it is often particularly difficult to access, own or control land due to legal or cultural restrictions ( Emeasoba, 2012). This problem is widespread; women hold title to approximately two percent of land globally and are frequently denied the right to inherit property (World Bank, 2005). The wealth obtainable from cassava production, processing and marketing as a result of gender inequality remains under serious threat if nothing is done to improve the operating environmental and socio- economic conditions of the farmers in terms of asset holding, welfare and credit availability. The broad objective of the study is to analyze male and female access to land for cassava production in Abia state and specifically to describe the socio-economic characteristics of the respondents and the difference in quantity of cassava produced by both male and female respondents.
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Contribution To The Study Of Reproduction Parameters Of The European Conger Eel Conger Conger Linnaeus 1758 From The Western Algerian Coasts Oran Bay Algeria

Contribution To The Study Of Reproduction Parameters Of The European Conger Eel Conger Conger Linnaeus 1758 From The Western Algerian Coasts Oran Bay Algeria

oocyte growth) or by increasing enzyme activity necessary for vitellogenesis (Medford and Mac kay, 1978). However, the males H.S.I. in this study, were stable during all the sampling period, this probably indicates that males of C. conger do not used the liver reserves for maturation before migration because of abundance prey in these periods (Abi-Ayad et al., 2011). In the Mediterranean Sea, males conger eel are reported to be smaller than females, and rarely exceeding 100 cm in length and females reaching over 200 cm (Cau and Manconi, 1983). In fact, 50 % of males become sexually mature earlier than 50 % of females in all samples analyzed in this study. However, the present study is the first attempt to determine the size at first maturity for this species. There were no references dealing with the size at maturity for C.conger, reported from other regions. The sex ratio of the European conger eel population in the western coast of Algeria was strongly skewed towards females in summer and spring seasons, which represent 86 % of the population. In winter and autumn the percentage between males and female in quite equal. Different findings have been reported by Sbaihi et al., 2001, Sullivan et al., 2003, and Correia et al., 2009. This may be caused by different gear used in summer and spring and in winter and autumn. In fact, the European conger eel present a spatial displacement of sexes, females were found in the inshore waters but males were only found at much greater depths (Cau and Manconi, 1983). The conclusion of that contribution, the inshore fishery of the European conger eel (Conger conger) target mainly young individuals with sizes between 50 cm and 60 cm. The study of the biology of C.
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Venture Capital in Portugal : investments selection criteria, intervention forms and impact on venture capital backed firms

Venture Capital in Portugal : investments selection criteria, intervention forms and impact on venture capital backed firms

as a starting point for the hypotheses’ definition. We consider interesting to continue this research, focusing attention on each stage of the process in particular. Despite the criteria used in defining the sample, it is necessary to become aware of some generalization precautions. First, in this research field, the specific legal framework of the country where studies are developed should be considered. Furthermore, the different investment profiles exhibited by Venture Capitalists are indicators of the need for some caution in generalizing results. Although generalization of results is not the qualitative methodology’s aim, it would be interesting to cross the results with quantitative data. We did not implement this idea in the present study because this was not our purpose. One of our main goals was to perform a comparison with the study conducted by Correia (2004). We have decided that it would be more useful to accomplish a study that could somehow complement and be complemented by an existing research. Our intent was, on the one hand, to contribute to knowledge about the VC process in Portugal and, on the other, to update Correia’s results gathered up to 2004 and by this get a panoramic idea of VC’s evolution in this last seven years. Nevertheless, we have to mention that the companies that set up the samples from the two studies are slightly different. Both samples consist of Portuguese Venture Capitalists, but the VC market evolution in Portugal, since 2004 until now, has determined that the samples were not constituted by the same VC firms. Some of the Venture Capitalists in Correia’s (2004) sample no longer exist, while new Venture Capitalists emerged in recent years. Despite all the cautions we had in the preparation, transcription and data analysis, the use of the interview as a data collection instrument could raise a question about its subjectivity. To mitigate this limitation, we considered additional information sources such as official documents provided by the Venture Capitalists, as well as APCRI and CMVM reports on the VC industry.
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