Search

This study revisits knowledge about the post-EU accession intra-industry trade development in the Visegrad countries (Czech Republic, Hungary, Poland, and the Slovak Republic). These countries--through trade liberalisation, European integration and EU accession--strengthened their position in the global value chains, part of which were located in Western Europe. This paper points out that during the global financial crisis, the changes in intra-industry specialisation were not coherent in the Visegrad countries. Moreover, in some cases, the specialisation even intensified. This paper also applies the Arellano-Bover/Blundell-Bond estimator to assess whether EU accession and the later global financial crisis were driving forces of the changing trade patterns of these countries. The results of the estimation proved the positive effect of European integration (before and after EU enlargement) and the negative effect of the crisis. [ABSTRACT FROM AUTHOR]

Research background: In our paper we have analyzed the influence of the crisis on the financial integration in the European Monetary Union. We have analyzed EMU capital market to show the impact of the crisis, with the focus on the bonds market. The determinants of the research are yields and standard deviations on medium-term and long-term triple-A bond markets, as well as CDS medium-term premiums. Purpose of the article: The aim of this paper is to show the volatility of researched determinants in periods of crisis in EMU zones. Methods: As a model we used a modified theoretical CAL portfolio model. In the last fifteen years Europe has been faced with two major crises: the world economic crisis and sovereign debt crisis. Findings & Value added: We believe that the sovereign crisis hit EMU more, leaving the deeper implications on the financial integration. Our analysis has showed that the crisis had a major impact on the financial integration. Yields and standard deviations increased multiply in periods of crisis and left the impact of volatility on the capital market. However, the degree of convergence of euro area bond markets largely stabilized in last two years. [ABSTRACT FROM AUTHOR]

In this paper we examine the effect of the current economic crisis on the environmental performance of the EU countries. By employing Hierarchical Linear Multilevel (HLM) modeling we find that, for the period 2000–2015, a drop in the national GDP (a “recession effect”) as well as endorsing a Memorandum of Understanding (MoU) for receiving a IMF/EU/ECB financial “rescue-package” (a “Troika effect”) have non-significant to positive impacts on a number of national environmental quality and policy indicators, over and above other (economic, political and governance) predictors, for Eurozone and non-Eurozone countries alike. Nevertheless, this changes drastically if we examine these two factors' interaction: experiencing a ‘recession’ while being a recipient of a Troika-sponsored ‘rescue package’ has detrimental effects on an EU country's national environment. [ABSTRACT FROM AUTHOR]

This paper evaluates the influence of online news consumption on attitudes toward the European Union in a context of protracted economic crisis. Using data from the 2011 Irish National Election Study, we combine location-specific information on broadband availability with respondent geo-location data, which facilitates causal inference about the effects of online news consumption via instrumental variable models. Results show that Irish citizens who source political information online are more prone to blame the EU for the poor state of the economy than those who do not. There is evidence of preference reinforcement among those with negative predispositions toward the EU, but not among pro-EU citizens. We complement this analysis with a study of voting behavior in the European Fiscal Compact Referendum, employing a similar methodological approach. The results from this second survey confirm the anti-EU influence of online news consumption among Irish citizens, although evidence suggests a pro-EU effect among voters who browsed the website of the politically neutral Irish Referendum Commission. Our paper contributes to the literature on public opinion, the EU, and political attitudes in times of crisis. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to analyse time-series change of the competitiveness of leading companies of the sector based on their financial position regarding the period of financial crisis. Design/methodology/approach – First, high level of revenue concentration was proved; consequently, strong competitive situation among few competitors was realised. Corporations having three common features (high amount of equity, high revenue and diversified product structure) were included in the sample. As the methodological background financial parameters were assigned to the definition of corporate competitiveness, and then comparative and comprehensive financial analysis of competitors was accomplished. Using relevant studies, liquidity based on balance sheets and cash flow statements, working capital processes, conventional and cash-flow based profitability were analysed. Findings – It was proved that sample companies continuously improved the efficiency of working capital management indicated by the decrease of the average cash conversion cycle from 45 to 23 days. It was realised that there is a Hungarian-owned firm having outstanding financial performance; consequently, it has significant position among competitors. This company has further opportunity to increase its market share and competitiveness in the future. Finally, important characteristics of the sector were identified concerning the low level of technological improvements (the average ratio was below 3 per cent of the revenue), and unfavourable profitability processes. Originality/value – In this paper, a separate analytic framework is established in view of the application of financial indicators to analyse competitiveness. This kind of analysis was not executed before in this sector. [ABSTRACT FROM AUTHOR]

The present paper aims to analyze the impact the economic crisis bursted out in the United States at the end of 2007 and quasi spreaded all over the world had on the (re) orientation of trade flows (exports) among European Union member states in general, and Romania in particular. As observation and analysis data tool we chose groupings, tabular and graphical representation. The analysis will be conducted at individual and group of countries levels. The main findings will show that although the geographic network of member states trade has been seriously shaken by the crisis, export flows orientatio remained quite similar to the period previous to economic decline. As for Romania, its exports prove to be influenced by the economic situation of the main European partners. [ABSTRACT FROM AUTHOR]

In this paper we analyze the evolution of the Romanian banking system after the 2007 financial crisis and the country`s accession to the European Union. The first part analyzes the main elements of the banking system: ownership structure, number of employees and banking units, loans and non-performing loans. The second part analyzes the level of financial intermediation of the banking system. The results showed that majority of the capital is private and foreign, the top five banks held over half of the bank assets, number of employees decreased due to the crisis and non-performing loans share had increased by over nine times. Romanian banking system have a low degree of financial intermediation, but the new developments of the EU banking systems proved that it can be a strong point. [ABSTRACT FROM AUTHOR]

The paper examines the deep causes of the crisis the European Union is going through. The main argument is that the current decision-making mechanism of the EU dominated by the member states is unsustainable and needs to be revised. The ability of member states to block decisions in the crucial EU institutions - the European Council and Council - is a major weakness which makes the decisionmaking process extremely slow and ineffective during crises and external pressures. Three different alternatives for reforms of the EU decision-making are presented which include a transition towards a parliamentarian or a presidential system. These alternatives are evaluated according to their potential to overcome the weaknesses the current system is suffering. The main weakness of a parliamentary system at EU level consists in the risk of instability of the Commission due to the fragmentation in the European parliament. The adoption of a presidential system with a directly elected European President might solve most of the present problems of the EU. This solution however lacks the support of the member states who will take the final decision and only a strong public support may increase the chances for such reforms. [ABSTRACT FROM AUTHOR]

The paper investigates economic impact of delayed payments caused by liquidity crisis in the European Union. Using micro data sets on financial statements of 54,277 firms for the period of 2005 to 2014 inclusive, we perform panel data analysis by estimating fixed effects regression models with selected macroeconomic shocks. The results show high variability of late payments during financial crisis compare to period of relative stable economic situations and late payments is significantly evident across countries under different economic conditions. Additionally, we identify positive relationship between the response variable, late payments, and firm profitability measured with returns on assets, but negative relationship with firm total assets as it depends on the speed of collections from receivables. The results suggest delays in payment of invoices beyond the given credit period across the different European Union member countries. [ABSTRACT FROM AUTHOR]

The business cycle synchronization was widely discussed before the last economic crisis and now the interest in this topic revives. The majority of literature about business cycle synchronization evaluates the role of mutual trade and similarities among the economies, while the investment links, mainly foreign direct investment flows and stocks are very often completely ignored or at least marginalized. The paper aims to discuss and then estimate the importance of continually increasing stock of foreign direct investment in synchronization of business cycles. It focuses to selected Central European economies after economic transition and their business cycle co-movements with their most important trade partners - France, Germany and Italy. The extent of trade flows, industrial structure similarity and selected trade environment variables are used to extend the standardly employed regression formula. [ABSTRACT FROM AUTHOR]

Due to the fast growth of consumption, the promotion of purchasing green products could be a way to minimize the environmental impact and achieve the sustainable consumption. Considering that there is a lack of studies about green purchase behavior and its determinants in all European Union countries (EU), the aim of this paper is to evaluate the main determinants of green purchase behavior by applying the Theory of Planned Behavior. Referring to Hostefe's cultural dimensions we revealed how cultural aspects contribute to purchase behavior. The results showed that there were observed big differences in terms of green purchase behavior in the EU countries and it did not depend on economic development significantly. The subjective norms and interaction of knowledge and confidence in green products significantly determined the green purchase behavior in all countries. According to the cross-culture studies, all cultural dimensions did not have significant influence on green purchase behavior. However, cultural dimensions are related to factors which directly influence green purchase behavior. Therefore, due to the process of the EU cultural convergence and economic crisis, it could have indirect impact on green purchase behavior. These findings have important implication for marketers and policy makers. [ABSTRACT FROM AUTHOR]

After the Global Financial Crisis the frequency of reported losses of companies has increased significantly in countries of the European Union. Moreover, the fi nancial leverage of companies have increased and even exceeded 100% in several countries. The reason of this development is negative equity that companies find themselves to report. At first sight negative equities are caused by accumulated losses from prior periods. However, there are some other reasons that can result in increasing negative equities in companies. They remain adequate as long as a company is able to pay its bills. Nevertheless, a company with negative equity is exposed to risks. This paper investigates whether the corporate negative equity is a sign of the future failure of a company. We examine nonfi nancial manufactured companies from selected countries of the European Union within the period 2005-2012 from database Amadeus (Czech Republic, Slovakia, Hungary, Poland and Germany). By the means of comparison between negative and positive equities we applied descriptive statistics and Pearson correlation analysis. We find that in all surveyed countries the size positively influences the equity of companies. Other factors as profitability and growth opportunities do not influence the corporate equity. In addition the binary logistic regression analysis has been conducted based on the evidence from Czech companies. Our results indicate that negative equities are not a sign of bankruptcy or insolvency of a company. But the low profitability or low business activities (that are predictors of bankruptcy) might lead to negative equities in the balance sheet. [ABSTRACT FROM AUTHOR]

The European Central Bank (ECB) has received a lot of criticism for its too little, too late performance to ease market pressures during the economic crisis. At the same time, the ECB and the Federal Reserve (Fed) have managed the new economic realities that have emerged in the international context differently. Despite the criticisms, the European Central Bank is the European Union institution that has assumed more control due to the new model of economic governance of the EU. Why did the Federal Reserve act so nimbly and quickly to calm the markets, while the ECB was so cautious in managing monetary policy? The aim of this paper is to perform a comparative analysis of the management of interest rates and other monetary policy measures undertaken by the Central Bank and the Federal Reserve during the economic crisis, as well as to understand the changes in the context of the ECB and the emergence of its authority within the European Union's economic governance model since 2011. Thus, in order to carry out a scrupulous exposition, we will also limit the time frame of this study to the 2007-2014 period. [ABSTRACT FROM AUTHOR]

This paper analyzes the changes in the total factor productivity index of a Spanish hotel chain in the period from 2007 to 2010 with the purpose of id en tifying efficiency patterns for the chain in a period of financial crisis. The data envelopment analysis (DEA) Malmquist productivity index was used to estimate productivity change in 38 hotels of the AC chain. Results reveal AC hotels' efficiency trends and, therefore, their competitiveness in the recession period; they also show the changes experienced in these hotels' total productivity and its components: technological and efficiency changes. Positive efficiency changes were due to positive technical efficiency rather than technological efficiency. The recession period certainly influenced the performance of AC Hotels, which focused on organizational changes rather than investing in technology. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this study is to assess how the recent financial and economic crisis has affected European Union (EU) member states’ ability to attract intellectual capital. The issue was found to be relevant, as one of the key elements of competitiveness today is the ability to attract intellectual capital and the question how the recent financial and economic crisis has changed this ability of EU member states can be asked. The question is relevant in relation to the diversity of effects that the crisis had on EU member states, including, the different levels of real economy adjustment constraints. Design/methodology/approach – The concept of competitiveness applied by the World Economic Forum (WEF) in constructing the Global Competitiveness Index (GCI) was used. Based on selected WEF GCI sub-indicators and the WEF’s methodology, we a new index named “Ability to attract intellectual capital” was generated. EU member states’ performance was compared along this indicator for the 2007-2008 (pre-crisis) and the 2013-2014 (post-crisis) periods. In this way, EU member states can be ranked before and after the crisis; their performance can be compared in the two periods, relatively to each other, and in relation to their performance along other relevant indices. Findings – The findings show interesting results. First, many peripheral EU member states, deeply affected by the crisis, could considerably improve their relative positions between 2007 and 2013. Second, the Central and Eastern Europe (CEE) countries show a rather mixed picture, drawing up rather different individual development paths. Third, the advancements in some countries do not imply that overall convergence is proceeding in the EU. Nevertheless, some countries have not wasted the “good” crisis to take those steps of structural reform. Research limitations/implications – Because we only look at two time periods (pre-and post-crisis), the authors are not able to describe the processes that were going on in the EU member states during the years of the crisis; the results can only show the difference between the two periods. Furthermore, there may be other methodological approaches to countries’ abilities to attract intellectual capital that may bring results different from this study’s results. For the countries who, according to our investigations, could improve these abilities, enhanced competitiveness is likely to occur in a few years’ time. Practical implications – For those countries aiming at improving their abilities to attract intellectual capital, or for EU policy design, this research may provide useful results. Moreover, not only this study’s results but also the methodology can be used by others, for other purposes: to compare different years, different sets of countries included in the WEF GCI or even along different dimensions. Social implications – This study’s research findings, the authors believe, will help EU member states and the EU as a whole in getting to know their abilities to attract intellectual capital better. In the introductory part of this paper, the aim was also to collect arguments from the economic theory to explain why such abilities are crucial for future competitiveness of countries. Originality/value – The methodology that was used is the adoption of WEF methodology, and the data are from the WEF GCI dataset. However, to the authors’s knowledge, no other research work has applied this methodology on this set of WEF GCI sub-indicators, with such purposes as to compare EU member states’ abilities to attract intellectual capital before and after the crisis. [ABSTRACT FROM AUTHOR]

Despite the increasing popularity of Axel Honneth's recognition theory across philosophy and the social sciences, there is almost no philosophical literature on the relation between recognition and poverty from this perspective. In this paper, I am concerned with three questions related to such a reflection. Firstly, I will examine whether and how the recognition approach can contribute to the understanding of poverty. This involves both conceptual and empirical questions and targets the ability of the recognition approach to propose a valid theory of the social world. Secondly, I am interested in figuring out whether and how the recognition approach can help to understand what is wrong about poverty. This means asking about the normative or ethical competence of the recognition approach in regard to poverty. Thirdly, the recognition approach claims to transcend theory and research, but also affect the social and political practice. Then the question arises as to whether and how it can help to design or implement poverty reduction or poverty alleviation practices and policies. In discussing these three matters, I aim to show that the recognition approach can in fact be a valuable and important contribution to poverty research and poverty politics. [ABSTRACT FROM AUTHOR]

The recent global and Euro zone financial crises and the emergence of competition from alternative providers of legal services have provided impetus to law firms globally to adopt new low cost models of legal service delivery in order to compete for commercial legal work. Outsourcing has played an important part in these new lower-cost models of service delivery. Since 2009, ten large and leading UK law firms have completely outsourced their law libraries to one of two commercial providers of law library and legal research services. Little is known about the providers and users of these services or how the services work in practice because of concerns of commercial confidentiality. Opinion is divided on whether library outsourcing is a temporary response to the need to reduce costs in a financial downturn or an inevitable, irreversible consequence of the changing information needs of lawyers. Opinion is also passionately divided between outsourcers and law librarians in the UK on the quality and benefits of the legal research services they each provide to the legal profession. This paper identifies the providers and users of outsourced law library services in the UK and describes the way law library outsourcing was implemented. The reasons for legal research outsourcing in the UK and the validity of the claims made of it by advocates and critics will be discussed in the light of information gathered from personal interviews with the providers and users of these outsourced services during a visit to the UK in July 2012. The way in which outsourced law library and legal research services are delivered to law firms is outlined revealing more complexity than was previously understood. The level of law firm satisfaction with the outsourced services will be revealed for the first time. The future prospects for law firm library outsourcing are considered by way of conclusion. The leading provider of outsourced law library and legal research services in the UK, Integreon, entered the Australian market in 2011 and opened an Australian headquarters in Sydney in August 2013. A number of other global legal process outsourcing companies that provide legal research services to law firms overseas have also recently entered the Australian market. It is possible that one or all of these service providers may offer law library and legal research services to Australian law firms making this research of relevance to Australian lawyers and law librarians. [ABSTRACT FROM PUBLISHER]

The aim of this paper is to analyze the evolution of the European Union in the economic and financial field during the global crisis that stroke Europe, from January 2008 until December 2012. My argument is that the European Union has faced certain political and economical imbalances since its beginnings in 1992 which have worsen the European economic and financial scenario. These imbalances -- rooted in the EU architecture -- were the result of a primary political choice: building a European market based on neoliberal values and setting aside any political controversy that may have caused a slowdown in the economic and financial integration. Since 1992, the Maastricht Treaty has shown some incongruities which were not resolved in the following two decades. Moreover, the decision-making process became more intricate so that Europe faced the worst post-war financial crisis without the instruments to answer rapidly to the financial speculation. The ECB, following its price stability mandate, was not able to react with counter-cyclical measures, thus exacerbating the financial imbalances between Northern and Southern European States. After an economic "perfect storm", EU Member States need to have enough farsightedness to implement some fundamental reforms in order to give the necessary means to EU institutions to erect an efficient firewall against financial speculations. [ABSTRACT FROM AUTHOR]

The European Union has gradually developed a consistent and integrated policy framework to respond to common challenges in the field of health that combines legislation, cooperation and financing: the EU Health Strategy "Together for Health". The economic crisis compounded the existing challenges stemming from changes in demographics and patterns of disease, technological change, as well as major threats to health. It put an additional strain on the sustainability of health systems and raised the urgency to channel EU efforts towards economic recovery and growth as outlined in the Europe 2020 strategy. Acknowledging this new environment, on 20 February 2013 the European Commission adopted a policy framework more closely linking EU social and health policies to Europe 2020: the Social Investment Package (SIP) including a document dedicated to "Investing in Health". This paper extends the EU Health Strategy by reinforcing its key objectives, firmly anchors health in the Europe 2020 policy framework and reaffirms that health is a value in itself and health spending is a growth friendly expenditure. A healthy population and sustainable health systems are decisive for economic growth. Investing in sustainable health systems means that cost-effective spending, structural reforms and sound innovation can bring efficiency gains and secure better health outcomes. Investing in people's health also boosts economic growth by enabling individuals to remain active longer and in better health. Finally, investing in health requires reducing health inequalities to break the vicious spiral of poor health contributing to, and resulting from, poverty and exclusion. [ABSTRACT FROM AUTHOR]

Do the Japanese see the EU as a global power? How do they see the causes of the financial crisis in the euro zone, and are they changing their perception of the EU because of the Euro crisis? Regulatory power is defined as a country's or an international organization's power to set up its national or regional rules and standards as global rules and standards. Do the Japanese see the EU's 'regulatory power' as strong, and do they think the EU's 'regulatory power' declined because of the financial crisis in the euro zone? This paper presents the results of an analysis of questionnaire data as well as an investigation of newspaper articles in order to examine the Japanese perception of the EU empirically, and it also discusses academic works that relate to the result of the empirical analysis. The October 2012 questionnaire results show that the Japanese public has an impression that the EU is a global power rather than a regional power. In Japan, both business elites and university students generally think that the EU has strong power in the area of economics. However, the Japanese business elites feel that the EU's power is declining because of the financial crisis. The Euro crisis has thus negatively affected the EU's regulatory power. Even so, as the October 2012 questionnaire results show, more than 40% of Japanese business elites believe that the regulatory power of the EU has not declined even after the beginning of the Euro crisis. However, Japanese business elites continue to be anxious about the EU's regulatory power. [ABSTRACT FROM AUTHOR]

This paper reviews some of the recent studies on international capital flows with a focus on the role of European global banks. It presents a revision to the commonly held "global saving glut" view that East Asian economies (along with oil-rich nations) were the dominant suppliers of capital that fueled the asset price boom in many parts of the world in the early 2000s. It argues that the role of funding costs and a "liberal" regulatory regime that allowed for an unprecedented expansion of the balance sheets of European banks was no less important. Finally, we describe the aftermath of the crisis in terms of some of the challenges faced by Europe as a whole and European banks in particular. [ABSTRACT FROM AUTHOR]

Based on an analysis of the neoliberal construction of European monetary integration, the Greek economic crisis and the Hayekian-style austerity policies being used to deal with it are analyzed. After theoretically characterizing these policies, the paper analyzes how their generalization in Europe is helping to deepen the European crisis and jeopardizing the recovery of the world economy. Nevertheless, the reason of the crisis is the loss of monetary sovereignty of every country and the financing of the state is sustained across the financial bank and not bank investors. [ABSTRACT FROM AUTHOR]

The strategies for structural-systemic crisis management have generated, to a geographical level, a number of differences between EU countries. These cleavages are the result of differential macroeconomic policies. In this context, this article has the aim of achieving a comparative approach between countries of the south, west and east of the EU space. Also our approach is focused on observing the nature of macroeconomic policies and also on identifying a "pattern" associated with a common ideal -type of "rational choice" in the efficient and effective management of systemic crises. This article aims to identify areas of growth and economic stability of a particular model of public policy and political-economic ideology, to set up a mechanism for "economic engineering". From the methodological point of view, this article uses a quantitative methodology, derived from mathematical analysis, statistics and stochastic, in order to explain, understand and predict the possible evolution of the systemic crises in the EU countries. The interest lies in the possibility of giving a model of macroeconomic policy for the adjustment of inflationist imbalances, labor market and price policy, and also in regulating the equation of production-consumption [ABSTRACT FROM AUTHOR]