Search

The article presents abstracts of business research including the use of Monte Carlo method and real-time data set in testing the rationality of financial data such as money, output and prices, the use of U.S. consumer price index in measuring rent increases and another that suggests insurance policies for the European Union (EU) monetary policy.

International demand for military crisis-management missions continues to grow and demand for troops continues to outstrip supply. Like other Western democracies, European Union member states, because of their wealth, relative military competence and commitment to human rights, bear a particular responsibility to expand the international community's capacity for action. But while the EU has succeeded in defining a complex military-technical and political-strategic framework to boost its role and that of its member states in crisis management, its performance so far has fallen well short of its ambitions. This paper analyses what the EU wants to be able to do militarily - its level of ambition - and contrasts this aspiration with the current reality. To explain the gap between the two, the paper examines national ambitions and performance across the EU and analyses their domestic determinants using the examples of Austria, Germany and the United Kingdom. The paper concludes by suggesting that the EU might need to strike a new balance between the inclusiveness and the effectiveness of its activities in this area if it wants to increase its military crisis-management performance and live up to its declared ambitions. [ABSTRACT FROM AUTHOR]

This paper introduces the special issue “Effects of the euro changeover on consumer behaviour” by briefly reviewing the contents of the included papers. The introduction follows the organization of the papers in three sections each focusing on a common set of issues. In the first section, research revealing the perceived and actual problems consumers face after the euro changeover is described. Research illuminating learning and adaptation to the euro changeover is the focus of the second section. A special problem is the misperception of inflation after the euro changeover. Research on this problem is addressed in the third section. In a final section, the main findings and their policy implications are summarized. [ABSTRACT FROM AUTHOR]

Focuses on the concept of international governance in the European Union. Promotion of human rights; Legal system of the international organizations; Principles underlying the concept of governance.

This paper examines the EU and EU member states’ reactions to the 2015 refugee crisis from an ontological security perspective while arguing that these reactions are the product of three socio-psychological lenses, which have led to various responses to the perceived threat. The first reaction, ascribed especially to the Visegrad Four, is the “securitise-the-self” reaction to feelings of anxiety and ontological insecurity and involves reaffirmation of national biographical narratives and national immigration policies at the expense of supranational European policies. The second reaction is illustrated by the European Commission's response to the refugee crisis and involves “managing securitisation.” Accordingly, the Commission's reaction to ontological insecurity when faced with the challenge of unmanaged migration was to reaffirm the EU's semi-sovereign identity (collective border control competencies) while preserving a global discourse on human rights and refugee-related inclusive norms. The third reaction stemmed from viewing the crisis with the lenses of “empathy” and “desecuritisation” and is best illustrated by Germany's temporary “open door” policy on refugees that was driven by a psychological lack of perceived threat from the “immigrant-other” and a “civilian power” collective identity. The paper argues that recognising these three lenses can help us to understand socio-psychological reactions to immigration in the EU. [ABSTRACT FROM AUTHOR]

The two main anomalies characterizing Initial Public Offerings (IPOs) in Europe, initial underpricing and long run underperformance, are analyzed using a sample of 437 IPOs over the period 1997-2011. The paper focuses on three highly developed European countries (Italy, France and Germany), and studies the two anomalies across different industries. The three countries are found to have a broadly similar trend in the short run anomaly, but more significant differences in long run underperformance. Industry is not found to be a determinant of underpricing or long run performance. Unlike previous literature, this paper focuses on homogeneous Eurozone countries considering the recent financial crisis period. [ABSTRACT FROM AUTHOR]

The present paper analyses one of the most important and discussed economic topics, namely foreign direct investments, from the point of view of their possible theoretical contingency with the gross domestic product per capita, which up to a certain extent stand for the welfare of a nation. Out of the 28 belonging to the European Union, six countries, the lowest ranked in respect to this indicator, namely: Bulgaria, Romania, Croatia, Latvia, Hungary and Poland, are analysed from the perspective of net FDI inflows and FDI inflow share in GDP. The results are construed in comparison with one another. The paper reveals that there is indeed a connection between the level of GDP per capita, the level of net FDI inflows and the living standard of the population, although sometimes such results are not strongly confirmed. [ABSTRACT FROM AUTHOR]

Copyright of Econometrics / Ekonometria is the property of Sciendo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Abstract: Onward migration is a rising issue in migration studies as a consequence of the growing complexity in migration patterns worldwide. This paper analyses historic and economic reasons behind the recent surge of onward migration from Southern European countries and, more specifically, Italy. Using 2014 ORIM data about short‐term onward migration intentions and a logistic regression model, the paper explores factors that select aspirant onward migrants from Italy. The model tests the effects of socio‐demographic and economic factors. The results of the study question the idea of citizenship as the highest level of integration in the host country and suggest that the recent wave of onward migration from Italy is mainly a reactive phenomenon triggered by the economic crisis. Most of all, this study explicitly underlines the role of gender in shaping intentions of short‐term onward migration in Italy. The gender‐sensible approach adopted in the present study shows the important role of women in the decision‐making process of couples: female unemployment significantly increases intentions of onward migration, and the migration is also considered as an opportunity for the spouse and a gain in the economic prospects of the entire family. Conversely, female employment has a significant role in preventing onward migration. [ABSTRACT FROM AUTHOR]

This paper examines the 'making' of Capital Markets Union (CMU) through the theoretical lens of 'actor-centred constructivism', by considering the 'policy narratives' that bureaucratic actors have employed strategically to promote the project. It is argued that two main narratives were articulated by the European Commission in order to mobilize the political support necessary to push forward CMU and reduce potential opposition to it. The first narrative was to boost the size and internal and external competitiveness of European Union capital markets. The second narrative was the increased funding to the real economy, especially to small and medium-sized enterprises (SMEs) and infrastructural projects. The Commission used these narratives instrumentally in 'framing' CMU as a positive-sum game, rather than a zero-sum game with potential winners and losers. [ABSTRACT FROM AUTHOR]

After 8 years of investigation, the European Commission decided that Google has abused its market dominance by giving prominent placement in its search results to its own comparison shopping service, whilst demoting rival services. This paper discusses the first of these conducts. The paper will assess the harm arising from Google's conduct on consumers and merchants, and will discuss the importance of causality in proving that a conduct is abusive. The paper will also briefly present the remedies for Google's conduct. The argument made herein is that the Commission's decision enters uncharted territories in unilateral conduct enforcement and the decision is subject to criticisms which will be analysed herein. The paper shall assess the implications of the Commission's approach and remedies in this case for future enforcement in unilateral conduct cases. [ABSTRACT FROM AUTHOR]

The paper studies the role of path-dependence in the resilience of EU regions. Particularly, employing a nonparametric analysis, the paper demonstrates that historical adjustments of EU regions materialized by productivity improvements, primarily in the manufacturing sector and incidentally in the sectors of construction, financial and non-market services, during the period 1995--2008 secured high(er) levels of regional resilience during the economic crisis period 2008--2013. Such a finding provides implications not only for theory but also for policy. Policies aiming at boosting regional productivity and competitiveness, which through a positive regional performance of high growth rates is concealed, a well-structured and robust production restructuring, might affect regional resilience in a way that shields regional economies not only from current imbalances but also from any future downturns. [ABSTRACT FROM AUTHOR]

This paper empirically investigates the short and the long run impact of public debt on economic growth. We use annual data from both the central and the peripheral countries of the euro area (EA) for the 1961-2013 period and estimate a production function augmented with a debt stock term by applying the Autoregressive Distributed Lag (ARDL) bounds testing approach. Our results suggest different patterns across the EA countries and tend to support the view that public debt always has a negative impact on the long-run performance of EA member states, whilst its short-run effect may be positive depending on the country. [ABSTRACT FROM AUTHOR]

Abstract: By reflecting on both the exclusionary and the inclusionary role of humanitarian migration and border management in the Central Mediterranean, this paper explores the relationship of humanitarianism with the delocalization of the EU border and with human rights. First, the paper analyses the role of human rights in the institutional humanitarian discourse about migration and border management at the Mediterranean EU border. The paper then analyses the Italian operation Mare Nostrum and, more generally, Italian humanitarianized border management in the Central Mediterranean. In doing this, it shows that humanitarianism contributes to the discursive legitimation and spatial delocalization of exclusionary policies and practices. Moreover, humanitarianism contributes to a symbolically and legally subordinate inclusion of migrants in the European space. While such humanitarian inclusion can be more inclusive than what human rights would require, it is posited as an act of grace rather than an enhancement of human rights. In both its exclusionary and inclusionary dimension, humanitarianism transcends and expands territorial boundaries by outsourcing responsibilities and enhancing delocalized border management. [ABSTRACT FROM AUTHOR]

International trade flows are highly concentrated in the top units of analysis. In this paper, we study the size distribution of exports at the product level, using Comext data for the 28 EU countries over the period 2002-2014. We fit power law relationships running log rank-log size regressions. The estimated Pareto exponent may be interpreted as a single measure of the inequality between the top products; it thus constitutes an alternative to other measures of export diversification. The Pareto exponent estimates are quite stable for most EU countries between 2002 and 2014. However, some countries stand out for their increase or decrease in the Pareto exponent. Some preliminary evidence suggesting negative correlation between volatility in EU country exports and export diversification at the product level is also provided. [ABSTRACT FROM AUTHOR]

Research, development and innovation hold a prominent position in national economies and the public sector. The aim of the paper is to evaluate the role of public research in EU countries with focus on selected indicators of research and development (R&D). The area in focus is total R&D expenditures and public R&D expenditures in years 2010 and 2015. The author also strives to analyze other R&D indicators in EU countries, pointing out the similarities and differences in the particular countries. The analysis concentrates on not only the selected indicators of public R&D, but also a comprehensive evaluation and role of public research in EU countries. EU countries are evaluated on the basis of indicators of public R&D by means of factor analysis, cluster analysis and box-plot, divided into four clusters depending on internal similarity in 2015. The most marked differences were observed in indicators of public research (R&D public expenditures as % of total R&D expenditures, researchers in public sector as % of total researchers, number of publications per 1000 researchers in the public sector, number of citable publications per 1000 researchers in the public sector) in the first cluster in comparison to the third cluster. In case of the indicator H-index (per 1000 researchers in the public sector) the most marked differences were observed in most countries of the second cluster in comparison to countries of the fourth cluster. [ABSTRACT FROM AUTHOR]

Interconnections for cross-border electricity trade improve price convergence and welfare. Increased production from variable renewables however implies higher levels of optimal interconnection capacity than in the past. Rather than using scenario building to determine new optimal levels of interconnection capacity, this paper presents a new methodology for Cost-Benefit Analysis (CBA) based on empirical market data, using the French-German electricity trade as an example. Employing a very fine dataset of hourly supply and demand curves (aggregated auction curves) from the EPEX Spot market, it constructs net export (NEC) and net import demand curves (NIDC) for both countries. This allows assessing hourly welfare impacts for incremental capacity and, summed over the year, the annual welfare benefits for each discrete increase in interconnection capacity. Confronting benefits with the annualised costs of increasing interconnection capacity determines the socially optimal increase in interconnection capacity between France and Germany on the basis of empirical market micro-data. [ABSTRACT FROM AUTHOR]

The ways in which climate adaptation is understood in the European Union is examined via three key policy documents: the Strategy on adaptation and the Green and White Papers that preceded it. Drawing on Poststructuralist Discourse Theory, light is shed on the implicit values and assumptions that underpin this recent policy initiative. The findings demonstrate a tension between the declared ambition to act on adaptation and implicit suggestions that nothing really has to change, and the challenge can be addressed by market and technological innovations, and by mainstreaming adaptation into existing sectoral policies. The policy discourse effectively serves to depoliticize choices societies make in response to climate change, presenting adaptation as a non-political issue. Insight into European adaptation discourse enables deeper understanding of recent policy developments and opens up possible entry points for critique. [ABSTRACT FROM AUTHOR]

This paper argues that links between academia and other economic sectors are increasing, especially through intersectoral mobility of university graduates. Murray [(2010). “The Oncomouse that Roared: Hybrid Exchange Strategies as a Source of Distinction at the Boundary of Overlapping Institutions.”American Journal of Sociology116 (2): 341–388] has identified literature pointing both to blending and continuing co-existence of the academic and commercial worlds. Based on a European-wide study of PhD graduates in the social sciences and humanities (SSH), this paper considers the extent to which intersectoral mobility reflects blending. It finds that intersectoral communities of practice exist mainly in applied fields of knowledge. However, in many areas of the SSH, differences in institutional norms and values inhibit intersectoral mobility, particularly in mid-career stages. [ABSTRACT FROM AUTHOR]

Agricultural R&D has been identified as an important determinant of economic output in the agricultural sector. Surprisingly, in previous studies, spatial spillover associated with R&D spending in the agricultural sector has not been taken into account. This paper investigates the effects of spatial spillover of agricultural R&D on regional economic growth across EU-28 NUTS-II regions in the period 1995-2014. In particular, we extend previous studies by considering spillover in all sectors of agricultural R&D performance including business enterprise, government and higher education. The spatial Durbin panel data model is employed to estimate brooders effect including direct and indirect effects. Empirical results show a positive effect of agricultural R&D and its spatial spillover on regional growth in all performance sectors. Moreover, the impact of spatial spillover of agricultural R&D on regional growth depends on the performance of the R&D sectors; positive spillovers are stronger in the business enterprise sector. Finally, the interaction effect between the economic output of the agricultural sector of each region with that of its neighbours is significantly positive. [ABSTRACT FROM AUTHOR]

Abstract: Among the factors highlighted by the literature as crucial for the success of cohesion policies in generating satisfaction among citizens, and therefore in acting positively on the constitution of an European identity, this paper emphasizes a particular one, territorial identity. Elaborating on the definition of territorial identity as a local condition in which private interests coincide with public ones, the paper claims that territorial identity plays an important role in a European identity‐building process. In fact, by increasing the probability that local public expenditures match private interests, territorial identity generates a favourable context where the critical factors that hamper the successful programming, design and implementation of cohesion policies can be overcome. [ABSTRACT FROM AUTHOR]

Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper takes a closer look at those parts of the European Commission’s Capital Market Union (CMU) that bear upon the attempt to set up a new market for securitizations, called ‘simple, transparent and standardized securitizations’, in brief STS-securitization. The ‘puzzle’ at its heart is the discrepancy between narratives and content. While the narrative is about the construction of a US-style market-based financial system to overcome the problems of Europe’s bank-based system and help medium-sized enterprises, the first legal initiative aims to create a European market for securitizations, which are a source of funding for large (mortgage) banks and as such are squarely at odds with the headline goals of the Capital Market Union. The paper discusses in detail key passages from the proposal to tease out the discrepancy between story and fact and ventures an explanation based on the identification of the interest coalitions behind the package. [ABSTRACT FROM AUTHOR]

This paper examines the European Union’s strategy of governing the economy through financial markets by focusing on the largely unacknowledged role of public development banks, including the multilateral European Investment Bank. It argues that these state-owned financial institutions have moved into a key position in the recent evolution of the European financial system and economic governance. Since the crisis, policy makers have used them to address the intrinsic volatility and excess liquidity of contemporary financial markets, as well as offset the constraints on public investment imposed by institutionalized fiscal austerity. The paper provides evidence for this claim through an analysis of the emergent policy nexus between the Investment Plan for Europe and the Action Plan on Building a Capital Markets Union. Based on official documents and interview data, it specifically traces the risk-sharing devices for small- and medium-sized enterprise and infrastructure finance set up by development banks within these initiatives. Equipped with public guarantees, they have been instrumental for the promotion of securitization markets and public–private partnerships through increased multilevel collaborations among development banks. The anchor role of such quasi-fiscal state actors in shaping capital markets, the paper concludes, has profound political implications, and therefore warrants further scholarly attention. [ABSTRACT FROM AUTHOR]

Abstract: This paper explores the broader setting of urban and economic development that links ports and cities in Europe and aims at enhancing our understanding of the port‐city interface. A relational view is taken for linking local developments and policies with overarching, more remote spheres of influence and impact, which can be considered both beneficial and critical for the port and the city. In order to illustrate the argument, a framework of three issues is applied to discuss the port‐city interface: first, the role of ports as economic engines of their wider region; second, the cruise ship industry as a market segment that re‐connects port and city; third, semi‐political bodies and institutions that play key roles as intermediaries and knowledge brokers. The paper finally discusses the implications of relationality for governing the port‐city interface. [ABSTRACT FROM AUTHOR]

Proscription of individuals and groups potentially linked to terrorism in the form of targeted sanctions have become increasingly controversial in recent years, especially in Europe. Initially considered the less violent alternative when countering terrorism, individual proscriptions have become contested for their impact on due process rights and democratic space. This paper focuses on a key aspect of proscription measures that goes relatively unnoticed: its discourses and practices of time and temporality. It analyses in some depth the rationalities of time evoked, debated, accepted, and rejected in two court cases on individual sanctions. It focuses on two elements at work in these cases: first, the relation between the precautionary and the punitive; second, the politics of establishing and examining terrorist intention. In this manner, it contributes to broader literatures on proscription in two ways. First, it advances the debate on security temporalities in general and the discussion of future-oriented sanctions in particular, by focusing on recent cases and case-law. Second, the paper brings a focus on legal practice to proscription debates. The paper concludes that the juridical repertoire of establishing and assessing intentions is not just broadened but fundamentally altered in the current proscription regime. [ABSTRACT FROM AUTHOR]

Copyright of Zbornik Radova Pravnog Fakulteta u Nisu is the property of Law Faculty in Nis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

An introduction is presented in which the editor discusses articles in the issue on topics including Roma migrations within the European Union, administration of welfare benefits and services, and labour market transformations.

The EU’s initial reaction to the Arab uprisings in the field of energy cooperation was yet another proposal for creating an integrated Euro-Mediterranean energy market, despite the moot success of previous efforts. This paper investigates the policy frame underpinning the EU’s persistent focus on market-regulatory harmonization since the late 1990s and enquires into whether it has experienced any change in the post-uprising context. While the paper finds an enduring dominance of themarket-liberal frame, it also identifies signs of its erosion through processes ofreframingandmisframing, affecting also the EU’s practical engagement with the region. [ABSTRACT FROM PUBLISHER]

This paper studies the pattern of technical change at the firm level by applying and extending the Quantal Response Statistical Equilibrium model (QRSE). The model assumes that a large number of cost minimizing firms decide whether to adopt a new technology based on the potential rate of cost reduction. The firm in the model is assumed to have a limited capacity to process market signals so there is a positive degree of uncertainty in adopting a new technology. The adoption decision by the firm, in turn, makes an impact on the whole market through changes in the factor-price ratio. The equilibrium distribution of the model is a unimodal probability distribution with four parameters, which is qualitatively different from the Walrasian notion of equilibrium in so far as the state of equilibrium is not a single state but a probability distribution of multiple states. This paper applies Bayesian inference to estimate the unknown parameters of the model using the firm-level data of seven advanced OECD countries over eight years and shows that the mentioned equilibrium distribution from the model can satisfactorily recover the observed pattern of technical change. [ABSTRACT FROM AUTHOR]

The process of integration and future developments within the European Union (EU) covers the issues of environmental protection, sustainable development and energy efficiency. These issues are becoming a significant part of economic and social development and appear as a factor for assessing the competitiveness of the EU countries. Therefore, this paper focuses on: the implementation of achieving the climate and energy objectives in line with the Europe 2020 Strategy, the environmental sustainability of EU countries under the Environmental Performance Index (EPI) and the assessment of the competitiveness of the EU countries on the basis of ecological development. [ABSTRACT FROM AUTHOR]

In the enforcement of European competition law, both public and private actors play a role. Public enforcement dominates. Leniency programs give cartelists incentives to reveal the cartel and disclose relevant information to the competition authority. The incentives originate from a reduction in sanctions. Directive 2014/104/EU aims at removing practical obstacles to compensation for victims of infringements of EU competition law. The literature suggests that facilitating private damages actions tends to limit the effectiveness of leniency programs. If victims are able to claim compensation, the incentive to apply for leniency may vanish. In addition to the literature, this paper not only considers the effect of private damages on incentives to apply for leniency, but also explores the consequence for deterrence and consumer welfare. Specifically, this paper investigates the implications of an improvement in the claim position of victims for (1) decisions to start or continue a cartel, (2) decisions to apply for leniency, and (3) consumer welfare. Cartelists' behavior is analyzed in a dynamic setting. The paper finds that a marginal improvement in the position of victims in most cases leads to an increase in consumer welfare but not in deterrence. In some cases, it also leads to an increase in deterrence, and, in exceptional cases, makes consumers worse off because cartelists refrain from applying for leniency. [ABSTRACT FROM AUTHOR]

The sustainable management of aquatic ecosystems requires better coordination between policies span-ning freshwater, coastal and marine environments. Ecosystem-based management (EBM) has been promoted as a holistic and integrative approach for the safekeeping and protection of aquatic biodiversity. The paper assesses the degree to which key European environmental policies for the aquatic environment, namely the Birds and Habitats Directives, Water Framework Directive and Marine Strategy Framework Directive, individually support EBM and can work synergistically to implement EBM. This assessment is based on a review of legal texts, EU guidance and implementation documents. The paper concludes that EBM can be made operational by implementing these key environmental directives. Opportunities for improving the integration of EU environmental policies are highlighted. [ABSTRACT FROM AUTHOR]

A popular topic in the assessment of the functioning of municipally-owned enterprises is the corporate governance (CG) of such organizations. The results of the comparative study presented in this paper indicate that European Union initiatives on gender diversity and executive directors' pay are often not implemented in public CG codes and in practice in municipally-owned enterprises in Germany and The Netherlands. The paper proposes that EU initiatives should specifically target municipally-owned enterprises and shows concrete hard and soft regulation options for national and international policy-makers and future research perspectives. [ABSTRACT FROM AUTHOR]

The venture capital (VC) sector in central and eastern Europe (CEE) is characterised by the dominance of public resources. This is mainly due to a new type of equity scheme introduced in the European Union’s 2007–2013 programming period. The paper examines how successful the CEE EU member states, with a relatively less developed VC industry, were in using government equity schemes based on market cooperation between public and private market actors. It provides a general overview of the VC programmes launched in the CEE region viewed through the lens of academic design theories. The paper concludes that government VC programmes in the region are characterised by short time frames, administrative requirements which restricted investors, small fund sizes preventing efficient operation and limited participation of institutional investors. Compared to developed countries agency problems were much more pronounced. The limited number of business angels and incubator organisations, the high number of underfinanced promising start-ups and the misuse of government connections meant that the use of predominantly hybrid funds’ forms of government VC programmes were more challenging in the CEE region compared to western Europe. However, the greatest risk of public equity schemes – the crowding out effect on private investors – is absent in the CEE region because of the lack of private investors. [ABSTRACT FROM PUBLISHER]

The finding of the paper shows the relative effectiveness of the 'one size fits all' policy of the European Central Bank. The paper provides strong evidence in favor of this by testing whether the monetary policy effects (footprints) found in inflation uncertainty converge to a common level. These footprints are measured as the fraction of the estimated policy-induced reduction in this uncertainty. The testing was conducted by applying a bootstrap-type test in a regression of the rate of growth of these fractions on their initial values, computed for 16 euro area countries. ( JEL C33, E52, E58) [ABSTRACT FROM AUTHOR]

The premise of this paper is that the current motivation for rethinking the European project in terms of a "profound reformation" has a character at least partially caducous, and that rethinking the European project according to the "multi-speed" dimension and in a "non-limitative" perspective represents in fact not only the intention to fasten and deepen the Union of "different paces and intensity", and thus to deepen the existing multi-speed and multi-tier Union, but also to establish a different path for Europe than that of the United Europe. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to describe through innovation system foresight and systemic innovation approach to address key systemic issues of European Union (EU) Overseas Countries and Territories (OCTs) concerning the sustainable development and economic resilience: the authors highlight the need for a systemic approach to innovation policy for the sustainable islands’ growth.Design/methodology/approach This research focuses on a multiple case study of selected OCTs, members of the Association of the OCTs. Specifically, this paper illustrates the foresight approach implemented in six OCTs in the context of the Territorial Strategies for Innovation project funded by the 10th European Development Fund.Findings The focus is on innovation system foresight and systemic innovation: the authors argue that key innovation elements of the individual OCTs can be used as crucial components of an emerging innovation system while this specific type of foresight can assist the governments of respective OCTs in the selection and design of specific instruments in relation to the formulation of their innovation strategies and policies.Originality/value This paper is based on work undertaken by the Territorial Strategies for Innovation project team during a three-year period dedicated to supporting the governments of OCTs both in defining and in implementing their innovation strategies. Its main contribution is to develop the concept of innovation system foresight and systemic innovation for the OCTs. The work presented here is considered to be of value by highlighting specific innovation elements for achieving sustainable and inclusive growth in OCTs. [ABSTRACT FROM AUTHOR]

This paper analyses decarbonisation scenarios for the European passenger car fleet in 2050. The scenarios have been developed using the backcasting approach and aim to reduce greenhouse gas (GHG) emissions of passenger cars to a level defined in the Transport White paper that is 60% below 1990 levels. Considering the emission levels of 2010, a yearly reduction of 1.7% is required in order to achieve the target. Car emissions were decomposed into the main emission factors of mobility, efficiency and carbon intensity. How these factors change over time depends on various external factors: the pace of technological improvements, the future role of cars in society’s mobility system and the priority given to decarbonising energy demand. The analysis showed that if car mobility and ownership continue to increase as expected in a ‘business as usual’ case, a share of 97% plug-in hybrid or battery electric vehicles might be required by 2050, together with a substantial decrease in greenhouse gas emission from electricity production. A transition to more advanced car technology such as automated driving, advanced batteries or lightweight materials in vehicle production would raise vehicle efficiency. Should car mobility continue at a high level, an early technology transition will be required. [ABSTRACT FROM AUTHOR]

The aim of this paper is to examine the impact of the austerity measures that have been introduced in Greece since 2010 in the patterns of local governance, with a specific focus on the case of the Leader approach for rural development in the Greek region of Peloponnesus. It deploys mixed qualitative techniques in order to outline the changes in local governance capacity and autonomy that resulted from the implementation of the two Memorandums of Understanding and the mid-term Fiscal Strategy since 2010. The diminished local governance capacity and autonomy, and the significant trends towards recentralization are revealed. These are more profound in the case of the five Leader programmes implemented in the region of Peloponnesus. The conclusions drawn by the paper put into serious doubt the mainstream assumptions concerning the impact of austerity measures on the patterns of governance in Greece in general and on local governance in particular. [ABSTRACT FROM PUBLISHER]

The work represents a continuation of the author's concerns about sustainable development issues. This paper is aimed at meeting Romania's targets for energy and the environment, targets with a major impact on the objectives of sustainable development. The concrete targets included in SDSEU and RES are highlighted, defining and specifying how to assess their degree of achievement. For the evaluations, the official information from the NRAE and DB of NIS is used. The conclusions contain references to the degree of achievement of TC for EM as well as proposals for improvement. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to evaluate the effectiveness of the European Union’s (EU) economic governance framework as a key component and driver of the EU - Economic and Monetary Union (EMU). Considerable measures to strengthen the EMU have been undertaken in recent years. In spite of this, its effectiveness in tackling challenges that might appear especially in times of crisis, is still called into question. The creation or reformation of institutions seems to be the most efficient manner in which the Eurozone can advance policies and mechanisms meant to stimulate economic growth. We have found that the major obstacles to more efficiency are two components: 1. the political dimension of the EU – or better said political interference of MS’s to protect their own interests; 2. weak EU leadership and vision – this, together with political interests, dilutes significantly the building of institutions, creation and enforcement of policies. Ultimately the question of improving effectiveness of EU economic governance lies in the EU’s ability to build a stronger foundation for its institutions. As a modern political and economic entity, subjugated to the MS’s, the EU must maintain a balance between state powers and institutional powers, a legal and democratically accountable system of governance, the enforcement and respect of law, whilst also protecting economic growth and the right for a better future. [ABSTRACT FROM AUTHOR]

Studies on agricultural production practices advance within international literature and new methods are proposed in order to assess the agricultural sustainability, either at farm or macro level. The present paper builds on these advancements and develops a synthetic Eco-(in)efficiency index by employing a directional distance function--data envelopment analysis (DEA) model. This index is used in order to assess the sustainability of the EU agricultural sector for the period 1999-2012 on a country level. Furthermore, Eco-(in)efficiency, together with the energy use and greenhouse gas (GHG) emissions are regressed on the gross domestic product (GDP) of EU countries, in order to check for any environmental Kuznets curve relationship existence. Results signify that efficiency improvements are possible, both towards output development and GHG emissions reduction. In addition, the potential of each country in adopting more sustainable production practices is not totally connected with its economic development, as Eco-(in)efficiency and GDP levels of EU countries seem to be linked with an N-Shaped curve. [ABSTRACT FROM AUTHOR]

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]

Copyright of International Economics / Economia Internazionale is the property of Camera di Commercio di Genova and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The central banks' financial strength supports financial stability. Now in a low interest rate world it should receive much more attention as many central banks had experienced financial difficulties mainly due to operating and valuation losses. The purpose of this paper is to investigate the determinants of central banks' financial strength and find the most appropriate measure of it. The empirical analysis is based on data from a ten-year panel for central banks from Central and Eastern European Countries that are members of the European Union (EU), but have not adopted the euro. [ABSTRACT FROM AUTHOR]

This paper analyses theoretical and empirical scientific literature about the impact of technological innovations on unemployment, considering the former as a key driver of long-term productivity and economic growth. Using panel data from 25 European countries for the period of 2000-2012, we aim to examine whether technological innovations affect unemployment. We used triadic patent families per million inhabitants as our main proxy for technological innovations, as well as other unemployment controls, in our model, which were estimated using System Generalized Method of Moments (SGMM). Finding no significant relationship between technological innovations and unemployment in our base estimation, we re-estimated it testing the impact with a time lag as well as using alternative proxies for technological innovations. Overall, the research estimations do not suggest that technological innovations have an effect on unemployment. [ABSTRACT FROM AUTHOR]

We explore the causes of the credit crunch during the European sovereign debt crisis and its impact on the corporate policies of European firms. Our results show that value impairment in banks’ exposures to sovereign debt and the risk-shifting behavior of weakly capitalized banks reduced the probability of firms being granted new syndicated loans by up to 53%. This lending contraction depressed investment, employment, and sales growth of firms affiliated with affected banks. Our estimates based on firm-level data suggest that the credit crunch explains between 44% and 66% of the overall negative real effects suffered by European firms. Received April 5, 2016; editorial decision February 3, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]