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The article focuses on the impact of the Russia-Ukraine war on Europe's economy and politics. It discusses the economic strain caused by the energy crisis, which has led to inflation and the possibility of stagflation, and the challenges faced by small and medium enterprises. It also highlights the political cleavages within Europe, including differences in fiscal capacity and access to capital markets, and the geopolitical fissures over how to deal with the Russian threat.

The article discusses role of European financial institutions in restoring economic stability in Ukraine. Topics discussed include that the war in Ukraine has effected economic conditions in Europe which has led to inflation in commodities, mentions that the European Central Bank (ECB) is responsible for making monetary-policy decisions but the war in Ukraine had made it challenging for ECB to decide on monetary policy and discussed about uncertainty and volatility in economy.

Efforts to combat the COVID-19 crisis were characterized by a difficult trade-off: the stringency of the lockdowns decreased the spread of the virus, but amplified the damage to the economy. In this study, we analyze public attitude toward this trade-off using a survey-embedded experiment conducted with a quota sample of more than 7,000 respondents from Southeast Europe, collected in April and May 2020. The results show that public opinion generally favored saving lives even at a steep economic cost. However, the willingness to trade lives for the economy was greater when the heterogeneous health and economic consequences of lockdown policies for the young and the elderly were emphasized. Free-market views also make people more accepting of higher casualties, as do fears that the instituted measures will lead to a permanent expansion of government control over society. [ABSTRACT FROM AUTHOR]

As global warming and other environmental threats intensify and become more visible, scientists are increasingly questioning the desirability of economic growth as an overarching national and global policy imperative. Several theories in environmental sociology and economics—degrowth, steady-state economy, and "agrowth"—offer compelling arguments that environmental sustainability and continuous economic growth are incompatible. However, there is a shortage of empirical evidence about public opinion on the growth versus environment dilemma, despite its great relevance for the social legitimacy of governments' approach to the issue. In this article, we aim to narrow this research gap by applying multilevel models to data from the 2017 European Values Study (EVS). We find that the idea of sacrificing a certain level of growth for the sake of the environment receives high levels of support in most European countries. Nevertheless, within countries, we find clear indications of social divides in opinions regarding the growth versus environment dilemma: post-materialists, politically left-leaning people, the better-off, and the higher-educated are in favor of reduced growth, whereas materialists, right-wing individuals, and disadvantaged groups prioritize the economy over ecological concerns. At the country level, economic affluence is associated with greater support for reduced growth, irrespective of the differences in post-materialist values and the ecological situation. In practical terms, our results suggest that politicians can be bolder in promoting substantive environmental measures, even those that reduce growth. [ABSTRACT FROM AUTHOR]

The effects of austerity in response to financial crises are widely contested and assumed to cause significant electoral backlash. Nonetheless, governments routinely adopt austerity when confronting economic downturns and swelling deficits. We explore this puzzle by distinguishing public acceptance of austerity as a general approach and support for specific austerity packages. Using original survey data from five European countries, we show that austerity is in fact the preferred response among most voters. We develop potential explanations for this surprising preference and demonstrate the empirical limitations of accounts centered on economic interests or an intuitive framing advantage. Instead, we show that the preference for austerity is highly sensitive to its political backers and precise composition of spending cuts and tax hikes. Using a novel approach to estimate support for historical austerity programs, we contend that governments' strategic crafting of policy packages is a key factor underlying the support for austerity. [ABSTRACT FROM AUTHOR]

The article presents different models of capitalism with special regard to those occurring in the countries of Central and East Europe after 1989. Next the reasons why in the Vysegrad Group countries, among others, the model of capitalism called peripheral, dependent, imitative or hybrid was shaped and got strengthened. A separate subject of reflections is the issue of further economic development. [ABSTRACT FROM AUTHOR]

This paper reconstructs the chain of demand for cash from Asia to the Dutch Republic in the seventeenth and eighteenth centuries. It shows that the Javanese's currency preferences were visible in the exports from Europe. The growing Dutch involvement in Javanese society from the 1680s increased and transformed the composition of the currencies requested from the Dutch Republic, towards more smaller denomination coins. The paper also demonstrates that with regard to the money supply, considerations of state prevailed over purely business interests. The limitations to the Dutch power forced them to adjust to the local power holders their currency preferences. [ABSTRACT FROM AUTHOR]

This paper studies the contribution of both labor and non-labor income in the growth in income inequality in the United States and large European economies. The paper first shows that the capital to labor income ratio disproportionately increased among high-earnings individuals, further contributing to the growth in overall income inequality. That said, the magnitude of this effect is modest, and the predominant driver of the growth in income inequality in recent decades is the growth in labor earnings inequality. Far more important than the distinction between total income and labor income, is the way in which educational factors account for the growth in US labor and capital income inequality. Growing income gaps among different education groups as well as composition effects linked to a growing fraction of highly educated workers have been driving these effects, with a noticeable role of occupational and locational factors for women. Findings for large European economies indicate that inequality has been growing fast in Germany, Italy, and the United Kingdom, though not in France. Capital income and education don't play as much as a role in these countries as in the United States. [ABSTRACT FROM AUTHOR]

This article analyses coal market integration in Europe over the long nineteenth century. The market integration of coal, a key commodity associated with the industrial revolution, is an aspect of European economic history that has received little attention. The literature on the evolution of markets has concentrated on agricultural products, mostly cereals. This article examines intra‐ and international market integration in the principal coal‐producing countries, Britain, Germany, France, and Belgium; and adds three main consuming southern European countries to the analysis of the international market. It provides new evidence on prices, as well as trade, and uses a straightforward approach to address coal price behaviour. Despite shocks, clear trends toward integration in both domestic and international markets can be observed, even if by one of our measures the latter started at a later date. Processes of market integration, however, seemed to slow from the end of the nineteenth century. Explanations are offered as to the causes of the extent and timing of integrations: reductions, mainly, in transportation costs, but also in information costs, and, in the international market, protectionism. The influence of cartels, on the other hand, may have been limited, particularly in the international market. [ABSTRACT FROM AUTHOR]

We discuss the extension of corn and potatoes in Galician Atlantic agriculture during the nineteenth and twentieth centuries as an innovation process that facilitated rapid circulation of a new cattle feed from the Americas to Europe. Specifically, we focus on Galicia from 1890 to 1940, a time of significant scientific interest with regard to genetic improvements. This new science made it possible to develop double hybrid corn plants that became widespread after the 1920s. In this article we will describe the conditions accompanying the introduction and spread of these American crops, as recorded by modernist historiography, then analyse the institutional and social framework – knowledge networks, innovation systems and institutional and social tools – that enabled genetic advances in the twentieth century. To accomplish this, we must trace the journey of seeds and knowledge across the Atlantic from places such as the Connecticut Agricultural Experiment Station (1918) to the Galician Biological Mission (1921), among others. [ABSTRACT FROM AUTHOR]

The article pursues a thought experiment of qualifications and counterexamples for descriptions of decorative elements. It mentions about significance of distant lands for domestic economies in Northern Europe, that post-Revolutionary moment also witnessed key developments in the architectural conception of interior; and information about works of architects including Charles Percier and Pierre Fontaine, is given.

Copyright of Przegląd Europejski is the property of University of Warsaw 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.)

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. [ABSTRACT FROM AUTHOR]

Perspectives from Central and Eastern Europe rarely find their way into the debate on rural gender inequality. In this article, I aim to mitigate this imbalance by exploring everyday arrangements of women with dependent children in a peripheralised rural region of the Czech Republic. Using an expanded framework of precarity that integrates different spheres of work, I demonstrate that in the spatial context studied, motherhood increases the social disadvantage women face while simultaneously constituting an important field of female agency. I further show that in order to identify room for manoeuvre within configurations of insecurity the whole life‐situation of women must be taken into consideration. My findings add to a nuanced and context‐sensitive understanding of gender inequality in the European countryside, in particular by highlighting the field‐specific interaction of low‐wage economy, gendered division of work and mobility, and concepts of rural childhood, good (grand)parenting and self‐sufficiency. The study draws upon semi‐structured interviews and ethnographic research. [ABSTRACT FROM AUTHOR]

The effects of fiscal decentralization on economic growth are analyzed. A theoretical framework is developed that builds on the relationships between government size and growth and between decentralization and government size. The framework is tested empirically on a panel of 25 European countries observed between 1995 and 2015. The econometric results show that the relationship between expenditure decentralization and growth is bell shaped. The paper also focuses on expenditure composition. In this respect, the relationship between investment decentralization and growth is an inverted bell-shaped curve: there is a critical mass of decentralized investments beyond which it is possible to enhance growth. [ABSTRACT FROM AUTHOR]

In this article, I discuss whether changes in European citizens' financial circumstances during the Great Recession have affected their attitudes towards tax progressivity. I analysed data from a 2015 survey of citizens in 9 European countries that gathered information about the economic crisis at the household level and citizens' preferences for tax progressivity. Results revealed that although citizens affected by the crisis were generally more likely to support progressive taxation, the impact of worsening economic circumstances was limited and not homogeneous across the sampled population. Citizens on the left of the ideological spectrum who suffered the economic setback did not show higher support for progressive taxation, while those in the centre and on the right did. Similarly, citizens who perceived their financial setbacks to be temporary and were optimistic about their economic prospects did not indicate increased support for tax progressivity, as opposed to those less optimistic about their future economic situation. [ABSTRACT FROM AUTHOR]

Today, populism has gradually become one of the most talked about, most studied phenomena, both within and beyond academia. Most studies of populism focus on its conceptualisation, operationalisation, measurement or its outcomes. However, adding to the growing empirical analysis of populism, we propose to study populism as a regional-level phenomenon and explain regional patterns of variation in the populist demand. To do so, we develop a series of theoretical arguments from, which we subsequently test empirically. Specifically, we argue that higher levels of regional populism demand are associated with (i) economic hardship, (ii) strong institutional autonomy, (iii) strong territorial identity, and (iv) greater distance to elites. We construct a populist index for 143 regions across nine countries and combine this with a unique and rich regional database. While we find that populism holds distinct regional patterns and there is support for classic predictors like economic hardship, we are also able to provide some unique insights into the regional foundations of populism, most notably the predictive power of regional identity and the distance to national elites. [ABSTRACT FROM AUTHOR]

ABSTRACT This article tracks developments at the national level in key European countries in the area of IT and communications and provides a concise alerting service of important national developments. It is co-ordinated by Herbert Smith Freehills LLP and contributed to by firms across Europe. This column provides a concise alerting service of important national developments in key European countries. Part of its purpose is to complement the Journal's feature articles and briefing notes by keeping readers abreast of what is currently happening "on the ground" at a national level in implementing EU level legislation and international conventions and treaties. Where an item of European National News is of particular significance, CLSR may also cover it in more detail in the current or a subsequent edition. [ABSTRACT FROM AUTHOR]

The global economic crisis has strongly affected Europe's economic geography. This study investigates the role of local labour market disparities in determining regional net in‐migration rates. While only a weak link is detected in the precrisis period, the local labour market context of migration grows significantly stronger during the crisis. Decompositions of the estimation results show that changes in migration rates are firstly a result of widened disparities across European regions throughout the crisis. However, also behavioural adjustment processes occur, e.g. an orientation of migrants towards urban areas and away from regions with persistently high long‐run unemployment rates. [ABSTRACT FROM AUTHOR]

Not all economically disadvantaged—"less developed" or "lagging"—regions are the same. They are, however, often bundled together for the purposes of innovation policy design and implementation. This paper attempts to determine whether such bundling is warranted by conducting a regional level investigation for Canada, the United States, on the one hand, and Europe, on the other, to (a) identify the structural and socioeconomic factors that drive patenting in the less developed regions of North America and Europe, respectively; and (b) explore how these factors differ between the two contexts. The empirical analysis, estimated using a mixed‐model approach, reveals that, while there are similarities between the drivers of innovation in North America's and Europe's lagging regions, a number of important differences between the two continents prevail. The analysis also indicates that the territorial processes of innovation in North America's and Europe's less developed regions are more similar to those of their more developed counterparts than to one another. [ABSTRACT FROM AUTHOR]

Globalization processes in the world are increasingly facilitating for migration of people. Increasing openness of countries, improved transport systems, their convenience and accessibility make it easier, and easier for people to travel between countries. This encourages international migration. As most countries migrate most of their human resources, some countries face the problem of brain drain when leaving a country with highly skilled resources, transferring their competences to another country. Considering that people are one of the most important resources of the country, it is obvious that large emigration flows affect the social and economic situation of the country. The brain drain phenomenon is particularly painful for those countries that do not have significant economic advantages over other countries but have favourable conditions for people to leave - international agreements, visa-free regime, etc. In Europe, this is especially evident among former post-Soviet countries. Those who joined the European Union were faced with a massive flow of migration as they could not offer their citizens adequate financial wealth. This article aims to compare the Baltic States' situation with the brain drain. In this article, the authors seek to assess how brain drain affects the economies of countries and to make suggestions on how to deal with emerging problems. [ABSTRACT FROM AUTHOR]

Technological change is widely considered to be a key driver of the economic and occupational structure of affluent countries. Current advances in information technology have led to a significant substitution of routine work by capital, while occupations with abstract or interpersonal manual task structures are complemented or unaffected. We develop a simple theoretical framework for the reasons why individuals in routine task-intensive occupations would prefer public insurance against the increased risk of future income loss resulting from automation. Moreover, we contend that this relation will be stronger for richer individuals who have more to lose from automation. We focus on the role of occupational elements of risk exposure and challenge some general interpretations of the determinants of redistribution preferences. We test the implications of our theoretical framework with survey data for 17 European countries between 2002 and 2012. While up to now the political economy literature has emphasized other occupational risks, we find vulnerability to automation to be an important determinant of the demand for redistribution that should not be ignored. [ABSTRACT FROM AUTHOR]

The role of the European nobility and their ability to retain their political and economic power are part of the debate on the modernization of Europe's economy. This paper contributes to the literature by exploring the wealth of the Swedish nobility as the country evolved from an agrarian to an industrial economy. We use a sample of 200+ probate inventories of nobles for each of the benchmark years 1750, 1800, 1850 and 1900. We show that the nobility, less than 0.5 per cent of the population, was markedly dominant in 1750: the average noble was 60 times richer than the average person, and the nobles held 29 per cent of all private wealth. 90 per cent of the nobles were richer than the average person. By 1900 the advantage of the nobles' wealth had declined; the group held only 5 per cent of total private wealth. At the same time, stratification within the nobility had increased dramatically. One group of super-rich Swedish nobles, often large land owners from the high nobility, possessed the biggest fortunes, but a large minority of nobles were no richer than the average Swede. [ABSTRACT FROM AUTHOR]

Contrary to many negative predictions, the euro, as a currency, is a remarkable success in terms of credibility and stability. The euro, as a currency, and the euro area, as a single market with a single currency, proved a remarkable resilience in the worst global financial crisis since World War II. The euro area was quick, imaginative and flexible to learn lessons from the global financial crisis. The euro and the euro area were and are benefiting from a large popular support, which explains largely their resilience in the crisis. The euro area is a success in terms of real growth measured during the period starting from its inception until today. [ABSTRACT FROM AUTHOR]

Digital technologies have the potential to modernise the economy. But digital innovations are disruptive. Therefore, policies need to be comprehensive and go beyond the support of the ICT sector as well as address a variety of issues: increasing returns to the use of data, heterogeneity of the digital innovation actors and ecosystem, digital skills in the non-ICT sectors, entrepreneurial culture, funding for scaling-up of new entrants, technological interoperability and intellectual property protection. At the same time, they need to counterbalance the costs of digitally driven disruptions. This paper highlights the main peculiarities of digital innovation and its implications for policies aiming at reaping the benefits of digital technologies. [ABSTRACT FROM AUTHOR]

This study examines the role of firm-specific, macroeconomic, banking and financial environment factors in determining whether they were able to access external finance during the global financial crisis. Heckman's selection approach is used to model the demand and supply of credit in the euro area during and after the financial crisis period. We conclude that since 2011, when the rejection probabilities for external credit applications peaked, the chances of obtaining credit have improved. However, young and small firms are still more likely to have their credit applications rejected. A decrease in government support such as guarantees increases the probability of rejection, as does a reduction in firms' own capital and a worsening credit history. Among the bankspecific factors, an increase in banks' equity capitalization reduces the rejection probability, while an increase in the cost of borrowed funds and a decrease in the competition levels raise the rejection probability. The legal structure to deal with insolvency disputes and the development of the credit information market have a significant bearing on credit availability, as we find that an increase in the time to resolve insolvencies and a reduction in adverse selection problems by credit information sharing increase the credit rejection probabilities. [ABSTRACT FROM AUTHOR]

Providing a reliable indicator of the progress of the European countries towards the achievement of the Europe 2020 objectives is crucial for policy makers. Recently, a composite index was suggested for this task. In this paper, we propose a decomposition of this composite index by distinguishing between three different components: country-, group-, and objective-specific indexes. The decomposition, while simple and consistent with previous works, allows us to better quantify, measure, and monitor the progress of the European countries towards the achievement of the Europe 2020 objectives. Our findings suggest that significant efforts are still required to reach the Europe 2020 objectives. The decomposition highlights important patterns for the three levels for each country. [ABSTRACT FROM AUTHOR]

Resumen: Aunque el espectacular aumento de la participación laboral femenina en los últimos decenios se relaciona con cambios significativos en las oportunidades económicas de la mujer, las disparidades laborales de género persisten en muchas formas. Este artículo evalúa si las mayores diferencias de género en los mercados de trabajo europeos están directamente relacionadas con las malas condiciones económicas. Con este fin, se actualizan los resultados de un indicador compuesto diseñado por las autoras en un estudio anterior y se construyen tres nuevos indicadores compuestos que arrojan clasificaciones de las condiciones laborales de hombres y mujeres por separado, y de la brecha de género. [ABSTRACT FROM AUTHOR]

The smart cities concept plays an important role in urban management worldwide as well as should be implemented with the participation of residents and with consideration for their needs. This study examines an analysis of the smartness diversity of European cities on the basis of the International Organization for Standardization 37120 norm dealing with sustainable development of communities. Cities with a higher level of certification exhibit more effective management and their residents show greater commitment to civic life. The assessment of the level of smartness was based on statistics collected by the World Council on City Data using Multidimensional Comparative Analysis. Hellwig's (1968) synthetic indicators were used to create a ranking gauging the level of smartness of European cities which were classified into four groups. The investigation shows large disparities in the smartness of selected European cities. [ABSTRACT FROM AUTHOR]

The contemporary world is organized into a system of territorial states in which rulers exercise authority inside clearly defined boundaries and recognize the authority of other rulers outside those boundaries. We develop a model to explain how the major economic and military developments in Europe starting in the fifteenth century contributed to the development of this system. Our model rationalizes the system as an economic cartel in which self‐interested and forward‐looking rulers maintain high tax revenues by reducing competition in the "market for governance." [ABSTRACT FROM AUTHOR]

The development of the modern welfare state has been accompanied by an extension of economic, political, and social rights that created a sense of group belonging that then led to national solidarity. Our results show that the impact of the Great Recession cannot be rejected, and therefore that there is a rational-instrumental dimension to national identities that should not however be taken independently of cultural and political dimensions, and that must also be understood from a sociological point of view. [ABSTRACT FROM AUTHOR]

Migrations have a close relationship with economy. In this text, we will focus on the economic consequences of migration, less addressed by the specialized literature. After explaining the different points of view and dimensions used by the literature, a review is made of the main economic effects of immigration in the countries of destination and in the countries of origin, both on an aggregate and individual scale. A more up-to-date analysis of transversal impacts is proposed, as exemplified by the analysis of Diasporas. In general, the literature finds positive impacts of migration on economic variables. Therefore, in the current debate about the role of migration in the European societies, negative economic arguments are non-sense. [ABSTRACT FROM AUTHOR]

The author explores the need to overcome historicism with regard to the economy and history of Europe. Topics discussed include the Enlightenment intellectual movement in Europe during the 17th and 18th centuries, the views offered by economist Karl Marx on class struggle and the materialistic conception of history, and the political and sociological factors which influenced the divided political economy of Austria and Germany.

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine 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.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine 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 study investigates the impact of the economic crisis in the late 2000s and early 2010s on European inflation dynamics using a hybrid New-Keynesian Phillips Curve (NKPC) during three distinct periods. The pre-crisis period from 1999 through mid-2007, the crisis period until August 2012, and finally the “Whatever-It-Takes”-period after the remark by ECB president Mario Draghi. The structural hybrid NKPC is estimated for six countries of the Euro area (Germany, France, Italy, Spain, The Netherlands and Austria) and for each of the three periods. The crisis and the subsequent reaction of the ECB both seem to have had a profound impact on the dynamics, as estimated parameters differ markedly between the periods. A discussion and interpretation of the results is provided. [ABSTRACT FROM AUTHOR]