欧洲能源一体化是怎样一个进程

欧洲能源市场的一体化 欧洲能源一体化与欧洲经济一体化是长时间内相互促进的过程.在促进欧洲经济共同体诞生的三个最初重要条约中,有两个是涉及能源合作的文件,即1951年的《欧洲煤钢共同体条约》和1957年《欧洲原子能共同体条约》.从这一意义上讲,欧洲的一体化进程最初始于能源部门的合作,能源政策在欧盟的发展战略中占有重要地位.     

Stock market regulations and international financial integration: the case of Spain

International financial integration effects on the Spanish stock market are studied, both for the conditional mean and conditional variance. New institutional regulations in Spain are taken into account and their efficiency consequences are addressed. Results suggest an increasing international integration but nontrivial opportunities for financial diversification may still be relevant.     

Government support for faith-based organizations: the case of a development programme for faith leaders

A government initiative to train faith leaders usefully extended existing provision, but will require continuing support for some years. Broader community leadership is not always expected from those holding religious positions. The challenges involved in bridging linguistic and cultural differences highlight some of the reasons why initiatives like this are needed.     

Capital market integration over the past decade: The case of the US dollar

This study investigates changing capital market integration over the decade 1973–83 as measured by the relationship between Eurodollar and domestic US dollar yields. The findings reveal that capital market integration has increased appreciably since the end of 1981.     

Building a knowledge-based society: The case of South East Europe

Dangers, threats and challenges facing South East European countries are analyzed in the context of the salient features of the contemporary world and of the development program of the European Union (EU). This analysis leads to the conclusion that building a knowledge-based society is an imperative for each country. A roadmap of tasks to be done during the next few decades is outlined.     

The real effects of financial (dis)integration: A multi-country equilibrium analysis of Europe

Using data from 15 European Union economies, we quantify the real effects of supply-side frictions due to the financial disintegration of European countries since the 2008 financial crisis. We develop a multi-country general equilibrium model with heterogeneous countries and destination-specific financial frictions. Financial institutions allocate capital endogenously across countries, determining the cost of capital to firms and the wealth of nations. The cost of financial disintegration is reduced access to capital for firms which results in lower output. Financial disintegration leads to a 0.54% fall in output in Europe since the crisis. We also estimate benefits of further financial integration.     

Understanding participation in accounting standard-setting: the case of AASB ED 192 Revised Differential Reporting Framework

This paper explores the motives of participants in the standard-setting process, based on the premise that standard-setters strive for standards that are useful for decision-making by a wide range of financial statement users. Our setting is the development of a contentious but contained Australian accounting standard, Reduced Disclosure Requirements. A consultative process initiated by the Australian Accounting Standards Board to create a specific Australian accounting standard for differential reporting provided an opportunity for interested parties to participate. We analyse the motives of participants through semi-structured interviews with members of the Australian Accounting Standards Board and comment letter writers who responded to the relevant exposure draft. Our findings identify participants’ economic and political motivations and question the ability of the current standard-setting process to extract decision-making requirements from a wide range of users of financial statements and to reflect these in financial reporting standards. We find that the perspectives gathered are homogenised and that the process privileges the voices of powerful elites.     

Risk governance and emerging technologies: learning from case study integration

Emerging technologies are underway in a wide array of industrial applications and need fields. When innovating on technologies, one main objective is to improve the management of safety related to their emerging risks. The iNTeg-Risk project undertook 17 case studies covering current key innovations and focusing on their corresponding risks. Thus, a major challenge is to integrate the case study research into a common framework on adequate future risk and safety concepts which might serve policy and stakeholder decision-makers as a background for risk-related decisions in the future. Within this paper, we looked on similarities and disparities on how these case studies assess, manage, and communicate risk issues. A telephone survey with case study task leaders has been carried out in order to identifying the state-of-the-art of how the case studies deal with risk governance issues.     

Privatization,coordination and agency costs: The case for participation in Eastern Europe

In the paper, the interdependency between privatization and the growth of a new private sector is examined. While the dismantling of the omnipotent economic role of the state is a sine qua non for massive private investment, a vigorous private sector is needed to reduce unemployment and thus make further privatization possible. Since privatization is a lengthy process associated with a medium-term goal, while getting private investment started is important at the very beginning of the transition, this linkage constitutes a serious dilemma for the transformation. Multiple expectational equilibria arise and appropriate beliefs are crucial for the success of the reforms. Voucher schemes are shown to reduce agency costs of private investment and in this way may help to ensure coordination on the optimistic equilibrium.     

Discussion of Barker and Teixeira ([2018]. Gaps in the IFRS Conceptual Framework. Accounting in Europe, 15) and Van Mourik and Katsuo ([2018]. Profit or loss in the IASB Conceptual Framework. Accounting in Europe, 15)

Abstract

I provide comments on two papers, Barker and Teixeira ([2018]. Gaps in the IFRS Conceptual Framework. Accounting in Europe, 15) and Van Mourik and Katsuo ([2018]. Profit or loss in the IASB Conceptual Framework. Accounting in Europe, 15), in this issue, which were presented at the EAA-IASB research forum in Brussels. The paper accepts the shortcomings of the updated IASB conceptual framework and argues that these are in large part due to the origins of the document. It points out that the original US project was an attempt to make standard-setting more consistent and involved creating principles which would explain existing standards. Constituents have subsequently resisted attempts to make the framework theoretically sound because they fear this will encourage too much innovation. Standard-setters prefer incremental change, so continue to work with a model created to resolve a problem of the 1970s. I suggest that since standard-setting has been professionalised, the more significant need to is to define what information investors find useful. This may involve providing more granular information about the entity’s business model.     

Credit growth in Central,Eastern, and South-Eastern Europe: The case of foreign bank subsidiaries

In this paper, we investigate the credit growth of foreign-owned banks in Central, Eastern, and South-Eastern Europe from 2000 to 2014. We intend to show whether foreign capital in the banking sector should be treated as a monolith, as it currently is in the literature. To this end, we analyse credit growth based on the status of the parent company (global systemically important banks, or G-SIBs, vs. non-GSIBs) and European Union membership of the countries of the subsidiaries. The analyses are carried out on a panel of banks with the use of the panel corrected standard error methodology. Additionally, we differentiate between the pre-crisis and crisis/post-crisis periods to identify whether the policy of parents changed after the outbreak of the crisis. We find important differences in the determinants of the credit growth of subsidiaries, indicating that foreign capital in the banking sector should not be treated as a monolith.     

Industry versus ecology: environment in the new Europe

This paper examines the role of the environment in Central and Eastern European states by pursuing the incompatibility between the economic development needed to maintain the democratic institutions already in place, and the crisis levels of environmental degradation in so many areas of Eastern and Central Europe. It is believed that costs of reversing environmental damages in these areas, and the implementation of sustainable development policies and technologies, are so great that the Eastern European states will be unable to meet them, which may lead to a further decline in the environmental quality in both CEE and the EU. This ability to impact the EU's environment could be the major factor in a decision by the EU to implement environmental taxes against these states. As a result, the possibility is raised that Russia may provide an alternative to the EU in the formation of a economically based bloc, with implications for trade, environment and security issues.     

Equity market integration in Latin America: A time-varying integration score analysis

We develop a measure of market integration score by extending the methodology of Akdogan [J. Portf. Manage. (1996) 33; J. Portf. Manage. (1997) 82] to reflect the degree of integration of domestic equity markets with other markets in and beyond the region. We empirically estimate the integration scores for a sample of six Latin American markets between January 1988 and December 2001. We find a trend towards increased regional integration relative to global integration until the mid-1990s. A distinct change in trend is noted during the second half of the 1990s, with global integration proceeding faster than regional integration.     

A comparative study of stakeholder risk perception and risk communication in Europe: a bovine spongiform encephalopathy case study

The ‘Transmissible Spongiform Encephalopathy (TSE) Roadmap’ was published by the European Commission on 15 July 2005. The TSE Roadmap proposes the relaxation of bovine spongiform encephalopathy (BSE) measures in the short, medium and long term. According to the Roadmap, any relaxation of BSE measures following the scientific assessment should be initiated by an open discussion with all stakeholders and supported by a strong communication strategy. This paper discusses the risk perception, risk communication and risk management of TSEs in Europe, exemplified by the TSE Roadmap. The main conclusion is that in general, BSE is no longer a ‘hot’ topic for stakeholders, but there are slight differences between countries with respect to specific measures. Another important conclusion is that the TSE Roadmap is a very effective tool for risk communication with stakeholders.     

宏观审慎监管:内容与框架

宏观审慎监管将整个金融体系看作一个完整的系统,重点关注对金融稳定具有系统重要性影响的金融机构和金融市场,并由监管当局采取针对性的监管措施,维护金融体系的健康运行.宏观审慎监管框架包括宏观审慎分析、宏观审慎政策工具和宏观审慎政策安排三大要素.建立我国宏观审慎监管体系,应从建立宏观审慎框架和宏观审慎分析系统着手,并注重宏观审慎政策工具的研究开发.     

欧洲银行国有化:一把双刃剑

本轮金融危机爆发以后,银行国有化再一次成为许多欧美发达国家用来救市的灵丹妙药.但国有化本身是一把锋利的双刃剑,在短期内它的确可以缓解危机的冲击,从长期看却可能损害多方的利益.以下聚焦欧洲银行国有化的概况、特点和问题.     

Vertical integration as an input price hedge: The case of Delta Air Lines and trainer refinery

In April 2012, Delta Air Lines (Delta) purchased a mothballed oil refinery. We use this case to illustrate when, how, and why vertical integration (VI) can hedge input price risk. First, we show that stockholders and creditors expected the move to create wealth. Consistent with their predictions, Delta's exposure to refining margins, cash flow volatility, cost of debt, and default probability all decreased, relative to peers, postacquisition. Our evidence is consistent with the refinery influencing Delta's operating strategies, especially in its most affected markets. The case demonstrates how asset specificity and financial hedging frictions can justify VI.     

A three-tiered nested analytical approach to financial integration: The case of emerging and frontier equity markets

This study investigates the patterns of integration of emerging and frontier equity markets with the US stock market during the period 2002–2014 characterised by financial turmoil and instability. To add rigour to the study, to overcome the limitations of simple correlation analysis of integration, and to produce more robust results, we propose a nested analytical approach based on a three-tiered research design. The first level uses the smooth transition conditional correlations among the US, emerging, and frontier markets. The second tier uses the results of the smooth transition approach to creating different international portfolios, which, based on alternative investment strategies, account for the time-varying correlations among markets and exploit the scope of international diversification with less integrated markets. Finally, the last tier of analysis uses returns and risks of these different international portfolios and applies structural models to explore characteristics and integration patterns in turbulent times. The three nested approaches indicate that the global financial crisis has produced a permanent increase in the degree of integration among the US and frontier markets. Conversely, the crisis's effect seems to have been only temporary in the case of integration among the US and emerging equity markets. Despite the changes brought by the crisis, the degree of integration among emerging markets and the US market is considerably more significant than the degree of integration among frontier and US markets. The novelty of this methodological approach enables us to provide some original contributions and empirical results that are robust and relevant to investors in international markets.