Restructuring European union trade with central and eastern European countries

Central and eastern European countries (CEECs) participate in the European economy with trade shares of the European Union (EU) and levels of intraindustry trade comparable to peripheral EU countries. However, the opening of CEECs has induced increased specialization in EU countries, which contrasts with the development in previous decades. This partially explains the cautious approach to the eastward enlargement in the EU. Furthermore, CEECs are more similar to each other than to EU countries. The pattern of the CEECs' trade with the EU resembles that of Turkey. Trade diversion is likely to present a significant burden for countries omitted from the first wave of the enlargement.     

欧洲银行业并购对银行业效率的影响

文章运用银行业并购的相关理论分析欧洲银行业的并购情况,并通过格兰杰因果关系检验和误差修正模型等计量分析方法验证欧洲银行业并购与欧洲银行业效率之间的关系。     

From protectionism to free trade fever? Recent reforms in developing countries

During the 1980s, increasing numbers of developing countries unilaterally liberalized their trade regimes. This paper presents an overview of this dramatic shift from protectionism toward freer trade. South Asia, Latin America, and East Asia have implemented extensive reforms, yet each region has shown a distinct difference in approach and in the degree of liberalization actually achieved. Latin America stands out as moving sharply toward the level of openness of the East Asian Newly Industrialized Countries (NICs). Only in Africa is there little progress toward freer trade.     

Pension reforms in developed countries: The latest tendencies and conclusions for Russia

The paper considers the evolution of the conceptual approaches to the pension system and the stages of the reforms themselves. Particular attention is devoted to the parametric perfection of mature solidary distribution systems, which is of great significance for Russia, because the universal scheme is being reformed.     

Comparative rate of alcohol consumption in European countries

The article contains a study of the consumption of alcohol in European countries. It contains an analysis of prices and taxes. The rate of excise duties for alcohol collection of the total tax revenues and GDP by European countries has been estimated.     

Deregulation, Integration, and Market Structure in European Banking

This paper analyzes the impact of deregulation and market integration policies on the structure of European banking markets. It argues that whether European integration will lead to large increases in EU-wide concentration will depend on the extent to which competition in banking is based on endogenous sunk costs or, alternatively, on variable costs and exogenous sunk costs. The paper also highlights the role of own funds as a source of endogenous increasing returns. Finally, it proposes an empirical test of the dominant form of competition. This procedure is applied to data for 11 EU countries during the period 1981–1995. J. Japan. Int. Econ., Dec. 1999, 13(4), pp. 372–396. IESE (International Graduate School of Management), University of Navarra, Av. Pearson 21, 08034 Barcelona, Spain. Copyright 1999 Academic Press.Journal of Economic Literature Classification Numbers: G20, G21.     

Macroeconomic impacts of European union membership of central and eastern European economies

This paper examines the impact of an eastern enlargement of the European Union. This is modeled as an increase in total factor productivity and a decrease in the risk premium for the central and eastern European countries (CEECs). In particular, a multicountry model of the world economy is used to assess the direct effects and spillovers of these changes. Inflation targeting for the euro zone by the European Central Bank and alternative scenarios with respect to fiscal policy behavior in the CEECs are considered. According to these simulations, productivity effects are stronger than risk premium effects, and spillovers are small.     

Comparing monetary policy transmission across European countries

Comparing Monetary Policy Transmission across European Countries. — This paper re-evaluates the estimation of monetary policy transmission. Within the Structural VAR framework, five methodological points are identified, recognition of which can help to improve the reliability and credibility of estimates. The findings of the methodological analysis are applied to the estimation of models for thirteen European countries. Results show that considerable differences in the transmission mechanism exist between these economies, mainly in intensity, but also in timing.     

Financial Stability in European Banking: The Role of Common Factors

In this paper, I investigate the development and determinants of CDS spreads for 18 major European banks between December 2001 and January 2004 applying factor analysis to daily data. Two clear-cut conclusions can be drawn. First, the dominating first common factor that explains 88 percent of all variation in the system, impacts on all banks in a similar direction. This suggests a strong market integration. However the size of the response of each bank’s CDS spread to the first common factor differs substantially, probably reflecting differences in individual bank’s exposure and riskiness. Second, the first common factor appears significantly related to the European P/E ratio and the European-wide 2-year nominal interest rate. This finding suggests that the common factor may be interpreted as a general indicator of market conditions. JEL Classification Numbers: G12, G15, G21, C30     

The European Union: Economic prospects,structural reforms and enlargement

On the eve of enlargement of the European Union from fifteen to twenty-five Member States, this article focuses on economic developments in 2003 and prospects for 2004 and 2005 in the European Union, especially in the euro area, the state of play on structural reform, before concluding with some reflections on enlargement.     

European Banking Overseas, 19th−20th Century

Book reviewed
Ton de Graaf, Joost Jonker and Jaap-Jan Mobron, (eds), European Banking Overseas, 19th−20th Century. Amsterdam: ABN AMRO Historical Archives, 2002. Pp. 309 + Index. ISBN: 9076618143. €30.00. Reviewed by Niv Horesh Australian National University     

Determinants of agro-food trade competition of Central European countries with the European Union

The two-way trade flows are classified into four competition categories: successful price competition when trade surplus is at lower export than import price, unsuccessful price competition when trade deficit is at higher export than import price, successful quality competition when trade surplus is at higher export than import price, and unsuccessful quality competition when trade deficit is at lower export than import price. Using a panel dataset of determinants of agro-food trade competition between the five Central European Countries (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) and the European Union, we found the effect of trade balance on trade competition to be more significant than the effect of export–import unit values. Natural, and to a lesser extent human factor endowments increase price and quality competition and reduce unsuccessful price and quality competition. R&D expenditures improve quality competition and reduce price competition. Foreign direct investment reduces unsuccessful price competition and increases unsuccessful quality competition. The size of the economy improves price competition and reduces quality competition. Consumer demands associated with higher level of income per capita increase unsuccessful price and quality competition.     

Soviet economic reforms in agriculture

Zusammenfassung Sowjetische ?konornische Reformen in der Landwirtschaft. — Durch die in der sowjetischen Landwirtschaft seit Oktober 1964 durchgeführten Reformen wurde versucht, die wirtschaftliche Komponente der Politik zu verst?rken und gleichzeitig die Befehlsgewalt der Verwaltung zu verringern und zu rationalisieren. Der ?konomische Teil der Reformen konzentriert sich auf den Begriff des ?khozraschet?, der allgemein als volle wirtschaftliche Verantwortlichkeit ausgelegt wird. Das kurzfristige Ziel der Reformen bestand darin, die Produktion (und die Ablieferungen an den Staat) der meisten Massengüter und besonders der Futtermittel zu erh?hen und zu stabilisieren. Das l?ngerfristige Ziel ist es, die Stückkosten der Produktion zu senken. Die Verfolgung des kurzfristigen Ziels hat zu einer wesentlichen Erh?hung der staatlichen Ankaufspreise und allgemein zu einer Verbesserung der ?terms of trade? des landwirtschaftlichen Sektors geführt. Sie hat au\erdem die Rationalisierung und Stabilisierung der Ankaufsquoten und-verfahren zur Folge, nicht aber deren Abschaffung. Eine grundlegende Neuorientierung der Haltung des Staates gegenüber der Landwirtschaft wurde bewirkt. Die kurzfristige Zielsetzung bezüglich der Steigerung der Produktion und der Ablieferungen an den Staat wurde realisiert. Jedoch sind die realen Kosten dieser Produktionssteigerung sehr hoch. Die sowjetische Landwirtschaft bleibt weiterhin durch niedrige Arbeits- und Kapitalproduktivit?t und die daraus resultierenden hohen Produktionskosten belastet.

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Résumé Les réformes économiques dans l’agriculture soviétique. — Dès l’octobre 1964, il fut essayé par des réformes dans l’agriculture soviétique de renforcer le composant économique de la politique et de réduire et rationaliser le commandement de l’administration en même temps. L’élément économique des réformes se concentre sur l’idée ?khozraschet?, qui est interprétée en général comme la responsabilité économique totale. Le but à court terme comprenait l’augmentation et la stabilisation de la production (et des livraisons à l’état) de la plupart des marchandises en vrac et particulièrement des aliments pour bétail. Le but à long terme est la réduction des co?ts par unité de produit. La poursuite du but à court terme a eu pour conséquence une augmentation essentielle des prix d’achats publics et, en général, une amélioration des ?terms of trade? du secteur agricole. En outre, elle a conduit à la rationalisation et stabilisation mais pas à l’abolition des quoteparts et des procédures d’achats publics. Une orientation nouvelle bien fondamentale de l’état vis-à-vis de l’agriculture fut amenée. Le but à court terme concernant l’augmentation de la production et des livraisons à l’état fut réalisé. Pourtant, les co?ts réels de cet accroissement sont très hauts. L’agriculture soviétique reste encore chargée d’une productivité modérée et, en conséquence, des hauts co?ts de production.

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Resumen Reformas económicas soviéticas en la agricultura. — Las reformas agrarias que se vienen llevando a cabo en la Unión Soviética desde Octubre de 1964 tienen como objetivo el fortalecer la componente económica en la política y, al mismo tiempo, el reducir y racionalizar la autoridad de la administración. La parte económica de las reformas se concentra en el término ?khozraschet?, que generalmente se interpreta como responsabilidad económica total. A corto plazo, las reformas trataron de aumentar y estabilizar la producción (y las entregas al Estado) de las mayoría de los productos básicos y particularmente de los forrajes. A largo plazo, las reformas tratan de reducir los costos unitarios de producción. La persecución del objetivo a corto plazo ha causado un aumento de los precios estatales de compra y una mejoría sustancial de la ?relación de intercambio? del sector agrícola. Además, ha ocasionado una racionalización y estabilización de las cuotas y los procedimientos de compra, pero no su abolición. El Estado ha cambiado totalmente su comportamiento con respecto a la agricultura. El objetivo a corto plazo se consiguió en lo que respecta al incremento de producción y a las entregas al Estado. Sin embargo, los costos reales de este aumento de producción son muy elevados. La agricultura soviética sigue sufriendo de productividades de trabajo y de capital bajas y, por consecuencia, de altos costos de producción.

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Riassunto Riforme economiche sovietiche nell’agricoltura. — Mediante le riforme realizzate dall’ottobre 1964 nell’agricoltura sovietica si è tentato di rafforzare la componente economica della politica e contemporaneamente di ridurre e razionalizzare il potere di comando dell’amministrazione. La parte economica delle riforme si concentra sul concetto del ?khozraschet? che generalmente è inteso come completa responsabilità economica. Lo scopo a breve scadenza delle riforme consiste in ció, nell’aumentare e stabilizzare la produzione (e le consegne allo Stato) dei beni prodotti in massa e specialmente dei foraggi. Lo scopo a lunga scadenza è quello di abbassare i costi unitari della produzione. Il perseguimento dello scopo a breve scadenza ha condotto ad un sostanziale aumento dei prezzi statali di acquisto e ad un miglioramento generale dei ?terras of trade? del settore agricolo. Esso ha inoltre come conseguenza la razionalizzazione e consolidamento delle quote e dei procedimenti di acquisto, ma non la lo soppressione. Un nuovo orientamento fondamentale dell’atteggiamento dello Stato nei confronti dell’agricoltura fu ottenuto. L’obiettivo a breve scadenza fu realizzato per quanto riguarda l’aumento della produzione e le consegne dallo Stato. Tuttavia i costi reali di questo aumento della produzione sono molto alti. L’agricoltura sovietica rimane inoltre gravata da una bassa produttività di lavoro e capitale e da alti costi di produzione che risultano da ció.

     

Labour-market reforms in transition economies

Several lessons can be drawn from the natural experiments ofcentral and eastern European countries with labour-market policies.Two of them are particularly relevant also for OECD countries.First, it is not wise to reduce the duration of unemploymentbenefits when the length of unemployment spells are on the rise,unless (I) unemployment is still low and there is the administrativecapacity to implement active labour-market policies on a widescale or (ii) there are income support schemes of the last resortin place and an administration capable of cost-effectively enforcingwork-tests for those falling off unemployment benefit compensationrolls. The second and perhaps more positive lesson in the lightof the above is that it is possible to transform institutionand create an efficient policy delivery mechanism within a shorttime span.     

The ERM and structural change in European labour markets: A study of 10 countries

The ERM and Structural Change in European Labour Markets: A Study of 10 Countries. — This paper tests for structural changes in European labour markets and attempts to associate them with the evolution of the ERM as well as with political and institutional developments. The results indicate that diverging sacrifice ratios, rather than tax wedge and productivity effects may be the strongest impediment to labour market convergence in the transition from the ERM to full economic and monetary union. The empirical work indicates that the ERM may have provided some pressure towards more symmetric responses to shocks, but the changes have not been great.