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Wyświetlanie 1-3 z 3
Tytuł:
Determinants of Business Cycles Synchronization in the European Union and the Euro Area
Autorzy:
Beck, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/517206.pdf
Data publikacji:
2013
Wydawca:
Instytut Badań Gospodarczych
Tematy:
Business Cycles Synchronization
Theory of Optimum Currency Areas
Convergence
Opis:
Further economic and monetary integration in Europe is currently on hold due to the crisis and even questions about the possible exile of Greece. Especially in those conditions, it is important, to see whether integrated Europe can handle future problems and if economic and monetary integration can be helpful or rather more problematic. The main aim of this paper is to check to what degree business cycles are synchronized in the Eurozone and the European Union and what the main determinants of business cycles synchronization are. To achieve this, the following steps have been taken. Firstly, we turn to optimum currency area theory, to see what conditions need to be met, if the European Union and the euro area can use common monetary policy to deal with some economic shocks. Then, all necessary methodological explanations are presented. Later on, the preliminary data analysis is employed to see how business cycles and their determinants were acting during the last 20 years. Finally, panel data analysis is used to check how those determinants actually influence business cycles synchronization. The main finding of the article is that even though business cycles synchronization has been progressing in the European Union and the euro area so does the specialization – divergence in production structure. This may result in less synchronized business cycles in the future.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2013, 8, 4; 25-48
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
BUSINESS CYCLE SYNCHRONIZATION IN EUROPEAN UNION: REGIONAL PERSPECTIVE
Autorzy:
Beck, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/517184.pdf
Data publikacji:
2016
Wydawca:
Instytut Badań Gospodarczych
Tematy:
business cycle synchronization
regional economics
optimum currency area theory
Hodrick-Prescott filter
European integration
Opis:
The recent turmoil in the euro area once more forces the EU authorities to reconsider the future of further monetary integration. One of the most commonly used criteria for successful monetary integration in contemporary research is business cycle synchronization (BCS). Though BCS has been vastly described at country level, not as much attention has been paid to the degree of BSC at regional level. The topic is important for two main reasons. Firstly, determining the degree of BCS at the regional level can help in the assessment of monetary policy effectiveness on the country level, as well as give a point of reference for evaluation of prospective costs of participation in a monetary union. Secondly, there is a theoretical dispute within the optimum currency areas literature between the ‘European Commission’ and the ‘Krugman’ view that can be resolved to a large extent trough regional analysis. In order to assess BCS in the EU, Hodrick-Prescott, as well as Christiano and Fitzgerald filter to time series of real GDP for 24 countries, 82 NUTS 1, 242 NUTS 2 and 1264 NUTS 3 regions over the period between 1998 and 2010. The data was later used to create bilateral measures of BSC, which gave 276 observations on the country level, 3321 on NUTS 1, 29161 on NUTS 2 and 798216 on NUTS 3 level. The results of the analysis support the ‘European Commission’ view and show a very high degree of BSC within EU countries. The country level analysis also reveals that within the EU there is a group of countries that could form an effectively working monetary union based on the BCS criterion.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2016, 11, 4; 785-815
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The prospect of Intermarium integration in the light of consumption risk sharing
Autorzy:
Beck, Krzysztof
Shtunderenko, Julia
Powiązania:
https://bibliotekanauki.pl/articles/904034.pdf
Data publikacji:
2019
Wydawca:
Uniwersytet Ekonomiczny w Krakowie, Małopolska Szkoła Administracji Publicznej
Tematy:
Economic Integration
Risk-Sharing
European Union
Intermarium
Opis:
Objectives: After the collapse of Communism in Central and Eastern Europe, the idea of joining a prosperous bloc, which would provide financial assistance, seemed an opportunity not to be missed. However, with the possibility of the funding drying up, and the initial feeling of euphoria fading, the alignment of CEE and Western Europe on values was put to a test. This gave way to discussions about alternatives to the EU. One of them is Intermarium. This paper examines the potential benefits Intermarium countries could attain in terms of consumption risk sharing. Aims: The research takes an alternative approach to economic integration, concentrating on economic stability. In particular, it makes an empirical analysis of consumption risk sharing in Intermarium, as well as drawing a comparison with the EU and the euro zone core. Research Design & Methods: The paper uses method of risk sharing assessment proposed by Kose et al. (2009) extended by the authors to accommodate panel data setting. Findings: As the empirical results illustrate, the past integration between the old EU and its new member states weakened the Intermarium mechanisms of consumption insurance, especially in comparison to the euro zone countries. Implications / Recommendations: The potential benefits of Intermarium fall short of the EU alternative. Contribution / Value added: The paper presents the results of the first examination of the extension of risk sharing in Intermarium countries.
Źródło:
Zarządzanie Publiczne / Public Governance; 2019, 3(49); 20-34
1898-3529
2658-1116
Pojawia się w:
Zarządzanie Publiczne / Public Governance
Dostawca treści:
Biblioteka Nauki
Artykuł
    Wyświetlanie 1-3 z 3

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