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Full-Text Articles in International Economics

Belgium’S 2008 Recentralization Of Wage-Setting Mechanisms And The Decentralization-Unit Labor Costs-Net Exports Link: Chronicle Of A Death Foretold?, Ines Pedro Fernandes Mar 2019

Belgium’S 2008 Recentralization Of Wage-Setting Mechanisms And The Decentralization-Unit Labor Costs-Net Exports Link: Chronicle Of A Death Foretold?, Ines Pedro Fernandes

Undergraduate Economic Review

Anchored on scholarly literature on international competitiveness and the classical definition of competitiveness as net exports, policy making institutions support decentralized wage-setting mechanisms. The rationale is that decentralized wage-setting systems lower wages and unit labor costs (ULC) and, therefore, increase net exports. This paper contains a literature review on the wage-setting–ULC–net exports link and challenges conventional rationales by examining the co-evolution of Belgium’s real wages and net exports across wage percentiles and sectors. Belgium is a case in point, since the country experienced both increasing real wages and increasing net exports after recentralizing wage-setting mechanisms in 2008.


Evolving Conceptions Of Sovereignty As Applied To Membership In International Organizations, Luke C. Radice Jan 2019

Evolving Conceptions Of Sovereignty As Applied To Membership In International Organizations, Luke C. Radice

CMC Senior Theses

In the current international climate, both nations and individuals increasingly question both the validity and necessity of international organizations. This paper seeks to answer some of those questions, and to determine why countries choose to surrender significant portions of the national power that they are afforded under traditional perceptions of “Westphalian sovereignty”. This question is answered through an analysis of historical political thought on the concept of Sovereignty, then is applied to two case studies: the United Nations and the European Union, in which the benefits and downsides of surrendering sovereignty are discussed. Ultimately, this thesis concludes that the concept ...


The Pain In Spain: Examining Andalusia's Youth Unemployment Crisis, Bianca D. Lennon Dec 2018

The Pain In Spain: Examining Andalusia's Youth Unemployment Crisis, Bianca D. Lennon

Pell Scholars and Senior Theses

This paper examines the youth unemployment crisis in the autonomous community of Andalusia by assessing employment policies that are currently in place. Since the economic crisis nearly a decade ago, there has been very little change in the high rates of Andalusian youth unemployment, which as a whole, has left the region, the country and the European Union at risk due to a lack of inefficient policies. By utilizing anecdotal evidence paired with facts and figures released by the European Union, recommendations to adjust employment policies such as the Youth Guarantee and PRAEM are given in order to shine a ...


Planning To Fail: The Eurozone, Its Sovereign Debt Crisis, And The Future Of The Union, Kyle Whitworth Apr 2018

Planning To Fail: The Eurozone, Its Sovereign Debt Crisis, And The Future Of The Union, Kyle Whitworth

Theses

The European Union has been one of the greatest accomplishments of modern history. Through economic and political integration has ended centuries of warfare on the continent while producing the worlds largest trading bloc. Despite the initial success of the monetary union and its single currency, the Union has been bogged down economic troubles in the form of a debt crisis among several of the member states. The recovery period of the crisis has produced growth that is slow and uneven. Countries such as Germany has assumed the role of the economic powerhouse of Europe and therefore a political leader in ...


Russia's Northern Rook: Nord Stream 2 On The European Energy Chessboard, David E. Wilson Oct 2017

Russia's Northern Rook: Nord Stream 2 On The European Energy Chessboard, David E. Wilson

Independent Study Project (ISP) Collection

The Nord Stream 2 pipeline proposes to connect Germany to the world’s largest natural gas reserves in Russia, allowing the state-owned Russian energy behemoth Gazprom to double its export capacity through the ‘Northern Corridor’ transit route to Europe. This project has been the subject of sharp disapproval from Central and Eastern European countries, as well as the United States, which fear the prospect of increasing dependence on gas imports from a Russia perceived as politically aggressive and unreliable. This paper will identify the geopolitical and geoeconomic implications involved in the construction of Nord Stream 2 by adopting a geostrategic ...


Why Ireland: How Bank Failure Was Their Key To Success, Nia R. Gillenwater Sep 2016

Why Ireland: How Bank Failure Was Their Key To Success, Nia R. Gillenwater

Claremont-UC Undergraduate Research Conference on the European Union

Despite Ireland’s status as the first EU country to receive a bailout, Ireland appears to be bouncing back extremely well from the ongoing financial crisis in Europe and the EU. Looking at recent Irish economic statistics it begs the question whether the government’s complete guarantee of all Irish debts was the best response. Ireland’s financial crisis seemed quite similar to America’s: for both the root causes are freely lending for real estate and property. The responses however, were very different. While America let Lehman Brothers fail and only provided a partial guarantee to its banks, Ireland ...


European Union Membership And Levels Of Corruption, Kevin J. Morris Jan 2016

European Union Membership And Levels Of Corruption, Kevin J. Morris

The Corinthian

Recent accessions to the European Union (E.U.) membership have been met with protests as critics noted the widespread corruption still rampant in both recent and established member countries. Given the global ramifications of the debt crises in Italy, Spain, and Greece, determining the efficacy of the E.U. Accession Reforms and Membership Criteria on corruption reduction is vitally important. Using European and Central Asian country-level data from the World Bank’s Global Development and Global Indicator database regional-level fixed effects, I estimate the impact of EU membership on corruption levels and find that E.U. membership has a small ...


Restructuring The Eurozone, Anthony M. Juliano Jan 2016

Restructuring The Eurozone, Anthony M. Juliano

Gettysburg Economic Review

This paper suggests that there should be a realignment of the current Eurozone. There has been research to argue that the Eurozone does not fit the Optimum Currency Area (OCA) criteria. This might be a contributing factor to the current economic crisis in Europe. I propose, based on results from k-means data clustering, that the Eurozone be divided into three separate regions under the European Central Bank (ECB). The division would allow for enhanced stabilization and efficiency due to better fitting of the OCA criteria and policy implications.


Feasibility And Timing Of The Euro Adoption By The New Eu Member States, Lucjan Orlowski Dec 2013

Feasibility And Timing Of The Euro Adoption By The New Eu Member States, Lucjan Orlowski

Lucjan T. Orlowski

The 10 new member states are now facing the challenge of framing and implementing policies for adopting the euro. They are all bound by the EU Treaty to replace their national currencies with the euro at some future time as they were admitted to the Union with a derogation to this effect. In order to prepare adequately for entry to the euro area, the candidates need to undergo fiscal and monetary convergence. In principle, they should refrain from lax fiscal policies that could skew the eurozone policy mix by forcing the European Central Bank (ECB) to tighten monetary policy. They ...


The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski Oct 2013

The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski

Lucjan T. Orlowski

This study places a strong emphasis on the ability of Central European Countries to lower inflation and exchange rate risk premiums on their path of monetary convergence to the eurozone. A model of the nexus between both risk premiums is presented along with the recent evidence supporting well-coordinated interactions between these risk premiums for Poland, Hungary and the Czech Republic. The analysis implies that monetary policies based on direct inflation targeting are likely to contain these risk premiums in the candidate countries and can be effectively used during the remaining period of their preparations for entering the euro area.


Monetary Convergence And Risk Premiums In The Eu Accession Countries, Lucjan Orlowski Oct 2013

Monetary Convergence And Risk Premiums In The Eu Accession Countries, Lucjan Orlowski

Lucjan T. Orlowski

This study examines the impact of various monetary policy regimes on the ability to lower inflation and exchange rate risk premiums in the EU accession countries as they undergo monetary convergence to the eurozone. It proposes a monetary policy framework of flexible targeting of relative inflation risk premium that is believed to be credible and useful for managing these two categories of risk. A model of inflation and exchange rate risk premiums within the context of inflation targeting is developed. Recent trends in these risk premiums in Hungary, the Czech Republic and Poland are tested by employing the threshold ARCH ...


Monetary-Policy Targeting In The Central European Transition Economies, Lucjan Orlowski Aug 2013

Monetary-Policy Targeting In The Central European Transition Economies, Lucjan Orlowski

Lucjan T. Orlowski

This chapter examines the monetary-policy-targeting systems, in the second half of the 1990s (until 1998), of three Central European EU-accession candidates—the Czech Republic, Hungary, and Poland--and advocates the potential benefits of applying a direct-inflation-targeting (DIT) system in them. For the purpose of the analysis presented here, DIT is defined as "a monetary policy framework that is based on the assumption of long-term price stability as the official policy goal and on the designation of the official inflation forecast as intermediate policy target" (Orlowski, 2000). Section 1 is a brief overview of monetary-targeting practices in the Czech Republic Hungary, and ...


Proliferation Of Tail Risks And Policy Responses In The Eu Financial Markets, Lucjan Orlowski Aug 2013

Proliferation Of Tail Risks And Policy Responses In The Eu Financial Markets, Lucjan Orlowski

Lucjan T. Orlowski

This study draws attention to the proliferation of tail risks in financial markets prior to and during the course of the recent global financial crisis. It examines the level of tail risks in selected equity, interbank lending and foreign exchange markets in selected EU Member States in relation to the United States. The extent of tail risks is assessed by applying general error distribution (GED) parameterization in GARCH volatility tests of the examined variables. The empirical tests prove that tail risks were pronounced across all of the examined European financial markets throughout the crisis. They were also significant prior to ...


Sovereign Default Risk In The Euro-Periphery And The Euro-Candidate Countries, Hubert Gabrisch, Lucjan T. Orlowski, Toralf Pusch Aug 2013

Sovereign Default Risk In The Euro-Periphery And The Euro-Candidate Countries, Hubert Gabrisch, Lucjan T. Orlowski, Toralf Pusch

Lucjan T. Orlowski

This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international sources. We focus on contagion effects of external financial crisis on sovereign risk premiums in these countries, arguing that the countries with weak fundamentals and fragile financial institutions are particularly vulnerable to such effects. The domestic fiscal vulnerabilities include: economic recession, less efficient government spending and a rising public debt. External ‘push’ factors entail increasing liquidity- and counter-party ...


Targeting Relative Inflation Forecast As Monetary Policy Framework For Adopting The Euro, Lucjan T. Orlowski Aug 2013

Targeting Relative Inflation Forecast As Monetary Policy Framework For Adopting The Euro, Lucjan T. Orlowski

Lucjan T. Orlowski

This study proposes relative inflation forecast targeting as an operational framework of monetary policy for adopting the euro by the EU new Member States. This strategy assumes containing differentials between the domestic and the eurozone inflation forecasts as an operational target. A model prescribing the RIFT framework is presented along with a set of appropriate policy indicator variables and instrument rules. The proposed framework advances the strategy based on relatively strict inflation targeting that is currently pursued by some NMS. Several ARCHclass tests in various functional forms are employed for providing preliminary empirical evidence on convergence of inflation differentials relative ...


Tobin In Europe: A Case For The Financial Transaction Tax, Stephanie I. Schneider Apr 2013

Tobin In Europe: A Case For The Financial Transaction Tax, Stephanie I. Schneider

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


“La Generación Ni Ni” And The Exodus Of Spanish Youth, Stephanie Lester Apr 2013

“La Generación Ni Ni” And The Exodus Of Spanish Youth, Stephanie Lester

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Cohesion Policy Of The European Union: Facilitated By Supranational Institutions And Regional Autonomy Or Hindered By National Sovereignty?, Caitlin Daw Apr 2013

Cohesion Policy Of The European Union: Facilitated By Supranational Institutions And Regional Autonomy Or Hindered By National Sovereignty?, Caitlin Daw

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


The Economic Crisis And Esdp: Friends Or Foes?, Amelia Adams Apr 2013

The Economic Crisis And Esdp: Friends Or Foes?, Amelia Adams

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Where Should Europe’S Investment Path Lead?: Reflections On August Reinisch, “Quo Vadis Europe?”, Julie A. Maupin Jan 2013

Where Should Europe’S Investment Path Lead?: Reflections On August Reinisch, “Quo Vadis Europe?”, Julie A. Maupin

Faculty Scholarship

Relative to the past policies of its Member States, will the European Union’s new comprehensive international investment policy constitute a step forward, a step backward, or a perpetuation of the status quo? Professor Reinisch’s contribution to this volume opens a wide window on the current state of the debate. His cogent analysis suggests that, at present, all three possibilities remain live ones, although some basic contours of a likely trajectory are beginning to take shape. I use his musings as a springboard to investigate two questions which follow naturally from his. That is, in view of Professor Reinisch ...


An Investigation Into The Volatility And Cointegration Of Emerging European Stock Markets, Anna Golab Jan 2013

An Investigation Into The Volatility And Cointegration Of Emerging European Stock Markets, Anna Golab

Theses: Doctorates and Masters

This dissertation examines the interaction between European Emerging markets including cointegration, volatility, correlation and spillover effects. This study is also concerned with the process of the enlargement of the European Union and how this affects the emerging markets of newcomers. The twelve emerging markets studied are Bulgaria, the Czech Republic, Cyprus, Estonia, Hungry, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia, which are all progressing very rapidly in their reforms and domestic economic stability.

The majority of prior studies on stock market comovements and integration have concentrated on mature developed markets or the advanced emerging markets of the Czech Republic ...


Examining Eurozone Divergence, Charles Noble Dec 2012

Examining Eurozone Divergence, Charles Noble

Economics Theses

This paper provides a brief history of European integration followed by an examination of the Eurozone financial crisis and the economic divergence among particular economies (Germany compared with Greece, Portugal, Spain, and Ireland) it induced. Afterwards a list of structural and policy reforms meant to achieve economic convergence is provided. The paper concludes that in order for the Eurozone to achieve economic convergence, it would be best if Greece and Portugal exited the monetary union. The smaller, more homogeneous union could then more readily achieve economic convergence to function, both politically and economically, as a sustainable monetary union.


Sovereign Default Risk In The Euro-Periphery And The Euro-Candidate Countries, Hubert Gabrisch, Lucjan T. Orlowski, Toralf Pusch Aug 2012

Sovereign Default Risk In The Euro-Periphery And The Euro-Candidate Countries, Hubert Gabrisch, Lucjan T. Orlowski, Toralf Pusch

WCBT Working Papers

This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international sources. We focus on contagion effects of external financial crisis on sovereign risk premiums in these countries, arguing that the countries with weak fundamentals and fragile financial institutions are particularly vulnerable to such effects. The domestic fiscal vulnerabilities include: economic recession, less efficient government spending and a rising public debt. External ‘push’ factors entail increasing liquidity- and counter-party ...


Can One Size Fit All? An Application Of Management Theory On The European Sovereign Debt Crisis, Amanda Grayson May 2012

Can One Size Fit All? An Application Of Management Theory On The European Sovereign Debt Crisis, Amanda Grayson

Honors College Theses

The European Union is a combination of twenty-seven different and unique cultures under one common government. Can culture help explain the continued problems emanating from the European debt crisis?

In undergraduate management courses around the world, from Harvard University to Beijing International, eager young minds are taught the same fundamental management theories. Among others, one of the most popular would inevitably be Hofstede’s Cultural Dimensions.

Geert Hofstede, while working for the IBM research department, undertook a detailed survey and analysis of the various cultures of the world. He defined four dimensions of culture, now expanded to six, that can ...


Big Bang Vs. Gradualism, Lauren Sims Feb 2012

Big Bang Vs. Gradualism, Lauren Sims

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Strong Euro Weakening Dollar: A Potential Economic Demise, Guadalupe F. Garcia Feb 2012

Strong Euro Weakening Dollar: A Potential Economic Demise, Guadalupe F. Garcia

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Eu's Common Foreign Policies Towards Russia: Past, Present And Future, Yigit Canay Feb 2012

Eu's Common Foreign Policies Towards Russia: Past, Present And Future, Yigit Canay

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Icy/Hot: Norwegian And Finnish Policy Toward The European Union, Mia Bennett Feb 2012

Icy/Hot: Norwegian And Finnish Policy Toward The European Union, Mia Bennett

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Theorizing The Odds: The European Union, Online Gambling Regulation And Integration Theory, Alexis Spencer-Notabartolo Feb 2012

Theorizing The Odds: The European Union, Online Gambling Regulation And Integration Theory, Alexis Spencer-Notabartolo

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.


Union Royale Belge De Sociétés De Football Association Asbl V. Jean-Marc Bosman: The Evolution Of Labor Law In Professional Soccer And Its Implication, Marvin Smith Feb 2012

Union Royale Belge De Sociétés De Football Association Asbl V. Jean-Marc Bosman: The Evolution Of Labor Law In Professional Soccer And Its Implication, Marvin Smith

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.