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Book part
Publication date: 24 October 2013

Franklin Allen, Xian Gu and Oskar Kowalewski

In this chapter we study the intra-group transactions between the parent bank and its foreign subsidiaries in European Union (EU) countries during the crisis. We use…

Abstract

In this chapter we study the intra-group transactions between the parent bank and its foreign subsidiaries in European Union (EU) countries during the crisis. We use hand-collected data from annual statements on related party transaction and find that they may create a serious problem for the stability of the foreign banks’ subsidiaries. Moreover, as some of those subsidiary banks were large by assets in some of the member states the related party transactions with the parent bank created a serious threat to the host countries’ financial system stability. We attribute this transaction to the weak governance in foreign subsidiaries. We suggest improvements in governance as well as greater disclosure of related party transactions in bank holding companies in Europe.

Details

Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

Keywords

Open Access
Article
Publication date: 27 July 2017

Ulrich Gunter

The purpose of this paper is to analyze the ex ante projected future trajectories of real tourism exports and relative tourism export prices of the EU-15, conditional on expert…

2089

Abstract

Purpose

The purpose of this paper is to analyze the ex ante projected future trajectories of real tourism exports and relative tourism export prices of the EU-15, conditional on expert real gross domestic product growth forecasts for the global economy provided by the Organisation for Economic Co-operation and Development for the years 2013-2017.

Design/methodology/approach

To this end, the global vector autoregression (GVAR) framework is applied to a comprehensive panel data set ranging from 1994Q1 to 2013Q3 for a cross-section of 45 countries. This approach allows for interdependencies between countries that are assumed to be equally affected by common global developments.

Findings

In line with economic theory, growing global tourist income combined with decreasing relative destination price ensures, in general, increasing tourism demand for the politically and macroeconomically distressed EU-15. However, the conditional forecast increases in tourism demand are under-proportional for some EU-15 member countries.

Practical implications

Rather than simply relying on increases in tourist income, the low price competitiveness of the EU-15 member countries should also be addressed by tourism planners and developers in order to counter the rising competition for global market shares and ensure future tourism export earnings.

Originality/value

One major contribution of this research is that it applies the novel GVAR framework to a research question in tourism demand analysis and forecasting. Furthermore, the analysis of the ex ante conditionally projected future trajectories of real tourism exports and relative tourism export prices of the EU-15 is a novel aspect in the tourism literature since conditional forecasting has rarely been performed in this discipline to date, in particular, in combination with ex ante forecasting.

Details

Journal of Tourism Futures, vol. 4 no. 2
Type: Research Article
ISSN: 2055-5911

Keywords

Book part
Publication date: 7 December 2011

Manoranjan Dutta

On January 1, 1999, the euro became the common currency of the 11 Member States of the European Union (EU) – Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg…

Abstract

On January 1, 1999, the euro became the common currency of the 11 Member States of the European Union (EU) – Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, The Netherlands, Portugal, and Spain, to be joined by Greece in 2000. The 12 were joined by Slovenia on January 1, 2007, Malta and Cyprus on January 1, 2008, and Slovakia on January 1, 2009. Estonia was scheduled to be the 17th member of the Eurozone on January 1, 2011, and was admitted to the Eurozone membership in September 2010. Following Slovenia and Slovakia, Estonia is the third former Communist state to join the Euro regime. It is, however, the first former Soviet republic to earn this honor. The remaining East European countries, who were admitted to EU membership by the Treaty of Rome in 2004, will become members of the Eurozone after a process of scrutiny. Each must satisfy the terms of the Maastricht Treaty of 1992. Denmark, Sweden, and the United Kingdom, three of the original EU-15 countries, continue to be outside the Eurozone. However, Sweden and Denmark have limited exchange rate fluctuations with the euro. The United Kingdom has a different story. Its economic structure and its relatively small share of world GDP have become an issue. The declining share of the United Kingdom's pound sterling as an international reserve currency warrants much critical evaluation.

Details

The United States of Europe: European Union and the Euro Revolution, Revised Edition
Type: Book
ISBN: 978-1-78052-314-9

Book part
Publication date: 16 February 2006

Caner Bakir

The 17 December 2004 was a turning point in both Turkish and European history: The European Council followed the European Commission's recommendation and approved the opening of…

Abstract

The 17 December 2004 was a turning point in both Turkish and European history: The European Council followed the European Commission's recommendation and approved the opening of accession negotiations with Turkey, which commenced on 3 October 2005. The goal of accession to the European Union (EU) has become one of the main driving forces for broadly defined legal, political, economic, and financial reforms in Turkey.2

Details

Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

Book part
Publication date: 7 January 2016

Claude Serfati

This paper documents the EU integration process using the uneven and combined development framework. Because capitalist social relations are territorially defined and politically…

Abstract

This paper documents the EU integration process using the uneven and combined development framework. Because capitalist social relations are territorially defined and politically built, unevenness between countries is not unconnected with that within countries and both involve antagonism between capital and labor. This is manifest in the ‘state form’ of the EU and its anti-democratic tendencies: public institutions at the community level play a major role in reinforcing unevenness in favour of leading countries, in both the productive and financial spheres.

Details

Analytical Gains of Geopolitical Economy
Type: Book
ISBN: 978-1-78560-336-5

Keywords

Book part
Publication date: 1 April 2007

Manoranjan Dutta

Abstract

Details

European Union and the Euro Revolution
Type: Book
ISBN: 978-1-84950-827-8

Article
Publication date: 9 June 2020

Aruneema Mahabir, Jingwen Fan and Robert Mullings

At the heart of the African Growth and Opportunity Act (AGOA) are substantial trade preferences, which coupled with the Generalised System of Preferences (GSP) grant a wide range…

Abstract

Purpose

At the heart of the African Growth and Opportunity Act (AGOA) are substantial trade preferences, which coupled with the Generalised System of Preferences (GSP) grant a wide range of goods produced in qualified African countries duty-free access to the USA. To be AGOA-eligible, countries are assessed annually on their progress in undertaking appropriate economic, institutional and human rights reforms. This paper seeks to cover new grounds by exploring whether exports of apparel to US crowds out EU-15's imports from Africa.

Design/methodology/approach

This paper employs the gravity model to gauge trade displacement effects from the EU to the US due to AGOA, and whether the more relaxed special waiver embodied in AGOA's apparel provision causes non-knitted exports to EU-15 to be crowded out. The basic gravity model, which posits that trade between two countries is positively influenced by the economic size and negatively affected by the distance between them, is augmented with other trade inhibiting and trade facilitating variables.

Findings

The gravity model provides no evidence of trade displacement but, instead, provides support for the hypothesis of complementarity of African exports to the two key markets. A strong positive impact of the bilateral trade between the US and Africa on the EU–African trade is evident mainly before the phasing out of the Agreement on Textiles and Clothing (ATC). This paper finds that Special Rule beneficiaries' exports to the two markets still complement each other, but for every percentage increase in exports to the USA, there is a less than proportionate increase in exports to EU-15 indicating a higher utilisation of the special waiver. This paper also provides evidence for complementary apparel exports to both LDCs (least developing countries) and non-LDCs, with stronger effects on non-LDCs and the non-knitted sector.

Research limitations/implications

Future work could consider the longer lifespan of AGOA following its latest renewal in 2015. This would allow one to also capture the ongoing changes in EU trade arrangements in particular implementation of Economic Partnership Agreements (EPAs). This new agreement comes with more flexible rules of origin requiring single transformation step instead of the double step. As most African nations are still in the process of adopting EPAs, new research can shed more light on complementary or displacement effects once these agreements are adopted.

Originality/value

Since the main intent of AGOA is to enhance Africa's integration into the global economy by encouraging trade and investment, generate employment and increase productivity and per capita income growth, its impact on Special Rule beneficiaries' exports to the US has been extensively examined. However, the indirect effects of this trade agreement on African exports to other key markets providing similar preferences such as the EU has not been fully explored. This study also covers new grounds by examining whether there has been any apparel trade displacement from the EU to the US, as a result of the Act, over 2001–2016 period right from AGOA's inception.

Details

Journal of Economic Studies, vol. 47 no. 5
Type: Research Article
ISSN: 0144-3585

Keywords

Open Access
Article
Publication date: 30 November 2021

Dimitra Loukia Kolia and Simeon Papadopoulos

This paper investigates the development of efficiency and the progress of banking integration in the European Union by checking for convergence among banks of European and…

1423

Abstract

Purpose

This paper investigates the development of efficiency and the progress of banking integration in the European Union by checking for convergence among banks of European and Eurozone countries as well as contrasting the results with those of United States banks.

Design/methodology/approach

Initially, we employ the two-stage semi-parametric double bootstrap DEA method, which absorbs the effects of possible integration barriers in the measurement of efficiency. Afterwards, we apply a panel data model, in order to investigate the process of banking integration by testing for convergence and for convergent clusters in banking efficiency.

Findings

Our main findings show that the bank efficiency of the US is considerably higher than that of the Eurozone and the European Union. Although there is no evidence of convergence across the banking groups, our results indicate the presence of club convergence. We also conclude that the US banking system is closer to convergence than the Eurozone and the European Union banks. Nevertheless, this outcome is subject to change in the future due to the fact that Eurozone and European Union banks' speed of convergence is higher than that of US banks.

Originality/value

Our survey is unique in trying to check for convergence while controlling for country-specific and bank-specific factors that affect the efficiency of European and Eurozone banks. Moreover, recent literature does not compare the convergence of efficiency of Eurozone, European and US banking. Finally, in our paper special consideration was given to the comparison of commercial, cooperative and savings banks, as subsets of our banking groups.

Details

Journal of Capital Markets Studies, vol. 6 no. 1
Type: Research Article
ISSN: 2514-4774

Keywords

Book part
Publication date: 13 July 2020

Róberson de Oliveira, João Leitão and Helena Alves

Corporate governance (CG), initially associated with private organizations, has been adopted by higher education institutions (HEIs). These are being managed more as firms in this…

Abstract

Corporate governance (CG), initially associated with private organizations, has been adopted by higher education institutions (HEIs). These are being managed more as firms in this post-standardization phase, in which the commercialization of higher education, competition and selective choice, finite resources and sustainable development (SD) have become major requirements for accountability and action. Principles of CG can collaborate and guide the process of making universities sustainable. The chapter analyses the effects of CG on the creation of a culture of sustainability in universities. In doing so, it analyzes the websites of public HEIs in EU-15 countries for a set of social responsibility indicators and investigates the impact and practices of two young Portuguese universities regarding United Nation’s Sustainable Development Goals. The results point out that CG and SD principles tend to guide the strategy of most public HEIs in the EU-15, confirming that they have made a commitment to good governance and sustainability.

Abstract

Details

European Union and the Euro Revolution
Type: Book
ISBN: 978-1-84950-827-8

21 – 30 of 366