No abstract

The goal of this paper is to determine if there is product market integration in the euro area (EA). The paper employs LM and RALS-LM unit root tests with two breaks on the relative price series, constructed using the seasonally adjusted monthly Harmonized Index of Consumer Prices (HICP), from 1996:01 to 2017:05. The analysis shows EA-accession related breaks in price series for most of the EA11 countries, but, apart from Malta, no such breaks for the later-EA-joiners. However, there are breaks in both EA and non-EA countries at the time of EA formation. There is also evidence of greater product market integration and less adverse effects after negative shocks in the EA12. However, unit root analysis points to a conclusion that EA membership is not a sufficient condition for product market integration and integration is not necessarily related to being an EA member.

The positive relationship between product market efficiency (PME) and productivity has been established in the existing literature. An important component of productivity is the PME, which is significantly affected by the quality of institutions. Weaker quality of institutions, higher levels of corruption and lower efficiency of product markets have been confirmed in countries that share similar characteristics with Croatia. The results show a positive relationship between the quality of institutions and PME while the link between corruption control and PME is negative. Exports and taxes were also significantly correlated with PME. The text additionally comments on the direction of this connection. The link between PME, institutional quality and corruption is particularly commented on in the context of Croatia and Slovenia as these are two areas that share a common past of approximately 500 years. To improve the PME, a prerequisite for greater productivity and consequently economic growth, it is necessary to change the institutional framework.

This paper examines the success of the European Union Emissions Trading System (EU ETS) in inducing cleaner production in the EU based on the fi rst two trading periods. It fi lls a literature gap by constructing a measure of clean production and conducting an ex-post macro-level analysis of the EU ETS impacts in EU15 compared to EU12. Results of panel regression analysis robustly show that EU ETS in both EU12 and EU15 (i) has positive impact on clean production of regulated industries, (ii) does not induce spillovers of cleaner technologies and processes to non-regulated industries, and (iii) does not affect clean production at the national level. In addition, share of renewables in energy consumption has a positive and crisis a negative impact on the clean production. Results support further tightening and broader coverage of EU ETS regulation and provision of funds from the EU ETS for development of renewable energy technologies.

Nezaposlenost kao jedan od važnih ekonomskih problema zaokuplja pažnju brojnih istraživača, posebice od globalne financijske krize koja je uzrokovala visoke i trajne stope nezaposlenosti u Europskoj uniji (EU). Cilj ovoga rada je utvrditi značajne makroekonomske odrednice nezaposlenosti u EU. U tu svrhu u radu je provedena dinamička panel analiza za svih 28 članica EU u razdoblju od 1995. do 2016. godine. Sveobuhvatnošću provedene analize utemeljene na ekonomskoj teoriji, koja uključuje svih 28 zemalja članica EU kroz do sada najduži promatrani period promatranja, ispitivanje homogenosti odrednica unutar EU te odrednice nezaposlenosti mladih, ovim radom se doprinosi postojećoj literaturi. Analizom je potvrđena značajnost jaza proizvodnje, investicija, realne dugoročne kamatne stope, inflacije i nezaposlenosti u prethodnom razdoblju kao odrednica nezaposlenosti u čitavoj EU, pri čemu su samo realna kamatna stopa i nezaposlenost iz prethodnog razdoblja robusne u svim modelima. Odrednice nezaposlenosti u starim i novim zemljama članicama pokazale su se relativno homogenima. Stopa rasta proizvodnje ima značajan negativan učinak samo na nezaposlenost mladih. Veza jaza nezaposlenosti i jaza proizvodnje dodatno je istražena statičkom panel analizom te se zaključuje kako je Okunov zakon u EU valjan, odnosno postoji negativna veza između jaza nezaposlenosti i jaza proizvodnje.