Lessons from the European economic and financial great crisis: A survey

Moro, Beniamino

doi:10.1016/j.ejpoleco.2013.08.005

Cited by 75 publications

(48 citation statements)

References 5 publications

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“…This escalated into a sovereign debt crisis due to unique features of the EMU; the lack of a credible lender of last resort and the lack of a banking union (De Grauwe, 2013;Iversen et al, 2016;Moro, 2014). However, it is clearly no coincidence that the countries that on average ran current account deficits during the first decade of EMU-Italy, Ireland, Spain, Greece and Portugal-were those that later became embroiled in the euro crisis (Brancaccio, 2012;Carlin, 2013).…”

Section: Accepted Manuscriptmentioning

confidence: 99%

Estimating the effect of the EMU on current account balances: A synthetic control approach

Hope

2016

European Journal of Political Economy

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The European sovereign debt crisis wrought major political and economic damage on the European Monetary Union (EMU). This led to a reassessment of the pre-crisis period of economic growth and stability in the EMU, shifting attention to the macroeconomic imbalances that emerged between member states, especially those in current account balances. This paper uses macroeconomic data on OECD economies and a new statistical approach for causal inference in observational studies-the synthetic control method-to estimate the effect of the EMU on the current account balances of individual member states. This 'counterfactuals' approach provides strong evidence that the introduction of the EMU was responsible for the divergence in current account balances among member states in the run-up to the euro crisis. The results suggest that the EMU effect operated through multiple channels and that fundamental changes to the institutional framework of the EMU may be required to safeguard the currency union against a reemergence of dangerous external imbalances in the future.

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Section: Accepted Manuscriptmentioning

confidence: 99%

Estimating the effect of the EMU on current account balances: A synthetic control approach

Hope

2016

European Journal of Political Economy

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“…Moro [39] indicated that the European crisis could spread fast among the tightly integrated EMU countries via the financial or trade channel. In the short run, surplus countries should increase aggregate demand and allow the inflation rate and wages to rise.…”

Section: Literature Surveymentioning

confidence: 99%

Determinants of the Government Bond Yield in Spain: A Loanable Funds Model

Hsing

2015

IJFS

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This paper applies demand and supply analysis to examine the government bond yield in Spain. The sample ranges from 1999.Q1 to 2014.Q2. The EGARCH model is employed in empirical work. The Spanish government bond yield is positively associated with the government debt/GDP ratio, the short-term Treasury bill rate, the expected inflation rate, the U.S. 10 year government bond yield and a dummy variable representing the debt crisis and negatively affected by the GDP growth rate and the expected nominal effective exchange rate.

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“…The current European economic crises has indicated that it can spill over swiftly amid closely integrated economies, either via developing trade channels or most likely financial channels, or most of the time both (Moro, 2013b). Insofar, though, the evidence of the current crises lie in the fact that apparently since the onset of the European Monetary Union (EMU), countries that joined this euro area have faced terrific diverse macroeconomic development (More, 2013b).…”

Section: The Effects Of the Current Crisis On European Economic Integmentioning

confidence: 99%

“…Furthermore, in different authors view undertaking structural reforms is the vital step that should be done in order to restore Europe's economic crises, but in this economic circumstances these decisions are not easy to be made, because such decisions do imply extraordinary risk after the crises hit almost the whole economic chain (De Grauwe & Ji, 2012a;More, 2012;2013b). In addition, pursuing structural reforms it is necessary and inevitable due to indebted countries in order to enrich productivity and augment competitiveness in the current markets (De Grauwe & Ji, 2012a).…”

Section: The Effects Of the Current Crisis On European Economic Integmentioning

confidence: 99%

The Implications/Reflections of European Economic Integration in Kosovo’s Business Environment Managers’ Attitude towards European Economic Integration Process

Blakqori¹,

Fejza²,

Hyseni³

2014

IJBM

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This research study does seek to investigate and presumably explore managers' prospect and attitude towards the implications/reflections of European economic integration in Kosovo's business environment. In this regard, in order to have rich data twenty-four (24) in-depth semi structured interviews have been conducted with different managers' that currently are working in fourteen (14) variety organizations. This particular research study explicitly argues the importance and relevance of economic integration process in managers' conviction towards creating a wide range of business opportunities as a result of removing the current trade barriers. This comprehensive process does prompt organizations to expand their business scope of activities as well as developing business ties with foreign counterparts that could have direct impact in improving organizations competitive advantage. In addition, even though, this economic process is conceived as great source of creating new opportunities from managers' prospect, the main concern though is whether the current Kosovo's organization does have the intellectual, technical, infrastructural and logistical capacities to embrace this economic process accordingly.

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Lessons from the European economic and financial great crisis: A survey

Cited by 75 publications

References 5 publications

Estimating the effect of the EMU on current account balances: A synthetic control approach

Estimating the effect of the EMU on current account balances: A synthetic control approach

Determinants of the Government Bond Yield in Spain: A Loanable Funds Model

The Implications/Reflections of European Economic Integration in Kosovo’s Business Environment Managers’ Attitude towards European Economic Integration Process

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