Quince años de integración monetaria en Europa

Panico, Carlo

doi:10.1016/s1665-952x(15)30002-5

Cited by 4 publications

(3 citation statements)

References 21 publications

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“…For example, following strong appreciation of the exchange rate, national expenditure shifts away from domestic production towards foreign goods and services, and the trade balance deteriorates. Hence, appreciation of the domestic currency tends to reduce the level of expenditure and that of internal prices (Galindo and Ros, 2006;Chow, 2013). The opposite occurs following depreciation of the exchange rate; in this case, the cost of imported inputs increases, as does inflation, with the result that domestic producers have the chance to increase their margins while real wages may decrease, thereby worsening income distribution (Palley, 2001).…”

Section: Methodsmentioning

confidence: 99%

The Financial Conditions Index as an additional tool for policy-makers in developing countries: the Mexican case

Capasso

Napolitano

Jiménez

2023

JES

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PurposeThe idea of this study is to provide a solid Financial Condition Index (FCI) that allows the monetary transmission policy to be monitored in a country which in recent decades has suffered from major financial and monetary crises.Design/methodology/approachThe authors construct three FCIs for Mexico to analyse the role of financial asset prices in formulating monetary policy under an inflation-targeting regime. Using monthly data from 1995 to 2017, the authors estimate FCIs with two different methodologies and build the index by taking into account the mechanism of transmission of monetary policy and incorporating the most relevant financial variables.FindingsThis study’s results show that, likewise for developing countries as Mexico, an FCI could be a useful tool for managing monetary policy in reducing macroeconomic fluctuations.Originality/valueApart from building a predictor of possible financial stress, the authors construct an FCI for a central bank that pursues inflation targeting and to analyse the role of financial asset prices in formulating monetary policy.HighlightsWe construct three FCIs for Mexico to analyse the role of financial asset prices in formulating monetary policy under an inflation-targeting regime.The FCIs are based on (1) a vector autoregression model (VAR); (2) an autoregressive distributed lag model (ARDL) and (3) a factor-augmented vector autoregression model (FAVAR).FCI could become a new target for monetary policy within a hybrid inflation-targeting framework.FCI could be a good tool for managing monetary policy in developing countries with a low-inflation environment.

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Section: Methodsmentioning

confidence: 99%

The Financial Conditions Index as an additional tool for policy-makers in developing countries: the Mexican case

Capasso

Napolitano

Jiménez

2023

JES

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“…En este sentido, la pertenencia de los países europeos a la zona euro ha traído ventajas y algunas desventajas para la actividad empresarial, aunque, en general, la resultante es positiva (Bagci, 2013;Dallago y Guglielmetti, 2012;Fernández-Albertos y Kuo, 2016;Ferrando et al, 2018;Floyd y McManus, 2005;Panico, 2015;Ramos et al, 2000;Serrasqueiro et al, 2018).…”

Section: Cuadro 1 Líneas De Actuación Objetivos Y Acciones De La Unión Europa Para El Emprendimientounclassified

Las políticas de emprendimiento en Europa: un estudio comparado por países

González-Morales¹,

Vázquez²,

Cueva³

2020

ECONOMIC POLICY

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Desde la obra de Schumpeter la iniciativa empresarial es considerada un motor fundamental del desarrollo, que impulsa la innovación, el empleo y la productividad. El espíritu emprendedor no es solo una consecuencia derivada de características personales sino, también, de las condiciones del entorno en el que se desarrolla la actividad económica. Las líneas de actuación pública, enmarcadas en las diferentes políticas económicas, pueden alentar la asunción de riesgos, eliminar impedimentos y barreras, y crear un entorno empresarial favorable. Las políticas de fomento al emprendimiento en Europa siguen un tratamiento transversal desde el enfoque de policy network y/o enfoque integrado de política económica, al recomendarse líneas de actuación diversas que afectan a diferentes áreas: financiación, políticas gubernamentales, programas de emprendimiento gubernamentales, educación emprendedora, I+D+i, infraestructuras, mercado interior, y normas culturales y sociales. Desde esta perspectiva, el objetivo de este trabajo es conocer la percepción de los expertos sobre dichas líneas de actuación y su influencia sobre la tasa de actividad empresarial, haciendo un análisis diferenciado por países de la Unión Europea y distinguiendo si pertenecen o no a la zona euro. Se utilizan datos del Global Entrepreneurship Monitor.

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“…In general, membership of the Eurozone seems to have brought advantages to the member countries. Ferrando et al (2018), Panico (2015), Ramos et al (2000), or Tavlas (2004) consider that the Eurozone expands opportunities for business activity because it has more integrated financial markets, favors the reduction of additional costs by not needing to perform currency exchange operations within the area, decreases transaction risks because it increases transparency, stimulates cross-border trade and investment by allowing price comparison, and enables companies to purchase more profitable services. These characteristics of the euro area make it an instrument that, in principle, favors the environment in which the entrepreneurial policies of the member countries are developed.…”

Section: Introductionmentioning

confidence: 99%

The Effectiveness of Entrepreneurship Policies in Europe and the Influence of the Eurozone

González-Morales,

Contreras-Cueva,

Peña Vázquez

2023

Studies in Business and Economics

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The promotion of entrepreneurship is a priority objective for the European Union. Each country develops the most appropriate instruments for its economic structure; however, its effects are different depending on the conditions of its environment. The objective of this work is to study whether there are significant differences among European countries depending on whether or not they belong to the Eurozone. A panel data regression model is used to assess the contribution of the different policies to the rate of entrepreneurial activity. The results show that the experts’ evaluations of the implemented policies are higher in the member states of the monetary union. Policies with a negative impact are recurring demands from employers (bureaucracy, tax barriers, improve physical infrastructure).

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Quince años de integración monetaria en Europa

Cited by 4 publications

References 21 publications

The Financial Conditions Index as an additional tool for policy-makers in developing countries: the Mexican case

The Financial Conditions Index as an additional tool for policy-makers in developing countries: the Mexican case

Las políticas de emprendimiento en Europa: un estudio comparado por países

The Effectiveness of Entrepreneurship Policies in Europe and the Influence of the Eurozone

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