Search results for: European countries

Authors: Soumaya Ben Kheilifa, Dorra Mezzez Hmaied

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We propose two approaches to examine whether European hedge fund managers can time market liquidity. Using a sample of 1616 European hedge funds, we find evidence of liquidity timing. More importantly, this ability adds economic value to investors. Thus, it represents valuable managerial skill and a major source of European hedge funds’ performance. Also we show that the majority of these funds demonstrate liquidity timing ability especially during liquidity crisis. Finally, it emerged that our main evidence of liquidity timing remains significant after controlling for market timing and volatility timing.

Keywords: european hedge funds, liquidity timing ability, market liquidity, crisis

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Authors: Hajer Habib, Ghazi Boulila

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The objective of this paper is to present our contribution to the theoretical literature through a simple theoretical model dealing with the effect of transferring funds on the labor market of the countries of origin and on the other hand to test this relationship empirically in the case of Tunisia. The methodology used consists of estimating a panel of the nine main destinations of the Tunisian diaspora in Europe between 1994 and 2014 in order to better value the net effect of these migratory financial flows on unemployment through population growth. The empirical results show that the main factors explaining the decision to emigrate are the economic factors related mainly to the income differential, the demographic factors related to the differential age structure of the origin and host populations, and the cultural factors linked basically to the mastery of the language. Indeed, the stock of migrants is one of the main determinants of the transfer of migratory funds to Tunisia. But there are other variables that do not lack importance such as the economic conditions linked by the host countries. This shows that Tunisian migrants react more to economic conditions in European countries than in Tunisia. The economic situation of European countries dominates the numbers of emigrants as an explanatory factor for the amount of transfers from Tunisian emigrants to their country of origin. Similarly, it is clear that there is an indirect effect of transfers on unemployment in Tunisia. This suggests that the demographic transition conditions the effects of transferring funds on the level of unemployment.

Keywords: demographic changes, international migration, labor market, remittances

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Authors: Maria Casoria

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Throughout the last decade developing countries have been undergoing substantial reforms to promote the establishment of competition regimes, as consequence of the trade liberalization and the spread of a ‘competition awareness movement’ across the globe. The legislative trend affected the whole Asia. Notwithstanding the existence of extensive joint ventures, cartels and other collusive business relationships in this geographical area, almost all the countries have already passed or are committed to enforce specific laws in the field. The study dwells into legal solutions adopted in the five sub-regions in which the continent is commonly divided –i.e. Central, East, South, Southeast, and Western Asia- and, using a comparative methodology, shed lights on the main differences and similarities in place. The final outcome of the analysis is that, despite the undeniable divergences of approach, what links together the legislation in force in the region is the unveiled influence exercised by the European Union competition regulation. Consequently, in order to properly evaluate the deterrence of the rule of law in the sector concerned, it is fundamental to scrutinize the major role played by the EU and its policy for the evolution of pro-competitive practices in the continent.

Keywords: Asia, competition law, differences and similarities, European union, influences

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Authors: Yuri Nikitin, Veronika Rukas

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Within the framework of the FP7 project "START" the cooperation with European research centres has had a positive impact on raising the level of innovation researches and the introduction of innovations Institute for Super hard Materials of the National Academy of Sciences (ISM NAS) of Ukraine in the economy of Europe and Ukraine, which in turn permits to speeds up the way for Ukrainian science to the European research area through the creation in Ukraine the scientific organizations of innovative type.

Keywords: programs of the EU, innovative scientific results, innovation competence of the staff, commercialization in business of industry of the Europe and Ukraine

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Authors: Zhenyi Chen

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With the rise of China and the escalation of tension between China and the United States, European countries led by Great Britain, France, and Germany pay increasing attention to the regional situation in the Asia-Pacific (now known as "Indo-Pacific"). Among them, the South China Sea (SCS) is one of the main areas disputed by China, the United States, Southeast Asian countries and some European countries. Western countries are worried that the rise of China's military power will break the stability of the situation in SCS and alter the balance of power among major powers. Therefore, they tried to balance China's rise through alliance. In France's Indo-Pacific strategy, France aims to build a regional order with the alliance of France, India and Australia as the core, and regularly carry out military exercises targeting SCS with the United States, Japan and Southeast Asian countries. For China, the instability of the situation in SCS could also threaten the security of the southeast coastal areas and Taiwan, affect China's peaceful development process, and pose a threat to China's territorial sovereignty. This paper aims to study the activities and motivation of France in the South China Sea, and put the situation in SCS under the perspective of Balance of Power Theory, focusing on China, America and France. To be more specific, this paper will first briefly introduce Balance of Power Theory, then describe the new trends of France in recent years, followed with the analysis on the motivation of the increasing trend of France's involvement in SCS, and finally analyze the situation in SCS from the perspective of "balance of power" theory. It will be argued that great powers are carefully maintaining the balance of military power in SCS, and it is highly possible that this trend would still last in the middle and long term, particularly via military deployment and strategic alliances.

Keywords: South China Sea, France, China, balance of power theory, Indo-Pacific

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Authors: Marko Kolaković, Mladen Turuk

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Entrepreneurship is a valuable discipline important for the competitiveness of the European economy. The European Union's economy is constantly changing, and there is an increased demand for special knowledge and skills to help actors cope in a turbulent business environment. By promoting entrepreneurship in education, the citizens of the European Union are encouraged to be enterprising, innovative, and creative in designing solutions to perceived commercial and social problems in the form of offered products and services created as a result of the entrepreneurial process. The European Union has developed a series of guidelines to encourage entrepreneurship in education and training, and it supports entrepreneurship itself through various activities such as Erasmus + and other programs. A number of tools have been developed to support the development of entrepreneurial spirit among the citizens of the European Union. Special emphasis is placed on the methods of developing creativity, critical thinking, and the development of digital competencies. The aim of this paper is to investigate the initiatives of the European Union in the field of entrepreneurship education and to analyze the concept of entrepreneurship education in selected EU member states. Also, an overview of the desired learning outcomes acquired as a result of the successfully completed entrepreneurship education process will be provided.

Keywords: entrepreneurship, entrepreneurial education, EU, croatia

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Authors: Soumia Hebbri

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The relationship between Britain and the European Union is phenomenally complex with a great opposition to Europe in the British Conservative and Labour Parties emerged since 1945. During the history and development of the European Union, Europe saw a lack of British involvement until 1961, after refusing to sign the Treaties of Rome of 1957 for being a member of the European Economic Community. Britain then applied to join the EEC in 1961 under Harold Macmillan’s Conservative Government, its application led by the Chief Negotiator Edward Heath. This application was vetoed by President de Gaulle. With de Gaulle out of power Britain. finally could joined in 1973. But again Labour and conservative both found themselves divided on the issue and they hold a referendum under labour on whether to continue the UK’s membership.

Keywords: the European Union, the British, economic community, de Gaulle

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Authors: Ana Neves

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The European Union’s multi-level constitutionalism is grounded in an intricate network of vertical and horizontal legal relationships among different levels and types of public authorities. In a very significant way since the 2008 crisis, evolving institutional arrangements and institutional dynamics in the European Union have been progressively impacting Member States and the terms under which national public authorities are organised, interact and exercise their powers. This impact occurs in both macro and micro dimensions. Several examples are relevant here, such as the involvement of national Parliaments in the activities of the European Union, the enhanced integration of public administrations, the side effects of the Council framework decision on the European Arrest Warrant, the European Union Justice Scoreboard, the protection of whistle-blowers regulation, the enhanced cooperation on the establishment of the European Public Prosecutor’s Office, the regime for the protection of the Union budget and the European Rule of Law Mechanism. A common trend or denominator underlies the deepening of institutional interdependence and the increased interactions between the European Union, Member States, and public authorities at different levels. This seems to be conditionality as a general principle. The European multi-level constitutionalism must be considered in the light of this conditionality principle, which does not “imply a relationship of command and obedience”. Nevertheless, it might be more effective or be a very compelling principle. It is as if the extension of the shared rule is being accompanied by a contrapuntal dialogue. The different public authorities at various levels are being called to rethink and readjust themselves within a broader and more plural framework concerning understanding the limitation of power.

Keywords: european union -, multi-level hierarchy, conditionality, separation of powers

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Authors: Alessandra Tosi, Teia M. Rogers

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The Common European Asylum System (CEAS) is the framework that standardises the treatment of applicants for international protection and harmonises asylum systems throughout the European Union. This paper interrogates the rules applied within the CEAS, specifically Directive 2013/33/EU of the European Parliament and of the Council of 26 June 2013, which puts forth the standards for the reception of vulnerable people applying for asylum. Absent from the definition of ‘vulnerable people’ are sexual minorities who routinely experience discrimination in reception centres and emergency accommodations. This paper undertakes an analysis of policies and legalisation of reception centres within the European Union. In confronting the flaws inherent to the system of processing asylum applications, this paper argues for the reform of the CEAS with emphasis on the inclusion of LBGTQ+ asylum seekers as vulnerable people following standards set by international human rights law.

Keywords: accommodation, asylum seekers, CEAS, Common European Asylum System, European Union, LGBTQ+, reception conditions, vulnerable people

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Authors: Rusmawati Said, N. Kar Yee, Asmaddy Haris

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This study employs a panel data set of ASEAN member states, 17 European Union (EU) countries, 7 American countries and 11 other Asia Pacific countries (China Mainland and Hong Kong SAR are treated as two separated countries) to investigate the role of labour standards in explaining the pattern of bilateral migration flows in ASEAN. Using pooled Ordinary Least Square (OLS) this study found mixed results. The result varies on how indicators were used to measure the level of labour standards in the empirical analysis. In one side, better labour standards (represented by number of strikes and weekly average working hours) promote bilateral migration among the selected countries. On the other side, increase in cases of occupational injuries lead to an increase in bilateral migration, reflecting that worsen in working conditions do not influence the workers’ decision from moving. The finding from this study become important to policy maker as the issues of massive low skilled workers have a significant impact to the role of labour standard in shaping the migration flows.

Keywords: labour standard, migration, ASEAN, economics and financial engineering

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Authors: Vishal Jaunky, Jonas Grafström

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The development of the European Union’s (EU) single economic market and rapid technological change has resulted in major structural changes in EU’s member states economies. The general liberalization process that the countries has undergone together has convinced the governments of the member states of need to upgrade their economic and training systems in order to be able to face the economic globalization. Several signs of economic convergence have been found but less is known about the knowledge production. This paper addresses the convergence pattern of technological innovation in 13 European Union (EU) states over the time period 1990-2011 by means of parametric and non-parametric techniques. Parametric approaches revolve around the neoclassical convergence theories. This paper reveals divergence of both the β and σ types. Further, we found evidence of stochastic divergence and non-parametric convergence approach such as distribution dynamics shows a tendency towards divergence. This result is supported with the occurrence of γ-divergence. The policies of the EU to reduce technological gap among its member states seem to be missing its target, something that can have negative long run consequences for the market.

Keywords: convergence, patents, panel data, European union

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Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Alka Obadić

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The research concentrates on the role of tourism in generating female employment and on impact of gender discrimination in tourism sector. Unfortunately, in many countries there are still some barriers to the inclusion of women at all hierarchical levels of tourism labor market. Research analysis focuses on EU countries where tourism is a main employer of women. The analysis shows that women represent over third persons employed in the non-financial business economy and almost two thirds in core tourism activities. Women's gross hourly earnings in accommodation and food services were below those of men in the European Union and only countries who recorded increase of gender pay gap from the beginning of crisis are Bulgaria and Croatia. Women in tourism industry are still overrepresented in lower status jobs with fewer opportunities for career progression and are often treated unequally.

Keywords: employment, gender discrimination, tourism, women’s participation

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Authors: Elias K. Maragos, Petros E. Maravelakis, Apostolos I. Linardis

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Health2020 is a promising framework of policies provided by the World Health Organization (WHO) and aiming to diminish the health and well-being inequalities among the citizens of the European Union (EU) countries. The major demographic, social and environmental changes, in addition to the resent economic crisis prevent the unobstructed and successful implementation of this framework. The unemployment rates and the percentage of people at risk of poverty have increased among the citizens of EU countries. At the same time, the adopted fiscal, economic policies do not help governments to serve their social role and mitigate social and health inequalities. In those circumstances, there is a strong pressure to organize all health system resources efficiently and wisely. In order to provide a unified and value-based framework of valuation, we propose a valuation framework using data envelopment analysis (DEA) and dynamic DEA. We believe that the adopted methodology could provide a robust tool which can capture the degree of success with which policies have been implemented and is capable to determine which of the countries developed the requested policies efficiently and which of the countries have been lagged. Using the proposed methodology, we evaluated the performance of 28 EU member-countries in relation to the Health2020 peripheral targets. We adopted several versions of evaluation, measuring the effectiveness and the efficiency of EU countries from 2011 to 2016. Our results showed stability in technological changes and revealed a group of countries which were benchmarks in most of the years for the inefficient countries.

Keywords: DEA, Health2020, health inequalities, malmquist index, policies evaluation, well-being

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Authors: Maria Lubomira Kubica

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The paper reveals the birth and evolution of the British precedent Rylands v. Fletcher that, once adopted on the other side of the Ocean (in United States), gave rise to a general clause of liability for abnormally dangerous activities recognized by the §20 of the American Restatements of the Law Third, Liability for Physical and Emotional Harm. The main goal of the paper was to analyze the development of the legal doctrine and of the case law posterior to the precedent together with the intent of the British judicature to leapfrog from the traditional rule contained in Rylands v. Fletcher to a general clause similar to that introduced in the United States and recently also on the European level. As it is well known, within the scope of tort law two different initiatives compete with the aim of harmonizing the European laws: European Group on Tort Law with its Principles of European Tort Law (hereinafter PETL) in which article 5:101 sets forth a general clause for strict liability for abnormally dangerous activities and Study Group on European Civil Code with its Common Frame of Reference (CFR) which promotes rather ad hoc model of listing out determined cases of strict liability. Very narrow application scope of the art. 5:101 PETL, restricted only to abnormally dangerous activities, stays in opposition to very broad spectrum of strict liability cases governed by the CFR. The former is a perfect example of a general clause that offers a minimum and basic standard, possibly acceptable also in those countries in which, like in the United Kingdom, this regime of liability is completely marginalized.

Keywords: Rylands v. Fletcher, strict liability, dangerous activities, general clause

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Authors: Morteza Ghourchi, Meraj Jafari, Atena Soheilazizi

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Today, with the globalization of communications and the connection of countries within the framework of the global economy, free zones play the most important role as the engine of global economic development and globalization of countries. In this regard, corridors have a fundamental role in linking countries and free zones physically with each other. One of these corridors is the New Silk Road corridor (One Belt, One Road initiative), which is being built by China to connect with European countries. In connecting this corridor to European countries, Iran and Turkey are among the countries that play an important role in linking China to European countries through this corridor. The New Silk Road corridor, by connecting Iran’s free zones (Sarakhs and Maku) and Turkey’s free zones (Anatolia and Europe), can provide the best opportunity for expanding economic cooperation and regional development between Iran and Turkey. It can also provide economic links between Iran and Turkey with Central Asian countries and especially the port of Khorgos. On the other hand, it can expand Iran-Turkey economic relations more than ever before with Europe in a vast economic network. The research method was descriptive-analytical, using library resources, documents of Iranian free zones, and the Internet. In an interview with Fars News Agency, Mohammad Reza Kalaei, CEO of Sarakhs Free Zone, said that the main goal of Sarakhs Special Economic Zone is to connect Iran with the Middle East and create a transit corridor towards East Asian countries, including Turkey. Also, according to an interview with Hussein Gharousi, CEO of Maku Free Zone, the importance of this region is due to the fact that Maku Free Zone, due to its geographical location and its position on the China-Europe trade route, the East-West corridor, which is the closest point to the European Union through railway and transit routes, and also due to its proximity to Eurasian countries, is an ideal opportunity for industrial and technological companies. Creating a transit corridor towards East Asian countries, including Turkey, is one of the goals of this project Free zones between Iran and Turkey can sign an agreement within the framework of the New Silk Road to expand joint investments and economic cooperation towards regional convergence. The purpose of this research is to develop economic links between Iranian and Turkish free zones along the New Silk Road, which will lead to the expansion and development of regional cooperation between the two countries within the framework of neighboring policies. The findings of this research include the development of economic diplomacy between the Secretariat of the Supreme Council of Free Zones of Iran and the General Directorate of Free Zones of Turkey, the agreement to expand cooperation between the free zones of Sarakhs, Maku, Anatolia, and Europe, holding biennial conferences between Iranian free zones along the New Silk Road with Turkish free zones, creating a joint investment fund between Iran and Turkey in the field of developing free zones along the Silk Road, helping to attract tourism between Iranian and Turkish free zones located along the New Silk Road, improving transit infrastructure and transportation to better connect Iranian free zones to Turkish free zones, communicating with China, and creating joint collaborations between China’s dry ports and its free zones with Iranian and Turkish free zones.

Keywords: network economy, new silk road (one belt, one road initiative), free zones (Sarakhs, Maku, Anatolia, Europe), regional development, neighborhood policies

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Authors: Maria Lubomira Kubica

Abstract:

The paper reveals the birth and evolution of the British precedent Rylands v. Fletcher that, once adopted on the other side of the Ocean (in United States), gave rise to a general clause of liability for abnormally dangerous activities recognized by the §20 of the American Restatements of the Law Third, Liability for Physical and Emotional Harm. The main goal of the paper was to analyze the development of the legal doctrine and of the case law posterior to the precedent together with the intent of the British judicature to leapfrog from the traditional rule contained in Rylands v. Fletcher to a general clause similar to that introduced in the United States and recently also on the European level. As it is well known, within the scope of tort law two different initiatives compete with the aim of harmonizing the European laws: European Group on Tort Law with its Principles of European Tort Law (hereinafter PETL) in which article 5:101 sets forth a general clause for strict liability for abnormally dangerous activities and Study Group on European Civil Code with its Common Frame of Reference (CFR) which promotes rather ad hoc model of listing out determined cases of strict liability. Very narrow application scope of the art. 5:101 PETL, restricted only to abnormally dangerous activities, stays in opposition to very broad spectrum of strict liability cases governed by the CFR. The former is a perfect example of a general clause that offers a minimum and basic standard, possibly acceptable also in those countries in which, like in the United Kingdom, this regime of liability is completely marginalized.

Keywords: abnormally dangerous activities, general clause, Rylands v. Fletcher, strict liability

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Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modelling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behaviour of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities

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Authors: D. Tloczynski

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The main aim of this article is to present a balance of the decade of Polish air transport market in the European Union having taking into account selected entities of the aviation market. This article analyzes the functioning of the Polish air transport market after the Polish accession to the European Union. During the study two main areas were pointed: shipping activity and activity of the airports. The most important benefits of integration and the benefits of introducing of the open sky policy were indicated. The last part of the article presents the perspectives of development of air traffic.

Keywords: air transport, airports, development air transport, European Union, Poland

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Authors: Wolfgang Haupt

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When considering the future city one repeatedly comes across two sometimes sparsely differentiated terms: Sustainable and smart. ‘A European Strategy for Smart, Sustainable, and Inclusive Growth’, this is how the European Commission named its current growth strategy. Thus, Europe should become smarter and more sustainable. Both, the smart and the sustainable city represent a positive vision of urban development as well as a subject area for contemporary and future urban policies. However, more clarity on what is actually behind these terminologies is required. The paper analyses how the terms are defined academically and how this academic understanding is represented in the funding mechanisms of European urban policies. The theoretical framework is mainly based on sources such as journal articles and policy reports. It became clear that despite some similarities, such as the broad field of work or the tendency to operationalize the terms by defining sub-categories, both ideas are distinctly different in terms of the development history, the main driving forces behind and the theoretical scope. Moreover, the significantly more comprehensively defined term sustainability has found its way into the centre of European regional funding policies. On the contrary, the smart city vision still lacks terminological and content-related clarity and as a consequence, the corresponding European funding landscape is more small-scaled and less customized.

Keywords: European spatial policy, European union, smart city, urban sustainable development

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Authors: Olivia Meeschaert

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The Conference of the Parties (COP) refers to the countries that signed on to the United Nations Framework Convention on Climate Change. This annual conference provides a platform for countries to voice their major climate concerns, negotiate on a number of global issues, and come to agreements with the world’s largest emitters on how to make incremental changes that will achieve global climate goals. Historically, the outcome of COP includes major climate pledges and international agreements. COP27 will take place in Egypt at the beginning of November 2022. The 197 parties will come together to develop solutions to the dire consequences of climate change that many people around the world are already experiencing. The war in Ukraine will require a different tone from last year’s COP, particularly given that major impacts of the war are being felt throughout Europe and have had a detrimental effect on the region’s progress in achieving the benchmarks set in their climate pledges. Last year’s COP opened with many climate advocates feeling optimistic but the commitments made in Glasgow have so far remained empty promises, and the main contributors to climate change – China, the European Union, and the United States of America – have not moved fast enough.

Keywords: environment, law and policy, china, European union, united states, greenhouse gas, climate change

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Authors: Antonia Müller, Svend Reuse

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The Brexit referendum in June 2016 led to different publications analysing potential consequences for European and British insurance companies under the European Passport. This study addresses a research gap, regarding the measures taken by insurance companies based in the United Kingdom and thus on structural changes to the European insurance market by an innovative structured Solvency and Financial Condition Report content analysis. In scope are all insurance companies based in the United Kingdom, that fall under the Solvency II supervisory regime. The results show that the majority of British Solvency II insurance companies in scope, conducting cross-border business to the European Union, have applied and reported measures to be able to continue operating this cross-border business after Brexit. In addition, the study shows that 34 new insurance companies based in the European Union were established as a result of Brexit, indicating structural changes to the European insurance market.

Keywords: brexit, europe, insurance market, solvency and financial condition repot, structural changes

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Authors: Encarnación Álvarez, Rosa M. García-Fernández, Francisco J. Blanco-Encomienda, Juan F. Muñoz

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The European Union Survey on Income and Living Conditions (EU-SILC) is a popular survey which provides information on income, poverty, social exclusion and living conditions of households and individuals in the European Union. The EUSILC contains variables which may contain outliers. The presence of outliers can have an impact on the measures and indicators used by the EU-SILC. In this paper, we used data sets from various countries to analyze the presence of outliers. In addition, we obtain some indicators after removing these outliers, and a comparison between both situations can be observed. Finally, some conclusions are obtained.

Keywords: poverty line, headcount index, risk of poverty, skewness coefficient

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Authors: Murad A. Bein

Abstract:

This paper empirically examines the time-varying relationship and spillover effects between the international crude oil price and ten emerging equity markets, namely three oil-exporting countries (Brazil, Mexico, and Russia) and seven Central and Eastern European (CEE) countries (Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, and Slovakia). The results revealed that there are spillover effects from oil markets into almost all emerging equity markets save Slovakia. Besides, the oil supply glut had a homogenous effect on the emerging markets, both net oil-exporting, and oil-importing countries (CEE). Further, the time variance drastically increased during financial turmoil. Indeed, the time variance remained high from 2009 to 2012 in response to aggregate demand shocks (global financial crisis and Eurozone debt crisis) and quantitative easing measures. Interestingly, the time variance was slightly higher for the oil-exporting countries than for some of the CEE countries. Decision-makers in emerging economies should therefore seek policy coordination when dealing with financial turmoil.

Keywords: crude oil, spillover effects, emerging equity, time-varying, aggregate demand shock

Procedia PDF Downloads 100

Authors: Olivia Meeschaert

Abstract:

The Conference of the Parties (COP) refers to the countries that signed on to the United Nations Framework Convention on Climate Change. This annual conference provides a platform for countries to voice their major climate concerns, negotiate on a number of global issues, and come to agreements with the world’s largest emitters on how to make incremental changes that will achieve global climate goals. Historically, the outcome of COP includes major climate pledges and international agreements. COP27 will take place in Egypt at the beginning of November 2022. The 197 parties will come together to develop solutions to the dire consequences of climate change that many people around the world are already experiencing. The war in Ukraine will require a different tone from last year’s COP, particularly given that major impacts of the war are being felt throughout Europe and have had a detrimental effect on the region’s progress in achieving the benchmarks set in their climate pledges. Last year’s COP opened with many climate advocates feeling optimistic but the commitments made in Glasgow have so far remained empty promises, and the main contributors to climate change – China, the European Union, and the United States of America – have not moved fast enough.

Keywords: environment, law and policy, climate change, greenhouse gas, conference of the parties, China, United States, European Union

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Authors: Andrea Vega-Tinoco, Ana I. Gil-Lacruz, Marta Gil-Lacruz

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The main objective of this research is to acknowledge whether civic participation affects the well-being of the elderly, thus being a key activity of active aging. It is also of interest to recognize any differences among genders, generational cohorts or country of residence. If a positive relationship is found between civic participation and well-being, the actions that promote this participation will benefit the quality of life of senior citizens. Otherwise, independent action must be taken in the improvement of social and human capital. The sample consists of approximately 50.000 individuals from the European Social Survey (2002-2016). Only individuals born before 1965 in 15 European countries were considered. The sample was distributed according to gender, year of birth, country, level of studies and ESS wave to form pseudo-panel data cohorts, leaving a total of 1.318 observations. The data were analyzed through a Cross-Lagged Model using Fixed-Effects. A bidirectional association is observed between the civic participation and well-being variables. However, participating in the past seems to have a higher impact on today’s health, happiness and life satisfaction than the other way around. Furthermore, 26% of the respondents expressed to be satisfied with their life, 27% to be happy and 57% to have good health. On the other hand, 49% have participated civically in the last year, being the most common activities: signing petitions, boycotting products and volunteer work in non-political organizations. A slight trend of BabyBoomers and men towards greater participation can be observed, as well as a higher impact of this participation on their well-being. In addition, international differences exhibit a stronger relation for Nordic, East European and Mediterranean countries. The given results support the hypothesis that civic participation is a promoter of well-being for the elderly. This paper positively highlights the activity of involving in political and non-political organizations, as well as wearing badges. At any rate, almost all forms of civic participation show a positive relationship with well-being and should therefore be promoted, although differences between countries must be taken into consideration.

Keywords: active aging, civic participation, Europe, well-being

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Authors: Ana Luísa Mouro

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When the financial crisis exploded in 2008 in the United States, unleashed by the collapse of Lehman Brothers, and contaminated the economies of the European periphery, Germany appeared as the anchor of the stability of all European institutions and countries in difficulty. The solutions provided by the German government have triggered a deep political debate about the key position Germany has conquered at the heart of Europe - a new “German question” has been created. Some say Germany has achieved by peaceful means what was not able to get through military conquest - the domination of Europe – and many fear Germany’s economic power. This debate about the new role of Germany in Europe has received special attention in the European media and Portugal has not been the exception. The present study has been based on the survey, selection and critical analysis of news reporting, opinion articles, interviews and editorials, published in the weekly Expresso and in the daily Público, between 2008 and 2015 (year of the 25th anniversary of Germany’s unification). The findings of this study will show the paradox of German power and its relevance for Europe’s future.

Keywords: Euro crises, German Europe, intercultural hermeneutics, Portuguese quality press

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Authors: Volkan Gulsen

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This paper attempts to indicate the main class dynamics of the Brexit process in a Gramscian theoretical framework. It further aims to point out the influence of the withdrawal of the United Kingdom on the European Union class structure. It defines the unification process of the European Union as a passive revolution. In that way, the Brexit process has been described as a moment of negation in the European Union history of class struggle. It will be argued that the withdrawal of the United Kingdom has already altered the European class structure from the embedded neoliberal structure to a more corporate-liberal one.

Keywords: brexit, gramsci, passive revolution, post-neoliberalism

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Authors: Barrere Sarah

Abstract:

The area of liberty, security, and justice within the European Union is still a work in progress. No one can deny that the EU struggles between a monistic and a dualist approach. The aim of our essay is to first review how the European law is perceived by the rest of the international scene. It will then discuss two main mechanisms at play: the interpretation of larger international treaties and the penal mechanisms of European law. Finally, it will help us understand the role of a penal Europe on the international scene with concrete examples. Special attention will be paid to cases that deal with fundamental rights as they represent an interesting case study in Europe and in the rest of the World. It could illustrate the aforementioned duality currently present in the Union’s interpretation of international public law. On the other hand, it will explore some specific European penal mechanism through mutual recognition and the European arrest warrant in the transnational criminality frame. Concerning the interpretation of the treaties, it will first, underline the ambiguity and the general nature of some treaties that leave the EU exposed to tension and misunderstanding then it will review the validity of an EU act (whether or not it is compatible with the rules of International law). Finally, it will focus on the most complete manifestation of liberty, security and justice through the principle of mutual recognition. Used initially in commercial matters, it has become “the cornerstone” of European construction. It will see how it is applied in judicial decisions (its main event and achieving success is via the European arrest warrant) and how European member states have managed to develop this cooperation.

Keywords: European penal law, international scene, liberty security and justice area, mutual recognition

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Authors: Haymanot Gebre-Amlak, Selamawit Gebre-Amlak

Abstract:

Since its original declaration in the 18th century, Karl Marx and Friedrich Engels's Communist Manifesto has become one of the most influential political tracts. Socialism is a political path that leads towards communism by fostering a cooperative economy through the creation of cooperative enterprises, common ownership, state ownership, or shared equity. The ultimate objective of communism is to bring everyone working toward the same collective goal of a healthy, happy, and free society. The European establishment of 19-century colonial rule over the continent of Africa reinforced inflows of European investment and forced a profound change in the operation of labor and land markets. The colonial era and forced labor schemes in Africa lasted for several decades. When exiting from colonialism, these African countries were attracted to socialism’s ideology to bridge the social gap and freedom to their society. In this paper, we compare a pre and post socialist ideology and the impact in various African countries. We analyse the different aspects, which led to inconsistent outcomes. Our finding indicates that while they have some facets in common, each African country had a unique interpretation and influence from the socialist ideology.

Keywords: African politics, socialism in Africa, African history, Africa

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