Página 1 dos resultados de 706 itens digitais encontrados em 0.021 segundos

Is Fiscal Federalism Different in the European Union?

Vila Maior, Paulo
Fonte: Universidade Fernando Pessoa Publicador: Universidade Fernando Pessoa
Tipo: Conferência ou Objeto de Conferência
Publicado em //2009 Português
Relevância na Pesquisa
95.87%
A political-economic model largely influenced by the monetarist school inspires European Economic and Monetary Union (EMU). Accordingly, neither income redistribution nor resource allocation is the cornerstone of economic policy mix. That role is reserved to the stabilisation function. Among those scholars who discuss whether the EU is comparable to existing cases of “conventional fiscal federalism”, the analysis is frequently concentrated on allocation and redistribution. Despite macroeconomic stabilisation is the key aspect of EMU, the paper undergoes a comparative analysis between the European Union (EU) and five mature federations (United States, Canada, Australia, Germany, and Switzerland) as far as resource allocation is concerned. It first surveys the operation of the allocation function in these countries, concluding that there are remarkable differences when the countries under examination are measured within a centralisation/decentralisation continuum. Resource allocation is subsequently reviewed in the context of EMU to capture convergences and divergences with the federations examined – and to what extent do convergent aspects contribute to put a label on the EU in terms of fiscal federalism. The awareness that the discussion is sometimes plagued with conceptual oversight – the confusion between the desirability and feasibility of fiscal federalism in the European integration context – paves the way to the empirical dimension. The paper concludes with an input from statistical data assessing to what extent inter-state solidarity exists (or is absent) in the EU.

A Theoretical Approach of Economic and Monetary Union

Vila Maior, Paulo
Fonte: Universidade Fernando Pessoa Publicador: Universidade Fernando Pessoa
Tipo: Conferência ou Objeto de Conferência
Publicado em //2007 Português
Relevância na Pesquisa
125.93%
The literature strongly suggests that the creation of Economic and Monetary Union (EMU) was largely influenced by the “power of ideas”, an accommodation to international markets challenges. The outcome was EMU’s political-economy inspired by the monetarist school, a considerable disempowerment of national governments. Put in the perspective of European integration theories, EMU seemed to reject liberal intergovernmentalism claims that member states’ interests are the major input to European integration developments. However, since the monetary union was launched several events showed that national governments re-captured the influence they theoretically lost with EMU. Notably the persistent breach of the Stability and Growth Pact might be the evidence that EU institutions (especially the Commission) and other societal actors lost ground to national governments. The paper asks whether the operation of EMU reflects a paradigm change in terms of European integration theories: how liberal intergovernmentalism emerged as the theory with greater explanatory potential of EMU in motion.

Economic and Monetary Union

Vila Maior, Paulo
Fonte: Universidade Fernando Pessoa Publicador: Universidade Fernando Pessoa
Tipo: Pré-impressão
Publicado em 17/05/2010 Português
Relevância na Pesquisa
125.95%
As part of an ongoing research, this paper focus on European monetary integration depicting to what extent existing theories and theoretical approaches fit with the ontology and subsequent developments of Economic and Monetary Union (EMU). A special emphasis goes to the Stability and Growth Pact (SGP) as a crucial ingredient of European monetary integration, particularly for the political turmoil it produced in recent years. On a previous conference (UACES Annual Conference 2007: Exchanging Ideas on Europe: Common Values and External Policies, Portsmouth, UK, 3-5 September 2007), EMU and the SGP were assessed through the lens of neofunctionalism, liberal intergovernmentalism, supranational governance, new institutionalism and the fusion thesis. This paper turns to the federal theory and the rational choice theory. Some argue that the power of ideas (the monetarist school) and national governments’ adjustment to a new international setting provide the broad explanation of the move towards EMU. Others claim that the project of European monetary integration was independent from such exogenous inputs, understanding the step towards EMU as part of the dynamism encapsulated by European integration. I test these contrasting perceptions against the explanatory power of federal theory and rational choice. The analysis of the SGP (in both the original version and after the November 2005 reform) follows the same methodology. The rationale behind the paper is twofold. On the one hand...

Implicações da União Econômica e Monetária Europeia sobre a política econômica dos PIGS: uma análise sobre a crise das dívidas soberanas

Cariz, Jaqueline Bonny
Fonte: Universidade Estadual Paulista (UNESP) Publicador: Universidade Estadual Paulista (UNESP)
Tipo: Trabalho de Conclusão de Curso
Português
Relevância na Pesquisa
85.85%
The present work intends to analyze the impacts of the European Economic and Monetary Union in the economic policies of the countries named PIGS, with an analysis about the sovereign debt crisis, in view of the autonomy loss to adopt own monetary and exchange rate policies of countries with different levels of development; O presente trabalho visa analisar os impactos das políticas econômicas da União Econômica e Monetária Europeia na economia de países denominados PIGS, com uma análise sobre a atual crise das dívidas soberanas, tendo em vista a perda de autonomia de países com diferentes níveis de desenvolvimento em adotar políticas monetárias e cambiais próprias

The long road to EMU : the economic and political reasoning behind Maastricht

Torres, Francisco
Fonte: Universidade do Minho. Núcleo de Investigação em Políticas Económicas Publicador: Universidade do Minho. Núcleo de Investigação em Políticas Económicas
Tipo: Trabalho em Andamento
Publicado em //2007 Português
Relevância na Pesquisa
105.99%
This paper aims to examine whether the economic and political reasoning behind Maastricht is consistent with earlier approaches to monetary integration. In doing so, it revisits the intellectual debate on monetary integration in Europe at different stages. It concludes that Economic and Monetary Union (EMU) as agreed at Maastricht reflected a compromise between two different but converging preferences, in the context of the experience of the European Monetary System (EMS) and other developments in national and European politics as well as in economic thought, on the role of monetary policy and institutions; the fall of the Berlin Wall may have added a new political dimension that might have made it easier to agree on the blueprint and on the calendar for the realisation of EMU. The various (political and economic) motivations for the convergence of initially different views on the role of monetary policy and successive interpretations of the objectives of EMU are discussed within the wider context of the process of European integration.; I wish to thank Stefan Collignon, Pompeo Della Posta, Ivo Maes, Lucia Quaglia, Amy Verdun, Hubert Zimmermann for comments and discussions. The usual disclaimer applies. This contribution is based on my on-going research at IEE...

O euro e a banca portuguesa : efeitos esperados versus efeitos efetivos

Santos, Margarida Antonieta Gomes dos
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2013 Português
Relevância na Pesquisa
85.8%
Dissertação de mestrado em Economia Monetária, Bancária e Financeira; O dia 4 de Janeiro de 1999 ficará marcado na história da União Europeia como a data em que a moeda única Europeia, o Euro, foi introduzida no primeiro grupo de países que a adotaram. Com a entrada em vigor desta moeda, iniciou-se assim a terceira fase da União Económica e Monetária. Nos anos que antecederam este momento histórico, diversas previsões foram desenvolvidas em torno dos efeitos que o Euro teria sobre a atividade bancária dos países da Zona Euro. Esperava-se que o Euro tivesse efeitos positivos bem como efeitos negativos sobre a Banca. Mais de uma década passou desde o nascimento desta moeda, e parece pertinente questionar agora se as previsões feitas na época Pré Euro se verificaram na realidade. É este o objetivo do presente trabalho. Para tal, efetua-se um levantamento literário de todas as previsões feitas relativamente aos efeitos do Euro sobre a atividade e resultados dos bancos da Zona Euro, em particular da Banca Portuguesa. De forma a averiguar se tais previsões se verificaram, seleciona-se, em primeiro lugar, variáveis capazes de quantificar cada previsão. Em seguida, para cada uma das variáveis escolhidas...

Custos e benefícios da não participação do Reino Unido no sistema euro

Pires, Maria dos Anjos Ribeiro
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /01/2010 Português
Relevância na Pesquisa
85.8%
Mestrado em Economia e Estudos Europeus; Este trabalho tem por objectivo principal compreender a razão de o Reino Unido não ter adoptado o euro. Seguimos dois objectivos secundários: perceber a atitude dos governos britânicos face à União Económica e Monetária e os efeitos das políticas da União Europeia sobre a convergência/divergência das economias inglesa e da Zona Euro. A metodologia usada para avaliar o objectivo principal consistiu na análise da intensidade comercial do Reino Unido com a Dinamarca, Suécia, Estados Unidos e Zona Euro no período 1988-2007. Concluímos que a intensidade comercial do Reino Unido é mais forte com a Zona Euro do que com os outros parceiros escolhidos, apesar de existir grande sincronia do ciclo económico britânico com o do Estados Unidos. Dado que a intensidade comercial do Reino Unido já é mais forte com a Zona Euro, a adesão do Reino Unido ao euro não suscita a expectativa de criação adicional de comércio e, nesse aspecto, a Zona Euro parece não satisfazer este critério da Teoria das Zonas Monetárias Óptimas. Neste contexto, as autoridades britânicas não têm motivação económica e é frágil a vontade política de se submeterem ao regime de funcionamento do Banco Central Europeu...

Till Geography Do Us Part? Prolegomena to an Economic and Monetary Union between the Dominican Republic and Haiti

Moreira, Emmanuel Pinto
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
106.12%
This paper offers a preliminary assessment of the potential benefits and costs of an economic and monetary union (EMU) between the Dominican Republic and Haiti -- two countries sharing the same island but whose history is one of conflict and divergent economic prospects in recent decades. After a brief review of the historical context, it examines the nature of these potential benefits and costs. It then conducts a preliminary analysis (using basic statistical techniques) of some key criteria for the formation of an economic and monetary union between the two countries. A more formal analysis of business cycle synchronization, based on basic and extended integrated vector auto-regression models with exogenous variables (VARX), is developed next. Overall, the analysis suggests that at this stage several economic criteria are not satisfied for the two countries to fully benefit from an economic and monetary union. At the same time, however, the endogeneity of most of these criteria (including the degree of business cycle synchronization) militates in favor of an aggressive medium-term agenda for integration between them.

Fiscal Rules and the Pro-Cycylicality of Public Investment in the West African Economic and Monetary Union

Dessus, Sébastien; Diaz Sanchez, Jose Luis; Varoudakis, Aristomene
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
106.01%
Evidence from a large panel of low-income and lower middle-income countries over the period 1995–2012 suggests that, contrary to other countries, public investment in the West African Economic and Monetary Union (WAEMU) has been pro-cyclical. Public investment contracts more in “bad times” than it increases in “good times” and appears to have become pro-cyclical since the introduction of the fiscal convergence criteria in 1994. The pro-cyclicality of public expenditure and the high asymmetry of shocks that affect WAEMU countries justify exploring options for greater counter-cyclicality of rules-based fiscal frameworks and for risk-sharing.

European Economic and Monetary Union Sovereign Debt Markets

Sensoy, Ahmet; Hacihasanoglu, Erk; Rostom, Ahmed
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
Relevância na Pesquisa
106.01%
This paper focuses on developments in the European Economic and Monetary Union sovereign debt markets in the past decade. The first part analyzes the integration and segmentation structure of the bond markets of the Economic and Monetary Union before and after the sovereign debt crisis, by introducing the novel concept of correlation-based stable networks. Accordingly, a fair integration is observed between the bond markets during the pre-crisis period. However, a strict segmentation emerges, separating the members struggling with debt problems and the ones with relatively strong fiscal performances during the sovereign debt turmoil. The segmentation structure is clearly visualized, revealing the potential paths for crisis and recovery transmission in the future. In the second part, the paper comments on the recent decreasing trend in Economic and Monetary Union member bond yields and their increasing degree of co-movement. Accordingly, the paper argues that these changes do not depend on the fiscal performances of the member countries...

European Monetary Union in Africa

Muller, Karis
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 113379 bytes; 351 bytes; application/pdf; application/octet-stream
Português
Relevância na Pesquisa
106.02%
Introduction: European enlargement generally refers to the inclusion of new states into the European Union’s Treaty area. This article considers instead the enlargement of Economic and Monetary Union into Africa. We know that no part of Africa is in the EU, though Morocco has sought to join, and the island of Mayotte belongs to an EU member state (France) and uses the euro. But the EU’s single currency area is not identical with its monetary area. This article is about EMU beyond the EU itself, and in particular about the monetary shadow European colonial history has cast over western and central Africa. Here as well as in the Comoros islands three local currencies were long in the monetary area of France, and are now but local expressions of the euro. That was why in the late 1990s the impending introduction of the single European currency aroused considerable interest and some anxiety in those African countries that faced possible inclusion in the EU’s monetary union. The question was whether the EC institutions should take over responsibly for monetary policy in the former French African overseas territories, although they are not in the EU now, and were never part of the EEC before independence. Alternatively, experts in Europe and in Africa considered whether France should maintain its monetary guarantee...

Observer - Policeman - Pilot: On lacunae of legitimacy and the contradictions of financial crisis management in the European Union

BIEBER, Roland
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
95.93%
In matters of economic policy, the institutions of the European Union exercise uncoordinated functions of observer, policeman and pilot. Under normal circumstances the EU institutions act as observer of the economic policies of the Member States. This “soft law” approach contrasts sharply with their role to act as “policemen” and as a pilot, when excessive debts arise in the Member States. The contrast is illustrated by the "friendly advice", given to Greece in 2009 and the peremptory command addressed to this country in 2010/2011. A stable legal framework would require the elimination - or at least, attenuation - of the mismatch between the feeble powers to shape policy and the robustness of the powers to intervene in case of excessive public deficit and to impose policy sanctions. EU action needs to be targeted at an earlier stage in the process, so that ex post facto intervention with sanctions can be avoided. Furthermore, the present rules on EMU place at risk the legitimacy of both the EU and Member States. Neither national parliaments nor the European Parliament are involved in the shaping of and the decision on Recommendations for economic policy. In the longer term, there is no alternative: the EU will have to be granted powers to take binding decisions in the area of economic policy...

Law and politics in Europe’s crisis : on the history of the impact of an unfortunate configuration

JOERGES, Christian
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
85.9%
European Integration was constructed as a primarily economic project. In its formative phase ordoliberal scholars started to promote the understanding of the ensemble of European economic freedoms togther with a system of undistorted competition as the legal framework and normative core of the EEC, i.e. as Europe’s ‘economic’ constitution. Economic and Monetary Union as institutionalized by the Maastricht Treaty were expected to complete this project. However, the whole edifice started to erode immediately after its establishment. Following the financial and the sovereign debt crises, EMU with its commitments to price stability and its focus on monetary politics is by now widely perceived as a failed construction precisely because of its reliance on inflexible rules. The European crisis management seeks to compensate these failures by regime which disregards the European order of competences, des-empowers national institutions and burdens in particular Southern Europe with austerity measures. This new mode of economic governance establishes pan-European commitments to budgetary discipline and macroeconomic balancing. The ideal of an ordering of the European economy ‘through law’ is thereby abolished while the economic and social prospects of these efforts seem gloomy and the Union’s political legitimacy is eroding.

Legal writing(s) on the Eurozone crisis

BEUKERS, Thomas
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
85.8%
This paper analyses the literature produced by legal scholarship on the eurozone crisis. It addresses questions about the main substantive issues discussed, the methodological approaches taken, the level and nature of critical legal analyses, and the main legal and policy proposals based on legal scholarship research. The paper thus studies the nature of legal writings on the eurozone crisis. This paper builds on a large number of articles published between January 2009 and September 2014 in selected leading law journals and books. Most of them are written in English, but also French, German, Italian and Dutch publications are included. A further selection has been made of articles and books that have been made subject to an in-depth study. The main focus has been on publications that not only discuss individual aspects of the eurozone crisis (such as single legal instruments, case law, treaty articles or the impact on individual member states), but that (also) make a broader (critical) analysis of the changed nature of economic and monetary union or economic governance.

La reforma de la política de estabilidad presupuestaria en España: análisis de la Ley Orgánica de Estabilidad Presupuestaria y Sostenibilidad Financiera

Domínguez Martínez, José M.; López Jiménez, José Mª
Fonte: Universidad de Alcalá. Instituto Universitario de Análisis Económico y Social Publicador: Universidad de Alcalá. Instituto Universitario de Análisis Económico y Social
Tipo: Trabalho em Andamento Formato: application/pdf
Português
Relevância na Pesquisa
85.85%
E61, E62, E63. H61, H2, H63; En este trabajo se lleva a cabo un análisis del marco de la política de estabilidad presupuestaria establecido en España a raíz de la Ley Orgánica 2/2012, de Estabilidad Presupuestaria y Sostenibilidad Financiera. Con carácter previo al exámen de los nuevos esquemas, se ofrece una perspectiva general de las disposiciones que jalonan la aplicación de la política de estabilidad presupuestaria en el ámbito de la Unión Europea, así como de los antecedentes de la normativa española en dicha materia. Como consecuencia de la reforma consitutcional del año 2011, españa incorporó a su ordenamiento jurídico las normas previstas en el Tratado de Estabilidad, Coordinación y Gobernanza de la Unión Económica y Monetaria no ya antes de su entrada en vigor, sino de su propia creación. Por otro lado, ya la Ley General de Estabilidad presupuestaria de 2001 se había decantado por el criterio de excluir el déficit como forma de financiación del gasto público, yendo más allá de la tradicional "regla de oro" de las finanzas públicas.; The aim of this work is to analyze the framework of the budgetary stability policy established in Spain after the approval of the Organic Lay of Budgetary Stability and Financial Sustainability 2/2012. Prior to the analysis of the new schemes...

Public Spending and Growth in an Economic and Monetary Union; The Case of West Africa

Moreno-Dodson, Blanca; Bayraktar, Nihal
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
105.9%
The focus of the paper is on how public spending volume, composition (current versus capital), and quality are linked to the per capita growth rates of the West Africa economic and monetary union (WAEMU) countries, which have been fluctuating and remain relatively low compared to other parts of the world. The empirical analysis covers the period 2000-2013. The results indicate that total public spending has a significant impact on growth. While the impact of the capital component is positive and statistically significant, the effect of the current component is consistently negative, but not significant. When the capital component is further split into two: public fixed capital investment and public other capital expenditures, defined as total public capital expenditure minus public fixed capital investment, the results show that not only physical capital formation but also human capital spending is important for growth in the WAEMU group. While the volatility measure for public investment has a clear negative and statistically significant impact on growth...

A crise do Euro e o futuro do projeto europeu

Lopes, Rui
Fonte: IESM Publicador: IESM
Tipo: Outros
Publicado em //2013 Português
Relevância na Pesquisa
85.97%
O tema “ A crise do euro e o futuro do projeto europeu”, possui uma evidente atualidade e importância, integrando elementos muito complexos, com um enorme grau de volatilidade e incerteza e que resulta num verdadeiro desafio de análise prospetiva, quando se procuram projetar no futuro as tendências que presentemente são percetíveis. Na realidade, a crise financeira que teve início nos Estados Unidos da América e que teve o seu ponto culminante em 15 de Setembro de 2008 com a falência do banco de investimento Lehman Brothers, rapidamente se transformou, na zona Euro, numa crise das dívidas soberanas, com dimensões políticas, económicas e sociais em vários dos Estados-membros, que colocaram em causa os fundamentos da União Económica e Monetária (UEM) e levaram, inclusivamente, a que se questionasse o futuro do projeto de construção da União Europeia (UE). Neste enquadramento, identificamos como objetivo para este estudo, precisamente o de avaliar de que forma a crise das dívidas soberanas, que tornou evidentes um conjunto de vulnerabilidades no funcionamento da UEM, impõe à UE a necessidade de encontrar um novo modelo de governação política e económica. O percurso metodológico seguiu as sete etapas do método científico descrito por Quivy e Campenhoudt (2005) e está suportado por uma extensa pesquisa bibliográfica de diversas fontes...

Portugal na Zona Euro: ajustamentos e convergência

Medeiros, Pedro Jorge de Castro Ferreira
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /09/2008 Português
Relevância na Pesquisa
85.88%
Mestrado em Economia e Estudos Europeus; Decorridos oito anos desde da adesão de Portugal à terceira fase da União Económica e Monetária (UEM), existem já elementos que nos permitem avaliar o impacto dessa adesão no desempenho da economia portuguesa. Assim sendo, a presente tese pretende dar um pequeno contributo na compreensão do fenómeno da UEM, analisando o comportamento da economia portuguesa na Zona Euro face a possíveis choques assimétricos, dentro da temática da Teoria das Zonas Monetárias Óptimas (ZMO). Com base na análise dos dados recolhidos e tratados, facilmente podemos constatar que, segundo os principais critérios da Teoria das ZMO's, Portugal melhorou os seus resultados na maioria dos indicadores, entre o 2.° e o 3.° períodos, sugerindo uma maior consistência na actuação de mecanismos de ajustamento capazes de actuar na eventualidade de virem a ocorrer choques assimétricos. Não obstante os restantes resultados menos favoráveis para Portugal no período 1999¬2005, assistiu-se a uma aproximação económica com a UE, ao nível da correlação nas taxas de crescimento real do PIB, da correlação nas taxas de crescimento do Emprego, da flexibilidade dos salários reais e preços, da variabilidade das taxas de câmbio...

Monetary and Fiscal Policy Rules in the European Economic and Monetary Union: A Simulation Analysis

Haber, Gottfried; Neck, Reinhard; McKibbin, Warwick
Fonte: Elsevier Publicador: Elsevier
Tipo: Parte de Livro
Português
Relevância na Pesquisa
85.85%
Optimal monetary and fiscal policies within the European Economic and Monetary Union (EMU) are determined by simulating a global model under alternative assumptions about the objective function of the European Central Bank (ECB) and about cooperation vs.

Monetary and fiscal policy-makers in the European economy and monetary union: Allies or Adversaries?

Neck, Reinhard; Haber, Gottfried; McKibbin, Warwick
Fonte: Kluwer Academic Publishers Publicador: Kluwer Academic Publishers
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
115.96%
Optimal monetary and fiscal policies within the European Economic and Monetary Union (EMU) are determined by simulating a global model under alternative assumptions about the objective function of the European Central Bank (ECB) and about cooperation vs.