Euro Research Papers - Academia.edu (original) (raw)

- by
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- Economics, Greece, Germany, Euro

Whether we want to buy a cell phone, rice or a bag of corn, baked cakes, a loaf of bread, whether we click our order, telephone the order, use the mail, or go to a retail store, the transactions, and indeed most economic transactions, are influenced by some form of market regulation. In ‘market
regulation’, the word, "regulation," usually connotes some extra-market, even administrative, guidance of the market. We'll call this external regulation to distinguish it from regulation by competition. What is really regulation? The regulation refers to controlling human or societal behaviour by rules or restrictions. Regulation can take many forms: legal restrictions promulgated by a certain governing authority, social regulation like norms, and market regulation. One can consider regulation as actions of conduct imposing sanctions that may be sometime fines.

- by Professor Alain A Ndedi
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- Finance, Africa, Regulation, Market
- by Morrison M Bonpasse
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- Euro, Currency Trading, Dollar, Monetary Union
- by Morrison M Bonpasse
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- Euro, Currency Trading, Dollar, Monetary Union
- by Morrison M Bonpasse
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- Euro, Currency Trading, Dollar, Monetary Union

The euro was expected to catalyse 'ever deeper union' among its member states. Instead, the euro has been captured by bad financial habits of old and has put the euro north and south in fierce neonationalist confrontation with each other. The currency union is now at the crossroads between either getting stuck in the mud of an ever deeper joint liability community bound to continual decline or a reset of the euro and realignment of the Eurosystem based on a return to the no-bailout rule and national responsibility for national debt.

- by Joseph Huber
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- Monetary Economics, European Union, Monetary Policy, Euro
- by Miguel Otero-Iglesias
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- Finance, International Studies, Money, Euro

Between 16 July and 21 August 2011, 31 cases of West Nile neuroinvasive disease were reported from four regions in Greece. Of these, 17 occurred in districts that had not been affected in 2010. The reoccurrence of human cases in two consecutive years (following the large 2010 outbreak) and the spread of the virus in new areas suggest that West Nile virus is established in Greece, and its transmission may continue to occur in the future.

- by Georgios Dougas
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- Euro

This article aims at providing an eclectic analysis of the theory of optimum currency areas (OCAs). Although the basic tenets of the theory were anticipated during the late 1940s and the 1950s, the theory was developed and maturated in three highly influential papers of Mundell (1961), McKinnon (1963) and Kenen (1969). However, because of internal conflicts and contradictions, the theory gathered gloom for the next two decades before it could make a solid comeback in the early 1990s. Much of the reason of this revival was the efforts towards the reconciliation of these internal conflicts. During this period, the theory moved beyond the usual cost–benefit analysis and reflected a shift from the criteria that emphasise on the state of the economy towards the criteria that focus on desired policy trade-offs. Recent advancements in the area using dynamic general equilibrium analysis shows that the revival of interest in the theory of OCA reflects developments in a literature that has little to do with the subject of OCAs itself. The merit of the OCA theory is that it helps to bring together several strands of the literature on monetary integration.

- by HUSSAIN KUNROO and +1
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- European Union, Optimum Currency Areas, Currency Union, Euro

The problems with the design of the Eurozone came into focus when, late in 2009, several member nations-notably Greece-failed to refinance their government debt. The crisis that followed was not entirely a surprise. When the Euro was launched in 1999, many economists warned that the single currency was unworkable. Even Eurozone optimists argued that the Euro project would eventually need to be completed. More than 10 years after the crisis, unemployment rates remain elevated and continue to threaten the social, political and economic stability of the Eurozone. The institutional constraints of the single currency however preclude bold action to address these challenges. In this paper, we suggest that tackling the twin problems of the Eurozone-its institutional flaws and mass unemployment-could be addressed by creating a Euro Treasury that would finance a Job Guarantee program, which would eliminate mass unemployment, enhance price stability, and foster social and economic integration across Europe.

- by Dirk H Ehnts
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- Macroeconomics, Fiscal federalism and decentralization, Euro, Eurozone
- by Eoin Drea
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- Economic History, Monetary Economics, History of Economic Thought, International Trade

Der Euro hätte Katalysator für eine 'immer engere Union' unter den Mitgliedstaaten werden sollen. Stattdessen wurde der Euro von schlechten alten Gewohnheiten gekapert und hat die südlichen und nördlichen Euroländer in einer neonationalistischen Konfrontation gegeneinander aufgebracht. Die Währungsunion steht heute am Scheideweg zwischen einem Niedergang in einer fortgesetzten Schulden- und Haftungsunion, oder einem Neustart des Euro, der die Nichtbeistandsregel (No Bailout) wieder in ihr Recht setzt und die nationale Verantwortung für nationale Schulden wieder durchsetzt.

- by Joseph Huber
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- Euro, European Monetary Union, Eurokrise, Geldsystem

A study of aggregate data collected from the literature and official sources was undertaken to estimate expected and observed prevalence of Trypanosoma cruzi infection, annual incidence of congenital transmission and rate of underdiagnosis of Chagas disease among Latin American migrants in the nine European countries with the highest prevalence of Chagas disease. Formal and informal data sources were used to estimate the population from endemic countries resident in Europe in 2009, diagnosed cases of Chagas disease and births from mothers originating from endemic countries. By 2009, 4,290 cases had been diagnosed in Europe, compared with an estimated 68,000 to 122,000 expected cases. The expected prevalence was very high in undocumented migrants (on average 45% of total expected cases) while the observed prevalence rate was 1.3 cases per 1,000 resident migrants from endemic countries. An estimated 20 to 183 babies with congenital Chagas disease are born annually in the study countri...

- by Y. Carlier
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- Latin America, Humans, Europe, Euro

Falls der Euro unkontrolliert auseinanderbricht, droht Chaos. Daher lohnt es sich zu fragen: Wie ließe sich ein kontrolliertes Ende des Euro organisieren? Auf diese Frage geben zwei Denkschulen entgegengesetzte Antworten. Die Schule der Geheimniskrämer will das Ende des Euro bei Nacht und Nebel organisieren, plötzlich und ohne Vorwarnung. Bankfeiertage und geschlossene Grenzen mit Kapitalkontrollen sind fester Teil solcher Pläne. Alles das ist weder ökonomisch attraktiv noch gerecht; und es verträgt sich nicht gut mit den Grundzügen einer offenen Demokratie. Daher schlagen die Gegner der Geheimniskrämer einen lang angekündigten Ausstieg vor. In ihrem Vorschlag werden alle Euros gleich behandelt. Zu einem öffentlich festgesetzten Zeitpunkt verwandelt sich jeder Euro in einen gewichteten Mix aus seinen Nachfolgewährungen. Der Vorschlag ist einfach, und er ist schon deshalb gerecht, weil er das widerspiegelt, was die Besitzer von Euros in ihren Taschen zu haben glauben: eine Mischung aus Währungen verschiedener Länder.

- by Olaf L. Müller
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- Economics, Philosophy, Political Philosophy, Philosophie

The European Monetary Union is characterized by a crisis of governance, this has become more evident with the crisis of the euro which has shown the weaknesses of the European institutions and stressed the heterogeneity of member countries.
The global financial crisis struck the euro area very severely because it coincided with the lack of appropriate policy tools to handle it and with a period of weak political leadership which have made crisis management even harder. Europe needs to build the institutions of its monetary union to avoid similar crises in the future. But it is necessary a greater European integration, with a central fiscal entity at European level which requires a transfer of sovereignty from the individual Member States. This contribution first discusses the issue concerning rules and discretion in the governance of the euro. In the following section it describes the euro crisis and examines the remedies put in place, noting that despite the statements and the efforts of the European authorities the confidence in the euro is diminishing. Thus the exit of Greece from the euro or even the breakdown of the single currency has become a hypothesis discussed more frequently among economists, politicians, central bankers and businessmen. The last section of the chapter focuses on what’s wrong in the governance of the euro and examines the institutional aspects and the economic policy issues suggesting that the European integration allows to ensure the European citizens independence and protect their historical freedom, but also to influence and thus affect the choices from which may depend the future prosperity of
European nations involved.""""

- by Daniele Schilirò
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- European integration, Euro

This paper provides a comprehensive and multidisciplinary literature review on the euro vs. dollar debate. In the first part it presents the euro-optimist and the euro-sceptical hypotheses on the euro challenge to the dollar within the Economics literature and how current data show how the euro has underperformed vis-à-vis euro-optimistic expectations. In the second part, drawing on IPE literature, the paper explains the political flaws of the euro. It shows that a currency can only become the top international currency if there is an active political commitment by the issuing authorities to make this currency the leading currency. The paper shows how existing IPE literature offers a very accurate picture of the structural conditions of the international monetary system. Where it lacks nuance is in identifying the social impact of the euro. The last part of the paper focuses on these social dimensions. Following a constructivist approach, it shows how the euro has become a truly global currency in the social sense and how key financial agents are gradually seen an evolution from a unipolar system dominated by the dollar to a bipolar system where a mildly descending senior pole (the dollar) and a mildly ascending junior pole (the euro) compete against each other.

- by Miguel Otero-Iglesias
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- Finance, Money, Euro, Dollar
- by Apostolos Vantarakis
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- Euro
- by Y. Dogan Cetinkaya
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- Fascism, Modern Greece, Ekonomia, Euro

The paper investigates the evolution of the semantic structure of the representation of a social object by themeans of free association technique and attitudes indexes. Associations to “[former national currency]” and“Euro” were collected 2001 and 2002 in ten EMU countries. Against the background of a theoretical frame work composed of Social Representation Theory, Knowledge Assembly Theory, and Social Schemata Theory,quantitative changes over time were investigated. The data reveal a growing decomposition of homogeneity inthe representations of national currencies with their physical disappearance relative to representations of the euroin all counties. Slight increase of homogeneity was observed for the representations of the new social object.

- by Tarek T A R E K J . el Sehity and +1
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- Social Representations, Mental Representation, Social representations (Psychology), Euro

At least 11 linked outbreaks of gastroenteritis with a total of 260 cases have occurred in Denmark in mid January 2010. Investigations showed that the outbreaks were caused by norovirus of several genotypes and by enterotoxigenic... more

- by Steen Ethelberg
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- Euro
- by Elif Sercen Nurcan
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- Ekonomia, Euro, Eurozone, Avrupa Birliği Türkiye
- by Andrey Starikov
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- International Trade, Euro-Zone Crisis, European Political Economy, Euro

The name 'euro' was officially adopted on 16 December 1995. The 'euro' was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members. ------------------------- LINK: http://fliphtml5.com/zxub/sjvx/basic ------------------------- Suggested Citation: Luis González Vaqué. "Con el euro, sin el euro... ¿o contra el euro?" Cataluña económica. No. 501 (2014): 34-37.

- by Luis Gonzalez Vaque
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- Economics, European Union, Euro, Eurozone
- by Morrison M Bonpasse
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- Euro, Currency Trading, Dollar, Monetary Union
- by N. Komadina
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- Euro

The lexicographic analysis is a descriptive method to visualize free associationdata. Using a two-dimensional coordinate-system (a) the frequencies of identical associationsand (b) the rank of production of associations is taken into account. The analysis providesinsight into the organisational properties of social representations. Clear cut-criteria andcomparability of data from different samples are achieved by applying the lexicographicalanalysis. The method is presented by the example of free association data to the stimulus„Euro“ and the Austrian „Schilling“, 2001 and 2002.

- by Kirchler Erich and +2
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- Social representations (Psychology), Lexicography, Money, Euro

ABSTRACT: In this paper we provide a brief discourse on the theory of optimum currency areas to serve as a basis for constructive criticism of the conceptual framework of the eurozone. With particular reference to the Greek economic crisis, we argue that the very architecture of the EU experiment involving the single currency was inherently flawed from the outset in so far as political pressures to speed up the process towards a politically unified Europe has resulted in what is perceived as the worst economic impasse in the history of modern capitalism.

- by Constantinos Alexiou
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- Greece, Euro, Optimum Currency Area (OCA)

A significant increase (more than 10-fold) in the number of newly diagnosed HIV-1 infections among injecting drug users (IDUs) was observed in Greece during the first seven months of 2011. Molecular epidemiology results revealed that a large proportion (96%) of HIV-1 sequences from IDUs sampled in 2011 fall within phylogenetic clusters suggesting high levels of transmission networking. Cases originated from diverse places outside Greece supporting the potential role of immigrant IDUs in the initiation of this outbreak.

- by Dimitrios Paraskevis
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- Euro

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro’s effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the past thirty years. We also construct a dataset that records the timing of legislative-regulatory harmonization policies in financial services across the European Union. We find that the euro’s impact on financial integration is primarily driven by eliminating the currency risk. Legislative-regulatory convergence has also contributed to the spur of cross-border financial transactions. Trade in goods, while highly correlated with bilateral financial activities, does not play a key role in explaining the euro’s positive effect on financial integration.
This is a preprint. The published version [‘Monetary Policy, Risk-Taking and Pricing: Evidence from a Quasi-Natural Experiment’, Vasso Ioannidou, Steven Ongena, José-Luis Peydró, Review of Finance, March 2015, 19(1), 95-144] is available online at: https://www.sciencedirect.com/science/article/abs/pii/S002219961000019X?via%3Dihub; DOI: https://doi.org/10.1016/j.jinteco.2010.02.002
Also available on the ECB Working Paper Series No. 1216 (https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1216.pdf)

- by José-Luis PEYDRÓ
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- European Union, Regulation, Law and Finance, Trade

Resumen El presente artículo se propone abordar una cuestión: el impacto de la Nueva Gobernanza Económica (NGE) en la UE en lo que hace a la calidad democrática del proceso de integración europea y a la legitimidad del mismo. El texto aborda aspectos como el impacto de la gestión económica de la crisis en la confianza ciudadana en el proceso de integración europea; el fin de la idea de la unidad europea como un proceso progresivo, incremental e irreversible. Por último, intentaré poner de manifiesto hasta qué punto la NGE supone un cambio en la naturaleza constitucional de la Unión con severas implicaciones en la calidad democrática del proceso decisional. Palabras clave Unión Europea, democracia y legitimidad, gobernanza económica, crisis económica, euro. Abstract This paper aims to address one issue: the impact of the New Economic Governance (NGE) in the EU on the democratic quality of the European integration process and its legitimacy. The text addresses aspects such as the impact of economic crisis management on citizen confidence in the process of European integration. The end of the idea of European unity as a progressive, incremental and irreversible process. Finally, I will try to show how much the NGE implies a change in the constitutional nature of the Union with severe implications in the democratic quality of the decision-making process. 1 Quiero agradecer a los revisores por sus valiosas aportaciones, creo que han hecho posible que el texto sea ahora mejor que en su versión inicial, siendo mía, obviamente, la responsabilidad por los resultados. Deseo dar las gracias también a Sigfrido Ramírez, a Christakis Georgiou y a Dimitri Zurstrassen por su tiempo y disposición para discutir de estas y otras ideas alrededor del futuro de la UE.

- by Pedro CHAVES GIRALDO and +1
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- European Union, Economic Crisis, Euro, Democracy and legitimacy in global governance

Now that time has passed since the introduction of the euro as a commercial currency, it is possible to assess many arguments made in the abstract during the s about European monetary union. This article shows that the euro zone still falls short as an optimal currency area in most respects. In particular, it undertakes an empirical analysis of the labour market and finds no progress toward flexibility or integration. These results challenge assertions of ' endogenous currency area' proponents that the euro area would become optimal ' after the fact', and that labour markets would serve as the principal avenue of adjustment. Instead, a ' rigidity trap' has developed in the euro area, consisting of relatively tight monetary policy, forced fiscal consolidation, and a risk of deflation in some economies. These conditions have compounded the difficulties of structural adjustment in European labour markets. The track record of the euro has been varied since its introduction as a commercial currency in . The actual launch of the euro was successful. Despite the daunting logistical challenge of changing the currency of three hundred million people, the twelve countries participating in the European monetary union (EMU) managed to handle the transition to the euro between  and  smoothly and efficiently. The new clearing system of the European Central Bank (ECB) has worked well. The Economic and Financial Committee and the Economic Policy Committee, which the European Commission established to support the monetary union, have been performing effectively. Although the users of the euro have certainly not become infatuated with it in the way that Germans did with the deutschmark in , opinion polls have shown that it is at least accepted by an overwhelming majority (European Commission, Press Release IP: /,  December ). Consumers complained that merchants – particularly service-sector businesses – used the transition to the new

- by Stephen J Silvia
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- Labor Markets, Euro
- by Morrison M Bonpasse
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- Euro, Currency Trading, Dollar, Monetary Union

Avrupa Birliği’nin geleceği; politika üreten, birlik için de daha çok söz sahibi olan, uzlaşmacı ve bütünleştirici ülkelerin ekonomik birliğin sağlanmasına bağlıdır. Bu bağlılığın tam olarak gerçekleştirilmesinden sonra siyasi birliği gerçekleştirme düşüncesi hız kazanacaktır. Fakat ülkelerde çıkan krizler bu birliğin tam olarak hazır olmadığına işaret etmektedir.

- by Bora Yıldırım
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- International Political Economy, European Union, European Union Politics, Euro

El objetivo de este capítulo es analizar el presunto despliegue de la «democracia sin
alternativas» en Europa y sus consecuencias para la calidad de las democracias nacionales,
especialmente las de la periferia de la zona euro –giips: Grecia, Irlanda, Italia, Portugal y
España. El argumento principal es que la falta de receptividad de los gobiernos nacionales
de los países giips hacia los deseos de sus ciudadanos constituye el reverso de la moneda
de un exceso de atención de los gobiernos de los países núcleo del euro, en especial de
Alemania, a las preferencias de su ciudadanía. En todas las democracias representativas los
políticos se enfrentan a un dilema fundamental entre receptividad a las demandas ciudadanas
y responsabilidad ante terceros. Enfrentados a este dilema, los países núcleo del euro
han optado claramente por lo primero –la receptividad ante las demandas de los electorados
nacionales–, mientras que los países de la periferia de la zona euro se han visto forzados
a ser responsables –ante sus socios de la ue y ante la ue en su totalidad. Como resultado,
la crisis financiera de 2008 ha conducido a una ruptura en tres frentes dentro de la Unión
Europea entre el núcleo y la periferia: con relación al ritmo de la recuperación económica,
a los grados de autonomía gubernamental y, lo más importante, a la legitimidad democrática.
Los países de la periferia de la eurozona se encuentran en el bando perdedor en los tres
frentes.

- by Sonia Alonso Saenz De Oger
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- Euro, Responsiveness, Legitimidad Democrática, Responsabilidad
- by Lars Jonung
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- Economic History, Monetary Economics, European integration, International Trade

Exposure prevention is the primary strategy to reduce the risk of occupational bloodborne pathogen infections in healthcare workers (HCW). HCWs should be made aware of the medicolegal and clinical relevance of reporting an exposure, and have ready access to expert consultants to receive appropriate counselling, treatment and follow-up. Vaccination against hepatitis B virus (HBV), and demonstration of immunisation before employment are strongly recommended. HCWs with postvaccinal anti-HBs levels, 1-2 months after vaccine completion, >or=10 mIU/mL are considered as responders. Responders are protected against HBV infection: booster doses of vaccine or periodic antibody concentration testing are not recommended. Alternative strategies to overcome non-response should be adopted. Isolated anti-HBc positive HCWs should be tested for anti-HBc IgM and HBV-DNA: if negative, anti-HBs response to vaccination can distinguish between infection (anti-HBs >or=50 mUI/ml 30 days after 1st vacc...

- by Suzanne Lunding and +1
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- Hepatitis C, Hepatitis B, Humans, Europe
- by Daniele Schilirò
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- Euro, European Economic and Monetary Union

"Celebrating the Euro ten years after the introduction of euro-banknotes and coins, while the Eurozone is in great turmoil may seem hazardous. Nevertheless, the introduction of the euro is a unique experience in the whole world monetary... more

- by Thierry Vissol
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- European Politics, European Union, Euro

This paper investigates to what extent ongoing integration has eroded the equity home bias. To measure home bias, we compare observed foreign asset holdings of a set of 25 developed markets with optimal weights obtained from 5 benchmark models. Under the assumptions of the classical model in home bias studies, the International CAPM (I-CAPM), optimal portfolio weights are given by the relative world market capitalization shares. Four alternative models that allow for various degrees of mistrust in the I-CAPM and involve returns data in computing optimal portfolio weights, generally indicate a substantially lower yet still positive home bias. We observe a reduction in the home bias for many countries at the end of the 1990s and link the sharp decrease in the equity home bias to time-varying globalization and regional integration.

- by Crina Pungulescu
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- Economics, Applied Economics, Regional Integration, Money