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Abstract

The main objective of this paper is to identify the impacts of the COVID-crisis on growth, in particular on growth potential in the European Union (EU), in the context of a broader growth analysis. The quantitative analysis underlying this paper focuses on the financial and economic (“Great”) recession of 2008–2009, the subsequent recovery and the period of the COVID-crisis. We provide a detailed overview of some of the mechanisms of the COVID-crisis on growth.

The COVID-crisis is likely to have a direct impact on the level of potential output. A decrease in investments and labour market hysteresis may have long-lasting effects on potential growth. The former would have a negative impact on productivity. This can lead to increased inequalities and have a negative effect on social cohesion. The future development of divergences among the EU Member States is particularly important. Their possible intensification could disrupt the functioning of the euro area and the internal market.

A lasting source of potential growth in the EU Member States could be productivity growth. Its decisive structural factor is the growth dynamism of total factor productivity (TFP). There are large differences in this area with regard to the level and growth dynamism of performance of the Member States. Narrowing the output gaps vis-à-vis the front-runners through deep structural reforms could be a key factor in raising growth potential. The cleansing effects of crises, which force structural change and resource reallocation, can also create new opportunities for TFP growth.

Open access

Abstract

The enlargement of the euro area (EA), an unfinished process, was low on the European agenda in the period between the 2008 and the 2020 crises. The socio-economic consequences of the coronavirus pandemic and frictions in geopolitics would call for a coherent Europe, yet new and old fault-lines appeared in the EU involving the eastern periphery where sovereignty issues gained particular importance. The authors revisit the euro adoption process of the new member states, with a focus on the Visegrad Group (V4) countries, applying a two-track approach: a monetary policy analyses of EA entry as a rational cost/benefit issue and, second, a political economic survey of key stakeholders, set in the context of the dilemmas of retaining or sacrificing nominal monetary sovereignty. Even a piecemeal enlargement of the EA, involving Bulgaria, Croatia and Romania, would cause business consequences and political repercussions in the countries left out of EA. The paper concludes that further moves towards a developmental state model would preclude euro adoption and put such member state in collision course with the core Europe.

Open access

The global automotive industry has been exposed to an overproduction crisis for several decades. Under the pressure of restructuring, automotive companies renew both the geographical scope and the technological standardization of their production processes. We analyze the effects this restructuring had on the development of European economies in order to understand whether vertical specializations in the automotive value chain can lead to Central and Eastern European countries’ catching up to advanced economies, or whether such specializations reproduce new forms of core-periphery relations. In order to answer this question, we introduce a new methodological approach to understand vertical specialization in the global value chain from a semi-peripheral perspective. We combine the theory of global value chains with Vernon's product life-cycle theory. In the research we focus on the standardization of the production of electric engines behind the geographical relocation of production between core and periphery.

Open access

Abstract

The paper proposes the construction of a multi-speed, multi-track and multi-level European Union framework as a way to increase the flexibility of the integration process and facilitate inter-country conflict resolution. The paper shows that this malleable framework is superior, even for sensitive macroeconomic spillover issues like monetary union and immigration.

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Abstract

The euro crisis and its lessons are still not a closed chapter for economists and policy makers. The challenge to find the most appropriate ways to prevent intra-area imbalances is still on the top of the agenda. Nominal adjustment (internal devaluation) remains one of the most critical aspects of this debate. Many are indeed interested in whether austerity measures in several countries “made sense.” But much more is at stake here than evaluating the past. The true question is whether the eurozone can rely on nominal adjustment to align internal economic fluctuations. This paper contributes to the answer by investigating the size of price changes and their impacts on output and trade in the wake of the euro crisis. Selecting the most appropriate variables to measure competitive outcomes, the basic idea of “expansionary contraction” is tested. We rely on a comprehensive panel of all Eurozone member states in the post-crisis years (2010–2017). The results suggest that flexible price levels cannot be taken for granted, and a link to competitiveness is not self-evident, either. Other channels of adjustment may prove to be more important, but scaling them up will ultimately require a sound consensus on the future architecture of the euro.

Open access

Abstract

This paper examines the factors which determine the impact of network communication and network connections on the likelihood of contracting the new coronavirus in the European and Latin American countries. The author presents several data sets to prove the following suggestions: 1) The generalized indicators of economic development and society’s globalization are not indicators of how vulnerable a country’s population may be in a pandemic; 2) Not the economy as such, but the conventional way of life of people, their daily behaviour and habits have a decisive influence on the disease spread; 3) Factors of prevention of illness and health promotion such as the habit of exercise, distance, and network communications use modern online services to become protective factors against the risk of infection only at a certain level of development of the country; 4) In the developed countries, a much broader set of factors than in the developing countries determine protection against disease risk; 5) The evolution of a networked society opens up significant opportunities for the developing countries to improve the quality of life, and the emergence of new, progressive traditions.

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Function 900 Table 2. CEC2015 expensive benchmark problems F10 to F15

Open access
Interventional Medicine and Applied Science
Authors: Shivanand Patil, Natraj Setty, Rangaraj Ramalingam, Jayasheelan Mambally, and Cholenahally Nanjappa Manjunath

sitting 46/F 1.5 × 10 14 Achieved Achieved 5 Coronary stent implantation Uncoiled guidewire

Open access

; F  = 11.528; df  = 6, 54; p  < .001; adjusted R 2  = 0.513; R 2 change = 0.074. j Variables entered in the first step: BDI, BAI, AUDIT-KS, BIS-11; F  = 15

Open access