Suchergebnisse

Disney, Richard, Can We Afford to Grow Older? A Perspective on the Economics of AgingKirkpatrick, Colin and Weiss, John (eds), Cost–Benefit Analysis and Project Appraisal in Developing CountriesMizen, Paul and Pentecost, Eric J. (eds), The Macroeconomics of International CurrenciesSchmidt, Christian (ed.), Uncertainty in Economic ThoughtStanfield, James R., John Kenneth GalbraithWinch, Donald, Riches and Poverty: An Intellectual History of Political Economy in Britain, 1750–1834van Ark, Bart and Crafts, Nicholas (eds), Quantitative Aspects of Postwar European Economic GrowthVanthoor, Wim F. V., European Monetary Union Since 1848. A Political and Historical AnalysisArestis, Philip (ed.), Keynes, Money and the Open Economy: Essays in Honour of Paul Davidson, Vol. 1, and Employment, Growth and the Tyranny of the Market: Essays in Honour of Paul Davidson, Vol. 2Bayoumi, Tamin, Eichengreen, Barry and Taylor, Mark P. (eds), Modern Perspectives on the Gold StandardHeertje, Arnold (ed.), The Makers of Modern Economics, Vol. IIIArgy, Victor and Stein, Leslie, The Japanese EconomyNikaido, Hukukane, Prices, Cycles, GrowthDeBresson, Christian and others, Economic Interdependence and Innovative Activity: an Input–Output AnalysisCanzoneri, Matthew B., Ethier, Wilfred J. and Grilli Vittorio (eds), The New Transatlantic EconomySaviotti, Pier Paolo, Technological Evolution, Variety and the Economy

"European industrial relations are rapidly internationalizing; internationalization, however, is not necessarily denationalization. Even as European integration accelerates, national politics and industrial relations will remain the principal arenas for the social regulation of work and employment in Europe. The paper investigates the implications of European industrial relations developing into a multi-level system within which national regimes compete with each other in an integrated international market. In particular, it tries to outline the emerging new peace formula between business and labor in Europe, which is centered on the notion of joint competitiveness, and its consequences for social protection and the regulation of labor markets. Five examples are given for the continuing importance of national industrial relations in integrated Europe: the renewal of tripartite concertation at national level, especially under the pressure of the Maastricht criteria; the likely impact of European Monetary Union on national collective bargaining regimes; the practical consequences of the European Works Councils Directive of 1994; the experience with the sdcial dialogue since the Maastricht Treaty; and the Posted Workers Directive, which is discussed as a possible paradigm of the future relationship between European and national social protection in Europe." (author's abstract)

Die Übernahme der Regierungsgewalt durch eine zivile Regierung 1999 kann als Neubeginn der Demokratie in Niger nach einem Jahrzehnt der Unruhe gelten. Seither hat sie sich weiter gefestigt. Positiv ist besonders die Lage der Menschenrechte nach der Abschaffung der Sklaverei zu bewerten. Allerdings herrscht anhaltend weit verbreitete Armut. (DÜI-Wgm)

This paper shows that countries with weak banking system and fiscal institutions, should benefit from the presence of foreign banks, which can constitute a commitment and transparency device. Foreign banks can also reduce the probability of self-fulfilling speculative attacks. A strong presence of foreign banks can make a currency peg feasible in the first place by rendering it more resistant to speculative attacks. The European experience is instructive in this respect. In all the 10 countries from Central and Eastern Europe (CEEC) that will join the EU 2004/7 the banking system is now dominated by foreign banks.

This paper investigates capital market integration in the major Central European emerging economies by testing the covered and uncovered interest parity conditions vis-á-vis the U.S. dollar and the DM/euro. The results for the Central European economies since 1997 are contrasted against those of the euro countries during the period preceding the introduction of the euro. This allows a comparison of conditions in the capital markets in the Central European economies versus those in the pre-euro EU. The results suggest that capital mobility and exchange rate market efficiency in Central Europe are remarkably similar to conditions in the EU during the 1990s.

The European Union (EU) and the world are faced with unprecedented economic challenges, which if allowed to persist could threaten its continued existence in its current form as a union. Furthermore, these same financial challenges can easily translate into societal hardship. The biomedical and pharmaceutical industries of the U.S. and Europe have been in the midst of severe financial constraints over the last few years, which will worsen in the coming years. A critical factor is a financial crisis that appears to be spreading like wildfire through Europe, with 3 of its oldest members (Greece, Ireland, Portugal) already having enlisted the aid of the International Monetary Fund (IMF) to avoid bankruptcy, and with the possibility of others to follow (Italy, Spain). Adding to this the increasing cost of introducing new medications and devices, and conducting clinical research, as well as the tightening regulatory pressures and the drying pharmaceutical pipelines, cost cutting pressures are mounting on pharmaceutical industries and the biomedical sector, whether in academia or in industry. This paper will attempt to highlight some of the problems that clinical research in Europe may be facing, as well as discuss some of the potential solutions. Although this will by no means be an exhaustive analysis, the goal is to show that times of financial hardship, such as the current one, may also provide the impetus for constructive change.

The decision on EMU strongly affects the course of monetary and fiscal policies in 1997 and especially in 1998. We assume that the monetary union will start in January 1, 1999 with a sizable number of participating countries. Once the decision on the members is made in the spring of 1998, any differences between short-term interest rates in the participating countries can be eliminated. Currently, money market rates in Italy, in Spain and in Portugal are substantially higher than, for example, in Germany. These high rates will be reduced quickly. Monetary policy will thus become more expansionary not only in these countries but also in Western Europe as a whole. It is not likely that the central banks in countries with relatively low interest rates will tighten their policy because such moves would be resisted in the light of the severe unemployment in Europe. While fiscal policy is concerned with reducing budget deficits this year in order to qualify for EMU, the course will change in 1998. Governments can afford to loosen this policy stance because the actual deficits in 1998 are not decisive for the entry into the monetary union. Also, the stability pact will become effective only from 1999 onwards, so there will not be any sanctions even if budget deficits are excessive in 1998. Therefore, further substantial cuts in expenditures or increases in revenues are not likely. In a few countries, even tax cuts were announced for 1998, for example, in France and in Germany. In summary, fiscal policy will have an expansionary effect on economic activity in 1998. The upswing in Western Europe will continue in 1997 and in 1998. Export conditions are favorable since the world economy will expand at a healthy pace. The increase in internal demand will accelerate because of the impulses from economic policy. In practically all countries, capacity utilization will reach or even surpass its normal level in the course of next year. As central banks will be expansionary in the fourth consecutive year, the phase of disinflation in Europe is coming to an end. Inflation will go up somewhat in 1998 and more so in the following year. Because of the deteriorating outlook for inflation, European currencies will further devalue against the US dollar and long-term interest rates will increase considerably. All these developments are a burden for the start of EMU. The future European Central Bank will have to follow a restrictive course if it wants to demonstrate its commitment to price level stability. . The Dublin resolution for a "stability pact" is intended to limit budget deficits after EMU will have started. However, the agreement is not sufficient to reach this target for several reasons: First, the governments themselves will decide on sanctions; this raises the possibility that political factors play a major role and that opportunistic behavior will dominate. Second, the sanction mechanism has no bite because too much time goes by until sanctions are implemented. Furthermore, in order to avoid the payment of a fine it is sufficient to reduce the budget deficit to a level of 3 percent of GDP once in five years. A strict sanction mechanism is probably objected by several governments because they fear that it would prevent the automatic stabilizers from working appropriately, so that, e.g., fiscal policy would have to be restrictive in a recession. However, this fear is not warranted because the cyclical budget deficits in all EU countries have not been veiy large during the last fifteen years. In order to avoid excessive deficits in the future, it would be necessary to reduce the structural deficits considerably, in some cases even to zero. This is an ambitious target, but it is precisely what was decided upon in Dublin. So far, however, this is merely a promise because in practically no major country efforts are made to balance the budget by 1999 — a fact which reduces the credibility of the Dublin resolution even more.

Das Recht zählt zu den Kulturelementen Europas, das von der Universität Bologna als Zentrum der Rechtswissenschaft wegweisend vermittelt wurde. Dieses Recht bot sich als Mittel zur Sicherung des Friedens an, als nach dem Zweiten Weltkrieg ein Streben nach Frieden begann, das zunächst von sechs Staaten ausgehend einen Staatenverbund der Europäischen Union (EU) von achtundzwanzig Staaten auf dem Weg des sich integrierenden Europas ermöglichte, der über Brüssel als politisches Zentrum zu dem in Lissabon beschlossenen Reformvertrag führte. Dieser Weg der europäischen Integration ist nicht durch die Gesetzesform, sondern durch Exekutivorientiertheit und die Vertragsform bestimmt. Die Grundordnung der EU in der Verfassung des Vertrags von Lissabon regelt deren Organisation sowie Arbeitsweise und gibt in einer eigenen Charta die Grundrechte der EU an, welche liberale, politische, soziale und justizielle Rechte des Einzelnen beinhalten. Diese Rechte der EU nach dem Vertrag von Lissabon zeigen, dass dieser Staatenverbund der EU sowohl eine Wirtschafts- und Währungsgemeinschaft als auch eine Rechts- und Wertegemeinschaft ist, was diese Publikation verdeutlicht. »From Bologna via Brussels to Lisbon« Law, a specific element of European culture and imparted by the University of Bologna, the early centre of jurisprudence, after World War II was considered instrumental for preserving peace through European integration in a community of originally six, now twenty-eight member states, based on a series of treaties, especially those of Rome 1957, Maastricht 1992 and, most recently, Lisbon 1997. The present publication points out the European Union with its headquarters in Brussels is not only an economic and monetary union but also one of law and values that has set up an area of freedom, security and justice for all its citizens and those who engage in activities governed by Union law. Der Weg des gemeinsamen Rechts in Europa führte, ausgehend von der Universität Bologna, nach dem Zweiten Weltkrieg im Streben nach einem dauerhaften Frieden von den Gemeinschaftsverträgen von Paris 1951 und Rom 1957 über den Vertrag von Maastricht 1992 zur Gründung der Europäischen Union mit Brüssel als politischem Zentrum und schließlich 2007 zum Vertrag von Lissabon, der die Funktionsfähigkeit dieses von ursprünglich sechs auf nunmehr achtundzwanzig Mitgliedstaaten erweiterten Staatenverbundes sicherstellen soll, der sowohl eine Wirtschafts- und Währungsgemeinschaft als auch eine Rechts- und Wertegemeinschaft ist. Herbert Schambeck received his PhD in 1958 and habilitated in 1964 at the faculty of law in Vienna. Until his retirement in 2002 he was Professor of Public Law, Political Sciences and Legal Philosophy at the University of Linz. He is member of the Academies of Science in Padua, Madrid, Düsseldorf, Milan, Vatican, and Rom. From 1969 to 1997 he was member of the Federal Assembly of Austria, from 1975 on in presidential function.

This paper studies the pass-through of exchange rate changes into the prices of imports that originated inside the euro area made by some New Member States (NMSs) of the European Union and one candidate country (Turkey). I use data on import unit values for nine different product categories and bilateral imports from the euro area for each country and I estimate industry-specific rates of pass-through across and within countries using two different methodological approaches. The first one is based on Campa and González-Mínguez (2006) which estimates the short- and long-run pass through elasticities, where long-run elasticities are defined as the sum of the pass-through coefficients for the contemporaneous exchange rate and its first four lags. The second one is employed by de Bandt, Banerjee and Kozluk (2007) which suggests a long-run Engle and Granger (1987) cointegrating relationship and the possibility of structural breaks to restore the long-run in the estimation. I did not find evidence either in favour of the hypothesis of Local Currency Pricing (zero pass-through) or the hypothesis of Producer Currency Pricing (complete pass-through) for all the countries except Slovenia and Cyprus in the latter. The exchange rate pass-through ranged from 0.090 to 2.916 in the short-run and from 0.102 to 2.242 in the long-run. With reference to the results by industry the lowest values for exchange rate pass-through are in Manufacturing sectors. However, I did observe a exchange rate pass-through decline through the pricing chain and a large dependence of their economies on imported inputs