Suchergebnisse

The main aim of the article is to analyze differences of agriculture performance across the European Union countries in the years 2010-2013. The special attention was devoted to the results obtained by New Member States. The research was conducted with application of multiple criteria analysis tools: the method proposed by Hellwig and Ward's clustering method. The research was based on the collection of the World Bank development indicators. It confirms the existence of significant disparity in the performance of agricultural sector between the old and new member states that joined the UE after the year 2004.

This paper investigates the role of self-fulfilling expectations in sovereign bond markets. We consider a model of sovereign borrowing featuring endogenous debt maturity, risk-averse lenders, and self-fulfilling crises à la Cole and Kehoe (2000). In this environment, interest rate spreads are driven by both fundamental and nonfundamental risk. These two sources of risk have contrasting implications for the maturity structure of debt chosen by the government. Therefore, they can be indirectly inferred by tracking the evolution of debt maturity. We fit the model to Italian data and find that nonfundamental risk played a limited role during the 2008–2012 crisis. (JEL E43, E44, F34, G01, G15, H63)