The Middle East and North Africa (MENA) region is the top destination for Russian food exports, grains in particular. Focusing on Turkey, Egypt, Iran, and Saudi Arabia, this chapter shows that Russia's food trade with MENA countries is strongly affected by bilateral political relations. Russia banned most food imports from Turkey over a political conflict in 2016. In the same year, improved intergovernmental cooperation with Saudi Arabia resulted in a diversification of Russia's food exports to the Gulf country, and in 2019, Iran's accession to the Eurasian Economic Union (EAEU) led to increasing food trade with Russia. Food imports in MENA countries are usually managed by powerful state trading enterprises (STEs), which recurrently disapprove food products originating from Russia based on non-adherence to food quality standards. Our analysis shows that Russia is successfully working to open additional destination markets, while simultaneously impeding imports of food products that it aims to produce domestically.
The domestic and international transmission mechanism of fiscal policy shocks are analysed in the United States and in Germany. Using a Bayesian VAR approach, we find that in both of these countries a fiscal expansion is associated with increases in output as well as in private consumption and investment. The terms of trade, which affect the international transmission of fiscal policy shocks, depreciate in response to a fiscal expansion, thus transferring some of the increased domestic purchasing power abroad. A US government spending shock is expansionary for all non-US G7 members. A German government spending shock is expansionary for most, but not all European economies, both within and outside the euro area. The dynamics of the BVAR can be rationalised using a dynamic stochastic general equilibrium model where heterogeneous households and firms face borrowing constraints.
Doutoramento em Economia ; By focusing on the relationship between financial stability and monetary policy for the cases of Chile, Colombia, Japan, Portugal and the UK, this thesis aims to add to the existing literature on the fundamental issue of the relationship between financial stability and monetary policy, a traditional topic that gained importance in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. As the zero-lower bound loomed and the reach of traditional monetary policy narrowed, policy makers realised that alternative frameworks were needed and hence, macroprudential policy measures aimed at targeting the financial system as a whole were introduced. The second chapter looks at the relationship between monetary policy and financial stability, which has gained importance in recent years as Central Bank policy rates neared the zero-lower bound. We use an SVAR model to study the impact of monetary policy shocks on three proxies for financial stability as well as a proxy for economic growth. Monetary policy is represented by policy rates for the EMEs and shadow rates for the AEs in our chapter. Our main results show that monetary policy may be used to correct asset mispricing, to control fluctuations in the real business cycle and also to tame credit cycles in the majority of cases. Our results also show that for the majority of cases, in line with theory, local currencies appreciate following a positive monetary policy shock. Monetary policy intervention may indeed be successful in contributing to or achieving financial stability. However, the results show that monetary policy may not have the ability to maintain or re-establish financial stability in all cases. Alternative policy choices such as macroprudential policy tool frameworks which are aimed at targeting the financial system as a whole may be implemented as a means of fortifying the economy. The third chapter looks at the institutional setting of the countries in question, the independence of the Central Bank, the political environment and the impact of these factors on financial Abstract stability. I substantiate the literature review discussion with a brief empirical analysis of the effect of Central Bank Independence on credit growth using an existing database created by Romelli (2018). The empirical results show that there is a positive relationship between credit growth and the level of Central Bank Independence (CBI) due to the positive and statistically significant coefficient on the interaction term between growth in domestic credit to the private sector and the level of CBI. When considering domestic credit by deposit money banks and other financial institutions, the interaction term is positive and statistically significant for the case of the UK for the third regression equation. A number of robustness checks show that the coefficient is positive and statistically significant for a number of cases when implementing a variety of estimation methods. Fluctuations in credit growth are larger for higher levels of CBI and hence, in periods of financial instability or ultimately financial crises, CBI would be reined back in an effort to re-establish financial stability. Based on the empirical results, and in an effort to slow down surging credit supply and to maintain financial stability, policy makers and governmental authorities should attempt to decrease the level of CBI when the economy shows signs of overheating and credit supply continues to increase. The fourth chapter looks at the interaction between macroprudential policy and financial stability. The unexpected interconnectedness of the global economy and the economic blight that occurred as a result of this, recapitulated the need to implement an alternative policy framework aimed at targeting the financial system as a whole and hence, targeting the maintenance of financial stability. In this chapter, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth, managing GDP growth and stabilising inflation growth is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the chapter also looks at a case study of Japan, Portugal and the UK. Our main results find that a tighter macroprudential policy tool stance leads to a decrease in both credit growth and GDP growth while, a tighter macroprudential policy tool stance results in higher inflation in the majority of cases. Further, we find that capital openness plays a more important role in the case of Latin America, this may be due to the region's dependence on foreign capital flows and exchange rate movements. Lastly, we find that, in times of higher perceived market volatility, GDP growth tends to be higher and inflation growth tends to be lower in the EU. In the other cases, higher levels of perceived market volatility result in higher inflation, higher credit growth and lower GDP Abstract growth. This is in line with expectations as an increase in perceived market volatility is met with an increased flow of assets into safer markets such as the EU. This thesis establishes a relationship between financial stability and monetary policy by studying the response of Chile, Colombia, Japan, Portugal and the UK in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. In short, the results of the work conducted in this thesis may be summarised as follows. Our results show that monetary policy contributes to the achievement of financial stability. Still, monetary policy alone is not sufficient and should be reinforced by less traditional policy choices such as macroprudential policy tools. Secondly, we find that the level of CBI should be reined in in times of surging credit supply in an effort to maintain financial stability. Finally, we conclude that macroprudential policy tools play an important role in the achievement of financial stability. These tools should complement traditional monetary policy frameworks and should be adapted for each region. ; info:eu-repo/semantics/publishedVersion
A policy change in the European Union's Emissions Trading Scheme (EU ETS) provides us with a unique opportunity to measure the impact of carbon pricing on aviation, the most climate-intensive mode of transport. We implement a difference-in-differences strategy on a sample based on all flights within Europe from 2010 to 2016 to examine the causal impact of the EU ETS on emissions and supply. We find that the EU ETS reduced emissions by 4.7% in the regulated routes relative to the counterfactual. When we restrict the sample to short-haul flights, routes on which competition from other means of transport may exist (less than 1,000 km), the reduction in emissions is 10.7%. Finally, the reduction in emissions is also high for low-cost airlines (−11%) but it is not statistically significant for network airlines. In sum, the EU ETS has helped to mitigate emission growth by 3 Mt CO2 per year during the period analyzed, but not to reduce absolute emissions in the sector, as needed.
The overall objectives of meat inspection are to contribute to food safety, animal welfare, and animal health. In the European Union (EU), there is a request for a modernised meat inspection system that addresses these objectives in a more valid, feasible and cost-effective way than does the traditional system. One part of the modernisation deals with the coding system to register meat inspection findings. Although unified standards are set at the EU level for judgement criteria regarding fitness of meat for consumption, different national systems are in force. The question is the extent of the differences and whether there is a basis for harmonisation. To investigate this, information was gathered about the code systems in Denmark, Finland, Germany, Italy, Norway, Portugal and Spain. Moreover, meat inspection data covering pigs slaughtered in 2019 were collected. A comparison of the number of codes available, the terminology and the frequencies of the findings registered was undertaken. Codes with a similar meaning were grouped. Hereby, two lists were compiled showing the most common codes leading to total and to partial condemnation. Substantial variations in the percentage of condemned pigs and in the terms used were identified, and possible reasons behind this are discussed. Moreover, a strengths-weaknesses-opportunities-threats (SWOT)-like analysis was applied to the coding systems. Finally, the reasons for unfitness of meat given in the EU Food Inspection Regulation 2019/627 were compared to the national code lists. The results show the systems in force varied substantially, and each system had its advantages and disadvantages. The diverse terminology observed made it a challenge to compare data between countries. Development of harmonised terminology for meat inspection findings is suggested, enabling comparison of data between abattoirs, regions, and countries, while respecting the national epidemiological situation, the local food safety culture, and the trade agreements in force. ; Peer reviewed
This paper aims to investigate the concept, context and socio-economic consequences of fiscal competition in the integrated economic space of EMU in completion, to pinpoint the positive and negative factors at work via a case study of the Benelux countries – both founder members of the EU and pioneers of EMU – and to examine the impact on European and international regulations in the field. In particular, it will endeavour to provide a comprehensive interpretation of fiscal policy in the Benelux countries via a comparative approach and from a historical perspective. It will look at the development of respective domestic fiscal policies, driven by national interests and by membership of a Community that is subject to requirements in terms of harmonisation and taxation, but also by constant contact (and frequent clashes) with the multilateral international environment.
This book looks at the interplay between criminal law and other branches of public law pursuing similar objectives (referred to as 'quasi-criminal law'). The need for clarifying the concepts and the interlink between criminal and quasi-criminal enforcement is a topic attracting a lot of discussion and debate in both academia and practice across Europe (and beyond). This volume adds to this debate by bringing to light the substantive and procedural problems stemming from the current parallel or dual use of the different enforcement systems. The collection draws on expertise from academia, practice and policy; its high-quality analysis will appeal to scholars, practitioners and policymakers alike.
10 pages, 4 figures, 2 tables, supplementary data https://doi.org/10.1016/j.envpol.2021.118377 ; Concentrations of organophosphate esters (OPEs) plasticizers were analysed in the present study. Fifty-five fish samples belonging to three highly commercial species, European sardine (Sardina pilchardus), European anchovy (Engraulis encrasicolus), and European hake (Merluccius merluccius), were taken from the Western Mediterranean Sea. OPEs were detected in all individuals, except for two hake samples, with concentrations between 0.38 and 73.4 ng/g wet weight (ww). Sardines presented the highest mean value with 20.5 ± 20.1 ng/g ww, followed by anchovies with 14.1 ± 8.91 ng/g ww and hake with 2.48 ± 1.76 ng/g ww. The lowest OPE concentrations found in hake, which is a partial predator of anchovy and sardine, and the higher δ15N values (as a proxy of trophic position), may indicate the absence of OPEs biomagnification. Eleven out of thirteen tested OPEs compounds were detected, being diphenyl cresyl phosphate (DCP) one of the most frequently detected in all the species. The highest concentration values were obtained for tris(1,3-dichloro-2-propyl) phosphate (TDClPP), trihexyl phosphate (THP), and tris(2-butoxyethyl) phosphate (TBOEP), for sardines, anchovies, and hakes, respectively. The human health risk associated with the consumption of these fish species showing that their individual consumption would not pose a considerable threat to public health regarding OPE intake ; This study has been partially funded by PELCAT project (CAT 152CAT00013, TAIS ARP059/19/00005), PELWEB project (ES-PN-2017-CTM 2017-88939-R, Spanish Government), EXPOPLAS project (PID2019-110576RB-I00), Spanish Ministry of Science and Innovation) and the Generalitat de Catalunya (Consolidated Research Group Water and Soil Quality Unit 2017 SGR 1404). MEDITS data collection has been co-funded by the EU through the European Maritime and Fisheries Fund (EMFF) within the National Program of collection, management and use of data in the fisheries sector and support for scientific advice regarding the Common Fisheries Policy. [.] This work acknowledges the 'Severo Ochoa Centre of Excellence' accreditations (Spanish Ministry of Science and Innovation to IDAEA and ICM (Project CEX2018-000794-S and CEX2019-000928-S, respectively).EL-L was supported by a FPU grant (FPU1704395, Spanish Ministry of Education) ; Peer reviewed
The needs of the Milk Producers' Organization are achieved by strengthening the scattered and poorly organized Indian milk producers, who lack access to resources and services. In fact, the Milk Producers' Organization has emerged as an interface between the business environment and individual milk producers through forward and backward linkages, while facilitating the strength of collective action, bargaining power and economies of scale. It has thus responded appropriately to the economic and socio-cultural needs of producer members and surrounding entities. The National Accounts Statistics (2020) of India estimates that the contribution of livestock in total agriculture and allied sectors Gross Value Added (at Constant Prices) has reached to 28.63 per cent (2018-19) which again shows the importance of the Milk Producers' Organization in a populous country such as India. The Organization extends its assistance in the form of financial support, technical inputs, milk productivity, quality produce, managing value chains, access to market actors and handling environmental and business regulation. This review paper outlines the key viewpoints and aims to explore how the Milk Producers' Organization has built capabilities and optimized capacities in the existing scope and challenges of the Indian dairy sector. The livestock sector supports the livelihood of approximately 20.5 million people in India. India's milk production is at 4.8% CAGR as opposed to 1.8% CAGR of global milk production. However, the Organization faces conflicting areas of interest, such as social concern and business demands and this ambivalence necessitates enabling policy and professionalism to steer organizational growth and sustainability. In view of the globalized business environment, the Milk Producers' Organization has taken on the responsibility to compete both on the domestic and global markets. In view of emerging international trade practices, further study is required to establish mechanisms to deal with Sanitary and Phytosanitary measures. A co-operative business model can be further explored with additional utilization of bovine manure and unproductive bovines to re-establish a more cost efficient model to deal with global price levels of milk and dairy products. ; Potreba za osnivanjem Organizacije proizvođača mlijeka temeljena je na nužnosti za ojačanjem raštrkanih i neorganiziranih, siromašnih indijskih proizvođača mlijeka koji nemaju pristup resursima i uslugama. Organizacija proizvođača mlijeka nastala je na sučeljavanju poslovnog okruženja i pojedinačnih proizvođača mlijeka kroz veze unaprijed i unatrag (forward i backward linkages), istovremeno omogućujući osnaživanje kolektivnog djelovanja, pregovaračke moći i ekonomskih razmjera. Time je prikladno odgovoreno na ekonomske i socijalno-kulturalne potrebe članova proizvođača i subjekata koji ih okružuju. Prema procjeni Statistike nacionalnih računa (2020.) Indije, doprinos stočarstva ukupnoj bruto dodanoj vrijednosti (pri stalnim cijenama) poljoprivrede i srodnog sektora dosegnuo je 28,63 % (2018.- 2019.) što ukazuje na važnost Organizacije proizvođača mlijeka u mnogoljudnoj zemlji poput Indije. Organizacija proizvođača mlijeka pruža svoju pomoć s aranžmanima financijskog kredita, tehničkim ulaznim informacijama, produktivnošću mlijeka, kvalitetnim proizvodima, upravljanjem vrijednosnim lancima, pristupom dionicima na tržištu i bavljenjem ekološkim i poslovnim regulativama. U ovom preglednom članku opisana su ključna gledišta i pokušalo se istražiti kako je Organizacija proizvođača mlijeka izgradila sposobnost i optimizirala kapacitet u postojećem opsegu i izazovima indijskog mljekarskog sektora. Stočarski sektor pomaže izdržavati oko 20,5 milijuna stanovnika Indije. Složena godišnja stopa rasta (CAGR) proizvodnje mlijeka u Indiji iznosi 4,8 % u odnosu na 1,8 % CAGR globalne proizvodnje mlijeka. Međutim, Organizacija proizvođača mlijeka suočava se sa sukobljenim područjima interesa: poput socijalnih pitanja, kao i poslovnih zahtjeva i ta ambivalentnost iziskuje poticajne politike i profesionalizam za upravljanje rastom i održivošću Organizacije. S obzirom na globalizirano poslovno okruženje, Organizacija proizvođača mlijeka preuzela je odgovornost natjecanja na domaćem i globalnom tržištu. S obzirom na nove prakse međunarodnog trgovanja, potrebna je dodatna studija za uspostavljanje mehanizma koji će se baviti sanitarnim i fitosanitarnim (SPS) mjerama. Suradnički se poslovni model može dalje istražiti dodatnom uporabom gnojiva goveda i neproduktivnih goveda za ponovnu uspostavu ekonomičnijeg modela kako bi se moglo nositi s globalnim razinama cijene mlijeka i mliječnih proizvoda.