The Euro Area and the Economic Crisis
The Euro Area and the Economic Crisis
Author(s): Rajmund Mirdala
Subject(s): Economy, Supranational / Global Economy
Published by: ASERS Publishing
Keywords: Euro-Area; crisis; competitiveness;
Summary/Abstract: The books in these collections are based on relevant, authoritative and thought-provoking chapters written by experts to meet the requirements of executives, research scholars, academicians and students of master programs. Anonymous peer reviewers selected by the publisher provided many helpful comments and suggestions during the preparation of the manuscript for this book. They have also furnished a general assessment of the book's approach, coverage, organization, writing style and competitiveness.…..
Series: Financia ASERS Collection
- E-ISBN-13: 978-606-8689-12-8
- Print-ISBN-13: 978-606-8689-11-1
- Page Count: 247
- Publication Year: 2016
- Language: English
On Origins and Implications of the Sovereign Debt Crisis in the Euro Area
On Origins and Implications of the Sovereign Debt Crisis in the Euro Area
(On Origins and Implications of the Sovereign Debt Crisis in the Euro Area)
- Author(s):Rajmund Mirdala, Anna Ruščáková
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:7-34
- No. of Pages:28
- Keywords:sovereign; debt crisis; euro area; development;
- Summary/Abstract:The current Euro Area crisis has revealed certain flaws of the Euro Area, such as its vulnerability toasymmetric shocks and its inability to act as assumed by the optimum currency area theory (Jagerand Hafner, 2013). It has highlighted the serious lack of confidence in the ability of the Euro Area toface challenges resulting from political and economic development in the Euro Area countries and inthe world economy (Goméz-Puig and Sosvilla-Rivero, 2012).
- Price: 25.00 €
The Effects of the Crisis on Euro Area Member Countries
The Effects of the Crisis on Euro Area Member Countries
(The Effects of the Crisis on Euro Area Member Countries)
- Author(s):Júlia Ďurčová, Ľudmila Bartóková
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:35-70
- No. of Pages:36
- Keywords:crisis effects; Euro Area countries; labour market; labour force; econometric model;
- Summary/Abstract:When the project of monetary union among European countries was being prepared it was not expected that Europe would be hit by such severe crises as occurred few years ago. “Shortcomings”of the euro area were well known even at the beginning, as well as the fact that future EMU countrieswere far from being the optimum currency area. However, it was not anticipated it would be necessary to address these issues and existing asymmetries in such a short time. Even after more than a decadea position of certain countries, especially of so-called former transition economies can be still described as a lagging. What is more, differences and asymmetries can be found also in the group of “founder”countries, or EMU core countries, as they are often called.
- Price: 25.00 €
Dual Approach to Growth Accounting in the European Union Member Countries European Countries
Dual Approach to Growth Accounting in the European Union Member Countries European Countries
(Dual Approach to Growth Accounting in the European Union Member Countries European Countries)
- Author(s):Manuela Raisová
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Accounting - Business Administration
- Page Range:71-102
- No. of Pages:32
- Keywords:accounting; dual approach; data; analysis;
- Summary/Abstract:Economic theory says that economic policy instruments are used in order to achieve sustainable economic growth in the long term. Forecast of the future economic development would be prepared much easier if economic growth was constant. The reality is, however, not theory. As we can see, theworldwide growth is far from constant. As stated Romer (2012, p.6), “growth has been rising over most of modern history and average growth rate in the industrialized countries were higher in the twentieth century than in the nineteenth”. An exception to this scheme of increasing growth is slowdown in productivity growth. The globalisation of the world brought strong links between the economies of suchtrade and financial markets. Such close connection brings the acceleration of positive developments in the economy in "good times", while the same acceleration has signed an acceleration of negative developments in the economy in "bad times".
- Price: 25.00 €
Decomposing Euro Area Sovereign Debt Yields into Inflation Expectations and Expected Real Interest Rates
Decomposing Euro Area Sovereign Debt Yields into Inflation Expectations and Expected Real Interest Rates
(Decomposing Euro Area Sovereign Debt Yields into Inflation Expectations and Expected Real Interest Rates)
- Author(s):Rajmund Mirdala
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:103-128
- No. of Pages:26
- Keywords:sovereign; debt yields; inflation; interest; rate
- Summary/Abstract:Recent macroeconomic development in the Euro Area, characterized by persisting deflationary pressures, induces fundamentally different background for the economic policy framework and related institutions experimenting with a convenient policy mix to provide growth incentives and improve growth perspectives in the Euro Area.
- Price: 20.00 €
Exchange Rate Pass-Through in the Euro Area
Exchange Rate Pass-Through in the Euro Area
(Exchange Rate Pass-Through in the Euro Area)
- Author(s):Rajmund Mirdala
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:129-158
- No. of Pages:30
- Keywords:exchange rate; Euro Area; price; index;
- Summary/Abstract:Exchange rate pass-through to domestic prices represents one of the most discussed topics in the recent literature dealing with a wide area of effects associated with exchange rate flexibility. The establishment of the Euro Area and introduction of the euro represent a crucial milestone in the ongoing discussions highlighting positive and negative implications of the nominal exchange rate rigidity. On the other hand, we suggest that it is still convenient to analyze the wide spectrum of effects related to the abortion of the relative flexibility of the national exchange rates after the euro adoption (Barhoumi 2006). Among many of impulses that the exchange rate transmits from the external environment to the domestic market we highlight price related effects associated with sudden changes in the foreign prices and related responsiveness of the domestic price indexes.
- Price: 25.00 €
Real Exchange Rates, Current Accounts and Competitiveness Issues in the Euro Area
Real Exchange Rates, Current Accounts and Competitiveness Issues in the Euro Area
(Real Exchange Rates, Current Accounts and Competitiveness Issues in the Euro Area)
- Author(s):Rajmund Mirdala
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:159-197
- No. of Pages:39
- Keywords:real exchange rates; current accounts; competitiveness; Euro Area;
- Summary/Abstract:Euro Area member countries are still suffering from negative effects of the crisis period. Increasing economic imbalances have become obvious in the Euro Area since the start of the monetary union. Differentials in productivity, inflation and unit labor costs were indeed very persistent (Comunale and Hessel 2014). Economic and debt crisis highlighted their existence and impropriate economic policy mix has even intensified their negative implications. Economic imbalances are obvious not only among different countries (e.g. rising disparities between core and periphery) but also within particular member countries of the Euro Area (Gruber and Kamin, 2005). In addition, we can observe clear contagion effect among the European Union member countries. Disturbances and distortions are fairly transmitted on both intra-country and cross-country levels (Berger and Nitsch, 2010).
- Price: 25.00 €
Effects of Fiscal Policy Shocks in the Euro Area (Lessons Learned from Fiscal Consolidation)
Effects of Fiscal Policy Shocks in the Euro Area
(Lessons Learned from Fiscal Consolidation)
(Effects of Fiscal Policy Shocks in the Euro Area
(Lessons Learned from Fiscal Consolidation))
- Author(s):Rajmund Mirdala
- Language:English
- Subject(s):Economy, Accounting - Business Administration
- Page Range:198-247
- No. of Pages:50
- Keywords:fiscal; policy; shock; fiscal consolidation;
- Summary/Abstract:European Union member countries are currently exposed to negative implications of the economic and debt crisis. Questions associated with disputable implications of fiscal incentives seem to becontrary to the crucial need of the effective fiscal consolidation that is necessary to reduce excessivefiscal deficits and high sovereign debts. As a result, governments tend to reduce public expendituresand raise taxes during the periods lagging recession and thus cooling down economies. However, an appropriate composition of fiscal incentives without direct negative effect on the public budget and its revenue and expenditure sides may help to reduce negative budgetary pressures through increased tax capacity of the economy followed by stronger growth of real output. While challenges addressed to the fiscal policy and its anti-cyclical potential rose steadily but not desperately since the beginning of the economic crisis, the call for fiscal consolidation became urgent almost immediately and this need significantly strengthen after the debt crisis contagion flooded Europe.
- Price: 25.00 €
