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  • 1
    ISSN: 0309-1651
    Source: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Topics: Biology
    Type of Medium: Electronic Resource
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  • 2
    Publication Date: 2017-02-24
    Description: The purpose of this paper is to evaluate the empirical relevance of real convergence on the process of nominal convergence for the new EU Member States. We discuss two of the main channels through which real convergence could affect relative prices with respect to the euro area: productivity growth and increased trade openness. Productivity growth can have a positive effect on price levels via the Balassa-Samuelson effect, whereas increased openness leads to reductions in mark-ups and costs and therefore can have a negative impact on prices. In order to assess their empirical relevance, we used a Structural VAR model to which we applied a model reduction algorithm. This method accounts for endogeneity and simultaneity and circumvents the problem of limited data availability. Our findings show that, in general, openness has had a negative impact and productivity growth a positive one on price level convergence with respect to the euro area.
    Keywords: O52 ; E31 ; ddc:330 ; inflation ; new EU Member States ; nominal convergence ; real convergence ; Wirtschaftliche Konvergenz ; Produktivität ; Handelsliberalisierung ; Inflation ; Geldpolitische Transmission ; EU-Mitgliedschaft ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This study analyses the link between fiscal frameworks and their budgetary impact. We look at different features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks for the period 1990-2012 covering all 27 EU Member States and estimate a dynamic panel on aggregate and disaggregated fiscal policy variables. We find strong support that numerical fiscal rules help to improve the primary balance, and that the budgetary impact can be further strengthened when supported by independent fiscal councils and an effective medium-term budgeting framework.
    Keywords: E61 ; E62 ; H60 ; ddc:330 ; fiscal council ; fiscal framework ; Fiscal Policy ; fiscal rules ; medium term budgeting framework
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: In this paper we analyse the interaction of fiscal rules and fiscal space. We find strong evidence for fiscal rules being associated with higher fiscal space. Furthermore, the analysis shows that countries with more fiscal space tend to have higher discretionary expenditures, but that this effect is significantly reduced if fiscal rules are in place. A similar effect can be observed for the procyclicality of fiscal policy, which is significantly higher in an environment of ample fiscal space, while this difference is reduced with fiscal rules. Regarding the different types of fiscal rules, we find the strongest results for expenditure rules and to a lesser extent for balanced budget rules, but none for debt rules.
    Keywords: E61 ; E62 ; H60 ; ddc:330 ; discretionary fiscal policy ; fiscal rules ; fiscal space ; procyclicality
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 5
    Publication Date: 2017-03-31
    Description: Official and unilateral dollarisation/euroisation has become a common policy advice for emerging market economies. Against this background, the paper provides a comprehensive review of all the main cases of dollarisation/euroisation, analysing motives, features and policy implications of this exchange rate regime. The main results are that policies fostering integration with the anchor country, in particular fiscal transfers, tourism and offshore finance, have been crucial in supporting the exchange rate regime. To this end, most dollarised/euroised countries have exploited advantages that are largely prior to the choice of exchange rate regime, namely their small size, geographic proximity to the anchor country, and politically dependent status. Thus, recommending dollarisation/euroisation irrespective of countries’ ex ante degree of integration with the potential anchor country seems to bear considerable risks, as dollarisation/euroisation does not seem to be a straightforward substitute for integration.
    Keywords: ddc:330 ; Währungssubstitution ; Euro ; US-Dollar ; Optimaler Währungsraum ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:report
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  • 6
    Publication Date: 2017-03-31
    Description: This paper reviews the strategies announced by the ten countries joining the European Union in May 2004 with regard to their intentions for participation in ERM II and the adoption of the euro. The paper examines the economic rationale of the monetary integration strategies declared by most acceding countries with a view to identifying also their potential risks. It does so by making use of several different approaches, including a short review of nominal convergence and a more extensive discussion from an optimum currency area perspective. An important part of the analysis is devoted to the implications of real convergence – i.e. catching-up growth in income and adjustment of the real economic structures towards those prevailing in the euro area – on the patterns of economic dynamics in acceding countries. Other aspects covered are the risks for external competitiveness in the convergence process and the appropriate pace of fiscal consolidation.
    Keywords: ddc:330 ; Europäisches Währungssystem ; Euro ; EU-Mitgliedschaft ; Osteuropa ; Malta ; Zypern
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:report
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  • 7
    Publication Date: 2019-08-12
    Description: Mantle convection is a fundamental planetary process. Its plate mode is established and expressed by plate tectonics. Its plume mode also is established and expressed by interregional geological patterns. We developed both an event-based stratigraphic framework to illustrate the surface effects predicted by the plume model of Griffiths et al. (1989) and Griffiths and Campbell (1990) and a methodology to analyze continent-scale geological maps based on unconformities and hiatuses. The surface expression of ascending plumes lasts for tens-of-millions-of-years and rates vary over a few million years. As the plume ascends, its surface expression narrows, but increases in amplitude, leaving distinct geological and stratigraphic patterns in the geologic record, not only above the plume-head center, but also above its margins and in distal regions a few thousands-of-kilometers from the center. To visualize these patterns, we constructed sequential geological maps, chronostratigraphic sections, and hiatus diagrams. Dome-uplift with erosion (Şengör, 2001) and the flood basalts (Duncan and Richards, 1991; Ernst and Buchan, 2001a) are diagnostic starting points for plume-stratigraphic analyses. Mechanical collapse of the dome results in narrow rifting (Burke and Dewey, 1973), drainage-network reorganization (Cox, 1989), and flood-basalt eruption. In the marginal region, patterns of vertical movement, deformation and surface response are transient and complex. At first, the plume margin is uplifted together with the central region, but then it subsides as the plume ascents farther; With plume-head flattening, the plume margin experiences renewed outward-migrating surface uplift, erosion, broad crustal faulting, and drainage reorganization. Knickpoint migration occurs first inward-directed at ½ the rate of plume ascent and later outward-directed at the rate of asthenospheric flow. Interregional-scale unconformity-bounded stratigraphic successions document the two inversions. The distal regions, which did not experience any plume-related uplift, yield complete sedimentary records of the event; Event-related time gaps (hiatuses) in the sedimentary record increase towards the center, but the event horizon is best preserved in the distal region; it may be recognized by tracing its contacts from the center outwards. We extracted system- and series-hiatuses from interregional geological maps and built hiatus maps as proxies for paleo-dynamic topography and as a basis for comparison with results from numerical models. Interregional-scale geological maps are well suited to visualize plume-related geological records of dynamic topography in continental regions. However, geological records and hiatus information at the resolution of stages will be needed at interregional scales. The plume-stratigraphic framework is event-based, interregional, but not global, with time-dependent amplitudes that are significantly larger than those of global eustatic sea-level fluctuations. Global stratigraphic syntheses require integration of plate- and plume-stratigraphic frameworks before eustatic contributions may be assessed.
    Type: Article , PeerReviewed
    Format: text
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