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European Market Integration and the Economic Development
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European Market Integration and the Economic Development

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: closed (24 January 2022) | Viewed by 9394

Special Issue Editor

Prof. Dr. Agnieszka Gehringer

E-Mail Website
Guest Editor
1. Cologne University of Applied Sciences (TH Köln), 50678 Köln, Germany;University of Göttingen, 37073 Göttingen, Germany;
2. Flossbach von Storch Research Institute, 50679 Köln, Germany
Interests: international finance; financial liberalization; monetary policy; productivity; knowledge economics; technological change; inequality; Chinese economy; European integration

Special Issue Information

Dear Colleagues,

Since the beginning of the peaceful project of economic integration and development in Europe in the early 1950s, the process has experienced both various successes and setbacks. The fact that economic as well as—more specifically—monetary integration did not follow a smooth functional logic but rather depended on political motivation provides one explanation for why the momentum has slowed down considerably of late. The recent surge of non-democratic movements across Europe and the UK’s withdrawal from the European Union are important symptoms of deeper underlying problems and have strong symbolic significance in this respect. In view of these growing challenges, there are many open questions that need to be resolved: To what extent can a union of economically heterogeneous nations survive and prosper? Are there still institutional solutions left for a durable and credible strengthening of the existing arrangement? Could the use of variable geometry and the formation of regional blocs offer a way to effectively adapt the process that is underway? The aim of this Special Issue is to discuss and collect ideas for a viable process of economic integration and development in Europe.

Prof. Dr. Agnieszka Gehringer
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • European integration and development
  • Economic disintegration
  • Convergence
  • Divergence
  • Enlargement
  • Monetary union
  • Optimal currency area
  • Variable geometry
  • European sovereign debt crisis

Published Papers (4 papers)

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Research

23 pages, 1345 KiB  
Article
Recent Patterns of Economic Alignment in the European (Monetary) Union
by Agnieszka Gehringer and Jörg König
J. Risk Financial Manag. 2021, 14(8), 362; https://doi.org/10.3390/jrfm14080362 - 06 Aug 2021
Cited by 1 | Viewed by 1866
Abstract
This paper studies the process of business cycle synchronization in the European Union and the euro area. As our baseline methodology we adopt rolling window correlation coefficients of various economic indicators, observed since 2000. Among the indicators, we distinguish between real economic indicators, [...] Read more.
This paper studies the process of business cycle synchronization in the European Union and the euro area. As our baseline methodology we adopt rolling window correlation coefficients of various economic indicators, observed since 2000. Among the indicators, we distinguish between real economic indicators, like the real GDP growth and unemployment, and nominal indicators, like inflation and government budget. Given the direct implication of this kind of analysis for the common monetary policy of the European Central Bank (ECB), special attention is paid to the pattern of business cycle synchronization in the core and peripheral members of the euro area. Our analysis of quarterly data covering the first two decades of the euro area shows that there was a certain synchronization tendency in the first years of the common currency. However, the European debt crisis halted the economic integration within the European Union and—even more so—within the euro area. Since the ECB can to a large extent intervene only with “one-size-fits-all” monetary policy instruments, this renders increasingly cumbersome the conduct of stabilisation policies within the euro area. Full article
(This article belongs to the Special Issue European Market Integration and the Economic Development)
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15 pages, 1325 KiB  
Article
Estimating the Growth Effects of 2004 Eastern Enlargement of the European Union
by Andrzej Cieślik and Mehmet Burak Turgut
J. Risk Financial Manag. 2021, 14(3), 128; https://doi.org/10.3390/jrfm14030128 - 20 Mar 2021
Cited by 5 | Viewed by 2451
Abstract
In this paper, we study the growth effects of the 2004 Eastern enlargement of the European Union (EU) using the synthetic control method. We estimate that this EU enlargement had an immediate but modest positive impact on the economic growth of the EU-8 [...] Read more.
In this paper, we study the growth effects of the 2004 Eastern enlargement of the European Union (EU) using the synthetic control method. We estimate that this EU enlargement had an immediate but modest positive impact on the economic growth of the EU-8 countries in the first few years following their EU accession. The positive impact of the EU enlargement became more apparent from 2007 when the new EU member states were admitted into the Schengen zone. As a result, the gross domestic product (GDP) per capita difference between the actual and synthetic EU-8 continued to grow towards the end of the sample period. We found that over the entire 2004–2012 period, GDP per capita of the EU-8 was increased by about 2313 USD per year on average relative to the synthetic EU-8. The growth rate of the GDP per capita in the actual EU-8 for the same period was 2.7% larger than the synthetic EU-8. Full article
(This article belongs to the Special Issue European Market Integration and the Economic Development)
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22 pages, 345 KiB  
Article
Divergence Tendencies in the European Integration Process: A Danger for the Sustainability of the E(M)U?
by Linda Glawe and Helmut Wagner
J. Risk Financial Manag. 2021, 14(3), 104; https://doi.org/10.3390/jrfm14030104 - 05 Mar 2021
Cited by 10 | Viewed by 2778
Abstract
The European integration process started with the aim of reducing the differences in income and/or living standards between the participating countries over time. To achieve this, a certain alignment of institutions and structures was seen as a necessary precondition. While the goal of [...] Read more.
The European integration process started with the aim of reducing the differences in income and/or living standards between the participating countries over time. To achieve this, a certain alignment of institutions and structures was seen as a necessary precondition. While the goal of this income and institutional convergence was successfully achieved over a long period of time, this convergence development has weakened or even turned into divergence in the last one to two decades. This paper provides an overview of the empirical evidence for these convergence and divergence developments and develops policy implications (the challenges and possible ways out). Full article
(This article belongs to the Special Issue European Market Integration and the Economic Development)
10 pages, 227 KiB  
Article
Using Supra-Covered Bonds to Enhance Liquidity in the Euro Area: Assessment of Advantages for the Banking Sector
by Matteo Salto, Stefano Zedda and Stefan Zeugner
J. Risk Financial Manag. 2020, 13(12), 293; https://doi.org/10.3390/jrfm13120293 - 24 Nov 2020
Cited by 1 | Viewed by 1375
Abstract
The discussion on the necessity of a larger volume of very highly quality liquid assets (VHQLA) in the euro area has been very extensive. The debate on expanding the pool of comparable euro area assets focuses on “safe assets”, often on various combinations [...] Read more.
The discussion on the necessity of a larger volume of very highly quality liquid assets (VHQLA) in the euro area has been very extensive. The debate on expanding the pool of comparable euro area assets focuses on “safe assets”, often on various combinations of government bonds, most of which would not entail a strong increase in euro VHQLA. This paper explores a different option, complementary to the existing ones, based on the creation of a safe European asset backed by fully private assets. The paper proposes the issuance of supra-covered bonds by a central European institution. The latter are bonds issued by the central issuer and backed by covered bonds, which banks would have created using their mortgages as their cover pool. The aim is to increase substantially the outstanding amount of euro VHQLA. Such an asset would also be very beneficial during crisis periods, such as the current COVID19 crisis, by allowing banks to transform mortgages into very high quality liquid assets that can be used for funding and as a collateral in operations with the Eurosystem, thus enhancing the possible credit to sustain small and medium-sized enterprises (SMEs). This paper assesses the main effects of such a proposal on banks under different possible scenarios. Full article
(This article belongs to the Special Issue European Market Integration and the Economic Development)
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