In this paper, we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyze the interactions between fiscal (governments) and...
This paper extends the micro-founded DSGE open economy model by incorporating unionized labor markets. Unlike the standard framework with atomistic unions, large labor unions consider broader economic conditions and internalize the impact of their wa...
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 indi...
This paper analyzes and characterizes the nature of the interactions between countries of the West African Economic and Monetary Union (WAEMU) over the period 1995–2015. The analysis uses sigma-convergence on the one hand and the Dendrinos-Soni...
Following De Grauwe (2016), this research advances the idea according to which economies that are part of a monetary union issue debt in a medium of exchange they cannot control: financial markets develop the capacity to impose default on such econom...
This study used panel data covering 27 years to investigate the causality between regional stock exchange development and economic growth in the West African Economic and Monetary Union (WAEMU) countries. We performed a homogeneous Granger non-causal...
This paper is an exercise of quantitative dynamic analysis applied to bilateral relationships among partners within two monetary union case studies: the Portuguese escudo zone monetary union (EZMU) and the European euro zone monetary union (EMU). Rea...
This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, p...
Since revelations of the Greek fiscal deficit in the fall of 2009, the breakup of the Economic and Monetary Union (EMU) has moved from unthinkable to plausible. The debate over the future of the EMU has become increasingly relevant, as numerous effo...
Sustainable economic growth is an essential objective at the European Union level. The purpose of this paper is to investigate the impact of monetary integration on economic growth, assuming that the introduction of the euro significantly stimulated...
In the West African Monetary and Economic Union (UEMOA), information on the characteristics of the users and patterns of electricity end-uses remains hard to find. This study aims to contribute to reducing the gap in research on domestic electricity...
The aim of the article is to identify a degree of inclusive growth and to examine the influence of determinants of inclusive growth in the European Union (EU-27) countries, with particular emphasis on factors related to the influence of governments a...
A data envelopment analysis (DEA) has yet to be chosen to assess countries’ financial inclusion levels. We introduce an application of the DEA methodology to compute aggregate performance measures regarding the financial inclusion of economies....
This paper investigates how monetary and ESG-related risks—especially those stemming from asymmetric policy transmission across Eurozone economies—have evolved over time, with a focus on the post-COVID-19 era. Using a mixed-method bibliom...
This paper analyses Foreign Direct Investment (FDI) investment in Ireland and Iceland from other European countries during two periods, i.e., the pre-financial crisis period of 2000–2007 and the financial crisis period of 2008–2010. The a...
Despite the fact that the European integration process has intensified cooperation among European partners, the significant impact on growth represented by the recent lengthy periods of productivity stagnation in European countries still remains unex...
This article studies the hidden blemishes of two benchmark rulings of the European Court of Justice (ECJ). In 2015 and 2018, the ECJ approved two unconventional monetary instruments, among others ‘Outright Monetary Transactions’ and the ‘Public Secto...
This paper investigates the effects of members’ exits from a currency union on the credibility of the common currency. In our currency union model, the inflation rate of the common currency is determined by majority voting among N member countr...
The purpose of this study is to examine the monetary policy transmission mechanisms in seven South Asian Association for Regional Cooperation (SAARC) countries to discover the viability of the convergence of the SAARC into a monetary and economic uni...
Monetary policy and financial sustainability are linked. However, the role of monetary policy and its implementation have come under particular scrutiny after the 2008 Global Financial Crisis (GFC) and the 2010 European sovereign debt crisis, where o...
The asymmetric level of integration within the European Union (EU) regarding membership in the European Monetary Union (EMU) has resulted in inconsistent responses to crises such as the Great Recession of 2007–2009 and the European sovereign de...
Examining the economies of the European Union from 2000 to 2023, we have found no strong evidence that the inflation rate has a negative impact on economic growth. In contrast, in line with conventional economic theory, higher interest rates are asso...
Could the European Union mitigate the negative effects of economic, pandemic and environmental crises using only one tool? The answer is positive, by implementing “green” fiscal expansion financed by “green” common debt, such...
This paper discusses the future of the Stability and Growth Pact (hereafter SGP). Although Neoclassical economic models argue that strict fiscal and monetary rules minimize moral hazard and crowding out, in practice many governments adopt fiscal expa...
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 ar...
This paper tries to investigate whether there exist international integrated markets among East Asian economies, by employing the Generalized Purchasing Power Parity (G-PPP) model, then, it would help to suggest whether the East Asian region is the O...
This study examines the regime-dependent threshold between fiscal and monetary policy interactions across the EU-27 states, utilizing quarterly data from 2000 to 2025. A fixed-effects panel threshold regression model has been adopted in this study, u...
Greece’s entry into the Eurozone was regarded as a unique opportunity to reform the country’s inefficient growth model. These hopes were dashed as the decade-long crisis of the 2010s wiped out a substantial part of the wealth accumulated...
It is commonly found that the markets for long-term government bonds of Economic and Monetary Union (EMU) countries were integrated prior to the EMU debt crisis. Contrasting this, we show, based on the interrelation between market integration and fra...
This paper analyzes the macroeconomic evolution of the European Union member states that have adopted the Euro, compared to those that continue to use national currencies, with a specific focus on the Central and Eastern European countries during the...
Occupational health and safety (OSH) is crucial for sustainable development, recognized by corporations, the European Union, and Sustainable Development Goals. This study introduces a characterization model for OSH in the social life cycle assessment...
The article is time relevant, since a number of countries, such as China and Russia, started pilot testing their digital currencies in 2020, due to the necessity of contactless means of payment during the coronavirus pandemic. The purpose of this res...
A legislative process is currently ongoing in the European Union to supplement the 2018 General Data Protection Regulation regarding ePrivacy regulation. The supplement is intended to complete the European data protection policy in significant areas....
The Landing Obligation (LO), introduced in 2015 by the Common Fisheries Policy of the European Union (EU-CFP), has been subject to a transitional period until recently. The rationale behind the measure is that all fish species subject to a total allo...
In the last half-decade the European Monetary Union (EMU) has experienced a growing financial instability culminating with an extended sovereign debt crisis that has hit mostly the peripheral countries. Besides weak macroeconomic fundamentals, contag...
The predictive power of the yield curve slope, or the yield spread is well established in the United States (US) and European Union (EU) countries since 1998. However, there exists a gap in the literature on the predictive power of the yield spread o...
Energy performance upgrade of stadiums constitutes a complex and demanding task because of both the size and the variety of the involved energy loads. The present article aims to summarize the basic results of the implemented study on the energy perf...
Nature-based solutions have been identified by the European Union as being critical for the enhancement of environmental qualities in cities, where urban and peri-urban forests play a key role in air quality amelioration through pollutant removal. A...
Incentives contribute to the proper functioning of the broader contracts that regulate the relationships between health systems and professionals. Likewise, incentives are an important element of clinical governance understood as health services’ man...
As governments increasingly explore digital financial instruments to diversify funding channels and expand citizen participation, Thailand’s G-Token represents an early attempt to integrate blockchain technology into sovereign debt issuance. Th...
The global financial crisis of 2008 proved that what initially appeared to be relatively small losses in the financial system can be magnified to systemic ones. The European Union debt crisis has thus revived interest in the interdependence across di...
The European sovereign-debt crisis began in Greece when the government announced in December, 2009, that its debt reached 121% of GDP (or 300 billion euros) and its 2009 budget deficit was 12.7% of GDP, four times the level allowed by the Maastricht...
The aim of this paper is to analyze the relation between maturity structure, sovereign bond yields and sovereign risk in the Economic and Monetary Union for the period of 1990–2013. The results confirm the existence of an inverse relationship b...
James I, King of Aragon (1213–1276). He was the third king of the Crown of Aragon, which had come into existence through the union between Queen Petronila of Aragon (1157–1164) and the Count of Barcelona Ramon Berenguer IV (1137–1162). James I repres...
Fossil fuel subsidies (FFS) constitute one of the most obvious barriers to tackling climate change, as they encourage inefficient energy consumption and divert investment away from clean energy sources. According to the International Monetary Fund, F...
This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technolog...
We estimate the monetary value of a policy aimed at increasing rural co-operative production in Kazakhstan to increase milk production. We analyse the drivers associated with public support for such policy using the contingent valuation method. The r...
Target2 is the Eurozone’s cross-border payment system, which is mandatory for the settlement of euro transactions involving Eurozone central banks. It is being used to save the Eurozone from imploding. A key underlying problem is that the Euroz...
To clarify the effects of generalized capitals and energy footprint on aggregate incomes and total carbon dioxide emissions, a cross-country panel analysis is applied in the present study. The generalized capitals included in this study are human cap...
Nowadays, more than 45 countries in the world use polymer banknotes in their monetary and banking systems. It is expected that by 2030, another 20 countries will abandon the use of paper banknotes and switch to polymer banknotes. Recent research show...
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