5 resultados para Socialist Institutions and Their Transitions: Financial Economics
em Archive of European Integration
Resumo:
Financial engineering instruments such as guarantees, loans and equity are increasingly used in public funding of enterprises. These instruments have three attractive features: they are repayable, they “leverage” private involvement, and they have a multiplier effect because they generate new income. At the same time, however, they are technically complex and they are subject to state aid rules. Their assessment under EU state aid rules creates two additional problems. First, under certain conditions financial instruments may not contain state aid. This is when public authorities act as “private investors”. This means that state aid cannot be presumed to exist in all financial instruments. It must first be established through market analysis. Second, when state aid is found to be present it is not always possible to quantify it. For this reason the state aid rules that apply to financial instruments differ significantly from other rules. This paper reviews how financial instruments have been assessed by the European Commission and under which conditions the state aid they may contain can be considered to be compatible with the internal market. The paper finds that by and large Member States have succeeded to design measures that have all been approved by the Commission.
Resumo:
his Essay attempts to take a step back from the tragic event in the first week of October 2013, when a boat capsized off the Italian island of Lampedusa and some 300 persons drowned seeking safe harbour. It sets out to examine the issue of EU border controls from the perspectives of the technologies, new and old, building on a variety of scholarly disciplines to understand what is happening to border controls on the movement of persons in the EU and why the results are so deadly. The Essay opens with an overview of what actually happens at the EU’s external borders. It then moves on to assess the old and new set of border control technologies that are deployed at the EU external borders, and how new technologies such as those based on automated controls and biometrics, are transforming the classical principles of European border controls. It then covers the reasons why people are refused admission at the EU’s external borders and the extent to which new border and surveillance technologies would assist in the effective controls in light of EU border law. Conclusions are finally offered on the articulation between the facts of EU border controls on persons and the claims and proposals for new technologies that are emerging from the EU institutions.
Resumo:
This paper aims at devising scenarios for the development of the financial system in the southern and eastern Mediterranean countries (SEMCs), for the 2030 horizon. The results of our simulations indicate that bank credit to the private sector, meta-efficiency and stock market turnover could reach at best 108%, 78% and 121%, respectively, if the SEMCs adopt the best practices in Europe. These scenarios are much higher than those of the present levels in the region but still lower than the best performers in Europe. More specifically, we find that improving the quality of institutions, increasing per capita GDP, opening further capital account and lowering inflation are needed to enable the financial system in the region to converge with those of Europe.
Resumo:
This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some DECO-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unemployment than most continental-European DECO-countries. It is argued that the often-blamed labor market rigidities alone, while important, do not provide a satisfactory explanation for these differences across countries and over time. Financial constraints are potentially important obstacles against creating new firms and jobs and thus against coping well with structural change and against moving successfully toward the "new economy". Highly developed venture capital markets should help to alleviate such financial constraints. This view that labor-market institutions should be supplemented by capital market imperfections for explaining differences in employment performances is supported by our panel data analysis, in which venture capital turns out to be a significant institutional variable.
