Thesis (Doctoral)--Göteborg Universitet. / Thesis title and abstract on inserted sheet. Includes bibliographical references.

Ο πρωταρχικός σκοπός αυτής της διατριβής είναι η μελέτη της επίδρασης του Ευρώ στο διεθνές εμπόριο των χωρών της Οικονομικής και Νομισματικής Ένωσης (ΟΝΕ) για τη περίοδο από το 1995 έως το 2007. Επιπλέον, εκτιμήθηκε η παραπάνω επίδραση και στο τομεακό εμπόριο, με την ανάλυση της επίδρασης του Ευρώ στους δέκα βασικούς τομείς της παραγωγής των παραπάνω οικονομιών. Συνοπτικά, τα αποτελέσματα αυτής της διατριβής δείχνουν ότι το εμπόριο αυξάνεται αρκετά για τις χώρες του Ευρώ σε σύγκριση με αυτό των άλλων χωρών του ΟΑΣΑ. Επίσης βρίσκεται ότι το Ευρώ όχι μόνο δεν προκαλεί εμπορική παρεκτροπή αλλά αυξάνει επίσης το εμπόριο των χωρών της ΟΝΕ με τον υπόλοιπο κόσμο. Επιπλέον, οι κλάδοι που επηρεάστηκαν περισσότερο από την εισαγωγή αυτού του κοινού νομίσματος είναι οι κλάδοι εντάσεως εργασίας. Από την άλλη, αν και υπήρχε αυξημένο εμπόριο μεταξύ των χωρών της Ένωσης πριν την εισαγωγή του Ευρώ, αυτή δεν ήταν η γενεσιουργός αιτία της δημιουργίας της. Τέλος, το Ευρώ υπήρξε ο σπουδαιότερος παράγοντας που εξηγεί την αύξηση της εξαγωγικής απόδοσης των χωρών της ΟΝΕ για την περίοδο 1995-2007. / The primary purpose of this PhD thesis is to study how the Euro affects the international trade of the countries of the Economic and Monetary Union (EMU) for the period from 1995 to 2007. Furthermore, the above effect is estimated and analyzed in the ten key sectors of production of these economies. In summary, the results of this thesis show that, trade increases considerably for the countries of the Euro compared with that of other OECD countries. Moreover, the Euro does not cause trade diversion. On the other hand, the sectors, which are most affected by the introduction of this common currency, are the labor-intensive ones. Although, before the introduction of the Euro, there was an increase in trade between the EU countries, this did not cause the creation of EMU. Finally, the Euro was the most important factor explaining the increase in export performance of EMU countries for the period 1995-2007.

This thesis examines whether EU and EMU memberships appeared to protect the member countries’ trade, measured in exports, during the 2008 global financial crisis. The panel data analysis is based on a country sample of 40 OECD and EU countries during the period from 2000 to 2016. By employing a pooled Ordinary Least Squared (OLS) regression and an augmented gravity model, we investigate how the EU and EMU countries’ trade was impacted in comparison to the average of the OECD countries’ trade during the crisis. The results indicate that being a member of the EU or the currency union did not pose additional protection, as the member countries’ trade seemed to be more negatively impacted by the crisis than the average trade in the OECD countries.

Esta dissertação possui como objetivo entender as principais diferenças de duas uniões monetárias, e assim compreender quais são os impactos da estrutura institucional sobre o crescimento e desenvolvimento econômico dos países membros e/ou estados membros das uniões monetárias. Especificamente, foca nas estruturas institucionais da União Europeia e da União Federalista dos Estados Unidos. Para tal, o trabalho apresenta os diferentes arcabouços institucionais da União Europeia e da União Federalista dos EUA e faz uma análise comparativa entre eles. O método escolhido para tal foi de analise descritiva das experiências da União Monetária Europeia em comparação a União Federativa dos Estados Unidos. Neste sentido, dividiu-se a dissertação em cinco capítulos, incluindo o capítulo introdutório e as considerações finais. No capítulo 2, “Integração Econômica”, realiza-se uma revisão da teoria sobre áreas monetárias ótimas e federalismo fiscal. O intuito deste capítulo é a compreensão teórica para a análise dos capítulos seguintes. No capítulo 3, “Uniões Monetárias”, analisa-se a experiência da União Monetária Europeia, apresentando os principais desdobramentos de sua criação e o desempenho macroeconômico ao longo dos dezessete anos de existência, destacando a crise vivida pela zona do euro. A experiência da União Federalista dos Estados Unidos é analisada de forma comparativa com a União Europeia no capítulo 4, “Análise Comparativa”, bem como seus arranjos institucionais. Por fim, nas considerações finais, são apresentadas as reflexões do trabalho. Em geral, as diferenças encontradas nos arranjos institucionais das duas uniões monetárias estudadas justificam os principais impulsionadores das desigualdades no desempenho econômico das mesmas. / The aim of this study is to understand the main differences of two monetary unions, and thus understand what the impacts of the institutional framework for economic growth and development of member countries and/or member states of monetary unions. In particular, it analyses the institutional structures of the European Union and the United States Union. For this, the work presents a revision the different institutional frameworks of the EU and the US and makes a comparative analysis between them. The method chosen for this purpose was a descriptive analysis of the experiences of the European Monetary Union in comparison with of the Federal Union of the United States. In this sense, it divided the work into five chapters, including a brief introduction chapter and the conclusion. In Chapter 2, "Economic Integration", it is carried out a review of the theory of Optimum Currency Areas (OCA) and fiscal federalism. The purpose of this chapter is the theoretical understanding for the analysis of the following chapters. In Chapter 3, "Monetary Unions", it is analysed the experience of the European Monetary Union, with the main consequences of its creation and macroeconomic performance over the seventeen years of existence, highlighting the crisis of the euro zone. The experience of the US Federalist Union is analysed in comparison with the European Union in Chapter 4, "Comparative Analysis", and its institutional arrangements. Finally, the final remarks, presents the reflections of this work. Overall, the differences in the institutional arrangements of the two studied monetary unions justify the main drivers of inequalities in economic performance both of them.

Magister Legum - LLM / The purpose of this research is to examine the legal and institutional framework of financial services supervision and regulation in SADC. In doing so the study will probe the various models of financial services regulation with the purpose of discerning what each model sets out to do and how, in doing so, it effectively exercises its function. This study answers the question: Is there a model of financial services regulation and supervision that is legally sound and best embraces SADC’s circumstances? The legal soundness will be extracted by examining which model achieves the main objectives of independence and accountability to the greatest extent. The first objective of the study is to discuss the structure and operations of each of the identified primary models of financial services regulation with the aim of determining whether certain cardinal administrative law principles are upheld. Secondly, it then takes a practical look at how the primary models are applied and effectively work within some of the SADC Member States. Similarly, the study’s main focus will be to discern whether the financial services regulation models are ‘tangible’ when country dynamics are introduced. Thereafter, the study reconnoitres the possibility of SADC adopting a ‘harmonised’ financial services regulator and supervisor. It is worth noting that ideal as it may be; the author has no intention of prescribing one of the primary models but merely uses them as a springboard to ascertaining the viability of a single financial services regulator and supervisor in SADC. The objective is to assess how best SADC can deepen its integration levels in this area of concern. The ultimate result may very well be that such deeper relations are not feasible or that different components from the primary models be adopted to make SADC’s ‘unique’ model of financial services regulation and supervision.

Esta dissertação possui como objetivo entender as principais diferenças de duas uniões monetárias, e assim compreender quais são os impactos da estrutura institucional sobre o crescimento e desenvolvimento econômico dos países membros e/ou estados membros das uniões monetárias. Especificamente, foca nas estruturas institucionais da União Europeia e da União Federalista dos Estados Unidos. Para tal, o trabalho apresenta os diferentes arcabouços institucionais da União Europeia e da União Federalista dos EUA e faz uma análise comparativa entre eles. O método escolhido para tal foi de analise descritiva das experiências da União Monetária Europeia em comparação a União Federativa dos Estados Unidos. Neste sentido, dividiu-se a dissertação em cinco capítulos, incluindo o capítulo introdutório e as considerações finais. No capítulo 2, “Integração Econômica”, realiza-se uma revisão da teoria sobre áreas monetárias ótimas e federalismo fiscal. O intuito deste capítulo é a compreensão teórica para a análise dos capítulos seguintes. No capítulo 3, “Uniões Monetárias”, analisa-se a experiência da União Monetária Europeia, apresentando os principais desdobramentos de sua criação e o desempenho macroeconômico ao longo dos dezessete anos de existência, destacando a crise vivida pela zona do euro. A experiência da União Federalista dos Estados Unidos é analisada de forma comparativa com a União Europeia no capítulo 4, “Análise Comparativa”, bem como seus arranjos institucionais. Por fim, nas considerações finais, são apresentadas as reflexões do trabalho. Em geral, as diferenças encontradas nos arranjos institucionais das duas uniões monetárias estudadas justificam os principais impulsionadores das desigualdades no desempenho econômico das mesmas. / The aim of this study is to understand the main differences of two monetary unions, and thus understand what the impacts of the institutional framework for economic growth and development of member countries and/or member states of monetary unions. In particular, it analyses the institutional structures of the European Union and the United States Union. For this, the work presents a revision the different institutional frameworks of the EU and the US and makes a comparative analysis between them. The method chosen for this purpose was a descriptive analysis of the experiences of the European Monetary Union in comparison with of the Federal Union of the United States. In this sense, it divided the work into five chapters, including a brief introduction chapter and the conclusion. In Chapter 2, "Economic Integration", it is carried out a review of the theory of Optimum Currency Areas (OCA) and fiscal federalism. The purpose of this chapter is the theoretical understanding for the analysis of the following chapters. In Chapter 3, "Monetary Unions", it is analysed the experience of the European Monetary Union, with the main consequences of its creation and macroeconomic performance over the seventeen years of existence, highlighting the crisis of the euro zone. The experience of the US Federalist Union is analysed in comparison with the European Union in Chapter 4, "Comparative Analysis", and its institutional arrangements. Finally, the final remarks, presents the reflections of this work. Overall, the differences in the institutional arrangements of the two studied monetary unions justify the main drivers of inequalities in economic performance both of them.

Made available in DSpace on 2014-06-11T19:28:04Z (GMT). No. of bitstreams: 0 Previous issue date: 2007-08-24Bitstream added on 2014-06-13T20:36:58Z : No. of bitstreams: 1 pavese_cb_me_mar.pdf: 584907 bytes, checksum: b098dcb958110f5050982d68c298b6b6 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / O Regionalismo é uma característica constante das relações internacionais. Na sua forma atual - o novo regionalismo - a União Européia é o seu maior e mais complexo exemplo. Iniciado há mais de cinco décadas, a integração européia atualmente envolve vinte e sete Estados-membros num sistema político que combina elementos supranacionais e intergovernamentais. A criação da União Econômica e Monetária- UEM (1992), representa a sua maior realização. O propósito dessa tese possuí dois objetivos: na luz das Relações Internacionais, apresentar o debate atual sobre regionalismo e integração européia, e em segundo, analisar a UEM, abordando sua dimensão histórica, política e teórica. / Regionalism is a long- standing feature in international relations. In its current form the new regionalism the European Union is its main and most complex example. Started over five decades ago, the European integration currently involves twenty seven member States in an unprecedented 'political system' that combines supranational and intergovernmental elements. The creation of the Economic and Monetary Union - EMU (1992) represents its biggest achievement. The purpose of this thesis is twofold: to present, from an international relations perspective, the on going debate on regionalism and European integration, and second, to analyse the EMU, addressing its historical, political and theoretical dimension.

O objetivo deste estudo é investigar, através do estimador de diferenças em diferenças, se a adoção da união monetária européia ampliou tanto o comércio quanto a correlação bilateral dos ciclos econômicos entre seus membros, em comparação com outras economias da OCDE. A evidência apresentada sugere ser esse o caso, nos indicando que a união monetária, como processo último das teorias de integração, pode não ser um fim, mas sim um meio para o alcance da integração entre as economias. / The goal of this paper is to investigate, by means of a simple difs-in-difs technique, whether the adoption of the monetary union among the members of the European Monetary Union (EMU) has increased both bilateral trade and bilateral correlation of business cycles between them rather than amidst other OECD economies. We present evidence suggesting this to be the case, witch tells us that monetary union, as the last stage of the theories of economic integration, may not be an end by itself, but means of achieving the economic integration.

We analyse the dynamics of the standard deviation of demand and supply shocks as well as of the demand component of GDP across countries in the European Monetary Union (EMU). This analysis allows us to evaluate the patterns of cyclical comovement in EMU and compare them the cyclical performance of the new members of the EU and other OECD countries. We make use of sigma-convergence methods to identify synchronization patterns in business cycles. The Eurozone has converged to a stable lower level of dispersion across business cycles during the end of the 80s and the beginning of the 90s. The new EU members have also experienced a strong pattern of convergence from 1998 to 2005, when a strong divergence trend appears. An enlargement of the EMU to 22 members would not significantly decrease its optimality as a currency area. There is evidence for some Europe-specific characteristics as compared to global comovements in business cycles. (authors' abstract)

Abstract The euro area consists of several small open, fairly heterogeneous economies. The establishment of this common currency area greatly changed the macroeconomic interdependency between its member countries. This thesis examines the fundamental macroeconomic linkages and spillover effects between the monetary union member countries with the focus on the phenomena associated with the countries’ openness to international trade. This doctoral thesis consists of three essays. The first essay examines the impact of the implementation of a monetary union on international economic fluctuations. The essay finds that the implementation reverses the expenditure-switching effects between goods produced inside the monetary union, and helps to stabilize economic fluctuations. The second essay examines the effects of openness to international trade on a small monetary union. The essay shows howmovements in the monetary union’s exchange rate stabilize output fluctuations inside the monetary union and reduce the need for fiscal stabilization. The third essay argues that, under a non-coordinated optimal fiscal policy, government spending should focus on the stabilization of a local output gap and inflation, while union-wide aggregate fluctuations should be stabilized by a common independent monetary policy. The essay also shows how a suboptimal monetary policy increases the spillover effects of countryspecific shocks. / Tiivistelmä Tässä väitöskirjassa tutkitaan rahaliiton maiden välisiä makrotaloudellisia riippuvuussuhteita. Tutkimuksessa keskitytään erityisesti kansainvälisen kaupan ilmiöihin. Väitöskirja koostuu kolmesta erillisestä esseestä. Ensimmäisessä esseessä käsitellään rahaliiton perustamisen vaikutuksia kansainvälisen talouden dynamiikkaan. Tulosten mukaan rahaliiton perustaminen muuttaa vaihtosuhteen dynamiikkaa rahaliiton sisällä. Lisäksi rahaliiton muodostaminen vaimentaa jäsenmaiden makrotaloudellisia heilahteluita. Toisessa esseessä tutkitaan kansainvälisen kaupan merkitystä pienen rahaliiton tapauksessa. Havaitaan, että yhteisvaluutan kurssimuutokset tasapainottavat rahaliiton sisäisiä reaalitalouden muutoksia ja vähentävät tarvetta tasapainottaa taloutta finanssipolitiikan avulla. Kolmannessa esseessä osoitetaan, että rahaliiton jäsenvaltioiden harjoittaman itsenäisen finanssipolitiikan tulisi keskittyä kotimaisen inflaation ja tuotannon tasapainottamiseen. Yhteisen rahapolitiikan tulisi puolestaan tasapainottaa rahaliiton keskimääräisiä muutoksia. Tulosten mukaan epäoptimaalinen rahapolitiikka voimistaa maakohtaisten reaalitaloudellisten muutosten välittymistä muihin rahaliiton maihin.