Yes / Purpose – The objective of this study is to understand the budgetary role of national legislatures in Euro Area (EA) countries and to analyse implications for fiscal discipline. Design/methodology/approach – Building on the budget institutions literature, a legislative budgetary power index for all the 19 EA countries is constructed using OECD and European Commission data as well as data generated from questionnaires to national authorities. A two-way fixed effects panel data model is then used to assess the effect of legislative budgetary power on the budget balance in the EA during 2006-15. Findings - Overall, in the EA, formal legislative powers vis-à-vis the national budgetary process are weak but there is more legislative involvement in SGP procedures and legislative budgetary organisational capacity is generally quite good. In contrast to the traditional view in the budget institutions literature, our empirical findings show that strong legislative budgetary power does not necessarily result in larger budget deficits. Research limitations/implications – Data on legislative budgeting was available from different sources and timeseries data was very limited. Practical implications – There is scope to improve democratic legitimacy of the national budgetary process in the EA, without necessarily jeopardising fiscal discipline. Originality/value – The constructed legislative budgetary power index covers all the 19 EA countries and has a broad scope covering various novel institutional characteristics. The empirical analysis contributes to the scarce literature on the impact of legislative budgeting on fiscal discipline.

The relation between the euro cash changeover and the perceived inflation in the Baltic countries Abstract This thesis focuses on the effect of euro cash changeover on inflation perception, and its relation to the inflation measured by central banks or by national statistical offices. We present an analyses of inflation gap in Estonia, Latvia and Lithuania at the euro introduction and detect its determinants by econometric methods. We use Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis is divided into two main parts. The first part examines the theoretical background of perceived inflation and focuses at the phenomenon of increased inflation gap at the euro introduction. Second part contains an empirical study on inflation gap. We find out that perceived inflation in Baltic countries does not show such a divergence, as it was presented at the establishment of the Eurozone. Moreover, we find out that education and available income in general has a small, but evincible effect on inflation gap observed at euro introduction.

This diploma thesis deals with the nominal convergence and adoption of the single currency in Slovakia and Czech Republic. The first chapter briefly describes the formation of the Economic and Monetary Union. The second chapter concentrates on the Slovak and Czech Republic and their fulfilling of nominal convergent criteria. The third chapter describes and evaluates Slovak process of euro adoption. The forth chapter deals with the Czech Republic and euro and provides also opinion of various subjects on euro introduction.

Esta pesquisa levanta os elementos formadores da identidade nacional croata; faz um acompanhamento das conquistas da União Europeia; analisa os atores sociais que se posicionam a favor da Croácia como membro da União Europeia, bem como o posicionamento daqueles que são contra o ingresso da Croácia na União Europeia. Os posicionamentos teóricos, entrecruzados com os dados práticos coletados, faz-nos refletir sobre ganhos e perdas dos croatas em sua relação com a União Europeia. Há tendências negativas da União Europeia, aqui expostas, que não estão explícitas em seus tratados, nem expressos por suas instituições. Importa, nesta pesquisa, alcançar um posicionamento crítico com relação aos atos econômicos, políticos e sociais relacionados com a soberania nacional dos países periféricos do Leste Europeu. Este trabalho coloca em discussão as estratégias dos países ricos da Europa no sentido de perseverarem competitivos em âmbito global, incorporando o mercado do Leste Europeu. Por isso, este estudo se debruça sobre o Alargamento e acordos assinados entre os países-membros da União Europeia; mudanças na legislação croata; influência estrangeira no desenvolvimento humano da Croácia, dados estatísticos da Croácia e de países da União Europeia que espelham fatores positivos e negativos relacionados com a sustentabilidade da soberania nacional. / This research raises the formative elements of Croatian national identity; makes a follow-up to the achievements of the European Union; it analyzes the social actors that are positioned in favor of Croatia as a member of the European Union, as well as the positioning of those who are against the ingress of Croatia into the European Union. The theoretical positioning, intercrossed with practical data collected, makes us reflect on gains and losses of the Croats in their relationship with the European Union. There are negative trends of the European Union, exposed here, that are not explicit in its treaties, nor expressed by its institutions. It is important, in this study, achieving a critical positioning with respect to economic, political and social acts related to national sovereignty of peripheral countries of Eastern Europe. This work puts into discussion the strategies of the rich countries of Europe in order to persevere competitive in global scope, incorporating the East European market. For this reason, this study focuses on the \'Enlargement\' and agreements signed between the member countries of the European Union; changes in Croatian legislation; foreign influence in human development of Croatia, statistical data of Croatia and the European Union countries that reflect positive and negative factors related to sustainability of national sovereignty.

Made available in DSpace on 2016-04-26T20:48:48Z (GMT). No. of bitstreams: 1 MericiMalagueta.pdf: 659032 bytes, checksum: 9c4c861a50d5b66d980604a367a8c930 (MD5) Previous issue date: 2005-05-10 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / O objetivo desta pesquisa é correlacionar a fundamentação teórica de moeda internacional, na ótica pós-keynesiana, à observância da constituição e instituição da nova moeda única européia o euro. Para efetivação desse objetivo, elegeu-se a perspectiva teórica que compreende a economia como uma economia monetária, suscetível a crises sistêmicas, dada a endogeneidade da moeda. Tal fato permite o tangenciamento do paradigma do funcionamento e da funcionalidade do sistema financeiro nas economias monetárias e suas respectivas alternativas referenciadas: reforma monetária internacional e moeda internacional. Essas proposições já eram referenciadas por Keynes com a intenção de dinamizar as relações de troca no sistema internacional de pagamentos, sendo que esta moeda internacional, deve encontrar-se estável em termos de valor de poder de compra e administrada por um Banco Central Mundial. Isso porque o exercício da função de meio de troca serviria, tão somente, para reduzir o grau de incerteza dos agentes econômicos em relação ao futuro e dinamizar suas decisões de gasto e a demanda efetiva mundial. A execução dessa análise não se conteve em buscar fatores de associação e/ou de incongruência que permitissem concluir pela perfeita associação ou desassociação entre a concepção pós-keynesiana e o Euro-sistema; mas sim desenvolver uma ampla contemplação reflexiva do desenvolvimento do papel da moeda nas economias monetárias, preocupando-se em compreender e sistematizar a dinâmica das economias e suas fragilidades diante das respectivas capacidades de integração e circulação monetária internacional. Assim, diante do Euro, como moeda de livre curso, vários fatores contribuem para seu eficaz desempenho como moeda internacional junto ao seu espaço co-delimitado integrado, como por exemplo: a dimensão da economia que a sustenta; a força e a estabilidade da economia européia, com ausência de riscos de hiperinflação ou de qualquer incerteza quanto à manutenção do status de ambiente estável; e finalmente, para o mercado de capitais, a aceitação do Euro como dinheiro mundial deve ter a amplitude e a liquidez exigida para a convergência de uma moeda nacional em moeda global. Entretanto, o mesmo, Euro-sistema, através do Euro, nas suas devidas dimensões e limites, abre caminho para reflexões futuras acerca da criação de um organismo, de um sistema de gestão supra-nacional, capaz de tentar direcionar políticas comuns para vários segmentos e países membros do sistema vigente.

The Maghreb is a geostrategic region which attracts the attention of world powers. However the potential of its growth is limited by numerous problems. The aim of the master thesis is to analyze the position of Maghreb countries in the world economy and the perspectives of their future development. The first chapter concentrates on the economic facts of Maghreb countries with emphasis on their problems, including the preliminary reflections of impacts of the Arab spring on individual economies. The second chapter presents the external economic relations of Maghreb countries on three levels: inside the region, in the Euro-Mediterranean area and in the global dimension. The third chapter deals with the perspectives of Maghreb economies and the possibilities of reaching them. It evaluates the existing success of integration efforts in the region, in the Euro-Mediterranean area, but also the cooperation throughout the world economy.

Cette thèse regroupe trois articles sur les déséquilibres macroéconomiques en Europe, que ces déséquilibres se manifestent par une divergence entre pays membres de la zone euro, ou par une déformation du partage de la richesse entre travail et capital. Depuis l’introduction de l’Euro jusqu'à la crise financière globale de 2008, les déséquilibres macroéconomiques se sont creusés parmi les États membres : les prix et les salaires entre pays ont augmenté beaucoup plus rapidement dans les pays les plus pauvres initialement que dans le reste de la zone. Ces déséquilibres étaient tout d’abord perçus comme reflétant un processus de rattrapage. Cette interprétation a été remise en cause à partir de la crise financière globale de 2008. Ils ont été pointés du doigt comme reflétant de «mauvais» déséquilibres, signes d’une perte de compétitivité dans la « périphérie » de la zone euro. Les deux premiers chapitres identifient les facteurs à l’origine de ces déséquilibres. Ils montrent qu’ils sont en grande partie la conséquence de l’intégration économique elle-même. Le troisième chapitre s’intéresse au partage de la richesse entre travail et capital. Depuis le début des années 1980, la part de la richesse distribuée au travail a diminué dans les pays européens. En parallèle, la part des profits distribués aux actionnaires sous forme de dividendes et de rachats d’actions a augmenté. Ce chapitre suggère que sont en cause des changements dans la gouvernance des entreprises. Ces changements se manifestent par un rôle accru des investisseurs institutionnels dans le capital des sociétés non-financières, qui sont alors amenées à faire prédominer la rémunération des actionnaires au détriment du travail. / This doctoral thesis gathers three articles on macroeconomic imbalances in Europe. It deals with two types of imbalances: imbalances among European countries, and within these countries, in the distribution of income between labour and capital. From the Euro inception up to the 2008 global financial crisis, macroeconomic imbalances widened among Member States. This divergence took the form of strong differences in the dynamics of prices and wages: they increased much faster in "peripheral" economies than in "core" countries. These imbalances were first interpreted as reflecting a catch-up and convergence process of the poorest countries of the area. Both economists and policymakers challenged this view in the aftermath of the 2008 recession. Imbalances were then pointed out as reflecting a broader competitiveness problem in the "sinful periphery" compared to the "virtuous core". The first two chapters ask what are the main contributors to these imbalances. They argue that, in peripheral economies, they mostly reflect the process of economic integration. The third chapter focuses on the distribution of income between labour and capital. Since the early 1980s, there has been a decline in the share of income accruing to labour in European countries. This decline was parallel to an increase in the profit share, that reflects mostly the dynamics of payouts (dividends and buybacks) to shareholders. This chapter argues that these trends could be linked to recent trends in firm ownership. Non-financial corporations are increasingly owned by institutional investors, whom exert pressures for tighter governance in favor of shareholders and to the expense of labour.

Partant de la théorie de la concurrence des monnaies internationales, notre travail de thèseanalyse le rôle du renminbi dans l’économie mondiale. Cette nouvelle approche amène àréfléchir sur la configuration du système monétaire international du XXIe siècle. La premièrepartie retrace la longue marche du dollar qui finira par supplanter progressivement la livresterling. L’inertie monétaire observée pour la livre sterling se retrouve également au niveaudu dollar. De ce fait, la réforme du SMI actuel suivra un chemin semé d’embûches. Le SMIfondé sur le dollar n’est ni efficient, ni équitable. C’est pourquoi, un SMI multipolaire estsouhaitable à long terme. Le polycentrisme monétaire, dont on parle depuis le début durégime des changes flottants, deviendrait alors une réalité. Parmi les concurrents potentiels dudollar, le renminbi se positionne comme un sérieux outsider. D’ailleurs, notre analyse montrequ’il est déjà la troisième monnaie en termes de compétitivité. La deuxième partie metl’accent sur l’internationalisation du renminbi. Depuis les réformes économiques initiées dansles années 1980, la Chine a connu une croissance sans précédent par rapport aux sièclesderniers. Grâce à ce remarquable essor, il est fort possible que le renminbi rejoigne un jour leclub très fermé des monnaies internationales. Mais, la Chine souffre également de nombreuxhandicaps, liés en particulier au contrôle du compte financier et au régime de change. Ce quisuppose que le billet rouge deviendra une monnaie régionale avant d’être internationale. Latroisième partie étudie l’émergence du SMI tripolaire centré sur le dollar, l’euro et le renminbi,et ses conséquences sur l’économie mondiale. Sur la base de notre analyse, nous concluonsque le SMI actuel est déjà en partie tripolaire. Ceci contribue à sa stabilité mais sans résoudrele dilemme de Triffin ni apporter de véritables gains commerciaux à l’économie mondiale.Nous sommes aujourd’hui en train d’évoluer vers un vrai SMI tripolaire, une évolution quidépendra de la compétitivité future de l’euro et du renminbi, de manière à surclasser laposition dominante du dollar. / Based on the theory of international currency competition, our thesis work analyzes the roleof the renminbi in the global economy. This novel approach allows us to reflect on the statusof the international monetary system in the 21st century. The first part follows the longprocess of the dollar, progressively replacing the pound sterling. The monetary inertiaobserved in the pound sterling was also found in the dollar today. Consequently, thereformation of the current IMS follows a path which is full of hazards. The IMS based on thedollar is neither efficient nor equitable. So, a multi-polar IMS is desirable in the long run.Monetary polycentrism, as talked about since the beginning of floating changes, wouldbecome a reality. Among the potential competitors of the dollar, the renminbi plays the role ofan outsider, and our analysis shows that the renminbi is already the third currency in terms ofcompetitivity. The second part focuses on the internationalization of the renminbi. Since theeconomic reforms in the 1980s, China has experienced a significant growth that has neverbeen seen in previous centuries. Taking into account the rise of China, it is entirely possiblefor the renminbi to become a new international currency. However, China still suffers from anumber of handicaps, in particular the control of financial accounts and exchange rate regime,which supposes that the red bill will become a regional currency before being international.The third part analyses the emergence of tri-polar IMS, centered on the dollar, the euro, andthe renminbi, and its consequences on the global economy. According to our analysis, weconclude that the current IMS is already partly tri-polar, which contributes to the stability ofthe IMS without solving the Triffin dilemma, but brings little commercial gain to the globaleconomy. Today, we are evolving towards a real tri-polar IMS. Yet, this evolution depends onthe future competitivity between the euro and the renminbi in such a way as to surpass thedominant position of the dollar.

Une trace est une suite d’empreintes, laissées par le passage d’un être ou d’un objet – c’est donc avant tout l’indice d’un chemin parcouru. C’est à ce déplacement dans le temps et dans l’espace qu’invitent mes travaux de recherche dont l’objectif est de suivre Edith Wharton « à la trace ». La trace, c’est d’abord, pour ce qu’elle nous apprend sur le voyageur et son rapport au monde, cette croisière en Méditerranée qu’elle entreprend en 1888 à bord du Vanadis. C’est également l’empreinte qui subsiste de cette expérience du voyage : un manuscrit dactylographié qui retrace le périple et rend compte du rapport particulier d’Edith Wharton à l’écriture.La trace – ce qu’on suit (« suivre à la trace ») – renvoie donc à une double activité : d’une part au voyage lui-même, d’autre part, à l’exploration de toutes les pistes que j’ai cru bon d’ouvrir à partir du document originel : sur la vie et l’œuvre d’Edith Wharton, sur son environnement socio-culturel et sur le genre de la littérature de voyage – toute une série d’empreintes, donc de signes conduisant à de nombreux signifiés. La question demeure toujours, en dernier ressort, de savoir si les signifiés que croit avoir découvert le chercheur sont bien ceux de l’écrivain. / A trace is both a material imprint and a trail or series of imprints, marking the passage of a being or an object in transit; it can therefore be understood as the material evidence of a path that has been pursued. In the particular context of this research, the term trace refers first and foremost to the record of a sea voyage. This unpublished journal, kept by Edith Wharton, gives an account of the various stages of the Mediterranean cruise she made in the yacht, the Vanadis, in the spring of 1888.This long book is of particular interest, insofar as it, not only gives a fascinating account of the response of a young nineteenth-century cultivated American to the different cultures discovered in the course of a voyage leading her from North Africa to the Greek Islands and the shores of the Adriatic, but also provides valuable insight into the early responses of an artist in the making.The term “trace” therefore refers to both these aspects: first the voyage itself, the places visited, their physical features and historical significance; secondly the traces left by the visitor who embarked on this adventure at a turning point in her life. The sentiment that the future artist is poised at the crossroads of her existence, leads the researcher – in an attempt to leave as few stones as possible unturned – on a trail leading back to her past and forward to her future. This investigation would not be complete without a survey of travel literature, as the particular genre Edith Wharton has chosen as her means of expression. All these traces unite to form a series of “signs” (in the Saussurian sense of the word), which the researcher endeavours to interpret in the hopes of understanding what is “signified” on a deeper level.

The aim of the present study was to estimate the correlation between Euro NCAP pedestrian rating scores and injury outcome in real-life car to pedestrian crashes, with special focus on long-term disability. The study also surveyed most frequently injured body regions and risk differences for specific elements of pedestrians hit by cars. Another aim was to determine whether Brake Assist systems affect the injury outcome in real-life car to pedestrian crashes and to estimate the effect in injury reduction of a high Euro NCAP ranking score combined with Brake Assist. In the current study, the Euro NCAP pedestrian scoring was compared with the real-life outcome in pedestrian crashes that occurred in Sweden 2003-2010. The real-life crash data was obtained from the data acquisition system STRADA, which combines police records and hospital admission data. The medical data consisted of International Statistical Classification of Diseases and Related Health Problems (ICD) diagnoses and Abbreviated Injury Scale (AIS) scoring. In all approximately 500 pedestrians submitted to hospital were included in the study. Each car model was coded according to Euro NCAP pedestrian scores. In addition, the presence or absence of Brake Assist (BA) was coded for each car involved. Pedestrians were grouped according to associated car scoring. Injury outcomes were analyzed with AIS and, at victim level, with permanent medical impairment. This was done by translating the injury scores for each individual to Risk of Serious Consequences (RSC) at 1, 5 and 10% level of medical disability or more. This indicates the total risk of a medical disability for each victim, given the severity and location of injuries. The mean RSC (mrsc) was then calculated for each pedestrian group and t-tests were conducted to ensure statistically significant differences in mrsc between groups. The results showed a significant reduction of injury severity for pedestrians hit by cars with better pedestrian scoring, although pedestrians hit by cars with a high score (three or four stars) could not be studied, due to lack of cases. The reduction of RSC for pedestrians hit by medium performing (two-star) cars in comparison with pedestrians hit by low performing (one-star) cars was 12, 19 and 28% for 1 ,5 and 10% of medical impairment or more, respectively. These results applied to speed limits up to 90 km/h. In urban areas with speed limits up to 50 km/h the reduction of RSC was 17, 26 and 38% for 1, 5 and 10% of medical impairment or more, respectively. Car to pedestrian crashes was most common at speed limits up to 50 km/h and leg, arm and head were the most frequently injured body regions. RSC for pedestrians hit by cars with Brake Assist was not statistically significant lower than for pedestrians hit by cars without Brake Assist. RSC for pedestrians hit by two-star cars with Brake Assist was 19, 31 and 46% lower for 1, 5 and 10% of medical impairment or more, respectively, compared to pedestrians hit by one-star cars without Brake Assist. A significant correlation between Euro NCAP pedestrian score and injury outcome in real-life car to pedestrian crashes was found. The injury reduction was found to be larger for higher severity and level of permanent medical impairment. Car to pedestrian crashes was most common at lower speed zones. Leg, arm and head were the most frequently injured body regions. Brake Assist had no statistically significant effect measured in RSC on car to pedestrian crashes in this material. A high Euro NCAP scoring combined with Brake Assist was shown to give a high effect in reduction of RSC for pedestrians. / Syftet med denna studie var att uppskatta korrelationen mellan Euro NCAPs testresultat för fotgängarskydd och skadeutfall i verkliga olyckor med fotgängare och personbilar, med särskilt fokus på skador som ger medicinsk invaliditet. I studien kartlades även de mest frekvent skadade kroppsregionerna och riskskillnader för särskilda faktorer för fotgängare påkörda av personbilar. Studien syftar dessutom till att undersöka bromsassistanssystems påverkan av skadeutfallet för fotgängare i verkliga olyckor med personbil och att uppskatta den skadereducerande effekten av en hög Euro NCAP-poäng kombinerat med en bromsassistansutrustning. I denna studie var Euro NCAPs fotgängarskyddspoäng jämförd mot skadeutfallet i verkliga olyckor som skett i Sverige 2003-2010. Data från verkliga olyckor inhämtades från databasen STRADA (Swedish Traffic Accident Data Acquisition) som kombinerar polis- och sjukvårdsrapporterad data. De medicinska data innehåller diagnoser av typen ICD (International Statistical Classification of Diseases and Related Health Problems) och värden för AIS (Abbreviated Injury Scale). I helhet var omkring 500 fotgängare inkluderade i studien. Varje enskild personbilmodell kodades enligt Euro NCAPs fotgängarskyddspoäng. Dessutom kodades förekomst eller avsaknad av bromsassistansutrustning för varje enskild personbil inkluderad i studien. Fotgängarna grupperades enligt påkörande personbils fotgängarskyddspoäng. Skadeutfallet analyserades med AIS, på individnivå och med medicinsk invaliditet. Detta gjordes genom översättning av skadeutfall för varje fotgängare till risk för allvarliga konsekvenser (RSC, Risk of Serious Consequences) på 1, 5 och 10 % medicinsk invaliditet eller mer. Detta påvisar den totala risken för medicinsk invaliditet med hänsyn till skadegrad och -lokalisering. Medelvärdet av RSC (mrsc) beräknades sedan för varje fotgängargrupp och t-test utfördes för att säkerställa statistiskt signifikanta skillnader mellan gruppernas mrsc. Resultaten visade en signifikant skadereduktion för fotgängare påkörda av personbilar med en högre fotgängarskyddspoäng, trots att fotgängarolyckor med personbilar som har hög poäng (stjärnbetyg tre och fyra) inte kunde studeras på grund av fåtaligt antal olycksfall. Reduktionen av RCS för fotgängare påkörda av medelpresterande (stjärnbetyg två) personbilar i jämförelse med fotgängare påkörda av lågpresterande (stjärnbetyg ett) personbilar var 12, 19 och 28 % för 1, 5 respektive 10 % medicinsk invaliditet eller mer. Dessa resultat gäller olyckor på vägar med hastighetsgräns upp till 90 km/h. I stadsmiljö med hastighetsgräns upp till 50 km/h var reduktionen av RSC 17, 26 och 38 % för 1, 5 respektive 10 % medicinsk invaliditet eller mer. Fotgängarolyckor med personbil var vanligast på vägar med hastighetsgräns upp till 50 km/h och ben, arm och huvud var de mest frekvent skadade kroppsregionerna. RSC för fotgängare påkörda av personbilar utrustade med bromsassistans var inte statistiskt signifikant lägre än för fotgängare påkörda av personbilar utan bromsassistansutrustning. RSC för fotgängare påkörda av tvåstjärniga personbilar utrustade med bromsassistans var 19, 31 och 46 % lägre för 1, 5 respektive 10 % medicinsk invaliditet eller mer jämfört med fotgängare påkörda av enstjärniga personbilar utan bromsassistansutrustning. En signifikant korrelation mellan Euro NCAPs fotgängarpoäng och skadeutfall i verkliga fotgängarolyckor med personbil påträffades. Skadereduktionen visade sig vara högre för högre skadegrad och nivå av medicinsk invaliditet. Det var vanligare att personbilar kör på fotgängare på vägar med lägre hastighetsgräns. Ben, arm och huvud var de mest frekvent skadade kroppsregionerna. Bromsassistans hade inte en statistiskt signifikant effekt mätt i RSC för fotgängarolyckor i detta material. En hög Euro NCAP poäng kombinerat med bromsassistansutrustning visade sig ge en hög effekt av att reducera fotgängares RSC.