This study achieved a group of objectives such as measuring the impact of theEU's decisions on trust-based, nationalism-based, and religion-based Euro-skepticism, measuring the impact of the EU's decisions on overall Euro-skepticism, and searching and investigating the reasons behind Euro-skepticism in detail by conducting content analysis on statements of two Turkish nationalist and religious peripheral parties' elites.The study basically asked two important questions about Euro-skepticism and answered each question by testing four main hypotheses. The hypotheses were tested on two different parties, ,the Nationalist Action Party and the Felicity Party, and on two different events (on December 17,2004 and on October 03,2005). Since the study had 4 general hypotheses, the total hypothesis testing occurred 16 times. To be able to prove the hypotheses, the content analysis technique was used on the data that was collected from two newspapers: pro-MHP Ortadogu and pro-SP Milli Gazete. Each hypothesis was tested by using the two sample z-Test formula.The findings show that the two decisions by the EU did not have any impact on religion-based and trust-based Euro-skepticism. Only the first event had an impact on the nationalism-based Euro-skepticism of both political parties and overall Euro-skepticism of the MHP. The findings showed that 3 of the testing had a negative impact and 13 of them had no impact at all. No positive impact was found at the 0.05 level. Only one of them, trust-based, showed significance at the 0.10 level. The results showed that the decisions of the European Union either did not change the Euro-skepticism or if there was a change it was in a negative way. By the end of the second event, trust-based Euroskepticism of SP showed a decrease at the 0.10 level.The results of this study were associated with the social identity theory, with a group's status as a peripheral party, and the policy requirements of the EU regarding Turkey's sensitive issues.

In this work, I analyse inappropriateness of single monetary policy in the euro area and its impact on credit growth for the oldest twelve euro members and a time period spanning 1999Q1-2013Q3. The inappropriateness is expressed by deviations of actual interest rate from Taylor rule prescriptions. The obtained results are in line with a majority of existing literature since they show that the ECB's single interest rate was the least suitable for the so called PIIGS countries prior to the recent economic crisis. The impact of the deviations on credit growth is estimated econometrically by dynamic panel data estimation. The findings confirm my hypothesis that the deviations from the Taylor rule have a significant positive effect on credits volume, i.e. the higher is the Taylor rule prescription above the actual rate, the higher is the credit growth.

This paper estimates the determinants of exchange rate variability for 21 developed economies in 1980-1998. The results show that traditional criteria implied by the optimum currency area (OCA) theory, such as business cycle synchronisation, trade linkages and economy size, determine to a large extent bilateral exchange rate variability. Using the ordinary least squares estimation, we compute OCA indices for European economies vis-à-vis Germany and identify countries showing consistently large or little signs of convergence. We find that since 1998, most European developed economies have converged to Germany whether or not they are using the euro, suggesting that structural similarity is not driven solely by monetary integration. Our results from the model estimated by the generalized method of moments suggest that two additional criteria reflecting labour market flexibility and private credit growth are significant in explaining the exchange rate variability and lead to a ranking of countries different from the traditional approach. We find a positive relationship between the OCA indices and GDP decline during the economic crisis of 2008-09, which further supports the view that the OCA index is a useful indicator of the candidates' readiness to join the Euro Area. We apply the results to the...

Considérant les fragilités d’une union monétaire hétérogène, ainsi que l’incapacité de la politique monétaire unique pour stabiliser les cycles financiers nationaux, des nouveaux outils pour sauvegarder la stabilité financière sont de rigueur dans l’Union Economique et Monétaire (UEM). En réponse à la crise financière, les économies avancées ont fortifié la boite à outils avec l’approche macroprudentielle à la réglementation prudentielle ; à savoir la pratique de se servir des instruments prudentiel dans le but de protéger la santé du système financier dans sa globalité et l’économie réelle, et plus seulement la santé des banques individuellement. La politique macroprudentielle porte sur ses épaules la responsabilité de maîtriser le risque systémique dans l’Union, mais les hétérogénéités nationales qui la caractérisent entraînent des redoutables défis. Cette thèse a comme but d’enrichir le débat en examinant comment les hétérogénéités macrofinancières et institutionnelles peuvent conditionner la conduite des politiques macroprudentielles. Il s’agit d’un sujet souvent abordé dans la littérature macroéconomique d’après-crise, mais la réflexion est souvent fondée sur des prémisses ne prenant pas compte des complexités inhérentes aux concepts fondamentaux, tels que la stabilité financière elle-même. Plutôt que construire des modèles davantage sophistiqués visant à incorporer toutes les dimensions du phénomène, il est possible d’améliorer l’exercice de modélisation en portant en réévaluant les bases conceptuelles. Pour cette raison, le premier chapitre est dévoué à un survol critique de la littérature dans lequel on identifie plusieurs points de tension souvent ignorés, puis on les interprète dans le contexte de l’UEM. Sur la base des enseignements du chapitre I, le chapitre II aborde la question de s’il est souhaitable que les régulateurs se soucient de stabiliser le cycle financier national en présence d’effets de report transfrontaliers, tel que dans le régime en vigueur. Dans ce but, on se sert d’un modèle statique Néo-Keynésien à deux pays où l’utilisation du coussin de fonds propres contracyclique dans le cœur nuit à la stabilité financière de la périphérie via le marché interbancaire. En comparant une règle de stabilisation nationale à un régime où le régulateur du cœur internalise les effets de report, on cible des scénarios où le statu quo se révèle sous-optimal. Finalement, le chapitre III s’intéresse aux importantes divergences institutionnelles qui existent entre les régulateurs nationaux. En examinant l’information officielle, ainsi que les évaluations du FMI et du FSB, on documente les différences qualitatives dans le cadre de gouvernance à travers six axes : mécanismes de coordination, complétude des instruments, indépendance, fluidité du processus de décision, force du mandat légal, degré de transparence et recours à la communication. Sachant que les caractéristiques institutionnelles affectent la vitesse de réaction, on propose un index synthétique comparatif pour capturer quantitativement comment ces divergences institutionnelles sont susceptibles d’influencer le biais à l’inaction. On trouve que les pays sont inégalement protégés contre le biais d’inaction, mais qu’il existe différentes approches possibles pour créer des cadres de gouvernance résilients. / Given the fragilities of a heterogenous monetary union and the inability of the single monetary policy to lean against the wind of national financial cycles, new policies to defend financial stability in the European Monetary Union (EMU) are of the upmost importance. In response global financial crisis, advanced economies have supplemented their policy arsenal with a macroprudential approach to financial regulation, the practice of using prudential regulation to protect the health of the financial system and the economy as a whole, rather than just the health of individual institutions. Policymakers have unambiguously placed the task of containing systemic financial risk on the shoulders of macroprudential policy, but the national heterogeneities that characterize the Euro area pose significant challenges. The purpose of this thesis dissertation is to enrich the debate surrounding Euro area macroprudential policy by exploring how macrofinancial and institutional heterogeneity can condition its proper conduct. Macroprudential policy is a popular subject in post-crisis macroeconomics, but analysis is often built on premises that fail to acknowledge the complexities inherent to its most basic concepts, such as financial stability itself. Rather than building ever-more complex models that aim to incorporate all the dimensions of the phenomenon, the problem can be addressed by conducting a critical reflection on the field’s conceptual bases before formulating a model’s assumptions. In the first chapter, we conduct a critical review of the literature and identify several points of tension, interpreting their implications for the Euro area case. Based on the insights of chapter I, chapter II revisits the question of whether it is ideal for regulators to keep a narrow focus on national financial stabilization in the presence of cross-border spillovers, as is currently done. To do so, we build a static two-country New-Keynesian model where countercyclical capital regulation in the core affects financial stability in the periphery through the interbank market. By comparing national stabilization rules to a regime where the core regulator internalizes the spillover, we identify scenarios where the status quo is suboptimal. Finally, chapter III examines the significant institutional differences that exist among EMU national regulators. By reviewing official information , as well as assessment reports from the IMF and the FSB; we map the qualitative differences of national governance frameworks across six dimensions: presence of coordination mechanisms, completeness of instruments, independence, decision-making expeditiousness, strength of the legal mandate, use of communication and transparency. Given that institutional characteristics influence reactivity, we aim to quantify how this institutional heterogeneity affects the vulnerability to inaction bias through a comparative synthetic index. We find that countries are unequally protected against inaction bias, but there are several possible approaches to building robust governance frameworks.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-02-16T12:25:33Z No. of bitstreams: 1 Emelson Macedo Martins Pereira.pdf: 1309491 bytes, checksum: e34a0b2ff56ad35bf4992da520243e1c (MD5) / Made available in DSpace on 2017-02-16T12:25:33Z (GMT). No. of bitstreams: 1 Emelson Macedo Martins Pereira.pdf: 1309491 bytes, checksum: e34a0b2ff56ad35bf4992da520243e1c (MD5) Previous issue date: 2016-11-28 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / There is a turbulence in the recent history of the common European currency. The public debt crisis in the Eurozone has caused discussions about the monetary integration process. Until then, the Economic and monetary european union served as a reference for agreements such as Mercosur and NAFTA. In recent years, as an effect of the global economic crisis of 2008, a strong deficit increase has occurred in the Eurozone’s countries due to the need to stimulate demand and prevent bankruptcy of large private banks. Consequently, the public debt crisis in Greece, Italy, Ireland, Portugal and Spain creates uncertainty about the euro’s future. The public expenditure cuts, freezing of salaries, pensions and tax increment were immediate alternatives to contain deficits. Political and economic differences re-emerged on the continent, undermining the pact resulting from attempts to integrate the continent economically and politically. Thus, the European Union is experiencing the most controversial situation in its history. The main objective of this research is to understand the roots of the European economic crisis and investigate instruments for its containment, permeating the orthodox, keynesian and marxist paradigms / Há uma turbulência na história recente da moeda comum europeia. A crise da dívida pública na zona do euro vem ocasionando debates acerca do processo de integração monetária. Até então, a União econômica e monetária europeia (Ueme) servia como fonte de referência para acordos como o Mercosul e o NAFTA. Nos últimos anos, como efeito da crise econômica mundial de 2008, notou-se grande elevação dos déficits nos países da zona do euro em decorrência da necessidade de estímulo à demanda e de impedir que houvesse falência de grandes bancos privados. Consequentemente, a crise da dívida pública na Grécia, Itália, Irlanda, Portugal e Espanha gera incerteza com relação ao futuro do euro. Os cortes de gastos públicos, o aumento de impostos e congelamento de salários e aposentadorias foram alternativas imediatas para a contenção dos déficits. As divergências políticas e econômicas reemergiram no continente, abalando o pacto resultado de décadas de tentativas para integrar econômica e politicamente a Europa. Dessa forma, a União Europeia atravessa a situação mais controversa de sua história. O objetivo central da pesquisa é entender as raízes da crise econômica europeia e investigar os instrumentos para sua contenção, permeando os paradigmas ortodoxo, keynesiano e marxista

Pallets play a very important role in whole distribution systems through the supply chain. Such a fact alone shows the importance of pallets in today’s fast growing global logistics. Due to the increasing number of regulations and policies regarding natural resource conservations and also sustainable development, the issue of pallet utilization, reuse and recycling matters became the core concern in most of the researches performed in this field.As a consequence, the presented report discusses the current problems, requirements and debates around pallets utilization in distribution systems in depth along with the other affecting factors such as Cost, Environment, Materials, Sustainability, Information Technology and so forth. To achieve such goals, the first step is recognizing the mass Industrial production factors and global market requirements for the current and future of pallet utilization in order to achieve the desired efficiency and effectiveness in practice with focus on standardized pallets utilization in specific regions like European Union.The second step is the considering of various pallet types compatibility in different environments with respect to unit load assignments both at present and future. The third step is to challenge the obtained data and observed results and also, to verify them according to the foreseen future requirements, tendencies and demands of pallets and unit loads assignments through the international logistics providers. The last step which is as well the most important part of this thesis report is, to put the information together in order to clarify and specify the encountered difficulties regarding usage of pallets with concentration on cost, environment and ergonomic issues.

What explains IMF behavior in Europe between 2008 and 2012? Harshly criticized in Greece, yet tentatively praised in Hungary, the institution found itself playing different roles as it responded to a string of financial crises. Its programs varied substantially in terms of conditionality, financing, and private sector involvement. This thesis explores why, highlighting the changing global financial safety net, which is both expanding and becoming more decentralized due to the spectacular rise of regional financing arrangements (RFAs). Existing theories of IMF behavior assume the Fund to be a stand-alone institution and analyse financial assistance as the outcome from the interplay between creditors, borrowers, and staff. By focusing on dynamics within the IMF, however, they miss how developments outside the institution are increasingly shaping its behavior. This thesis brings in the role of changes in the institutional environment by drawing on the literature on regime complexity. The proliferation of RFAs alters the outside options of all actors, which affects their bargaining power. This opens the way for new strategies, through which creditors can entangle institutions by creating overlaps, borrowers can engage in confrontation between alternative financing institutions, and the IMF can find means to co-work with RFAs. These in turn affect whose preferences shape program design. This argument is tested empirically through process-tracing and comparing three cases of IMF-RFA cooperation in Europe. In Hungary, the IMF led the way in shaping a surprisingly 'generous' program with little constraint from the EU. However, in Latvia, the Fund found itself a 'junior partner' in a program driven by local authorities with the support of an European RFA. In Greece, the interests of creditors were paramount, securing IMF acquiescence through the threat of exclusion. These findings point to significant challenges for the Fund going forward. As RFAs continue to proliferate around the world, the IMF needs to avoid the temptation of striking even more Faustian bargains that keep it at the table of financial assistance at the cost of becoming a junior partner.

The main goal of this thesis is to analyze the topic of the endogeneity of OCA criteria with the focus on the Euro area and simulate the adoption of Euro in Czech Republic. The paper is organized as follows. Firstly the theory of the Optimal Currency Area (OCA) and the comparison of the costs and benefits of currency union are explained. In next chapter the literature review is given. The most important and most recent studies dealing with the shock asymmetry and integration, eastern enlargement of European Union and the endogeneity hypothesis are presented. In the fourth chapter the Euro adoption in Czech Republic is simulated. According to studies handling with the Euro introduction the expectations of the impact of Euro adoption in the Czech economy are presented. The fourth chapter includes the description of the data, the model and results.

This thesis is principal focused on the question of the future existence and sustainability of the European integration project and its monetary element -- euro-area related to the competitiveness due to consequences of the global financial crisis, present situation and debt difficulties affecting states of Southern Europe, business and financially connected with other European countries. In my considerations and conclusions I also deal with prospective estate in case of various changes of the integration including disintegration, end of the single currency, as well as the factors, that might cause these changes and inflict serious consequences. It is necessary to reveal if the formed situation is acceptable for the member states. The aim of the thesis is to characterize and provide a piece of information about existing progress of the European integration in relation to treaties including competitiveness rating, outline serious issues especially endangering the euro-area and future stability of the whole European Union and analyze its impact, propose solutions and possible scenarios, eventually assess development perspectives and sustainability of the European Union as a complex.

La thèse expose tout d'abord, dans une première partie, la généalogie d'une tradition hétérodoxe, appelée « approche monétaire holiste », qui refuse les thèses dichotomiques, la conception classique du voile monétaire, et elle montre les proximités de ces positions avec une tradition qui consiste à penser la monnaie comme un « fait social total » mettant en jeu beaucoup plus que les trois fonctions économiques habituellement attribuées à la monnaie. Les travaux récents menés en France autour d'Aglietta et Orléan s'inscrivent dans cette tradition. La thèse s'appuie également sur des théories développées dans le sillage de Keynes qui partagent avec les approches en terme de fait social une méthodologie holiste se traduisant par une prééminence de l'analyse macroéconomique, cette dernière permettant véritablement de situer la monnaie à la base de l'économie. La thèse montre ainsi dans une deuxième partie que les thèmes mis en lumière d'un côté par la macroéconomie post-keynésienne (l'incertitude radicale, la monnaie endogène, etc.) et de l'autre par les nouvelles approches institutionnalistes de la monnaie (la légitimité, la confiance, la souveraineté, la monnaie comme lien social, etc.) permettent, en étant appréhendés ensemble, de mieux comprendre la situation actuelle de l'euro et de la politique monétaire de la Banque Centrale Européenne en répondant à deux questions d'égale importance mais le plus souvent non résolues globalement par les économistes : la question de l'intégration de la monnaie dans l'analyse économique et la question de l'acceptation de cette monnaie par les agents économiques.