Tilly / Heise 50 Years of EU Economic Dynamics

Integration, Financial Markets and Innovations
1. Auflage 2007
ISBN: 978-3-540-74055-1
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)

E-Book, Englisch, 356 Seiten

Experts present their analyses of historical developments as well as new economic challenges for the European Union. Contributors, representatives from major banks and academia, point out the dramatic economic shifts among and within Europe, Asia, and the United States. At the bottom line of this EU analysis are major implications for investors, managers, policymakers, and the public at large in both the EU and the rest of the world.

Autoren/Hrsg.

Tilly, Richard

Heise, Michael

Inhaltsverzeichnis

1;Table of Contents;5
2;Introduction;13
3;A. The European Union 50 Years On: Some Comments on Its Early History;23
3.1;A.1. Introduction;23
3.2;A.2. Historical Background and Economic Nationalism;23
3.3;A.3. Post-1945 European Economic Integration;25
3.4;A.4. Conclusion;34
3.5;References;34
4;B. Global Shift – The European Union, the United States, and the Emergence of China;36
4.1;B.1. Introduction;36
4.2;B.2. Population;38
4.3;B.3. Economic Activities;40
4.4;B.4. International Trade and Economic Integration;44
4.5;B.5. International Finance and Economic Integration;51
4.6;B.6. Summary and Conclusions;53
4.7;References;54
5;C. Growth and Competitiveness in Euro Area Economies;57
5.1;C.1. Introduction;57
5.2;C.2. Conditions and Policies for Higher Euro Area Growth;58
5.3;C.3. Output Growth Differentials in the Euro Area Countries;60
5.4;C.4. Competitiveness of the Euro Area Countries;62
5.5;C.5. Inflation and Cost Differentials Across the Euro Area Countries;63
5.6;C.6. Structural Reforms for Higher Growth and Improved Competitiveness;66
5.7;C.7. Conclusions;67
5.8;References;68
6;D. Financial Market Integration and Monetary Policy;69
6.1;D.1. Filling the Gaps in the Chain of Substitution;69
6.2;D.2. Integration of Financial Markets: Concepts and Indicators;70
6.3;D.3. Financial Markets Heterogeneity: Consequences for Monetary Policy;77
6.4;D.4. Pushing Back Limits to Arbitrage – Integration Through Markets;80
6.5;D.5. By Way of Concluding – Variety Is Manageable;82
6.6;References;83
7;E. Instability of the Eurozone? On Monetary Policy, House Prices and Structural Reforms;85
7.1;E.1. Introduction;85
7.2;E.2. Monetary Policy for a Slow Growth Economy and Structural Reforms in Europe;87
7.3;E.3. What Kind of Monetary Policy for a Slow Growth Economy?;92
7.4;E.4. The European Monetary Policy in a Large and Diversified Economic Zone;104
7.5;E.5. Policy Conclusions;112
7.6;Appendix E.1;114
7.7;References;115
8;F. Financial Markets and Global Integration;119
8.1;F.1. Introduction;119
8.2;F.2. Levels of Financial Integration;119
8.3;F.3. Benefits of Financial Integration;122
8.4;F.4. Financial Market Integration and Investor Behaviour;126
8.5;F.5. The Future for Financial Market Integration;129
8.6;References;131
9;G. Banking, Financial Market Dynamics and Growth in the EU Single Market;133
9.1;G.1. The Importance of Financial Markets to Economic Growth;133
9.2;G.2. The Euro and the Wholesale Market;134
9.3;G.3. Retail Markets Still Domestically Focused;135
9.4;G.4. Conclusion;136
9.5;References;137
10;H. Banking, Financial Market Structures and Growth in the EU Single Market;139
10.1;H.1. Evolution of Financial Integration in the EU;139
10.2;H.2. Integration of Wholesale Markets;140
10.3;H.3. Integration of Retail Markets;141
10.4;H.4. Integration of Infrastructures;142
10.5;H.5. Institutional Integration;142
10.6;H.6. Integration of Prudential Supervision;144
10.7;H.7. Certain Conclusions;145
11;I. Information and Communication Technology: Dynamics, Integration and Economic Stability;146
11.1;I.1. Introduction;146
11.2;I.2. Economic Development, Adjustment and Outsourcing;151
11.3;I.3. Economic Stability: ICT and FDI in a Modified Dornbusch Model;175
11.4;I.4. Challenges: Regulatory Policy and Life-Long Learning;180
11.5;Appendix I.1: Modified Dornbusch-Model (Welfens 2006);187
11.6;References;188
12;J. The Role of Information and Communications Technology in Improving Productivity and Economic Growth in Europe: Empirical Evidence and an Industry View of Policy Challenges;192
12.1;J.1. Introduction;192
12.2;J.2. The Relevance of ICT for Productivity and Economic Growth;193
12.3;J.3. Unleashing the Growth Potential of ICT in Europe: Policy Challenges and Recommendations from an Industry Perspective;199
12.4;J.4. Conclusion;208
12.5;References;209
13;K. Growth, Jobs and Structural Reform in France;211
13.1;K.1. GDP per Capita: Poor Apparent Performance, Complicated Contributions;211
13.2;K.2. Low Employment Levels: Reasons and Reforms Implemented or Needed;212
13.3;K.3. What About Productivity?;214
14;L. Growth, Jobs and Structural Reform in the Netherlands;216
14.1;L.1. On the Importance of Economic Policies;216
14.2;L.2. Structural Reform Progress: Some Basic Factors;217
14.3;L.3. Structural Reforms in the Netherlands8;220
14.4;L.4. And What Happened with the Dutch Economy fter 1983? a;222
14.5;References;223
15;M. Growth, Jobs and Structural Reforms in Greece;225
15.1;M.1. Introduction;225
15.2;M.2. A Broad Picture of Recent Economic Developments in Greece;225
15.3;M.3. Final Remark;231
15.4;References;231
16;N. Economic Catching-Up, Price Levels and Inflation Rates in Central and Eastern Europe;233
16.1;N.1. Introduction;233
16.2;N.2. The Prices of Market-Based Services;235
16.3;N.3. The Prices of Regulated Services and Goods;237
16.4;N.4. Residential Property Prices;241
16.5;N.5. Market-Based Goods Prices;243
16.6;N.6. Inflation Differentials: Other Structural and Cyclical Factors;247
16.7;N.7. Conclusion;249
16.8;References;250
17;O. On the Value and Need for Revising the Economic Policy Framework in the Union;252
17.1;O.1. Introduction;252
17.2;O.2. Background;252
17.3;O.3. Structural Reforms;254
17.4;O.4. Greater Internal Coordination;255
17.5;O.5. Monetary Policy;256
17.6;O.6. Fiscal Policy and the Stability Pact;256
17.7;O.7. Does Enlargement Affect the Need for Coordination?;257
17.8;O.8. Fiscal Policy;258
17.9;O.9. Labour Market Policies and Structural Reform;259
17.10;References;260
18;P. An Alternative Route to Europe – An Alternative for Europe?;261
18.1;P.1. Perspectives for Switzerland and the EU (A Pamphlet);261
18.2;References;263
19;Q. Remarks on the Future Challenges of the European Union;265
19.1;Q.1. Introduction;265
19.2;Q.2. Lacking but Wanted: Identity, Vision and Leadership;265
19.3;Q.3. The New External Framework of European Integration;267
19.4;Q.4. Three Levels of Reform Pressure;269
19.5;Q.5. Selected Areas of Challenges and Policy Imperatives;271
19.6;Q.6. Concluding Remarks;276
20;R. Applying a Comprehensive Neo- Schumpeterian Approach to Europe and Its Lisbon Agenda;279
20.1;R.1. Introduction;279
20.2;R.2. The Economic Substrate of the Lisbon Agenda;280
20.3;R.3. Comprehensive Neo-Schumpeterian Economics;281
20.4;R.4. The Indicator Based 3-Pillar Approach;284
20.5;R.5. Pattern Detection: Similarities and Dissimilarities;286
20.6;R.6. Empirical Results;288
20.7;R.7. Conclusions;298
20.8;Appendix R1: The Indicator-Based Pillar Model 2000;299
20.9;Appendix R2: The Indicator-Based Pillar Model 2005;301
20.10;Appendix R3: Country Abbreviations;302
20.11;References;302
21;S. Ageing and Economic Growth in Europe Assessing the Impact of Systemic Pension Reforms;304
21.1;S.1. Introduction;304
21.2;S.2. The Model;305
21.3;S.3. Model Calibration;312
21.4;S.4. Standard Policy Experiments;314
21.5;S.5. EU Pension Scenarios;316
21.6;S.6. Conclusions;320
21.7;References;321
22;T. The EU Emissions Trading System and Its Sustainability Impact on European Industry*;322
22.1;T.1. Introduction;322
22.2;T.2. The EU ETS: Political Background and the Mechanism;322
22.3;T.3. EU ETS: The Development;328
22.4;T.4. Impacts on Energy-Intensive Industries;333
22.5;T.5. Impacts Towards Sustainable Energy Supply Systems;337
22.6;T.6. Conclusions;339
22.7;References;340
23;U. Is a European Constitution for an Enlarged European Union Necessary? Some Thoughts Using Public Choice Analysis1;343
23.1;U.1. Introduction;343
23.2;U.2. Six Basic Elements of a Future European Constitution;344
23.3;U.3. The Design of European Legislation;346
23.4;U.4. The Subsidiarity and Federalism Principles as Safeguards Against Government Growth and Centralization Tendencies;348
23.5;U.5. The Tax Base of the European Government;350
23.6;U.6. Institutions of Direct Democracy in a Future European Constitution;351
23.7;U.7. Conclusions;353
23.8;References;354
24;List of Figures;359
25;List of Tables;362
26;List of Contributors;363