Cointegration between the European Union and the selected global markets following Sovereign Debt Crisis

Golab, Anna; Jie, Ferry; Powell, Robert; Zamojska, Anna

doi:10.21511/imfi.15(1).2018.05

Cited by 8 publications

(5 citation statements)

References 23 publications

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“…Although the consequences of this decision will be felt all over the World (Sampson, 2017;Simionescu et al, 2017;Simionescu, 2018), the EU, as the biggest UK trading partner will be amongst the most severely affected, with possible negative correction of its GDP by 0,5%. It is clear that it is necessary to study the financial dependence of the countries and their financial markets inside the EU (Golab A., 2018). The first, who experienced the Brexit effect were financial institutions, facing up to ten times bigger capital requirements than during financial crisis of 2008-2009(Carney, 2016.…”

Section: Theoretical Discussion On the Effect Of Brexit Onto Capmentioning

confidence: 99%

Brexit and EU Common Agricultural Policy: The possible consequences for Lithuania

Volkov¹,

Baležentis²,

Morkūnas³

et al. 2019

Economics &Amp; Sociology

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This paper examines the possible Brexit scenarios and their impacts on the Common Agricultural Policy (CAP) of the European Union (EU) with particular focus on Lithuania. The paper outlines the scientific discourse on the imminent modifications of the CAP after the Brexit along with changes in the EU budget. The paper was prepared during the beginning of Brexit negotiations, with withdrawal terms not being publicly disclosed. Thus, the most likely assumptions have been accepted in order to model the scenarios. The possible effects of Brexit on the agriculture of the small EU Member States are discussed taking the case of Lithuania as an example. The empirical analysis showed that, in the case of three different Brexitinduced CAP modifications, Lithuanian agricultural sector may lose 1% to 20% of financial support under the CAP direct payment mechanism. The corresponding loss under these scenarios is quantified for agricultural sectors of all the EU Member States.

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Section: Theoretical Discussion On the Effect Of Brexit Onto Capmentioning

confidence: 99%

Brexit and EU Common Agricultural Policy: The possible consequences for Lithuania

Volkov¹,

Baležentis²,

Morkūnas³

et al. 2019

Economics &Amp; Sociology

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“…The analysis of short and long-term dependencies takes place at multiple levels, i.e. between markets of different countries (Pynnonen and Knif 1998;Gilmore and McManus 2002;Égert and Kočenda 2007;Golab et al 2018) or of the same country (Patra and Poshakwale 2008;Ning et al 2019). The relationship between capital markets is also examined in the framework of market integration (Maneschiöld 2006;Horobet and Lupu 2009).…”

Section: Literature Reviewmentioning

confidence: 99%

Long-Term Relationships Between Mutual Funds and Equity Market

Matuszewska‐Janica

Żebrowska‐Suchodolska

2022

South East European Journal of Economics and Business

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Investment funds are an attractive form of investment, especially for those investors who do not want to invest on their own, but rather entrust their funds to professional managers. However, the question arises as to whether the fund managers can diversify the asset portfolio, or whether it is only a passive investment policy that largely imitates the stock market index. In this context, it becomes important to examine the long-term relationships between open-ended equity funds and the funds’ benchmarks (stock exchange indices). This study analyses series of weekly quotations for 15 FIOs and 4 indices of the Warsaw Stock Exchange (WSE) from 2004 to 2021. The Johansen method was used as the main tool. The results indicate a lack of long-term relationships between the quotations of the selected indices and the valuation of the vast majority of funds. This result may be due to the analysis covering quite a long period in which the stock exchange situation changed more than once. In the long-term, this may result in disturbances of the long-term balance to such an extent that the relation can no longer return to its long-term path, so the vast majority of the analysed funds do not follow the indices (their benchmarks). This observation can apply to both developed and emerging capital markets.

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“…The following euro area sovereign debt crisis increased the difficulties of banks. The government bonds they held turned into risky assets (Golab et al, 2018). The financial crisis and debt crises in the euro area left European banks with EUR1.0 trillion of non-performing loans (NPLs) (Figure 1).…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

European Deposit Insurance Scheme implementation: pros and cons

Kuznichenko¹,

Фролов

Orlov

et al. 2021

Banks and Bank Systems

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The creation of deposit insurance systems in world practice has become a tool for solving problems of maintaining the stability of banking systems, increasing customer confidence in banks and other credit institutions, and preventing cases of mass withdrawal of deposits during economic crises. The paper aims to examine why such an important pillar of the banking union as the European Deposit Insurance Scheme (EDIS) has not yet been implemented. The deadlock in the EDIS negotiations is unprecedented, and the likelihood that the agreement towards this pillar will be reached is rather low. The main reason for its blocking is the existing differences of interests between the main actors, and as a consequence, it makes the progress towards the completion of this process impossible. This study attempts to structure these interests, and it seems that the necessary tool to help bring them together is the concept of moral hazard. The results obtained confirmed the hypothesis that the main barrier for EDIS introduction is the severe difference of interest between countries that can be potentially major contributors and those that hope to benefit from that. Moreover, one of the arguments for such a delay is that cross-border subsidization leads to the problem when the country with better economic indicators pays for the debts of weaker economies as the costs should be socialized.

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Cointegration between the European Union and the selected global markets following Sovereign Debt Crisis

Cited by 8 publications

References 23 publications

Brexit and EU Common Agricultural Policy: The possible consequences for Lithuania

Brexit and EU Common Agricultural Policy: The possible consequences for Lithuania

Long-Term Relationships Between Mutual Funds and Equity Market

European Deposit Insurance Scheme implementation: pros and cons

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