Suchergebnisse

Since 1990, Central and Eastern European countries have experienced increased integration with the European Union which has led to a reallocation of resources across sectors and space. The spatial implications of this process have been little investigated so far. Have regional production structures changed over the last decade? How specialized/diversified are regions' How concentrated/dispersed are industries' What are the determinants of manufacturing location patterns' This paper identifies and explains patterns of regional specialization and manufacturing concentration in Bulgaria, Estonia, Hungary, Romania and Slovenia. We find that patterns of manufacturing relocation are country-specific. In Bulgaria, manufacturing activities have moved from regions bordering other accession countries and regions bordering countries outside the EU enlargement process to regions bordering the EU and non-border regions. In Estonia, manufacturing activities have increased their share in regions bordering other accession countries and decreased their shares in regions bordering the EU. In Hungary, manufacturing activities have moved from non-border regions and regions bordering countries outside the EU enlargement to regions bordering the EU and regions bordering other accession countries. In Slovenia, manufacturing activities have moved from regions bordering countries outside the EU enlargement to regions bordering the EU. Our research results suggest that high specialization of regions is associated with proximity to accession countries and advanced accession, with proximity to EU markets and lagged accession and with proximity to countries outside the EU enlargement area. Low specialization relates to proximity to EU markets and advanced accession and to proximity of other accession countries and lagged accession. With respect to manufacturing concentration patterns, we find that highly concentrated industries are those with large economies of scale, high technology and high wages. Industries with low technology and low wages appear to be dispersed. Both factor endowments and proximity to industry centers - capital regions and EU markets - explain the emerging economic geography in EU accession countries. Other things being equal, industries are attracted by large markets. Industries with large economies of scale tend to locate close to industry centers. Labour intensive industries locate in regions endowed with a large labour force while research oriented industries are attracted by regions endowed with researchers. Key words: European integration, Location of industrial activity, Regional specialization, Industrial concentration, EU accession countries JEL classification: F15, R11, R12

In the 1980s and, in particular, in the 1990s the countries of the European Union experienced divergent developments of gross fixed capital formation. Estimating an investment function for a panel of ten countries and analyzing the paths of the determinants of investment in the countries under consideration reveals that the different development of final demand is the main factor responsible for the divergences in investment. Other factors are disparities in the decline of real interest rates and of relative prices for capital goods.

The aim of this paper is to analyse tax revenues and examine similarities of selected tax revenues (mainly VAT, CIT, PIT and excise duty) in the European Union countries. The analysis of the EU members concerns the period between 2003 (i.e. the year preceding the biggest enlargement of the EU) and 2012 (due to data completeness). Tax rates and the structure of tax revenues in the EU countries were compared and then the cluster analysis was applied to assess the similarity of tax revenues. The analysis suggests that the process of tax harmonization, which took place in the period considered, did not exert a significant impact on the similarity of the structure of tax revenues in the EU countries. The structure seems to be still determined by e.g. social, economic or historical factors, which influenced the tax systems creation in particular EU countries.

Abstract
Background
Circular economy (CE) is a development priority of the European Union and it is part of the EU industrial strategy. The transition to a more circular economy is an essential contribution to the EU's efforts to develop a sustainable, low carbon, resource-efficient and competitive economy. The author focuses her CE-related reflections and research in this paper on the macro-level (research subjects: 28 EU countries), the level which is least represented in scholarly publications addressing CE (as follows from the analysis of literature in the Scopus database). This study aims to fill this gap partially. The aim of this paper is to identify and group the EU-28 countries according to their advancement towards circular economy. CE indicators proposed by the European Commission were used for the analysis. Given the research subjects and after an analysis of the literature they were concluded to be the most adequate. The theoretical part was based on an analysis of the literature, whereas the empirical work used the principal components analysis, hierarchical and k-means clustering and a grade correspondence-cluster analysis.

Results
On the basis of the research, the existence of a "two-speed Europe" was identified in terms of EU countries' advancement towards CE. Leading countries, those most advanced in pursuing operation according to CE principles, include Germany, Belgium, Spain, France, Italy, the Netherlands and the United Kingdom. The second pole accommodates EU countries in which transformation towards CE is happening at the slowest pace. This group includes mainly countries of the Central and Eastern Europe and the countries of the south of Europe.

Conclusions
Differentiated levels of advancement of individual countries towards CE result inter alia from the adoption by some of the latter of different development strategies for their economies' transitioning to circular economy (according to recommendations of EU ministers at the Environment Council in June 2016) and also from the differences occurring in social and economic development (it is mostly noticeable between the EU-15 and the EU-13 countries). Unfortunately, as can be concluded from the effects obtained so far, only a few of the adopted development strategies may be considered effective in meeting the challenges of circular economy according to the European Union's standards.

In the 1970s Islamic financial system based on religious belief emerged in some of Muslim countries. The purpose of the Islamic financial system is just like in the case of the conventional one, to facilitate the smooth flow of funds between savers and investors. However, what is distinguishable about the Islamic financial system is that it is based on principles of sharia, which is a religious law of Muslims. With the share of around 80% in total assets of Islamic financial institutions, Islamic banks play a dominant role in the Islamic financial industry. They operate in over 75 countries, not only Muslim ones, but also those, where Muslim minority live. The aim of the paper is to analyse the opportunities and challenges for development of Islamic banking in the European Union countries. The analysis should give an answer to the question whether Islamic banks can have more significant presence in the European financial market in the future, than they have today. The article consists of four parts, not counting introduction and concluding remarks. The first part of the paper is a descriptive analysis of the main principles of sharia, which have impact on operations of Islamic banks. They include: prohibition of interest (riba), avoidance of uncertainty (gharar) and prohibition of trading in illegal (haram) products. Because of the necessity to comply with those principles, the instruments offered by Islamic banks must be constructed differently than conventional ones. Islamic financial instruments are briefly described in the second part of the paper. In the third section of the article the evolution and the current state of Islamic banking in the EU countries is presented. The main focus is put on the United Kingdom, since in this country Islamic banking sector is the most developed. In the fourth part prospects for development of Islamic banking in the EU are discussed. First the factors that should contribute to the development are presented. Then challenges faced by Islamic banking industry in the EU are ...

Purpose
– The purpose of this paper is to examine Okun's Law in European countries by distinguishing between the transitory and the permanent effects of output changes upon unemployment and by examining the effect of labor market protection policies upon Okun's coefficients.


Design/methodology/approach
– Quarterly data for 13 European Union countries, from the second quarter of 1993 until the first quarter of 2014, are used. Panel data techniques and Mundlak decomposition models are estimated.


Findings
– Okun's Law is robust to alternative specifications. The effect of output changes to unemployment rates is weaker for countries with increased labor market protection expenditures and it is more persistent for countries with low labor market protection.


Originality/value
– The paper provides evidence that the permanent effect of output changes upon unemployment rates is quantitatively larger than the transitory impact. In addition, it provides evidence that increased labor market protection mitigates the adverse effects of a decrease in output growth rate upon unemployment.

Senior Project submitted to The Division of Social Studies of Bard College.

This paper develops a theoretical model of location choice under imperfect competition to formalize the notion that firms prefer to locate "where the markets are." The profitability of a location depends on a term that weights demand in all locations by accessibility. Using a sample of Japanese firms' choices of regions within European countries, we compare the theoretically derived measure of market potential with the standard form used by geographers. Our results show that market potential matters for location choice but cannot account entirely for the tendency of firms in the same industry to agglomerate.

This paper develops a theoretical model of location choice under imperfect competition to formalize the notion that firms prefer to locate "where the markets are." The profitability of a location depends on a term that weights demand in all locations by accessibility. Using a sample of Japanese firms' choices of regions within European countries, we compare the theoretically derived measure of market potential with the standard form used by geographers. Our results show that market potential matters for location choice but cannot account entirely for the tendency of firms in the same industry to agglomerate.

Purpose: The goal of the paper was to perform a literature study, to determine the state of the theory and practice of investment valuation in the countries of the European Union which should be the starting point for further research. Design/Methodology/Approach: In this paper, an analysis of literature sources was carried out about assessing the effectiveness of investments in European Union countries. The conducted review and description of the found scientific sources is aimed at determining the current state of investment valuation practice, a description of the research carried out so far, which will allow us to determine the starting point for a new study. Findings: During preliminary research found it profoundly surprising that despite the huge potential impact of better capital allocation, there are two main problems regarding investment appraisal practices in European companies. First and foremost, a large part of even the largest European corporations do not use advanced investment appraisal techniques or apply them only to a limited extent. Secondly, yet there has not been a research into practical applications of investment appraisal methodologies that would cover the entire Single Market, i.e., the European Economic Area and Switzerland. Practical Implications: Obtained conclusions allowed us to recommend a study of the relationship between investment appraisal practice and company performance for all the countries of the European Single Market. Originality/value: Further research should identify the differences regarding the use of investment appraisal methods between countries as well as sectors. It is expected that the conclusions from projected future research will considerably broaden the knowledge about a particularly important area of corporate activity – making decisions regarding resource allocation. ; peer-reviewed