Here you can see the contents of the current issue of Panoeconomicus - 2009-1
Below you can find the articles associated with the release of the journal.
Nicole Attia, Valérie Bérenger:
European Integration and Social Convergence: A Qualitative Appraisal
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 3-19 doi:10.2298/PAN0901003A
[Abstract] [fulltext]
Article Abstract:
Although with the Maastricht Treaty, European construction took a remarkable
step forward, the robust pillar of the single currency started to shake the other one:
the social welfare systems. The main goal of this contribution is to study the evolution
of Social Protection in Europe by questioning the existence of a convergence between
the different social welfare systems and the impact of the Treaty of Maastricht on this
process. The evolution of the social protection concept in Europe, the reforms implemented
in the most important domains of social protection: pensions, health and employment
are analyzed. A common philosophy clearly appears. The welfare State is receding,
calling more and more upon market mechanisms. Furthermore, the traditional
binary typology is changing and countries are becoming more similar in their financing
methods. We can thus say that a process of social convergence seems well and truly
underway in the European Union.
Nabil Ben Arfa:
Analysis of Shocks Affecting Europe: EMU and some Central and Eastern Acceding Countries
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 21-38 doi:10.2298/PAN0901021B
[Abstract] [fulltext]
Article Abstract:
This paper deals with the synchronization of business cycles and economic
shocks between the euro area and acceding countries. We therefore extract the business
cycle component of output by using Hodrick-Prescott filter. Supply and demand shocks
are recovered from estimated structural VAR models of output growth and inflation using
long run restriction (Blanchard and Quah). We then check the (A) symmetry of these
shocks by calculating the correlation between euro area shocks and those of the different
acceding countries. We find that several acceding countries have a quite high correlation
of demand shocks with the euro area however supply shocks are asymmetric; the correlation
between euro area and central and east European countries (CEECs) is negative.
We therefore conclude that joining the European Monetary Union is not yet possible:
central and east European countries have to make structural changes to join the European
Monetary Union.
Ozlem Tasseven:
Seasonal Co-integration – An Extension of the Johansen and Schaumburg Approach with an Exclusion Test
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 39-53 doi:10.2298/PAN0901039T
[Abstract] [fulltext]
Article Abstract:
In this paper, the Johansen and Schaumburg method for seasonal cointegration
has been tried to be applied for testing an a priori hypothesized cointegrating
money demand variable space. We aim to provide a comprehensive
discussion of the significance of the variables in the long-run context as stationary
relationships for both zero and bi-annual frequencies. For this purpose, several
restrictions have been used to impose for identification purposes of the relevant vectors.
We also touch upon the possibility that most time series data have been subject to the
stochastic seasonality as opposed to the general acceptance in empirical papers. Our
results employing data from the Turkish economy show that it is not possible to estimate
only a single theory-accepted money demand relationship in the long-run variable space
for both zero and bi-annual frequences, but we are able to identify different vectors
somewhat consistent with theoretical arguments for the annual frequency.
Cem Saatçioglu, Levent Korap:
The Search for Co-Integration Between Money, Prices and Income: Low Frequency Evidence From the Turkish Economy
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 55-72 doi:10.2298/PAN0901055S
[Abstract] [fulltext]
Article Abstract:
In this paper, we aim to test the empirical validity of the QTM relationship
for the Turkish economy. Using some contemporaneous time series estimation
techniques, our estimation results reveal that stationarity characteristics of the velocities
of currency in circulation and the broad money aggregate in the economy cannot be
rejected through a quantity theoretical co-integrating long-term variable space. We find
that there exists an about one-to-one proportionality between money and prices and
money and real income, and that exogeneity of money cannot be rejected for the
currency in circulation in the economy. But, the exception here comes from the broad
monetary aggregate used in the QTM equation such that money seems to be endogenous
as for the long-term variable space.
Hadj Amor Thouraya, El Araj Rita:
Dynamique a long terme du taux de change réel, Libéralisation Commerciale et Intégration Financiere: Cas des Pays du Sud et de l’Est Méditerranéen
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 73-93 doi:10.2298/PAN0901073A
[Abstract] [fulltext]
Article Abstract:
The purpose of this paper is to estimate the effects of the trade liberalization
and of the international financial integration on the long-term behaviour of Real
Exchange Rate (RER) for the South East Mediterranean countries. So the following
question: how does the new trade and financial context affect the Equilibrium RER? We
refer to the econometric technique of time series analysis, (the unit root tests of Dickey-
Fuller (1979) and we apply the cointegration test of Engle and Granger (1987) of single
equation for six South East Mediterranean countries (Algeria, Egypt, Lebanon, Morocco,
Tunisia and Turkey) over the period of 1979-2004. Our estimates suggest that, for the six
countries, long-term RER behaviour depends essentially on economic specificity of each
country and in particular on their degree of financial integration and trade opening. Our
results also show that the evolution of the RER misalignment during our sample period,
seem to be for some countries persistant and recurrent, but with decrease.
Irena Radović:
Challenges for Monetary Policy in the Enlarged European Monetary Union
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 95-110 doi:10.2298/PAN0901095R
[Abstract] [fulltext]
Article Abstract:
The eastward enlargement of the Euro area entails significant implications
for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system
and the monetary policy of the European Central Bank (ECB). The present analysis
assesses the challenges and critical aspects in monetary policy modeling with special
emphasis to enlargement. The focus is on the difficulty of implementing a unique currency
policy in view or growing heterogeneity within the enlarged monetary union, and
secondly – the issue of the voting mechanism within the ECB. When analyzing those
two issues, it is conclusive that the difficulties for the ECB and the current Euro zone
members will increase. For the enlarged Euro zone, which is becoming more divergent,
it will be very hard to find adequate recipes to meet the needs and requirements of all.
The big question is: whether centralisation of monetary policy is a sustainable and superior
solution?
Irena Ristić:
Serbia’s EU Integration Process: The Momentum of 2008
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 111-125 doi:10.2298/PAN0901111R
[Abstract] [fulltext]
Article Abstract:
The current crisis is spreading from the rich countries to those which surround
them respectively, countries wherein its degree of gravity is even greater; in turn,
that effect sets off a yet stronger backwash in those countries in the Centre, which further
aggravates the situation. This reaction is particularly true of the relations between Western
and Eastern Europe.
Jean-Paul Guichard, Antoine Brunet:
Une crise qui n’en finit pas de « rebondir »
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 127-133
[Abstract] [fulltext]
Article Abstract:
The current crisis is spreading from the rich countries to those which surround
them respectively, countries wherein its degree of gravity is even greater; in turn,
that effect sets off a yet stronger backwash in those countries in the Centre, which further
aggravates the situation. This reaction is particularly true of the relations between Western
and Eastern Europe.
Alpar Lošonc:
Ljubomir Madžar, The Missing Dimensions in the Evaluation of the Macroeconomic Performance in the Republic of Serbia (Nedostaju?e dimenzije u evaluaciji makroekonomskih performansi Republike Srbije) Belgrade, 2008.
Panoeconomicus 2009 Volume 56, Issue 1, Pages: 135-139
[Abstract] [fulltext]
Article Abstract:
Not available at the moment.