Publications-Announcements

One of the project's dissemination channels is its publications. These can be discerned in the folowing categories:

a) Publication of Scientific Articles in academic Journals such as the European Research Studies Journal that already exists is the primal method of disseminating the centre’s research work to the academic community. For the professional reader this publication would either be in journal form or in on-line version. Collective Volumes of the best papers presented at all three years of research have the same utility and may be published at the end of the project’s life time. A new Academic Journal focused on Maritime Studies shall be set up.

b) A Newsletter (quarterly) is going to be distributed to all interested parties and e-published. It would convey a description of all latest developments in our field of interest as well as information of the centre’s recent activities and work progress.

c) Working Papers, Thematic Publications all would have a more focused group on academic stakeholders, as they would serve a preparatory purpose for final articles.

d) Monographies, Policy Briefs & Research Reports would bridge the gap between scientific publications and non-academic members by secularizing academic research and knowledge.

e) Newspaper & Magazine Articles and other Promotional Publications (leaflets, posters, banners, brochures, folders, briefings, research summaries) all would be focused on the wider spill-over of the centre’s activities and research, getting closer the JMCE to members of civil society.

f) Collective Book: Final Collective Book (approximately 450 pages) having the following general structure (subject to any future amendments):

Chapter 1: the EMU’s impact on Trade and Wealth Distribution

Chapter 2: the EMU’s impact on Economic Transformation and Development on a) EU member States, b) states aspiring to EU membership and c) SMEs

Chapter 3: the EMU’s impact on Governance & Institutional Change on a) EU member States and b) states aspiring to EU membership

Chapter 4: the EMU’s impact on the relation between States and Markets: Economic Convergence and Fiscal Integration,

Chapter 5: the EMU’s impact on Financial Markets and the European Banking System as a driving force on EU’s finalite.

Moerover, the Final Book may include a supplementary section concerning the level of each country's economic convergence to EMU standards.

(Publisher of the periodical Reviews and Newsletters: University of Piraeus, Department of Maritime Studies, Gr. Labraki 21 & Distomou Str, 18533, Piraeus, Greece)

New Paper Released on R.P.1 from University of A Coruna Research Team

posted Sep 12, 2014, 1:31 AM by Georgios Dafnos

A new paper has been released from University of A Coruna Research Team (Professor Antonio Garcia Lorenzo, Professor Jesus-Lopez Rodriguez, Paulino Montes-Solla led by Professor Jose Andres Faina Medin). The paper is titled "Wealth and Welfare in the EU: the Effects of the Single Currency" and it focuses on the effects of the euro on foreign accounts, economic development and welfare levels (measured by GDP per capita) in the euro area countries.

Persistent competitiveness and productivity problems combined with large current account imbalances in the euro area have resulted in serious instability issues and a dramatic financial crisis as well as deep and long lasting depressions.The main contribution of this paper is an upgraded analysis of the available evidence (main reports and AMECO and KLEMS databases) on the effects of the euro on trade, economic productivity, economic development and welfare. Blanchard’s benchmark model is a starting point for the analysis, but it is enriched by the explicit consideration of the main features of investment and capital accumulation, as well as the credit growth and private indebtedness. Finally, actual GDP losses associated with the 2008-2013 recession are computed in the euro area, their amounts are sufficiently high to considerably reduce the growth gains achieved in the period 2000-2008 in the weaker economies of the area.

You may find the paper here under R.P.1.

Three New Papers Released on R.P.5

posted Sep 8, 2014, 5:46 AM by Georgios Dafnos

Three new papers have been released on R.P.5 . The first two papers comprise case studies focused on specific aspects of the financial and accounting market in the EU aiming to address the need for greater transparency in financial accounting and reporting, a goal of paramount importance for the realization of EU's financial, banking and economic integration.
In particular, the first paper has been released by Professor El. Thalassinos and Assistant Professor Konstantinos Liapis. The paper focuses on segmental financial reporting in the banking sector as a requirement of the International Financial Reporting Standards (IFRS). The topic is approached by setting out the core principles and rules that result from the application of IFRS 8 “Operating Segments” or the Segmental Financial Accounting System 131 (SFAS 131), focusing on an entity’s implementation procedure for the financial segments establishment as well as the disclosure requirements upon which it becomes effective. International and multi-activity business firms achieve different financial results per activity segment. They are also exposed to several kinds of risk related to geographical and market factors depending on the variety of goods or services they provide. To that end, the financial reporting of a firm’s performance for each business segment and geographical area is crucial for investors.

The second paper has been prepared by Prosessor Dejan Spasic and Assoc. Professor Ksenija Dencic-Mihajlov and is titled "The Level of Mandatory and Voluntary Disclosures of Listed Companies (case of Serbia) and Some Recommendation for Improving their Relevance"The paper focuses on modeling the Disclosure index both mandatory and voluntary for financial and non-financial information in order to examine individual determinants of the level of disclosure for companies listed on the Belgrade Stock Exchange. The study examines 63 Serbian listed companies’ compliance with regulatory framework for financial reporting in Serbia and with for decision-making useful voluntary disclosures. As a result of our research, we found the low  level of disclosure, as well as the information that is most common and rarest disclosed. In addition, we analyze which factors determine the level of mandatory and voluntary disclosure of companies in the Serbian capital market. As a result of the research, taking into consideration previous studies, we give some recommendations for improving the relevance of financial and non-financial disclosures in order to increase the efficiency of capital markets.

Finally, the third paper has been prepared by Vincent Bouvatier and Anne-Laure Delatte, both researchers from Economix Research Centre. The paper is titled "International Banking Activites: the Isolation of the Euro-Area" and it documents the dynamics of international banking activities beyond descriptive statistics. The paper's main concern is whether the recent financial crisis has taken its toll on the globalization process as its appearing slowdown may result in greater economic disintegration.

You may find all three papers here under R.P.5.


Three New Papers Released on R.P.2

posted Sep 8, 2014, 4:33 AM by Georgios Dafnos

Three new papers have been released on R.P.2 with special focus on specific countries' case studies.

The first paper has been released by Professor ElżbietaKawecka-Wyrzykowska (Warsaw School of Economics) and Professor Jarosław Kundera (University of Wrocław). The paper titled "Meeting the nominal and legal convergence criteria of the euro area by Poland" the paper addresses not only the convergence criteria for Poland's accession but also politico-economic strategic issues linked with choosing the best time of adopting the common European currency. 
In view of the improving economic situation in 2014 and a lot of measures undertaken by the government in several recent years in order to exit the excessive deficit procedure, Poland seems to be ready to meet economic convergence criteria in 2015. The best situation is as regards meeting the public debt criterion which has risen steadily over the past few years but the level has been all the time well below the 60% of GDP ceiling and is expected to decrease in the next few years. 
Successive yearly convergence programmes prepared by Poland (in the framework of coordination of macroeconomic policies of EU Members) have outlined in an integrated manner the fiscal consolidation efforts, the key structural reforms and the reforms that underpin macroeconomic stabilisation. An additional factor, apart from Council’s recommendations and Polish convergence program, stimulating activities towards fiscal improvement should be Poland’s participation in a strengthened economic governance architecture recently introduced in the EU. 
The uncertain situation in the euro zone on one hand, and lack of strong public opinion support for the idea of the euro adoption have, however, postponed adoption of a clear timetable of joining the euro zone. The final decision will depend much not only on the improvement of the domestic macroeconomic situation but also on the evolution of the situation in the euro area. 

The second paper has been prepared by Professor Tamara Milenkovic -Kerković and is titled "Strengthening the Institutional Capacities of the National Bank of Serbia with the Purpose of their Convergence with the Standards of Central Banks of the European Monetary Union"
After obtaining the candidate status, the Republic of Serbia has clearly opted for the membership in the European Union. In this sense, the obligation to fulfill the criteria of the European Union (EU) is expected in the forthcoming period, first of all, of the  criterion for the  entry into the EU (Copenhagen and Madrid criteria), and then of the criteria for joining the Eurozone, that is, Economic and Monetary Union (Maastricht criteria). The process of transition from a centralized state economy to a functional market economy, which our country has been going through, must be supported primarily by a stable and developed banking and financial sector. As the authority over controlling the bank operations and some key non-bank financial institutions (insurance companies, voluntary pension funds and leasing companies) is in our country entrusted to the National Bank of Serbia, its role in the EU accession process is very important. In this context, this paper attempts to identify the complexity of such a role of the National Bank of Serbia and the need to strengthen its institutional capacities in the direction of their convergence with the standards of central banks of the European Monetary Union.

The third paper is even more focused addressing the impact of the recent financial crisis on French SMEs
Although the media trained their attention during the crisis on the high-profile cases of bank failures and bankruptcies, companies have also felt the effects of the financial crisis. The closure of plants belonging to large business groups has been the more visible consequence of the economic downturn. However, small and medium-sized enterprises (SMEs) have also been hit and distressed. Small businesses in the European manufacturing and construction industries were hit particularly hard, with business confidence among small business managers falling to record low levels and firms increasingly turning to redundancies as a means to cut costs.
Considering French facts and figures, this note seeks to present the role played by SMEs in the French Economy, how they have been concerned by the crisis and presents some recommendations for a recovery of their competitiveness.
The paper has been released by Nadine Levratoo, Researcher from the Economix Research Center fo teh Universite Paris X Ouest Nanterre La Defense.

You may find all three papers here under R.P.2

New Paper Released on R.P.4

posted Jun 25, 2014, 12:35 PM by Georgios Dafnos

Associate Professor Anca Bandoi and Associate Professor Mirela Cristea release a paper -co-authored with PhD Andrea Ciobanu- related to the political economy influence that specific financial markets exert in Romania's financial integration to the EU.
The objective of this research paper is to analyze the readiness of Romania's accession to the EMU and the impact of euro adoption over specific financial markets.

You may find the paper here under R.P.4.

Professor Tamara Milenkovic-Kerkovic Releases Paper on R.P.3

posted Jun 25, 2014, 8:33 AM by Georgios Dafnos   [ updated Jun 25, 2014, 8:34 AM ]

Professor Tamara Mienkovic-Kerkovic has released a research paper -co-authored with PhD Tanja Stanisic- concerning a comparative legal analysis of changes in the system of state aid in Serbia and the Western Balkan Countries and their Impact on the efficiency of the European integration process
The paper examines the degree of development of the system in the analysed group of countries by applying of comparative - legal analysis. Correlation analysis examines the interdependence between the development of the system of state aid control and the success of countries in the integration process. The aim of the paper is to emphasize the great importance of building an effective system as a mechanism of competition protection and an important pre-accession commitment of countries.

The paper may be found here under R.P.3.

Four New Papers Released on R.P.2

posted Jun 25, 2014, 7:39 AM by Georgios Dafnos   [ updated Jul 27, 2014, 1:12 AM ]

Four new papers have been released on Research Pillar 2 comprising three significant country case studies and one comparative analysis on the European welfare state and how it was affected by the recent economic crisis.

In particular, Professor Oskar Kovac has released a paper -co-authored with Professor Dejan Soskic- regarding the improvement of the Serbian Banking sector according to the Principles and Mechanisms of the EU Banking Union. In essence, the paper relates to the spill-over effect that the EU Banking Union may have as a regime builder to its near abroad in constructing a sound European Banking System that is characterized by compatibility and transparency. As it is argued, the EU Banking Union is a project specifically designed for EMU and EU countries but which bears important elements that could be important for and implemented by countries outside the EU, including Serbia.

Secondly, Professor Jaroslaw Kundera examines the impact of the EU sovereign crisis on the economic transformation of Greece, Spain, Portugal and Ireland. The main goal of this paper is to find an answer to the question, what changes should the EU and its member countries make to overcome the present crisis and prevent its occurrence in the future. Permanent answer to the crisis can only be the economically adjustment adn transformation of some member states (Greece, Spain, Portugal and the Republic of Ireland) that were most acutely affected by a decline in production and an increase in unemployment.
Thirdly, Professor Ileana Tache and Associate Professor Mirela Cristea have prepared a case study regarding Romania's economic convergence in order to adopt the Euro in the future. According to the authors Romania, like the other new EU member states, considers that an approach based solely on the Maastricht criteria achievement is not enough. The “put your house in order” approach is seen by NBR as an essential prerequisite for the success of the euro implementation. In Romania’s case, unless the competitiveness of the economy is improved, joining the euro-zone would end as a failure. The NBR governor Mugur Isarescu (2014) states that only in this way will euro adoption by new EU member states entail benefits for themselves and for the monetary union as a whole.

Finally, Professor Ileana Tache co-authored with PhD Candidate Vlad Dumitrache a paper regarding the impact of the global economic crisis -part of which is the EU sovereign debt crisis- on the European Welfare States. The paper aims at discussing  the effects of the crisis at the social level and at identifying whether the classic European welfare state models (Nordic, Continental, Anglo-Saxon and Mediterranean) are still valid in today’s economy. Even though the classical welfare models are generally still checked up with the analyzed indicators, the authors' analysis reveals the need to theoretically redefine the European welfare state in the aftermath of the crisis and to have a unifying social policy concept. Besides calling into question the financial viability of the current social programmes, the crisis could be also a new opportunity to reconfigure and relegitimise social policy.

You may find all four papers here under R.P.2.

Professor J. P. Allegret and Professor Helene Raymond along with οther Economix Researchers Release Papers on Research Pillars 5

posted May 9, 2014, 5:27 AM by Georgios Dafnos   [ updated May 10, 2014, 4:44 AM ]

Professor J. P. Allegret and Professor Helene Raymond along with other Eonomix researchers have released two papers on Research Pillars 5..

The first paper "The impact of the eurozone crisis on European banks stocks: Contagion or interdependence?" (Allegret, Raymond, Rharrabti) analyzes the influence of successive crises, including the recent European sovereign debt crisis, on banks’ equity returns from 11 countries. According to the findings, the authors argue that contagion from the European sovereign debt crisis to banks’ equity returns has been confined to European banks, as U.S. banks’ equity returns were unharmed by its direct impact and may even have benefited from a kind of flight to quality effect. Besides, across banks from the euro area, German financial institutions have not been completely spared by the eurozone debt crisis, though they have been relatively less affected.

In the second paper "Banking Union: Time Is Not On Our Side" (Beranger, Soubeyran, Scialom) the authors argue that the implementation of a European banking union – i.e. a system of mechanisms and rules to unify the European banking market – is a crucial step for the longevity of the Eurozone, provided the European member states take on the intrinsically federal nature of such a union. The political compromises negotiated in December 2013 and March 2014 mirrored the uneasiness with which the Eurozone countries apprehend the necessarily federal dimension of the banking union. This paper argues that the banking union is a promising solution to the current Eurozone monetary crisis if governments let it come to its end. Indeed the banking union completes the unification of the Euro currency – something that seems to have been forgotten by the founding fathers. Moreover the banking union is a solution to both the financial and monetary fragmentation of the Eurozone financial markets and to the vicious circle created by domestic banking system impairments and the sovereign debt crisis.

Both papers may be found here under R.P.5.

Professor El. Thalassinos Releases New Paper on R.P.5

posted May 7, 2014, 4:13 AM by Georgios Dafnos

Professor El. Thalassinos (University of Piraeus) has released a paper on R.P.5 co-authored with Ass. Professor Theodoros Stamatpoulos and PhD Candidate Pantelis Thalassinos.

The paper attempts to determine the factors responsible for the market pricing of sovereign default risk, to analyze the causalities of Credit Default Swaps (CDSs) spreads that have been taken as a proxy variable for the market pricing of sovereign default risk, to examine possible pricing discrimination and asymmetries between SWEAP and non-SWEAP countries, structural changes in the pattern of the CDS spreads throughout and after the crisis and possible evidence of speculation against the SWEAP group of countries.

You may find the paper here under R.P.5.

Professor T. Pelagidis Releases 3 Papers on R.Ps 2, 3 & 4.

posted May 7, 2014, 3:44 AM by Georgios Dafnos   [ updated May 7, 2014, 2:17 PM ]

Professor Theodore Pelagidis (University of Piraeus) has released 3 papers covering Research Pillars 2, 3 & 4.

The first paper concerns Research Pillar 2 and constitutes a perspective on Greece and how policies pursued for The paper (Greece's Sudden Faltering Economy: from Boom to Bust) shows how Greece’s economy structural weaknesses have hit the domestic economy and we investigate their impact on the current turmoil of the economy. The authors show that the previous favorable global economic environment acted as a locomotive to domestic growth, and now that it is gone, structural problems of poor governance, low competitiveness and a ballooning public deficit and debt, have come to the surface. Also, in the context of debt sustainability the paper looks at the recent actions to reduce debt that are taken by the Growth and Stability Programthe country's realignment to EMU's prerequisites has affected its economy. 

The second paper (Government Regulations Come Always after Big Crises: Are Bankers Next to Split Following the Auditors?) focuses on the investment banking system in particular as it is considered as the absolutely principal factor that circulates and allocates capital in the globe. The authors' view also offers an indirect explanation about the inability of the Western economies to succeed high growth rates, reducing government debt and unemployment at the same time. It is in fact the inability to substantially reform the banking system, leaving it substantially operating as before, that drags down the economy to inadequate growth rates, despite repetitive programs of Quantitative Easing (QE) by the FED in the US or “backdoor QE” in Europe.

In particular, the third paper (Greece: Tax Anything that Moves!) falls under R.P.4 and investigates the effectiveness of the policy prescription as suggested and approved by the official lenders of the Greek government (the “troika,” consisting of the European Central Bank (ECB), the International Monetary Fund (IMF), and the European Commission (EC)), as well as its implementation by the Greek government. Authors focus on the implemented policy mix between revenue increases and expenditure cuts and the role of growth-enhancing structural reforms in both the business environment and crucial network industries on the one hand, and reforms in the private sector labor market on the other. The paper's goal is to determine whether the priority given to tax increases and labor market deregulation, and the relative neglect of targeted expenditure-cutting and growth-enhancing structural reforms, is responsible for the failure of the troika to anticipate the depth and length of recession in Greece.


You may find both papers here under R.P.2, R.P. 3 & R.P.4.

Professor Sotiris Theodoropoulos Releases Paper on R.P.3

posted Apr 29, 2014, 3:43 AM by Georgios Dafnos   [ updated May 7, 2014, 1:31 PM ]

Professor Sotiris Theodoropoulos (University of Piraeus, Department of Maritime Studies) has released a paper on R.P.3 exploring the the determinants for a sustainable size and structure for the Greek Public Sector,
according to the framework posed by the second bailout package, and the new fiscal pact for Europe.
Professor Theodoropoulos examines the evolution of modern public sector expansion and its determinants on a European context and how this post-war trend was reversed in favor of a more efficient, strategic and downsized public sector
The paper examines the shortcomings and inefficiencies of Greece's public sector while it describes how EMU's new fiscal context influences changes in the Greek public sector. Professor Theodoropoulos makes mention in particular in the size and structure of Greece's public sector and how Greece needs to adjust in the context of EMU's fiscal and monetary needs (Europact, SGP).

You may find the paper here under R.P.3

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