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on European Economics |
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Issue of 2024‒04‒15
23 papers chosen by Simon Sosvilla-Rivero, Instituto Complutense de Análisis Económico |
| By: | Andrea Neri (Bank of Italy); Matteo Spuri (Bank of Italy); Francesco Vercelli (Bank of Italy) |
| Abstract: | This paper presents the new quarterly experimental statistics on the Distributional Wealth Accounts (DWA) for the household sector, in line with national accounts aggregates. The Bank of Italy, together with the ECB, has coordinated the development of the methodology used for all the euro-area countries and compiles the DWA for Italy, exploiting survey data, balance sheets, information from administrative sources and banks' statistical reports. This paper analyses the methodology, based on assumptions widely used in the scientific literature. It also provides preliminary national evidence and an international comparison. The portfolio composition is heterogeneous across Italian households: the poorest ones mainly hold dwellings and deposits, while the richest ones diversify more. The wealthiest 5 per cent owns around 46 per cent of total net wealth. The main inequality indicators remained practically stable between 2017 and 2022, after the increase observed from 2010 to 2016. The concentration of wealth in Italy is lower than the euro-area average. |
| Keywords: | micro-macro linkage, wealth distribution |
| JEL: | D14 D31 G51 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_836_24&r=eec |
| By: | Pablo Burriel (Banco de España); Mar Delgado-Téllez (EUROPEAN CENTRAL BANK); Camila Figueroa (AFI); Iván Kataryniuk (Banco de España); Javier J. Pérez (Banco de España) |
| Abstract: | This paper proposes a novel approach to estimating the contribution of macroeconomic factors to sovereign spreads in the euro area, defined as the spread level consistent with the country’s prevailing macroeconomic conditions. Despite the wealth of papers estimating sovereign spreads, model-dependency and lack of robustness remain key considerations. Accordingly, we propose a “thick modeling” empirical framework, based on the estimation of a wide range of models. We focus on 10-year sovereign bond yields for nine euro area countries, using a sample that covers the period January 2000 to December 2023. Our results show that observed spreads behave in line with macro-financial determinants in “normal” times. Macroeconomic determinants are also able to account for a significant fraction of the observed sovereign spread dynamics in most episodes of financial turbulence, such as the pandemic and the aftermath of the Russian invasion of Ukraine. However, we find evidence of some deviations of sovereign spreads from their estimated values during the 2010-2012 euro area sovereign debt crisis. In this period, macroeconomic indicators are able to explain at most 26% of the observed peaks in spreads among non-core countries. |
| Keywords: | sovereign bond spreads, euro area, macroeconomic fundamentals |
| JEL: | E44 O52 G15 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bde:wpaper:2408&r=eec |
| By: | Nikolay Hristov; Oliver Hülsewig; Benedikt Kolb |
| Abstract: | We examine the fiscal footprint of macroprudential policy in euro area countries arising through the bond market channel (Reis, 2021). Using local projections, we estimate impulse responses of the fiscal balance to an unexpected tightening in macroprudential capital regulation. Our findings suggest a dichotomy between country groups. In peripheral countries, the cyclically adjusted primary balance ratio deteriorates after a restrictive capital-based macroprudential policy shock. Since banks are important investors in domestic government debt, the shift in the public budget toward higher borrowing after the innovation might pose a threat to financial stability to the extent that sovereign risk increases. By contrast, in core countries, the cyclically adjusted primary balance ratio barely reacts to a sudden tightening in capital regulation. |
| Keywords: | fiscal footprint, macroprudential capital regulation, sovereign-bank nexus, local projections |
| JEL: | C33 G28 H63 K33 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10968&r=eec |
| By: | Stefano Neri (Bank of Italy) |
| Abstract: | In the summer of 2021, inflation woke up for the first time in many years. The period of low inflation in the euro area ended abruptly with the recovery from the Covid-19 pandemic and the energy crisis. Supply bottlenecks and energy prices played an important role in pushing up core inflation. Despite the rise in consumer prices, the ECB's monetary policy response helped to re-anchor long-term inflation expectations to the new symmetric 2 per cent target. With expectations well anchored, the risks of second-round effects limited and the downside risks to growth heightened, it is time to take stock of the effects of monetary policy so far and those still to come, and wait for the effects of past shocks on inflation to fade. |
| Keywords: | inflation energy prices, supply bottlenecks, long-term inflation expectations, monetary policy |
| JEL: | C32 E31 E32 E37 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_834_24&r=eec |
| By: | Economides, George; Koliousi, Giota; Miaouli, Natasha; Philippopoulos, Apostolis |
| Abstract: | We start by clarifying the role of the interest rate-growth rate differential in debt arithmetic with numerical examples for the Greek economy. In turn, buidling upon this popular approach to fiscal sustainability, which is based on the intertemporal government budget constraint only, we make a number of methodological points that question the quantitative usefulness of standard calculations. Among other things, we argue that a structural approach is needed and this reveals the necessity of fiscal rules according to which fiscal instruments systematically react to public debt imbalances. This naturally enables us to evaluate the EU's fiscal rules and to suggest simple and implementable alternatives. Throughout, we confront our arguments with data from the Euro Area. |
| Keywords: | fiscal policy; public debt dynamics; Euro area |
| JEL: | E62 H63 |
| Date: | 2024–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:122241&r=eec |
| By: | Westermeier, Carola |
| Abstract: | The European Central Bank (ECB) has entered the preparation phase for the potential issuance of a digital euro. The digital euro under consideration represents a retail Central Bank Digital Currency (CBDC), a digital representation of central bank money that is intended for use by the general public. This article foregrounds the digital euro as an infrastructure that furthers European security ambitions. It argues that the development of the digital euro is a materialization of European (in)security rationales that aim to secure pan-European financial transactions amid growing geopolitical tensions. It focuses on the development of the technology and analyses how central bankers’ scenarios of the future manifest in the anticipated design and prototypes. While the provision of a financial infrastructure is the most decisive security-related implication of the digital euro, the introduction of a new form of public money is the decisive financial feature with potentially wide-ranging implications for banks. Although the ECB seeks to balance the interests of banks and other financial actors in the development of the digital euro, its plans are still met with criticism. Finally, the paper argues that the European Central Bank exerts itself more explicitly than before as geopolitical actors in its own regard. |
| Date: | 2024–03–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:x45eg&r=eec |
| By: | Glas, Alexander; Müller, Lena |
| Abstract: | We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that clarity of information provision is trending upward since the inception of the ECB. The increase is gradual, rather than being induced by changes in the board composition or major macroeconomic events. Clarity is higher for speeches aimed at general audiences and for speeches by female speakers. We also show that media sentiment about the ECB is negatively related to complexity. |
| Keywords: | Central Bank Communication, Monetary Policy Transparency, Clarity, Readability |
| JEL: | E52 E58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:283611&r=eec |
| By: | Vasco Curdia; Fernanda Nechio |
| Abstract: | We assess how within euro area labor mobility impacts economic dynamics in response to shocks. In the analysis we use an estimated two-region monetary union dynamic stochastic general equilibrium model that allows for a varying degree of labor mobility across regions. We find that, in contrast with traditional optimal currency area predictions, enhanced labor mobility can either mitigate or exacerbate the extent to which the two regions respond differently to shocks. The effects depend crucially on the nature of shocks and variable of interest. In some circumstances, even when it contributes to aligning the responses of the two regions, labor mobility may complicate monetary policy tradeoffs. Moreover, the presence and strength of financial frictions have important implications for the effects of labor mobility. If the periphery’s risk premium is more responsive to its indebtedness than our estimates, there are various shocks for which labor mobility may help stabilize the economy. Finally, the euro area’s economic performance following the Global Financial Crisis would not have been necessarily smoother with enhanced labor mobility. |
| Keywords: | monetary unions; labor mobility; credit frictions |
| JEL: | F41 F45 E44 E3 E4 |
| Date: | 2024–03–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:97975&r=eec |
| By: | António Afonso; José Alves; Sofia Monteiro |
| Abstract: | Acknowledging the potential detrimental impact that twin-deficits may have on sovereign risk, this study uses a two-step approach to assess the impact of fiscal and external sustainability on sovereign risk dynamics for a panel of 27 European Economies between 2001Q4 and 2022Q3. To do so, we first estimate a country-specific time-varying measure of fiscal sustainability, through the cointegration between government revenues and expenditures, and of external sustainability, derived from the exports-imports cointegration. We then resort to those time-varying coefficients to assess their impact on sovereign risk, proxied by 10-year CDS and CDS spreads (against the US) making use of Weighted Least Squares (WLS) analysis. Noticeably, we show that an improvement of both fiscal and external sustainability lead to a reduction in sovereign risk. This phenomenon becomes notably pronounced, particularly when examining countries experiencing an upward trajectory in their public debt levels. |
| Keywords: | sovereign risk, fiscal sustainability, external sustainability, CDS, CDS spreads |
| JEL: | C23 F45 G23 G32 H63 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10979&r=eec |
| By: | Patrick Hirsch; Lars P. Feld; Ekkehard A. Köhler; Tobias Thomas |
| Abstract: | Were government bond risk premia affected by the media in addition to the effects of major events? Revisiting the European debt crisis, we analyze the role of television news in the rise and re-convergence of GIIPS bond spreads vis-à-vis Germany from 2007 to 2016. We use a dataset of more than one million human-coded news items from leading newscasts worldwide to identify over 25, 000 news on the Eurozone and country-specific economic topics. Our findings emphasize the relevance of the tonality of news, such that an increasing share of positive (negative) news correlates with a decrease (increase) in spreads. Content-based endogenous clustering of news highlights the importance of news about institutions providing stability and “international financial support” to distressed countries in reducing bond spreads. Moreover, weekend news enables us to establish a causal link between country-specific news coverage and changes in spreads on the subsequent trading day. |
| Keywords: | media coverage, TV newscast, tonality, Eurozone crisis, GIIPS bond yield spreads |
| JEL: | E58 G12 L82 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10980&r=eec |
| By: | Cândida Ferreira |
| Abstract: | This paper contributes to the literature using first a Data Envelopment Analysis (DEA) approach to measure bank efficiency and the results provided by the Malmquist indices to analyse the evolution of the technical, technological, and scale efficiency changes, in a panel including 784 relevant banks of all the 27 European Union (EU) countries, between 2006 and 2021. In the second stage, the study uses panel dynamic Generalised Method of Moments (GMM) estimations to analyse the impact on the total productivity changes of bank market competition (measured with the estimated Boone indicator) and bank stability (proxied with the estimated Z-score), while controlling for some relevant bank activities, economic growth and the influence of the relevant crises that affected the EU banking sector during the considered period. The main findings reveal that while bank market competition looks like promoting the banks’ total factor productivity change, bank loans, bank deposits and short-term funding, as well as bank market stability and economic growth do not contribute to the banks’ total factor productivity changes. |
| Keywords: | European Union banking sector; Malmquist indices; bank total factor productivity changes; Z-score; Boone indicator. |
| JEL: | C33 D53 F36 G21 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp03152024&r=eec |
| By: | Nghiem, Giang; Dräger, Lena; Dalloul, Ami |
| Abstract: | This paper explores communication strategies for anchoring households' medium-term inflation expectations in a high inflation environment. We conducted a survey experiment with a representative sample of 4, 000 German households at the height of the recent inflation surge in early 2023, with information treatments including a qualitative statement by the ECB president and quantitative information about the ECB's inflation target or projected inflation. Inflation projections are most effective, but combining information about the target with a qualitative statement also significantly improves anchoring. The treatment effects are particularly pronounced among respondents with high financial literacy and high trust in the central bank. |
| Keywords: | anchoring of inflation expectations, central bank communication, survey experiment, randomized controlled trial (RCT) |
| JEL: | E52 E31 D84 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:han:dpaper:dp-719&r=eec |
| By: | Federico Fornasari (Bank of Italy); Giacomo Roma (Bank of Italy) |
| Abstract: | Insolvent firms' liquidation procedures are of crucial importance to the economic system, influencing ex ante the price and quantity of credit granted and ex post the reallocation of productive factors. Nevertheless, there are no studies available that evaluate the functioning of judicial liquidation procedures comparatively. The paper contributes to filling this gap in the literature and analyses the rules on asset liquidation in Italy, France, Germany and Spain, as they have recently been reformed. It focuses on the planning of liquidation procedures, on how assets are sold and how the appointed professionals are remunerated. Although some provisions may partially account for the different recovery rates and duration of procedures, these seem primarily due to institutional and contextual factors rather than to regulatory specificities. |
| Keywords: | bankruptcy law, civil justice efficiency, non-performing loans |
| JEL: | G21 K10 K40 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_828_24&r=eec |
| By: | Sologon, Denisa Maria (LISER (CEPS/INSTEAD)); Doorley, Karina (Economic and Social Research Institute, Dublin); O'Donoghue, Cathal (National University of Ireland, Galway) |
| Abstract: | This paper evaluates the gender-specific distributional impact of the recent cost-of-living crisis in six European countries using the Household Budget Survey to assess the degree of regressivity (affecting lower income households more) or progessivity (affecting higher income households more) of inflation experienced by households between April 2021 and July 2023. Despite a growing literature on the distributional impact of inflation, there is limited evidence on gender differentials. We innovate by applying distributional measures and a decomposition method adapted from the taxation literature extended with a gender dimension to assess gender differences in inflation regressivity or progressivity, isolate the average inflation rate from the inflation structure effect and identify the drivers of regressivity/progressivity by broad commodity groups (food, heating/electricity, motor fuels, other goods and services). The findings highlight the greater regressive inflation faced by female-headed households compared to men in middle-income countries like Portugal, Poland and Hungary and high-income countries like Ireland. In Germany overall inflation has a neutral impact on women, whereas Finland stands out with a progressive inflation, more pronounced for female-headed households. Consistent across countries, the burden of food and heating/electricity inflation is disproportionately borne by low-income households. Heating/electricity inflation has a larger regressive contribution to overall inflation for female-headed households in all countries, whereas for food this holds only in Poland and Hungary. The findings highlight the need for targeted policies to address potential inequalities arising from differential consumption patterns and protect the most vulnerable groups. |
| Keywords: | regressive inflation, inflation and gender, distributional effect and gender, progressive inflation |
| JEL: | D12 D31 E31 I30 J16 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16860&r=eec |
| By: | Karimov, Nodirbek; Kara, Alper; Downing, Gareth; Marqués-Ibáñez, David |
| Abstract: | We examine rating behaviour after the introduction of new regulations regarding Credit Rating Agencies (CRAs) in the European securitisation market. Employing a large sample of 12, 469 ABS tranches issued between 1998 and 2018, we examine the information content of yield spreads of ABS at the issuance and compare the pre- and post-GFC periods. We find that the regulatory changes have been effective in tackling conflicts of interest between issuers and CRAs in securitisation. Rating catering seems to have disappeared in the post-GFC period. Yet we see limited effectiveness on rating shopping. It follows that rating over-reliance might be an issue, especially for investors of higher-quality ABS. JEL Classification: G21, G28 |
| Keywords: | asset-backed securities, credit rating agencies, Europe, rating catering, rating inflation, rating shopping, securitisation |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20242920&r=eec |
| By: | Gabor Hajnal (Magyar Nemzeti Bank (the Central Bank of Hungary)); Zsuzsanna Hosszu (Magyar Nemzeti Bank (the Central Bank of Hungary)); Akos Attila Ozoroczy (Student at John Von Neumann University); Balint Dancsik (Magyar Nemzeti Bank (the Central Bank of Hungary)) |
| Abstract: | Our study deals with interest rate pass-through for household and corporate deposits in the Central and Eastern European (CEE) region, focusing on the tightening cycle starting in the middle of 2021. This period is of particular interest for interest rate pass-through, as the sharp hikes by central banks in response to a high inflation environment followed a period characterised by a significant abundance of liquidity. We examine the relationship between interbank and deposit rates using two methods: wavelet transform and error-correction models. Based on the wavelet analysis, we found a weakening of pass-through and a slowdown in the repricing of deposit rates in the current tightening cycle among the countries of the CEE region, particularly in the household segment. Based on the error-correction models, in the sample including the tightening cycle, a weakening in the degree and speed of interest rate pass-through is consistently observed in the Hungarian and Polish deposit markets; and the extent of pass-through of the benchmark rate declined most in the Hungarian household deposit market among the CEE countries. Furthermore, a comparison of the interest rate paths estimated on the basis of the transmission correlations for the period excluding the tightening cycle starting in 2021 and the actual interest rate time series shows that the pass-through of the benchmark rate is the least efficient in the Hungarian household deposit market among the countries of the CEE region. |
| Keywords: | deposit interest rates, interest rate pass-through, wavelet transform, error-correction model |
| JEL: | C51 C69 E32 E43 E52 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:opaper:2024/151&r=eec |
| By: | Akin A. Cilekoglu (AQR-IREA Research Group, University of Barcelona) |
| Abstract: | In this paper, I examine how allowances allocation affected emissions of power sector installations in the EU ETS following the Paris Agreements. The dataset I use covers the 2010-2022 period, includes the emissions and allowances of 4, 498 installations operating in power sector across the 27 Member States of the European Union. I discover that installations receiving lower allowances in the first quartile (Q1) reduced their emissions by 3.5% from 2016 to 2022 compared to the 2010-2015 period. I find no evidence on the installations in second, third and fourth quartiles due to the country specific developments. I also show that country characteristics have a crucial role in policy effectiveness because the emissions of installations located in lower-income Member States entered into the EU at later stages did not fall. |
| Keywords: | Emissions, Paris Agreement, Power sector, Climate change. JEL classification: Q40, Q48, O13, H32, L25. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:ira:wpaper:202404&r=eec |
| By: | Mr. Luis Brandão-Marques; Mr. Lev Ratnovski |
| Abstract: | This paper reviews the trade-offs involved in the choice of the ECB’s monetary policy operational framework. As long as the ECB’s supply of reserves remains well in excess of the banks’ demand, the ECB will likely continue to employ a floor system for implementing the target interest rate in money markets. Once the supply of reserves declines and approaches the steep part of the reserves demand function, the ECB will face a choice between a corridor system and some variant of a floor system. There are distinct pros and cons associated with each option. A corridor would be consistent with a smaller ECB balance sheet size, encourage banks to manage their liquidity buffers more tightly, and facilitate greater activity in the interbank market. But it would require relatively more frequent market operations to ensure the money markets rate stays close to the policy rate and could leave the banking system vulnerable to intermittent liquidity shortages that may have financial stability implications and impair monetary transmission. The floor, on the other hand, would allow for more precise control of the overnight rate and a lower risk of liquidity shortages, but it would entail a somewhat larger ECB balance sheet, weaken the incentives for banks to manage their liquidity buffers, and discourage interbank market activity. The analysis of tradeoffs suggests that, on balance, in steady state, a hybrid system that combines the features of the “parsimonious floor” (with a minimal volume of reserves) with a lending facility or frequent short-term full-allotment lending operations priced at or very close to the deposit rate, making it a “zero (or near-zero) corridor”, would be most conducive for achieving the ECB’s monetary policy objective. |
| Keywords: | Central bank operations; Monetary policy; The ECB |
| Date: | 2024–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2024/056&r=eec |
| By: | Makram El-Shagi (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan) |
| Abstract: | In this paper, we assess the impact of monetary policy shocks on the income distribution in the Eurozone after the Global Financial Crisis, i.e., a time of unconventional monetary policy. Unlike previous papers that focus on the precrisis era, where monetary policy was primarily conducted through interest rates, expansionary policy typically increases inequality. This can be mitigated by highly developed financial markets and sound institutions that limit rent seeking. |
| Keywords: | monetary policy, inequality, Eurozone |
| JEL: | D33 E52 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:fds:dpaper:202402&r=eec |
| By: | Drinkwater, Stephen (University of Roehampton); Blackaby, David H. (Swansea University); Robinson, Catherine (University of Kent) |
| Abstract: | The UK's decision to leave the EU continues to have major economic, political and social implications. It is therefore unsurprising that the reasons behind Brexit have been widely discussed. However, whilst existing empirical evidence has tended to focus on specific factors, we undertake a comprehensive analysis of the leave vote using a large-scale survey dataset to identify the relative importance of key underlying factors. Specifically, we apply regression- based techniques, including decomposition analysis, to quantify the impact of different influences. Our results indicate that a complex range of factors are able to explain a high proportion of differences in the leave vote across sub-groups of the British electorate. Moreover, Brexit voting was underpinned by cultural factors, especially attitudes towards immigration, with educational differences also playing an important role. We find that other influences such as age and economic factors become less important after other influences have been taken into account. Our findings are discussed within the context of some of the economic and social consequences that have emanated from the decision to leave the EU. |
| Keywords: | EU referendum, inequality, globalisation, United Kingdom |
| JEL: | D72 F60 J24 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16841&r=eec |
| By: | Armin Steinbach |
| Abstract: | The three eastern European states had practically no waiting time before being accepted as candidate countries right after application |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:node_9841&r=eec |
| By: | Agnieszka Fihel (IC Migrations - Institut Convergences Migrations [Aubervilliers], UW - University of Warsaw); Paweł Kaczmarczyk (UW - University of Warsaw) |
| Abstract: | In the period of post-communist transition, Central Europe witnessed complex and multifaceted mobility processes; permanent outmigration, of an ethnic or labour-related nature, coexisted with temporary, seasonal, or cross-border movements and an increasing influx of foreigners. To study these complex processes, we have chosen to apply a holistic and comprehensive approach, rather than limit conceptual considerations to one theory of migration determinants. We focus on eleven post-communist countries that joined the European Union (EU-11) and on the period extending from around 1989, covering the EU's eastward enlargement, to the present. The aim of this study is twofold: first, we propose a general conceptual framework, based on the aspirations/capabilities approach, to present the main determinants of emigration from this part of the European continent. Second, in relation to each determinant, we formulate research questions postulated by selected theories of international migration and present the evidence, based on existing empirical studies, that addresses these questions. The paper contributes to the literature by providing a broad interpretation of post-transition mobility and pointing to commonly overlooked explanatory factors. We highlight the importance of economic factors that have enhanced and directed the outward migration from the EU-11 to selected EU member states and selected economic sectors; in particular, as regards capabilities, these factors include the lifting of labour market restrictions, high demand in the secondary sector of labour markets, and the roles of migration networks and the migration industry. Emphasis is also placed on aspirational factors, such as labour market failures and the substantial aspirational gap resulting from improvements in high educational attainment in the countries of origin. The aspirations/capabilities approach serves well as a general framework of migration determinants, but its explanatory power is enhanced by reference to other, more specific theories of migration. We show that a combination of the complementary approaches provides a more refined and in-depth picture of migration from the region. * This article belongs to a special issue on "Demographic Developments in Eastern and Western Europe Before and After the Transformation of Socialist Countries". |
| Keywords: | Migration theories, Migration determinants, Post-communist transition, Central Europe, European Union |
| Date: | 2023–10–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04488193&r=eec |
| By: | Kris Boudt; Yanick Inghels; André Spithoven (-) |
| Abstract: | We introduce a large-scale research project analysis framework to trace and track the prevalence of Sustainable Development Goals (SDGs) within research funded by the European Union since 1984 with a specific focus on Sustainable Development Goal 8. This goal envisages to promote sustained economic growth, full and productive employment, and decent work for all. Using the CORDIS database, we identify to which extent SDG 8 has been represented in the titles and abstracts of projects funded by the EU's Framework Programmes. Our findings reveal that SDG 8 related research projects are dominated by four targets: economic growth, productivity, entrepreneurship and decent work, and full and decent employment. We further find that the adoption of the SDGs by the United Nations in 2015 coincides with an increase of over 45% in SDG 8 related research projects. We also show that EU economic performance in the two years preceding the framework programme is a leading indicator of the prevalence of SDG 8 in the research projects funded by that programme. In terms of project characteristics, we conclude that, on average, an SDG 8 project tends to secure a more substantial budget, engage larger research consortia, and exhibit higher interdisciplinarity than other projects. Finally, we show that SDG 8 ranks among the most (diversely) interconnected SDGs, linking especially with SDG 7 (Affordable and Clean Energy) and SDG 9 (Industry, Innovation, and Infrastructure). |
| Keywords: | Sustainable Development Goals, SDG 8, natural language processing, European Framework Programmes, research funding |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:24/1084&r=eec |