Europe between East and South by Siro Lombardini (auth.), Siro Lombardini, Pier Carlo Padoan

By Siro Lombardini (auth.), Siro Lombardini, Pier Carlo Padoan (eds.)

At the tip of 1991, the Fondazione Eni Enrico Mattei hosted the mixing Symposium of the Confederation of ecu institutions of Economists on "Europe among East and South". This quantity brings jointly the chosen and edited lawsuits of the convention. the focal point of the e-book is the transformation of the previously deliberate economies in jap and principal Europe from a world point of view. the hole up of the jap bloc provides a brand new and very tough size to the connection among the extra and the fewer built economies. just about all constructing nations carried out liberalisation guidelines during the Eighties, thereby dramatically expanding the industry orientation in their economies. The "recipes" utilized in the South also are being utilized nearly unmodified, in japanese Europe. The symposium was once one of many first forays evaluating the 2 units of stories, exhibiting that the teachings from the South are of significant worth for japanese eu reforms. Reforms in japanese eu international locations both impact fiscal flows among Europe and constructing international locations, and create new demanding situations for ecu international locations themselves. japanese Europe is an enclave of inexpensive and comparatively expert labour, hence a dramatic aggressive probability for different constructing international locations and poorer EC areas. moreover, the strategic relevance of this region for the western international is probably going to reason a diversion of public assets formerly earmarked for the improvement of southern economies. these kind of matters can have super effects for the environment.

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1994 Kluwer Academic Publishers. 38 DANIELE CHECCm gradually, and that, for example, it is impossible to speak of proper financial markets until a true banking system starts operating. Thus, as a consequence of the second best theorem, in the transition phase Pareto inferior configurations may emerge as a consequence of fmancial reform (Hart, 1975), and in general it is impossible to derive unequivocal conclusions about the appropriate order offinancial reform. However, the present paper is a tentative exploration on the issue of financial market creation, more from a positive than from a normative point of view.

The status quo curve (ii) divides the space into two sub- sets. The area above the ii curve is the "higher integration" sub-set, the area below the ii curve is the "lower integration" sub-set. In the previous example, an increase in the liberal climate, outside or inside the Community, by shifting downward the status quo iso-integration curve widens the "higher integration" set. This change in attitude by the policy supplier is costly for the agricultural lobby that, in order to maintain constant the level of integration, must employ a greater amount of resources to respond to the same activity of the opposing lobby.

Using an overlapping generation model, it is shown that the existence of fmancial markets allows the choice of different combinations of growth and consumer welfare, given the existing trade-off between these two targets. Financial markets can exist under different ownership schemes: in the context of the model chosen, it is shown that it is impossible to obtain unequivocal conclusions about the sequence of financial reforms and the optimal ownership scheme. Thus it is necessary to judge on a case by case basis, and caution is suggested in the policy prescriptions.

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