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1. Ten years of EaP: successes but also new challenges

Author:
Petra Kuchyňková
Publication Date:
06-2019
Content Type:
Journal Article
Journal:
International Issues: Slovak Foreign Policy Affairs
Institution:
Slovak Foreign Policy Association
Abstract:
According to Petra Kuchyňková, assistant professor at Masaryk University in Brno, the Eastern Partnership has been relatively successful, despite the frequent political instability in EaP countries. However, the EU has not always been consistent in its neighborhood policy. This is easily understood if we look at the heterogeneity of the EaP countries and the differences in the extent of Russian influence in the region. According to Kuchyňková, the EU should not abolish the sanctions on Russia unless there is visible progress in the Minsk process, so as to avoid damaging its reputation as normative actor. Cooperation between the EU and the EEU seems unlikely due the atmosphere of mistrust and suspicion. EU neighborhood policy could receive new impetus as a result of it being given more attention in the new multiannual financial framework.
Topic:
International Cooperation, International Trade and Finance, Regional Cooperation, Treaties and Agreements, Public Policy, and Trade Liberalization
Political Geography:
Europe, Ukraine, Moldova, Armenia, Azerbaijan, Georgia, and Belarus

2. The Relevance of Financial and Economic Factors for Determining Banking Risk across Europe

Author:
Renata Karkowska
Publication Date:
11-2017
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
The goal of this study is to identify empirically how country-level development, taking into account the financial and macroeconomic environment, affect the risk profiles of the banking sector in Europe. Through a dataset that covers 3,399 European banks spanning the period 1996-2011, and the methodology of panel regression, the empirical findings document the heterogeneity of banking risk determinants. I examine the implications of bank leverage that manifest itself as spreading and growing instability. The study contributes to and combines the different strands of literature and understanding of the importance of the links between the variables. It also contributes to the literature by focusing on a group of countries from Central and Eastern Europe and the Commonwealth of Independent States that have not been studied before. The extended model provides a causal link between risk in the banking sector and the growth of the financial market and macroeconomy. I apply four measures of country-level development that are available in previous studies: share of foreign ownership in the banking sector; the financial freedom index; the real growth rate; and stock market capitalization. Using these measures, I obtain different results which highlight the fact that the effect of macroeconomic and financial development on banking sector risk-taking is ambiguous.
Topic:
Financial Markets, Economic growth, Banks, Trade Liberalization, Macroeconomics, and Trade
Political Geography:
Europe, Eastern Europe, Central Europe, and European Union

3. A quarter century of economic reforms in Ukraine: too late, too slow, too little

Author:
Oleh Havrylyshyn
Publication Date:
03-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The first aim of this paper is to describe the main developments in the Ukrainian economy since its independence in 1991, focusing on the evolution of output, and the path of economic reforms — that is, to simply show what happened. The bottom line on that is well known: Ukraine’s economy performed very poorly, and its reforms moved quite slowly, lagging behind most of Central Europe and the Baltic, and even behind some FSU (Former Soviet Union) countries. This first task is a relatively easy one, though some measurement issues do need discussion. In comparison, the second aim — explaining why it happened, identifying the explanatory, causal factors — is much more difficult and contentious. Indeed, causation here means two dynamics: the relationship between performance and reform pace, and the underlying determinants of the slow reforms. The paper’s main effort will be to argue and present evidence that the poor economic performance is primarily due to the late and slow start on economic reforms. However, it only begins to point to the explanations for slow reforms and suggest a modeling approach to analyze this econometrically in future work.
Topic:
Development, Markets, Economy, Transitional Justice, Institutions, and Trade Liberalization
Political Geography:
Europe, Ukraine, and Eastern Europe