Small European Countries Research Articles

Corporate taxation in the OECD in a wider context

Against the background of increased globalization statutory corporate tax rates have shown a clear downward trend over the last two decades. The sharp decline in these rates was accompanied by substantial tax base broadening and a comparable reduction in personal income tax rates only until the early 1990s. This suggests that corporate tax competition is of increasing importance. So far corporate tax revenues remain fairly stable. But an analysis of corporate taxation in the context of the overall tax systems shows that a substantial shift towards value-added taxes has taken place. While the trends so far have been driven by smaller European countries, recent tax reforms indicate that increasing tax competition is inducing a shift towards consumption taxes even for larger economies.

The Growing Influence of Emerging Countries in the World Car Industry: An Estimation of Export Potentials in a World Trade Model

In the past ten years, emerging countries have considerably increased their production of cars. Although their share in world exports is still below 10%, these countries are now ready to conquer international markets, since they can produce on a large scale at very low production costs compared with the Northern standards. Given the lack of literature on this topic, the main contribution of this paper is to investigate the export potential of emerging countries in the automotive industry. Based on new developments in the gravity equation, an original world trade model is applied to the car industry. The export potentials are calculated from the residuals of the model with the out-sample technique. The main results show that several large emerging countries enjoy a very significant export potential. These are mainly China, Mexico, Brazil, Russia, Iran, Thailand as well as Indonesia. The growing influence of these countries has strong implications for the Triad. Indeed, Japan, Germany and small European countries have already surpassed their export potential. In fact, only North American countries still exhibit a significant export potential, because their export level is currently low in comparison to what it should be given their huge economic size.

Does Ownership Structure Affect Performance? Evidence from the Italian Market

ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: This paper aims at exploring the relationship between ownership structure and firm performance in the context of a small European capital market. Further developing existing literature, we acknowledge the multi‐dimensionality of ownership by including both the fraction of shares owned by the five largest shareholders and the fraction of shares owned by management.Research Findings/Results: Using panel data for the period 2000–2003 with respect to the Italian market, we find that the ownership concentration of the five largest shareholders is beneficial to firm valuation. On the contrary, managerial ownership is beneficial only in non‐concentrated firms, suggesting that the controlling owner may use his/her position in the firm to extract private benefits at the expense of the other shareholders by appointing managers that represent its own interest.Theoretical Implications: This study provides empirical support for the agency theory and the managerial entrenchment argument. As such, it suggests new avenues of research for the ownership structure literature willing to reflect the diverging interests of different types of shareholders and to explore both endogeneity and non‐linearity issues.Practical Implications: This study contributes to the recent debate on the effects of government regulations inspired by the Anglo‐Saxon model of corporate governance in the small European countries. In questioning the alleged competitive superiority of the widely held company, our paper also suggests that the existence of good corporate law is not a sufficient condition for the development of a corporate economy resembling the US model.

Comparative Analysis of Football Efficiency Among Two Small European Countries: Portugal and Greece

Comparative Analysis of Football Efficiency Among Two Small European Countries: Portugal and Greece

The burden of rheumatoid arthritis and access to treatment: uptake of new therapies

This paper presents data on international differences in use of TNF inhibitors. It is part of a study on burden and cost of RA, access to new therapies and the role of HTA in determining access and cost-effectiveness. United States has the fastest most extensive use of the new drugs, about three times the average in the western European countries and Canada. Eastern and central European countries as well as Australia, South Africa and Turkey lag far behind. However, some smaller European countries, most notably Norway and Sweden have use of the new drugs not far behind the United States. While the income level of the country, and thus the health care expenditures per capita is a major factor for determining use in low and middle income countries, there are still considerable differences among countries with similar high total health care expenditures. Differences in prices are considerable between the US and Europe due to the changes in exchange rates between the US dollar and the Euro, but high and low use is not systematically related to differences in price.

The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980-2000

We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of the EMU. Aspects of money market development such as size and structure of different market segments, and institutional and regulatory changes, are addressed. We recount and empirically examine the reorientation of monetary policy instruments away from quantitative direct control instruments towards indirect market-based instruments.The process of deregulation is uniform across countries. The path of money market development varies substantially, whereas changes in central bank instruments show both similarities and differences. We hypothesize a relationship between the two processes and provide tentative evidence.

In Defense of Christian Hungary: Religion, Nationalism, and Antisemitism 1890-1944 (review)

In Defense of Hungary: Religion, Nationalism, and Antisemitism 1890-1944. By Paul A. Hanebrink. (Ithaca and London: Cornell llniversity Press. 2006. Pp. x, 255. $39.95.) Rarely have I come across a more engaging, better composed study dealing with the relatively recent history of a small European country. Professor Paul A. Hanebrink earned my deepest admiration for his sharp discernment, transparent clarity, and elegant style in presenting a half-century history of the most turbulent times of modern-day Hungary. His numerous references, and an incredibly huge, comprehensive, up-to-date bibliography are indication of the massive research effort brought to fruition in this volume. True to Hanebrink's stated goal, the focus of his attention is on the role of religion, more particularly that of the leadership of the established churches - notably the majority Roman Catholic Church and the largest of the Protestant churches, the Reformed or Calvinist Church - in fostering Hungarian nationalism and also the rise of anti-Semitism. The starting point for Hanebrink is the closing decade of the nineteenth century, when Hungarian political culture was dominated by the ideas of western European Liberalism. It was the time when in the face of fierce opposition from the conservative Catholic hierarchy, but with the enthusiastic support from the Protestant leaders, clergy and lay alike, a number of laws were enacted by parliament, among them the law introducing civll marriage and the law on Jewish reception, granting the not only full civic rights, which they already had, but also to the Jewish religion nul equality with the established churches. The bright picture which Hanebrink paints of the modern, liberal, secularizing Hungary, soon underwent somber changes during the Great War, and the chaotic times that followed. The defeated country was forced to cede two-thirds of its historic lands with a third of its ethnic Hungarians to its enemies, the remaining rump being overwhelmed with refugees, whlle the government had been taken over in the fall of 1918 by well-meaning democrats, who were in March 1919 overthrown by doctrinaire Bolshevik communists. This dictatorship of the Proletariat led by BeIa Kun lasted only until August 1919, but it left in its wake an indelible memory of unfulfilled promises, misery, terror, and also outrage over the desecration of religious and national symbols dear to the majority of Hungarians. Little wonder that these events caused a 180-degree turn toward rightwing nationalism in the minds of many people who placed the blame for the erosion of the traditional mores of Hungarians squarely on the shoulders of the latssez-fatre Liberalism of the previous regimes and the Jews. The latter, compared to their small proportion in the overall population (5%), played an enormous role not only in the economy, but also in the cultural life and in politics. At no time was this more evident than during the 1919 Commune, when the political and cultural leadership, as well as the personnel of the terror squads, were almost totally of Jewish origin. The following twenty-five years had been the time of that which gave the title to this book. As Hanebrink rightly observed, a purified, spiritually reborn Hungary, which was the sincere desire of the leaders of the churches and their committed followers, remained just a slogan for the politicians, and a rallying cry for the various rightwing groups and parties, a convenient cover for their anti-Semitic feelings and activities. For these people Christian had nothing to do with being followers of Jesus of Nazareth; it simply meant non-Jewish at best, a hater of Jews at its worst. The author eloquently demonstrates how during World War II, especially in its last year when Hungary - despite being allied to Germany, in the spring of 1944 was mllitarlly occupied and politically subjugated by German troops - this anti-Semitic agitation culminated in the deportation and mass murder of over half a mlllion Jewish citizens (including converts to Christianity) of that much vaunted Hungary. …

Agglomeration Economies and the Location of Industries: A Comparison of Three Small European Countries

We investigate and compare the spatial distribution of manufacturing activity and its determinants in Belgium, Ireland and Portugal using comparable, exhaustive micro-level data sets. We find some similarities between Portugal and Belgium, but little for Ireland. Moreover, there is some evidence that forward and backward linkages as well as dependence on natural avantages can be important determinants of agglomeration.

Geographic origin of publications in surgical journals

Publications in peer-reviewed journals are the main determinants of research rating and funding. The present study assesses worldwide scientific contributions in the field of surgical research. Fifteen major surgical journals were selected for a bibliometric search in Medline/PubMed over a 6-year period (2000-2005). All articles with abstracts were totalled according to country of corresponding author. Publications (total and corrected for population size) and journal impact factor were assessed according to country. A total of 18,717 articles were identified. Fifteen countries generated 88.8 per cent of these: the USA produced 42.1 per cent, Japan 9.1 per cent and the UK 7.6 per cent. When corrected for population size, the Netherlands, Sweden and Switzerland topped the ranking; the USA was sixth. Ireland and Switzerland scored the highest mean impact factor. The USA is the most productive country in terms of absolute number of surgical publications in the selected journals. However, when population size is taken into consideration, certain smaller European countries were more prolific.

Public television in small European countries: Challenges and strategies

This paper investigates the challenges that Public Television (PTV) broadcasters in small Western European countries encounter in a competitive digital broadcasting environment, and looks at the policies and strategies that these broadcasters are adapting in order to remain accountable, competitive and efficient. The paper starts by charting the privileges that PTV broadcasters have enjoyed, notably political support, relatively secure funding and longevity. Then it moves on to analyzing the enormous technological, economic, political and wider social changes that have occurred in the European broadcasting ecology in the past two decades and the competitive and financial challenges these shifts have brought about for the public corporations. The third and final part of the paper focuses on the factors affecting PTV broadcasters operating in the smaller territories of Europe and analyzes the organizational, scheduling and programming strategies adapted by these broadcasters. The paper concludes that PTV in Europe has shown resilience but has largely adapted a more populist tone.

Public television in small European countries: Challenges and strategies

Public television in small European countries: Challenges and strategies

High life in the lowlands

The Netherlands is a great place for an elective or even a medical career. Erlangga Yusuf tells you all you need to know The Netherlands is a small European country, of no more than 42 000 km2, in which about 16 million people live. It is by far the most densely populated country in the European Union.1 Just like the United Kingdom, it is a constitutional monarchy. The capital is Amsterdam, but the government resides in the Hague. The Netherlands was home to the painter Rembrandt, one of the Dutch masters, who celebrates his 400th birthday this year, and the country is also famous for tulips, which bloom each spring. PHOTOS.COM Medical schools The Netherlands has eight medical faculties, two in Amsterdam and one in each of Rotterdam, Utrecht, Groningen, Maastricht, Nijmegen, and Leiden (table 1). Seven of these are part of the world's top 200 universities.2 To enter a medical school, you need to do well at secondary school. A minimum score of 8 out of 10 is needed to enter medical school directly. If your grade is less than 8, you must count on your luck: you need to participate in a national lottery weighted by score. A higher average mark means a better chance, and this game requires a score of at least 6. So, you also need to be lucky to become a doctor in the Netherlands. Because this system is unfair, the government is trying a system to let the universities select their students by their own criteria, but this new system is not yet widely accepted and used.3 Curriculums differ. Some, as at Maastricht University, teach using problem based learning,4 and in Amsterdam they are using a mixture of problem based and traditional teaching. Four years …

06/02166 Electricity industry reforms in smaller European countries and the Nordic experience: Thomas, S. D. Energy, 2006, 31, (6–7), 788–801.

06/02166 Electricity industry reforms in smaller European countries and the Nordic experience: Thomas, S. D. Energy, 2006, 31, (6–7), 788–801.

European Banking Integration: Don’t Put the Cart before the Horse

This paper reviews the progress in European banking integration over the last twenty years, and evaluates the current system of banking supervision and deposit insurance based on ‘home country’ control. The public policy implications to draw from the paper are threefold: First, after a relatively slow start, European banking integration is gaining momentum, in terms of cross‐border flows, market share of foreign banks in several domestic markets, and cross‐border M&As of significant size. If this trend continues, the issue of adequate supervision and safety nets in an integrated European banking market will become even more pressing. Second, although until recently banks have relied mostly on subsidiary structures to go cross‐border, this is changing with the recent creation of the European company statute, which facilitates cross‐border branch banking. A review of the case of the Scandinavian bank, Nordea Bank AB, helps to understand some remaining barriers to integration, and the supervisory issues raised by branch banking. Third, it is argued that the principle of ‘home country’ supervision is unlikely to be adequate in the future for large international banks. Because the closure of an international bank would be likely to have cross‐border spillovers, and because some small European countries might be unable to finance the bail‐out of their very large banks, centralization, or at least Europe‐wide coordination, of the decision to close or bail‐out international banks is needed. This raises the issue of European funding of bail‐out costs, European banking supervision, and European deposit insurance.

On the Link Between Exchange‐rate Regimes, Capital Controls and Monetary Policy Autonomy in Small European Countries, 1979–2000

We investigate international monetary‐policy transmission under different exchange‐rate and capital‐account regimes in eleven small, open economies during the 1980s and 1990s. We find no systematic link between ex‐post monetary‐policy autonomy and exchange‐rate regimes. Capital controls appear to have provided a degree of temporal insulation from foreign monetary policy shocks, though not strict autonomy. The results are consistent both with short‐term autonomy for small countries even under fixed exchange rates and an open capital account, and with long‐term dependence under flexible exchange rates and an independent stability target. Results also indicate that euro‐area market interest rates are significantly more responsive to the development of the corresponding US rate than were the previous national rates.

Integration of Smaller European Equity Markets: A Time-Varying Integration Score Analysis

The objective of this paper is to study capital market integration in smaller European countries and its implications for an international portfolio investment allocation. A time-varying analysis based on Barari (2004) suggests that the markets have recently started moving towards international financial integration. Results vary from country to country and sample countries can be broken down into distinctive groups according to their recent integration score performance: a) countries which are becoming increasingly integrated with both regional European and international equity markets (Estonia, Hungary, Czech Republic, Lithuania, Poland); and b) countries which have become increasingly integrated with the regional market, while growing segmented with the world market (Latvia, Slovakia, Slovenia). This is an encouraging indicator in that none of the countries have been growing segmented from the European equity markets since the EU accession.

Do top- and mid-level managers view Enterprise Resource Planning (ERP) systems success measures differently?

We investigated ERP systems success measurement from the perspectives of top- and mid-level managers. Using surveys in two small Northern European countries, we aimed to determine whether differences exist between the two groups. Our results showed that there are no significant statistical differences between the two groups. The implications of the findings for both practice and research are outlined.

Price Impacts of Non-Adoption of the Euro for Small European Countries

Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a common currency is the maintenance of the status quo. This paper uses the Sjaastad model to analyze the price-making power of major currencies with regard to the prices of traded goods in small countries that have not adopted the euro and uses the Bayoumi-Eichengreen OCA index methodology to shed further light on changes in Europe. The empirical evidence suggests that small countries that have not adopted the euro have increasingly seen a change in the determinants of their traded goods prices. This seems to contrast with the experience of small countries that adopted the euro. The results need to be interpreted carefully, given the short time series.

Price Impacts of Non-Adoption of the Euro for Small European Countries

Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a common currency is the maintenance of the status quo. This paper uses the Sjaastad model to analyze the price-making power of major currencies with regard to the prices of traded goods in small countries that have not adopted the euro and uses the Bayoumi-Eichengreen OCA index methodology to shed further light on changes in Europe. The empirical evidence suggests that small countries that have not adopted the euro have increasingly seen a change in the determinants of their traded goods prices. This seems to contrast with the experience of small countries that adopted the euro. The results need to be interpreted carefully, given the short time series.

Policy reform and the decline of corporatism in Sweden

This article describes the development of corporatism in Sweden from the 1970s onwards. We demonstrate that the Swedish case differs a great deal from other small European countries, such as the Netherlands and Sweden's neighbour Denmark, where corporatism is alive and well and often credited with providing for economic success in recent years. We study corporatism indirectly rather than directly, in the sense that we start from public policy changes in labour market policy, pensions, and immigrant policy, and follow the policy-making chain backwards in order to identify the norms, institutions, and actors that have mattered for policy choices, and how they mattered. Our conclusion is that Sweden has not only experienced decorporatisation in terms of formal institutional changes, but also in terms of a decline in the norms regarding social partnership that previously guided policy making and the interaction of interest organisations.