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This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
This comprehensive book provides a clear analysis of the European Restructuring Directive, which aims to improve national frameworks governing business restructuring and insolvency as well as to provide debt relief for individuals. Gerard McCormack explores the key aspects of the Directive including the moratorium on litigation and enforcement claims against the financially-troubled business, the provision for new financing, the division of creditors into classes, the introduction of a restructuring plan and the rules for approval of the plan by a court or administrative authority.
This work presents a stimulating analysis of restructuring by developing a European perspective. The book provides a clear analysis of the capacity of the actors, through different models of industrial relations and corporate governance, to intervene in the process of restructuring.
The first fifteen years of the 21st century have thrown into sharp relief the challenges of growth, equity, stability, and sustainability facing the world economy. In addition, they have exposed the inadequacies of mainstream economics in providing answers to these challenges. This volume gathers over 50 leading scholars from around the world to offer a forward-looking perspective of economic geography to understanding the various building blocks, relationships, and trajectories in the world economy. The perspective is at the same time grounded in theory and in the experiences of particular places. Reviewing state-of-the-art of economic geography, setting agendas, and with illustrations and empirical evidence from all over the world, the book should be an essential reference for students, researchers, as well as strategists and policy makers. Building on the success of the first edition, this volume offers a radically revised, updated, and broader approach to economic geography. With the backdrop of the global financial crisis, finance is investigated in chapters on financial stability, financial innovation, global financial networks, the global map of savings and investments, and financialization. Environmental challenges are addressed in chapters on resource economies, vulnerability of regions to climate change, carbon markets, and energy transitions. Distribution and consumption feature alongside more established topics on the firm, innovation, and work. The handbook also captures the theoretical and conceptual innovations of the last fifteen years, including evolutionary economic geography and the global production networks approach. Addressing the dangers of inequality, instability, and environmental crisis head-on, the volume concludes with strategies for growth and new ways of envisioning the spatiality of economy for the future.
The Handbook of Public Administration and Policy in the European Union focuses on the current state of the EU while also demonstrating how its current structure came into being and how it may change in the near future. Although most existing literature is either policy-oriented or institution-oriented, this textbook employs a different, more comprehensive approach. Not only does it analyze selected EU laws and most EU institutions, it is also unique in that it brings together EU public administration, EU institutions, and, most importantly, EU policies into a comprehensive text. Divided into five parts, the book provides an overview of theory discourses on European integration, followed by an analysis of the development of European organizations. Part II explains the nature of the EU, highlighting its institutions. Part III addresses various dimensions of public administration, followed by a review in Part IV of major EU policies, including the Common Agricultural Policy. The textbook concludes with a history of Economic and Monetary Union and a study of the European Central Bank and the euro.
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Competing in both high and low-cost operating environments can present a number of unique challenges. In light of global competition and the changing scope of various industries due to technological advancement, these challenges must be addressed in order to ensure business success. Global Perspectives on Achieving Success in High and Low Cost Operating Environments features a collection of research and case studies addressing contemporary issues surrounding operational success in various regions. Business professionals, managers, academics, and upper-level students will find this publication an essential resource for the latest tools and solutions for managing operations in diverse operating environments.
Bridging the gap between higher education research and policy making was always a challenge, but the recent calls for more evidence-based policies have opened a window of unprecedented opportunity for researchers to bring more contributions to shaping the future of the European Higher Education Area (EHEA). Encouraged by the success of the 2011 first edition, Romania and Armenia have organised a 2nd edition of the Future of Higher Education – Bologna Process Researchers’ Conference (FOHE-BPRC) in November 2014, with the support of the Italian Presidency of the European Union and as part of the official EHEA agenda. Reuniting over 170 researchers from more than 30 countries, the event was a forum to debate the trends and challenges faced by higher education today and look at the future of European cooperation in higher education. The research volumes offer unique insights regarding the state of affairs of European higher education and research, as well as forward-looking policy proposals. More than 50 articles focus on essential themes in higher education: Internationalization of higher education; Financing and governance; Excellence and the diversification of missions; Teaching, learning and student engagement; Equity and the social dimension of higher education; Education, research and innovation; Quality assurance, The impacts of the Bologna Process on the EHEA and beyond and Evidence-based policies in higher education. "The Bologna process was launched at a time of great optimism about the future of the European project – to which, of course, the reform of higher education across the continent has made a major contribution. Today, for the present, that optimism has faded as economic troubles have accumulated in the Euro-zone, political tensions have been increased on issues such as immigration and armed conflict has broken out in Ukraine. There is clearly a risk that, against this troubled background, the Bologna process itself may falter. There are already signs that it has been downgraded in some countries with evidence of political withdrawal. All the more reason for the voice of higher education researchers to be heard. Since the first conference they have established themselves as powerful stakeholders in the development of the EHEA, who are helping to maintain the momentum of the Bologna process. Their pivotal role has been strengthened by the second Bucharest conference." Peter Scott, Institute of Education, London (General Rapporteur of the FOHE-BPRC first edition)
This special issue of the journal tries to shed light on how innovation processes occur in less developed regions by examining which factors affect these processes and how they differ substantially between the less developed and the more developed areas in Europe. There are significant differences in innovation capacity among the lagging-peripheral and the more developed regions. Recently, the downgrading of traditional manufacturing and districts-based models in Europe has also highlighted the importance of enhancing relationships between the global and local-regional networks of entrepreneurs and innovators. The transfer of resources alone is not enough to create competitive regional economies in a global world. In this regard, innovation policy may be crucial in designing new paths for development and increasing innovation in peripheral regions. The issue consists of six articles. All of the papers focus on analyzing various aspects of the less developed and peripheral areas within a European context, and look at innovation issues from different research perspectives and methods. In particular, four papers are related to innovation in SMEs and Smart Specialisation Strategy, innovation and the regional allocation of coordination–participation in projects across EU regions, innovation policy and firm absorptive capacities, and innovation linkages with path development in rural areas. One article is based on the relationship between family firms and the propensity to invest in innovation, comparing the more and less developed macro geographical areas. The final paper concerns the nexus between policy planning and the local business ecosystems’ innovative and competitive competence. The first paper by Lukasz Arendt and Wojciech Grabowski focuses on indirectly assessing the impact of innovation policies conducted in Polish NUTS 2 regions within the framework of Regional Innovation Systems and Smart Specialisation Strategy. Interestingly, the authors combine firm-level data with meso data in a multilevel setting and observe that Polish SMEs in less developed regions mostly depend on in-house capabilities, rather than on regional innovative potential, to introduce different types of innovations. Another observation is that Polish SMEs are more likely to innovate if they have an R&D department, a higher quality of labor, realized investments and they use ICT. Finally, regional policies in these less-developed regions should focus more on linking firm-level factors with regional innovation systems, so as to enhance companies’ innovation capacity. The article by Pedro Varela-Vázquez, Manuel González-López and María del Carmen Sánchez-Carreira presents a consistent descriptive analysis concerning the regional allocation of coordination and participation in projects under the 6th and 7th Framework Programmes (FPs), as well as the funds allocated by the ongoing Horizon 2020. By comparing the 6th and 7th FPs, the authors show the existence of a slight reduction in the disparities, in particular, due to the higher participation of regions from Spain, Portugal, and Italy. The results show some interesting insights, as it emerges that developed regions account for most of the participation in projects and funds from the FP instruments. Concerning less developed regions, an uneven geographical distribution of projects and funds leads to the reinforcement of pre-existing industrial and innovation hubs. The third paper is by Marco Pini. The author investigates whether, in less developed regions, family businesses run by outside managers show a higher propensity to innovate (investing in Industry 4.0) than those where the managers are family members. This research focuses on the impact of digital innovation between the less developed Italian regions (Southern) and the more developed regions (the Centre-North). The results show that in Southern Italy, family businesses are more likely to invest in digital technologies when the firm is run by an external manager and spends on R&D. However, in less developed regions, R&D requires new competencies and capabilities. Hence, innovation policies should be based on specific “innovation patterns” defined within individual regions, not only in terms of R&D incentives, but also in encouraging a policy mix approach that is not entirely based on R&D and technology issues. The fourth paper, written by Agnė Paliokaitė, refers to the “regional innovation paradox,” i.e. the low absorption capacity of public funds for innovation shown by less developed region. The author has carried out an analysis of innovation policies applied to central and eastern European countries between 2007 and 2013. She finds that policies hardly promote structural changes as they mainly focus on improving the capacities of mature sectors and on adopting existing technologies. In this sense, the results suggest that a more tailored approach to innovation capacity building is needed, taking into account the current capacity levels within the target groups. The fifth paper, by Merli Reidolf and Martin Graffenberger, analyses the role of local resources for firm innovation and path development in rural areas. Based on the case of Estonia, they find that rural resources (physical, human, immaterial, social and community, and financial) have the potential to extend and upgrade regional development paths, and to enrich existing paths with additional functions. However, merely relying on rural resources to facilitate substantial changes in regional paths does not suffice. Finally, the sixth paper which has been written by Charis Vlados and Dimos Chatzinikolaou analyses the case of business ecosystem policy from a physiological and evolutionary perspective, the so-called “Strategy, Technology and Management” which represents the organic center of the produced innovation, inside a socioeconomic organism. By studying the case of the Eastern Macedonia and Thrace region, one of the less developed regions in Greece, they present an introductory and qualitative field research. The authors outline a new possible direction for policy planning and implementation in order to expand the local business ecosystems’ innovative and competitive competence, especially in the context of a less developed region, by the usage of the ILDI (Institutes of Local Development and Innovation) mechanism. We would sincerely like to thank the authors for their contributions to this special issue. The articles offer us the opportunity to evaluate various facets underneath innovation issues within the context of different peripheral areas. We also thank all the reviewers for their commitment, and for contributing to improving the quality and reliability of the articles. Finally, our special thanks go to the Editor in Chief, Prof. Anna Ujwary-Gil, for her tireless and valuable effort in producing this journal. And, lastly, we hope that all of our readers around the world find these articles an inspiration to conduct more research on these topics in the future.