Camelia Turcu

University of Orléans | UO · Laboratoire d'Economie d'Orléans

This paper analyzes environmental convergence and its determinants. We construct our analysis in a bilateral setting and hypothesize that, through foreign direct investment (FDI), one or more investor countries could impact the environmental performance of their hosts, leading thus to a possible environmental convergence between home and host econo...

This Special Issue (SI) gathers 13 papers presented at the 23rd INFER Annual Conference which took place in Lisbon, 8–10 September 2021, at ISEG – Lisbon School of Economics and Management. The conference was organised by INFER (International Network for Economic Research), UECE (Research Unit on Complexity and Economics), and REM (Research in Econ...

This paper focuses on creative industries and the role played by the existing spatial distribution and agglomeration economies of these activities in relation to their entry decisions. We rely on employment and firm-level data in the creative industries (provided by INSEE) and compare the location of new establishments in the creative and non-creat...

In this article, we investigate how some MNEs which spread their home culture over time and space to the rest of the world are affecting, in turn, trade flows from home. By selling products embodying cultural information related to their country of origin, those MNEs embrace the role of ambassadors of their home country. We argue that IKEA offers a...

We explore under different exchange rate regimes how fiscal rules and institutions can reduce the procyclical stance of fiscal policy (i.e. how government spending responds to GDP fluctuations). We construct a fiscal rules index which is a composite index measuring the overall strength of fiscal rules in a country at a given time. We use it in a dy...

We study the impact of financial performance and corporate governance on the productivity of the Romanian Research and Development (R&D) sector. We draw on a dataset consisting of 116 Romanian R&D companies covering the time span from 2007 to 2016. Firm productivity is computed using several metrics of TFP (total factor productivity). We show, base...

This editorial provides an overview of recent contributions related to the analysis of fiscal policies in post-communist Central and Eastern European countries. It introduces a symposium composed of four policy-relevant research articles presented at the 2019 GEBA-GDR Money, Banking and Finance Thematic Conference (Iasi, 2019). These articles discu...

This special issue contains a selection of articles which were presented at the 5th HenU/INFER Workshop on Applied Macroeconomics (Henan School of Economics, 2019). These theoretical and empirical contributions provide new insights into the analysis of monetary, financial and fiscal fragility in 2020s, in the globalized world, insisting on the role...

This special issue contains a selection of four articles which were presented at the INFER Annual Conference 2019. The topics include an analysis of the macroeconomic and welfare performances of the ASEAN economies expected under independent managed floating regimes compared to those under a currency union; a stochastic frontier analysis to show ho...

This special issue contains a selection of six articles in the field of environmental and resource economics, which were presented in INFER workshops and supported events over the last two years. The topics include the effects of income inequality and freedom of the press on environmental stringency; the trade-environment nexus in China; the behavi...

This paper identifies an externality of multinationals on trade, channelled through their power of promoting cultures across countries. In particular, it shows how multina-tionals, by selling products embodying cultural information related to their country of origin, actually promote exports of the latter. We argue that IKEA offers an ideal case to...

We estimate, using a Panel Vector Auto-regressive approach, the fiscal multipliers of the European Union members and candidates. The former are grouped according to their European integration stages in: Eurozone historical members, latest members and candidates (i.e., European Union members that are to join the Eurozone). For each group, we assess...

This paper aims at building a money demand function that takes account of the heterogeneities of the Central and Eastern European Countries (CEECs) in the context of the European integration. We extend the traditional specification of money demand to capture the effects of a change in agents’ expectations regarding the dynamics of economic activity...

This paper examines the impact of exports and its main determinants on the financial performance of the Romanian wine industry. We draw on a dataset consisting of mixed firm-level (i.e., 207 companies) data, Google Trends data, and regional variables, and covering the period from 2009 to 2017. We show that Romanian wine exports, at the firm level,...

This editorial provides an overview of recent theoretical and empirical contributions to the debate on macro-financial stability and welfare, in the aftermath of the Global Financial Crisis (GFC). It introduces a special issue composed of a selection of articles presented during the 19th Annual Conference of the International Network For Economic R...

We analyze the channels through which institutional quality can impact the corruption–growth nexus. To do this, we develop an endogenous growth model and test its implications empirically, through panel data models using GMM and PSTR settings. Our sample consists of 136 developed and developing countries analyzed over the period 1984–2015. We show,...

In this paper, we show how environmental regulation affects trade in fuels. The regulation is assessed along two dimensions: one tackling the extraction and another one dealing with the use of fuels. Using a gravity model with 141 countries for the period 1998–2015, we show that regulations on the extraction of fuels have no impact on trade compare...

The paper analyzes the eurozone crisis through the lens of a new systemic sovereign risk measure. This measure is built on countries' budgetary constraint and the Marginal Expected Shortfall (MES) estimated through a DCC-Garch model. We use daily data ongovernment bonds yields 10Y and quarterly macroeconomic data over the period 2001-2013. Our meas...

The paper analyzes the eurozone crisis through the lens of a new systemic sovereign risk measure. This measure is built on countries' budgetary constraint and the Marginal Expected Shortfall (MES) estimated through a DCC-Garch model. We use daily data on government bonds yields and quarterly macroeconomic data over the period . Our measure, applied...

We transpose the concept of systemic risk measurement used in the financial literature to the sovereign debt crisis. We construct our analysis on two systemic risk measures, the Marginal Expected Shortfall (MES) and the Component Expected Shortfall (CES), that are estimated by a Dynamic Conditional Correlation model (DCC) and by non parametric tech...

This article develops a specific theoretical analysis of labour and firms location in relation to territorial competitiveness. The location process is thus analyzed under three angles: with respect to labour mobility in an economic geography approach; through the firms location choices in an international trade and multinational entreprises theory...

In this paper, we analyze the bank balance sheet channel at the European level (European Union (EU) 28) on the period 1998-2012. We develop a principal component analysis using the mean of the variables that characterize the bank systems in EU 28. The results show that banks capitalization, liquidity or size can reinforce the presence of this chann...

Financial asymmetries and bank balance sheet channel in an enlarged Europe In this paper, we analyze the bank balance sheet channel at the European level (European Union (EU) 28) on the period 1998-2012. We develop a principal component analysis using the mean of the variables that characterize the bank systems in EU 28. The results show that banks...

Two approaches are used to analyze the impact of exchange rate variability on countries’ specialization : Krugman [1991] underlines a positive effect of monetary integration on specialization while Ricci [1997] considers exchange rate variability as enhancing specialization. In line with these analyses, we conduct a panel analysis on the EU27 count...

We analyse 446 location decisions of R&D activities by multinational firms incorporated in the European Union over 1999–2006. Our results suggest that on average, the location probability of a representative R&D foreign affiliate increased with agglomeration economies from foreign R&D activities, human capital, proximity to centres of research exce...

La comparaison des politiques économiques adoptées par la Roumanie et la Bulgarie de la fin du régime communiste à la période récente fait ressortir les divergences qui distinguent les deux pays voisins balkaniques. Un accent particulier est mis sur l’évolution de leurs politiques monétaires. La perspective de l’adhésion à l’UE a amélioré dans un p...

This paper employs comparative analysis of the economic policies adopted in Romania and Bulgaria over the period from the last years of the Communist regime until recently to examine the divergence between the two neighboring Balkan countries. In particular, the analysis focuses on the evolution of their monetary policies. The results indicate that...

La comparaison des politiques économiques adoptées par la Roumanie et la Bulgarie de la fin du régime communiste à la période récente fait ressortir les divergences qui distinguent les deux pays voisins balkaniques. Un accent particulier est mis sur l’évolution de leurs politiques monétaires. La perspective de l’adhésion à l’UE a amélioré dans un p...

This paper traces the origins of the different monetary regimes adopted in Bulgaria and Romania in 1996–97 and examines their performance during the EU accession. The findings indicate that the constraints of the currency board in Bulgaria shifted economic activity towards the private sector, while the discretionary policies in Romania turned publi...

This paper analyzes the impact of exchange rate variability on the economic specialization of countries in the EU. Two theoretical approaches can be opposed: the first one is proposed by Krugman who sees monetary integration as favoring specialization of countries in the area; while the second one, advocated by Ricci, describes specialization as a...

The Impact of Exchange Rate Regimes on Countries Production Structures : The European Case Two approaches are used to analyze the impact of exchange rate variability on countries’ specialization : Krugman [1991] underlines a positive effect of monetary integration on specialization while Ricci [1997] considers exchange rate variability as enhancing...

This special issue includes seven papers related to the South Eastern European countries macroeconomic performances, analyzed from the EU integration perspective and in the eye of the current crisis. It includes both policy oriented papers and empirical studies. The findings provide interesting insights on the economic, financial and institutional...

Bulgaria and Romania are neighbouring countries, which have always been rivals. Following the decision on EU enlargement to include Bulgaria and Romania (late 1999) and with membership negotiations already started (2004), the race between the two countries gained momentum and comparisons of performances in the areas of economy and democracy became...

We analyse 446 location decisions of foreign affiliates in the R&D sector incorporated in the European Union over 1999-2006. Our results suggest that on average, the location probability increases with market potential, agglomeration economies, R&D intensity and proximity to centres of research excellence. It appears that the European Union's regio...

This paper analyzes the distribution of eleven NACE Rev.1.1. sectors at the European NUTS 2 level. The study is conducted on a ten-year period (1995-2004) using a Balassa index and different proxies of transport costs, closeness to central markets, market size and market potential. The Balassa index is employed in order to characterize both sectors...

This paper deals with the monetary policy transmission channels of six Central European countries: CEECs – Hungary, Poland, Czech Republic, Romania, Slovakia and Slovenia – over recent periods corresponding to stable monetary regimes. We will take into account three channels – the interest rate, the exchange rate and the domestic credit – whose rel...

During the nineties, Europe became a major recipient of FDIs but Italian regions have been largely excluded from this process. Was it due to their characteristics, or were Italian regions “doomed” by a negative country effect? In this paper we address this issue by estimating the determinants of multinational firms’ location choices in 52 EU region...

L’objectif de ce papier est d’analyser l’évolution temporelle de la spécialisation des pays et des régions NUTS 3 en Europe et de dresser un panorama des disparités internationales et interrégionales en termes de spécialisation au sein de l’UE25. Cette analyse est développée à l’aide des modèles de trend temporel construits sur des indices de spéci...

The transition towards market economy and the perspective of the accession to the European Union attracted large flows of foreign direct investment (FDI) into the Central and Eastern Europe Countries (CEEC). This paper studies, theoretically and empirically, the influence these investments have upon the economic structures of the host countries. Ec...

This paper analyzes the dynamics of territorial disparities in terms of industry location and nominal and real income among regions involved in an integration process. The new economic geography model that we propose, constructed in the spirit of Baldwin et al. (2003), supposes a four region-two country setting with two production factors and one t...

This paper analyzes the evolution of the three main economic sectors – agriculture, industry and services – at the level of European countries and regions. We base our analysis on the Theil index constructed using European gross value added data for 23 EU countries and compare it to regional data for a ten-year period (from 1995 to 2004). Our resul...

Prospects related to the transition towards market economy and the accession to the European Union attracted large flows of foreign direct investment (FDI) into the Central and Eastern Europe Countries (CEEC). This paper studies, theoretically and empirically the influence these investments have upon the economic structures of the host countries. E...