Volodymyr Shenayev

Economy of integrated Europe: problems and prospects
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 145-174

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Abstract Basing on the comprehensive analysis of the European Union economic development the author defines specific features of the Western European economy, analyses reproductive, technological, and industrial capital structure changes, and shows problems connected with investment implementations and communication structure development. Unification of state economic policy instruments with the help of the subsidiarity principle actualizes the issues of harmonization and definition of the EU countries’ development priorities. As a result, the discussion of financial policy and credit system problems, big and small economic cycles of development, and the Western-European countries’ world economic relations is very actual. Key words: Capital investments, communication structure, credit system, economic cycles, financial policy, integrated Europe, international relations, loan market, postindustrial era, social security, state budget, world commerce.

Alla Melnyk

Regional policy and support of regional development: comparison of German, the EU and Ukrainian experience
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 175-198

JEL:    --

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Abstract The problems of the theory of regional policy which are related to the globalization processes and the European Union enlargement are discussed, the experience of regional development support in Germany and the European Union is characterized, the regional policy in the EU and in the candidate countries is discussed. Preconditions of building up of current regional policy and the policy of support of regions in Ukraine are systematized. Urgent problems in this area are determined, and the ways to meet these challenges in the context of the EU and German experience are shown. Key words: The EU experience, policy of regional support, regional policy, regions with poor structures, support of regional development in Germany.

Peter Hampe

Economic globalization: historical experiences and driving forces
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 199-208

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Abstract On the basis of historical analysis it is shown that globalization has a unique history in the development of life spheres and mankind activities. At the same time, the current stage of the development is characterised by such tendencies in economic sphere that totally change the world economy. In particular, the direct foreign investment growth is greater than that of gross domestic product. The international economic exchange results in an improvement of all countries’ well-being, number of international labour division participants grows, computerisation significantly promotes international exchange reducing transportation costs. History lessons testify that globalization is not a unilateral and not irreversible process. It is more or less politically influenced and thus can be changed to a certain degree. There is made a concussing in the article that the globalization process has to be controlled in such a way that its advantages could be used for compensation to those social groups or countries that turned to become losers as a result of the process. Otherwise national or international conflicts could arise or intensify. Key words: Direct foreign investment capital flow, export, foreign trade, globalization, integration, international labour division, international labour migration, international loan, international transportation, liberalization, nationalism, new technologies, noneconomic globalization, oil crisis, protectionism, world economy.

René Sandretto

Globalization and national sovereignty defense of iconoclastic view
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 209-219

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Abstract The paper studies activity of Trans National Companies as one of globalization manifestations and the TNC’s effect on the world trade. Key approaches to determination of interconnection between globalization and national sovereignty are analyzed. The author substantiates a new approach to creation and stages of globalisation development. Key words: Globalization, national sovereignty, new economy, TNC, transnational trade.

Victor Kozyuk

Central bank behavior in modern monetary theory
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 220-241

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Abstract The gnosiological base of modern monetary theories is revealed on the basis of the maintenance analysis and rational expectations. The author confirms that pracsiologacal conclusions of time inconsistency model have not found wide approval at monetary policy theoretical and fundamental levels. It is proved that the further development of monetary theories depends on optimum institutional mechanisms of trust to the central banks and flexibility of their reactions to macroeconomic shocks maintenance. On its basis the adaptibility of models which are methodologicalally connected with a new macroeconomic paradigm to monetary policy institutional and functional requirements is substantiated. Key words: Central banks, discrete decision, monetary policy, monetary rule, time inconsistency, transparency.

Oleksandr Sharov

Monetary aspects of Ukraine's integration into the European Union
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 242-257

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Abstract Issues of Ukraine’s integration into the EU finance and banking sector are considered. The author’s suggestions are based on the fact that Ukraine is still on the early stage of integration. Therefore, now we can discuss only the main problems and the variants how to settle them. Meanwhile, they are divided into: a) the problems of central banks immediately arousing because of entering the EU (in most cases these are procedure requirements), and b) the problems related to improvement of national finance and banking system, its adjustment to that of West European. The latter ones are of crucial importance, therefore the government of Ukraine should settle them notwithstanding the plans and schedules of the EU enlargement, since it is a prerequisite for the national needs of Ukraine’s economy. Key words: Banks with foreign capital, common currency, Economic and Monetary Union, Euro-integration of Ukraine, European Central Bank, European Union, National Bank of Ukraine.

Laurent Guihéry

Universal mobile telecommunication system (UMTS) in Europe: failure of public policy, both at European Union and member states levels?
Journal of European Economy, Volume 2, Issue 2, June 2003, pp. 258-275

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Abstract Various aspects of modern crisis are considered and attempts to estimate development expediency of the second and third mobile Internet generations of the European telecommunication market are undertaken. In details there are investigated problems of the Third Generation of Mobile Internet (UMTS) network management, in particular of medium-term Internet strategies, reasons of the European telecommunication crisis, features of the UMTS network investment, influences on other industrial branches, and characteristics of standards’ selection and license cost. Key words: Crisis, debt, financial markets, high technology, infrastructure, investments, licenses, management, mobile connection operators, mobile Internet, network, new standard, services.