https://www.um.edu.mt/library/oar/handle/123456789/28495 2026-04-12T16:56:08Z 2026-04-12T16:56:08Z Roussou, Eleni Cameron, Norman https://www.um.edu.mt/library/oar/handle/123456789/31457 2018-06-29T01:33:06Z 2005-01-01T00:00:00Z

Title: The impact of the European economic and monetary union on the stability of the Greek economy Authors: Roussou, Eleni; Cameron, Norman Abstract: This paper addresses the issue of how the stability of the Greek economy will be affected by Greece’s accession to the European Economic and Monetary Union (EMU). The theoretical basis for most of the discussion of this issue to date is found in the theory of optimum currency areas (OCA), which identifies the nature of economic disturbances as key to whether currency unions provide a net benefit. We use vector autoregression to identify the nature of the disturbances that the Greek economy has experienced in the past, and add such disturbances to stochastic simulations of a structural macroeconomic model of the Greek economy, part of a larger model of the European economy known as QUEST II. The main conclusion is that the EMU will make output slightly more stable in the Greek economy. Therefore, the Greek economy will reap the efficiency gains of the common currency without suffering significantly from the elimination of its monetary sovereignty.

2005-01-01T00:00:00Z Gil-Alana, Luis A. https://www.um.edu.mt/library/oar/handle/123456789/31455 2018-06-29T01:33:12Z 2005-01-01T00:00:00Z

Title: Fractional cyclical structures and business cycles in the specification of the US real output Authors: Gil-Alana, Luis A. Abstract: The issue in this paper is to analyse the business cycle frequencies in the US real output. However, instead of using classical approaches based on linear and non-linear models, we use a specification of fractional cyclical integration, which is based on Gegenbauer processes. We apply a procedure that permits us to test roots with integer and fractional orders of integration at fixed frequencies over time and thus, it permits us to approximate the length of the cycles. The results, based on the first differenced data, show that the cycles have a duration of about four years and a half, with an order of integration higher than 0 but smaller than 0.5, being thus stationary but with a component of long memory behaviour. Comparing this model with those based on ARIMA (and ARFIMA) models, we show via simulations that the fractional cyclical structure can better describe the business cycle features of the data.

2005-01-01T00:00:00Z Chlomoudis, Constantinos I. Pallis, Athanasios A. https://www.um.edu.mt/library/oar/handle/123456789/31454 2018-06-29T01:33:13Z 2005-01-01T00:00:00Z

Title: The EU port policy in a historical perspective Authors: Chlomoudis, Constantinos I.; Pallis, Athanasios A. Abstract: This paper examines the evolution of the European Union (EU) Port Policy within a historical perspective. Analysing the changing aspects of the sectoral socio-economic context and the alterations of the institutional setting, the paper explains the slow start towards a European Port Policy (EPP), that lasted more than three decades, and then assesses why, and how, policy actors involved in the EU policy making have succeeded in carving out elements of a policy framework. The study chronicles the stages by which the EU has moved into the port policy field. Grounding on the analysis of the changing sectoral environment, the paper analyses the complex sequence of events, which have led either to legislative and political decisions or to output failures. As demonstrated by the historical analysis (1957-2004), policy integration is a dynamic, seemingly irreversible, process, which marked by the searching for a balance between liberalisation and harmonisation.

2005-01-01T00:00:00Z Curtis, Panayiotis G. Thalassinos, John E. https://www.um.edu.mt/library/oar/handle/123456789/31451 2018-06-29T01:33:05Z 2005-01-01T00:00:00Z

Title: Equity fund raising and “creative” accounting practices : indications from Athens stock exchange for the 1999-2000 period Authors: Curtis, Panayiotis G.; Thalassinos, John E. Abstract: Management sometimes exploits the quest of shareholders for higher return on equity capital, by taking advantage of accounting rules gaps or violating them. The Beneish earnings detection manipulation model, is an attempt to reveal such illegal or at least unethical practices. Evidence regarding the use of “creative” accounting practices, based on that model, during the massive equity fund raising in Athens Stock Exchange for the period 1999-2000, are examined. The results of Beneish model are further invigorated towards that aim, when it is accompanied by the Return on Equity (ROE) decomposition ratios and Altman’s Z score of bankruptcy prediction. The model contributes to more efficient allocation of scarce resources.

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