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La Unión Europea y el ejercicio del "actorness" en la vecindad europea en materia de comunicaciones estratégicas

  • Izquierdo Atienza, Jorge
Las nuevas dinámicas que marcan la política internacional y el carácter singular de la Unión Europea llevan a plantearse cuál es el alcance de su papel en materia de comunicaciones estratégicas en una región de vital importancia como es la Vecindad europea. A lo largo de este trabajo, se analiza la respuesta de la organización internacional: quién, cómo y con qué grado de intensidad se responde ante las nuevas amenazas en forma de desinformación. Se recogen, también, los problemas que presenta su actuación, limitada por su naturaleza sui generis y si esos problemas son viejos conocidos y, además, si son comunes a ámbitos más generales como la diplomacia pública., Les noves dinàmiques que marquen la política internacional i el caràcter singular de la Unió Europea porten a plantejar-se quin és l'abast del seu paper en matèria de comunicacions estratègiques en una regió de vital importància com és el Veïnatge europeu. Al llarg d'aquest treball, s'analitza la resposta de l'organització internacional: qui, com i amb quin grau d'intensitat es respon davant les noves amenaces en forma de desinformació. Es recullen, també, els problemes que presenta la seva actuació, limitada per la seva naturalesa sui generis i si aquests problemes són vells coneguts i, a més, si són comuns a àmbits més generals com la diplomàcia pública
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Nawba recognition for Arab-Andalusian music using templates from music scores

  • Pretto, Niccolò
  • Bozkurt, Baris
  • Caro Repetto, Rafael
  • Serra, Xavier
Comunicació presentada a: the 15th Sound and Music Computing Conference (SMC2018). Sonic crossing, celebrat a Limassol, Xipre, del 4 al 7 de juliol de 2018., The Arab-Andalusian music is performed through nawab¯at (plural of nawba), suites of instrumental and vocal pieces ordered according to their metrical pattern in a sequence of increasing tempo. This study presents for the first time in literature a system for automatic recognition of nawba for audio recordings of the Moroccan tradition of Arab- Andalusian music. The proposed approach relies on template matching applied to pitch distributions computed from audio recordings. The templates have been created using a data-driven approach, utilizing a score collection categorized into nawab¯at. This methodology has been tested on a dataset of 58 hours of music: a set of 77 recordings in eleven nawab¯at from the Arab-Andalusian corpus collected within the CompMusic project and stored in Dunya platform. An accuracy of 75% on the nawba recognition task is reported using Euclidean distance (L2) as distance metric in the template matching.
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A fiscal union for the EMU?

  • Leino, Päivi
  • Saarenheimo, Tuomas
The dominant narrative presents the Economic and Monetary Union as an incomplete structure which, to operate stably, needs to be supplemented by a deeper fiscal integration. We study the general features of the recent proposals for a fiscal stabilisation mechanism, intended to smooth the effects of asymmetric shocks on Member States, from a multi-disciplinary viewpoint, combining economic, legal and political analyses. While possible to construct within the current Treaties, we find the proposals economically and politically fragile, and likely to be unenforceable. Our gravest concern however relates to the envisaged broad macroeconomic conditionality, which is largely unconnected to the stability aims of the mechanism but has potential to undermine the democratic legitimacy of some of the Member States’ most foundational societal choices., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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A European finance minister : form follows function, but is it legal? : a legal analysis of the European Commission’s proposal to create a European Minister of Economy and Finance

  • Patrin, Maria
In December 2017, the European Commission presented a communication on the creation of a European Minister of Economy and Finance, proposing to merge the functions of the European Commissioner in charge of economic and monetary policy with the position of the Eurogroup’s President. This paper reviews the legal framework in which the European Finance Minister would operate and highlights the legal and institutional implications of the Commission’s proposal. It analyses the potential impact of the new institutional arrangements on the Commission’s collegial organization, on the inter-institutional balance of the Union and on the accountability relations between the Commission and the European Parliament. The paper ultimately questions the Commission’s assumption that the proposed changes could be implemented without modifying the Treaties and raises some fundamental issues regarding the impact of the reform on the democratic legitimacy of the Union in the absence of Treaty revision., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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Failure to launch : housing, debt overhang, and the inflation option

  • Hedlund, Aaron
Can inflating away nominal mortgage liabilities effectively combat recessions? I address this question using a model of illiquid housing, endogenous credit supply, and equilibrium default. I show that, in an ordinary recession, temporarily raising the inflation target has only modest or even counterproductive effects. However, during episodes like the Great Recession, inflation effectively boosts house prices, consumption, and dramatically cuts foreclosures, but only when fixed rate mortgages are the dominant instrument. The quantitative implications of inflation also vary if other nominal rigidities or demand externalities are present. In the cross section, inflation delivers especially large gains to highly leveraged homeowners., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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The paradox of global thrift

  • Fornaro, Luca
  • Romei, Federica
This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy cannot stabilize the economy because it is frequently constrained by the zero lower bound. Now imagine that governments complement monetary policy with prudential financial and fiscal policies, because they perceive that limiting private and public borrowing during booms will help stabilize the economy by reducing the risk of financial crises and by creating space for fiscal interventions during busts. We show that these policies, while effective from the perspective of individual countries, might backfire if applied on a global scale. In a financially integrated world, in fact, prudential policies generate a rise in the global supply of savings, or equivalently a drop in global aggregate demand. In turn, weaker global aggregate demand depresses output in countries whose monetary policy is constrained by the zero lower bound. Due to this effect, the world might paradoxically experience a fall in output and welfare following the implementation of well-intended prudential policies., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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On asset prices and leverage requirements : an experimental analysis

  • Gehrig, Thomas P.
  • Levínský, René
The present study contributes to the ongoing debate on possible costs and benefis of leverage requirements. In particular, we run two series of electronic call auctions with heterogeneous agents in the laboratory where we change the leverage bounds as a treatment variable. Over the two treatments, participants in our experiment realise about forty percent of the possible gains from trade. We show, in accordance the theory, leverage bounds do affect the efficiency of the market and the price of the asset., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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Deposit insurance and bank risk-taking

  • López-Quiles Centeno, Carolina
  • Petricek, Matic
This paper aims to assess the effect of deposit insurance on the risk-taking behaviour of banks. As shown in the theoretical literature, deposit insurance may induce moral hazard and incentivize banks to take on more risk. In this paper we provide an experimental setup in which we exploit an increase in the coverage limit of deposit insurance in the U.S. in order to identify the difference in risk taking by banks that were affected and banks that were not. This difference comes from the fact that state chartered savings banks in Massachusetts had unlimited deposit insurance coverage at the time when it was increased for all other banks in the US. Given that all banks in the sample are subject to the same regulatory and supervisory requirements, and that they are similar in other characteristics, we can isolate the effect of such increase in deposit insurance. We find, contrary to the literature, that this increase in deposit insurance did not increase bank risk-taking., The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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Democracy, Globalization and Financial Crisis. A quantitative essay on the economic sovereignty of nation-states in the Eurozone

  • Medina-Català, Albert
During the Eurozone crisis, northern Eurozone countries have been able to maintain nation-state politics and high standards of national democracy. On the contrary, periphery Eurozone countries’ national governments have been forced to abdicate part of their nation-state politics through the application of policy formulas with scarce national ownership, which has, in turn, eroded their national democracy. The Economic Sovereignty Index (ESI) proposal, with about 1,000 observations, reinforces recent literature statements on the evolution of national sovereignty in the Eurozone and its negative effects on national democratic quality in periphery countries., Durant la crisi de l’Eurozona, els països del nord de l’Euro han estat capaços de mantenir la vitalitat de la política de l’Estat-nació i alts estàndards de qualitat democràtica al mateix temps. Ans al contrari que a la perifèria, els governs nacionals s’han vist forçats a abdicar part de la seva política nacional per mitjà de l’aplicació de receptes de política econòmica amb baix consentiment nacional, que han generat erosió en la democràcia nacional. La proposta “Índex de Sobirania Econòmica” (ISE), amb aproximadament 1000 observacions, reforça les recents conclusions de la literatura acadèmica sobre la forta connexió entre sobirania econòmica y erosió democràtica als països de la perifèria., Durante la crisis de la Eurozona, los países del norte del Euro han sido capaces de mantener la vitalidad de la política del Estado-nación y altos estándares de calidad democrática al mismo tiempo. Al contrario que en la periferia, los gobiernos nacionales han visto forzados a abdicar parte de su política nacional mediante la aplicación de recetas de política económica con bajo consentimiento nacional, que han generado erosión en la democracia nacional. La propuesta "Índice de Soberanía Económica" (ISE), con aproximadamente 1000 observaciones, refuerza las recientes conclusiones de la literatura académica sobre la fuerte conexión entre soberanía económica y erosión democrática en los países de la periferia.
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