Fiscal policy coordination in times of economic and financial crises

This thesis examines fiscal policy coordination in the EU during the Great Recession (2008-2010). For the first time since the Maastricht Treaty heralded the coordination of macroeconomic policies among EU Member States, public finances were collectively focused on stimulus policies. In sharp contrast to the preceding decade of consolidation and constraint, fiscal policy coordination during the Great Recession presents a novelty: a study in fiscal expansion. Drawing on Mancur Olson’s Logic of Collective Action, this thesis uses a mixed-methods approach that combines the insights from over 40 in-depth interviews and econometric analyses. The central argument of this thesis is that the fiscal crisis responses of EU Member States were not coordinated. Yet despite this lack of coordination, free-riding was kept at bay. First, the overarching consensus on the need for counter-cyclical fiscal policies prevented growth free-riding (i.e. a situation of limited domestic stimulus and free-riding on other countries’ expansive fiscal policies). Second, discipline imposed by financial market participants contributed to policy-makers’ awareness of their limited room for fiscal manoeuvre, which meant that stability free-riding (i.e. stimulus policies that exceeded a country’s fiscal space) did not occur. The first finding suggests the importance of shared policy ideas in achieving collective action; the second points to the role of financial markets in constraining public finances. Ultimately both, shared policy ideas and market discipline, can function as a substitute for strong institutional commitment to shape group oriented behaviour

A fuzzy cognitive map model for estimating the repercussions of Greek PSI on Cypriot Bank branches in Greece

Recently, Greece experienced a financial crisis unprecedented in its modern history. In May of 2010 Greece signed a bailout memorandum with Troika (a tripartite committee constituted by the European Central Bank, the European Commission and the International Monetary Fund). In February of 2012, they proceeded to a second bailout package along with a debt restructuring deal that included a private sector involvement (PSI). The overall loss, for the private investors, was equivalent to around 75%. Due to the strong economic ties between Greece and Cyprus, PSI had a substantial impact on the Cypriot economy. A fuzzy cognitive map (FCM) system has been developed and used to study the repercussions of the Greek PSI on the economic dynamics of Cyprus and more specifically on the probability of cutting off the Cypriot Bank branches that operate in Greece. The system allows one to observe how a change on some parameters can affect the stability of the rest of the parameters. Different promising scenarios were implemented, scaling the percentage of PSI from 0% to 80%

A fuzzy cognitive map model for estimating the repercussions of Greek PSI on Cypriot Bank branches in Greece

Recently, Greece experienced a financial crisis unprecedented in its modern history. In May of 2010 Greece signed a bailout memorandum with Troika (a tripartite committee constituted by the European Central Bank, the European Commission and the International Monetary Fund). In February of 2012, they proceeded to a second bailout package along with a debt restructuring deal that included a private sector involvement (PSI). The overall loss, for the private investors, was equivalent to around 75%. Due to the strong economic ties between Greece and Cyprus, PSI had a substantial impact on the Cypriot economy. A fuzzy cognitive map (FCM) system has been developed and used to study the repercussions of the Greek PSI on the economic dynamics of Cyprus and more specifically on the probability of cutting off the Cypriot Bank branches that operate in Greece. The system allows one to observe how a change on some parameters can affect the stability of the rest of the parameters. Different promising scenarios were implemented, scaling the percentage of PSI from 0% to 80%

A COMPARISON BETWEEN MOTIVATIONS AND PERSONALITY TRAITS IN RELIGIOUS TOURISTS AND CRUISE SHIP TOURISTS

The purpose of this paper is to analyze the motivations and the personality traits that characterize tourists who choose religious travels versus cruises. Participating in the research were 683 Italian tourists (345 males and 338 females, age range 18–63 years); 483 who went to a pilgrimage travel and 200 who chose a cruise ship in the Mediterranean Sea. Both groups of tourists completed the Travel Motivation Scale and the Big Five Questionnaire. Results show that different motivations and personality traits characterize the different types of tourists and, further, that motivations for traveling are predicted by specific —some similar, other divergent— personality trait

Proceedings of the 21st International Congress of Aesthetics, Possible Worlds of Contemporary Aesthetics Aesthetics Between History, Geography and Media

The Faculty of Architecture, University of Belgrade and the Society for Aesthetics of Architecture and Visual Arts of Serbia (DEAVUS) are proud to be able to organize the 21st ICA Congress on “Possible Worlds of Contemporary Aesthetics: Aesthetics Between History, Geography and Media”. We are proud to announce that we received over 500 submissions from 56 countries, which makes this Congress the greatest gathering of aestheticians in this region in the last 40 years. The ICA 2019 Belgrade aims to map out contemporary aesthetics practices in a vivid dialogue of aestheticians, philosophers, art theorists, architecture theorists, culture theorists, media theorists, artists, media entrepreneurs, architects, cultural activists and researchers in the fields of humanities and social sciences. More precisely, the goal is to map the possible worlds of contemporary aesthetics in Europe, Asia, North and South America, Africa and Australia. The idea is to show, interpret and map the unity and diverseness in aesthetic thought, expression, research, and philosophies on our shared planet. Our goal is to promote a dialogue concerning aesthetics in those parts of the world that have not been involved with the work of the International Association for Aesthetics to this day. Global dialogue, understanding and cooperation are what we aim to achieve. That said, the 21st ICA is the first Congress to highlight the aesthetic issues of marginalised regions that have not been fully involved in the work of the IAA. This will be accomplished, among others, via thematic round tables discussing contemporary aesthetics in East Africa and South America. Today, aesthetics is recognized as an important philosophical, theoretical and even scientific discipline that aims at interpreting the complexity of phenomena in our contemporary world. People rather talk about possible worlds or possible aesthetic regimes rather than a unique and consistent philosophical, scientific or theoretical discipline

IFPOC Symposium:Discovering antecedents and consequences of complex change recipients' reactions to organizational change.

IFPOC symposium: Discovering antecedents and consequences of complex change recipients' reactions to organizational change Chairs: Maria Vakola (Athens University of Economics and Business) & Karen Van Dam (Open University) Discussant: Mel Fugate (American University, Washington, D.C) State of the art Organisations are required to continuously change and develop but there is a high failure rate associated with change implementation success. In the past two decades, change researchers have started to investigate change recipients' reactions to change recognizing the crucial role of these reactions for successful change. This symposium aims at identifying and discussing the complex processes that underlie the relationships among antecedents, reactions and outcomes associated with organizational change. New perspective / contributions This symposium consists of five studies that extend our knowledge in the field by (i) providing an analysis of change recipients' reactions going beyond the dichotomous approaches (acceptance or resistance) (ii) revealing understudied antecedents-reactions and reactions-consequences patterns and relationships (iii) shedding light on the role of contextual factors i.e team climate and individual factors i.e emotion regulation on the adaptation to change. This symposium is based on a combination of both quantitative (i.e diary, survey) and qualitative (i.e interviews) research methodology. Research / practical implications This symposium aims to increase our understanding of the complex processes associated with change recipients' reactions to change. Discovering how these reactions are created and what are their results may reveal important contingencies that can explain how positive organizational outcomes during times of change can be stimulated which is beneficial for both researchers and practitioners