What Drives the Regional Integration of Emerging Stock Markets?

This study explores the fundamental driving forces of regional equity market integration. The determinant factors are categorized into three dimensions: local, regional and world instrumental variables. My sample consists of equity markets in 4 notable regional trading blocs: Latin America, Southeastern Asia, Southeastern Europe and Middle East over the period March 31, 1996 to March 31, 2008. We measure market integration based on pricing error as proposed by Bhattacharya and Daouk (2002) and Adler and Qi (2003). Using multivariate BEKK- GARCH (1, 1) process and non linear regression, our results show that the time-varying degree of integration of Latin America, Southeastern Asia, and Southeastern Europe region, are satisfactorily explained by the regional level of trade openness and market development. For the Middle East, individual-market volatility and inflation play a significant role in the integration process.Emerging Stock Market, Financial Integration, Determinant Factors, Multivariate GARCH

THE ENTREPRENEURIAL CAPACITY OF LOCAL AUTHORITIES IN SOUTH-EASTERN EUROPE - AN ENTERPRISE PERSPECTIVE

The article is looking into whether the management ability but also the inspection of development policies on the part of local city authorities influences the competitiveness of firms. Origin of this survey has been various approaches of the last decades which point out the significance of entrepreneurial capacity and the ability of local authorities to manage policies on local level. The analysis uses data from 310 small-medium size firms of Southeastern Europe. Through exploratory factor and cluster analysis the article concludes that the ability of Local Authorities to implement development policies, to develop co-operations with the private sector and to manage natural and human resources are important for firm competitiveness. At the same time it brings out the significance of these factors for the respective firms in the wider southeastern zone of Europe.local authorities; firm competitiveness; management and control; cluster analysis; Southeastern Europe

Tin in Southeastern Europe?

Apart from Cornwall, the only indisputable source of tin in the prehistoric Europe, some new potential sources in Southeastern Europe (on the mountains Bukulja and Cer in western Serbia), should be considered. The fortunate coincidence, that the deposits of copper and tin ore were found close to each other, very likely played the crucial role in the production of full-fledged bronze towards the end of the Vučedol culture (phase C)

Claimed Co-ethnics and Kin-State Citizenship in Southeastern Europe

The paper introduces the often neglected concept of 'claimed co-ethnics' in the analysis of citizenship policies. It argues that this is an interstitial category that further complicates the triadic nexus between national minorities, nationalising states and kin-states. The 'claimed co-ethnics' are defined as people who are recognised by the citizenship (or ethnizenship) conferring state as belonging to its main ethnic group, although they themselves do not embrace that definition. In addition to bringing the issue of claimed co-ethnics into focus, the paper elucidates how citizenship policies can affect groups that challenge the exact fit between ethnicity and nation, showing how national governments through particular citizenship policies and categorisation practices engage in the construction of these groups. The paper shows that the triadic nexus framework, which has had a strong influence on citizenship and minorities scholarship, needs to be revised to include unidirectional relations between the elements of the triadic nexus. The paper is based on the comparison between the cases of ethnic Vlachs (in the context of Albania and Greece) and Bunjevci (in the context of Serbia and Croatia).European Commission - Seventh Framework Programme (FP7

Key to the terrestrial slugs (Gastropoda) of Northeastern United States and Southeastern Canada

Three species of terrestrial slugs (Gastropoda) are native to Northeastern United States and Southeastern Canada. At least twelve additional species have been accidentally introduced from Europe. Many of the introduced species are now widespread throughout the region; some are commonly found in natural forested habitats. Because of the complexity of the systematics of some of the introduced species, dissection of internal anatomical structures and DNA and other biochemical analyses may be required to distinguish cryptic species. Although this key to the terrestrial slugs of the Northeastern United States and Southeastern Canada was developed in 1973, it remains the best tool in identifying the terrestrial slug species of the region. Because it was published in a relatively obscure journal that is not readily available, we are placing it on this web site where it can be readily accessed.published or submitted for publicationis peer reviewe

The next Europe: Southeastern Europe after Thessaloniki

"The European Council and the Balkan Summit in Thessaloniki failed to deliver the necessary consistent implementation strategy for the European integration of the Balkans. At the same time, the euphoria related to the successful completion of Eastern enlargement seems to nurture the illusion that this role model of integration suffices to cope with the stability risks and the developmental deficits of the Balkans. In their latest analysis that looks beyond the political statements of Thessaloniki, the Bertelsmann Foundation and the Center for Applied Policy Research champion a rethinking and renewal of Balkan strategies. The arrangement should contain as many pre-accession instruments as practicable, as much stabilisation policy as needed and as much economic-development assistance as possible. Since 2000, the Bertelsmann Foundation and the Center for Applied Policy Research have studied potentials and limitations of a 'European perspective' for the Western Balkans. Integration strategies were assessed and designed in cooperation with the Planning Staff of the German Foreign Ministry and leading think tanks from the region. On the basis of the conclusions from Thessaloniki, the following paper analyses the regional state of affairs and identifies strengths and weaknesses of current European Balkan policies." (author's abstract

METROPOLITAN DEVELOPMENT AND COOPERATION IN SOUTH-EASTERN EUROPE

This paper explores the role and importance of the four, closelocated, metropolises of south-eastern Europe (Skopje, Sofia, Thessaloniki and Tirana) and proposes a strategy that promotes metropolitan growth and development, maximizes spread effects to national hinterlands, and advances cross-country cooperation between cities in the area. These metropolitan centres play a significant role within both their respective countries and the whole region, because of their function as political/administrative centres and economic/growth poles and their dominance over the other national urban centres. In addition, their relative proximity permits the development of networks of cooperation and the gradual formation of a polycentric regional structure in south-eastern Europe, which will progressively embrace all the important cities, to increasing regional integration and enhancing economic development.METROPOLITAN DEVELOPMENT, STRATEGY, URBAN CENTRES, SOUTHEASTERN EUROPE

Attraction of Foreign Direct Investments as a Challenge in Accession Process to European Union

When we speak about the significance of foreign direct investments (FDI) for the transition economies of Southeastern Europe, we mainly think of two important effects of FDI: effect on economic growth and effect on export performances. Both economic features (growth and export performance) are important for the transition economies in sense of European Union (EU) accession prospect. The experience of Central European countries, now members of European Union, shows that FDI inflows from EU countries were indicator of country’s reform progress. After short review of relevant researches, we analyzed the statistical relationship between FDI inflow and economic growth. Results don’t reveal any positive correlation between these two variables. However, FDI play important role in technology transfer and improve technological development level in transition economies. On the other hand, our research shows that FDI are correlated with improving of export’s structure of transition countries. FDI inflows in Central European countries were followed by changes of factorial intensity of export goods, as by sectoral structure of export, in positive manner. Compared with Central European transition countries, region of Southeastern Europe has less success in attracting FDI, which consequently results in weaker economic and export performances. FDI have an important role in export’s structure convergence between EU and transition countries.foreign direct investments; economic growth; export performance; transition economies