Browsing by Author "Pataccini, Leonardo"

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Economic aspects of migration and the refugee crisis in Europe: challenges and opportunities in a dramatic scenario
(2017) Pataccini, Leonardo; Eamets, R.
The world is currently facing the largest humanitarian crisis since the Second World War. The growing number of people displaced by civil conflict or natural disasters has increased dramatically in the recent years and this is posing enormous challenges to host countries. However, to date economic impacts of refugees in host and sending countries are controversial and arguably understood. Therefore, the aim of this article is to analyse how the traditional economic approach of migration and labour can help to understand and manage the refugees’ situation, as well as their potential benefits for all the parties involved. The present research concludes that, in the long run, refugee migration may have positive outcomes for sending and host economies, and for themselves. However, it is also emphasized that carefully designed refugee policies are critical to meet that goal, mainly focusing on two aspects: identification and integration.
From “Communautaire Spirit” to the “Ghosts of Maastricht”: European Integration and the Rise of Financialization
(2017) Pataccini, Leonardo
The present article addresses the relationship between the process of economic integration of the European Union and the rise of financialization in the continental economy. For that purpose, it analyzes the policies applied and the main macroeconomic indicators of a selected group of countries. The conditions imposed by the Treaty of Maastricht and the Convergence Criteria show a strong neoliberal mark, in alignment with those of the Washington Consensus Agenda, promoting the development of the financial activities and favoring the interest of the financial actors to the detriment of other sectors, such as the industrial and the salaried and middle-income groups. The article also emphasizes the importance of the structural reforms applied, by arguing that it would have been impossible to meet the objectives of the Economic and Monetary Union without a substantial transformation of the European economy. Additionally, the article introduces a novel concept called “the paradox of financialization.” It refers to the increasing dependence of EU economies on the financial sector for economic growth, while the only way for the financial sector to expand is by engaging in riskier and more speculative practices. Consequently, this situation makes economic growth more unstable and cycles more volatile.