scispace - formally typeset
Search or ask a question
Author

Pedro Gustavo Teixeira

Bio: Pedro Gustavo Teixeira is an academic researcher from European Central Bank. The author has contributed to research in topics: Financial market & Financial crisis. The author has an hindex of 6, co-authored 12 publications receiving 187 citations. Previous affiliations of Pedro Gustavo Teixeira include University of Porto & International Monetary Fund.

Papers
More filters
Journal Article
TL;DR: In this paper, the authors argue that the European responses to the crisis since autumn 2008 have already set in motion a number of processes which are reshaping the EU polity, including the emergence of a new EU method of action, which breaks with the historically rooted balance of voices within the EU, while directing it towards a distinct form of reinforced intergovernmentalism.
Abstract: The wide-ranging debate on the responses to the crisis increasingly calls into question the future of the EU as a polity. This article contributes to such discussion in legal scholarship by arguing that the European responses to the crisis since autumn 2008 have already set in motion a number of processes which are reshaping the EU polity. Three important but often misrepresented processes are identified. The first is the emergence of a new EU method of action, which breaks with the historically rooted balance of voices within the EU, while directing it towards a distinct form of reinforced intergovernmentalism. The second process corresponds to the trend to have recourse to arrangements both partly internal and partly external to the EU framework. Such a process opens the way to the autonomization of the EMU, and of the eurozone within the EMU, which endangers the legal and institutional unity of the EU. The third is the transformation of the EMU from a "community of benefits" to a "community of benefits and risk-sharing", which reshapes the traditional construction of the EMU and might prefigure a federal transformation of the EU, but it also raises functional and legitimacy issues. These developments have the potential to undermine prerequisites of the EU as a project oriented towards democratic constitutionalism: they may ultimately lead to a de-institutionalization of the EU; they exhaust the main democratic legitimacy sources of the EU polity; and they undermine the already fragile social embeddedness of EU institutions.

77 citations

Posted Content
TL;DR: The authors examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market and identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.
Abstract: This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's financial-stability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU member state. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.

45 citations

Journal ArticleDOI
TL;DR: The authors examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market and identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.
Abstract: This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's financialstability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU member state. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.

21 citations

Posted Content
TL;DR: This article used a large official employer-employee data set to document and decompose the rising graduates postgraduates' wage differentials in Portugal using a non-parametric matching exercise.
Abstract: In this paper we use a large official employer-employee data set to document and decompose the rising graduates postgraduates’ wage differentials in Portugal. Using a non-parametric matching exercise we disentangle two different sources of postgraduates’ relative earnings: higher wages within the same type of occupations and the access to better paid occupations. We further look at displacement and deskilling effects due to relative demand inertia as possible sources of the evolution of relative earnings. Our results show that both displacement and deskilling effects, particularly of graduates with only a first-degree, appear to be at least as important as direct productivity effects in explaining postgraduates premiums. We also conclude that the relative importance of the former has been steadily increasing overtime and that, on the contrary, the net creation of high-paying, postgraduateonly jobs has been relatively modest. This evidence suggests that postgraduate degrees have largely worked as a way of holding on to a higher ground.

14 citations

Journal ArticleDOI
TL;DR: After the introduction of the euro in 1999, the debate on the financial stability architecture in the EU focused on the adequacy of a decentralised setting based on national responsibilities for preventing and managing crises as discussed by the authors.
Abstract: After the introduction of the euro in 1999, the debate on the financial stability architecture in the EU focused on the adequacy of a decentralised setting based on national responsibilities for preventing and managing crises. The Financial Services Action Plan in 1999 and the introduction of the Lamfalussy process for financial regulation and supervision in 2001 enhanced the decentralised arrangements by increasing significantly the level of legal harmonisation and supervisory cooperation. In addition, authorities adopted EU-wide MoUs to safeguard cross-border financial stability. In this context, the financial crisis has proved to be a major challenge to the ongoing process of European financial integration. In particular, momentous events such as the freezing of interbank markets, the loss of confidence in financial institutions, runs on banks and difficulties affecting cross-border financial groups, questioned the ability of the EU financial stability architecture to contain threats to the integrated single financial market. In particular, the crisis has demonstrated the importance of coupling to micro-prudential supervision a macro dimension aimed at a broad and effective monitoring and assessment of the potential risks covering all components of the financial system. In Europe, following the de Larosiere Report, the European Commission has put forward proposals for establishing a European System of Financial Supervision and a European Systemic Risk Board, the latter body to be set up under the auspices of the ECB. While the details for the implementation of these structures still need to be spelt out, they should reinforce significantly – ten years after the introduction of the euro – the financial stability architecture at the EU level.

8 citations


Cited by
More filters
Book
01 Jan 2009

8,216 citations

Journal Article
TL;DR: Arum and Roksa as mentioned in this paper argue that students gain surprisingly little from their college experience, that there is "persistent and growing inequality" in the students' learning, and that "there is notable variation both within and across institutions" so far as "measurable differences in students' educational experiences" is concerned.
Abstract: Academically Adrift: Limited Learning on College Campuses Richard Arum and Josipa Roksa University of Chicago Press, 2011 This book has much to say that is perceptive about today's undergraduate higher education in the United States. It will be valuable to review the authors' insights. At the same time, it will be as instructive to note the book's weaknesses, and especially what is omitted from the discussion. It is a discussion that is truncated intellectually by the authors' close adherence to the selective awareness that so greatly typifies the mindscape of the contemporary American "establishment" in academia and throughout the commanding heights of American society. That mindscape allows a recognition of many things, but not of others. The authors are both faculty members at major American universities. Richard Arum is a sociology professor at New York University with a tie to the university's school of education. He is the author of several books on education and director of the Education Research Program sponsored by the Social Science Research Council. His co-author, Josipa Roksa, is an assistant professor of sociology at the University of Virginia. That the book is published by the University of Chicago Press attests to its presumptive merit. Academically Adrift furnishes an example of something that has long been common in social science writing: a rather thin empirical study serving as the work's own contribution, combined with considerable additional material coming out of the literature on whatever subject is being explored. The function of the authors' own research is thus often to serve more or less as scientistic windowdressing. The reason we say the empiricism for this book is "thin" is that the "longitudinal data of 2,322 students," while seemingly ample, involves students spread over "a diverse range of campuses," including "liberal arts colleges and large research institutions, as well as a number of historically black colleges and universities and Hispanic-serving institutions," all "dispersed nationally across all four regions of the country." This must necessarily mean that the "sample" from any given institution or program was quite small. We are told that the authors didn't concern themselves with the appropriateness of each sample, but left the recruitment and retention of the sample's students to each of the respective institutions. The authors acknowledge that the study included fewer men than women, and more good students than those of "lower scholastic ability." So far as this book is concerned, however, the thinness doesn't particularly hurt the content, since so much of what is said doesn't especially depend upon anything unique found by the authors' own research. A brief summary is provided when the authors say that "we will highlight four core 'important lessons' from our research." These are that the institutions and students are "academically adrift" (which is the basis for the book's title), that students gain surprisingly little from their college experience, that there is "persistent and growing inequality" in the students' learning, and that "there is notable variation both within and across institutions" so far as "measurable differences in students' educational experiences" is concerned. Following the lead of former president Derek Bok of Harvard and of the Council for Aid to Education, the authors' ideal for higher education is that it will enhance students' "capacity for critical thinking, complex reasoning, and writing." These are the three ingredients measured by the Collegiate Learning Assessment (CLA), which the authors value most among the various assessment tools. The CLA results, they say, show that "growing numbers of students are sent to college at increasingly higher costs, but for a large proportion of them the gains in critical thinking, complex reasoning and written communication are either exceedingly small or empirically nonexistent. …

663 citations

MonographDOI
01 Jan 2013
TL;DR: In this paper, two layers of the European economic constitution are discussed, and the authors propose a framework for the analysis of the economic crisis and the response to the crisis, as well as the reform of the macroeconomic constitution.
Abstract: Part I. Setting the Scene: 1. Introduction: framework of the analysis 2. Two layers of the European economic constitution 3. Towards the crisis: an economic narrative 4. Responses to the crisis Part II. Constitutional Mutation: 5. Constitutionality of European measures 6. Realignment of the principles of the macroeconomic constitution 7. Democracy and social rights Part III. What Next?: 8. Initiatives on the table.

112 citations

Posted Content
01 Jan 1999
TL;DR: The potential impact of the new institutional framework for EMU financial policymaking might have on the ability of European policymakers to ensure financial stability and manage financial crises within is the subject of as discussed by the authors.
Abstract: The potential impact of the new institutional framework for EMU financial policymaking might have on the ability of European policymakers to ensure financial stability and manage financial crises within is the subject of this study. It focuses, in particular, on the allocation of lender-of-last-resort (LOLR) and banking-supervision responsabilities among the European Cnetral Bank (ECB) and the national central banks (NCBs), national supervisors, and national treasuries of the eleven member countries.

107 citations

Journal ArticleDOI
TL;DR: In this article, a new data set on cross-border penetration of 30 large EU banking groups has been collected, and the data indicate that the number of groups that have the potential to pose significant crossborder externalities within the EU context is substantial and increasing.
Abstract: Against the backdrop of European integration, the debate on the need for European arrangements for financial supervision and stability is intensifying in the literature as well as in the policy arena. While there is a consensus that the need for European arrangements ultimately depends on the intensity of cross-border spillover effects or externalities within the European Union (EU), there has been no attempt to measure these cross-border externalities. The aim of this paper is to fill this gap. A new data set on cross-border penetration (as a proxy for cross-border externalities) of 30 large EU banking groups has been collected. Although a home country bias still exists, the data indicate that the number of groups that have the potential to pose significant cross-border externalities within the EU context is substantial and increasing. Within a fouryear period (2000‐03), we find a statistically significant upward trend of emerging European banking groups. Policymakers therefore face the

100 citations