The theoretical facet of the economic asymmetric daze refers to opposite coincident effects on the different systems due to the same action.
For the aim of the present paper, the job of the asymmetric dazes refers to different types of effects on macroeconomic systems due to the same action caused by an economic external factor.
The visual aspect and development of the asymmetric dazes for an economic brotherhood, where the members are pushed to follow a really purely economic manner, for achieving the integrating procedure aims, pushes the members to take between the economic manner of national macroeconomic policies in order to go on the integrating procedure and the economic manner of inquiring of some excepts for the common regulations in order enforce the administrative attempts for the national economic involvements towards an economic rematch to the macroeconomic external dazes.
KEYWORDS: macroeconomic, dazes, asymmetric, integrating, national.
JEL categorization: F50
Current theoretical facets sing the asymmetric dazes
For the intent of this analysis we will see the theoretical account of the European economic integrating within the current international fortunes.
Historically, the European Economic and Monetary Union has been designed, theoretically, on the footing of dialogues between the founding member provinces, consequences which have been assimilated later by the other provinces which accessed the European brotherhood at a ulterior minute. The chief lack of this attack was that the undertaking of the European Union has been thought on the background of a macroeconomic conjuncture characterised by normalcy, without taking into consideration the possible debasement of the international economic environment to such an extent that it may act upon the EU economic system and even do major hazards to the procedure of European integrating. This statement is supported by some institutional, legislative and methodological jobs of EU administration ; the most of import one, in the acceptation of this paper, is that under the conditions of an international economic state of affairs such as the present one, an economic brotherhood ( much more so, a pecuniary brotherhood ) consisting of member provinces which are so different in footings of economic development, has a lower capacity of reaction to the external economic dazes than a national macroeconomic system or than an economic brotherhood established on the rule of economic homogeneousness. This is due the different reactions of the composing macroeconomic systems to the visual aspect and development of an external economic stimulation: the asymmetric dazes ruffling throughout the Union.
Although it is outside the range of this paper, the proper solutions for the constitution of an interstate economic brotherhood are thought to be the followers:
Restricting the procedure of integrating to the achievement of a common market ;
Originating a complex procedure of integrating of the member provinces on the footing of the rule of economic homogeneousness.
Reverting to the topic of this paper, the outgrowth and development of the asymmetric dazes within an economic brotherhood whose member provinces are compelled to a rigorous economic development taking to carry through the demands of the procedure of integrating, binds the member provinces to take between maintaining concentrating the national macroeconomic policies towards go oning the procedure of integrating or inquiring disparagements from the brotherhood in order to concentrate the national macroeconomic policies towards heightening the capacity to react to economic dazes. In other words, such international economic state of affairs characterised by inauspicious economic phenomena may impede a procedure of economic integrating which has been designed with deficient consistence.
In decision, the asymmetric dazes caused by the action of an external economic stimulation on a system of two or more macroeconomic entities bing in mutuality or, at least, in interrelatedness, bring on hazards of depreciating systemic relation between those peculiar entities if the mutuality or interrelatedness eludes the rule of economic homogeneousness.
Comparative analysis of the optimality of the country of macroeconomic equilibrium – the regional instance vs. the national instance
This job, the optimality of the country of macroeconomic equilibrium, refers to the optimum dimension of the macroeconomic country so that the province of macroeconomic balance can be preserved both under normal economic conditions and when macroeconomic hazards appear.
This comparative analysis takes into computation two state of affairss of the macroeconomic country: the instance of a macroeconomic country dwelling of national macroeconomic entities and the instance of a national macroeconomic country. In both state of affairss, the administrative capacity of the macroeconomic administrative factor must be in rigorous correlativity with the capacity of the existent economic system to germinate as administered economic system. This means that the complexness of the economic dealingss of the market must hold a direct legislative, institutional, methodological and procedural letter writer at the degree of the macroeconomic administrative capacity. Our analysis considers that this job is solved, i.e. there is a perfect correspondence between the managerial capacities of the administrative system of the macroeconomic policies and the complexness and capacity for development of the administered system of the existent economic system.
With this convention, our analysis will do a comparing of the regional macroeconomic country and of the national macroeconomic country.
Under normal economic conditions, the procedure of integrating will go on, utilizing resources provided by the economic growing. The strategic aim is that of macroeconomic sustainability which, in the instance of the regional macroeconomic country presumes guaranting, with precedence, a minimum footing of macroeconomic homogeneousness. Once this precedence, which besides is one of the aims of accomplishing the regional integrating, is accomplished, the conditions for a proper regional economic development are met, and this calls for a proper direction of puting up and administering the resources.
From this point on, two regional procedures take topographic point:
Accretion of the excess of resources for extra activities ;
Improvement of the regional macroeconomic homogeneousness.
Sing this 2nd procedure, there is a threshold-level of homogeneousness beyond which the procedure of homogenisation is no longer possible, or it may even bring on major hazards within the system ; in other words, for each group of two national entities within the regional system there is a threshold-level of homogeneousness and theoretically, we have, threshold-levels of homogeneousness,
n = figure of national entities composing the regional system ;
K = 2.
Practically, we may utilize merely one value of the threshold-level of homogeneousness calculated as:
N = Naverage
This value does n’t hold a significance of quantification, instead a practical significance: it is an mean threshold-level beyond which it is no longer recommended to go on the procedure of homogenisation ; otherwise, tensenesss might originate within the system. This restriction, for practical grounds, of the procedure of homogenization, raises serious jobs both in footings of puting up and administering the economic resources and in footings of the utmost economic state of affairss that may originate and bring forth hazards and dazes – these jobs induce, in bend, hazards and dazes all around the system.
In order to restrict the visual aspect and development of such jobs, the regional system must follow a set of restrictions of the procedure of economic regionalization, which is why the present survey considers that the common market expression is the optimum signifier of the procedure of economic regionalization. The set of boundary lines necessary to be adopted by the procedure of economic integrating at the degree of the regional system is, really, opposite to the aims associated to the achievement of the procedure of regional integrating, but however necessary because of nonsubjective grounds for macroeconomic hazards disposal.
Theoretically, the development of an incorporate regional macroeconomic system is possible merely by the constitution of a system of homogeneous national macroeconomic entities. Practically, nevertheless, there is no perfect homogeneousness, which means that any procedure of regional integrating must be accompanies by a set of restrictions so that the demands of the hazard disposal aim are accomplished. The complexness and strength of these restrictions addition with the heterogeneousness of the system and with the range of the aims of the procedure of integrating. At the degree of the national macroeconomic system such restrictions generate restraints which produce effects face-to-face to the normal tendencies of the economic development, which are contrary to the general aim of economic sustainability.
In decision, the job of the regional integrating must be understood as being straight related to a concrete involvement of each national entity portion of the system, while the extent of integrating must be set harmonizing to the homogeneousness features of the system ; therefore no restrictions would hold to be adopted, which would harm both the system undergoing integrating, and the composing national entities.
The importance of nearing this job in this analysis is straight linked to the thought of asymmetric dazes which will merely escalate the organizational defects of an incorporating macroeconomic system, with direct and immediate effects both on the system and on the composition entities.
The production of asymmetric dazes is straight related to a system, existent or fanciful, with two entities.
In the instance of the fanciful system, the effects of the asymmetric dazes are perceived at the degree of the dealingss between the two entities.
In the instance of the existent system, the effects of the asymmetric dazes affect both the dealingss between the two entities and the general dealingss within the system ; therefore, effects are besides sent towards other entities which were ab initio non involved in the relation determined by the visual aspect and development of the daze. The production of asymmetric dazes in the instance of two entities, composing or non a existent system, is straight linked to the degree of homogeneousness between the two entities. In footings of the theoretical class, the homogeneousness of two entities, utile for the intent of this analysis, can be: organizational homogeneousness – sing the dealingss between the subsystems within the entity ; constituent homogeneousness – sing the figure and maps of the subsystems within the entity ; structural homogeneousness – sing the nature of the subsystems within the entity and procedure homogeneousness – sing the possible temporal or spacial slowdowns within the entity related to the minute of the daze impact. Consequently, the possibility of accomplishing a peculiar degree of heterogeneousness between the entities composing a system is a certain thing, and the general degree of homogeneousness depends on the specific degrees of homogeneousness:
Ng = degree Fahrenheit ( No, Nc, Ns, Np )
Ng = general degree of homogeneousness ;
No = degree of organisational homogeneousness ;
Nc = degree of constituent homogeneousness ;
Ns = degree of structural homogeneousness ;
Np = degree of procedure homogeneousness.
The lower is the homogeneousness within a peculiar system, or the higher is the heterogeneousness of a peculiar system, the higher is the possibility that asymmetric dazes occur.
At the degree of the international economic dealingss, the asymmetric dazes produce, theoretically, advantages and disadvantages at the degree of the bilateral dealingss ; practically, nevertheless, the asymmetric dazes produce merely disadvantages because they denature the bilateral economic dealingss and finally barricade them. The change of the bilateral economic dealingss besides causes instabilities in the balance of foreign payments ( BFP ) .
In decision, if there are no dazes within the bilateral economic dealingss, the state of affairs of BFP can be regarded as sustainable ; nevertheless, if asymmetric dazes produce within the bilateral economic dealingss, the state of affairs of BFP will expose several degrees of instability which will stay so until those dazes are absorbed. The undermentioned relation of causality exists: the happening of dazes and their asymmetric development within a peculiar bilateral economic relation may take to an unbalanced BFP, positive for one side and negative for the other side. The development of international economic dealingss in different waies would be an immediate solution for the short-run Restoration of BFP balance in the instance of the entity which was in shortage ; therefore, there will be no extra force per unit areas on the system of the macroeconomic policies.
There besides is the job of absorbing the asymmetric dazes. Therefore, a macroeconomic entity will absorb the asymmetric dazes by steps of macroeconomic policy, taking to run into the general strategic aim of sustainability ; this calls sufficient freedom of macroeconomic decision-making and this is easier to make by a national macroeconomic entity than by a system undergoing integrating, as mentioned earlier.
In decision, the macroeconomic theoretical account of a system undergoing integrating is more hard to pull off than the national macroeconomic theoretical account when macroeconomic dazes appear and have to be absorbed.
Current MACROECONOMIC hazards
The current international macroeconomic hazards originate in the macroeconomic organizational form.
At the European degree, this organizational form is marked by the procedure of European integrating – state of affairs which, harmonizing to the old treatments, induces troubles in the macroeconomic disposal.
Such a instance of regional integrating is an efficient theoretical account for the analysis of the asymmetric dazes, as follows:
The impact of an external macroeconomic daze on the regional system is followed by the extension of the daze moving ridges within the system, which reach the national entities in a signifier which is changed by the economic and organizational dealingss imposed by the system ;
The impact of the changed signifier of daze on the constituents of the regional system is followed by the coevals, at the national macroeconomic degree, of individualized economic effects depending on the macroeconomic features of the peculiar state ; the differences between these effects depending on the assorted national macroeconomic systems which compose the regional system represent the step of daze dissymmetry ;
The dissymmetry of the dazes received by several national macroeconomic entities generates extra effects on the channels of economic dealingss within the bunch of entities, which produce farther instabilities compared to the initial daze, emphasizing therefore the general macroeconomic misbalance at the entity degree.
In such a state of affairs: the asymmetric development of the dazes within the regional system generates, in a differentiated mode, instabilities in the different national macroeconomic administrations – which have an intrinsic degree of heterogeneousness towards the development of the procedure of integrating and which, at the same clip, are involved in a procedure of integrating, of development towards specific provinces of fusion of the chief macroeconomic facets. In such a state of affairs, the generated instabilities produce in bend tensenesss within the procedure of integrating ; the macroeconomic policies of the national provinces have to relieve and finally extinguish these instabilities.
The chief hazards ensuing from this state of affairs are as follows:
If there is still an involvement for the continuance, with precedence, of the procedure of integrating, extra tensenesss arise at the national macroeconomic degree – tensenesss which determine force per unit areas and alterations of the macroeconomic conditions of integrating ;
If the precedence aim is the relief and finally the riddance of the national macroeconomic dazes generated by the standard macroeconomic dazes, the deadline for the achievement of the macroeconomic conditions for integrating has to be postponed.
In decision, the macroeconomic dazes received by an integrated macroeconomic system and propagated, unsymmetrically, within the system towards the composing national macroeconomic entities are, in footings of disposal and solution, the duty of the national macroeconomic disposals, and they should go precedence aims for these disposals.
Administrative significance of the daze dissymmetry
For the national macroeconomic entities which receive dazes, the administrative significance of such economic phenomenon is the orientation towards the precedence aim of relief and riddance of the daze effects.
The asymmetric character of the dazes fits merely the systemic attack of the macroeconomic entities hit by dazes: the entities are examined two by two in order to place the generated effects and to place the solutions necessary to stifle and finally extinguish the effects.
The asymmetric character of the dazes is really of import to be evaluated for the macroeconomic entities hit by dazes in order to place the full scope of effects.
Another job is the necessity for anticipation – indispensable for the activity of macroeconomic disposal – anticipation which must trust on the proper rating and analysis of the state of affairss that may possible arise. The importance of this job consequences from the complexness of the international economic dealingss within the current context – complexness which has associated channels for the transmittal of the macroeconomic dazes, within the international sphere, from one national macroeconomic system to another.
A peculiar instance of this facet is represented by the asymmetric dazes manifested within the different macroeconomic entities of a system. The features of dazes ‘ dissymmetry besides are a step of the heterogeneousness bing within the system between the composing macroeconomic entities. Equally long as the relation between the entities composing a regional macroeconomic system is of mere economic cooperation, the asymmetric manifestation of the effects of an external macroeconomic daze induces tensenesss in the subsequent tally of the economic cooperation plans between the entities composing the system, but the solution to such state of affairss concerns the national macroeconomic disposal. If the regional macroeconomic system is an incorporate system, with a high degree of complexness of the dealingss of economic integrating, which generates a complex system of the channels conveying the macroeconomic dazes within the system, the response of an external macroeconomic daze will bring forth for certain, as mentioned antecedently, asymmetric effects within the system constituents, therefore bring forthing consequences that are opposing the programmed way of the procedure of regionalization. From this position, a possible regional macroeconomic system should detect the following two demands:
It should be therefore organised so that the possible external macroeconomic dazes are administered in such a mode that no effects are generated within the organizational construction of the system ;
The degree of integrating of the composition entities must be correlated with the degree of heterogeneousness bing between them, so that the effects generated by the response of external macroeconomic dazes by a system do non bring on tensenesss within the cooperation processes that specify the dealingss within the system.
Sing the development, at the national macroeconomic degree, of the economic dazes generated by an external economic daze, the size of the produced effects gives the step of the macroeconomic administrative capacity. We might state that the extension of such effects besides is a step of the complexness of the dealingss from the existent economic system and a step of the predictability at the national and international macroeconomic degree. In the acceptation of this analysis, we contradict such statement, this attack being motivated by the statement that the administrative capacity of the system of macroeconomic policies must be correlated with the degree of complexness of the dealingss from the existent economic system, which besides bears an influence on the betterment of the macroeconomic anticipation. Sing the current international macroeconomic conjuncture characterised by a much higher and increasing degree, compared to the old periods, of the complexness of the international economic dealingss, under the fortunes of a higher heterogeneousness of the involved macroeconomic entities – heterogeneousness that increases with the enlargement and sweetening of the cooperation, the hazard for macroeconomic dazes and their associated effects is correspondingly high, which calls, one time more, with necessity, the correlativity of these features with a proper degree of the macroeconomic administrative capacity. In the absence of an administrative expression at the macroeconomic degree, any consequence generated by the built-in visual aspect of an economic daze may bring forth, in bend, such a phenomenological development that propagates on the transmittal channels of the economic dealingss. The asymmetric dazes displayed within an integrated macroeconomic system, or within a macroeconomic system with a peculiar development of the economic dealingss, is a working instance of this state of affairs.
Consequently, the design of an administrative solution to the macroeconomic dazes must get down from the correlativity of the degree of macroeconomic disposal with the degree of complexness of the dealingss from the existent economic system: the degree of the macroeconomic disposal should increase so as to run into the demands ensuing from the necessity for the administrative coordination of the development of the existent economic system towards the chief strategic aim of a sustainable development of the society.
1. BRUNO Michael, EASTERLY William – “ Inflation crises and long-term growing ” ( Journal of Monetary Economics no.41, 1998, p.3-26 ) ;
2. Colander David – Macroeconomicss ( 1993, Irwin, Boston ) ;
3. LAZEA Valentin – , ,Utilizarea instrumentelor monetare pentru stabilizarea macroeconomicA? ” ( Oeconomica, nr.5, 1993, p.5-15 ) ;
4. LIPSCHITZ Leslie, KOKOSZCZYNSKI Ryszard, HRNIR Miroslav – , ,Monetary Policy in Central and Eastern Europe ” ( in, ,Monetary Policy in Transition in East and West ” , Oesterreichische Nationalbank, Vienna 1997, p.124-186 ) ;
5. MANKIW N. Gregory – Macroeconomicss ( 1992, Worth Publishers ) ;
6. MISHKIN Frederic – , ,What pecuniary Policy can and can non make ” ( in, ,Monetary Policy in Transition in East and West: Schemes, Instruments and Transmission Mechanism ” , Oesterreichische National Bank, 1997, p.13-34 ) ;
7. RADZYNER Olga, RIESINGER Sandro – , ,Central Bank Independence in Transition: Legislation and World in Central and Eastern Europe ” ( Focus on Transition, I, 1997, ONB ) ;
8. VASILESCU Eugen – Managementul proceselor monetare AYi teoria inflaA?iei ( 1992, ed. Cidin ) ;
9. Bank of International Settlements – “ Fiscal Structure and the Monetary Policy Transmission Mechanism ” ( 1995, Basle ) .
Note: the beginning of the used mathematical theoretical account is the writer ‘s construct.
, ,This work was supported by the undertaking “ Post-Doctoral
Surveies in Economicss: preparation plan for elite
research workers – Spode ” co-funded from the European Social Fund
through the Development of Human Resources
Operational Programme 2007-2013, contract
no. POSDRU/89/1.5/S/61755 ” .