Universidad Carlos III de Madrid - UC3M


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Cátedra Jean Monnet UC3M Departamento Economía

Asignaturas: Economía de los Recursos Naturales Economía de la Integración Europea / Economics of European Integration Moneda Única y Unión Europea
  • 7.1 El mercado europeo único de electricidad y el medio ambiente

    The European Single Market in Electricity: An Economic Assessment. Pollitt, M.G. Rev Ind Organ (2019) 55: 63.

    Publicado el 30 November 2021

    El mercado único europeo de la electricidad ha sido promovido vigorosamente por la Comisión Europea desde 1996. Discutimos cómo han sido los procesos de remodelación de los mercados nacionales de electricidad y de los mercados transfronterizos de electricidad. Examinamos el propio trabajo de la Comisión para evaluar los beneficios del mercado único. Aportamos amplios datos del efecto en los precios, la seguridad del suministro, el medio ambiente y la innovación.

    Concluimos que los cambios institucionales son extensos y ha habido una armonización e integración de mercado significativas. Sin embargo, los beneficios medidos son difíciles de identificar, pero es probable que sean pequeños.

    Esto se debe en parte a que durante el mismo período ha habido un gran aumento en la generación renovable subsidiada que está impulsada por la agenda de descarbonización.


  • ASSESSING THE MACROECONOMIC IMPACT OF BREXIT THROUGH TRADE AND MIGRATION CHANNELS

    by Antoine Berthou, Sophie Haincourt and Marie-Elisabeth de la Serve, Ángel Estrada, Moritz A. Roth and Alexander Kadow. Documentos Ocasionales. N.º 1911. Banco de España. 2019

    Publicado el 25 de noviembre de 2021
    This joint work by the Bundesbank, the Banque de France and the Banco de España highlights some of the numerous channels through which Brexit will affect the UK economy and its economic partners. In particular, it focuses on trade and migration channels, adding a more general assessment of exiting the EU through the use of a gravity model. The trade channel alone may cut UK GDP by 2% over the medium term if the UK reverts to WTO rules, while a more general gravity model would point to UK GDP falling by almost 6% compared to baseline. According to our analysis, the ‘cost of non-Europe’ (such as originally stated by Cecchini’s seminal work in 1988) lies therefore between 2% and 6% in terms of real GDP losses for the UK. With the shock being largely asymmetric, the EA remains relatively unscathed by the UK’s exit, with GDP less than 1% lower than baseline by 2023. The study also shows that results are sensitive to the envisaged policy response. In general, monetary and fiscal policies may act to cushion a Brexit-related shock; however, the potency of the policy response depends on the underlying source of the shock.

  • AN ESTIMATION OF THE EFFECTS OF BREXIT ON TRADE AND MIGRATION

    by Rodolfo Campos and Jacopo Timini, Documentos Ocasionales. N.º 1912. Banco de España. 2019

    Publicado el 25 de noviembre de 2021
    This paper uses a gravity model approach to estimate the effects of Brexit in two dimensions: trade in goods and migration. We simulate two scenarios: 1) no agreement with reversion to WTO rules and no special treatment for migrants; 2) signature of a bilateral free trade agreement (FTA). According to our results, Brexit may have large negative effects on trade and migration flows between the EU and the UK. In the WTO scenario, trade flows are predicted to drop by 30% and migration by close to 25%. If the UK and the EU sign an FTA-like agreement (which does not include free mobility of labour), the negative effects on trade are lessened although there is no significant difference in terms of migration with respect to the WTO scenario.

  • BREXIT: TRADE DIVERSION DUE TO TRADE POLICY UNCERTAINTY

    Eduardo Gutiérrez, Aitor Lacuesta and César Martín Machuca. Docuemntos de Trabajo, 2140. Banco de España. 2021.

    Publicado el 25 de noviembre de 2021
    During the long process of negotiation after the 2016 Brexit referendum there was a high uncertainty about the final shape of bilateral trade relations between the European Union (EU) and the United Kingdom (UK), especially for particular sectors and firms. Given this context, the paper explores whether a fraction of Spanish trade with the UK was diverted to other markets after the referendum as a function of Spanish firms’ exposition to the British market. The paper shows that firms more exposed to that particular market (above 10% of foreign sales and purchases) were able to almost fully divert the shock in their sales and purchases, mostly to other European countries. Instead, there was an heterogeneous responses of Spanish firms with a low share of British bilateral fl ows over total trade. Given a particular share, trade diversion appears to be more limited for imports relative to exports and for big companies.


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