Developments in the EU telecommunications markets require a recurrent redesign of the regulatory framework for telecommunications services. In this regard, the analysis of the substitution effects between different types of telephony is the cornerstone of market definition and therefore of effective regulation. This paper explores the access substitution between fixed-lines, mobiles, and managed VoIP in a unified EU cross-country framework. We employ a half-yearly dataset for 20 EU countries for the 2008–2011 period and apply dynamic panel data methods. Our analysis demonstrates strong access substitution between fixed-lines and mobiles and provides indicative evidence on the substitution between fixed-lines and VoIP. Overall, we find evidence in favor of access substitution and therefore of joint market definition. Regulatory obligations imposed on the market for access to fixed telephone networks might therefore be redundant. JEL classification: C23, L43, L51, L96.

This paper analyzes the relationship between the traditional fixed-line, mobile and Voice over IP (VoIP) telephony in the EU. In doing so, it aims at filling the gap in the empirical literature on the substitution patterns between these technologies in a comprehensive way. It relies on demand estimation for fixed-line telephony using a unique data set comprising 25 EU member states for the 2006:Q2 - 2011:Q4 period. Employing instrumental variable approach, demand-side substitution for VoIP as well as mobile telephony services is found to be prevalent. Estimated short-run own- and cross-price elasticities are in the inelastic range, however, in the long run demand is clearly elastic. Hence, our results underpin the Europeans Commission's current decision to lift the ex ante regulation on the fixed-line telephony market.

In this paper the methodology for solving Locational Marginal Price (LMP) differences (inconsistency of LMPs) that arise at the boundary buses between separate power markets is propose ...

This thesis investigates monetary transmission asymmetries in CEE region. The first part addresses the role of credit growth in monetary transmission in the Czech Republic. Employing Logistic Smooth Transition Vector Autoregression model over the 1998:M1-2012:M3 period, we find that high credit growth dampens the effectiveness of monetary policy. No asymmetries in relative effects of contractionary and expansionary monetary policy shocks have been documented. In the second part, we apply the variation of Panel VAR to examine the role of financial structure in monetary transmission. The analysis is conducted on a sample of eight CEE states, encompassing the 1999:Q12009:Q4 period. Higher credit dependence is found to enhance the interest rate pass-through. However, cross-country asymmetries vanish when the credit dependence is interacted with the measure of banking sector competition. The ultimate role of financial structure in output and price fluctuations is indeterminable. JEL Classification F12, F21, F23, H25, H71, H87