57 research outputs found
The Development of Financial Markets in Poland
No full textThis project analyzing the development of Polish financial markets sponsored by the USAID grant was aimed at examining selected problems of the banking system and financial markets in Poland. The main criterion for selection of these problems was their potential usefulness for policy-makers at the present stage of the economic transformation. The studies within the project address the issues that require special attention of policy-makers in their efforts to design future stages of the economic transformation and to formulate a program of effective preparations for the EU accession. The topics examined include: the advancement of risk management in the banking system, the economic and legal aspects of capital account liberalization, contagion effects of world financial crises, and sensitivity of financial markets to exchange rate policies. The studies find visible improvements in the methodology of risk management in the banking system in Poland and in the institutional framework of financial markets. It is further suggested that a larger participation of foreign, more xperienced banks would improve efficiency of Poland's financial institutions. It remains debatable whether the banks ought to evolve in the directions of universal or specialized nstitutions. The financial system is prone to contagion effects of external financial crises as documented by the impact of the Asian and the Russian crisis episodes. Several measures aimed at developing an effective cushion against potential contagion effects of financial crisis are proposed. They include: an effective system of bank monitoring and supervision, a lower reliance on debt in relation to equity, a low (less than a multiple of three) ratio of M2 money to foreign exchange reserves, a higher degree of transparency of financial institutions, more transparent fiscal and monetary policies, and a significant increase in national savings. The advancement of capital account liberalization shall not be restrained by taxes on foreign exchange transactions or by similar measures aimed at containing capital flows. Capital controls could be devastating to still very fragile and volatile Polish financial markets.
The Development of Financial Markets in Poland
No full textThis project analyzing the development of Polish financial markets sponsored by the USAID grant was aimed at examining selected problems of the banking system and financial markets in Poland. The main criterion for selection of these problems was their potential usefulness for policy-makers at the present stage of the economic transformation. The studies within the project address the issues that require special attention of policy-makers in their efforts to design future stages of the economic transformation and to formulate a program of effective preparations for the EU accession. The topics examined include: the advancement of risk management in the banking system, the economic and legal aspects of capital account liberalization, contagion effects of world financial crises, and sensitivity of financial markets to Exchange rate policies. The studies find visible improvements in the methodology of risk management in the banking system in Poland and in the institutional framework of financial markets. It is further suggested that a larger participation of foreign, more experienced banks Gould improve efficiency of Poland's financial institutions. It remains debatable whether the banks ought to evolve in the directions of universal or specialized institutions. The financial system is prone to contagion effects of external financial crises as documented by the impact of the Asian and the Russian crisis episodes. Several measures aimed at developing an effective cushion against potential contagion effects of financial crisis are proposed. They include: an effective system of bank monitoring and supervision, a lower reliance on debt in relation to equity, a low (less than a multiple of three) ratio of M2 money to foreign exchange reserves, a higher degree of transparency of financial institutions, more transparent fiscal and monetary policies, and a significant increase in national savings. The advancement of capital account liberalization shall not be restrained by taxes on foreign exchange transactions or by similar measures aimed at containing capital flows. Capital controls could be devastating to still very fragile and volatile Polish financial markets.Financial Markets, Poland
Comments on « Defining the Indian: State Definitions, Perception of the Other and Community Organization in Southwestern Tlaxcala and Mexico » (David Robichaux)
No full textThis article deals with two communities of Nahua origin located in Central Mexico and reconsiders what the author calls "reified categories".The author's analysis is based upon his field study in two neighboring towns called respectively Teyepanco and Acxolta del Monte. Although the two communities are geographically close, their characteristics are quite different, socially and economically. David Robichaux's study in Acxolta del Monte was carried out over an extensive period, mostly from 19..
Determinates of Savings and Economic Growth in Poland in Comparison to the OECD Countries
No full textAuthors investigate interactions between the rate of economic growth and the saving rate in Poland in the 1990s. Tendencies observed in the Polish economy are related to the long term trends of growth and saving in a number of OECD countries. A simulation of possible development paths of the Polish economy is conducted using results of the estimation of the saving function for the OECD countries in the period 1971-1994. The model implies that, if the factors determining the rate of saving and the rate of growth were the same as those in the OECD countries during the last 25 years, the rate of saving in Poland would be higher by 5 percentage points and would equal 22 percent. Moreover, assuming the medium term rate of growth of 5-7 percent, a reduction of the budget deficit and the current account deficit, would result in a rise in the saving rate up to the level of 25-27 percent of GDP. Savings of households would rise by 2-3 percentage points to the level of 12 percent of GDP. The long term rate of growth would either be lowered down to 4 percent or raised up to 8 percent depending on the extent of utilisation of externalities and increasing returns from the employment of the human capital and technological change.economic growth, Poland, OECD
Independence of a Regulatory Institution - a Means to Alleviate Credibility Problems in the CEE Countries
No full textIn Hungary and the Central-European region, state regulation has been at the forefront of interest since the beginning of the economic transition. Among the many interesting questions raised, we would like to analyze the problem of building an appropriate regulatory system allowing the industry to operate efficiently from a social point of view. We use the term "regulatory system" for the description of decision rights. A particular regulatory system amounts to the allocation of decision rights between the different actors in a regulatory game (regulatory agency, government, courts, consumer organizations, competition office). We do not propose a specific incentive scheme, which must be enforced (and is enforceable), instead we concentrate on the possible enforcement mechanisms.credibility, Hungary
Various Measures of Underlying Inflation in Poland 1995 - 98
No full textAs inflation targeting gains popularity policy makers, monetary authorities seek to design a measure of inflation that would be a good indicator of fundamental demand-driven price movements, i.e. the underlying or core rate of inflation. It is widely acknowledged that the Consumer Price Index (which is the simple weighted average of price changes of the set of goods and services comprising the consumers' expenditure basket) is a rather deficient indicator of the 'trend' inflation as it is highly volatile, seasonal and contains a lot of noise. The ideal measure of core inflation should account for the long-term trend movements in prices that reflect the state of demand in the economy and discard various one-off shocks coming from supply side. The paper presents 4 alternative methods of calculating the core inflation most commonly found in the literature: trimmed mean, sample mean percentile, standard deviation trimmed mean and exclusion mean. Using Polish price data from the period 1995:1-1998:7, each measure is calculated at monthly, quarterly and annual frequencies and compared to the 24-month centered moving average .of the CPI which is assumed to be the benchmark core inflation. Root mean square error (RMSE) and mean absolute deviation (MAD) of the candidate measure and the benchmark were chosen to be the criteria for choosing the optimal definition - both within each of the 4 groups and across them. Rather surprisingly, crude methods based on exclusion yielded the best results. Volatility-based exclusion proved most efficient for monthly and quarterly series, whereas excluding broad aggregates (food and energy) turned out optimal for annual series. The paper concludes with highlighting the caveats and fragility of the results as well as stressing the necessity of further research.inflation, Poland
Health Care in the Czech Republic, Hungary and Poland - the medium term fiscal aspects
No full textThe paper provides perspective of recent developments in health care reforms in three fast-reforming transition economies: the Czech Republic, Hungary and Poland. The two former countries have been implementing reforms since early 1990s, while Poland started its reform on January 1, 1999 only. But the reforms are not over: in all three countries further changes are envisaged. The objective of this paper is to assess the current situation from a fiscal perspective. This, of course, is not the only criterion, but still vital enough to deserve careful analysis.Czech Republic, Poland, Hungary, health care
Bishop Franciszek Jaczewski’s Life and Pastoral Work (1832-1914)
No full textKs. Zbigniew RostkowskiBishop Franciszek Jaczewski (1832-1914) is one of outstanding figures associated
with the present Drohiczyn diocese. He was born in the village of
Górki Grubaki (the parish of Korytnica). The fact the local school has been
named after him, inspired the author of the article to recount his life against
the historical background.
Bishop Jaczewski lived and worked in the conditions that were extremely
difficult for Poland and Polish Catholic Church. The end of the 19th and the
beginning of the 20th century was the period of post-Uprising persecutions,
repressions of the Uniates, introducing Russian language in schools, developing
Mariavite ideas, revolutionary movements and a ban of church building.
The above was the background of Bishop Jaczewski’s life, education and career
which is discussed in the first part of the article. Chapter Two is dedicated
to his work as a bishop (especially his pastoral and administrative activities).
The final part focuses on the Bishop’s scientific research.
Bishop Jaczewski is seen as a good shepherd, teacher, defender of the Church
and human dignity and a man of honour. The results of his work (establishing
new parishes, building a seminar, scientific works) are still seen today. It seems
necessary to recall them to learn how to live our everyday lives.Wyższe Seminarium Duchowne w Drohiczynie813414
Determinants of Foreign Direct Investment in Georgia
No full textForeign direct investment (FDI) brings host countries capital, productive facilities, and technology transfers, as well as new jobs and management expertise. Thus it is important to understand why in many countries FDI inflow is lower than it would be expected. The goal of this study is to investigate factors determining flow of FDI in Georgia. The key point of the analysis is the impact of stability of economic and legal environment on the pattern of FDI. In particular, we show that (i) the variability of basic macroeconomic fundamentals decreases the flow of FDI, (ii) high volatility of fiscal, business regulations makes FDI smaller, (iii) unstable economic environment does not attract long term investors but mainly speculative capital. Based on theoretical findings we formulate clear message to policy makers stating that in order to expect significant flow of long term and non-speculative foreign capital, first of all, a stable economic and legal environment is needed.Foreign Direct Investment, FDI, determinants of FDI, Georgia
Mycoplasma felis as a cause of pleuritis in horses
No full textM. felis was the only organism recovered from the thoracic cavity of a horse with pleuritis. Large numbers of mildly degenerative neutrophils were in the pleural fluid. The horse developed a serological response to M. felis and recovered during hospitalization. Experimentally, a pony was inoculated in the thoracic cavity with a pure culture of the M. felis isolate suspended in the pony's serum. A control pony was inoculated with serum only. Within 48 hours, the infected pony developed fever, increased respiratory rate, pleural effusion, and signs of pain. A highly cellular exudate with nondegenerative neutrophils and large numbers of M. felis was recovered from the thoracic cavity. The control pony remained normal. The infected pony developed an antibody response to M. felis. The control pony did not. Fourteen days after inoculation, both ponies were killed. Pleural inflammation was present in the infected pony, but not present in the control pony.ID: 2583; Accession Number: 19832227886. Publication Type: Journal Article. Language: English. Number of References: 16 ref. Subject Subsets: Veterinary Science; Veterinary ScienceSource type: Electronic(1
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