This paper discusses the critiques forming the debate on the future of the two major global financial institutions -- the IMF & the WB. The author does not claim what the IMF & the WB really are, but reviews how they are seen by their critics. The article describes & summarizes the multifaceted critical discussion & proposes an elementary scheme formed by four basic positions. These are based on two variables: (1) moderation or radicalism of the critiques; (2) their affiliation with the right or the left side of the political spectrum. As a result, four basic critical positions emerge: right reformers, right radicals, left reformers, & left radicals. This paper characterizes each of them by overviewing the opinions of two representative participants of the discussion. 1 Diagram, 125 References. Adapted from the source document.
The post-Keynesian approach to the nature of money brings some other conclusion to the monetary policy, independence of a central bank, & function of commercial banks. The source money is created by demand of businessmen especially. Loans create deposits, deposits create reserves. Central bank plays two roles: lender of last resort & inflation supervisor. Crediting by commercial banks & their credit policy in post-Keynesian economics is considered as credit rationing. If the role of central bank -- lender of last resort -- is not connected with changes of regulation, which reduce new practice of financial markets to avoid regulation, the influence of central bank to fight with inflation declines. Post-Keynesian economics is not directed against competence & independence of central bank. On the contrary, it welcomes the more direct influence of central bank on commercial banks & other financial institutions, however, with use of alternative limiting facilities. 2 Graphs, 15 References. Adapted from the source document.
Financial stress indexes provide a new tool for regulatory and public institutions, which participate in the supervision of financial markets and in the monitoring of the development of risk in financial markets. Our paper introduced a number of methods of building the financial stress index for the Czech Republic and Hungary. We have developed our indices based on the variables representing the level of financial stress by the movement of market prices of assets, which provides a higher frequency to the measurement of financial stress in the main sectors of financial system, ie. banking, money market, currency, fixed income and equity sectors. We have than evaluated our indices by the effectiveness to identify periods of increased financial stress based on the deviation by one standard deviation of the value of the index from the median value. Comparing periods identified with this method with historical periods of increased financial stress, we came to the conclusion that my financial stress index for each country successfully identifies the development and level of stress in financial system. Adapted from the source document.
Článek prezentuje výsledky kvalitativního výzkumu realizovaného mezi českými organizacemi nabízejícími programy environmentální výchovy a orgány veřejné správy, které tyto programy finančně podporují. V rámci výzkumu byly řešeny tři základní výzkumné otázky: jaké evaluační strategie organizace používají? Jak tyto strategie souvisí s metodikou realizovaných programů, resp. do jaké míry odpovídají programy hodnocených organizací požadavkům na efektivní environmentální výchovu? Do jaké míry vycházejí orgány veřejné správy při finanční podpoře těchto programů z jejich skutečné efektivity? Výzkum prokázal poměrně malé zastoupení evaluačních strategií přinášejících relevantní informace o efektivitě programu, metodické nedostatky ve většině hodnocených programů a nedostatečnou schopnost orgánů veřejné správy formulovat a vyhodnocovat požadavky na efektivitu podporovaných programů. ; The article presents the results of qualitative research that has been undertaken among Czech environmental education centres, and regional and municipal government institutions providing financial support in this area. Three research questions were discussed: what evaluation strategies are used by the organisations? How are the strategies connected with the methodology of the programmes, or how do the programmes correspond with the standards for effective environmental education? How important is the real effectiveness of the programmes for a local government's decision regarding their financial support? The research proved that few organisations use evaluation strategies that provide relevant information about programme effectiveness, there are methodological weaknesses in the majority of analysed programmes, and local government institutions do not have and do not demand relevant information about the effectiveness of supported programmes.
Badly defined institutional framework caused many problems of the Czech transition. Designers of the economic reform did not respect the importance of precisely functioning market institutions. No doubts that building institutions supports the functioning of markets. The article analyses why Czech economists & politicians did not understand the problem in the beginning & how they attempted to correct this initial mistake. The Czech (Slovak) economy was in a worse situation if compared with other central European countries because any private sector did not exist there before 1990. Both formal & informal institutions were built here in the green field. After politically sensitive problems with financial crime the building of institutions was accelerated in late 1990s. The process of re-building Czech market institutions continues within EU now. References. Adapted from the source document.
We analyse potential sources of internal imbalances, specifically as regards private and public indebtedness. The combination of a high public debt and increasing private sector indebtedness have been a source of concern in the perspective of the funding of the economy in examined countries. We utilize the detailed financial accounts as an analytical framework for revealing the development of private sector's indebtedness in 18 EU countries in the period 1995-2012. Ratio of private debt (non-financial corporations, households and non-profit institutions serving households) to GDP was steadily increasing till 2009 with a decrease in the following years. After the decomposition of the private sector debt several facts stand out. Highly indebted, on the average, are households in Denmark and The Netherlands. Postsocialist countries have still low indebtedness, but are catching up. In panel regressions (fixed effects) the dependent variable is overlapping two-and free-year forward looking averages. The control variables are those usually used in growth equations a la R. Barro. We have utilised also instrumental variables (Pooled IV Two-stage EGLS) and 3 years averages for all variables to capture medium-run impacts. Having analysed the impacts of different private debt variables on the growth rate of real GDP we assert that the impact has been negative and statistically significant in almost all growth regressions. Adapted from the source document.
The transformation of the German armed forces is one of the topics of the current security policy of Germany. The position of the German anned forces has deteriorated in recent years when compared to the situation that existed several decades ago. This fact is reflected in such things as the growth of difficulties with recruitment, increase in the number of young people preferring civilian service to military service accompanied by the growth of the positive evaluation of civilian service, and in particular in dwindling financial resources of Bundeswehr. Despite these tendencies, Bundeswehr is not as yet perceived by German society as an institution a priory incompatible with democracy. The analysis of the reform of German armedforces shows that that the changes in this institution are taking place against the background of trends generating the "revolution in military affairs", even though, naturally, within the boundaries given by the Bundeswehr's limited access to the resources of German society. The German armed forces of the future should be more mobile, with improved capability for strategic lift and strategic reconnaissance, more flexible organizational structure and command, better signals and communication equipment, aha better equipment for automated command. The improvements of the German armedforces are aimed at areas that can help them to increase their effectiveness in missions taking place outside of the territory of Germany, while the capabilities that were in the focus in the past, i.e. the high intensity warfare capability in the battlefield of Central Europe, are currently being scaled down. The only specificity of the reform of the German armed forces in comparison with the reforms taking place in other European countries is the continuation of universal conscription, probably due to the belief of German political -- and partly also military -- elites that universal conscription has democratizing effects. Adapted from the source document.
Americans were neither victims nor perpetrators of the Holocaust. Why, then, does this horrific event occupy such a prominent place in their public life & political discourse? With the help of the works by American Jewish historians Norman Finkelstein & Peter Novick, this review article offers a tentative solution to this puzzle. Finkeistein stresses that the Holocaust has been used by the American Jewish elites & organizations for their financial, political & symbolic benefits. Novick does not deny the role of elites & of their instrumental motives but claims that sincere & profitless activities of innumerable "private" Jews & of their informal networks have played no lesser role. According to Novick, four factors contributed to the elevating of the Holocaust to the public pedestal: (1) the transformation of the general atmosphere in theAmerican society from the "integrationism" of the 1950s & 1960s to the "differentialism" of the 1970s & 1980s, (2) the ensuing competition of ethnic & racial groups for the status of the most historically aggrieved minority which motivated Jews to use the Holocaust as a trump against the claims of other groups, (3) the crisis of Jewish identity (brought about by waning religious practices) which made it possible for the Holocaust to function as an Ersatzidentity for Judaism, &, finally, (4) the overrepresentation of the Jews in the media, cultural institutions & entertainment industry which confers upon them a privileged role in the creation & reproduction of hegemonic discourses & images of the larger society. In addition, the reference to the Holocaust has proved useful in justifying tough policies of Israeli governments vis-a-vis the Palestinians & in gaining support for those policies with the American public & government. 11 References. Adapted from the source document.