Suchergebnisse

Significant international attention has been directed to the most pressing problem of the financial crisis of 2008/2009 -- global liquidity shortages. The use of adequate foreign exchange reserves during the crisis helped alleviate pressures. However, this was only partially effective in a number of important cases. Some countries also needed to rely on external official financing. The aim of this article is to compare and analyse the main sources of official global liquidity -- foreign exchange reserves, bilateral swap lines of central banks, regional financial arrangements arid IMF resources. To reach effective outcomes in relation to the accumulation of FX reserves and a strengthening of the global financial safety nets, effective international coordination will be necessary. Adapted from the source document.

The study deals with analysis of economic reforms in South-Eastern Asia affected by financial crisis in 1990s. Authors have stressed, that it was a result of internal & external influences, which caused not only the fatal destabilization of main economic fundaments of affected countries & they have had consequences on international business authority of these countries. It was approved, that the high rate of internal interdependence of countries affected by crisis & also the interdependence on Japan, could be considered as basic, but hidden accelerators of crisis. Nevertheless using of important reforming interventions eliminated most of the economic implications of it the risks of re-outbreak of the crisis have been decreased to certain level only. For prevention against its expansion are responsible all "attended" subjects & equally they have to share on realization of reforming economic programs for its long-term elimination. Tables, References. Adapted from the source document.

The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the inflation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?" is being revisited among central bankers and academicians. At the same time the question "Does money matter in monetary policy" is on the table again. This paper focuses on the discussion of these issues; moreover, some new challenges that emerged in previous three years are discussed. The crisis has highlighted an urgent need to incorporate banks and financial frictions into monetary policy modelling framework -- therefore some new findings on this field of research are outlined. An important lesson from the crises is that price stability is not a sufficient precondition for financial stability, therefore an operational framework for financial stability is being searched -- this is subject of the final part of this paper. Adapted from the source document.

This article seeks to identity functional and systemic shortcomings of the Register of Interest Representatives (the Register) and contrasts them with the Commission's own evaluation of the Register's functioning. Special attention is accorded to the analysis of financial data published by interest groups in the Register. The article builds on original empirical research in which quantifiable data from 1063 registered interest groups were evaluated. The analysis of the financial data is complemented by the results of a questionnaire given to the registered interest groups. The questionnaire was addressed to almost one third (324) of interests registered at the end of February 2009; the return rate achieved 22.84%. The research suggests that the methods for calculating financial amounts are inadequate. This situation is exacerbated by a passive control system of truthfulness and completeness of registered data, as well as by a weak voluntarily motivation to register and by the lack of a sanctions policy. These factors diminish the credibility of the data in the Register. Consequently, the level of transparency with regard to the financial aspects of lobbying is, to a great extent, limited. Adapted from the source document.

Economic growth of the Czech Republic measured by GDP reached 3,4% per annum in the decade 2001-2010 and was substantially faster than average annual growth of the European Union. Strong acceleration in the years 2005-2007 was followed by stagnation in the years 2008-2012 caused by strong decline of GDP in the year 2009 and milder recession in the year 2012. The modest recovery in the years 2010 and 2011 was pulled namely by foreign trade, while final consumption and gross fixed capital formation stagnated. Alternative indicator of national income was negatively influenced by growing outflow of primary incomes. Real gross domestic income indicates different results in comparison with gross domestic product because of changes in the terms of trade. Macroeconomic stability improved substantially in the field of foreign trade while general government deficit contributed to its deterioration. Adapted from the source document.

The article aims to show both the still very strong position of the USD in the global financial system and assess its likely future position. It illustrates that although the U.S. is no longer the dominant global economic power that it was when the dollar became the global reserve currency, the dollar so far is not in immediate danger of losing its privileged position. Despite the challenges facing the USD as the global reserve currency, it continues its dominant role since no other currency has shown itself strong and credible enough to replace it. Considerations on replacing dollar with other currency are no more than a speculation. Adapted from the source document.

Being a part of the social world, international law is not closed nor isolated system -- on the contrary, it is in an intimate interaction with international relations & politics. Richard Falk, Professor of International Law, taught for example at the Princeton University & presently at the University of California, Santa Barbara. He is interested in the connections between IL & IR & is a prolific writer on this topic. Two of his last books, The costs of War -- International Law, the UN & World Order After Iraq (2008) & Achieving Human Rights (2009) are reviewed in this essay in highly critical manner. In the essay, Falk's normative inquiry into the legal & political developments is contrasted with the latest discussions in both the International Law & International Relations. In the review essay, Falk is criticized for his unconvincing criticism of the US foreign policy, for his intellectual shortcuts & excessive idealism. However, very interesting & significant parts of both books are emphasized & Falk's books are considered to be worth reading. His insight into the international legal problems & into the developments of human rights is outstanding. 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.

Central banks of major advanced economies have already started their sixth year of the greatest ever experiment in monetary policy at place. First, special measures were taken to prevent collapse of financial intermediation. At the same time main policy rates were cut down to historical lows hitting the zero lower bound quite soon after the onset of the financial crisis. After that central banks realised various unconventional measures in order to support their weak economies. While exceptional instruments aimed at restoring financial markets seem to have been inevitable to avert a collapse of a much greater magnitude in the short run, some other measures have remained disputable. Not only had these measures limited effectiveness in restoring stronger and sustainable economic growth, but concerns have also been raised recently about their unintended consequences. These side-effects concern not only domestic economies but international spillovers on many vulnerable less advanced and/or developing economies have been evident. Moreover, potential risks of the unprecedented measures may start to act fully in a longer horizon. Quantitative easing has led to enormous increases in balance sheets of the Fed, the BoE and ECB; however structural differences on the asset side have been evident. Main challenge for major central banks thus seems to be the right timing and structure of inevitable exit strategies in the near future so that a smooth exit with minimal side effects could be guaranteed. Adapted from the source document.

The question of public finance stability & the economic stability are widely discussed topics, not only in transitive & emerging economies, but also in developed countries. The aim of this paper is to find out & measure connections between the fiscal policy development & external economic stability. This research is based on a quantification of the budget deficit & public debt impact onto exchange rate in chosen countries that have recently experienced some kind of financial crisis. External competitiveness is also assessed by the fiscal policy impact onto current account balance. It is necessary to point out that monetary variables are going to be probably more important but the fiscal sector cannot be omitted. Especially nowadays when there is an integration process in EMU going on, where the fiscal policy is going to play important role in the economic stability. Tables, Figures, References. Adapted from the source document.

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.

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.