Suchergebnisse

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.

Napriek neustálemu hľadaniu alternatívnych zdrojov energie pre život vyspelej spoločnosti, patrí stále prvé miesto v jej získavaní rope. Popri jej ťažbe je nesmierne dôležitý efektívny spôsob jej prepravy, nakoľko sa nachádza len na určitom území a do ostatných krajín sa musí dopravovať. Práve z tohto dôvodu sa každá krajina snaží o vlastnú ropnú bezpečnosť budovaním núdzových zásob a systému riadenia ropnej bezpečnosti štátu. Vzhľadom na napätú ekonomickú i politickú situáciu sa efektivita prepravy ropy a budovanie systému riadenia núdzových zásob ropy a ropných produktov, stáva dôležitým prvom bezpečnosti systému každej krajiny. ; Despite the continuous search for alternative sources of energy for the life of the mature society, include still first place in its acquisition of the oil. In addition to its mining is an extremely important effective way for its transportation, since it is loca-ted only in a certain territory and into other countries must be transported. For this reason, each country aims on its own oil security, building emergency stocks and the management system of a safety of the state. Due to the tense economic and political situation, the efficiency of transport of crude oil and building a management system for emergency stocks of crude oil and petroleum products, becomes an important first safety system of each country.

Socialism was born out of the belief in the bright future of mankind. Thus, the utopian vision of classless society occupied the minds of the early communist avant-garde. Yet, such hopes did not survive the initial revolutionary enthusiasm. As the social organization of the 'real socialism' turned out to be a rigid bureaucratic system, the visions of the 'bright future' were replaced by the 'picture of the golden age', namely the image of the revolution itself. Accordingly, rituals commemorating the 'founding fathers of socialism' substituted the ritualized commitments to building the 'ideal society of equals'. The ideological content of socialism vanished. Past memories occupied the present. With the breakdown of communism the present could for a moment release itself from the iron grip of the past. The "envelope of the unhistorical" seemed to be open for the deeds of new reformers. Yet, the present could not escape too far. It was almost immediately caught again either by the past or by the future. In the first case, post-communist nationalisms (Brubaker 1996) monopolized the political field; in the second case, the "scientists of the not yet" (Stark and Bruszt 1998: 1-11) disseminated their neoliberal visions of free-market economy. As a result, the present was defined either in terms of national myths going far back to history or by visions to be realized by imitation of the Western model of capitalism. The focus of this paper is the different paths taken by different countries in the region after the collapse of socialism. The paper distinguishes between the 'nationalizing alternative' as one basic direction, and the 'catching up option' as another one. The paper further argues that this dichotomy itself forms around two clusters of several potential stances which could have been taken in the process of transformations. The goal of the paper is to propose a general framework, with the help of which the interactions 'behind' the political decisions taken by political elites in the post-socialist countries ...