Harvesting systems for steep terrain in the Italian Alps: state of the art and future prospects

Steep slope forest operations in Central Europe and in particular in the Alps are strongly related to the adoption of the cable-based harvesting system, even if innovative ground-based harvesting system, even if innovative ground-based harvesting systems have been proposed in the last years. In this context, the present works aim to acquire a thorough knowledge of yarding technologies used by the logging companies of the central Italian Alps, to evaluate their professionality in steep slope forest operations, and to predict the potential diffusion of innovative steep slope harvesting systems in the area. The results show a large number of logging companies (106) working with cable-based systems and in particular with four different standing skyline yarding technologies. The analysis of professionality in using cable cranes shows big differences between the companies. In particular, it identifies a consistent group of companies with a highly mechanized machinery fleet and high skills and experience in steep slope forest operations. These enterprises evidence a still limited potential diffusion of the innovative ground-based harvesting systems in the area, even if it is theoretically possible according to the GIS analysis of morphology and forest road networ

THE COST STRUCTURE OF MICROFINANCE INSTITUTIONS IN EASTERN EUROPE AND CENTRAL ASIA

Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the performance of MFIs operating in Eastern Europe and Central Asia. A cost function is estimated for MFIs in the region from 1999-2004. First, the presence of subsidies is found to be associated with higher MFI costs. When output is measured as the number of loans made, we find that MFIs become more efficient over time and that MFIs involved in the provision of group loans and loans to women have lower costs. However, when output is measured as volume of loans rather than their number, this last finding is reversed. This may be due to the fact that such loans are smaller in size; thus for a given volume more loans must be made.http://deepblue.lib.umich.edu/bitstream/2027.42/40195/3/wp809.pd

"The Influence of the Development of Reference Interest Rates in Choosing Investment and Debt Financial Tools for Corporations - Case of the Czech Republic in 1997-2002s"

This paper focuses on the development of reference interest rates in the Czech Republic after the currency crisis of May 1997 and covers the period to the years 2002/2003 (that is to the time just before the country’s entry into the European Union) when the currency exchange of the Czech koruna (CZK) and interest rates were stabilised. The relatively high volatility of Czech reference interest rates in the late 1990’s influenced the development of company debt financing, forcing companies to become more sophisticated and dynamic in their use of debt instruments and hedging tools as they attempt to manage the subsequent interest rate risk. In this paper, the situation in three model corporations is also described – the first, a solvent company with a foreign owner (Moravian-Silesian Heating Company – MSHC, renamed to Dalkia Morava in 2002), the second, a solvent company with the Czech state as its majority owner (North Moravian Power Company – NMPC), and the third with domestic capital, which had economic problems during the given period (Vítkovice, a.s.), plus a big insurance company as a specific and very important institutional investor in domestic financial markets

Methodology for analyzing the level of international entrepreneurship development

Purpose: The purpose of this article is the development of a methodology for analyzing the level of international entrepreneurship development and how to introduce and test this methodology in the non-financial enterprises in Poland. Design/Methodology/Approach: The proposed methodology consists of three stages. At the first stage, the indicators are analyzed, allowing revealing the level of participation of business structures in the national economy system. At the second stage, indicators characterizing the degree of investment activity and the efficiency of business structures functioning, as well as their activity in international markets, are examined. The third stage is devoted to the calculation of the final index of enterprises’ participation in international entrepreneurship. The research methodology is based on the use of the following methods: a descriptive statistics method; the method of grouping statistical data; the method of correlation analysis, as well as the regression analysis method. Findings: The proposed methodology makes it possible to comprehensively assess the level of entrepreneurial structures development and the degree of their involvement in international business processes. Practical Implications: The authors’ methodology can be the scientific rationale for the process of development of international entrepreneurship. Originality/Value: The methodology proposed the total index of participation of enterprises in international entrepreneurship as a comprehensive indicator of entrepreneurial activity in international markets, based on volumes and efficiency of export operations of business structures.peer-reviewe

Capturing industrial CO2 emissions in Spain: Infrastructures, costs and break-even prices

This paper examines the conditions for the deployment of large-scale pipeline and storage infrastructure needed for the capture of CO2 in Spain by 2040. It details a modeling framework that allows us to determine the optimal infrastructure needed to connect a geographically disaggregated set of emitting and storage clusters, along with the threshold CO2 values necessary to ensure that the considered emitters will make the necessary investment decisions. This framework is used to assess the relevance of various policy scenarios, including (i) the perimeter of the targeted emitters for a CCS uptake, and (ii) the relevance of constructing several regional networks instead of a single grid to account for the spatial characteristics of the Spanish peninsula. We find that three networks naturally emerge in the north, center and south of Spain. Moreover, the necessary CO2 break-even price critically depends on the presence of power stations in the capture perimeter. Policy implications of these findings concern the elaboration of relevant, pragmatic recommendations to envisage CCS deployment locally, focusing on emitters with lower substitution options toward low-carbon alternatives

The analysis of passenger air transport development in Poland over the period 2010-2018

Purpose: The aim of the conducted research was analysis of data regarding aviation activities in the field of passenger transport at Polish airports over the period 2010-2018. Design/Methodology/Approach: The Analysis of the air travel segment referring passenger transport in Polish airports is based on available literature, analysis and statistical documentation of the air transport market for the years 2010-2018. Findings: The Polish market of air services continues to be in a state of flux. The pace at which changes occur results from a combination of external and internal factors, which precondition the behaviour of air carriers and customers, and the operation of airports. When analysing air transport development forecast, we can see a further upward trend in the number of activities of all market participants. That said, in the near future we should be expecting an expansion of connections, erection of state-of-the-art infrastructure, new air services, and above all a growth of importance of Poland on the aviation map of Europe. Practical Implications: Having regard to data included in the study, without a doubt the Polish aviation market should be considered a strongly developing one, having enormous potential ensuing not only from population mobility different EU standards, but also from demographic potential of Poland, gradual wealth gaining of the Polish society, and Poland’s geographic location. Originality/Value: A comparative analysis of the potential of selected air carriers and airports with respect to the volume of transported passengers and flights performed.peer-reviewe

The Market Microstructure of Central Bank Intervention

One of the great unknowns in international finance is the process by which new information influences exchange rate behavior. This paper focuses on one important source of information to the foreign exchange markets, the intervention operations of the G-3 central banks. Previous studies using daily and weekly foreign exchange rate data suggest that central bank intervention operations can influence both the level and variance of exchange rates, but little is known about how exactly traders learn of these operations and whether intra-daily market conditions influence the effectiveness of central bank interventions. This paper uses high-frequency data to examine the relationship between the efficacy of intervention operations and the 'state of the market' at the moment that the operation is made public to traders. The results indicate that some traders know that a central bank is intervening at least one hour prior to the public release of the information in newswire reports. Also, the evidence suggests that the timing of intervention operations matter interventions that occur during heavy trading volume and that are closely timed to scheduled macro announcements are the most likely to have large effects. Finally, post-intervention mean reversion in both exchange rate returns and volatility indicate that dealer inventories are affected by market reactions to intervention news.

Central banks as leaders in ensuring financial stability

The paper deals with the basic concepts and key problems of creating financial stability, as well as the role of central banks in its provision. The role of central banks in providing financial stability is extremely important and has a double manifestation - is the maintenance of the stability of the national currency and the responsibility for the stability of commercial banks and the banking system. The central element of any financial system is always banks, so the emergence of systemic instability in the banking sector always has a negative impact on financial stability in general and has extremely negative socio - economic implications for the country as a whole. The present study provides a thorough analysis of the essence of financial stability, the main challenges faced by central banks in monitoring financial sector and examines the global experience of central banks of different countries to ensure financial stability and their role in these processes. This paper highlights the common and distinctive features of the activities of the central banks of the most developed and developing countries towards the achievement of financial stability. Our paper focuses on the activities of the National Bank of Ukraine. In particular, its role in ensuring financial stability of the country is described and directions of its consolidation are indicated. The major task of the National Bank of Ukraine on the way to financial stability in the post -crisis period selected, the maximum possible mitigation Ukrainian banks consequences of the global financial crisis; increase of financial stability of banking institutions; strengthening of public confidence in banks and the banking system. As a result of the conducted, the key factors of achievement of the set tasks, as well as the main directions of application of monetary instruments of the National Bank of Ukraine in the activities aimed at increasing the stability of banks and ensuring financial stability, were determined