The Stability and Growth Pact from the Perspective Of the New Member States

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to the adoption of the euro. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the current euro zone members were able to do. EU accession will also have a negative net impact on the budgets of the new members in the early years of membership. We also look at the cyclical sensitivities of the budgets and find that in the new members the smoothing capacity of the automatic stabilizers might be weaker than in the current euro zone members. Beyond these general characteristics, we also emphasize that there are large differences in the starting fiscal positions of the new members. Some of the policy implications of our findings are discussed.http://deepblue.lib.umich.edu/bitstream/2027.42/40095/3/wp709.pd

The expected effect of the euro on the Hungarian monetary transmission

The most important mechanism through which monetary policy affects the real economy in Hungary is the exchange rate channel. With euro adoption, this mechanism will largely disappear and the impact of monetary policy will be transmitted via the interest rate channel, presently seen as rather weak. This has raised concerns that the influence of monetary policy on the real economy in Hungary could be very limited after euro adoption. On top of this, other concerns have been voiced as regards potential asymmetries in the wage-setting behaviour, the exchange rate and credit channels. Based on the experience of today’s euro area participating countries and the structural characteristics of the Hungarian economy, this paper argues that after euro adoption 1) we may expect a broadening of the scope of the interest rate channel of monetary policy after euro adoption, 2) there are no institutional obstacles in the way of the effective functioning of the expectations channel in Hungary 3) substantially different monetary conditions from that in the euro area as a result of a different trade orientation are unlikely, and, finally 4) some asymmetries in the balance sheet channel may continue to exist for some time between Hungary and the core euro area countries but its effect will be significantly smaller after euro zone entry.monetary transmission mechanism, transmission channels, EMU participation.

The Stability and Growth Pact from the Perspective of the New Member States

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to EMU. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the current eurozone members were able to do in the run-up to EMU. EU accession will also have a negative net impact on the budgets of the new members in the early years of membership. We also look at the cyclical sensitivities of the budgets and find that in the new members the smoothing capacity of the automatic stabilizers might be weaker than in the current euro zone members. Beyond these general characteristics, we also emphasize that there are large differences in the starting fiscal positions of the new members. Some of the policy implications of our findings are discussed.EU enlargement, fiscal policy, fiscal rules, Stability and Growth Pact.

The sustainability of the Hungarian pension system: a reassessment

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998 reform of the Hungarian pension system, we present results from simulations with a revised pension model. Our results show that 1) the pension system, in its present form, is unsustainable with net implicit public liabilities in the system around 240% of GDP, unless corrective measures are taken. 2) The series of policy measures taken since the 1997/1998 reform account for nearly three-fourths of the net liability implicit in the pension system, reflecting a policy reversal: an alarming tendency of undoing the progress made by the reform in terms of improving the system’s sustainability. 3) The funded pillar can help in lowering net implicit liabilities if the transition costs involved in the reform are financed by budgetary adjustment. 4) The returns recorded so far in the private pension funds fall short of expectations and, on the condition that these low returns persist, the second pillar is projected to provide annuities that do not make up for the reduction in benefits received from the public pillar. This conclusion is valid even if we compare a hypothetical balanced full pay-as-you-go (PAYG) system with a sustainable multi-pillar system.ageing, pension system, social security, fiscal sustainability.

The Stability and Growth Pact from the Perspective Of the New Member States

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to the adoption of the euro. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the current euro zone members were able to do. EU accession will also have a negative net impact on the budgets of the new members in the early years of membership. We also look at the cyclical sensitivities of the budgets and find that in the new members the smoothing capacity of the automatic stabilizers might be weaker than in the current euro zone members. Beyond these general characteristics, we also emphasize that there are large differences in the starting fiscal positions of the new members. Some of the policy implications of our findings are discussed.EU enlargement, fiscal policy, fiscal rules, Stability and Growth Pact

Piston Ring Tribology in Internal Combustion Engines

Témou bakalárskej práce je tribológia piestnych krúžkov spaľovacích motorov. Práca je rozdelená do 7 kapitol. Prvá kapitola sa zaoberá piestnymi krúžkami, požiadavkami na piestne krúžky, popisom hlavných funkcií piestnych krúžkov, typmi piestnych krúžkov, kompresnými krúžkami a stieracími krúžkami. Na záver tejto kapitoly sú uvedené informácie o kinematike piestnych krúžkov. Druhá kapitola uvádza mechanizmus trenia a mazania piestnych krúžkov, venuje sa tribológii, treniu, histórii pozorovania trenia, mechanizmom trenia a vhodnosti trenia. Okrem toho práca obsahuje informácie o mazaní, konkrétne o spôsobe mazania motorov s vnútorným spaľovaním a režimoch mazania. Tretia kapitola sa zaoberá hydrodynamickým mazaním. Témou štvrtej kapitoly je medzné mazanie. Piata kapitola uvádza informácie o zmiešanom mazaní. Trenie v olejovej vrstve je témou šiestej kapitoly. Posledná siedma kapitola sa venuje treniu kontaktu nerovností styčných plôch.The theme of the thesis is tribology of piston rings for internal combustion engines. The work is divided into seven chapters. The first chapter deals with the piston rings, piston rings requirements, describes the main functions of piston rings, types of piston rings, compression rings and oil control rings. Finally, this chapter provides information about the kinematics of piston rings. The second chapter presents the mechanism of friction and lubrication of piston rings, is dedicated to tribology, friction, friction observation history, mechanism of friction and friction suitability. In addition, the work contains information about lubrication, specifically about a lubrication way of internal combustion engines and lubrication regimes. The third chapter deals with hydrodynamic lubrication. The theme of the fourth chapter is boundary lubrication. The fifth chapter provides information about mixed lubrication. Friction in the oil film is the theme of the sixth chapter. Last seventh chapter deals with dry contact friction due to surface roughness contact.