Investment and Finance in De Novo Private Firms: Empiracal Results from the Czech Republic, Hungary and Poland

In this paper we use a survey of 281 Czech, Hungarian and Polish newly established small private firms in order to shed some light on the constrains these firms face in the credit market. The results of our survey show that imperfections in capital markets in Central European economies do not seem to actually inhibit the growth of Central European transition economies studied, but they provide quite a large amount of financing and do so from a remarkably early stage of the existence of firms. Financial intermediation works reasonably well as far as de novo private firms in the three Central European transition economies studied, but they provide quite a large amount of financing and do so from a remarkably early stage of the existence of firms. Financial intermediation works reasonably well as far as de novo private firms are concerned: loss-making de novo firms have a lower probability of getting credit than profitable ones. Banks protect themselves against the risk of a deteriorating pool of borrowers by requiring collateral for their loans. We do not find convincing evidence concerning the existence of adverse selection. Loss-making firms are not ready to pay higher interest rates than profitable firms and are not more likely to ask for credit than profitable firms.http://deepblue.lib.umich.edu/bitstream/2027.42/39622/3/wp236.pd

Währungspolitische Optionen für die ostmitteleuropäischen EU-Beitrittskandidaten

Mit ihrem Beitritt zur Europäischen Union (EU) verpflichten sich die EU-Beitrittskandidaten, an der Europäischen Währungsunion teilzunehmen und den Euro einzuführen, sobald sie die Konvergenzkriterien erfüllen. Bereits als EU-Mitglieder mit eigener Währung müssen sie ihre Wechselkurspolitik als Angelegenheit von gemeinschaftlichem Interesse betrachten, und sie sehen sich der Erwartung gegenübergestellt, am EWS II teilzunehmen. Vor diesem Hintergrund wird in diesem Beitrag untersucht, welche währungspolitischen Optionen für die Beitrittskandidaten prinzipiell bestehen. Besonderes Augenmerk wird darauf gerichtet, (i) dass es sich bei den Beitrittskandidaten im Vergleich zum Euroraum um relativ gering entwickelte Volkswirtschaften im Aufholprozess handelt und (ii) dass der Systemwechsel Finanzdienstleistungssektoren von unterschiedlicher Leistungsfähigkeit und mit länderspezifischen Charakteristika hervorgebracht hat. Dementsprechend differenziert sollten auch die Währungsbeziehungen zum Euroraum ausgestaltet werden. Abstract Joining EU the new members bind themselves to participate in the European Monetary Union and to introduce the Euro as soon as they fulfill the convergence criteria. As members of EU they are obliged already to consider their exchange rate policy a matter of common interest, and they face the expectation to participate in ERM II. In this context our paper investigates which monetary options are generally open to the new members. Special attention will be given to the facts (i) that the candidates are, compared to the Euro group, rather low developed economies in a process of catching-up, and (ii) that system change has produced financial sectors with country specific characteristics and different performance. It leads to the conclusion that monetary relations with the Euro group will have to be differentiated accordingly

Long-Term Exposure to PM10 Air Pollution Exaggerates Progression of Coronary Artery Disease

(1) Background: The increase in cardiovascular risk related to air pollution has been a matter of interest in recent years. The role of particulate matter 2.5 (PM2.5) has been postulated as a possible factor for premature death, including cardiovascular death. The role of long-term exposure to PM10 is less known. The aim of the study was to assess the individual relationship between air pollution in habitation and the development of coronary artery disease. (2) Methods: Out of 227 patients who underwent coronary angiography, 63 (38 men and 25 women) with a mean age of 69 (63–74) years, with nonsignificant atherosclerotic changes at the initial examination, were included in the study. The baseline and repeated coronary angiography were compared to reveal patients with atherosclerotic progression and its relation to demographic and clinical factors and exposure to air pollution in the habitation place. (3) Results: In the performed analysis, we found a significant correlation between Syntax score in de novo lesions and BMI (Spearman’s rho −0.334, p = 0.008). The significant and strong correlation between median annual PM10 values of 20 µg/m3 and at least 25 µg/m3 in air pollution and the risk of de novo coronary disease was noticed (Spearman’s rho = 0.319, p = 0.011 and Spearman’s rho = 0.809, p < 0.001, respectively). (4) Conclusions: There is a positive correlation between long-term exposure to PM10 air pollution and coronary artery disease progression, demonstrated by the increase in Syntax score. The presented analysis revealed increased morbidity at lower PM10 concentrations than generally recommended thresholds. Therefore, further investigations concerning air pollution’s influence on cardiovascular risk should be accompanied by promoting lifestyle changes in the population and revisiting the needs for environmental guidelines