Determinants of Euro against US dollar rate of exchange (USD/EUR) in the long run

The paper is a result of research which aimed to identify the factors determining the USD/EUR rate of exchange and the strength of the influence in the long run. In the research we used the Frenkel - Bilson model and an econometric model built on its basis. In the research we formulated a hypothesis that the USD/EUR rate of exchange is determined in an economic and statistically significant way by the following factors: M1 and M2 money supply in the euro area and USA, changes in the GDP rate of growth in the euro area and USA, changes in long term treasury bond yield to maturity in the euro area and USA. The results of the research confirmed the above hypothesis.peer-reviewe

Kryzys gospodarczy a kształtowanie się kursu złotego wobec euro i dolara amerykańskiego w latach 2008–2012

The results of Polish zloty rate of exchange forming against the EUR and USD in the period of economic recession and financial crises factors influence. The speculation attack against Polish zloty in the second part of 2008, depreciation of EUR against USD, higher rate of inflation in Poland in comparison t the euro area and USA were the main factors, which influence depreciation of Polish zloty against EUR and USD in the period of 2008–2012

Slovakia in the Euro area : costs and benefits

PURPOSE: Examine Slovakia’s path to the euro area, the related costs and benefits, and possible implications for Poland.DESIGN/METHODOLOGY/APPROACH: A critical review of literature on optimum currency areas and costs and benefits of joining a monetary union. Statistical analysis and econometric modelling are applied as well. An econometric model is constructed and estimated with the least-squares method (LSM). The results of the model estimation are analysed.FINDINGS: The analysis of the model estimation results suggests joining the euro area has had a significant positive effect on economic growth in Slovakia. The EUR variable has a statistically significant and quite considerable impact on GDP fluctuations in Slovakia in the period studied. The following conclusions can be posited, therefore: joining a monetary union is greatly recommended to such a small, highly open economy with an uncompetitive currency, although Slovakia joined the full Economic and Monetary Union at an unfortunate time of a financial and fiscal crisis. The pandemic crisis also had some adverse effect on the cost-benefit relation of the euro area membership. It seems, however, Slovakia has managed to gain some measurable positive effects of its joining the euro area and the benefits can be seen as outweighing the costs.PRACTICAL IMPLICATIONS: The results may serve to analyse costs and benefits of a small, open economy joining an economic and currency union and to choose an appropriate moment for such an operation. The study can be of use to researchers and political decision-makers.ORIGINALITY/VALUE: The paper raises an original problem of a small, open economy and its path to the membership of a currency union. It’s a contribution to the theory of economic and monetary unions which identifies the costs and benefits of joining a currency union using the example of Slovakia.peer-reviewe

Instruments of the State's Ecological Policy as Regards the Protection of the Air

Ecological policy and its instruments essentially affect economy and other spheres of social. In practice, the management of environmental resources has two models of regulation. The latter makes it possible to reach the ends of ecological policy: the direct method based on administrative steps taken to define the levels of reducing pollution released to the environment; the indirect method means to create behaviours and preferences concerning thestate in which it is possible to reach a socially-acceptable level of production and consumption, thereby accomplishing a socially-acceptable level of pollution. (The paper discusses only part of the issues that establish the instruments of ecological policy of the state as regards the protection of the air. The problems of instruments called instruments of direct regulation will be published in the following „Annal of Natural Sciences”, fsc. 1). Both methods use their respective instruments, by means of which the state monitors entrepreneurs and other organizational units in order to enforce them to take such actions that are desirable from the point of view of the policy to protect the environment. Additionally, one can distinguish a group of instruments in the system of the instruments of direct regulation that I call instruments of the execution of law. Their specific character consists in their manner of influence on entrepreneurs, for their task is not so much to impose duties as regard protection of the environment, but to safeguard the performance of duties that have already been imposed by virtue of administrative decisions or common rules. These instruments play the role of supporting means to accomplish the ends of ecological policy. What I mean here is the following: fines for the encroachment on the demands of the protection of the environment, closing down the company or the exploitation of machines and devices that are hazardous for the environment

Financial and fiscal crises, prices and EUR/USD rate of exchange

Purpose: The purpose of this paper is to answer the following question: How did the standard and non-standard ECB policy measures influence the price level and the EUR/USD rate of exchange in the period 2008 -2013? Design/methodology/approach: We formulated the following hypothesis: Depreciation of the Euro versus American dollar exchange rate occurred in the period of financial and fiscal crisis (2008-2014). The main reasons for that included: fiscal crisis in the euro area, implementation of standard and non–standard (quantitative easing) ECB monetary policy measures and growth of money supply in the euro area. In that period, the economically and statistically significant impacts of money supply aggregate M2 and differences between interest rates and rates of inflation in the euro area and USA on changes in EUR/USD rate of exchange were noted. For verification of our hypothesis we used econometric modeling - model of regression estimated using the GARCH (0.1), using the monthly data for the period 1999:01-2013:12. Results of our research confirmed the hypothesis formulated by us. Findings: Our study confirmed the formulated hypothesis; the EBC monetary policy, both standard and non-standard, in the years 2008-2014 had a significant effect on the EUR/USD exchange rate, contributing largely to the depreciation of the euro in the same period. Research limitations/implications: The same method of research could be applied to other cases of currency area and central bank monetary policy. Originality/value: The results support the existence of statistically and economically significant impact of central bank policy on the rate of exchange, by the expansion of money supply, changes of differences between interest rates and rates of inflation inside and outside the currency rate area. Those results confirm conclusion formulated based on the theory of interest rate parity and assets theory of currency rates

Kryzys gospodarczy a kształtowanie się kursu złotego wobec euro i dolara amerykańskiego w latach 2008–2012

The results of Polish zloty rate of exchange forming against the EUR and USD in the period of economic recession and financial crises factors influence. The speculation attack against Polish zloty in the second part of 2008, depreciation of EUR against USD, higher rate of inflation in Poland in comparison t the euro area and USA were the main factors, which influence depreciation of Polish zloty against EUR and USD in the period of 2008–2012

Acid–Base Equilibrium and Self-Association in Relation to High Antitumor Activity of Selected Unsymmetrical Bisacridines Established by Extensive Chemometric Analysis

Unsymmetrical bisacridines (UAs) represent a novel class of anticancer agents previously synthesized by our group. Our recent studies have demonstrated their high antitumor potential against multiple cancer cell lines and human tumor xenografts in nude mice. At the cellular level, these compounds affected 3D cancer spheroid growth and their cellular uptake was selectively modulated by quantum dots. UAs were shown to undergo metabolic transformations in vitro and in tumor cells. However, the physicochemical properties of UAs, which could possibly affect their interactions with molecular targets, remain unknown. Therefore, we selected four highly active UAs for the assessment of physicochemical parameters under various pH conditions. We determined the compounds’ pKa dissociation constants as well as their potential to self-associate. Both parameters were determined by detailed and complex chemometric analysis of UV-Vis spectra supported by nuclear magnetic resonance (NMR) spectroscopy. The obtained results indicate that general molecular properties of UAs in aqueous media, including their protonation state, self-association ratio, and solubility, are strongly pH-dependent, particularly in the physiological pH range of 6 to 8. In conclusion, we describe the detailed physicochemical characteristics of UAs, which might contribute to their selectivity towards tumour cells as opposed to their effect on normal cells