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

Endoscopic access closure for direct implantation of valved stents

OBJECTIVES: The off-pump trans left ventricular approach provides an alternative option for insertion of stented aortic valves of any size for endovascular replacement. One of the key steps in this procedure is the repair of the ventricle after catheter withdrawal. This study evaluates the reliability of a new device for sutureless and quick repair of the left ventricle access. METHODS: The Amplatz-nitinol occluder consists of two square heads that squeeze the ventricle wall between them thus sealing the ventricular defect. In four adult pigs weighing 55 kg, left thoracoscopy was performed to open the pericardium and visualise the cardiac apex. Following a heparin injection (100 U/kg) under ICUS and fluoroscopic control, we inserted a 30 F sheath into the epigastric area through the cardiac apex up into the left ventricle thus simulating the approach for an off-pump aortic valve replacement. The sheath was then removed and the ventricle closed with the occluder. Animals were followed-up for three hours; the haemodynamics and pericardial bleeding were recorded. The animals were then sacrificed and the gross anatomy of the heart was examined. RESULTS: The device was successfully deployed in four animals in less than one minute. ACT was above 200 seconds in all cases. All animals survived the procedure with a mean arterial pressure of 50 +/- 15 mm Hg. Bleeding during deployment was 80 +/- 20 ml and over a 3 hour period was 800 +/- 20 ml. Examination of the gross anatomy examination demonstrated the correct positioning of the device. CONCLUSIONS: The occluder is easy to use and the procedure is feasible and reproducible. However, the occluder design requires technical improvements in order to reduce bleeding before it can be used clinically

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

An Early Neolithic House in the Foothills:A Case Study of Pottery and Lithic Artefacts from the Biskupice Site 18 (Wieliczka Foothills, Southern Poland)

Highlights•Biskupice site (S Poland) represents the late Želiezovce phase (5300 to 5000 BCE).•Pottery was produced locally, and showed a use of animal fats for cooking.•The face vessel was of local origin, but influenced by Transcarpathian style.•Obsidian artefacts originated from the Carpathian 1a/1b chemical type, S-E Slovakia.•Transcarpathian contacts between LBK and Bükk culture were discussed.AbstractThe paper presents a comprehensive analysis of pottery and lithic materials found in archaeological features associated with an Early Neolithic house from Biskupice (southern Poland) to shed light on exchange networks of the first farmers in Central Europe. The research began with the discovery of a unique fragment of a face vessel made in the Želiezovce style, a motif primarily found in Moravia and north-eastern Austria. Therefore, specialised analyses were undertaken to determine whether the Biskupice fragment was locally produced or originated from areas south of the Sudetes and Carpathians. The study involved an examination of raw clay material and the technology used to create the anthropomorphic vessel, aiming to establish its provenance (local production versus import). Petrographic methods were employed to analyse a diverse group of vessel types for comparison. Additionally, a selected group of pottery fragments, including the face vessel, underwent lipid residue analysis to determine their potential use. The combination of microscopic examinations and lipid residues analysis was utilised to study the link between the physical properties and function of the vessels. Finally, the archaeological context of other artifacts from the same house, including lithic assemblages, was investigated to determine the presence of both local and imported raw materials in Biskupice. The main conclusion of the study indicates local production of pottery, including the face vessel, and lithic implements. Conversely, a Transcarpathian transfer of some technological and decorative ideas, as well as imports of raw material such as obsidian, were confirmed

Position effects at the FGF8 locus are associated with femoral hypoplasia

Copy-number variations (CNVs) are a common cause of congenital limb malformations and are interpreted primarily on the basis of their effect on gene dosage. However, recent studies show that CNVs also influence the 3D genome chromatin organization. The functional interpretation of whether a phenotype is the result of gene dosage or a regulatory position effect remains challenging. Here, we report on two unrelated families with individuals affected by bilateral hypoplasia of the femoral bones, both harboring de novo duplications on chromosome 10q24.32. The ∼0.5 Mb duplications include FGF8, a key regulator of limb development and several limb enhancer elements. To functionally characterize these variants, we analyzed the local chromatin architecture in the affected individuals’ cells and re-engineered the duplications in mice by using CRISPR-Cas9 genome editing. We found that the duplications were associated with ectopic chromatin contacts and increased FGF8 expression. Transgenic mice carrying the heterozygous tandem duplication including Fgf8 exhibited proximal shortening of the limbs, resembling the human phenotype. To evaluate whether the phenotype was a result of gene dosage, we generated another transgenic mice line, carrying the duplication on one allele and a concurrent Fgf8 deletion on the other allele, as a control. Surprisingly, the same malformations were observed. Capture Hi-C experiments revealed ectopic interaction with the duplicated region and Fgf8, indicating a position effect. In summary, we show that duplications at the FGF8 locus are associated with femoral hypoplasia and that the phenotype is most likely the result of position effects altering FGF8 expression rather than gene dosage effects.M.S. and A.S.-S. were supported by the Polish National Science Centre (UMO-2016/23/N/NZ2/02362 to M.S. and UMO-2016/21/D/NZ5/00064 to A.S.-S.). A.S.-S. was also supported by the Polish National Science Centre scholarship for PhD students (UMO-2013/08/T/NZ2/00027). C.L. is supported by postdoctoral Beatriu de Pinós from Secretaria d’Universitats I Recerca del Departament d’Empresa i Coneixement de la Generalitat de Catalunya and by the Marie Sklodowska-Curie COFUND program from H2020 (2018-BP-00055). A.J. was supported by the Polish National Science Centre (UMO-2016/22/E/NZ5/00270) as well as the Polish National Centre for Research and Development (LIDER/008/431/L-4/12/NCBR/2013). M.S. is supported by grants from the Deutsche Forschungsgemeinschaft (DFG) (SP1532/3-1, SP1532/4-1, and SP1532/5-1), the Max Planck Foundation, and the Deutsches Zentrum für Luft- und Raumfahrt (DLR 01GM1925)

Effects of rose hip intake on risk markers of type 2 diabetes and cardiovascular disease: a randomized, double-blind, cross-over investigation in obese persons

BACKGROUND/OBJECTIVES:In studies performed in mice, rose hip powder has been shown to both prevent and reverse high-fat diet-induced obesity and glucose intolerance as well as reduce plasma levels of cholesterol. The aim of this study was to investigate whether daily intake of rose hip powder over 6 weeks exerts beneficial metabolic effects in obese individuals.SUBJECTS/METHODS:A total of 31 obese individuals with normal or impaired glucose tolerance were enrolled in a randomized, double-blind, cross-over study in which metabolic effects of daily intake of a rose hip powder drink over 6 weeks was compared with a control drink. Body weight, glucose tolerance, blood pressure, blood lipids and markers of inflammation were assessed in the subjects.RESULTS:In comparison with the control drink, 6 weeks of daily consumption of the rose hip drink resulted in a significant reduction of systolic blood pressure (-3.4%; P=0.021), total plasma cholesterol (-4.9%; P=0.0018), low-density lipoprotein (LDL) cholesterol (-6.0%; P=0.012) and LDL/HDL ratio (-6.5%; P=0.041). The Reynolds risk assessment score for cardiovascular disease was decreased in the rose hip group compared with the control group (-17%; P=0.007). Body weight, diastolic blood pressure, glucose tolerance, and plasma levels of high-density lipoprotein (HDL) cholesterol, triglycerides, incretins and markers of inflammation did not differ between the two groups.CONCLUSIONS:Daily consumption of 40 g of rose hip powder for 6 weeks can significantly reduce cardiovascular risk in obese people through lowering of systolic blood pressure and plasma cholesterol levels.European Journal of Clinical Nutrition advance online publication, 14 December 2011; doi:10.1038/ejcn.2011.203