Sustainable real exchange rates in the new EU Member States: Is FDI a mixed blessing?

This study analyses the various macroeconomic opportunities and challenges created by the foreign direct investment (FDI) inflows in the new member states. This essay focuses on the various macroeconomic opportunities and challenges created by the foreign direct investment (FDI) inflows in the new member states (NMS). We question whether the macroeconomic performance of the NMS is furthered through the FDI's overall positive impact on the trade balance or whether it can actually worsen the performance. Our findings suggest that in some NMS the integration gain, foreseen by the financial markets, may be reflected in a sustainable appreciation of the real exchange rate. Such real appreciation is in most cases moderate enough to allow for smooth nominal convergence required for to the euro adoption. In some cases, however, this appreciation is very fast, especially in the NMS with a low net external debt and massive FDI inflows, making it challenging to fulfill the Maastricht criteria. The Maastricht criteria may be difficult to meet also in those NMS where FDI has been channeled predominantly into services, housing construction, or nontradable sectors in general. In these countries we observe increasing net external debt without a corresponding improvement in the trade balance and these economies might be required to depreciate their currencies in real terms to sustain the external balance.Foreign direct investment, new EU member states, euro adoption, Sustainable Real Exchange Rates in the New EU Member States: Is FDI a Mixed Blessing?, Economic Papers

Research of Growth Dynamics of Selected Deciduous Trees for the Needs of Landscape Architecture

The main target of the research was to compare the growth dynamics of woody plants in relation to their age, specifically in individuals up to 10 years after planting. Five fast-growing species (Fraxinus excelsior, Populus alba, Populus nigra, Ulmus laevis, Ulmus minor) and four control species (Acer campestre, Carpinus betulus, Prunus avium, Tilia cordata) were selected. The model site is part of the regional biocentre in Brno. It is a warm area with an increased groundwater level. The planting took place in 2011. Evaluation was done at the turn of 2016/2017 and included measuring the following attributes: the overall height of the specimen, the annual increment of the terminal shoot and the annual increment of six lateral shoots. The highest average values were observed in Populus nigra which, in the context of close results of individual specimens, can be attributed the overall highest growth dynamics. The average terminal shoot increment exceeded 50 cm in all species except for Tilia cordata; in Populus alba and Populus nigra it exceeded 100 cm. Generally, the values of Carpinus betulus, Prunus avium and Tilia cordata were mutually comparable and at the same time lower than the values of woody plants labelled as fast growing. The results for Acer campestre were close to the category of fast-growing species.O

Power characteristics of unit heater SAHARA

katedra: KEZ; přílohy: CD; rozsah: 59This bachelor thesis deals with the measuring and calculation of power characteristics of unit heater with trade name Sahara. The thesis studies heat transfer in heat exchangers type water/air, and behavior of this heat transfer in different velocities of flow and different temperature gradients of liquids. In the theoretical part of thesis are described problems about convection and conduction heat transfer, heat conduction of combined wall and ribbed wall. In experimental part of thesis is described procedure measuring of temperature and velocity of streaming liquids. Further there is specimen of check calculation of heat exchanger type water/air.Bakalářská práce se zabývá měřením a výpočtem výkonových charakteristik vytápěcí jednotky s obchodním názvem Sahara. Práce studuje přenos tepla ve výměnících typu voda/vzduch a chování tohoto přenosu v různých rychlostech a v různých teplotních spádech proudících tekutin. V teoretické části práce je popsána problematika přenosu tepla vedením a prouděním, vedení tepla složenou stěnou a žebrovanou stěnou. V experimentální části práce je popsán proces měření teplot a rychlostí proudících tekutin. Dále je zde proveden kontrolní výpočet výměníku typu voda/vzduch

POWER OPTIMIZING OF UNIT HEATER SAHARA

67 s., 26 stran příloh :obr., tab., grafy +CD ROMDiplomová práce se zabývá optimalizací výkonu vytápěcí jednotky s obchodním názvem Sahara. V teoretické části práce je popsána problematika přenosu tepla vedením a prouděním, vedení tepla složenou stěnou a žebrovanou stěnou, měření teploty a popis vytápěcích jednotek. V praktické části práce je popsána konstrukce a výroba polohovacího zařízení, měření teplot a rychlostí proudícího vzduchu a jsou provedeny numerické simulace proudění vzduchu ve stávajícím výměníku typu voda/vzduch. Dále je zde proveden návrh optimalizace teplosměnných ploch výměníku typu voda/vzduch a numerické simulace proudění kolem těchto ploch

Explaining Africa’s public consumption procyclicality : revisiting old evidence

This paper compiles a novel dataset of time-varying measures of government consumption cyclicality for a panel of 46 African economies between 1960 and 2014. Government consumption has, generally, been highly procyclical over time in this group of countries. However, sample averages hide serious heterogeneity across countries with the majority of them showing procyclical behavior despite some positive signs of graduation from the “procyclicality trap” in a few cases. By means of weighted least squares regressions, we find that more developed African economies tend to have a smaller degree of government consumption procyclicality. Countries with higher social fragmentation and those are more reliant on foreign aid inflows tend to have a more procyclical government consumption policy. Better governance promotes counter- cyclical fiscal policy whileincreased democracy dampens it. Finally, some fiscal rules are important in curbing the procyclical behavior of government consumption.info:eu-repo/semantics/publishedVersio

Central Bank Policies and Income and Wealth Inequality:A Survey

This paper reviews recent research on the relationship between central bank policies and inequality. A new paradigm which integrates sticky-prices, incomplete markets, and heterogeneity among households is emerging, which allows for the joint study of how inequality shapes macroeconomic aggregates and how macroeconomic shocks and policies affect inequality. The new paradigm features multiple distributional channels of monetary policy. Most empirical studies, however, analyze each potential channel of redistribution in isolation. Our review suggests that empirical research on the effects of conventional monetary policy on income and wealth inequality yields mixed findings, although there seems to be a consensus that higher inflation, at least above some threshold, increases inequality. In contrast to common wisdom, conclusions concerning the impact of unconventional monetary policies on inequality are also not clear cut. To better understand policy effects on inequality, future research should focus on the estimation of General Equilibrium models with heterogeneous agents

Defect studies of ZnO films prepared by pulsed laser deposition on various substrates

ZnO thin films deposited on various substrates were characterized by slow positron implantation spectroscopy (SPIS) combined with X-ray diffraction (XRD). All films studied exhibit wurtzite structure and crystallite size 20-100 nm. The mosaic spread of crystallites is relatively small for the films grown on single crystalline substrates while it is substantial for the film grown on amorphous substrate. SPIS investigations revealed that ZnO films deposited on single crystalline substrates exhibit significantly higher density of defects than the film deposited on amorphous substrate. This is most probably due to a higher density of misfit dislocations, which compensate for the lattice mismatch between the film and the substrate