Money Market Liquidity under Currency Board – Empirical Investigations for Bulgaria

Over the last years the efficiency and existence of an automatic adjustment mechanism of currency boards are in the centre of economic discussions. This study is intended to provide an empirical analysis of the volume and interest rate of unsecured overnight deposits at Bulgarian interbank market. Three empirical models are developed in order to explain the behaviour of demand, supply and interest rates. The impact of reserve requirements, operations connected with government budget, transactions in reserve currency (Euro) and some seasonal factors is discussed. The developments of interest rates and volumes are well captured by the employed variables and their statistically significant signs coincide with the theoretical literature.http://deepblue.lib.umich.edu/bitstream/2027.42/40079/3/wp693.pd

Money Market Liquidity under Currency Board – Empirical Investigations for Bulgaria

Over the last years the efficiency and existence of an automatic adjustment mechanism of currency boards are in the centre of economic discussions. This study is intended to provide an empirical analysis of the volume and interest rate of unsecured overnight deposits at Bulgarian interbank market. Three empirical models are developed in order to explain the behaviour of demand, supply and interest rates. The impact of reserve requirements, operations connected with government budget, transactions in reserve currency (Euro) and some seasonal factors is discussed. The developments of interest rates and volumes are well captured by the employed variables and their statistically significant signs coincide with the theoretical literature.money market, currency board, Bulgaria

Money Market Integration and Sovereign CDS Spreads Dynamics in the New EU States

When the first phase of the crisis focused primarily on the interbank market volatility, the second phase spread on the instability of public finance. Although the overall stance of public finances of the new members is better than the old member countries, the differences within the new group are significant (from the performer Estonia to the laggard Hungary). Sovereign CDS spreads have become major variables focused on risks and expectations about the fiscal situation of different countries. In the paper we investigate, first, whether there is a link in the new member states (NMS) between the expectations about the condition of their public finances and the dynamics of money markets,including integration of national money markets with the euro area.....Our study confirm that the strong link between monetary and public finance risk as apart of total systemic risk increase during the crisis especially for currency boards regimes, when the link becomes stronger and pronounced. For the inflation targeting countries the link became weaker and less pronounced.money markets, sovereign CDS spreads, EU enlargement, monetary regimes, financial crisis

FORM FACTOR LIMITS DEPENDING ON THE BUILDING SHAPES

The form factor (ratio of compactness) is the main criterion for assessing the building shape solutions in terms of their energy efficiency. Its values give a general idea of the future performance of the building envelope and determine to a great extent all subsequent actions and measures on energy saving in the operation of the building. His crucial role in energy savings is caused by the fact, that it defines one of the multipliers in calculating the heat loss through the surrounding structures. In case of poor building shape (with bad form factor) the requirements to the heat transfer coefficient U should raise to achieve certain (usually required) energy consumption in kWh/m2 per year.Based on an analysis of different building shapes of a specified volume, there are proposed formulas to receive the limits of variability of fo according a given volume. These limits of fo can serve as a quantitative criterion for the quality of project building shape in relation to the energy efficiencyThe form factor (ratio of compactness) is the main criterion for assessing the building shape solutions in terms of their energy efficiency. Its values give a general idea of the future performance of the building envelope and determine to a great extent all subsequent actions and measures on energy saving in the operation of the building. His crucial role in energy savings is caused by the fact, that it defines one of the multipliers in calculating the heat loss through the surrounding structures. In case of poor building shape (with bad form factor) the requirements to the heat transfer coefficient U should raise to achieve certain (usually required) energy consumption in kWh/m2 per year.Based on an analysis of different building shapes of a specified volume, there are proposed formulas to receive the limits of variability of fo according a given volume. These limits of fo can serve as a quantitative criterion for the quality of project building shape in relation to the energy efficienc

Empirical Investigation of Systemic Risk in the New EU States

Sovereign CDS spreads have become major variables focused on risks and expectations about the fiscal situation of different countries. In the paper we investigate, first, whether there is a link in the new member states between the expectations about the condition of their public finances and the dynamics of money markets, including integration of national money markets with the Euro area. Second, we look on the particularities of this relationship through the different phases of the crisis and across the different countries using different monetary regimes. This concerns mostly two opposite extreme monetary regimes, namely, currency boards (and quasi-fixed exchange rate) - Bulgaria, Estonia, Latvia, Lithuania, or inflation targeting - Poland, Czech Republic, Hungary and Romania. The results obtained form the high frequency panel data models support the theoretical hypotheses and policy intuition that exists strong relationship between the liquidity risk (measured by the short term money markets) and fiscal risk (measured by CDS) and that this link is extremely unstable and in some sense nonlinear during the financial crisis. Our study confirm that the strong link between monetary and public finance risk as apart of total systemic risk increase during the crisis especially for currency boards regimes, when the link becomes stronger and pronounced. For the inflation targeting countries the link became weaker and less pronounced.money markets, sovereign CDS spreads, monetary regimes, financial crisis

ЗА ДЕРИВАТИТЕ ОТ МЪЖКИТЕ СЛОЖНИ ЛИЧНИ ИМЕНА В ИЗТОЧНОСЛАВЯНСКИТЕ ЕЗИЦИ

A wide-spread way of reducing complex personal names is dropping off one of the nuclear morpheme and retaining the other with the observance of the mоrpheme limit. Roots obtained with the help of that model are defined as hypocoristic. They are used in the formation of new names. The paper reveals that the count of compound masculine personal names in all East Slavic languages (Russian, Belarusian and Ukrainian) is limited, and the count of hypocorisms is limited, too.A wide-spread way of reducing complex personal names is dropping off one of the nuclear morpheme and retaining the other with the observance of the mоrpheme limit. Roots obtained with the help of that model are defined as hypocoristic. They are used in the formation of new names. The paper reveals that the count of compound masculine personal names in all East Slavic languages (Russian, Belarusian and Ukrainian) is limited, and the count of hypocorisms is limited, too

Interior Boundaries for Degenerate Elliptic Equations of Second Order Some Theory and Numerical Observations

2010 Mathematics Subject Classification: Primary 35J70; Secondary 35J15, 35D05.For boundary value problems for degenerate-elliptic equations of second order in ⊂ Rn there are cases when a closed surface exists, dividing into two subdomains in such a manner that two new correct boundary value problems can be formulated without introducing new boundary conditions. Such surfaces are called interior boundaries. Some theoretical results regarding the connections between the solutions of the original problem and the two new problems are given. Some numerical experiments using the finite elements method are carried out trying to visualize the effects of the presence of such interior boundary when n = 2. Also some more precise study of the solutions in the case n = 2 is presented

Exact Solutions of Nonlocal Pluriparabolic Problems

MSC 2010: 44A35, 44A4

Prognostic value of mitral valve prolapse and mild mitral regurgitation in competitive athletes

Mitral valve prolapse (MVP) and mild mitral regurgitation (MR) are ones of the most common structural changes of the heart and affect many young individuals, who aspire to partake in competitive sport or high intensity recreational exercise. These two conditions are associated with a different prognosis and possible omplications such as heart failure (HF), malignant arrhythmias and sudden cardiac death (SCD). Therefore it is essential to determine the risk factors predicting these complications and to define a follow-up algorithm. The objective is to present a literature review of consensus recommendations addressing criteria for eligibility and disqualification from organized competitive sports for the purpose of ensuring the health and safety of young athletes

Diet and foraging habitats of non-breeding white storks (Ciconia ciconia) in Bulgaria

The diet of non-breeding White Storks was studied by pellet analysis and included mainly insects (99.9%, n=28947) with a predominance of grasshoppers (Orthoptera, 76.1%), and beetles (Coleoptera, 26.1%). The bush crickets Decticus albifrons/verrucivorus were the most numerous prey (29.9% by items), occurring in almost all pellets (98% occurrence in pellets, n=147) and predominating in half of them (49.7%). The grasshopper associations in the pellets specify foraging mainly in mesophytic grasslands that usually replace abandoned fields and overgrown pastures with a low level of grazing. The xerophytic grass-shrubby habitats, not rare on stony terrains, were of less importance, providing around 20% by prey. The typical aquatic inhabitants and the use of carrion around villages were exceptions in the study diet. The number of innutritious materials in the pellets rose when the White Storks hunted on nippy and agile grasshoppers and decreased when the main pray was slower beetles taken from the ground. The roosting of non-breeding White Storks disappeared when their preferred feeding habitats were ploughed up in the following years