Fiskalinės ir valiutų kurso politikos poveikio ekonomikos analizė: Lietuvos ir Lenkijos pavyzdžiu

The implementation of the EMU translates a new European policy mix. Our article proposes a study on the coordination of the monetary and budgetary policies for the Baltic States for their complete integration in the European policy mix. New members must ensure a monetary policy able to answer the objective of price stability; they take part in EMS II for three years.The budgetary sovereignty of governments is relative taking into account their obligations in accordance with the Pact of Stability and Growth. After the participation in the Monetary Union. the countries cannot change their exchange rate, they will loose weapon of the exchange rate and will have henceforth only the budgetary and fiscal policies to adjust their economies. These last are in addition limited by the criteria of convergence and the Pact of Stability and Growth.Credibility can be obtained only by affecting to each authority a specific objective, namely the price stability for the monetary authority and the soutenability of the national debt for the budgetary authority.A not balanced policy mix encourages financial turbulences, which occur when the investors have doubts as to the capacity of the country to absorb a shock (for example, in Russia). Budgetary deficit can reach a significant level. The monetary supply which can finance the deficit is then higher than the demand.According to monetarists, the budgetary discipline is associated with a partial control of prices and wages. In Poland, the “popiwek”, which is a tax on the increases in wages, attempts to reduce the budgetary deficit. Such a policy of freezed prices and wages is able to produce a fast deceleration of inflation. The public accounts thus tend to improve quickly.For monetarists, the monetary policy does not have any influence on the real sphere. The entry in the EMU supposes the loss of the exchange rate. The adjustment of the economic policy for the Member States in the event of asymmetrical shocks can be done only by the tax and budgetary policies. The latter are indirectly forced by the respect of the criteria of restoration of public finances; in the Central European East countries these problems are significant.In the current context of slowdown in economic activity, several governments of the Euro zone asked the European Central Bank to lower their rates to support the economic activity. Within this framework, we will study the impact on the growth of this new policy mix to which the Baltic States and Poland will be subjected.Straipsnyje analizuojamas Baltijos šalių monetarinės ir biudžetinės politikos koordinavimas jų visiško integravimosi į ES politikos sistemą sąlygomis. Naujosios ES narės turi vykdyti tokią monetarinę politiką, kuri garantuotų kainų stabilumą ir kitus reikalavimus. keliamus Pinigų keitimo mechanizmo II, kuriame jos turi išbūti porą metų. Šių šalių vyriausybių biudžetinis savarankiškumas tampa santykiniu, jei atsižvelgiama į įsipareigojimus pagal Stabilumo ir augimo paktą. Dalyvaudamos Europos monetarinėje sąjungoje šalys negali keisti savo valiutų kursų ir todėl negali taikyti valiutų kursų politikos priemonių. Tokiu atveju joms telieka biudžetinės ir fiskalinės politikos instrumentai, kuriais gali koreguoti savo ekonomikas. Pastarosios naudojimą dar riboja konvergencijos kriterijai bei Stabilumo ir augimo paktas.Straipsnio pirmojoje dalyje pateikiama teorinė biudžetinės ir monetarinės politikos koordinavimo analizė, o antrojoje apibūdinamas taikomojo pobūdžio tyrimas, kurio metu analizuojamas Pinigų keitimo mechanizmas II, siekiant išsiaiškinti, kokios monetarinės politikos priemonės gali būti palankios ekonomikos augimui

Fiskalinės ir valiutų kurso politikos poveikio ekonomikos analizė Lietuvos ir Lenkijos pavyzdžiu

The implementation of the EMU translates a new European policy mix. Our article proposes a study on the coordination of the monetary and budgetary policies for the Baltic States for their complete integration in the European policy mix. New members must ensure a monetary policy able to answer the objective of price stability; they take part in EMS II for three years. The budgetary sovereignty of governments is relative taking into account their obligations in accordance with the Pact of Stability and Growth. After the participation in the Monetary Union, the countries cannot change their exchange rate, they will loose weapon of the exchange rate and will have henceforth only the budgetary and fiscal policies to adjust their economies. These last are in addition limited by the criteria of convergence and the Pact of Stability and Growth. Credibility can be obtained only by affecting to each authority a specific objective, namely the price stability for the monetary authority and the soutenability of the national debt for the budgetary authority. A not balanced policy mix encourages financial turbulences, which occur when the investors have doubts as to the capacity of the country to absorb a shock (for example, in Russia). Budgetary deficit can reach a significant level. The monetary supply which can finance the deficit is then higher than the demand. According to monetarists, the budgetary discipline is associated with a partial control of prices and wages.In Poland, the "popiwek", which is a tax on the increases in wages, attempts to reduce the budgetary deficit. Such a policy of freezed prices and wages is able to produce a fast deceleration of inflation. The public accounts thus tend to improve quickly. For monetarists, the monetary policy does not have any influence on the real sphere. The entry in the' EMU supposes the toss of the exchange rate. The adjustment of the economic policy for the Member States in the event of asymmetrical shocks can be done only by the tax and budgetary policies. The latter are indirectly forced by the respect of the criteria of restoration of public finances; in the Central European East countries these problems are significant. In the current context of slowdown in economic activity, several governments of the Euro zone asked the European Central Bank to lower their rates to support the economic activity. Within this framework, we will study the impact on the growth of this new policy mix to which the Baltic States and Poland will be subjecte

Reappraisal of the characteristics, management, and prognosis of intramucosal colorectal cancers and their comparison with T1 carcinomas

International audienceBackground and aims - The recent description of "invasive" forms of intramucosal carcinoma (IMC) has rekindled interest in studying the characteristics, management, and prognosis of IMCs and comparing them with T1 colorectal cancers (CRCs). Methods - This population-based study included 282 cases of IMC and 207 cases of T1 CRC diagnosed by colonoscopy after a positive fecal blood test through a screening program. Results - IMC presented mainly in the form of pedunculated polyps (68.4%) located in the distal colon (69.9%) ≥20 mm in size (60.6%). IMCs were resected endoscopically in 227 (80.5%) patients and surgically resected in 55 (19.5%) patients. Surgical patients had more right-sided, more sessile, and larger lesions. There was no sign of lymphovascular invasion. Compared with T1 CRCs, IMCs demonstrated lower rates of sessile polyps (31.6% vs 49.8%, P < .0001), primary and ultimate surgical treatment (19.5% vs 39.1% and 19.9% vs 78.7%, P < .0001, respectively), lymph node metastasis in surgical patients (0% vs 9.5%, P = .041), cancer recurrence and cancer-related mortality (0% vs 5.6% and 0% vs 2.5%, respectively), and bleeding after endoscopic resection (1.8% vs 8.7%, P = .001). By multivariate analysis of the pooled cohort (IMC + T1 CRC, n = 489), the factors significantly associated with first-line surgery were shown to be polyp characteristics and the gastroenterologist who performed the colonoscopy. Conclusions - IMCs account for a quarter of all screening-detected CRCs. They have an excellent prognosis regardless of whether endoscopic or surgical treatment is performed. IMCs differ significantly from T1 carcinomas in terms of management and prognosis

Coeliac-Like Disease Is a Rare Immune-Related Complication Induced by Nivolumab in NSCLC

International audienc

Submucosal dissection of a large colonic angiodysplasia in case of failure of conventional treatment

International audienc