Price Convergence: What Can the Balassa-Samuelson Model Tell Us? (in English)

The article contributes to the theory of convergence in the price level and relative prices. The authors present a model integrating the Balassa-Samuelson model of real equilibrium exchange rate with a model of capital accumulation and with the demand side of the economy. They also show how the Balassa-Samuelson model can be extended to the case of more than two goods. The predictions of the Balassa-Samuelson model are generally consistent with empirical findings in Central and Eastern European countries. The authors show how the model can be used toward projecting price convergence in a transition economy.inflation; relative prices; Balassa-Samuelson model

Price Convergence: What Can the Balassa-Samuelson Model Tell Us?

The paper provides a theoretical reference point for discussions on adjustments in price levels and relative prices. The authors present a 'nested' model integrating the Balassa-Samuelson model of the real equilibrium exchange rate with a model of accumulation of capital and with the demand side of the economy. Consequently, they show how the model can be generalised to a case of numerous commodities with different degrees of tradability. The predictions of the model are generally consistent with empirical findings for Central and Eastern European countries. The authors show how the theoretical model can be used for internally consistent simulations of the future convergence process in a transition economy.Balassa-Samuelson model, inflation, relative prices.

Price Convergence to the EU: What Do the 1999 ICP Data Tell Us?

The paper analyses the price convergence in the Czech Republic and other Central and Eastern European (CEE) countries towards the European Union (EU). Cross-country comparisons based on the International Comparison Project (ICP) 1999 are used. The authors conclude that in a benchmark convergence scenario, the equilibrium real exchange rate appreciation of the Czech koruna (CZK) should reach roughly 1.5-2.0 percent a year. They also warn, however, that there may be additional sources of real appreciation such as terms-of-trade changes or price deregulations, which may lead to a higher pace in the medium run. Studying a more detailed breakdown of commodities, the authors find that no clear distinction can be made between tradable and non-tradable goods, the 'degree of non-tradability' varying between 10 and 85 percent. The implications of this for differences in the structures of relative prices in the CEE countries compared with the EU are analysed. The paper concludes that it may take about 15 years for the Czech relative price structure to converge to the least-developed EU countries.Balassa-Samuelson model, inflation, relative prices.

Data Standard of the Health Information Systems

Práce „Datový standard zdravotnických informačních systémů“ se zabývá strukturou datového standardu Ministerstva zdravotnictví České republiky, včetně jazyka XML. Dále se práce zaměřuje na nemocniční informační systém CLINICOM včetně přístupu k záznamům databáze Caché firmy InterSystems. Součástí práce je rovněž popis Národních zdravotních registrů. Hlavní cíl této práce je návrh webové aplikace, která umožňuje generovat zprávy v DS MZ k povinnému hlášení do registrů NZIS v zadaném časovém intervalu z databáze Caché. Nalezené záznamy z databáze lze vytisknout k archivaci. Práce se také zabývá zabezpečením přístupu k serveru NIS a datové komunikaci mezi zdravotnickými organizacemi.The diploma thesis "Data Standard of the Health Information Systems" deals with the structure of data standard including XML language. Further the thesis is focusing on hospital information system CLINICOM with the inclusion of the access to data records from its database Caché company InterSystems. Description of the National registers of health is also included.The concept of web application is also one part of the thesis which enables to generate reports in the data standard of the Ministry of Healt of the Czech Republic for mandatory reporting by NHIS registers in the time interval from the Caché database. Found records from the database can be printed for archiving. The work also deals with security access to the HIS server and data communication between health organizations.

Central Bank Losses and Economic Convergence

This paper discusses the issue of central bank losses, developing a framework for assessing the ability of a central bank to keep its balance sheet sustainable without having to default on its policy objectives. Compared to the earlier literature, it analyses in more depth the consequences of economic convergence for the evolution of the central bank’s balance sheet and the important role played in this process by the risk premium and equilibrium real exchange rate appreciation. A combination of a closed-form comparative-static analysis and numerical solutions of the future evolution of the central bank’s own capital is used. Applying the framework to the Czech National Bank’s case, the paper concludes that the CNB should be able to repay its accumulated loss in about 15 years without any transfer from public budgets.Balance sheet, central bank, economic convergence, monetary policy, real appreciation, risk premium, seigniorage, transition.

Central Bank Losses and Economic Convergence

This paper discusses central bank losses and develops a formal framework for assessing the sustainability of its balance sheet. Analyzing the consequences of economic convergence in depth, it emphasizes the role played by the risk premium and equilibrium real exchange rate appreciation. A closed-form comparative-static analysis and also numerical solutions of the future evolution of the central bank’s own capital are presented. Applying this framework to an example of a converging economy, namely the Czech Republic, the authors find that the Czech National Bank should be able to repay its accumulated loss in about 15 years without any transfer from public budgets.balance sheet, central bank, economic convergence, monetary policy, real appreciation, risk premium, seigniorage, transition

Leverage ratio and its impact on the resilience of the banking sector and efficiency of macroprudential policy

Basel III responded to the financial crisis by redefining and expanding the capital requirements for risk-weighted assets and by proposing the introduction of a leverage ratio which sets a minimum level of capital for banks in relation to total exposures. The capital requirement is being increased primarily through the active use of macroprudential capital buffers. As a result, it was proposed that the leverage ratio requirement should also take into account the level of capital buffers and thus become a macroprudential policy tool. This article examines the relationship between capital and leverage ratios and discusses the options for, and effects of, introducing a macroprudential leverage ratio. We find that the capital and leverage ratios complement each other and that the introduction of a macroprudential leverage ratio could, under certain circumstances, enhance the effectiveness of a macroprudential policy.Web of Science67429927

Price Convergence toward the EU: A Few Open Issues

This article attempts to answer a few open questions related to price convergence in the Czech Republic and in other Central and Eastern European Countries toward prices in the European Union. The authors address the following issues: First, what, from the theoretical viewpoint, should the quantitative relationship be between price level and GDP? Second, does the existing empirical data allow for a clear distinction between tradable and non-tradable commodities, as assumed by standard theory? Third, what is the relationship between price levels and coefficient measuring differences in the structures of relative prices in individual countries? Fourth, what are the likely forms of relative price convergence in the Czech Republic toward accession to the European Union? Fifth, what is the reason for the significantly negative residual of the Czech economy in the cross-country regressions of the average price level on GDP.relative price differentiation; inflation; sticky prices; Balassa-Samuelson effect

Posttranslational modifications and structural alteration of protein synthesis elongation factor Tu in Actinomyces in relation to their life cycle.

Katedra genetiky a mikrobiologieDepartment of Genetics and MicrobiologyPřírodovědecká fakultaFaculty of Scienc

Cavitation in microfluidics

Mikrofluidice byla v posledních letech věnována intenzivní pozornost výzkumnými týmy takřka po celém světě. Její možné aplikace jsou velmi početné, zejména pak v oblasti zdravotnictví, ukládání energie do baterií nebo chlazení vysoce výkonných počítačů. Bakalářská práce „Kavitace v mikrofluidice“ se zabývá kavitací na mikro-měřítku. Nedávný výzkum ukazuje, že mnohé charakteristiky kavitujícího proudění na takto malých rozměrech se podstatně liší oproti charakteristikám pozorovaným na konvenčních makro-rozměrech. Toto podtrhuje relevantnost této práce. Lepší pochopení tohoto jevu může být využito například k řešení jednoho ze značných úskalí mikrofluidiky a to sice mísení tekutin, nebo dále také k jejich pumpování. Mezi další možné aplikace se řadí mechanické namáhání a rozklad mikroorganismů a buněk, katalýza chemických reakcí a cílená doprava léčiv. První část této práce je věnována postupně základům z oblasti mechaniky tekutin a chemie kavitace. Tato část je následována stručným přehledem aplikací kavitace a to jak na měřítkách tradičních, tak na měřítkách v řádech mikrometrů. Poté je uveden popis numerického řešení kavitujícího proudění spolu s analýzou a ověřením získaných výsledků. Mezi výsledky je například popis rozložení fází, informace o tom, kde dochází k recirkulaci a také přehled vlivu změny kavitačního čísla na tvar a charakteristiky proudění. V závěrečné části práce je pak na základě získaných znalostí navržen experiment, který umožní dále studovat tuto problematiku a poslouží také k vyhodnocení vhodnosti laminárního modelu. Tato bakalářská práce slouží jako základní kámen pro další výzkum v této oblasti plánovaný na Vysokém učením technickém v Brně, a z tohoto důvodu jsou v textu uvedena doporučení pro další práci.Microfluidics has recently gained attention of numerous research groups. Its applications are manifold and could potentially bring about significant advances in several fields including healthcare, battery energy storage and high-performance computing. The thesis “Cavitation in Microfluidics” deals with cavitation at the microscale level. Its relevance to the up-to-date research is emphasized by recent studies which show that various aspects of cavitating flows observed at microscale often differ from their macroscale counterparts. Better understanding of this phenomenon can be directed towards addressing crucial challenges of microfluidics including fluid mixing and pumping. Cell stretching and lysis, chemical catalysis and targeted drug delivery count among other possible applications. The first part of this work deals in turn with fluid mechanics and chemistry fundamentals of cavitation. This is followed by concise overview of its conventional as well as microscale applications. Finally, numerical flow simulations of cavitating flow in two distinct domains are presented together with results analysis and validation. The results include distribution of phases, report on areas of recirculation and influence of changing cavitation number on flow variables. Based on this, an experiment enabling accurate investigation of flow characteristics is proposed. This will enable to draw parallels between the experimental and numerical investigations and allow for evaluation of the suitability of laminar model. This thesis lays foundation for future work on the topic planned at Brno University of Technology, hence recommendations for prospective endeavors are included.