How soft is the budget constraint for Yugoslav firms?

The purpose of this paper is to show that Yugoslav firms have also been subjected to massive, pervasive redistribution through a soft budget constraint. To quantify such redistribution, the authors focus particulary on the redistributive effects of holding financial assets and liabilities in an inflationary environment in which financial claims are generally not indexed. Analyzing firm-level data for Yugoslavia's manufacturing sector for 1986, they show that such flows, in contrast to those of other Eastern European economies, have been a far more important source of redistribution than taxes and subsidies. Although Yugoslavia's channels of redistribution differ significantly from those in other socialist economies, they share a common driving force: the pursuit of job and wage security. Producers of energy, food, and heavy manufactures, as well as less developed regions, have particulary benefited from the redistribution.Environmental Economics&Policies,Economic Theory&Research,Banks&Banking Reform,Municipal Financial Management,Public Sector Economics&Finance

Macroprudential regulation of credit booms and busts -- the case of Croatia

Croatia employed macroprudential measures to manage credit growth and capital inflows during the boom years of the 2000s, including reserve requirements on loan growth, a marginal reserve requirement on increases in foreign liabilities, foreign exchange liquidity minima, and elevated capital adequacy ratios. Although quantitative analysis is complicated by substantial overlaps among measures, the econometric results in this paper suggest that the measures were most effective in requiring banks to hold high liquidity and capital buffers, and less effective in slowing credit growth and capital inflows. Larger buffers seem to have helped Croatian banks weather the financial crisis, making the adjustments to capital and liquidity during the crisis smaller.Banks&Banking Reform,Debt Markets,Access to Finance,Emerging Markets,Bankruptcy and Resolution of Financial Distress

The costs and benefits of Slovenian independence

One year is not enough time to draw conclusions about independent Slovenia's prospects, and it may not be easy for other countries to copy Slovenia's model. Slovenia is ethnically homogeneous, culturally and historically compatible with the West, and near (and somewhat protected from)friendly Western neighbors. And despite sharp political divisions, it has shown a political will to fight counterproductive redistribution. Still, Slovenia's experience may offer insights for other new post-Communist economies. Despite the obvious short-run costs of the brutal breakup of Yogoslavia's federal structure, Slovenia's medium- and long-run economic prospects are fairly good. Declining trade with the rest of Yugoslavia dims Slovenia's short-run prospects. But in the long run it may benefit from greater macroeconomic stability, freedom from subsidizing less-developed regions of Yugoslavia, and speedier integration with Western Europe. What has happened to Slovenia does not prove that separation necessarily improves welfare. In fact, had forces amenable to rational debate and compromise prevailed in Yogoslavia, Slovenia's secession might have decreased welfare. Slovenia's experience suggests that secession from a larger entity that is wrecked by political instability may produce economic benefits. Local autonomy gives Slovenia a chance to introduce a new currency and achieve macroeconomic stability, for example. This can work only if the local political constellation is not controlled by coalitions bent on preserving the old system of redistribution and is not hampered by major political divisions that paralyze decisionmaking. In short, secession can be beneficial if the new state is more homogeneous and functions more coherently than the old state. Not all newly independent states would face the costs Slovenia has faced. In the Czech-Slovak breakup, for example, political risk and refugee costs (or rather, the costs of migration) were much smaller than in Slovenia. Indeed, the Czech republic may also expect short-term costs but long-term gains.Environmental Economics&Policies,Economic Stabilization,Banks&Banking Reform,Economic Theory&Research,National Governance

Comparing Muscle Oxygenation and Maximal Blood Lactate Concentration in Middle-Distance Athletes: A Speed Reserve Ratio Analysis

Middle-distance running is a unique discipline that utilizes both aerobic and anaerobic abilities, resulting in a physiologically diverse athlete population. This diversity in athlete makeup underscores the necessity for precise physiological profiling methods to improve individualized training and race strategy approaches. While the Speed Reserve Ratio (SRR) has garnered attention as an accurate and effective tool in athlete profiling, skeletal muscle oxygenation (SmO2) and blood lactate also have shown potential in this field. However, the effectiveness of these biomarkers in middle-distance populations, especially in conjunction with SRR, is less understood. PURPOSE: This research aims to understand the relationships between SRR, changes in SmO2, and peak blood lactate concentrations in male middle-distance runners. By establishing correlations between these biomarkers, we aim to evaluate their potential to characterize an athlete\u27s aerobic and anaerobic capabilities, which could enhance personalized training and performance optimization. METHODS: Nine male middle-distance runners (age 22.89±2.62 years, weight 71.03±8.42 kg, height 172.03±9.24 cm) were evaluated in two distinct exercise tests. The initial test was a 50m sprint designed to determine max sprint speed (MSS). The subsequent test involved an incremental treadmill protocol that measured VO2 max, max aerobic speed (MAS), the change in SmO2 via a portable near-infrared spectroscopy (NIRS) device, and post-exercise peak blood lactate levels. Pearson correlation coefficients were used to analyze associations. RESULTS: Analysis revealed significant correlations between SRR and VO2max (r = -0.897, p = 0.009), SRR and changes in SmO2 (r = 0.698, p = 0.036), and between SmO2 and MSS (r = 0.756, p = 0.019). CONCLUSION: The correlations establish a strong link between SRR, VO2max, and SmO2 changes. The data suggests that measuring SmO2 can help predict a middle-distance runner’s aerobic and anaerobic capacities, emphasizing its potential as a pivotal biomarker for athlete profiling. Additionally, our findings bolster the SRR\u27s role as a tool for detailed physiological profiling, advocating for its application in athlete evaluation and tailored training recommendations

Hrvatski sustav osiguranja štednih uloga: treba li ga mijenjati, i ako treba, što promijeniti i kada?

U radu su izložena osnovna obilježja hrvatskog sustava osiguranja štednih uloga, koja se ujedno kritički preispituju te se naglašavaju njegove potencijalno slabe točke. U skladu s najboljim međunarodnim iskustvima i smjernicama Europske unije (EU) sugeriraju se načini poboljšanja postojećeg sustava. Posebno se upozorava na bitne promjene u samom dizajnu postojećeg sustava, koje će trebati učiniti slijedom usklađivanja s EU-om. Konačno, raspravlja se o najboljem trenutku za provedbu promjena, odnosno za poboljšanje sustava

Structural basis for HCMV Pentamer receptor recognition and antibody neutralization

Human cytomegalovirus (HCMV) represents the viral leading cause of congenital birth defects and uses the gH/ gL/UL128-130-131A complex (Pentamer) to enter different cell types, including epithelial and endothelial cells. Upon infection, Pentamer elicits the most potent neutralizing response against HCMV, representing a key vaccine candidate. Despite its relevance, the structural basis for Pentamer receptor recognition and antibody neutralization is largely unknown. Here, we determine the structures of Pentamer bound to neuropilin 2 (NRP2) and a set of potent neutralizing antibodies against HCMV. Moreover, we identify thrombomodulin (THBD) as a functional HCMV receptor and determine the structures of the Pentamer-THBD complex. Unexpectedly, both NRP2 and THBD also promote dimerization of Pentamer. Our results provide a framework for understanding HCMV receptor engagement, cell entry, antibody neutralization, and outline strategies for antiviral therapies against HCMV