Fiscal Policy: Lessons from the Global Crisis

The global crisis interacted heavily with fiscal policy in the run-up to the crisis, during the crisis and now in the recovery phase. Contrary to the general consensus, the paper argues that in the run-up to the crisis, fiscal policy in the advanced economies and China substantially contributed to the propagation of the global imbalances, while at the same time it reduced the fiscal space that was available to the advanced countries when the crisis occurred. On the policy response during the crisis, the paper suggests that the discretionary relaxation was a mixed blessing at best: appropriate to some extent in countries that entered the crisis with solid fiscal and current account positions, but much less, if at all, in other countries, particularly those that faced problems of public debt sustainability. Even letting the automatic stabilizers operate fully was not an option for countries in a weak fiscal position, particularly in light of the substantial downward revisions in the potential GDP level and growth rates. Looking ahead, the large deterioration in the public debt ratios resulting from the crisis will slow down output growth in the advanced economies, while also requiring painful fiscal adjustment. Emerging market economies, in general, did better in the crisis than the advanced economies, but in most of the post-transition European economies, the effects of the crisis were amplified by the pronounced external imbalances at the outset of the crisis. A majority of European post-transition countries will, therefore, also face substantial fiscal challenges in the period ahead.fiscal policy, global crisis, structural fiscal balances

ACCOUNTING TREATMENT OF WEB DESIGN ACCORDING TO INTERNATIONAL STANDARDS OF FINANCIAL REPORTING IAS / IFRS. AN INTERNATIONAL AND NATIONAL APPROACH

Great think regarding the Internet is the speed with which it has penetrated into our daily lives. History of the Internet began in 1960 but only in the early'90 the Internet has evolved to the point that we see today. An open society means also the rightweb design evaluation,recognition of web desing, accounting tretment of web design, international approach, national approach

A robust motion estimation and segmentation approach to represent moving images with layers

The paper provides a robust representation of moving images based on layers. To that goal, we have designed efficient motion estimation and segmentation techniques by affine model fitting suitable for the construction of layers. Layered representations, originally introduced by Wang and Adelson (see IEEE Transactions on Image Processing, vol.3, no.5, p.625-38, 1994) are important in several applications. In particular they are very appropriate for object tracking, object manipulation and content-based scalability which are among the main functionalities of the future MPEG-4 standard. In addition a variety of examples are provided that give a deep insight into the performance bounds of the representation of moving images using layers.Peer ReviewedPostprint (published version

THE IAS/IFRS STANDARDS SYSTEM BETWEEN HARMONIZATION AND DEFORMITY

The development of competition, the globalization and the growth and integration of the capital markets require comparable accounting information based on superior- quality standards, an accounting information to consolidate and not to obstruct the global efficiency of the market .The obligatory adoption of the current IAS/IFRS norms for the creation of the financial statements of the European companies- and especially of the listed ones- are a necessary step for the full integration of the financial markets of EU member state. The 4th and 7th CE directives contributed to the harmonization of the base accounting information of the stock companies, determining a general improvement of the European accounting norms quality, and this due to the greater comparability of the companies' account, which eased the activity of the trans-border companies.IAS/IFRS norm, accounting information, deformity.

A direct method for calculation of the flow about an axisymmetric blunt body at angle of attack

Direct calculation method for supersonic inviscid flow around axisymmetric blunt body with conically reentrant afterbody flying at large angle of attac

Definition of temperature in nonequilibrium processes

Temperature of classical thermodynamics in nonequilibrium processe

Integration, integration, integration

Last week, when Dame Louise Casey’s long-awaited review into opportunity and integration was published, it struck a chord. I’m currently volunteering for the Afghanistan and Central Asian Association, a charity set up by refugee Dr. Nooralhaq Nasimi 16 years ago. The organisation’s motto is ‘to promote British values among the refugee community’, and in the work I’ve been doing it’s become all too clear just how difficult that is going to be

Catalysis of hydrogen-atom recombination in rocket nozzles

Oxygen and oxygen-nitrogen mixtures as catalysts for hydrogen atom recombination in rocket nozzle

The “most revolutionary” banner in British trade union history? Political identities and the birth, life, purgatory, and rebirth of the “red” Follonsby miners’ banner

The history and iconography of trade union banners has been surprisingly under-explored since it was first taken seriously as a subject of study in the early 1970s. The nostalgia evident in these early accounts for an age that seemed to contemporaries then to be fleeting seems particularly incongruous given the more recent reinvigoration of the trade union demonstration. This article seeks to redress the balance by focusing on the Follonsby miners’ lodge banner. First unveiled in 1928, in a pit village on the northern edge of Durham coalfield in northeast England, the Follonsby miners’ banner was later hailed as a foremost candidate for the most revolutionary trade union banner in British history. This unsubstantiated claim is important in itself, as mass trade unionism in Britain is characterized by moderation and a reluctance to engage in radical politics; an observation that broadly stands for the influential British coal miners’ unions and, more specifically, for the miners of the Durham coalfield itself. The article's argument has both narrow and broad dimensions. Narrowly, it argues that the Follonsby banner has a strong claim to be regarded as the most revolutionary in Britain, albeit with “revolutionary” understood in certain theoretical and context-specific ways. The broader argument develops the claim that the iconography of the Follonsby banner is more significant for what the process of interrogating its “revolutionary” credentials reveals about the complexities of the political culture of the mainstream British Left in the twentieth century and after. In this broader respect, the Follonsby banner—iconography, birth, life, purgatory, and rebirth—is more important for its curious representatives rather than its individuated existence as an “extreme revolutionary” outlier