Currency substitution in Eastern Europe

Monetary instability during the transition process from a command economy to a market economy has induced a considerable increase in currency substitution in Eastern Europe. Currency substitution itself affects monetary stability since it reduces the stability of velocity. This paper investigates currency substitution in Eastern Europe. The consequences for the conduct of monetary policies are stressed as currency substitution of a significant degree has a large impact on monetary equilibrium and public finance. Currency substitution affects the shape of the seignorage Laffer-curve, since it makes its tax base, real money demand, sensitive to exchange rate expectations. With the use of the available data the sensitivity of money demand to currency substitution in the Eastern European countries is assessed.Currency Substitution;monetary economics

THE ROLE OF LOCAL OZONE THERAPY IN TREATMENT MIXED TUBERCULAR AND PS.AERUGINOSA PLEURAL EMPYEMA

Purpose: Improving efficiency of treatment mixed tubercular and ps.aeruginosa pleural empyema.Materials and methods: The results of treatment of 65 patients with mixed tubercular and ps.aeruginosa pleural empyema have been analyzed. Local ozone therapy was used in 29 cases.Results: The strict keeping of procedure allows to have expressed local and systemic activity with absence of side effects.Conclusions: Application of ozonated solutions is effective and economic method of sanitation empyemic pleural cavities. So, ozone therapy can be recommended in the complex treatment of pleural empyema produced by mixed flora

Long-Term Issues for Fiscal Sustainability in Emerging Asia

The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter, and their overall government debt positions, aside from that of Japan, appear strong. This reflects a number of supportive factors, including strong underlying growth, conservative fiscal management, and financial repression that keep interest rates low. Nonetheless, there are a number of reasons to believe that conditions in emerging Asian economies will not always be so supportive. First, economic growth will tend to slow as countries reach higher income levels. Second, many economies will face rapid aging, which will raise old-age-related spending dramatically, while tending to reduce economic dynamism. Third, financial repression is likely to diminish as financial markets develop, making debt management more challenging. The first objective of this paper is to identify long-term issues of fiscal sustainability risk for emerging Asian economies - such as large-scale subsidies, infrastructure investment requirements, aging and social protection spending, contingent liabilities, financial repression, and the exposure of the domestic banking sector to sovereign debt. The second objective is to recommend policies to reduce these risks to sustainability, including improving the balance of revenues and expenditures, implementing more explicit fiscal rules and frameworks, and establishing stronger fiscal surveillance at the national and regional levels

Lipid bodies containing oxidatively truncated lipids block antigen cross-presentation by dendritic cells in cancer

Tumor-associated dendritic cells are defective in their ability to cross-present antigens, and they accumulate lipid bodies. Here the authors show that this defect is due to an impaired trafficking of peptide-MHC class I caused by the interaction of electrophilic lipids with chaperone heat shock protein 70