The price of war: Macroeconomic effects of the 2022 sanctions on Russia

Following Russia’s invasion of Ukraine on 24 February 2022, the US, Europe, and many other countries imposed new economic sanctions on Russia. This column assesses the economic effects of these sanctions using a structural vector auto-regression model of the Russian economy. The findings suggest that industrial production, consumption, and investment will all decline, and that Russian GDP will contract by -12.5% to -16.5% in 2022. Nevertheless, the Russian economy will continue to rely on its existing export model, which may be difficult to undermine, even with potential oil and gas embargoes

Structural analysis of an eIF3 subcomplex reveals conserved interactions required for a stable and proper translation pre-initiation complex assembly

Translation initiation factor eIF3 acts as the key orchestrator of the canonical initiation pathway in eukaryotes, yet its structure is greatly unexplored. We report the 2.2 Å resolution crystal structure of the complex between the yeast seven-bladed β-propeller eIF3i/TIF34 and a C-terminal α-helix of eIF3b/PRT1, which reveals universally conserved interactions. Mutating these interactions displays severe growth defects and eliminates association of eIF3i/TIF34 and strikingly also eIF3g/TIF35 with eIF3 and 40S subunits in vivo. Unexpectedly, 40S-association of the remaining eIF3 subcomplex and eIF5 is likewise destabilized resulting in formation of aberrant pre-initiation complexes (PICs) containing eIF2 and eIF1, which critically compromises scanning arrest on mRNA at its AUG start codon suggesting that the contacts between mRNA and ribosomal decoding site are impaired. Remarkably, overexpression of eIF3g/TIF35 suppresses the leaky scanning and growth defects most probably by preventing these aberrant PICs to form. Leaky scanning is also partially suppressed by eIF1, one of the key regulators of AUG recognition, and its mutant sui1G107R but the mechanism differs. We conclude that the C-terminus of eIF3b/PRT1 orchestrates co-operative recruitment of eIF3i/TIF34 and eIF3g/TIF35 to the 40S subunit for a stable and proper assembly of 48S pre-initiation complexes necessary for stringent AUG recognition on mRNAs

Eseje z aplikované makroekonomie

This Thesis studies the role of domestic and foreign credit shocks in aggregate fluctua- tions and how households respond to those shocks. The first chapter explores the role of credit in shaping aggregate fluctuations in a panel of advanced and emerging countries. We decompose total credit by aggregate shocks and by borrower type. We establish that the overall boom-bust recession response to bank credit is due to exclusively household credit expansions, primarily when these expansions are driven by shocks to aggregate demand. In contrast, corporate credit expansions exhibit no boom-bust effects and immediately increase the risk of recession, and this increase is mainly driven by shocks to credit supply. The second chapter analyzes the transmission of credit supply shocks to household balance sheets and labor market outcomes. We leverage differences in credit conditions across U.S. states and compare household outcomes of the population residing in states that witnessed credit conditions easing of various intensities. We show that positive credit shocks lead to greater household defaults in the future if they increase the household mortgage-to-income ratio. We document that positive credit supply shocks induce (i) shifts of employment between the tradable and non-tradable sectors, (ii) changes in...Tato práce studuje roli domácích a zahraničních úvěrových šoků v agregátních fluktuacích a jak na tyto šoky reagují domácnosti. První kapitola zkoumá roli úvěru při utváření agregát- ních fluktuací v panelu vyspělých a rozvíjejících se zemí. Celkový úvěr rozkládáme podle agregátních šoků a podle typu dlužníka. Zjištujeme, že celková odezva boom-propad recese na bankovní úvěry je způsobena výhradně expanzemi úvěrů domácnostem, především když jsou tyto expanze poháněny šoky agregátní poptávky. Naproti tomu expanze podnikových úvěrů nevykazují žádné účinky boom-propad a okamžitě zvyšují riziko recese, přičemž tento nárůst je způsoben především šoky v nabídce úvěrů. Druhá kapitola analyzuje přenos šoků nabídky úvěrů do bilancí domácností a výsledků trhu práce. Využíváme rozdíly v úvěrových pod- mínkách napříč státy USA a porovnáváme výsledky domácností obyvatel žijících ve státech, které zaznamenaly různé intenzity uvolnění úvěrových podmínek. Ukazujeme, že pozitivní úvěrové šoky vedou k většímu nesplácení domácností v budoucnu, pokud zvýší poměr hypoték domácností k příjmu. Dokumentujeme, že pozitivní úvěrové nabídkové šoky vyvolávají (i) přesuny zaměstnanosti mezi obchodovatelným a neobchodovatelným sektorem, (ii) změny v příjmech domácností a (iii) v cenách nemovitostí, které formují akumulaci rizik...CERGEFaculty of Social SciencesFakulta sociálních vě

Užupis (Vilnius) a Kalamaja (Tallinn): "kulturní čtvrt" v procesu transformace postsovětských měst v pobaltských státech.

Kolaps SSSR v roce 1991 odstartoval mnohé hluboké změny ve východní a střední Evropě. Tyto změny se promítly nejen v politice, ale ve všech sférách života, včetně urbánního vývoje. Postsovětská transformace měst představuje specifickou kapitolu jejich vývoje. V této práci se soustředíme na vliv kulturních aktivit ve vývoji městských částí, a to na příkladu Užupisu ve Vilniusu a Kalamaji v Tallinnu. Dnes jsou obě městské části známé díky svým kulturním aktivitám a dynamickému vývoji. Jsou ale také součástí zápisu obou hlavních pobaltských měst na Seznamu světového kulturního dědictví UNESCO. Udržovat v rovnováze ochranu a údržbu kulturního dědictví a moderní vývoj je pro obě městské části důležité téma. V magisterské práci budeme sledovat vzájemné ovlivňování historických městských částí a procesů, které z nich činí kulturní čtvrtě, a distinktivní znaky a projevy těchto procesů v Užupisu a Kalamaji. Klíčová slova: urbánní transformace, urbánní vývoj, kulturní čtvrti, městské čtvrti, kulturní dědictví, post-sovětský, pobaltské republikyThe collapse of USSR in 1991 became a starting point for many deep changes in Eastern and Central Europe. These changes affected not only politics, but all spheres of life. Urban development reflected it as well. The post-Soviet urban transformation is a specific chapter in history of the cities. In our work we will focus on the influence of cultural activities on districts' development with examples of Užupis in Vilnius and Kalamaja in Tallinn. Today both of these districts are known because of their artistic image and quick development. At the same time, these two capitals of Baltic states are registered on UNESCO World heritage list and Užupis and Kalamaja are parts of the protected areas. To support the balance between preservation of the historical heritage and modern development is an important issue for both of them. We will consider the influence of cultural activities on district's development and distinctive features of these processes in cases of Užupis and Kalamaja. Key words: urban transformation, urban development, Cultural quarters, urban districts, cultural heritage, post-Soviet, Baltic states Абстракт Распад СССР в 1991 стал отправной точкой для множества глубоких изменений в Восточной и Центральной Европе. Изменения затронули не только политику, но и все сферы жизни, также они...Institute of General HistoryÚstav světových dějinFilozofická fakultaFaculty of Art

Uzupis (Vilnius) and Kalamaja (Tallinn): " Cultural quarters" and the post-Soviet urban space transformation in Baltic states.

The collapse of USSR in 1991 became a starting point for many deep changes in Eastern and Central Europe. These changes affected not only politics, but all spheres of life. Urban development reflected it as well. The post-Soviet urban transformation is a specific chapter in history of the cities. In our work we will focus on the influence of cultural activities on districts' development with examples of Užupis in Vilnius and Kalamaja in Tallinn. Today both of these districts are known because of their artistic image and quick development. At the same time, these two capitals of Baltic states are registered on UNESCO World heritage list and Užupis and Kalamaja are parts of the protected areas. To support the balance between preservation of the historical heritage and modern development is an important issue for both of them. We will consider the influence of cultural activities on district's development and distinctive features of these processes in cases of Užupis and Kalamaja. Key words: urban transformation, urban development, Cultural quarters, urban districts, cultural heritage, post-Soviet, Baltic states Абстракт Распад СССР в 1991 стал отправной точкой для множества глубоких изменений в Восточной и Центральной Европе. Изменения затронули не только политику, но и все сферы жизни, также они..

"Crime and punishment": How Russian banks anticipated and dealt with global financial sanctions

Financial sanctions against Russia’s state-owned and controlled banks were imposed consecutively between 2014 and 2019, allowing banks that would potentially be targeted in the future to adjust their international and domestic exposures. This column explores the informational effects of financial sanctions, showing that compared to similar private banks, ‘not yet sanctioned’ financial institutions immediately reduced their foreign assets while, rather unexpectedly, expanding their foreign liabilities. These informational effects crucially depend on geography, with targeted banks located further from Moscow decreasing their foreign assets by more and raising foreign liabilities by less than those located near the Kremlin

Reducing the inequality: Cross-sectional effects of financial sanctions on households and firms in Russia

Financial sanctions can have varying effects on different parts of the economy and population in a targeted country. This column analyses the effects of the sanctions imposed on Russia following the 2014 annexation of Crimea. It shows that that the real total revenue of larger firms declined sharply in the years following the sanctions, whereas the effects on small firms were negligible. It also documents that the real income of richer households declined by several percent, while poorer households enjoy rising real income over the same period. Thus, the sanctions could have had an unintended short-run effect of reducing income inequality

Molecular characterization of pannexins in the lens

Cell communication in the lens is critical for the life-long homeostasis of this tissue. Abundant gap junctions and cell-cell fusions are reported to be indispensable to the metabolic requirements and optical properties of the highly interconnected syncytial lens tissue. The expression of the recently characterized Panx1 and Panx2 gap junction proteins in the lens is, therefore, rather intriguing. Co-expression of pannexins and abundant connexins in the lens suggests that the two gap junction protein families have distinct roles in cell communication. Panx1 and Panx2 expression was studied by in situ hybridization and quantitative RT-PCR. We examined properties and tissue distribution of Panx1 isoforms by Western blot analysis. Immunohistochemistry was used to visualize lens regions that accumulate Panx1 to study intercellular localization and spatial relationship with lens connexin gap junctions. Panx1 and Panx2 expression peaked in lens epithelial cells prior to differentiation. We detected one ubiquitously expressed Panx1 isoform and two additional isoforms that were only detected in the lens and the retina. Our results indicated that the ubiquitous 58 kDa and the oligomeric 120 kDa isoforms were plasma membrane-bound, resistant to Triton X-100 treatment, and was likely associated with cholesterol-enriched membrane microdomains. Immunohistochemistry revealed Panx1-specific punctuate labeling in the plasma membrane, and intensive labeling of the organelles in the epithelial and immature fiber cells. In addition, we detected Panx1 immunoreactivity in blood endothelial cells of the tunica vasculosa lentis capillaries and in blood erythrocytes. Despite similarity in detergent solubility of pannexins and connexins, the lack of spatial co-localization in the lens membranes suggested a distinct, non-redundant to connexin function for these proteins in the membrane