Cyclotomic and simplicial matroids

Two naturally occurring matroids representable over Q are shown to be dual: the {\it cyclotomic matroid} $\mu_n$ represented by the $n^{th}$ roots of unity $1,\zeta,\zeta^2,...,\zeta^{n-1}$ inside the cyclotomic extension $Q(\zeta)$, and a direct sum of copies of a certain simplicial matroid, considered originally by Bolker in the context of transportation polytopes. A result of Adin leads to an upper bound for the number of $Q$-bases for $Q(\zeta)$ among the $n^{th}$ roots of unity, which is tight if and only if $n$ has at most two odd prime factors. In addition, we study the Tutte polynomial of $\mu_n$ in the case that $n$ has two prime factors.Comment: 9 pages, 1 figur

Factorizations of some weighted spanning tree enumerators

We give factorizations for weighted spanning tree enumerators of Cartesian products of complete graphs, keeping track of fine weights related to degree sequences and edge directions. Our methods combine Kirchhoff's Matrix-Tree Theorem with the technique of identification of factors.Comment: Final version, 12 pages. To appear in the Journal of Combinatorial Theory, Series A. The paper has been reorganized, and the proof of Theorem 4 shortened, in light of a more general result appearing in reference [6

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The main part of the paper reviews financial and real economic developments in these countries since the crisis started to impact the CESEE region. The paper finds that developments have been rather heterogeneous in the region. CESEE countries with the largest economic imbalances tended to be most affected. National and international support measures appear to have helped to stabilise financial markets, and parent banks of foreign bank subsidiaries in CESEE were committed to sustaining their exposure to the region. The degree to which CESEE governments were able to use policy instruments to counter the real effects of the crisis is rather heterogeneous, depending inter alia on the exchange rate regime in place and the initial fiscal positions. JEL Classification: E52, E58, E44central, eastern and south-eastern Europe, financial crisis, vulnerability indicators

The role of the exchange rate for adjustment in boom and bust episodes

Numerous countries have experienced boom-bust episodes in asset prices in the past 20 years. This study looks at stylised facts and conducts statistical and econometric analysis for such episodes, distinguishing between industrialised countries that experienced external adjustment (via real effective exchange rate depreciation during busts) and those that relied on an internal adjustment process (and experienced no depreciation). The study finds that different adjustment experiences are correlated with the degree of macroeconomic imbalances and balance sheet problems. Internal adjustment seems more prevalent when financial vulnerabilities, excess demand and competitiveness loss remain relatively contained in the boom. In the bust, internal adjusters experience more protracted but less deep downturns than external adjusters as imbalances unwind more slowly. Some Central and East European EU Member States are currently experiencing strong credit and asset price growth in conjunction with rapid economic expansion. Against this background the experience of other countries may raise awareness of related policy challenges. JEL Classification: E32, E63, E65Booms and busts, competitiveness, Exchange Rates, external and internal adjustment, financial imbalances

Boom and bust in the Baltic countries: Lessons to be learnt

For the first seven years of this decade, the Baltic countries experienced very rapid GDP growth. In 2007, though, the boom period turned to bust as country-specific factors such as the slowdown in credit growth dampened domestic demand growth. This was followed by the international financial crisis, which further limited the availability of foreign capital and pushed the Baltic countries into severe recession. This article looks in particular at the role of public finances, the impact of the fixed exchange-rate regimes and the need for a more balanced growth pattern in the future

Regulatory reforms in selected EU network industries

In the course of the 1990s, the EU has embarked on an ambitious regulatory reform programme for a number of European network industries, such as telecommunications, energy and transport. This paper analyses the potential benefits of successful reforms in these sectors with a focus on the price effects of regulatory reforms. Following a review of the existing empirical literature in this field, the paper discusses the evolution of the current regulatory framework for network industries in the EU. An empirical analysis of the main determinants of recent price developments in these industries provides evidence that regulatory reform measures had a substantial downward impact on prices in the four sectors under review.Network Industries, Panel Data, Price effects, Regulatory Reforms.