Theoretical Aspects of Collective Decision Making - Survey of the Economic Literature

The article aims at surveying the economic literature related to collective decision making. In order to do so it proposes a coherent framework allowing for a structured analysis of the factors influencing the works of a committee. These factors are divided into external ( shaped outside of the committee e.g. by law) and internal ones (related to the composition of the committee and interactions between its members). The survey of the general economic literature related to collective decision making presented within the proposed framework yields interesting suggestions for further research, including the consequences for the shape of monetary policy committeesArtykuł ma na celu dokonanie przeglądu literatury ekonomicznej z zakresu kolektywnego podejmowania decyzji. W tym celu zaproponowano ramy pozwalające na ustrukturyzowaną analizę czynników wpływających na pracę organu kolektywnego (rady). Dokonano podziału tych czynników na zewnętrzne (tzn. kształtowane poza samą radą, np. przez wymogi prawne) oraz wewnętrzne (związane ze składem rady oraz interakcjami między jej członkami). Dokonany w ramach zaproponowanej struktury przegląd literatury ogólnoekonomicznej dotyczącej kolektywnego podejmowania decyzji pozwala na zaproponowanie interesujących kierunków dalszych badań, w tym konsekwencji dla kształtu rad polityki pieniężnej

Productivity changes of Credit Department of Farmers¡¦ Associations of the NAN-TOU County in Taiwan:1995-2004

The objective of this article was to measure the productivity of CDFAs of the NAN-TOU County in Taiwan over the period of 1995-2004. This study calculated the Malmquist productivity index by using the nonparametric frontier approach, and decomposed the index into two components: technical change and efficiency change. Empirical results showed that the productivity change of CDFAs in NAN-TOU County ranged from DMU 2¡¦s -6.4% to DMU 8¡¦s -3.8% over the sampled period. The decomposition of Malmquist index into efficiency change and technical change showed that, on average, the productivity change was due to scale change rather than pure efficiency change.

Long-run relationship between exports and imports : current account sustainability tests for the EU

We assess the sustainability of external imbalances for EU countries using panel stationarity tests of Current Account (CA) balance-to-GDP ratios and panel cointegration of exports and imports of goods and services, for the period 1970Q1-2015Q4. We find that: i) the country panel is non-stationary; ii) cross-sectional dependence plays an important role; iii) there is non-stationarity of the CA, imports, and exports with cross-sectional panel dependence and multiple structural breaks; iv) however, there is a stable long-run relationship between exports and imports in the panel. Hence, trade imbalances can be less unsustainable but this is not sufficient to make current account imbalances sustainable.info:eu-repo/semantics/publishedVersio

Sedimentation of Fe_{2}O_{3} and metallic iron nanoparticles exhibiting Brownian movement

Sedimentation of nanoparticles in water solutions was studied in situ by transmission Mossbauer spectroscopy in horizontal and vertical geometry. The studied specimens were Fe_{2}O_{3} of a commercial pigment and metallic iron nanoparticles in slurry used in a water purification technology. The sedimentation is selective and leads to the gradual removing of the bigger particles from a solution. The iron nanoparticles in the solution are relatively chemically stable until, due to the drying, the sediment becomes exposed to the air

Local electronic and charge state of iron in FeTe_{2}

From 57Fe Mössbauer spectrum of FeTe2 taken in high external magnetic field (B = 4.6 T), the sign of electric field gradient was determined as negative, with an asymmetry parameter of 0.2. A comparison of these data with results of calculation of the electric field gradient within point charge model suggests the lattice character of electric field gradient with some contribution from covalency effects. The effective magnetic field acting on 57Fe is less than the applied, which points out the diamagnetic Fe+2 state of iron. This "electronic state" is in a contradiction to Fe+3 "charge state" concluded from 125Te experiments on 3d transition metal ditellurides as well as from 57Fe quadrupole splitting and isomer shift

Simultaneous transmission and scattering Mössbauer measurements of powder samples

A vertical experimental set-up for simultaneous recording transmission and scattering Mössbauer spectra is described. Application of the apparatus for the study of model powder mixture of two components with different grain sizes shows differences in the relative intensity ratio of these fractions in absorption and conversion electron Mössbauer spectroscopy (CEMS) spectra. This effect, explained as a result of the size selectivity of CEMS technique, is parameterized by the grain radius ratio of components. The possible application for investigation of isolated surface nano- and microobjects is discussed

Mobility of interacting inorganic nanoparticles

The mobility of the 110 nm-Fe_{2}O_{3} particles in a viscous sucrose solution depends on the concentration of the nanoparticles. When the average particle particle nearest neighbor distance is less than 250 rim, the particle interaction slows down their mobility. When is more than 170 rim, the small mobility of nanoparticles does not depend on their concentration. The critical distance is approximately equal to 2R_{h} = 260 nm, where R_{h} is the hydrodynamic radius, determined by the dynamic light scattering (DLS) method

Twin deficits revisited : a role for fiscal institutions?

We revisit the twin deficit relationship for a sample of 193 countries over the period 1980-2016, using a panel fixed effect (within-group) estimator, bias-corrected least-squares dummy variable, system GMM, and common correlated effects pooled estimation procedures. The analysis accounts also for the existence of fiscal rules in place, their features, and their interaction with the budget balance. In the absence of fiscal rules, the twin deficit hypothesis is confirmed. The size of the estimated coefficient on the budget balance is between 0.68 and 0.79. However, the existence of fiscal rules strongly reduces the effect of budget balance on the current account balance (the coefficient is reduced to 0.1). In fact, the twin deficits relationship does not hold with some specific kinds of rules: debt rules, rules with monitoring of compliance, as well as budget balance rules and debt rules in emerging market economies and lowest income countries, and in the post-crisis period.info:eu-repo/semantics/publishedVersio

International transmission of interest rates : the role of international reserves and sovereign debt

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level of government debt raises the sovereign risk premium. Moreover, an increase in the stock of government debt denominated in foreign currency may increase the expected rate of depreciation of the domestic currency. We explain the theoretical mechanisms in a model, which describes the money market equilibrium in an economy with capital account openness. Then, we test the predictions of the model for a panel of advanced and developing economies over the period 1970-2018. Our main findings are: i) significant spillovers from the U.S. interest rates to other countries, mostly for Advanced Economies; ii) a dampening effect of the share of external liabilities in the domestic currency, clearly a determinant of risk premium; iii) a negative effect of international reserves on interest rates, as expected; iv) higher reserves decrease risk premia, for long-term interest rates; v) the significance of spillovers fades once the sovereign debt reaches 100% of GDP in developed countries.info:eu-repo/semantics/publishedVersio

Assessing the sustainability of external imbalances in the European Union

We assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel-data stationarity tests of current account balance-to-GDP ratios as well as cointegration tests of exports and imports of goods and services. Second, we assess the level of trade balance that stabilizes the NIIP and the NED. We find that there is sustainability of the CA balance mainly in a few surplus countries whereas there is more concern about the sustainability of the NIIP or NED in countries with a credit position than in countries with a debit position. Both approaches are consistent with each other given the relationship between flows and stocks, the existence of important structural breaks, and valuation effects via the exchange rate.info:eu-repo/semantics/publishedVersio