Demand for International Reserves: A Quantile Regression Approach

I estimate the determinants of the demand for international reserves using quantile regressions. Employing a dataset of 96 developing nations over the period of 1980-1996, I find considerable differences at different points of the conditional distribution of reserves. The ordinary least squares estimates of elasticities that were found to be insignificant in previous studies become statistically significant at various quantiles of the reserve holding distribution. In particular, I find that the coefficients of interest rate differential and volatility of export receipts are significant and have the signs predicted by the traditional reserve models, but only for those nations that hold the highest amount of reserves. In contrast, the flexibility of the exchange rate does not seem to be an important factor for the nations that are located at the tails of the distribution.International reserves; Quantile regression; Demand for reserves; Reserve policy

Surges and Sudden Stops of Capital Flows to Emerging Markets

A characteristic of many of the recent emerging market currency crises is a preceding surge in capital inflows and their reversals or ‘sudden stops’ during the crises. The empirical investigation of 38 emerging market economies between 1990 and 2003 reveals that a surge in capital inflows significantly increases the probability of a sudden stop. In addition, a surge accompanied by a high current account deficit or an appreciated real exchange rate is more likely to be associated with a sudden stop. The paper also finds that a surge that is dominated by private loans and portfolio flows rather than direct investment has a higher probability to end with a sudden stop.Capital flows; Sudden stops; Surges in capital flows; Emerging Markets; private loans; portfolio flows; foreign direct investment

PROPERTY REGISTRATION IN ALBANIA: AN INFORMATION MANAGEMENT ISSUE

This paper presents the plans being made in Albania to establish an immovable property registration system in the most efficient way. It considers not only technically modern equipment and computer-related problems but also social and economic feasibility. In Albania, the immovable property registration system is necessary in order to face successfully the new conditions of the free market-oriented economy. For about 50 years, property ownership in Albania was restricted to the State. The 1991 land reform in Albania advanced quickly, and at present over 90 percent of agricultural land is distributed to farmers, though in highly fragmented holdings (totaling an average area average of 2 hectares), creating about 1.8 million new parcels registered in the cadastral district offices. In urban areas, housing privatization was also completed quickly, creating about 300,000 new properties in cities, which are being registered in the Hipoteka (deed registry) district offices. Although market transactions in agriculture land are not yet allowed (though enabling legislation is expected to be passed soon), many land transactions have taken place. The housing market is already very active. Conflicts exist, especially in urban areas, between ex-owners of the land and buildings, and the state or present occupants. Therefore, it is highly desirable to establish a property registration system in Albania quickly and yet with careful planning. This paper presents the registration information system model.Land titles--Albania, Land titles--Registration and transfer--Albania, Land use--Information services, Land Economics/Use,

Reversibility of Different Types of Capital Flows to Emerging Markets

Most of the emerging market currency crises are accompanied by sharp reversals or “sudden stops” of capital inflows. We investigated whether some types of capital flows are more likely to reverse than others during these crises. Foreign direct investment is usually considered stable while portfolio investment is frequently depicted as the least reliable type of flow. Recent statistical testing has yielded conflicting results on this issue. We argue that a major problem with recent studies is that the degree of variability of capital flows during normal or inflow periods may give little clue to their behavior during crises and it is the latter that is most important for policy. Using data for 35 emerging economies for 1990 through 2003, we confirm that direct investment is the most stable category, but find that private loans on average are as reversible as portfolio flows.Capital flows; currency crises; volatility of capital flows; reversibility of capital flows; Emerging Markets; private loans; portfolio flows; foreign direct investment

Albania: Motivation Factors Among 15-Year-Old Students, Especially Disadvantaged Ones

The importance of the study lies in the analysis of youth productivity and employment. From the data so far it is underlined that the potential of Albanian youth will be realized only for 56% if no measures are taken. Referring to the literature review, there is a division of scholars' attention towards vocational education and employment or secondary and higher education, without emphasizing the potential of basic education in guiding the student towards clarity. In other words, they do not stimulate students' motivation towards a certain profile. The article is based on mainly secondary data analysis. The pourpose of this article seeks to verify some motivation factors among 15-year-old students, especially disadvantaged ones, for instance the attitude toward learning, access to books, and the reach of career guidance services in basic education schools in Albania. Some conclusions from the data analysis show that in the circumstances of youth unemployment, the motivation to perform better among 15-year-old students may be more related to seeing success and being more productive at work. Albanian students show little vision of their future careers, especially the most disadvantaged. Factors that can influence the growth of students' career goals can be: their attitude towards books and reading, school choice and access to career guidance services in schools in Albania

THE NEED FOR A UNITED STATES NATIONAL ANTIQUITIES DATABASE: A VALUABLE SUGGESTION FROM THE NICOSIA CONVENTION

Antiquities trafficking is an international cultural and security risk due to the involvement of organized crime. The Nicosia Convention proposes utilization of shared national databases cataloging antiquities as a method to combat the antiquities black market. The United States should adopt this database recommendation. A comprehensive database of antiquities in the U.S. is technically feasible. Further, a database would strengthen American criminal law by creating evidence that a buyer could have notice and knowledge of the status of a trafficked antiquity, the lack of which currently incentivizes authorities to use civil forfeiture actions instead of criminal prosecution. Implementing an antiquities database would help the United States combat the antiquities black market and protect good faith market participants, strengthening the legal market and helping the United States achieve broader policy goals

ITALIAN TRAVELERS IN ALBANIA

Albania has been visited by lots of foreign travellers ever since ancient times. The Balkan country’s strategic geographical position, as well its economic, political and social development over centuries have attracted the attention of foreign trekkers, both from neighbouring and distant countries. Travellers who visited Albanian-inhabited regions as diplomatic emissaries, religious missionaries, war strategists, special envoys, scientists, artists and so on, occasionally, also for mere travel purposes in order to visit exotic countries and peoples, left behind a legacy of quite impressive travel writings. Those kind of writings are not pure texts, from a genre (literary) viewpoint, accordingly, the same traveller, namely their travel writings, may be a study “property” of the historical, geographical, literary, ethnographical sciences, among others. On the other hand, descriptions in the travel writings feature the traveller’s own personal experiences, thus, unfolding them through the traveller’s subjective and fictional prism. The subject matter of travel writings is also quite important nowadays to Albanians due to the mere character of historical information that travellers impart, having known and understood Albania and the Albanian society first-hand, and also from the viewpoint of shaping Albania’s image in the eyes of foreigners. The research was triggered by Udhëtarët e huaj në Shqipëri (gjer në fund të shek. XIX) [Foreign travellers to Albania) (until the end of XIX century], a book written by Albanian author Lumo Skëndo (also known as Mit'hat Frashëri), whose publication was prepared by Albanians scholars L. Malltezi and Sh. Delvina, Tirana, 1999. Intending to further enrich and complement that publication, this research paper targets to create a typology of travels undertaken by Italians who visited Albania, from the earliest treks on record until 1912, when Albania declared its independence after almost five centuries under Ottoman rule.Keywords: Albania, Italian travellers, traveller’s texts, typology

The 2014 European Elections. The Case of Poland

Elections are an irrefutable achievement in the development of modern democracies. However, elections are not only held in order to form accountable governments. They are perceived by political parties as a means of promoting political ideas and treated as an equivalent of public opinion polls. A good case in point is the process of electing deputies to the European Parliament. Poland is not an exception in this context - the notion of "second order election" reflects the stance of both Polish political actors and citizens on this kind of election. Nonetheless, political parties also tend to consider the European elections as a testing ground before national elections, which they recognize as more significant. Last but not least, the lower interest given to European elections by mainstream parties may also create an opportunity for smaller parties, especially those holding strong views, to succeed. Such conclusions might be drawn from the last election held in Poland, which led Janusz Korwin-Mikke's New Right to unexpected success

Ottoman Baroque: A New Look for a New World

Guernsey, JuliaArt Histor