Catching Up: The Role of Demand, Supply and Regulated Price Effects on the Real Exchange Rates of Four Accession Countries

The main aim of this paper is to examine the exchange rate behavior of a group of four transitional, EU accession countries, with a view to making policy recommendations regarding their accession to full European Monetary Union. We employ a dynamic OLS panel estimator to investigate the relative importance of demand and supply influences on the exchange rates of these countries. Our analysis shows that both supply- and demand-side effects are important for the accession countries, although their overall effect on inflation differentials and competitiveness seems to be small. An additional focus of the paper is the examination of the role that administrated, or regulated, prices and the productivity of the distribution sector play in the real exchange rate dynamics. Based on a unique database we show that administrated prices have been a powerful force behind price and real exchange developments for our group of accession countries. The distribution sector is shown to have an independent effect on the internal price ratio over-and-above that generated by the BS effect.exchange rates, monetary integration, EMU

Catching-up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union: Some Implications for EMU and new EU Member States

In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate differentials in a monetary union, such as EMU. To achieve this, we build on the new neoclassical synthesis (NNS) framework, recently advanced by Goodfriend (2002) and Goodfriend and King (2000). Based on the NNS setup, we discuss the inflationary consequences of the catching-up process in a heterogeneous monetary union. In particular, we explore the interaction between catching-up and inflation differentials and offer an interpretation of the nature of this interaction. Our discussion is in stark contrast to the conventional Balassa-Samuelson (BS) interpretation. In particular, we demonstrate that divergent inflation rates between Member States do not necessarily have to be an equilibrium phenomenon, even if the original shock comes from the supply-side of the economy. Second, we show how a centralized monetary policy may produce such divergence of individual country’s inflation rates when countries differ in size and in trend productivity growth. Against this background, we additionally show how the catching may potentially lead to unsustainable credit booms in a catching-up member country. Finally, we indicate some important deficiencies of the BS model as a guide to short- and medium-run policy making analysis.inflation differentials, credit booms, new neoclassical synthesis, monetary union, EMU, Balassa-Samuelson model

Catching-up and Credit Booms in Central and Eastern European EU Member States and Acceding Countries: An Interpretation within the New Neoclassical Synthesis Framework

Credit to the private sector has risen rapidly in many Central and Eastern European EU Member States (MS) and acceding countries (AC) in recent years. The lending boom has recently been particularly strong in the segment of loans to households, primarily mortgage-based housing loans, and in those countries that operate currency boards or other forms of hard pegs. The main aim of this paper is to propose a conceptual framework to analyze the observed developments with a view to exploring some policy implications at a stage in which these countries are preparing for their prospective integration with the euro area. To achieve this, we first use a stylized New Neoclassical Synthesis (NNS) framework, which has recently been advanced by Goodfriend (2002) and Goodfriend and King (2000). We then discuss the implications of the NNS model for credit dynamics and ensuing monetary policy challenges. Specifically, we emphasize consumption smoothing as an important channel of the observed credit expansion and we show how it is related to and how it affects the monetary policy making in MS and AC. In doing so, we place our discussion in the context of the monetary integration process in general and the nominal convergence process in particular.credit booms, new neoclassical synthesis, currency boards, euro area, convergence process

The Bail-Out! Positive Political Economics of Greek-type Crises in the EMU

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU’s present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process of political haggling leading to it was understandable, and iii) the bail-out does not have to be necessarily associated with a future moral hazard problem. Based on our analysis, we suggest that the EMU’s institutional design could be improved by establishing ‘exit rules’ and that bail-outs should be made rule-based. We have based our analysis on a political-economic, game-theoretic model that helps to understand why and how the parties involved in the Greek crisis arrived at the bail-out and on what conditions the final solution depended. The model allows tracing analytically the dynamics of the negotiation processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In doing so, we formally take account of the ‘negative externality’ problem that has been central to policy debates related to the EMU’s institutional design and has played an important role in the Greek crisis. However, contrary to the existing literature, we do not only focus on the economic aspects of such negative externality, but also look at where they emanate from and interact with political factors, in particular the dynamics of the political negotiation process within the EMU.Greek crisis, bail-out, negative externality, political economics, game theory, euro, EMU

The crowdfunding business model in Poland and sustainable development – value transfer

Cel – Celem badań jest wykazanie transferu wartości w modelu biznesowym przedsiębiorstw korzystających z crowdfundingu w Polsce w oparciu o ideę zrównoważonego rozwoju w prowadzeniu biznesu. Metoda badań – Przeprowadzono badanie ankietowe na grupie 121 przedsiębiorstw korzystających z crowdfundingu. Badanie to zostało przeprowadzone w oparciu o wartości Nortona i Kaplana. Wyniki badań ankietowych pozwoliły na opracowanie modelu przepływu wartości zgodnie z koncepcją E3 oraz ideą zrównoważonego rozwoju w prowadzeniu biznesu. Wnioski – Przeprowadzone analizy wykazały, że najważniejszą perspektywą wartości crowdfundingu jest perspektywa finansowa i procesowa, zaś biorąc pod uwagę model crowdfundingu w powiązaniu z koncepcją zrównoważonego rozwoju, najważniejsze są wymiary: ekonomiczny i społeczny. Oryginalność / wartość / implikacje / rekomendacje – Wartością dodaną badań jest poznanie modelu biznesowego crowdfundingu i tworzenie wartości w CF dla firmy stosującej model E3 z uwzględnieniem wartości ekonomicznych, społecznych i środowiskowych. Stworzono ponadto nowy model w oparciu o wyniki ankietowe, co wpisuje się w dyskurs naukowy i wypełnia lukę badawczą w tym obszarze. Ponadto model ten pozwala na analizę zarówno wartości oferowanej, jak i wartości uchwyconej – nie tylko dla firm, ale też każdego uczestnika zgodnie w ideą zrównoważonego rozwoju.Purpose – The purpose of the research was to present the transfer of value in the business model of companies using crowdfunding in Poland based on the idea of sustainability in doing business. Research method – A survey was conducted on a group of 121 enterprises using crowdfunding. It used the Norton-Kaplan value map and the value flow model in accordance with the E3 concept and the idea of sustainable development Results – The conducted analyses have shown that the most important perspective of the value of crowdfunding is the financial and procedural perspective, while taking into account the crowdfunding model in conjunction with the concept of sustainable development, the most important are the economic and social dimensions. Originality / value / implications / recommendations – The added value of research is learning about the crowdfunding business model and creating value in CF for a company using the E3 model, taking into account economic, social and environmental values. Moreover, a new model was created based on the survey results, which is in line with the scientific discourse and thus bridges the research gap in this area. In addition, this model allows for the analysis of both the value offered and the value captured, not only for companies, but for each participant in accordance with the idea of sustainable development.Badanie zostało sfinansowane z grantu NCN nr umowy 2017/25/B/HS4/02225.Aneta Ewa Waszkiewicz: [email protected] Kukurba: [email protected] Salwin: [email protected] Wójcik: [email protected] Ewa Waszkiewicz - Szkoła Główna Handlowa w WarszawieMaria Kukurba - Politechnika WarszawskaMariusz Salwin - Politechnika WarszawskaCezary Wójcik - Szkoła Główna Handlowa w WarszawieAdvances in Crowdfunding: Research and Practice, 2020, Shneor R., Zhao L., Flåten B.T. 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D., Jee H., 2011, E3 Value Concept for A New Design Paradigm, [in:] Iternational Conference on Engineering Design, Iced11, Technical University of Denmark.Maehle N., 2020, Sustainable Crowdfunding: Insights from the Project Perspective, “Baltic Journal of Management”, Vol. 15(2), pp. 281–302, DOI: 10.1108/BJM-02-2019-0079.Malina M.A., Selto F.H., 2001, Communicating and Controlling Strategy: An Empirical Study of the Effectiveness of the Balanced Scorecard, “Journal of Management Accounting Research”, Vol. 13(1), pp. 47–90, DOI: 10.2308/jmar.2001.13.1.47.Moldan B., Janoušková S., Hák T., 2012, How to Understand and Measure Environmental Sustainability: Indicators and Targets, “Ecological Indicators”, Vol. 17, pp. 4–13, DOI: 10.1016/j.ecolind.2011.04.033.Mollick E., 2014, The Dynamics of Crowdfunding: An Exploratory Study, “Journal of Business Venturing”, Vol. 29(1), pp. 1–16, DOI: 10.1016/j.jbusvent.2013.06.005.Motylska-Kuźma A., 2018, Crowdfunding and Sustainable Development, “Sustainability”, Vol. 10(12), DOI: 10.3390/su10124650.Murphy K., 2012, The Social Pillar of Sustainable Development: A Literature Review and Framework for Policy Analysis, “Sustainability: Science, Practice and Policy”, Vol. 8(1), pp. 15–29, DOI: 10.1080/15487733.2012.11908081.Piroschka O.P., Maehle N., 2022, The Combined Effect of Success Factors in Crowdfunding of Cleantech Projects, “Journal of Cleaner Production”, Vol. 366, DOI: 10.1016/j.jclepro.2022.132921.Rozporządzenie Parlamentu Europejskiego i Rady (UE) 2020/1503 z dnia 7 października 2020 r. w sprawie europejskich dostawców usług finansowania społecznościowego dla przedsięwzięć gospodarczych oraz zmieniające rozporządzenie (UE) 2017/1129 i dyrektywę (UE) 2019/1937, Dziennik Urzędowy Unii Europejskiej L 347/.Testa S., Nielsen K.R., Bogers M., Cincotti S., 2019, The Role of Crowdfunding in Moving Towards a Sustainable Society, “Technological Forecasting and Social Change”, Vol. 141, pp. 66–73, DOI: 10.1016/j.techfore.2018.12.011.Testa S., Roma P., Vasi M., Cincotti S., 2020, Crowdfunding as a Tool to Support Sustainability‐Oriented Initiatives: Preliminary Insights into the Role of Product/Service Attributes, “Business Strategy and the Environment”, Vol. 29(2), pp. 530–546, DOI: 10.1002/bse.2385.Wehnert P., Baccarella C.V., Beckmann M., 2019, In Crowdfunding We Trust? 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Qualitative and quantitative analysis of the postnatal development of the ventroposterolateral nucleus of the thalamus in rat and rabbit

The morphometric analysis of changes occurring in the rat and rabbit ventroposterolateral (VPL) nucleus of the thalamus during the postnatal development was performed using unbiased stereological methods. The materials used in the study included 30 Wistar rats and 32 New Zealand rabbits aged from P0 to P180 (P-postnatal day), which were divided into six and eight age groups, respectively. The following stereological parameters of VPL nucleus on the cresyl violet stained sections were determined: volume of the nucleus, numerical density and total number of neurons. The total number of neurons indicated that the development of VPL nucleus in both species ended within the third week of postnatal life. The volume of VPL nucleus increased gradually (by about 2.2 and 5 times in rats and rabbits, respectively) in comparison with the volume of the cerebral hemisphere during the development from P0 to adulthood. The numerical density of VPL neurons decreased rapidly at the beginning of postnatal life and stabilized by the end of the third week. In both species, the gradual increase in the volume of VPL nucleus and the simultaneous decrease in the neuronal density in the first week of postnatal life were mainly caused by changes in the neuropil volume. The total number of cells did not change remarkably during the first postnatal week. However, it decreased significantly during the second week. This decrease was probably due to the naturaly occuring cell death. These results show that the most prominent qualitative and quantitative changes in VPL nucleus and its neurons occur during the first two weeks of postnatal life of rats and rabbits. Also, because the thalamocortical relay neurons completely acquire their physiological features, this the most critical period of time for their morphological maturation

Developmental pattern of calbindin D28k protein expression in the rat striatum and cerebral cortex

We examined the protein expression of the calcium-binding protein calbindin D28k in two developing rat brain structures, the striatum and the cerebral cortex. The relative protein concentration level was quantified by means of the Western blotting method and densitometric scanning. 32 Wistar rats were used, divided according to survival period (P0-P120-postnatal days). Observations of the calbindin D28k protein expression in the rat striatum and the cerebral cortex revealed an increase in band color intensity between P0 and P10. The intensity of protein staining in older groups of animals stabilised at a similar level and in the P28 and P120 groups we observed a decrement of calbindin expression in the striatum. Calbindin D28k stabilises the intracellular calcium level, preventing calcium-induced apoptotic cell death in neurons. Thus, changes in calbindin D28k expression might be related to its neuroprotective role in differentiation and synaptogenesis during the postnatal development of the brain

New treatment strategies for bipolar disorder in the elderly

Introduction and objective: The purpose of this paper is to systematically review articles and new research in the context of bipolar geriatric patients. Materials and methods: PubMed searches were completed using the key terms bipolar disorder, bipolar elderly, bipolar depression, bipolar elderly treatment and review articles. In addition, references in these resources were searched. Search dates: 2010 to 2022. Description of the state of knowledge: Mental disorders in the context of the elderly concern all depressive disorders. A problem with other disorders such as bipolar disorder is also increasingly recognized. In the elderly, it is quite rare in the general cross-section of society, but it may have a higher percentage, e.g. in nursing homes and care institutions. This review article shows both the difference and the similarities in the course of this disease in older and younger patients. The most important and common aspect for both age groups is psychotherapy with parallel pharmacological treatment. The greatest difficulty in pharmacotherapy in the elderly is polypharmacy and numerous drug interactions, as well as different pharmacodynamics and pharmacokinetics of the drugs used compared to younger patients. Attention should also be paid to the differentiation of bipolar disorder from different types of dementia and other cognitive disorders. Therefore, one should strive to carefully assess the patient's need for a given treatment, establish appropriate periodic monitoring of treatment, and assess the risk of taking or not intervening. This article also aims to review new research and drugs that seem promising, while the individualized and interdisciplinary approach to a geriatric patient with BD is the most important finding of this review. Summary: Bipolar disorder in older people, compared to the younger population, should be treated pharmacologically in combination with psychotherapy. The elderly patient population requires a multidisciplinary approach due to the number of drugs used in a large number of diseases

The Doping Effect of Fluorinated Aromatic Solvent on the Rate of Ruthenium Catalysed Olefin Metathesis

A study concerning the effect of using a fluorinated aromatic solvent as the medium for olefin metathesis reactions catalysed by ruthenium complexes bearing N-heterocyclic carbene ligands is presented. The use of fluorinated aromatic hydrocarbons (FAH) as solvents for olefin metathesis reactions catalysed by standard commercially available ruthenium pre-catalysts allows substantially higher yields of the desired products to be obtained,especially in the case of demanding polyfunctional molecules, including natural and biologically active compounds. Interactions between the FAH and the second-generation ruthenium catalysts, which apparently improve the efficiency of the olefin metathesis transformation, have been studied by X-ray structure analysis and computations, as well as by carrying out a number of metathesis experiments. The optimisation of reaction conditions by using an FAH can be regarded as a complementary approach for the design of new improved ruthenium catalysts. Fluorinated aromatic solvents are an attractive alternative medium for promoting challenging olefin metathesis reactions

Modeling of Dolichol Mass Spectra Isotopic Envelopes as a Tool to Monitor Isoprenoid Biosynthesis1

The cooperation of the mevalonate (MVA) and methylerythritol phosphate (MEP) pathways, operating in parallel in plants to generate isoprenoid precursors, has been studied extensively. Elucidation of the isoprenoid metabolic pathways is indispensable for the rational design of plant and microbial systems for the production of industrially valuable terpenoids. Here, we describe a new method, based on numerical modeling of mass spectra of metabolically labeled dolichols (Dols), designed to quantitatively follow the cooperation of MVA and MEP reprogrammed upon osmotic stress (sorbitol treatment) in Arabidopsis (Arabidopsis thaliana). The contribution of the MEP pathway increased significantly (reaching 100%) exclusively for the dominating Dols, while for long-chain Dols, the relative input of the MEP and MVA pathways remained unchanged, suggesting divergent sites of synthesis for dominating and long-chain Dols. The analysis of numerically modeled Dol mass spectra is a novel method to follow modulation of the concomitant activity of isoprenoid-generating pathways in plant cells; additionally, it suggests an exchange of isoprenoid intermediates between plastids and peroxisomes