Discussion

In this contribution aspects of inter-sample input signal behavior are examined. The starting point is that parametric identication always is performed on basis of discrete-time data. This is valid for identication of discrete-time models as well as continuous-time models. The usual assumptions on the input signal are; i) it is band-limited, ii) it is piecewise constant or iii) it is piecewise linear. One point made in this paper is that if a discrete-time model is used, the best possible (in the model structure) adjustment to data is made. This is independent of the assumption on the input signal. However, a transformation of the obtained discrete model to a continuous one is not possible without additional assumptions on the input signal. The other point made is that the frequency functions of the discrete models very well coincides with the frequency functions of the discretized continuous time models and the continuous time transfer function fitted in the frequency domain

To What Extent Can Member States Have Anti-Avoidance Rules Limiting Interest Deduction? - an Analysis From a Swedish Perspective

The Swedish Government introduced the Swedish interest deduction limitation rules as it was identified that the preferential tax treatment of debt in comparison to equity had been used by Multi-National Enterprises for tax planning purposes. The Swedish rules have, however, been under investigation of the European Commission, which, in a letter of formal notice to the Swedish Government, has stated that the rules are incompatible with the fundamental freedoms of EU law. The purpose of the thesis is, thus, to analyse to what extent Member States can have anti-avoidance rules limiting interest deduction and more specifically whether the Swedish rules are compatible with the fundamental freedoms of EU law. Other international obligations of Sweden such as State aid, secondary EU law and tax treaties have not been regarded. Applying the legal dogmatic research method it has been shown that the Swedish interest deduction limitation rules apply to affiliated companies i.e. where a company has substantial influence in another company or if the companies are mainly under the same management. The main rules are that interest expenses are not deductible between affiliated companies or for back-to-back loans, which are used for the acquisition of shares in an affiliated company or a company that will become affiliated after the acquisition. There are some exceptions to this, according to which deduction of interest expenses is allowed if the beneficial owner of the interest income would have been taxed with at least a 10 % tax rate, following the hypothetical test. Deduction of interest expenses, however, can be denied, even though the interest income is taxed with at least 10 %, if the main reason for the debt arrangement is that the affiliated companies are to obtain a substantial tax advantage. Deduction is, further, allowed, even though the interest income is taxed with a tax rate below 10 %, if the transaction is mainly business motivated. There are specific rules for pension funds. The Swedish interest deduction limitation rules are to be examined with the freedom of establishment as definite influence is a prerequisite for the application of the rules. Even though the Swedish interest deduction limitation rules apply regardless of nationality and residency of the taxpayer are the rules to be considered indirectly discriminatory. The Swedish rules are more likely to apply to cross-border situations than to Swedish wholly internal situations, as the Swedish tax rate is 22 %. It is also, in the preworks, stated that the aim of the rules is to prevent evasion of the Swedish tax base. The Swedish rules cannot be justified by the cohesion of the tax system or the safeguarding of the balanced allocation of taxing rights between Member States due to lack of symmetry but the prevention of tax avoidance can justify the rules since wholly artificial arrangements are restricted. The Swedish rules are, however, not proportionate since the rules have a wider scope of application than to only wholly artificial arrangements, have a presumption of tax avoidance and are not in line with the principle of legal certainty. The Swedish interest deduction limitation rules are, thus, incompatible with the freedom of establishment

Effect of reflection of sunlight on illuminance and energy gain of greenhouses

A reflecting wall was built into a greenhouse which provided for the reflection back to the ground of sun rays arriving at the northern wall of a greenhouse. Thus, the ground illuminance/irradiance could be substantially increased. The effect is particularly significant in winter when the sun is low throughout the day, so that most of the radiation goes through the greenhouse and the ground radiant power is small. Four types of greenhouses with reflecting walls were considered with increasing efficiency of insolation. A theory was developed, showing that a several-fold enhancement of the ground irradiance and radiant energy should be achievable. The effect of sky (diffuse) radiation is also considered, both in the case of a clear and of a cloudy day. An experimental model as well as a full-scale greenhouse with a reflecting wall with the provision for measuring the ground illumination was built and exposed to the sun. Measurements were made over an extended period of time and the results confirmed qualitatively those obtained from the theory

Monetary and Exchange Rate Regimes Changes: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia

The paper explores (former) transition economies, Poland, Czech Republic, Slovakia and the Republic of Serbia, concerning abandonment of the exchange rate targeting and fixed exchange rate regimes and movement toward explicit/implicit inflation targeting and flexible exchange rate regimes. The paper identifies different subperiods concerning crucial monetary and exchange rate regimes, and tracks the changes of specific monetary transmission channels i.e exchange rate channel, interest rate channel, indirect and direct influences to the exchange rate, with variance decomposition of VAR/VEC model. The empirical results indicate that Polish monetary strategy toward higher monetary and exchange rate flexibility has been performed smoothly, gradually and planned, compared to the Slovak and, especially, Czech case. The comparison of three former transition economies with the Serbian case indicate strong and persistent exchange rate pass-through, low interest rate pass-through, significant indirect and direct influence to the exchange rate as potential obstacles for successful inflation targeting in the Republic of Serbia.Exchange rate targeting; Inflation targeting; Intermediate exchange rate regimes; Monetary transmission channels

Monetary and Exchange Rate Regimes Changes: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia

The paper explores (former) transition economies, Poland, Czech Republic, Slovakia and the Republic of Serbia, concerning abandonment of the exchange rate targeting and fixed exchange rate regimes and movement toward explicit/implicit inflation targeting and flexible exchange rate regimes. The paper identifies different subperiods concerning crucial monetary and exchange rate regimes, and tracks the changes of specific monetary transmission channels i.e exchange rate channel, interest rate channel, indirect and direct influences to the exchange rate, with variance decomposition of VAR/VEC model. The empirical results indicate that Polish monetary strategy toward higher monetary and exchange rate flexibility has been performed smoothly, gradually and planned, compared to the Slovak and, especially, Czech case. The comparison of three former transition economies with the Serbian case indicate strong and persistent exchange rate pass-through, low interest rate pass-through, significant indirect and direct influence to the exchange rate as potential obstacles for successful inflation targeting in the Republic of Serbia.Exchange rate targeting, Inflation targeting, Intermediate exchange rate regimes, Monetary transmission channels

Rural population and renewable energy sources: Experiences of the Republic of Serbia

During the last decade of the twentieth century the use of green (renewable) energy has become the imperative not only in developed countries worldwide, but also in poorer countries like Asia and Africa. The change from traditional to renewable energy sources carries valuable improvements in environmental protection and economic efficacy. This paper through individual examples, explores the possibility of replacing traditional with renewable energy sources such as solar, wind, geothermal, energy of small hydroelectric power plants, etc. worldwide and in rural Serbian communities

Legislative and policy in energy efficient designing and renewable energy sources: Application in Serbia

This paper analyzes political and legislative frames in the field of energy efficient building and renewable energy sources in planning and implementation in Serbia. „Development strategy until 2015.“ is reviewed in concise portrait. This strategy maps a way for the application of energy services of much higher quality than ones offered at a present day. It reviews relevant laws concerning the subject, as well as institutions, programs and their implementation. Basic principles of energy policy in Serbia and their achievement are also given by that strategy. Serbia's energy policies are designed to allow new legislative, structural, organizational, institutional, and economic frames and visions of unification of Serbian energetics into regional and Pan-European integrations. One of the key factors is the inclusion of sustainable development and energy efficient design concerned policies. Application of these, almost completely neglected, energy sources, for which there is high potential in Serbia, would allow preservation of primary energy sources and local environment. This potential hasn't seen significant research, and therefore, neither the technical improvement. Apart from that, one of the goals of wider application of renewable energy sources is lowering the poverty level. This helps avoiding the already used “dirty development” method

Rural populations and renewable energy sources - Experiences of the republic of Serbia

During the last decade of the twentieth century the use of renewable (green) energy became the imperative not only in developed countries worldwide, but also in the poorer countries of Asia and Africa. The change from traditional to renewable energy sources carries valuable improvements in environmental protection and economic efficacy. Using individual examples this paper deals with the possibility of replacing traditional energy with renewable energy sources such as solar, wind, geothermal, small hydroelectric power plants, etc. worldwide and in rural Serbian communities

Measuring Total Factor Productivity: Accounting for cross country differences in income per capita

Why are some countries so much richer than others? Why do some countries produce so much more output per worker than others? Influential works by Klenow & Rodriguez-Clare (1997), Hall and Jones (1999), and Parente & Prescott (2000), among others, have argued that most of the cross country differences in output per worker is explained by differences in total factor productivity. Total factor productivity measurement enables researchers to determine the contribution of supply-side production factors to economic growth. Development Accounting is a frst-pass attempt at organizing the answer around two proximate determinants: factors of production and efciency. It answers the question “how much of the crosscountry income variance can be attributed to differences in (physical and human) capital, and how much to differences in the efciency with which capital is used’’? In this article, we will outline framework for growth accounting to account for cross-country difference in income of Republic of Srpska, Republic of Croatia and Republic of Serbia. Te current consensus is that differences in income per worker across countries do not arise primarly from differences in quantities in capital or labour, but rather from differences in efciency with which are these factors used. We find that total factor productivity is very important for the growth of output per worker, but only in cases of Serbia and Croatia. In case of Srpska the most important factor for the growth of output per worker is growth of capital