Interest Rate Pass-Through in Central and Eastern Europe: Reborn from Ashes Merely to Pass Away?

In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries -- the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the literature, given the absence of cointegration between policy rates and long- or even short-term market rates. In addition, the pass-through has been declining over time in the CEE-5, and we argue that it is likely to decrease further in the future. Finally, the pass-through appears similar in the CEE-5 than in Spain and is higher than in core euro area countries. Hence, euro adoption by the CEE-5 would not further increase heterogeneity within the euro area with regard to the interest rate passthrough. However, substantially more research is needed to establish commonalities and differences between the CEE-5 and the euro area with respect to the reaction of prices and output to monetary policy action.http://deepblue.lib.umich.edu/bitstream/2027.42/57231/1/wp851 .pd

Interest Rate Pass-Through in New EU Member States: The Case of the Czech Republic, Hungary and Poland

The characteristics of the interest rate pass-through in the Czech Republic, Hungary and Poland are studied making use of autoregressive distributed lags (ARDL) models. Significant differences are found across market interest rates and countries concerning long-run elasticities of market interest rates to changes in the key policy rate. While the null hypothesis of complete pass-through cannot be rejected for any interest rate in Poland, deviations from complete pass-through are present for several interest rates in the Czech Republic and Hungary. Except for the case of the short-term loan rate for enterprises in Hungary, no significant deviation from symmetry in the speed of adjustment to equilibrium is found in the data.http://deepblue.lib.umich.edu/bitstream/2027.42/40057/3/wp671.pd

The Financial System in the Czech Republic, Hungary and Poland after a Decade of Transition

The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These topics are complemented by an analysis of the structure of funding for the private and public sector, of the financial sector's vulnerability and of the legal conditions for external finance as well as for banking supervision. We find that the financial sector and financial intermediation are internationally integrated already to a large extent. This implies, inter alia, a non-negligible exposure of the corporate sector to exchange rate risk. While funding via equity markets remained modest, local currencydenominated debt issues are important for public financing. Our analysis shows that the legal, supervisory and regulatory infrastructure of the financial system is formally well developed, but suffers from enforcement problems. -- Polen, die Tschechische Republik und Ungarn unternahmen, ausgehend vom Erbe der zentralen Planwirtschaft, substanzielle Anstrengungen zur Errichtung neuer Finanzsysteme. Aufbauend auf einer Untersuchung des Bankensektors sowie der Kapitalmärkte erfolgt eine Analyse der Finanzierungsstruktur des privaten und des öffentlichen Sektors, der Krisenanfälligkeit des Finanzsektors sowie der rechtlichen Regelungen für externe Unternehmensfinanzierung und Bankenaufsicht. Finanzsektoren und -intermediation sind bereits in hohem Maße international integriert. Dies impliziert u.a., dass der Unternehmenssektor einem beachtlichen Wechselkursrisiko ausgesetzt ist. Während die Finanzierung über den Aktienmarkt gering ist, sind in nationaler Währung denominierte Schuldtitel für die Finanzierung des öffentlichen Sektors wichtig. Unsere Analyse zeigt, dass der rechtliche und aufsichtsrechtliche Rahmen der Finanzsysteme formal gut entwickelt ist. Es gibt jedoch Mängel bei der praktischen Umsetzung dieser Standards.Financial System in Czech Republic,Hungary and Poland,Financial Sector Transition,Transition Economics

Interest Rate Pass-Through in Central and Eastern Europe: Reborn from Ashes Merely to Pass Away?

In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries – the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the literature, given the absence of cointegration between policy rates and long- or even short-term market rates. In addition, the pass-through has been declining over time in the CEE-5, and we argue that it is likely to decrease further in the future. Finally, the pass-through appears similar in the CEE-5 than in Spain and is higher than in core euro area countries. Hence, euro adoption by the CEE-5 would not further increase heterogeneity within the euro area with regard to the interest rate passthrough. However, substantially more research is needed to establish commonalities and differences between the CEE-5 and the euro area with respect to the reaction of prices and output to monetary policy action.interest rate pass-through, monetary transmission mechanism, transition economies, Central and Eastern Europe, Austria, Germany, Spain.

Try the Wine: Food as an Expression of Cultural Identity in Roman Britain

Research surrounding cultural identity and food customs throughout history are published often, but any research that attempts to combine the two are often based in more recent history. Few combinations of the two are available, and fewer explore the implications within ancient colonization and expansion. The research for this thesis was conducted with three viewpoints in mind: the colonization of Britannia from Romans within the new colony, the colonization from the native Briton’s perspective, and the Roman citizens within Britannia at the end of Rome’s military involvement with the colony. This method was chosen because in the early years of Britannia acting as a colony, there was much divide between the people emigrating in and the local populations, and by the end of Rome’s official involvement, several hundred years later, the population was almost entirely homogenous and therefore was more easily seen in contrast with the Roman Empire. The nature of this research indicates that recent trends within historical study to understand the effects of colonization on modern civilizations can be used to effectively explore parts of the further past that otherwise would not be examined

Imaging spectrometer/camera having convex grating

An imaging spectrometer has fore-optics coupled to a spectral resolving system with an entrance slit extending in a first direction at an imaging location of the fore-optics for receiving the image, a convex diffraction grating for separating the image into a plurality of spectra of predetermined wavelength ranges; a spectrometer array for detecting the spectra; and at least one concave sperical mirror concentric with the diffraction grating for relaying the image from the entrance slit to the diffraction grating and from the diffraction grating to the spectrometer array. In one embodiment, the spectrometer is configured in a lateral mode in which the entrance slit and the spectrometer array are displaced laterally on opposite sides of the diffraction grating in a second direction substantially perpendicular to the first direction. In another embodiment, the spectrometer is combined with a polychromatic imaging camera array disposed adjacent said entrance slit for recording said image

The Plasmodium falciparum, Nima-related kinase Pfnek-4: a marker for asexual parasites committed to sexual differentiation

<b>Background</b> Malaria parasites undergo, in the vertebrate host, a developmental switch from asexual replication to sexual differentiation leading to the formation of gametocytes, the only form able to survive in the mosquito vector. Regulation of the onset of the sexual phase remains largely unknown and represents an important gap in the understanding of the parasite's complex biology. <b>Methods:</b> The expression and function of the Nima-related kinase Pfnek-4 during the early sexual development of the human malaria parasite Plasmodium falciparum were investigated, using three types of transgenic Plasmodium falciparum 3D7 lines: (i) episomally expressing a Pfnek-4-GFP fusion protein under the control of its cognate pfnek-4 promoter; (ii) episomally expressing negative or positive selectable markers, yeast cytosine deaminase-uridyl phosphoribosyl transferase, or human dihydrofolate reductase, under the control of the pfnek-4 promoter; and (iii) lacking a functional pfnek-4 gene. Parasite transfectants were analysed by fluorescence microscopy and flow cytometry. In vitro growth rate and gametocyte formation were determined by Giemsa-stained blood smears. <b>Results:</b> The Pfnek-4-GFP protein was found to be expressed in stage II to V gametocytes and, unexpectedly, in a subset of asexual-stage parasites undergoing schizogony. Culture conditions stimulating gametocyte formation resulted in significant increase of this schizont subpopulation. Moreover, sorted asexual parasites expressing the Pfnek-4-GFP protein displayed elevated gametocyte formation when returned to in vitro culture in presence of fresh red blood cells, when compared to GFP- parasites from the same initial population. Negative selection of asexual parasites expressing pfnek-4 showed a marginal reduction in growth rate, whereas positive selection caused a marked reduction in parasitaemia, but was not sufficient to completely abolish proliferation. Pfnek-4- clones are not affected in their asexual growth and produced normal numbers of stage V gametocytes. <b>Conclusions:</b> The results indicate that Pfnek-4 is not strictly gametocyte-specific, and is expressed in a small subset of asexual parasites displaying high rate conversion to sexual development. Pfnek-4 is not required for erythrocytic schizogony and gametocytogenesis. This is the first study to report the use of a molecular marker for the sorting of sexually-committed schizont stage P. falciparum parasites, which opens the way to molecular characterization of this pre-differentiated subpopulation

Spatially modulated interferometer and beam shearing device therefor

A spatially modulated interferometer incorporates a beam shearing system having a plurality of reflective surfaces defining separate light paths of equal optical path length for two separate output beams. The reflective surfaces are arranged such that when the two beams emerge from the beam shearing system they contain more than 50 percent of the photon flux within the selected spectral pass band. In one embodiment, the reflective surfaces are located on a number of prism elements combined to form a beam shearing prism structure. The interferometer utilizing the beam sharing system of the invention includes fore-optics for collecting light and focusing it into a beam to be sheared, and a detector located at an exit pupil of the device. In a preferred embodiment, the interferometer has no moving parts

Financial System Transition in Central Europe: The First Decade

The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These topics are complemented by an analysis of the structure of funding for the private and public sector, of the financial sector’s vulnerability and of the legal conditions for external finance as well as for banking supervision. We find that the financial sector and financial intermediation are internationally integrated already to a large extent. This implies, inter alia, a non-negligible exposure of the corporate sector to exchange rate risk. While funding via equity markets remained modest, local currency-denominated debt issues are important for public financing. Our analysis shows that the legal, supervisory and regulatory infrastructure of the financial system is formally well developed, but suffers from enforcement problems.