International parity relations between Poland and Germany: a cointegrated VAR approach

This paper analyses empirically the purchasing power parity, the uncovered interest parity and the real interest parity (Fisher parity) between Poland and Germany. The international parity relations are investigated jointly within the cointegrated VAR framework. Our analysis fails to find evidence that the parities, or any linear combinations of them, hold for our data set. We identify two long-run equilibrium relations: one imposing a long-run homogeneity restriction on the domestic (i.e. Polish) and foreign (i.e. German) inflation and the domestic interest rate and one that brings together the domestic real interest rate and the foreign inflation. Another interesting result is the weak exogeneity of the deviation of the real exchange rate from the PPP and the strong exogeneity of the German interest rate.cointegrated VAR, PPP, UIP, Fisher parity, Poland

Sources of Real Exchange Rate Fluctuations in Central and Eastern Europe – Temporary or Permanent?

This paper investigates, using the SVAR model of Clarida and Gali (1994), the sources of real exchange rate fluctuations in eight Central and East European new EU member states. Theoretically, one should expect the real exchange rates of Exchange Rate Mechanism II participants to be primarily driven by temporary shocks and those of ERM II “outs” by permanent shocks. Our results reveal an opposite pattern. We conclude that the sources of real exchange rate movements – and the usefulness of nominal exchange rates as shock absorbing instruments – were not the decisive factor behind these countries’ decisions concerning the ERM II participation.exchange rate fluctuations, Central and Eastern Europe, ERM II, SVAR

International parity relations between Poland and Germany: a cointegrated VAR approach

This paper analyses empirically the purchasing power parity, the uncovered interest parity and the real interest parity (Fisher parity) between Poland and Germany. The international parity relations are investigated jointly within the cointegrated VAR framework. Our analysis fails to find evidence that the parities, or any linear combinations of them, hold for our data set. We identify two long-run equilibrium relations: one imposing a long-run homogeneity restriction on the domestic (i.e. Polish) and foreign (i.e. German) inflation and the domestic interest rate and one that brings together the domestic real interest rate and the foreign inflation. Another interesting result is the weak exogeneity of the deviation of the real exchange rate from the PPP and the strong exogeneity of the German interest rate

International parity relations between Poland and Germany: a cointegrated VAR approach

This paper analyses empirically the purchasing power parity, the uncovered interest parity and the real interest parity (Fisher parity) between Poland and Germany. The international parity relations are investigated jointly within the cointegrated VAR framework. Our analysis fails to find evidence that the parities, or any linear combinations of them, hold for our data set. We identify two long-run equilibrium relations: one imposing a long-run homogeneity restriction on the domestic (i.e. Polish) and foreign (i.e. German) inflation and the domestic interest rate and one that brings together the domestic real interest rate and the foreign inflation. Another interesting result is the weak exogeneity of the deviation of the real exchange rate from the PPP and the strong exogeneity of the German interest rate

Predictors of intracranial cerebral artery stenosis in patients before cardiac surgery and its impact on perioperative and long-term stroke risk

Background The aim of this prospective study was to determine the prevalence of stenosis within intracranial and extracranial arteries in patients before coronary artery bypass surgery (CABG), to evaluate the influence of intracranial artery stenosis on neurological outcome and to identify preoperative risk factors for these patients. Methods One hundred and seventy-five patients (71% males, mean age=66.1) scheduled for CABG were enrolled for extracranial Doppler duplex sonography, transcranial color-coded duplex sonography (TCCS) and transcranial Doppler (TCD) examination. Results Twenty-six patients (14.7%) had extracranial stenosis or occlusion and 13 patients (7.3%) intracranial vascular disease. Six patients (3.5%) had both extra- and intracranial artery disease. The presence of peripheral artery disease and diabetes mellitus was a strong risk factor for extracranial artery stenosis but not for intracranial artery stenosis, which occurred independently also of typical atherosclerotic risk factors like age >70, male sex, hypertension, hyperlipidemia, hyperhomocysteinemia, smoking habit, obesity (BMI>30) and waist to hip ratio >1. Functional neurological outcome of the patients with intracranial arterial disease evaluated 7 days after CABG was the same as the patients without extra- and intracranial stenosis. However, 12-months neurological follow-up revealed significantly more ischemic strokes in patients with intracranial artery stenosis compared to patients without intracranial stenosis (p=0.015). Conclusion The occurrence of intracranial artery stenosis in CABG patients cannot be predicted by well-known atherosclerotic risk factors and seems not to be associated with perioperative stroke

Whither China? Reform and economic integration among Chinese regions

This paper investigates the changing nature of economic integration in China. Speci cally, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955-2011. We nd that the symmetry of supply shocks has declined after the liberalization initiated in 1978. In contrast, the correlation of demand shocks has increased during the same period. We then seek to explain these correlations by relating them to factors that proxy for interprovincial trade and vulnerability of regions to idiosyncratic shocks. Interprovincial trade and similarity in factor endowments tend to make shocks more symmetric. Surprisingly, foreign trade and inward FDI have little e¤ect on the symmetry of shocks

The kynurenine pathway as a therapeutic target in cognitive and neurodegenerative disorders

Understanding the neurochemical basis for cognitive function is one of the major goals of neuroscience, with a potential impact on the diagnosis, prevention and treatment of a range of psychiatric and neurological disorders. In this review, the focus will be on a biochemical pathway that remains under-recognised in its implications for brain function, even though it can be responsible for moderating the activity of two neurotransmitters fundamentally involved in cognition – glutamate and acetylcholine. Since this pathway – the kynurenine pathway of tryptophan metabolism - is induced by immunological activation and stress it also stands in an unique position to mediate the effects of environmental factors on cognition and behaviour. Targetting the pathway for new drug development could, therefore, be of value not only for the treatment of existing psychiatric conditions, but also for preventing the development of cognitive disorders in response to environmental pressures

The Shock-Absorbing Capacity of the Flexible Exchange Rate in Poland

In recent years, numerous studies have analyzed the sources of exchange rate fluctuations in the context of the shock-absorbing capacity of flexible exchange rates. This paper analyzes, within a Structural Vector Autoregressive (SVAR) framework, the role of the flexible exchange rate in Poland over the past decade. Our contribution to the existing literature is twofold: First, we expand the prevailing SVAR models to include a financial market shock, defined as a stochastic change in a country’s risk premium. This appears to be highly relevant in the face of the ongoing global financial crisis. Second, we analyze to what extent the crisis has affected the stabilizing capacity of the z?oty/euro exchange rate. We find that the exchange rate has been a shock-absorbing rather than a shock-propagating instrument. We also demonstrate that – in line with our expectations – the contribution of financial market disturbances to exchange rate volatility has increased during the current global crisis.flexible exchange rate, euro area enlargement, financial crisis, SVAR

Anti-epileptic drugs inhibit viability of synoviocytes in vitro

Introduction and objective: The hyperplasia of synovial fibroblasts is considered to be essential for the evolution of joint destruction in rheumatoid arthritis (RA). Previously, we reported that anti-rheumatic drugs, both COX inhibitors and disease-modifying anti-rheumatic drugs inhibit proliferation of synoviocytes in vitro. The presented study investigates the effect of anti-epileptic drugs on the viability and proliferation of synovial fibroblasts in vitro. Methods: Experiments were conducted on human synoviocytes derived from an RA patient and rabbit synoviocytes cell line HIG-82. Cell proliferation and viability were assessed by means of BrdU assay and MTT assay, respectively. The IC50 value (the concentration of drug necessary to induce 50% inhibition) together with confidence limits was calculated. Results: Carbamazepine inhibited proliferation of human fibroblasts and viability of HIG-82 with IC50 values of 86 μM and 82 μM, respectively. Diphenylhydantoin, valproate and phenobarbital inhibited viability of HIG-82 cells with the IC50 values of 110, 500 and 1031 μM, respectively. Conclusion: Based on these findings, it can be suggested that anti-epileptic drugs may have a disease-modifying effect on rheumatoid synovial proliferation