Optimum currency area theory: A selective review

The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of geographical areas that might constitute optimum currency areas, particularly with respect to asymmetry and symmetry of shocks.

Optimum currency area theory: A selective review

The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of geographical areas that might constitute optimum currency areas, particularly with respect to asymmetry and symmetry of shocks.

Exchange rate regimes in the transition economies: Case study of the Czech Republic: 1990-1997

In this paper we re-examine the experience of the Czech Republic with the exchange rate regime during the period 1990-97. We review arguments for and against choosing a peg as they appeared in the early 1990s. Then, we evaluate the success of the peg in curbing inflationary pressures stemming from price liberalization. We also show some of its unpleasant consequences. In the second part of the paper we discuss the macroecononomic precedents which most likely led to the abandoning of the peg in May 1997. Finally, we present some thoughts on possible exchange rate developments, especially with respect to a potential future membership in the European Monetary Union. --

Price variability and the speed of adjustment to the law of one price: Evidence from Slovakia

This paper uses a large panel data set of monthly frequency final good and service prices in thirty-eight Slovak districts over a five-year period to study price variability and the working of the law of one price. We concentrate on three issues. First, using simple statistical tools, we investigate the range of price differences across Slovak districts. Second, we measure relative price variability across cities and across products. The variability of relative prices in the same district appears to be higher than the variability of prices of the same good across different districts. We identify the factors likely to be responsible for this fact. Third, using benchmarks we investigate the speed of convergence to the absolute law of one price. While we find evidence for absolute convergence, the speed is lower than that found in US cities. The speed of convergence to the relative law of one price is considerably higher.

Stability of monetary unions: Lessons from the break-up of Czechoslovakia

In 1993, Czechoslovakia experienced a two-step break-up. On January 1, the country disintegrated as a political union, while preserving an economic and monetary union. Then, the Czech-Slovak monetary union collapsed on February 8. This paper analyzes the economic background of the two break-ups from the perspective of the optimum currency area literature. The main finding is that the Czech and Slovak economies were vulnerable to asymmetric economic shocks, such as those induced by the economic transition. In particular, the stability of Czechoslovakia was undermined by low correlation of permanent output shocks, low labor mobility and higher concentration of heavy and military industries in Slovakia. --Optimum currency areas,Disintegration,Czechoslovakia

Stability of Monetary Unions: Lessons from the Break-up of Czechoslovakia

In 1993, Czechoslovakia experienced a two-fold break-up: On January 1, the country disintegrated as a political union, while preserving an economic and monetary union. Then, the Czech-Slovak monetary union collapsed on February 8. We analyze the economic background of the two break-ups, and discuss lessons for the stability of monetary unions in general. We argue that Czechoslovakia fulfilled some of the optimum currency area criteria, however, given the low correlation of permanent shocks, it appears it was relatively less integrated than some other existing unions. That, along with low labor mobility and a higher concentration of heavy and military industries in Slovakia, made the Czechoslovak economy vulnerable to asymmetric economic shocks-such as those induced by the economic transition. Furthermore, the Czech-Slovak monetary union was marred by low credibility, lack of political commitment, low exit costs, and the absence of fiscal transfers.Optimum currency areas, disintegration, Czechoslovakia

Exchange rate regimes in the transition economies: Case study of the Czech Republic: 1990-1997

In this paper we re-examine the experience of the Czech Republic with the exchange rate regime during the period 1990-97. We review arguments for and against choosing a peg as they appeared in the early 1990s. Then, we evaluate the success of the peg in curbing inflationary pressures stemming from price liberalization. We also show some of its unpleasant consequences. In the second part of the paper we discuss the macroecononomic precedents which most likely led to the abandoning of the peg in May 1997. Finally, we present some thoughts on possible exchange rate developments, especially with respect to a potential future membership in the European Monetary Union

Exchange Rate Policy Tensions: A Comparative Study between North Africa and Central & Eastern Europe

The performance of small open economies depends - to an extent - on the tension between government’s economic policy preferences and actual behavior. This tension can be nicely studied by analyzing the behavior of exchange rates, where one observes tensions between proclaimed de jure and de facto exchange rate policies. Typically a country makes a de jure commitment to a peg if it attempts to persuade markets of its strict monetary-policy priorities; similarly a country makes a de jure commitment to a float if it wants to keep monetary policy in its own hands. In this paper we measure the flexibility of exchange rate which partially helps in deciphering the de facto behavior. For this purpose, we use comparative data of two sets of countries: North African as well as Central and Eastern European

Feasibility of training nurses in motivational interviewing to improve patient experience in mental health rehabilitation: A pilot study

Introduction: There is limited research addressing he experiences of patients in inpatient rehabilitation (rehabilitation), who often spend long periods in hospital, and the nursing approaches utilised. Aim: Based on evidence that Motivational Interviewing (MI) may improve nursing practice, this was a pilot study evaluating the feasibility of training rehabilitation nurses in MI and measuring patient experience. Method: Nurses underwent training and supervision focusing on MI spirit. Quantitative and qualitative measures were taken pre-training, two months post-training and eight months post training. Expert-by-experience research assistants facilitated patients’ participation in the study. Results: This study showed that training rehabilitation nurses in MI was feasible and relevant to their work. Patients participated in interviews and focus groups with support and potential improvements that require further empirical investigation in patient experience were found following the MI training. Discussion: This pilot study establishes the feasibility of a larger study addressing efficacy. Tentative qualitative findings question whether interactions between nurses and patients are valued in rehabilitation and support MI as a promising skill-set for rehabilitation nurses

Erratum to : Analysis of the mitochondrial maxicircle of Trypanosoma lewisi, a neglected human pathogen

BACKGROUND The haemoflagellate Trypanosoma lewisi is a kinetoplastid parasite which, as it has been recently reported to cause human disease, deserves increased attention. Characteristic features of all kinetoplastid flagellates are a uniquely structured mitochondrial DNA or kinetoplast, comprised of a network of catenated DNA circles, and RNA editing of mitochondrial transcripts. The aim of this study was to describe the kinetoplast DNA of T. lewisi. METHODS/RESULTS In this study, purified kinetoplast DNA from T. lewisi was sequenced using high-throughput sequencing in combination with sequencing of PCR amplicons. This allowed the assembly of the T. lewisi kinetoplast maxicircle DNA, which is a homologue of the mitochondrial genome in other eukaryotes. The assembly of 23,745 bp comprises the non-coding and coding regions. Comparative analysis of the maxicircle sequence of T. lewisi with Trypanosoma cruzi, Trypanosoma rangeli, Trypanosoma brucei and Leishmania tarentolae revealed that it shares 78 %, 77 %, 74 % and 66 % sequence identity with these parasites, respectively. The high GC content in at least 9 maxicircle genes of T. lewisi (ATPase6; NADH dehydrogenase subunits ND3, ND7, ND8 and ND9; G-rich regions GR3 and GR4; cytochrome oxidase subunit COIII and ribosomal protein RPS12) implies that their products may be extensively edited. A detailed analysis of the non-coding region revealed that it contains numerous repeat motifs and palindromes. CONCLUSIONS We have sequenced and comprehensively annotated the kinetoplast maxicircle of T. lewisi. Our analysis reveals that T. lewisi is closely related to T. cruzi and T. brucei, and may share similar RNA editing patterns with them rather than with L. tarentolae. These findings provide novel insight into the biological features of this emerging human pathogen