Search results for: non-standard monetary policy

Authors: K. Bokreta, D. Benanaya

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The objective of this study is to examine the relative effectiveness of monetary and fiscal policy in Algeria using the econometric modelling techniques of cointegration and vector error correction modelling to analyse and draw policy inferences. The chosen variables of fiscal policy are government expenditure and net taxes on products, while the effect of monetary policy is presented by the inflation rate and the official exchange rate. From the results, we find that in the long-run, the impact of government expenditures is positive, while the effect of taxes is negative on growth. Additionally, we find that the inflation rate is found to have little effect on GDP per capita but the impact of the exchange rate is insignificant. We conclude that fiscal policy is more powerful then monetary policy in promoting economic growth in Algeria.

Keywords: Economic growth, fiscal policy, monetary policy, VECM.

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Authors: Aleksandra Nocoń (Szunke)

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The study is a review of the literature concerning the consequences of non-standard monetary policy, which are used by central banks during unconventional periods, threatening banking sector instability. In particular, the attention was paid to the effects of non-standard monetary policy tools for financial markets. However, the empirical evidence about their effects and real consequences for financial markets is still not final. The main aim of the study is to survey consequences of standard and non-standard monetary policy instruments, implemented during the global financial crisis in the United States, United Kingdom and euro area, with particular attention to the results for the stabilization of global financial markets. The study consists mainly of the empirical review, indicating the impact of the implementation of these tools for financial markets. The following research methods were used in the study: literature studies, including domestic and foreign literature, cause and effect analysis and statistical analysis.

Keywords: Asset purchase facility, consequences of monetary policy instruments, non-standard monetary policy, Quantitative Easing.

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Authors: Stefanos V. Fotopoulos, Harry V. Papapanagos, Fotios M. Siokis

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This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.

Keywords: Bank Lending Channel, Monetary Policy Transmission, Policy Buffering, South Eastern Europe

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Authors: Elza Jurun, Damir Piplica, Tea Poklepović

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Numerous studies carried out in the developed  western democratic countries have shown that the ideological  framework of the governing party has a significant influence on the  monetary policy. The executive authority consisting of a left-wing  party gives a higher weight to unemployment suppression and central  bank implements a more expansionary monetary policy. On the other  hand, right-wing governing party considers the monetary stability to  be more important than unemployment suppression and in such a  political framework the main macroeconomic objective becomes the  inflation rate reduction. The political framework conditions in the  transition countries which are new European Union (EU) members  are still highly specific in relation to the other EU member countries.  In the focus of this paper is the question whether the same  monetary policy principles are valid in these transitional countries as  well as they apply in developed western democratic EU member  countries. The data base consists of inflation rate and unemployment  rate for 11 transitional EU member countries covering the period  from 2001 to 2012. The essential information for each of these 11  countries and for each year of the observed period is right or left  political orientation of the ruling party.  In this paper we use t-statistics to test our hypothesis that there are  differences in inflation and unemployment between right and left  political orientation of the governing party. To explore the influence  of different countries, through years and different political  orientations descriptive statistics is used. Inflation and unemployment  should be strongly negatively correlated through time, which is tested  using Pearson correlation coefficient.  Regarding the fact whether the governing authority is consisted  from left or right politically oriented parties, monetary authorities  will adjust its policy setting the higher priority on lower inflation or  unemployment reduction. 

Keywords: Inflation rate, monetary policy orientation, transition EU countries, unemployment rate.

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Authors: Reza Moosavi Mohseni, Wenjun Zhang, Jiling Cao

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The aim of the present study is to detect the chaotic behavior in monetary economic relevant dynamical system. The study employs three different forms of Taylor rules: current, forward, and backward looking. The result suggests the existence of the chaotic behavior in all three systems. In addition, the results strongly represent that using expectations in policy rule especially rational expectation hypothesis can increase complexity of the system and leads to more chaotic behavior.

Keywords: Chaos theory, GMM estimator, Lyapunov Exponent, Monetary System, Taylor Rule.

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Authors: Shahzadah Fahad Qureshi, Jianqing Zhang

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The wisest economic decision of United States in the 20th century was establishing the favorable international monetary system, and capturing the leadership position in it. This decision gave economic hegemony to the US for the next more than 7 decades. The continuation of this hegemony till the next decade seems difficult as the US economy is under continuous streams of recessions since 2007. On the other hand, Chinese economy is progressing with a very fast speed and is estimated to pass the US economy till 2025, in various aspects. Will the US be able to continue its leadership in the IMS? Will China replace US in the international monetary system? The answers to these questions have been explored by comparing the economic competitiveness of US and China, with respect to each other. The paper concludes that the change in global economic environment will compel US to share the leadership of international monetary system with China. This sharing will solve most problems of the current IMS, but will also birth some new problems.

Keywords: Economic competitiveness, Global economic environment (GEE), International monetary fund (IMF), International monetary system (IMS)

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Authors: Mohamed Saladin Abdul Rasool, Arifin Md Salleh, Mohd Fauzi Mohd Harun

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Islamic institutions in Malaysia play a variety of socioeconomic roles such as poverty alleviation. To perform this role, these institutions face a major task in identifying the poverty group. Most of these institutions measure and operationalize poverty from the monetary perspective using variables such as income, expenditure or consumption. In practice, most Islamic institutions in Malaysia use the monetary approach in measuring poverty through the conventional Poverty Line Income (PLI) method and recently, the had al kifayah (HAK) method using total necessities of a household from an Islamic perspective. The objective of this paper is to present the PLI and also the HAK method. This micro-data study would highlight the similarities and differences of both the methods.A survey aided by a structured questionnaire was carried out on 260 selected head of households in the state of Selangor. The paper highlights several demographic factors that are associated with the three monetary indicators in the study, namely income, PLI and HAK. In addition, the study found that these monetary variables are significantly related with each other.

Keywords: Poverty line, multidimensional, necessities, monetary

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Authors: H. Z. Ulukan, E. Demircioğlu, M. Erol Genevois

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The scope of this paper and the aim of proposed model were to apply monetary Input –Output (I-O) analysis to point out the importance of reusing know-how and other requirements in order to reduce the production costs in a manufacturing process for a laptop computer. I-O approach using the monetary input-output model is employed to demonstrate the impacts of different factors in a manufacturing process. A sensitivity analysis showing the correlation between these different factors is also presented. It is expected that the recommended model would have an advantageous effect in the cost minimization process.

Keywords: Input-Output Analysis, Monetary Input-Output Model, Manufacturing Process, Laptop Computer.

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Authors: Teboho J. Mosikari, Johannes T. Tsoku, Diteboho L. Xaba

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The increase of capital mobility across emerging economies has become an interesting topic for many economic policy makers. The current study tests the validity of Feldstein–Horioka puzzle for 5 BRICS countries. The sample period of the study runs from 2001 to 2014. The study uses the following parameter estimates well known as the Fully Modified OLS (FMOLS), and Dynamic OLS (DOLS). The results of the study show that investment and savings are cointegrated in the long run. The parameters estimated using FMOLS and DOLS are 0.85 and 0.74, respectively. These results imply that policy makers within BRICS countries have to consider flexible monetary and fiscal policy instruments to influence the mobility of capital with the bloc.

Keywords: Feldstein and Horioka puzzle, saving and investment, panel models, BRICS countries.

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Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak

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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.

Keywords: Global crisis, Selective credit policy, Small open economy.

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Authors: Katleho D. Makatjane, Kalebe M. Kalebe

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The present paper used time-varying parameters which are based on the score function of a probability density at time t to model volatility of saving rate. We used a scaled likelihood function to update the parameters of the model overtime. Our results revealed high diligence of time-varying since the location parameter is greater than zero. Furthermore, we discovered a leptokurtic condition on saving rate’s distribution. Kapetanios, Shin-Shell Nonlinear Augmented Dickey-Fuller (KSS-NADF) test showed that the saving rate has a nonlinear unit root; therefore, it can be modeled by a generalised autoregressive score (GAS) model. Additionally, value at risk (VaR) and conditional tail expectation (CTE) indicate that 99% of the time people in Lesotho are saving more than spending. This puts the economy in high risk of not expanding. Therefore, the monetary policy committee (MPC) of Lesotho should revise their monetary policies towards this high saving rates risk.

Keywords: Generalized autoregressive score, time-varying, saving rate, Lesotho.

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Authors: Gordana Kordić, Petra Palić

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The European countries that during the past two decades based their exchange rate regimes on currency board arrangement (CBA) are usually analysed from the perspective of corner solution choice’s stabilisation effects. There is an open discussion on the positive and negative background of a strict exchange rate regime choice, although it should be seen as part of the transition process towards the monetary union membership. The focus of the paper is on the Baltic countries that after two decades of a rigid exchange rate arrangement and strongly influenced by global crisis are finishing their path towards the euro zone. Besides the stabilising capacity, the CBA is highly vulnerable regime, with limited developing potential. The rigidity of the exchange rate (and monetary) system, despite the ensured credibility, do not leave enough (or any) space for the adjustment and/or active crisis management. Still, the Baltics are in a process of recovery, with fiscal consolidation measures combined with (painful and politically unpopular) measures of internal devaluation. Today, two of them (Estonia and Latvia) are members of euro zone, fulfilling their ultimate transition targets, but de facto exchanging one fixed regime with another. The paper analyses the challenges for the CBA in unstable environment since the fixed regimes rely on imported stability and are sensitive to external shocks. With limited monetary instruments, these countries were oriented to the fiscal policies and used a combination of internal devaluation and tax policy measures. Despite their rather quick recovery, our second goal is to analyse the long term influence that the measures had on the national economy.

Keywords: Currency Board Arrangement, internal devaluation, exchange rate regime, Great recession.

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Authors: Chiung-Ju Huang, Yuan-Hong Ho

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This study utilizes the International Monetary Fund (IMF) Fiscal Rules Dataset focusing on four specific fiscal rules such as expenditure rule, revenue rule, budget balance rule, and debt rule and five main characteristics of each fiscal rule those are monitoring, enforcement, coverage, legal basis, and escape clause to construct the Fiscal Rule Index for nine countries in the Asia-Pacific region from 1996 to 2015. After constructing the fiscal rule index for each country, we utilize the Panel Generalized Method of Moments (Panel GMM) by using the constructed fiscal rule index to examine the effectiveness of fiscal rules in reducing procyclicality. Empirical results show that national fiscal rules have a significantly negative impact on procyclicality of government expenditure. Additionally, stricter fiscal rules combined with high government effectiveness are effective in reducing procyclicality of government expenditure. Results of this study indicate that for nine Asia-Pacific countries, policymakers’ use of fiscal rules and government effectiveness to reducing procyclicality of fiscal policy are effective.

Keywords: Counter-cyclical policy, fiscal rules, government effectiveness, procyclical policy.

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Authors: Ludk Benada, Jindika Sedova

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The current situation in the eurozone raises a number of topics for discussion and to help in finding an answer to the question of whether a common currency is a more suitable means of coping with the impact of the financial crisis or whether national currencies are better suited to this. The economic situation in the EU is now considerably volatile and, due to problems with the fulfilment of the Maastricht convergence criteria, it is now being considered whether, in their further development, new member states will decide to distance themselves from the euro or will, in an attempt to overcome the crisis, speed up the adoption of the euro. The Czech Republic is one country with little interest in adopting the euro, justified by the fact that a better alternative to dealing with this crisis is an independent monetary policy and its ability to respond flexibly to the economic situation not only in Europe, but around the world. One attribute of the crisis in the Czech Republic and its mitigation is the freely floating exchange rate of the national currency. It is not only the Czech Republic that is attempting to alleviate the impact of the crisis, but also new EU member countries facing fresh questions to which theory have yet to provide wholly satisfactory answers. These questions undoubtedly include the problem of inflation targeting and the choice of appropriate instruments for achieving financial stability. The difficulty lies in the fact that these objectives may be contradictory and may require more than one means of achieving them. In this respect we may assume that membership of the euro zone might not in itself mitigate the development of the recession or protect the nation from future crises. We are of the opinion that the decisive factor in the development of any economy will continue to be the domestic economic policy and the operability of market economic mechanisms. We attempt to document this fact using selected countries as examples, these being the Czech Republic, Poland, Hungary, and Slovakia.

Keywords: Currency exchange rate, Maastricht convergence criteria, monetary union, public finances.

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Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: Central bank, financial crisis, interest rate, investments.

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Authors: Yong Ho Shim, Ki Youn Kim, Ji Yeon Cho, Jin Kyung Park, Bong Gyou Lee

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This study considers priorities of primary goals to increase policy efficiency of Green ICT. Recently several studies have been published that address how IT is linked to climate change. However, most of the previous studies are limited to Green ICT industrial statute and policy directions. This paper present Green ICT policy making processes systematically. As a result of the analysis of Korean Green ICT policy, the following emerged as important to accomplish for Green ICT policy: eco-friendliness, technology evolution, economic efficiency, energy efficiency, and stable supply of energy. This is an initial study analyzing Green ICT policy, which provides an academic framework that can be used a guideline to establish Green ICT policy.

Keywords: AHP(Analytic Hierarchy Process), Case Study, Green ICT, Policy Priority

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Authors: Marcel Schneider, Nils Nießen

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Microscopic simulation tool kits allow for consideration of the two processes of railway operations and the previous timetable production. Block occupation conflicts on both process levels are often solved by using defined train priorities. These conflict resolutions (dispatching decisions) generate reactionary delays to the involved trains. The sum of reactionary delays is commonly used to evaluate the quality of railway operations, which describes the timetable robustness. It is either compared to an acceptable train performance or the delays are appraised economically by linear monetary functions. It is impossible to adequately evaluate dispatching decisions without a well-founded objective function. This paper presents a new approach for the evaluation of dispatching decisions. The approach uses mode choice models and considers the behaviour of the end-customers. These models evaluate the reactionary delays in more detail and consider other competing modes of transport. The new approach pursues the coupling of a microscopic model of railway operations with the macroscopic choice mode model. At first, it will be implemented for railway operations process but it can also be used for timetable production. The evaluation considers the possibility for the customer to interchange to other transport modes. The new approach starts to look at rail and road, but it can also be extended to air travel. The result of mode choice models is the modal split. The reactions by the end-customers have an impact on the revenue of the train operating companies. Different purposes of travel have different payment reserves and tolerances towards late running. Aside from changes to revenues, longer journey times can also generate additional costs. The costs are either time- or track-specific and arise from required changes to rolling stock or train crew cycles. Only the variable values are summarised in the contribution margin, which is the base for the monetary evaluation of delays. The contribution margin is calculated for different possible solutions to the same conflict. The conflict resolution is optimised until the monetary loss becomes minimal. The iterative process therefore determines an optimum conflict resolution by monitoring the change to the contribution margin. Furthermore, a monetary value of each dispatching decision can also be derived.

Keywords: Choice of mode, monetary evaluation, railway operations, reactionary delays.

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Authors: Aleksandre Ergeshidze

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The exchange rate is a pivotal pricing instrument that simultaneously impacts various components of the economy. Depreciation of nominal exchange rate is export promoting, which might be a desired export-led growth policy, and particularly critical to closing-down the widening current account imbalance. However, negative effects resulting from high dollarization and high share of imported intermediate inputs can outweigh positive effect. The aim of this research is to quantify impact of change in nominal exchange rate and test contractionary depreciation hypothesis on Georgian economy using structural and Bayesian vector autoregression. According to the acquired results, appreciation of nominal exchange rate is expected to decrease inflation, monetary policy rate, interest rate on domestic currency loans and economic growth in the medium run; however, impact on economic growth in the short run is statistically not significant.

Keywords: Bayesian vector autoregression, contractionary depreciation, dollarization, nominal exchange rate, structural vector autoregression.

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Authors: Dina Maratovna Aikenova

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Child care policy must be a priority area of public authorities in any country. This study investigates child care policy in Kazakhstan in accordance with the current position of children and laws. The results show that Kazakhstan policy in this sphere needs more systematic model including state economic and social measures, parental involvement and role of non-government organizations.

Keywords: Children, Kazakhstan, policy, vulnerability.

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Authors: Pei-Shan Wei, Szu-Ying Lee, Hsi-Peng Lu, Jen-Chuen Tzou, Chien-I Weng

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Mobile social games recently become extremely popular, spawning a whole new entertainment culture. However, mobile game players are fickle, quickly and easily picking up and abandoning games. This pilot study seeks to identify factors that influence users to discontinuing playing mobile social games. We identified three sacrifices which can prompt users to abandon games: monetary sacrifice, time sacrifice and privacy sacrifice. The results showed that monetary sacrifice has a greater impact than the other two factors in causing players to discontinue usage intention.

Keywords: Abandon, Mobile devices, Mobile social games, Perceived sacrifice.

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Authors: Jadwiga R. Ziolkowska

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In this paper, a fuzzy algorithm and a fuzzy multicriteria decision framework are developed and used for a practical question of optimizing biofuels policy making. The methodological framework shows how to incorporate fuzzy set theory in a decision process of finding a sustainable biofuels policy among several policy options. Fuzzy set theory is used here as a tool to deal with uncertainties of decision environment, vagueness and ambiguities of policy objectives, subjectivities of human assessments and imprecise and incomplete information about the evaluated policy instruments.

Keywords: Fuzzy set theory, multi-criteria decision-makingsupport, uncertainties, policy making, biofuels

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Authors: Jay D. Gatrell, Robert Q. Hanham, Jeff Worsham, Maureen McDorman

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This paper examines two policy spaces–the ARC and TVA–and their spatialized politics. The research observes that the regional concept informs public policy and can contribute to the formation of stable policy initiatives. Using the subsystem framework to understand the political viability of policy regimes, the authors conclude policy geographies that appeal to traditional definitions of regions are more stable over time. In contrast, geographies that fail to reflect pre-existing representations of space are engaged in more competitive subsystem politics. The paper demonstrates that the spatial practices of policy regions and their directional politics influence the political viability of programs. The paper concludes that policy spaces should institutionalize pre-existing geographies–not manufacture new ones.

Keywords: Agenda setting, politics, region.

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Authors: K. Gabdullin, Y. Bek Ali, N. Aldabek

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This paper explores oil prices changes impact on energy policy of Kazakhstan in 2001-2009. It involves the role of oil income to the economic development, process of diversification of internal and external energy policy of Kazakhstan, and the changes in oil law towards subsoil users.

Keywords: diversification, internal energy policy, external energy policy, high oil prices, modernization

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Authors: Chidera G. Eze, Kennedy K. Abrokwa, Chimaobi V. Okolo

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This paper empirically examines the dynamic relationship between financial deepening and economic growth in a monetary union. We find positive but weak evidence of impacts of financial deepening on growth for Gambia, Gabon and Sierra Leone. There is no evidence of any positive significant impact for Ghana and Nigeria. We argue that, the weak evidence between financial deepening and economic growth can be a consequence of the inability of assessing credit (long-term loans), credit worthiness, lack of information and low level of bank deposits by the private sector despite the improvement in the financial sector.

Keywords: Financial deepening, economic growth, dynamics, innovation accounting.

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Authors: Dahir A. Ga'al, Wardah Zainal Abidin

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Policy management in organizations became rising issue in the last decade. It’s because of today’s regulatory requirements in the organizations. To manage policies in large organizations is an imperative work. However, major challenges facing organizations in the last decade is managing all the policies in the organization and making them an active documents rather than simple (inactive) documents stored in computer hard drive or on a shelf. Because of this challenge, organizations need policy management program. This policy management program can be either manual or automated. This paper presents suggestions towards managing policies in organizations. As well as possible policy management solution or program to be utilized, manual or automated. The research first examines the models and frameworks used for managing policies from various perspectives in the literature of the research area/domain. At the end of this paper, a policy management framework is proposed for managing enterprise policies effectively and in a simplified manner.

Keywords: Policy, policy management, policy management program, policy repository.

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Authors: R. Gvelesiani, I. Gogorishvili

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The concept of economic policy and the practical economic policy diverge from each other at a certain stage of development. This is related to the concept of realization of the underlying problems. It comes with all the problems emerged in the market oriented economic order due to the political processes based on social welfare policy. The realization of the concept of economic policy is impeded by economic and political obstacles. If you want to fill the appeared between the concept and reality, it is necessary to identify and avoid these obstacles. It requires the following: increase of the level of the knowledge of prevention technology in understanding of economic relations, as well as political aspects of the formation of ideas; perfection of economic policy toolkit, and political methods. It is necessary to realize what is the main precondition of implementation and further development of the concept of economic policy, as well as the formation of opinions about economic and public safety. This is a broad consensus on the basic values of the content and the scale of action, which the general public wants to be realized.

Keywords: Economic Policy, Basic Problems, Social Welfare Policy.

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Authors: Khaled Ramadan Elbeydi

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This study is carried out to provide an insight into the analysis of the impact of selected macro-economic variables on gross fixed capital formation in Libya using annual data over the period (1970-2010). The importance of this study comes from the ability to show the relative important factors that impact the Libyan gross fixed capital formation. This understanding would give indications to decision makers on which policy they must focus to stimulate the economy. An Autoregressive Distributed Lag (ARDL) modeling process is employed to investigate the impact of the Gross Domestic Product, Monetary Base and Trade Openness on Gross Fixed Capital Formation in Libya. The results of this study reveal that there is an equilibrium relationship between capital formation and its determinants. The results also indicate that GDP and trade openness largely explain the pattern of capital formation in Libya. The findings and recommendations provide vital information relevant for policy formulation and implementation aimed to improve capital formation in Libya.

Keywords: ARDL, Bounds test, capital formation, Cointegration, Libya.

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Authors: M. Okan Tasar

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Basel III (or the Third Basel Accord) is a global regulatory standard on bank capital adequacy, stress testing and market liquidity risk agreed upon by the members of the Basel Committee on Banking Supervision in 2010-2011, and scheduled to be introduced from 2013 until 2018. Basel III is a comprehensive set of reform measures. These measures aim to; (1) improve the banking sector-s ability to absorb shocks arising from financial and economic stress, whatever the source, (2) improve risk management and governance, (3) strengthen banks- transparency and disclosures. Similarly the reform target; (1) bank level or micro-prudential, regulation, which will help raise the resilience of individual banking institutions to periods of stress. (2) Macro-prudential regulations, system wide risk that can build up across the banking sector as well as the pro-cyclical implication of these risks over time. These two approaches to supervision are complementary as greater resilience at the individual bank level reduces the risk system wide shocks. Macroeconomic impact of Basel III; OECD estimates that the medium-term impact of Basel III implementation on GDP growth is in the range -0,05 percent to -0,15 percent per year. On the other hand economic output is mainly affected by an increase in bank lending spreads as banks pass a rise in banking funding costs, due to higher capital requirements, to their customers. Consequently the estimated effects on GDP growth assume no active response from monetary policy. Basel III impact on economic output could be offset by a reduction (or delayed increase) in monetary policy rates by about 30 to 80 basis points. The aim of this paper is to create a framework based on the recent regulations in order to prevent financial crises. Thus the need to overcome the global financial crisis will contribute to financial crises that may occur in the future periods. In the first part of the paper, the effects of the global crisis on the banking system examine the concept of financial regulations. In the second part; especially in the financial regulations and Basel III are analyzed. The last section in this paper explored the possible consequences of the macroeconomic impacts of Basel III.

Keywords: Banking Systems, Basel III, Financial regulation, Global Financial Crisis.

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Authors: Rodrigo Chandia, Mauricio Papa

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Efforts to secure supervisory control and data acquisition (SCADA) systems must be supported under the guidance of sound security policies and mechanisms to enforce them. Critical elements of the policy must be systematically translated into a format that can be used by policy enforcement components. Ideally, the goal is to ensure that the enforced policy is a close reflection of the specified policy. However, security controls commonly used to enforce policies in the IT environment were not designed to satisfy the specific needs of the SCADA environment. This paper presents a language, based on the well-known XACML framework, for the expression of authorization policies for SCADA systems.

Keywords: Access policy specification, process control systems, network security.

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Authors: Eva Kotlánová

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After recession that began in 2007 in the United States and subsequently spilled over the Europe we could expect recovery of economic growth. According to the last estimation of economic progress of European countries, this recovery is not strong enough. Among others, it will depend on economic policy, where and in which way, the economic indicators will proceed. Economic theories postulate that the economic subjects prefer stably, continual economic policy without repeated and strong fluctuations. This policy is perceived as support of economic growth. Mostly in crises period, when the government must cope with consequences of recession, the economic policy becomes unpredictable for many subjects and economic policy uncertainty grows, which have negative influence on economic growth. The aim of this paper is to use panel regression to prove or disprove this hypothesis on the example of five largest European economies in the period 2008–2012.

Keywords: Economic Crises in Europe, Economic Policy, Uncertainty, Panel Analysis Regression.

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