Foreign exchange interventions in a small emerging market: the case of Croatia

This paper studies the impact of daily official foreign exchange interventions on the exchange rates in Croatia for the period from 1996 to 2004. Using the event study methodology and a variety of GARCH models reveals that the Croatian central bank was in a position to influence, to some extent, the level of the exchange rate during the period studied. This lends support to the view that foreign exchange intervention may be effective in emerging market economies.     

Project USA: American competitiveness and what must be done to restore it

The United States today faces a loss of influence as a world power, a reduction in American independence as a policymaker, and a decline in the standard of living on which Americans have come to depend. History teaches that nations weaker and less productive than the United States can rise to become economic powerhouses and rapidly increase their standards of living. History also teaches that nations failing to recognize their fundamental problems will inevitably decline. American politicians must face what is abundantly clear: the United States is losing ground and must act quickly to reverse its course. This White Paper outlines what must be done. Information about the nation's current status must be analyzed and communicated. Incentives to improve the level of competence in government must be provided and maintained. The emphasis of government policy must be changed to reflect broad economic and technological interests as opposed to special interests. Savings must be encouraged and increased. Infrastructure must be improved Tax laws must be modified to help bring these changes about. Economic and technological issues must be elevated to the importance they require. American thinking must reflect the new realities: that the age of leadership through military power is over, that the requirements for success in the world of the 1990s and beyond require a sound and growing economy that is internationally competitive. The US can accomplish these goals only through foundation-shaking, comprehensive, fundamental changealong the lines we propose herein.This paper is the executive summary (with minor editing modifications) of a white paper that is available from Cornell University's Johnson Graduate School of Management.     

Reviews

Roman Szporluk (ed.), National Identity and Ethnicity in Russia and the New States of Eurasia. New York and London: M.E. Sharpe, 1994, xiii + 328 pp., £40.00 h/b, £16.00 p/b.

Paul Kolstoe, Russians in the Former Soviet Republics. London: Hurst, 1995, xii + 340 pp., £35.00.

Ronald Grigor Suny, The Révenge of the Past. Nationalism, Revolution and the Collapse of the Soviet Union. Stanford: Stanford University Press, 1993, xix + 207 pp., £25.00 h/b, £10.95 p/b.

Ian Bremmer & Ray Taras (eds), Nations and Politics in the Soviet Successor States. Cambridge: Cambridge University Press, 1993, xxvii + 557 pp., £55.00 h/b, £17.95 p/b.

Charles A. Kupchan (ed.), Nationalism and Nationalities in the New Europe. Ithaca & London: Cornell University Press, 1995, xi + 224 pp., £31.50 h/b, £11.95 p/b.

Christopher Williams, AIDS in Post‐Communist Russia and its Successor States. Aldershot: Avebury, 1995, xvi + 216 pp., £35.00.

Amin Saikal & William Maley (eds), Russia in Search of its Future. Cambridge: Cambridge University Press, 1995, xii + 239 pp., £30.00 h/b, £10.95 p/b.

Marco de Andreis & Francesco Calogero, The Soviet Nuclear Weapon Legacy. New York: Oxford University Press, 1995, x + 130 pp., £25.00.

Eva Haraszti‐Taylor, The Hungarian Revolution of 1956. A Collection of Documents from the British Foreign Office. London: Astra Press, 1995, xxxii + 404 pp., £5.95.

Julian Cooper, Maureen Perrie & E. A. Rees (eds), Soviet History, 1917–53: Essays in Honour of R. W. Davies. London and Basingstoke: St Martin's Press, 1995, xxviii + 273 pp. £45.00.

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Vladimir N. Brovkin, Behind the Front Lines of the Civil War: Political Parties and Social Movements in Russia, 1918–1922, Princeton, NJ: Princeton University Press, 1994, xiv + 455 pp.

Semion Lyandres, The Bolsheviks’ ‘German Gold’ Revisited: An Inquiry into the 1917 Accusations. Pittsburgh: Carl Beck Papers No. 1106, Center for Russian and East European Studies, University of Pittsburgh, 1995, 132 pp., no price.

Al Richardson (ed.), In Defence of the Russian Revolution: A Selection of Bolshevik Writings. 1917–1923. London: Porcupine Press, 1995, xvi + 287 pp., £12.99.

Neil Robinson, Ideology and the Collapse of the Soviet System. A Critical History of Soviet Ideological Discourse. Aldershot: Edward Elgar, 1995, x + 227 pp., £45.00.

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Simon Tormey, Making Sense of Tyranny: Interpretations of Totalitarianism. Manchester: Manchester University Press, 1995, vi + 199 pp., £7.95.

David L. Hoffmann, Peasant Metropolis: Social Identities in Moscow, 1929–1941. Ithaca and London: Cornell University Press, 1994, xv + 282 pp., £26.95.

Heather Hogan, Forging Revolution: Metalworkers, Managers, and the State in St. Petersburg, 1890–1914. Bloomington, IN: Indiana University Press, 1993, xviii + 319 pp., £32.50.

Marjorie Mandelstam Balzer (ed.), Culture Incarnate: Native Anthropology from Russia. Armonk, New York, London: M.E. Sharpe, 1995, xii + 270 pp.

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Blanche H. Gelfant, Cross‐Cultural Reckonings: A Triptych of Russian, American, and Canadian Texts. Cambridge: Cambridge University Press, 1995, x + 190 pp., £35.00.     

Comparative analysis of the effects of alcoholic drinks of different qualities (author's transl)

The authors compared the effects of alcoholic drinks rich in fusel oil with the effects of diluted pure alcohol of the same quantity on 19 clinically healthy university students. The investigations utilized EEG and physiopsychic testing methods. The clinical symptoms were observed both under the effect of drinks and in a crapulous state ("hang-over"). It was found that alcoholic drinks rich in fusel oil can produce a more deviating EEG curve, an increased worsening of physiopsychic performance and of clinical and subjective symptoms. The necessity of regular quality control of alcoholic beverages is pointed out.     

治理与经济发展:变革和挑战

在经济发展过程中 ,应该是政府的作用多一些还是市场的作用多一些 ?文章分析了与这一问题相关的政府改革———管制改革、私有化政策及分权化政策 ,得出结论 :在经济发展进程中 ,政府要继续扮演重要角色 ;地方政府和非政府组织的作用将日益凸显。     

Umbau des Sozialstaates? Österreich und Deutschland im Vergleich

In comparative analysis of welfare states, there is a consensus that mature welfare state systems have been confronted, for some considerable time, with substantial pressure towards re-structuring and that, as a result, they actually have undertaken several and varied modifications. This articles aims at exploring and analysing these developments in Austria and Germany from a comparative point of view. The analysis concentrates on two vital fields of social policy: old-age insurance and unemployment insurance. Especially in respect of the development of social policy and regarding important characteristics of the two welfare state systems, both countries traditionally show a large degree of resemblance to each other. Many similarities remained to exist during the phase of growing pressures on the welfare state, whereas at the same time it is evident that differences between the two countries increased. The respective actual developments will be interpreted in the light of corresponding theories of comparative welfare state research and classified as gradual and structural changes.     

Of change,training and public affairs in Europe

European public affairs practitioners need to be increasingly professional in their reactions to an EU undergoing transformational change. The paper offers a comprehensive summary of the subtleties of institutional change in Commission, Parliament and Council in 2004. In particular, the author argues that expansion from 15 member states to 25 has fundamentally changed the nature of the Union's politics and the skills required to influence it. This new EU requires more of practitioners than experience and amateur instinct: to achieve results and avoid restrictive regulation, the public affairs community must adopt effective training strategies, challenging competence targets and regular self‐assessment of its performance and ethics. Copyright © 2004 Henry Stewart Publications