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.     

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.     

North-South Climate Change Negotiations: A Sequential Game with Asymmetric Information

This article determines the conditions under which theSouthern countries should act together, or separately, whilenegotiating with the North about climate change policy andabout the conditions for future Southern engagement. The papermodels the international negotiations with complete and withasymmetric information in a dynamic framework. Results showthat, depending on their characteristics, the differentplayers can obtain benefits delaying the moment of theagreement.     

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.     

Nuclear perceptions from radioactive blue to sustainable green: The EU taxonomy as reflection of a divided public

Following the Fukushima disaster, several European countries revisited their policies and decided to phase out nuclear energy production. More recently, however, the EU taxonomy proposed a classification system of environmentally sustainable economic activities and consequently reopened the debate regarding nuclear energy. This study analyses public comments about the inclusion or exclusion of nuclear energy as a response to climate change, in the conceptual frameworks of ecological modernization, sustainability and technological neutrality. The study highlights the challenge of shaping energy policies amid dynamic circumstances and diverse viewpoints. Proponents of nuclear energy emphasised its low-carbon emissions and climate change mitigation potential, while opponents focused on issues of radioactive waste and environmental risks. The study reveals that sustainability emerges as a potential reconciling framework to match arguments to influence the EU's decision-making, while it reflects the political primacy of this process. Finally, this research recommends improving feedback visibility and enhancing clear communication, and suggests further research directions to understand future EU nuclear energy policies.     

Has machine learning rendered simple rules obsolete?

European Journal of Law and Economics - Epstein (Simple rules for a complex world, Harvard University Press, Cambridge, 1995) defended the superiority of simple legal rules over complex,...