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The effect of the exchange rate is often discussed in connection with economic performance, net export and inflation rate. Within the context of current discussions, we aim to examine the influence of the CZK/EUR exchange rate on changes in liquid assets in the Czech banking sector. The scope of our examination also covers the effects of GDP, CPI, one-month PRIBOR rate and the effects of ten-year government bond yield. The selected period is 2003–2014; monthly data taken from the CNB ARAD database is used. To verify the effect of the monitored variables on liquid assets in the Czech banking sector, we employed the regression analysis methods applied on financial and economic time series. The results show the effect of the CZK/EUR exchange rate and PRIBOR on changes in the liquid assets of Czech banks. The paper analyzes the identified causes and connections, and discusses possible consequences.

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The global crisis of 2008 caused both liquidity shortage and increasing insolvency in the banking system. The study focuses on credit default contagion in the Central and Eastern European (CEE) region, which originated in bank runs generated by non-performing loans granted to non-financial clients. In terms of methodology, the paper relies on the one hand on review of the literature, and on the other hand on a data survey with comparative and regression analysis. To uncover credit default contagion, the research focuses on the combined impact of foreign exchange rates and foreign private indebtedness.

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Looking back to the global financial crisis of 2008–2009, Hungary was among the first countries to be forced to make use of financial assistance from the EU and the IMF. The government, the MNB (the central bank of Hungary) as well as the domestic and foreign analysts cited the high public debt and the volume of unsecured foreign-currency loans as the main reasons for the crises. Though these were real weaknesses, this diagnosis was false as much as the following treatment. First and foremost, it was the inadequate level of foreign exchange reserves that made Hungary to request outside financial assistance.

The excessive fiscal tightening urged by the MNB only led to deepening of the crises. In general, the macropolicy – both fiscal and monetary policy – before, during and after the crises turned out to be painfully pro-cyclical. Due to the lack of sufficient reserves, the MNB became virtually powerless to intervene and could only watch from the side-lines as events unfolded. The orthodox mind-set after replenishing the forex reserves prevented it from implementing a broad scale of unconventional measures to ease the crises. The fiscal authority lost its capacity long before to reduce the severity of the crises. Thus, the excessive and incorrect structure of fiscal correction coupled with an unjustified orthodox monetary policy, the contraction of the Hungarian economy went much beyond the inevitable amount.

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At the end of 2014, more than 23% of the foreign currency denominated mortgage portfolio in Hungary was overdue; about 20% was classified as non-performing and the tendency is worsening. In this paper, we propose a solution to effectively reduce the credit and systemic risk inherent to this portfolio – the proposed model can be applied to other mortgage portfolios in trouble as well. The main element of our proposal is income-contingent repayment complemented with effective incentives to motivate debtors to repay their debt. We demonstrate that the proposed scheme is attractive for both the debtors and the lenders; therefore, contrary to some recent policy measures, in this case there is no need for direct state intervention to force modifications to the existing legal contracts. In order to evaluate the possible effects, we simulated a realistic population of borrowers with different age, debt, loan-to-value, and income. Then we calculated the expected income paths, the repayments of the borrowers as well as the profit of the lenders on the basis of the non-performing FX mortgage portfolio. The results underpin that the proposed scheme creates significant value added and, most importantly, that it can effectively reduce the vulnerability of the entire economy to future shocks.

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The sovereign debt crisis of 2010 in the euro area significantly decelerated the monetary integration of the EU. The main purpose of this paper is to explore whether five post-communist member states of the EU are mature enough to adopt the euro. We used nominal exchange rates in the error correction model with asymmetric power ARCH (ECM-APARCH). Our results highlight that EU membership positively increased the impact of the euro on the currency of each of these countries in the short-run. In contrast, the long-term effect of the euro on each currency is negative for the Czech Republic, Hungary, and Croatia. Wholly different results were obtained for Poland and Romania. The APARCH model showed that the negative responses of the euro had a greater or neutral effect on the conditional variance of each currency instead of the positive responses. The debt crisis of the euro area had no impact on the dynamic linkages between the currencies. Our research concludes that Croatia, the Czech Republic, and Hungary are not ready to join the euro area in the near future. On the other hand, the currencies of Poland and Romania are already aligned with the fluctuations of the euro.

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Abstract  

Carbonate radical shows moderate reactivity (k2=1.8·106 M–1 s–1) with nickelglycine complex. As an oxidizing free radical, it may attack the ligand to form Ni(II) coordinated glycine radical or oxidize the metal center to form a Ni(III) glycine transient. Continuous -irradiation of the complex-bicarbonate mixture yields glyoxalic acid (G=1.7) as the major product. The reaction involves an attack of the ligand and precludes the oxidation of metal center.

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GGE biplot analysis is an effective method, based on principal component analysis (PCA), to fully explore multi-environment trials (METs). It allows visual examination of the relationships among the test environments, genotypes and the genotype-by-environment interactions (G×E interaction). The objective of this study was to explore the effect of genotype (G) and the genotype × environment interaction (GEI) on the grain yield of 20 chickpea genotypes under two different rainfed and irrigated environments for 4 consecutive growing seasons (2008–2011). The yield data were analysed using the GGE biplot method. The first mega-environment contained environments E1, E3, E4 and E6, with genotype G17 (X96TH41K4) being the winner; the second mega-environment contained environments E5, E7 and E8, with genotype G12 (X96TH46) being the winner. The E2 environment made up another mega-environment, with G19 (FLIP-82-115) the winner. The mean performance and stability of the genotypes indicated that genotypes G4, G16 and G20 were highly stable with high grain yield.

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Cereal Research Communications
Authors: B. Vaezi, A. Pour-Aboughadareh, R. Mohammadi, M. Armion, A. Mehraban, T. Hossein-Pour, and M. Dorii

Successful production and development of stable and adaptable cultivars only depend on the positive results achieved from the interaction between genotype and environment that consequently has significant effect on breeding strategies. The objectives of this study were to evaluate genotype by environment interactions for grain yield in barley advanced lines and to determine their stability and general adaptability. For these purposes, 18 advanced lines along with two local cultivars were evaluated at five locations (Gachsaran, Lorestan, Ilam, Moghan and Gonbad) during three consecutive years (2012–2015). The results of the AMMI analysis indicated that main effects due to genotype (G), environment (E) and GE interaction as well as four interaction principal component axes were significant, representing differential responses of the lines to the environments and the need for stability analysis. According to AMMI stability parameters, lines G5 and G7 were the most stable lines across environments. Biplot analysis determined two barley mega-environments in Iran. The first mega-environment contained of Ilam and Gonbad locations, where the recommended G13, G19 and G1 produced the highest yields. The second mega-environment comprised of Lorestan, Gachsarn and Moghan locations, where G2, G9, G5 and G7 were the best adapted lines. Our results revealed that lines G5, G7, G9 and G17 are suggested for further inclusion in the breeding program due to its high grain yield, and among them G5 recommended as the most stable lines for variable semi-warm and warm environments. In addition, our results indicated the efficiency of AMMI and GGE biplot techniques for selecting genotypes that are stable, high yielding, and responsive.

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Orvosi Hetilap
Authors: Violetta Csákváry, Tamás Puskás, Tamás Bödecs, Zoltán Lőcsei, György Oroszlán, Gábor Kovács L., and Erzsébet Salamonné Toldy

Az életkorra lebontott gyermekkori referenciatartományok nem állnak hazánkban rendelkezésre, ezért a gyermekkori csontanyagcsere-zavarok felismerése és helyes kezelése nem mindig lehetséges. Jelen tanulmány célja, hogy adatokkal szolgáljon a serdülők csontdenzitási és csontmarkereinek eredményeiről. Anyag és módszer: 169 (98 leány, 71 fiú) egészséges fiatal (átlagéletkoruk: 17,0±1,2 év) csontanyagcsere-vizsgálatát végezték el. Denzitometriával (DEXA, LUNAR, GE Health Care, Amerikai Egyesült Államok) mérték a lumbalis csigolyacsontok ásványianyag-tartalmát (BMC) és sűrűségét (BMD), majd ezekből eltérő referenciacsoportok figyelembevételével különböző Z-score-értékeket származtattak. A szérumosteocalcin- (OC) és β-crosslaps- (β-CL) meghatározást teljesen automatizált elektrokemilumineszcens immunometrikus módszerrel (Elecsys-2010, Roche) végezték. Eredményeiket a nemek szerinti csoportosításban a Tanner-stádiumok figyelembevételével értékelték. Vizsgálták a testtömegindex (BMI), a napi kalciumbevitel, szénsavas üdítő-kóla fogyasztás és testmozgási szokások közötti összefüggéseket. Eredmények: A Tanner V. fiúk BMC-értékei mindkét korcsoportban szignifikánsan (p < 0,001) magasabbak (15–16 év: 62,9±14,3 g; 17–19 év: 69,8±9,3 g), mint a lányoké (58,1±10,4; 61,6±8,5 g). A BMD-értékek a lányok esetében voltak szignifikánsan (p < 0,05) magasabbak a fiúkhoz képest (1,17±0,12 g/cm 2 vs. 1,13±0,11 g/cm 2 ). Az OC- és β-CL-szintek mindkét nemben az életkor növekedésével szignifikánsan (p < 0,01) csökkentek. A fiúk OC- és β-CL-szintjei jelentősen (p < 0,001) magasabbak a lányok értékeihez képest. A testsúly növekedésével a BMC és BMD mindkét nemben szignifikáns (p < 0,05) emelkedést mutat, viszont a sovány lányok biomarkerszintje (p < 0,05) magasabb a túlsúlyos társaikhoz képest. A német standardhoz és a saját populációjukhoz viszonyított Z-score-BMD-értékek között kiváló korrelációt (lányok: r = 0,97; fiúk: r = 0,88) kaptak, de az abszolút értékek szignifikánsan (p < 0,05) eltértek egymástól. A fiatalok 80%-a kalciumszegényen táplálkozik, 38%-uk keveset sportol, 60%-uk rendszeresen fogyaszt szénsavas üdítőt, illetve kólát. Az elégtelen kalciumbevitel esetén 4,7%-ban (6/127) csökkent ásványianyag-tartalmat igazoltak a német standardhoz és a saját referenciához viszonyított Z-score-értékeik alapján is, míg az elégséges kalciumot fogyasztók között ilyen eset nem fordult elő. Következtetés: Adataik hozzájárulhatnak a referenciaértékek meghatározásához az egészséges gimnazisták körében. A csontmarkerek hazai standardjának a beállításához szélesebb populációra kiterjedő vizsgálatok szükségesek még.

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to GnRH treatment after emptying of ovarian cysts in dairy cows. Reprod. Domest. Anim. 37 , 294–298. Maffeo G. 17-beta-estradiol, progesterone and testosterone concentrations

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