The factors affecting the international judgement of the Forint and Zloty in the light of the financial crisis of year 2008

The financial crisis of 2007-2009 has shaken both money and capital markets. Its consequences have not even left European markets untouched and divided spirits in the financial world. In some countries efforts by the monetary policy to protect the national currency throughout the crisis seemed to be ineffective. In the present paper we are investigating the effect of the most important macroeconomic and economic policy factors on the exchange rate of the forint and zloty in the last decade. For an analysis of exchange rates we are relying on some preceding research results based on equilibrium exchange rate theories.

Rainforests at the beginning of the 21st century

Rainforests are situated at low latitude where forests enjoy steady and strong radiation. Biodiversity in rainforests has been very high, for historical and climatic reasons. The number of species is very high and tends to increase with precipitation and decrease with seasonality. Disturbance, soil fertility and forest stature also influence the species richness and high turnover of species contribute to diversity. Field observation and studies revealed that large scale deforestation could alter the regional and global climate significantly. Deforestation alters the surface albedo which leads to climate change. Regional land use contributes to climate change through surface-energy budget, as well as the carbon cycle. Forest fragmentation, logging, overhunting, fire and the expanding agriculture threaten the biodiversity. Rainforest covered area has significantly shrunk in the last decades. It is hard to protect the forests because of the growing demand for agricultural area and forest-derived products. Most measures proved ineffective to slow down the destruction. Hence, more forest will be lost in the future. Conservationists should take into consideration the secondary forests because biodiversity can be high enough and it is worth protecting them.

New Public Management Reforms: Institutions matter!

New Public Management (NPM) has played a decisive role and has had a radical effect on the productivity and efficiency of the public sector in the Anglo-Saxon countries. However, the effective introduction of the NPM reforms is not an easy task. The scientific community is zealously analyzing the experiences of the developing countries. The stories, they tell, are full of failures, and ineffective reforms. The goal of the current study is to uncover the factors that might influence the successful implementation of the NPM reforms. In our analysis, by relying on the theories of new institutional economics, we developed a model with which we wish to prove that in regards to the success of the reforms the informal and the formal institutions characteristic of the given country are the decisively determining factors. When answering the question, we introduced a new indicator based on public choice theory – the politicians’ interest index – by which we could measure the success of the NPM. We tested our hypothesis by a comparative statistical analysis using the data from 31 countries. Based on our results, we find that informal institutions, the culture shared by the members of society, fundamentally determine the probability of the successful implementation of the NPM reforms, these results having a significant practical relevance.