Effects of Foreign Direct Investment inflows on growth in Central and Eastern European transition countries

The aim of this master’s thesis is to analyze the effects of Foreign Direct Investments on growth in selected Central and Eastern European transition countries. The theoretical part of this thesis, introduces growth theories and how FDI is covered in those theories. In addition, the results from previous studies, which have studied FDI’s effect on growth, are presented in this master’s thesis. This work introduces also the economical progress during the transition period in selected countries. In the empirical part’s regression model, it will be searched for the direct effect of FDI on growth with panel data collected from nine transition countries.

Mission and development : Finnish Pentecostal, Lutheran and Orthodox mission agencies in development work in Kenya 1948 - 1989

År 1974 började den finska regeringen kanalisera pengar för utvecklingssamarbete genom medborgarorganisationer. Tre år senare och fram till år 1988 beviljade regeringen ett speciellt anslag specifikt för missionsorganisationers utvecklingsprojekt. De finska pingstvännerna, lutheranerna och de ortodoxa utvidgade samtliga sitt sociala arbete i Kenya med statens stöd. Deras projekt var likadana: alla byggde läroanstalter, utvecklade Kenyas hälsoservice och sysselsatte kenyaner. Olikheterna mellan pingstvännerna, lutheranerna och de ortodoxa blev tydliga genom diverse problem som de mötte inom ramen för utvecklingssamarbetet. Den finska pingströrelsen bestod av självständiga församlingar, och pingstvännerna måste omvandla sin takorganisation, Suomen Vapaa Ulkolähetys, så att utvecklingsprojekt blev en viktig gren av dess verksamhet. Lutheranerna som till en början hade sänt missionärer för att arbeta i den kenyanska kyrkans tjänst började i medlet av 1970-talet i ökande grad bygga sociala anstalter med statens pengar. Ett problem var att statens stöd varade endast för en begränsad tid och att den lutherska kyrkan i Kenya inte hade råd att överta dessa anstalter och täcka deras löpande kostnader i framtiden. De finska ortodoxa, för sin del, igångsatte sociala projekt i samarbete med de ortodoxa i Kenya. Under några år fick de dock lära sig att de inte kunde driva självständiga utvecklingsprojekt i Patriarkens i Alexandria maktsfär. Den finska ortodoxa missionen blev tvungen att underkasta sig ärkebiskopen i Nairobi. År för år beviljade den finska regeringen större anslag för missionsorganisationernas utvecklingsprojekt och statens ansvar för kostnaderna ökade från 50% till 60% år 1984. Intressant nog mottog både lutheranerna och de ortodoxa mindre statliga pengar för utvecklingssamarbete år 1989 än 1984. Däremot växte pingstvännernas utvecklingssamarbete i Kenya under hela 1980-talet. Eftersom pingstvännerna inte ville använda sina medlemmarnas pengar (som var avsedda för missionsverksamhet) till sociala projekt täckte de sin andel i utvecklingskostnaderna med pengar från utanförstående. Pingstvännerna utvecklade en omfatttande komersiell och även industriell verksamhet för att samla in pengar för sina utvecklingsprojekt.

The analysis and mitigation of risks in FMCG supply chain: the case of British American Tobacco Eastern Europe

This work investigates the Bullwhip Effect, which is one of the most important phenomena in contemporary supply chain management. The author uses most recent theoretical apparatus to analyze operational activities of a leading FMCG company British American Tobacco Eastern Europe. This paper investigates and describes the process in BAT supply chain management and considers the impact of the Bullwhip Effect together with the potential risks threatening company's operations. Emergence of the Bullwhip Effect leads to supply chain inefficiency. This paper contains methodological supply chain risk mitigation recommendations, description of a real case study and an analytical study of internal and external supply chain processes

SPECIES RICHNESS AND ABUNDANCE OF LOW-TRUNK HERB EPIPHYTES IN RELATION TO HOST TREE SIZE AND BARK TYPE, EASTERN AMAZONIA

ABSTRACTThe composition and structure of the low-trunk epiphytic herb assembly as well as its vertical distribution were studied. DBH of host tree and bark type influence species richness and abundance in a nonlooded lowland tropical rainforest in Eastern Amazonia (1º57’36"S 51º36’55"W). A total of 37 epiphytic herb species were identified, among which 60% were Araceae. Species richness and abundance of epiphytic herbs showed tendency of positive correlation with host tree size and no relationships with bark type. Low positive correlation may be a by-product of the predominance of trees with smaller diameter in our sample rather than a reflection of neutral relationship. The absence of relationships with bark type may be partially explained by the large number of secondary, generalist, hemi-epiphytes and also may reflect the absence of suitable substrate in trees with smaller diameter.

FOREST LITTER DECOMPOSITION AS AFFECTED BY EUCALYPTUS STAND AGE AND TOPOGRAPHY IN SOUTH-EASTERN BRAZIL1

Forest litter decomposition is a major process in returning nutrients to soils and thus promoting wood productivity in the humid tropic. This study aimed to assess decomposition of eucalypt litter in the Rio Doce region, Brazil. Leaf litter was sampled under clonal eucalypt stands aged 2, 4 and 6 years on hillslopes and footslopes. Soil and soil+litter samples were incubated at two levels of soil moisture, temperature and fertilization. C-CO2 emissions from soil measured during 106 days were higher at 32 °C than at 23°C, mainly for the 2-yr-old stand on footslope. When leaf litter was added on soils, C-CO2 emissions were eight times higher, mainly on footslopes, with no effect of stand age. Leaf decomposition in situ, assessed with a litterbag experiment showed a mean weight loss of at least 50% during 365 days, reaching 74% for 2 yr-old stands on footslopes. In comparison with data from the native forest and the literature, no apparent restrictions were found in eucalypt litter decomposition. Differences between in vitro and in situ results, and between eucalypt and native forest, were most likely related to the response of diverse decomposer communities and to substrate quality.

St. Petersburg Court Chant and the Tradition of Eastern Slavic Church Singing

The present study examines the repertory of liturgical chant known as St. Petersburg Court Chant which emerged within the Imperial Court of St. Petersburg, Russia, and appeared in print in a number of revisions during the course of the 19th century, eventually to spread throughout the Russian Empire and even abroad. The study seeks answers to questions on the essence and composition of Court Chant, its history and liturgical background, and most importantly, its musical relationship to other repertories of Eastern Slavic chant. The research questions emerge from previous literary accounts of Court Chant (summarized in the Introduction), which have tended to be inaccurate and generally not based on critical research. The study is divided into eight main chapters. Chapter 1 provides a survey of the history of Eastern Slavic chant and the Imperial Court Chapel of St. Petersburg until 1917, with special emphasis on the history of singing traditional chant in polyphony, the status of the Court Chapel as a government authority, and its endeavours in publishing church music. Chapter 2 deals with the liturgical background of Eastern chant, the chant genres, and main repertories of Eastern Slavic chant. Chapter 3 concentrates on chant sources: it introduces the musical notations utilised, after which a typology of chant books is presented. The discussion continues with a survey of the sources of Court Chant and their content, the specimens selected for closer analysis, the comparative materials from other repertories, and ends with a commentary on some chant sources that have been excluded. The comparative sources include a specimen from around the beginning of the 12th century, a few manuscripts from the 17th century, and printed and manuscript chant books from the early 18th to early 20th century, covering the geographical area that delimits to the western Ukraine, Astrakhan, Nizhny Novgorod, and the Solovetsky Monastery. Chapter 4 presents the approach and methods used in the subsequent analytical comparisons. After a survey of the pitch organization of Eastern Slavic chant, the customary harmonization strategy of traditional chant polyphony is examined, according to which a method for meaningful analysis of the harmony is proposed. The method is based on the observation that the harmonic framework of chant polyphony derives from the standard pitch collection of monodic chant known as the Church Gamut, specific pitches of which form eight harmonic regions that behave like the usual tonalities of major and harmonic minor. Because of the considerable quantity of comparative chant forms, computer-assisted statistical methods are applied to the analysis of chant melodies. The primary chant forms and their respective comparative forms have been pre-processed into reduced chant prototypes and divided into redactions. The analyses are carried out by measuring the formal dissimilarities of the primary chant forms of the Court Chant repertory against each comparative form, and also by measuring the reciprocal dissimilarities of all chant versions in a redaction, the results of which are subjected to agglomerative hierarchical clustering in order to find out how the chant forms relate to each other. The dissimilarities are determined by applying a metric dissimilarity function that is based on the Levenshtein Distance. Chapter 5 provides the melodic and harmonic analyses of generic chants (chants used for multiple texts of different lengths), i.e., chants for stichera samoglasny and troparia, Chapter 6 of pseudo-generic chants (chants that are used for multiple texts but with certain restrictions), i.e., chants for heirmoi, prokeimena, and three other hymns, and Chapter 7 of non-generic chants, covering nine chants that in the Court repertory are not shared by multiple texts. The results are summarized and evaluated in Chapter 8. Accordingly, it can be established that, contrary to previous conceptions, melodically, Court Chant is in effect a full part of the wider Eastern Slavic chant tradition. Even if it is somewhat detached from the chant versions of the Synodal square-note chant books and the local tradition of Moscow, it is particularly close to chant forms of East Ukraine and some vernacular repertories from Russia. Respectively, the harmonization strategies of Court Chant do not show significant individuality in comparison with those of the available polyphonic comparative sources, the main difference being the part-writing, which generally conforms to western common practice standard, whereas the deviations from this tend to be more significant in other analysed repertories of polyphonic chant. Thus, insofar as the subsequent prevalence of Court Chant is not based on its forceful dissemination by authorities (as suggested in previous literature but for which little tangible evidence could be found in Chapter 1), in the present author’s interpretation, Court Chant attained its dominance principally because musically it was considered sufficiently traditional, and as a chant body supported by the government, was conveniently available in print in serviceable harmonizations.

Integration or a Greek tragedy?: How crisis spillovers affect Central and Eastern European States

Tutkielma siitä, miten Euroopan entisten sosialistivaltioiden markkinoiden integroituminen on edistynyt Kreikan ja EMU-alueen kanssa euron käyttöönoton ajalta. Tutkimus vertaa maiden markkinoiden reaktioita Kreikasta ja EMU-alueelta kantautuviin sokkeihin ennen ja jälkeen vuonna 2007 alkanutta kriisiä.

Interdependence of Emerging Eastern European stock markets

One of the main developments in the global economy during the past decades has been the growth of emerging economies. Projections for their long-term growth, changes in the investment climate, corporate transparency and demography point to an increasing role for these emerging economies in the global economy. Today, emerging economies are usually considered as financial markets offering opportunities for high returns, good risk diversification and improved return-to-risk ratios. However, researchers have noted that these advantages may be in decline because of the increasing market integration. Nevertheless, it is likely that certain financial markets and specific sectors will remain partially segmented and somewhat insulated from the global economy for the year to come. This doctoral dissertation investigates several stock markets in Emerging Eastern Europe (EEE), including the ones in Russia, Poland, Hungary, the Czech Republic, Bulgaria and Slovenia. The objective is to analyze the returns and financial risks in these emerging markets from international investor’s point of view. This study also examines the segmentation/integration of these financial markets and the possibilities to diversify and hedge financial risk. The dissertation is divided into two parts. The first includes a review of the theoretical background for the articles and a review of the literature on EEE stock markets. It includes an overview of the methodology and research design applied in the analysis and a summary of articles from the second part of this dissertation and their main findings. The second part consists of four research publications. This work contributes to studies on emerging stock markets in four ways. First, it adds to the body of research on the pricing of risk, providing new empirical evidence about partial stock market segmentation in EEE. The results suggest that the aggregate emerging market risk is a relevant driver for stock market returns and that this market risk can be used to price financial instruments and forecast their performance. Second, it contributes to the empirical research on the integration of stock markets, asset prices and exchange rates by identifying the relationships between these markets through volatility and asset pricing. The results show that certain sectors of stock markets in EEE are not as integrated as others. For example, the Polish consumer goods sector, the Hungarian telecommunications sector, and the Czech financial sector are somewhat isolated from their counterparts elsewhere in Europe. Nevertheless, an analysis of the impact of EU accession in 2004 on stock markets suggests that most of the EEE markets are becoming increasingly integrated with the global markets. Third, this thesis complements the scientific literature in the field of shock and volatility spillovers by examining the mechanism of spillover distribution among the EU and EEE countries. The results illustrate that spillovers in emerging markets are mostly from a foreign exchange to the stock markets. Moreover, the results show that the effects of external shocks on stock markets have increased after the enlargement of the EU in 2004. Finally, this study is unique because it analyzes the effects of foreign macroeconomic news on geographically closely related countries. The results suggest that the effects of macroeconomic announcements on volatility are significant and have effect that varies across markets and their sectors. Moreover, the results show that the foreign macroeconomic news releases, somewhat surprisingly, have a greater effect on the EEE markets than the local macroeconomic news. This dissertation has a number of implications for the industry and for practitioners. It analyses financial risk associated with investing in Emerging Eastern Europe. Investors may use this information to construct and optimize investment portfolios. Moreover, this dissertation provides insights for investors and portfolio managers considering asset allocation to protect value or obtain higher returns. The results have also implications for asset pricing and portfolio selection in light of macroeconomic news releases.

Phenology, fruit set and dispersal of Cordia multispicata Cham., an important weed shrub of abandoned pastures in eastern Amazonia

ABSTRACT - (Phenology, fruit set and dispersal of Cordia multispicata Cham., an important weed shrub of abandoned pastures in eastern Amazonia). The reproductive ecology of the distylous tropical shrub Cordia multispicata was studied in an abandoned pasture in Paragominas County , Pará state, Brazil. It is a common species in the Amazon basin where it occurs as a weed in open and disturbed habitats. C. multispicata has many flowers per inflorescence (85 ± 12) but 84% abort before fertilization. Flowering occurs throughout the year. Fruits are small, with a red fleshy pericarp (skin-pulp) attractive to birds. Fruit set is lower during the dry season (less than 30%) and higher during the rainy season when there are many visits of insects to the flowers. Fruiting has a peak between the end of the dry season and the middle of the rainy season. Nineteen bird species were observed foraging for the fruits of C. multispicata, and 79% of those species can be considered as potential dispersal agents. The efficient seed dispersal and aggregated spatial distribution associated with some characteristics of the dispersors greatly contributed to the success of this species in abandoned pastures of eastern Amazonia.

Seed predation of Virola bicuhyba (Schott) Warb. (Myristicaceae) in the Atlantic forest of south-eastern Brazil

Seed predation of Virola bicuhyba (Myristicaceae) was studied in an area of Atlantic forest in south-eastern Brazil, with the objective of testing the Janzen-Connell model. The predation of seeds was evaluated at three different distances from the parent tree for two classes of predators: invertebrates and vertebrates. The method of exclosure plots (closed plots) and open control plots was used, distributed at 5, 15 and 25 m from the trunk of each adult fruiting tree of V. bicuhyba. In Experiment 1, 1,200 seeds were used and, in Experiment 2, 1,440 seeds. Both experiments did not agree with Janzen-Connell model, as seed predation by invertebrates and vertebrates was independent of the distance from the parent tree. Seed predation rate was high, however the impact of predation by vertebrates was higher than by invertebrates, indicating that it is the main cause of seed mortality.

Population structure of Eschweilera coriacea (DC.) S. A. Mori in forest fragments in eastern Brazilian Amazonia

The population structure of a common canopy tree was examined in three sites to investigate the possible effects of forest fragmentation in eastern Amazonia. Evidence for the escape hypothesis of differential seed/seedling survival was evaluated. Two 1 ha plots were established at each site and all individuals of Eschweilera coriacea (DC.) S. A. Mori over 1 m tall were tagged, measured and mapped. Smaller individuals were recorded in the same way within subplots. Mature individuals were abundant at all sites with densities of 32-52 ha-1. The species exhibited substantial regeneration, although total population density varied fourfold among sites (1,256-4,805 individuals ha-1). Overall, juveniles were clumped while adults were randomly distributed. The difference between the dispersion pattern of adults and juveniles supported the escape hypothesis. However, no difference in population structure among sites could be related to the forest fragmentation.

A map of the eastern part of the Roman Empire

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan