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We present a new-Keynesian model for small open economy, with price rigidities stemming from a Calvo pricing scheme (1983), monopolistic banking system, financial dollarization of the economy and monetary and fiscal policy governed by rules. We estimate the model on Serbian data and propose various model extensions that could be used for monetary and fiscal policy analysis. We consider 6 combinations of monetary and fiscal policy regimes, inflation targeting and currency peg on one hand, and discretionary cyclically neutral fiscal policy and fiscal rules, on the other. The model with inflation targeting and discretionary fiscal policy fits the data best.
: The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”.
More indigent structure of the EU fiscal system is reflected in the fact that it consists of only three segments. The first one refers to the EU budget which is also the only instrument for implementing fiscal policy at the supranational level. The second one refers to the harmonization of taxation systems in accordance with inputs and other legislation adopted at the EU level with the aim of fostering the single internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to appropriate fiscal rules, which mainly stem from the Maastricht convergence criteria and the Stability and Growth Pact.
Cristian Moisa, Lucian Copolovici, Georgeta Pop, Andreea Lupitu, Virgiliu Ciutina and Dana Copolovici
Origanum vulgare L. var. aureum is an aromatic medicinal plant belonging to the Lamiaceae family, rich in essential oils and antioxidants. Its specific chemical composition represents an important source of biologically active principles with diverse applications in food products and nutraceuticals. The aim of this study was to determine the differences between chemical composition of volatile oils, phenolic content and antioxidant activity of different plants parts: leaves, flowers, and stems. Essential oils from leaves and flowers had similar compositions with only few differences between γ-terpinene and trans-ß-ocimene. Total phenolic content and antioxidant activity were determined for the hydro-alcoholic extract obtained from post-distillation oregano waste material. The total phenolic content was determined using Folin-Ciocalteu reagent and varied from 3173 to 6522 mg GAE/L. The major compounds identified by HPLC were syringic acid, pyrocatechol, and catechin. Furthermore, all extracts showed high antioxidant activity, ranging from 31.3 to 44.5 mg GAE/L, with an inhibition percent varying from 63.1 to 88.6%.
As a result of the attention paid to the concept of ethics over the past decade, responsible leadership has come to be a focus of research interest for management scholars. The concept entails the degree of stakeholder engagement besides the sense of societal obligation organizations have to fulfill. The growing concept also assumes that focusing only on maximizing shareholder profit is no longer acceptable in the global business and economic sphere. That is why the concept has found a place in management literature as mentioned. Over the past four decades, organizational commitment has come to be considered a buzzword in both management and organization studies. The concept was developed in 1960 to assess employee emotional attachment to their workplace, and currently its scope has been extended to include all employee-employer relationships. The importance of the concept stems from its strong correlation with many wanted and unwanted workplace behaviors like absenteeism, turnover, performance levels, citizenship behaviors and justice as proved by many quantitative studies. This study focused on Kasr El Eini hospital (Egypt) and identified the effect of responsible leadership on physicians’ affective, continuance and normative commitment through mediating the role of an inclusive diversity climate by conducting a quantitative study. Upon collecting 140 questionnaire forms and using chi-square analysis followed by multiple regressions, it appears that responsible leadership has a positive association with an inclusive diversity climate, an inclusive diversity climate has a positive association with physicians’ organizational commitment and finally, responsible leadership affects physicians’ organizational commitment through mediating the role of an inclusive diversity climate.
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Many developed countries are placing resources to combat the growing threats in cyberspace, and emerging nations are no different. Since 2016, the Dominican Republic is undergoing massive changes within the current government to prioritize cybersecurity through laws, policies, and doctrine. This initiative is causing politicians, industry, and even government entities such as the national police to start the journey to begin to fully understand what are the issues in cybersecurity as they apply to the nation. It is essential that the security challenges and problems identified are addressed through a process of discovery while mitigating risks. This paper is to present those challenges and offer solutions that can be used to achieve an acceptable level of cyber risk.