Post-stabilization Period Research Articles

Impact of Bank Stabilization Structures on Upstream and Downstream Bank Mobilization at Cedar River, Nebraska

HighlightsStabilization structures are only effective at stabilized segments.Erosion increased in two of the six segments in the post-stabilization period.Deposition decreased in all six segments in the post-stabilization period.Jetties are effective at reducing erosion but are also prone to fail.Abstract. The effectiveness of streambank stabilization structures is insufficiently quantified. Although such structures clearly reduce or eliminate streambank erosion at the local scale, little is known about associated effects on unstabilized reaches immediately upstream and downstream. This study measured streambank erosion and deposition in stretches of the Cedar River, 1.5 meander wavelengths upstream and downstream from 24 stabilization structures that included jetties, rock vanes, root wads, and gravel protection. We also measured erosion and deposition on the streambanks directly opposite the stabilized locations. We compared measurements from the pre-stabilization period (1993-2005) with those from the post-stabilization period (2005-2018) using historical imagery in ArcGIS. Upon completion of this analysis, we were able to reject an initial hypothesis that local and adjacent streambank segment erosion rates would be significantly less after stabilization, and that deposition rates would be greater in stabilized locations and adjacent stream segments. Instead, the differences in erosion from pre- to post-stabilization showed little or no statistical significance. Rather, our data indicated that streambank erosion decreased in only four of the six stream segments and was predominantly confined to the stabilized segment. Overall deposition decreased in all six stream segments after bank stabilization. In reaches where wooden jetties were installed, partial or total failure was common, and further increases in erosion and decreases in deposition were more pronounced. We conclude that streambank stabilization on the Cedar River is effective only at the location of installation; there is no measurable effect on adjacent unstabilized reaches. Our results demonstrate the need for improved streambank monitoring practices and better understanding of how streambank stabilization impacts an entire river system. Such advances will enhance stream restoration design and implementation, as well as support future river management efforts. Keywords: Adjacent stream reach, Deposition, Jetty, Erosion, Streambank stabilization.

The stationarity of inflation in Croatia: anti-inflation stabilization program and the change in persistence

This study examines the impact of the anti-inflation stabilization policies on the behavior of inflation in Croatia in the early 1990s and through the subsequent post-stabilization period using fractional integration techniques. Indeed, the implementation of the stabilization program in October 1993 brought immediate deflation with a relative high degree of inflation stability in the post-stabilization period. With allowance for a structural break corresponding to the stabilization program in October 1993, the degree of persistence was substantially reduced with the fractional differencing parameter being positive but close to zero in the post-stabilization period.

FEATURES OF INFLUENCE OF MACROECONOMIC MEASURES OF TRANSFORMATION ON THE STATE DEBT POLICY

The objective is to study the relationship between the debt policy and vector of macroeconomic measures which is reflected in the transformation of structure of budget deficiency payments. Also, the article defines and characterizes three main phases of the government debt policy: pre-stabilization, stabilization and post-stabilization. The author analyzes main aspects of the relationship between dept policy and monetary one. Methodology. The study is based on the works of domestic and foreign scientists engaged in research of the given problem. Theoretical concepts are supported by statistical data of key macroeconomic indicators of Ukraine’s economy. Results of the survey showed that the relationship between the debt policy and measures of macro-regulation during the transformation has the stable and permanent nature, and the use of certain instruments of government debt management is exclusively possible for a definite direction of macro policy on the one hand, and they are the elements in the system of measures for its implementation on the other hand. In the pre-stabilization phase of transformation the debt policy synthesizes the expansive solutions of monetary and fiscal authorities, and a direct link between them mediate the expansion of demand in the public sector and the preservation of soft budget constraints for micro-units; in the stabilization phase the relationship between fiscal, monetary and debt policy becomes more indirect, but are direct in that part of the borrowing purposes, subordinated to the creation of macro-stabilization mechanism of transformation; in the poststabilization period the role of indirect interconnection between the debt measures and fiscal and monetary decisions increases, but the lack of a deep micro-restructuring and deep systemic and structural reforms cause the deterioration in the macro-economic state of the system, due to which the vector of government borrowing again gravitates toward the field of formation of the mechanism of stabilization. In the post-stabilization period the following contradictions are especially intensely manifested: firstly, the contradictions between the expansive fiscal policy and relatively restrained monetary policy, which is why the maintenance of the exchange rate and inflation on the equilibrium level takes place with the higher interest rates; secondly, there is an enhancement of contradictions within the system of fiscal policy and monetary policy. The formation of consumer-oriented reproduction proportions of GDP is one of the consequences of such a situation.

Conflict of Interest in Universal Banking and Price Stabilization in IPOs

We investigate the effect of conflict of interest in universal banking on the price stabilization in IPOs and their short-term returns. We find that loan-based conflict increases the probability of the issue being stabilized but not on the intensity of the stabilization. We do not find evidence that loan based conflict do not bear consequences on pricing. Equity-based conflict increases the probability of the issue being fully overalloted and being stabilized, and increases the intensity of the stabilization. Equity-conflicted IPOs do not underperform non-stabilized ones during the stabilization period. For the post-stabilization period, returns on equity-conflicted IPOs are 8-9% lower than on non-conflicted ones. Evidence suggests that underwriters use price stabilization to disguise such overpricing. This has policy implication because it shows that universal banks can behave opportunistically and harm investors when there is opportunity for it. We also contribute to the price stabilization literature by showing that the three decisions involved in price stabilization (overallotment, repurchase of share and intensity of repurchase) has distinct determinants.

Conflict of Interest in Universal Banking Evidence from Brazilian IPOs

We investigate conflict of interest in universal banking through IPO short run-returns. Two of the main obstacles to detect mispricing in IPOs are the price stabilization performed by the underwriter that can distort secondary market prices and the absence of data on the ex-ante demand for the offering. In this article we take advantage of a Brazilian institutional feature that forces the underwriter to disclosure information on the price stabilization process and on the ex-ante demand for the offering. We found no evidence for mispricing for the cases in which the underwriter lends money to a firm and later on underwrites its IPOs. Things are different when the underwriter buys equity: for the stabilization period, there is no evidence of mispricing. However, for the post-stabilization period, there is evidence. Returns for equity-conflicted IPOs in the post stabilization are 8-9% lower than for non-conflicted ones. Evidence suggests that underwriters use price stabilization to disguise such overpricing. This has policy implication because it shows that universal banks can behave opportunistically and harm investors when there is opportunity for it.

Efeitos da Estabilização de Preços sobre os Retornos de Curto Prazo dos IPOs

Durante a estabilização de preços em IPOs, o underwriter recompra parte da emissão (ASC do inglês aftermarket short covering), motivando duas suposições sobre o propósito da mesma: manter o preço artificialmente alto para favorecer clientelas específicas ou ludibriar investidores e evitar a flutuação de preço decorrentes do fluxo inicial de informação e da ação de flippers. Nossa análise indica que no período pós estabilização os retornos dos IPOs estabilizados são inferiores aos dos não-estabilizados; quanto maior a intensidade da estabilização, menores são retornos pós-estabilização; IPOs cuja sobrealocação é inteiramente coberta pelo ASC apresentam retornos inferiores aos não-estabilizados, o que não ocorre naqueles em que o ASC é parcial. Assim, as duas suposições são parcialmente certas: em alguns casos a estabilização é usada para manter o preço em um patamar sustentável e em outros é usada para manter o preço em nível artificial.

Modelling inflation in Georgia

The article explains the behaviour of inflation in Georgia in the post-stabilization period. Long-run equation linking prices with money and exchange rate, as well as short-run, dynamic equation for inflation are estimated. The inflation equation is stable, points to a dominant role of exchange rate in the inflation behaviour. The equation explains well the behaviour of inflation after the Russian crises, when inflation increased sharply but was quickly brought under control when the National Bank of Georgia kept its monetary policy tight and exchange rate stable.

Internal fixation of traumatic diastasis of pubic symphysis: is plate removal essential?

Internal fixation of the traumatic diastasis of symphysis pubis is an integral part of the definitive management of pelvic ring injuries. Both functional outcome and long term physiological effects of plate retention have not been clearly addressed and no specific indications regarding implant removal have been proposed in the literature. We reviewed 74 patients (18 females and 56 males), with an average age of 40.6 (16-75) years, who underwent open reduction and internal fixation (ORIF) of the pubic symphysis. Except from the demographic data many other parameters like suprapubic pain, sexual disturbance, impotence and dyspareunia were taken under consideration. Furthermore, any correlation between implant failure and functional impairment was recorded and the subject of implant removal in pregnant women was examined. Health outcome was assessed according to EuroQol 5-D (EQ-5D) questionnaire. Mean follow up: 41.7 (28-89) months. Suprapubic pain was present in ten patients. Three men developed neurogenic impotence and one woman had deep dyspareunia. None of these symptoms were related to implant status. Three of the four females who had uncomplicated pregnancy in the post-stabilization period had the plate in situ. Implant failure was seen in four patients but they remained asymptomatic. EQ-5D questionnaire revealed high satisfaction scores among young women and men of all age groups. This study supports the view that routine removal of the plate is not essential. The issue of whether the implant needs to be removed in women of childbearing age requires further investigation.

Post stabilization estimates of money demand in Croatia: error correction model using the bounds testing approach

This paper estimates an error correction model of money demand for Croatia over the post-stabilization period based on the ARDL bounds testing procedure. While industrial production is statistically insignificant for both the M1 and M1A money demand specifications, interest rates, inflation, and the real effective exchange rate have a negative and statistically significant impact. The error correction money demand models appear structurally stable based on the cumulative sum and cumulative sum of square tests.

Modelling study on post-stabilization dynamics of inflation in Macedonia

The experience from and recorded observations on economy stabilization programs implemented worldwide have clearly shown that there is sharp difference between the inflation dynamics during the implementation of such programs and the one during the post-stabilization period. In this context, it is observed that after the successful disinflation, the inflationary process can no longer be explained using the traditional variables provided by the standard theory of economy. Following these empirically established regularity phenomena, this paper explores the possibility of identification of the inflation process dynamics via of the system-theoretic, by means of both the traditional statistics and Box-Jenkins ARIMA methodologies. The application of this theoretic approach is to the real inflation dynamics in Rep. of Macedonia in the post-stabilization period, second half of the 1990s.

Modeling Inflation in Georgia

The paper explains the behavior of inflation in Georgia in the post-stabilization period. A long-run equation linking prices to money and the exchange rate, as well as a short-run, dynamic equation for inflation are estimated. The inflation equation is stable, points to a dominant role of the exchange rate in the behavior of inflation and shows a low persistence of inflation in Georgia. The equation explains well the behavior of inflation after the Russian crises, when inflation increased sharply but was quickly brought under control, as the National Bank of Georgia kept its monetary policy tight and the exchange rate stable.

Modeling Inflation in Georgia

The paper explains the behavior of inflation in Georgia in the post-stabilization period. A long-run equation linking prices to money and the exchange rate, as well as a short-run, dynamic equation for inflation are estimated. The inflation equation is stable, points to a dominant role of the exchange rate in the behavior of inflation and shows a low persistence of inflation in Georgia. The equation explains well the behavior of inflation after the Russian crises, when inflation increased sharply but was quickly brought under control, as the National Bank of Georgia kept its monetary policy tight and the exchange rate stable.

Israeli Inflation From An International Perspective

Israel’s post-stabilization experience of moderate inflation and eventual disinflation is compared with experiences in other countries. Lessons that emerge from an examination of international experiences indicate the importance of establishing early on credibility in the nominal anchor and a commitment to persevere with disinflation policies, achieving and maintaining a tight fiscal position, measures to reduce nominal rigidities, and widespread structural reform. Israel falls short on several criteria which explains why taming inflation in the post-stabilization period has been difficult. The paper concludes with a consideration of institutional arrangements that could sustain the current low inflation levels.

Israeli Inflation from an International Perspective

Israel’s post-stabilization experience of moderate inflation and eventual disinflation is compared with experiences in other countries. Lessons that emerge from an examination of international experiences indicate the importance of establishing early on credibility in the nominal anchor and a commitment to persevere with disinflation policies, achieving and maintaining a tight fiscal position, measures to reduce nominal rigidities, and widespread structural reform. Israel falls short on several criteria which explains why taming inflation in the post-stabilization period has been difficult. The paper concludes with a consideration of institutional arrangements that could sustain the current low inflation levels.

On the Fit of a Neoclassical Monetary Model in High Inflation: Israel 1972- 1990

This paper uses a money-in-tbe-utility model to show that the Israeli data from the high-inflation and poststabilization period fit well the predictions of a simple, neoclassical framework. Specifically, a single parameter money demand equation that is derived from the model fits the data much better than a Cagan money demand ffinction. The model's implsation on the inflation-seigniorage relationship is consistent with the observed fact that while inflation was rising, the inflation-tax revenue remained almost trendless. The labor supply equation derived from the same model is remarkably consistent with the real wage and employment data over the high inflation and stabilization period. There is no evidence for the existence of a Phillips curve employment-inflation trade-off. After the stabilization the demand for money seems to shift. This phenomenon may be due to impxvements in transaction technologies as well as to expecations for stabilization during the high inflation. We also show that temporary fixed exchange rate-based stabilization and consumption boom in the poststabilization period imply low levels of inflation that are consistent with the model.