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EN
Devaluation is the instrument of monetary policy which has been used very often during the 20th century. In recent time of globalization, the many limited factors (openness of the economy, capital movements, currency substitution, money illusion) significantly reduce or completely make impossible the devaluation implementation as the measure for foreign trade deficit or recession overcoming in many countries. This paper discusses on positive and negative effects of devaluation in the case of Bosnia and Herzegovina economy.
EN
This article investigates the phenomenon of Ukrainian migrant women employed in the domestic and care sector in Italy. The analysis is based on a broad doctoral research carried out both in Ukraine and in Italy between 2005 and 2007. In particular, I investigate the subjective perception of downward mobility and how migrant women face this process of social devaluation and respond to it, taking into account that, in the case of Ukrainian female migration, the social skidding produced by migration goes hand in hand with the erosion of social and professional identity as experienced in their origin country during the 1990s. Thus, in order to comprehend the complexity of migration experiences it is necessary to analyse the migrants' whole life trajectories. The main results of the article are that Ukrainian migrant women give meaning to the process of devaluation by viewing it as an interlude in their life and as a sacrifice that serves to improve their families’ upward social mobility. Furthermore, in order to mitigate the social skidding and the asymmetrical relationships that characterise domestic work, they prefer to personalise the relationship with their employers and to avoid working for low educated and working class people. Finally, Ukrainian domestic workers react to the homogenisation engendered by migration by differentiating themselves both from other foreign nationals employed in the same sector, and from the ‘rough mass’ of their fellow countrywomen.
EN
The paper considers the issue of comparing the prices for different years and reviews the methods of their comparison. Valuation of products at comparable prices ensures the comparability of data over a number of years. But the issue arises if the task is to compare the prices of goods for the period during which the national currency of the country of origin changed more than once during this period. The paper proposes a formula developed by the authors to compare the prices of different years and bring them to modern ones. The formula takes into account the devaluation of the dollar and resolves the considered issues. The paper also presents the practical use of the recommended formula on the example of comparing the prices for the entire life cycle of an electric motor for the time period of 1982-2019.
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PROBLEMY STREFY EURO

81%
EN
The official rescue loans recently granted to a number of the Eurozone states cannot be treated as being in lieu of reforms that must be implemented in those countries in order to improve their economy, which they need so much to regain confidence of financial markets. There are two major structural weaknesses of the single currency (Euro) identified in literature: (i) the uniform monetary policy is incapable of accounting for differences among individual member states and single currency renders devaluation in Eurozone impossible; (ii) the eurozone exists without the ‘political union.’ The paper contains an analysis of the legitimacy of both theses.
PL
Oficjalne kredyty ratunkowe dla niektórych krajów w strefie euro nie mogą zastąpić tam reform, które – poprawiając sytuację gospodarczą – pozwolą odzyskać owym krajom zaufanie rynków finansowych. W literaturze wymienia się dwie główne strukturalne słabości wspólnej waluty (euro): 1. Jednolita polityka pieniądza nie jest w stanie uwzględnić odmienności sytuacji poszczególnych krajów, a wspólny pieniądz nie pozwala na dewaluację w obrębie strefy euro; 2. Strefa euro istnieje bez „unii politycznej”. Artykuł analizuje zasadność tych tez.
PL
Marka zachodnioniemiecka stała się po II wojnie światowej jedną z czołowych walut świata kapitalistycznego i najważniejszą walutą europejską. Pozycja marki była odbiciem miejsca gospodarki zachodnioniemieckiej w gospodarce światowej. Ponad 5-krotny wzrost PKB od 1950 r., potencjał wytwórczy oraz udział w wymianie międzynarodowej uplasowały RFN w pierwszej trójce największych potęg gospodarczych świata. Rosnącemu znaczeniu gospodarki RFN odpowiadał wzrost znaczenia waluty zachodnioniemieckiej. Marka z kryzysu walutowego lat 1971-73 wyszła niezwykle wzmocniona w stosunku do wszystkich innych walut. Stała się „walutą ucieczki”, bardzo poszukiwaną i atrakcyjną dla lokat kapitałowych zarówno w okresie kryzysu dolara, jak i podczas każdorazowych zaburzeń stosunków walutowych. Udział marki w rezerwach dewizowych świata systematycznie wzrastał i uplasował markę na koniec analizowanego okresu w pierwszej trójce walut rezerwowych. Przejściowe zaburzenie aprecjacji marki w stosunku do dolara w pierwszej połowie lat osiemdziesiątych zostało zrekompensowane wzrostem wartości marki niemieckiej wobec innych walut.
EN
D-Mark has become after World War II one of the leading world currencies of the capitalist world and the most important European currency. The D-Marks position reflected the place of the West Germany’s economy in the world economy. More than 5-fold increase of the GDP since 1950., productive potential and share in international turnover assured the country the place among the world’s three major economic powers. The growing importance of the German economy was accompanied by the growing importance of the West German currency. After the 1971-73 currency crisis the D-mark turned out extremely strengthened vis-à-vis all other currencies. It became “refuge currency”, sought after and attractive for capital investments both in the period of the dollar’s crisis and during the every instance of turbulence on currency markets. The share of the D-mark in the world’s foreign exchange reserves has been systematically growing and at the end of the analyzed period this currency became one of the world’s free favorite reserve currencies. Short-lived disturbance in the D-mark appreciation vis-à-vis the U.S. dollar in the first half of 1980s, was compensated by its appreciation vis-à-vis other currencies.
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