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MONETARY POLICY IN TRANSITION ECONOMIES: A SURVEY by Ali M. Kutan* and Josef C. Brada** *Kutan – Economics Dept., SIU, Edwarsdville, IL 62026-1102 E-mail : email@example.com ** Brada, Economics Dept, Arizona State Univeristy, Tempe, AZ 85287-3806 E-mail: email@example.com Kutan and Brada Version 1, October 12, 1999 Over the past decade, a number of East and Central European countries have stabilized their economies, built up the institutions and the legal underpinnings of a market economy and achieved sustained economic growth. In these countries, the conduct and objectives of macroeconomic policy have evolved rapidly during this time. Initially, monetary authorities used direct instruments such as credit ceilings and focused on easily understood and highly visible targets such as the nominal exchange rate. As a measure of macroeconomic stabilization was achieved, and with the emergence of the necessary markets and institutions, monetary policy has evolved toward less direct instruments such as open market operations and toward new targets such as reducing inflation to West European levels. In this paper, we examine the experience of three of the more successful transition economies, the Czech Republic, Hungary and Poland. These countries' economic performance, whether measured by the level of inflation or by the resumption of economic growth after the initial shock of transition, places them at the forefront of the transition economies, and they will be among the first East European countries to join the European Union (EU). Indeed, it may appear that their economies are, to a large extent, post-transition economies whose policy objectives and problems are much more like those of the advanced and middle-income market economies of Europe than those of the successor states of the former Soviet Union. Their experience in achieving this status provides valuable lessons for those transition economies that have as yet to develop their markets and their monetary institutions to the same extent as have these three countries. A key policy objective for the three transition economies that are considered in this paper is to bring their inflation rates down to levels that prevail in the EU. To this end, they are seeking new approaches to fighting inflation, with the Czech Republic and Poland formally adopting Kutan and Brada 2 Version 1, October 12, 1999 inflation targeting as their monetary policy regime. Such indirect policies presuppose functioning capital markets to achieve policy makers' objectives. We examine the efforts to develop such markets in these countries in the next section. In the following section, we examine the evolution of monetary policy in each country, highlight the problems that monetary authorities have faced, and describe the current approach to managing inflation. CREATING A BANKING SYSTEM A key component of the transition in each of the three countries was to create a functioning capital market, which, in the case of the Czech Republic and Poland, required the creation of a two-tier banking system out of the former socialist state bank. The socialist banking system consisted of a state bank that not only performed the functions of a central bank, but also issued virtually all short-term credits to the country's enterprise sector. There were also several subsidiary banks with specialized functions such as financing foreign trade or servicing households' savings accounts. Credit was granted not on the basis of the creditworthiness of the firms seeking loans but rather on the need to finance activities decreed by the central plan. The Czech Republic In Czechoslovakia, the socialist central bank was broken up into a two tier banking system shortly after the fall of the communist regime. The loan portfolio of the former central bank was inherited mainly by the largest of the new commercial banks, Komercni Banka, in the Czech Republic and Vseobecna Uverova Banka in the Slovak Republic. Other commercial banks emerged from the former specialized banks (Desai, 1996, p. 469). Because of the federal structure of Czechoslovakia, most of the commercial banks carved out from the socialist-era central bank and from the specialized banks concentrated their activities in one Republic or the Kutan and Brada 3 Version 1, October 12, 1999 other. Thus, in 1993, when Czechoslovakia split into two independent countries, the Czech Republic and the Slovak Republic, the number of active banks in each successor country declined, and each country had to found its own central bank on the basis of the former Czechoslovak National Bank. In the Czech Republic, the Czech National Bank (CNB) was established and given the traditional functions of a central bank. Czech commercial banks held many bad loans that had been made to state-owned firms during the socialist period. Because Komercni Banka had the biggest share of these loans, its non-performing loan problem was the most serious, and it received the bulk of the funds that the government allocated to aiding the commercial banks. Some of the worst loans were transferred to the Consolidation Bank, which was founded precisely to manage such loans. Privatization had a major impact on the Czech-banking sector. Shares of the commercial banks were auctioned to the public through the voucher privatization, but the government remained the main owner of each of the major banks. Perhaps more important was the fact that each commercial bank set up one or more investment privatization funds that collected the vouchers held by citizens into a mutual fund that used these vouchers to bid for shares of companies undergoing privatization. Because about two-thirds of all available vouchers went to such investment funds, the banks became major owners of Czech industrial firms and, second only to the controlling shares held by the government, of each other. The dominant role of the government in the ownership of the banks as well as the proclivity of the banks to make loans to unprofitable firms in which their investment funds hold large stakes has raised questions about the efficiency with which bank credit is allocated by the banking system. As a result, the For an analysis of Komercní Banka's lending policies, see Snyder and Kormendi (1997). Desai (1996) provides a more general critique of the Czech banking system's performance and of the government's role as majority owner. Kutan and Brada 4 Version 1, October 12, 1999 withdrawal of banks from lending to the business sector in favor of lending to the government has been less of a problem in the Czech Republic than it was in Hungary. The unwillingness of the Czech government to allow foreign banks to enter the market has compounded the lack of competition caused by the bank's ownership of enterprises and by the domination of the market by a few large banks. Newly founded domestic banks have been too small, subject to disadvantageous regulation and plagued by scandal. A number have failed, had their license revoked or been taken over by the large state-owned commercial banks (Desai, 1996, pp.479-480). Although commercial banks have been required to increase their capitalization over time, aided by CNB policies that maintain high spreads between lending and borrowing rates, the financial situation of the commercial banks has not improved as much as hoped due to their continued lending to insolvent clients. Many observers believe that it will prove difficult for the government to find foreign investors to take over its majority shares in Czech commercial banks. Hungary In Hungary, the state bank was transformed into a two-tier banking system in 1987, prior to the beginning of the transition, as part of ongoing efforts to decentralize the economy and to replace the plan with indirect state control over economic activity. The new banking system consisted of the National Bank of Hungary (NBH), which retained the functions of a traditional central bank, and five newly-organized commercial banks. The commercial banks inherited some of the staff of the former state bank as well as the state bank's loans to state-owned firms. Three of the newly-created commercial banks had country-wide sectoral mandates: Budapest Bank in industry, Magyar Hitel Bank in agriculture and Kerezkedelmi Bank in cooperatives, small Kutan and Brada 5 Version 1, October 12, 1999 businesses, and public utilities. The state-owned commercial banks started life undercapitalized, with shaky loan portfolios and with few incentives to compete with each other, to behave efficiently or even to screen against making bad loans (Bartlett, 1997, pp. 77-79; 103-108). Nevertheless, this early experience with a two-tier banking system provided important human and institutional capital for formulating and carrying out monetary policy during the subsequent transition period. The ability of firms to service their loans from Hungarian commercial banks deteriorated at the outset of the transition because Hungarian firms suffered financial losses when their exports to the Council for Mutual Economic Assistance (CMEA) disappeared virtually overnight even as domestic spending collapsed. By 1991, about half the commercial banks' loans could be classified as non-performing (Meyendorff and Snyder (1997)), and, by 1993, the two largest commercial banks were technically insolvent (Bartlett, 1997, p.208), necessitating a series of loan consolidation programs and bank refinancings by the state. Hungary privatized its banking sector primarily by means of sales to foreign strategic investors who assumed operating control and could inject additional funds into the banks. Bank privatization was delayed by uncertainty about the value of the banks' portfolios and their franchise value, but, by the end of 1997, the process was largely complete. The notable exceptions were Hungary's two largest commercial banks, OTP and Postabank; the latter required a major government bailout in 1998. The government's liberal policy toward the entry of foreign banks into Hungary spurred greater competition and improved the efficiency of the banking system. Nevertheless, during the transition period, Hungarian commercial banks were not effective means of channeling savings to the corporate sector. Indeed, in part because of the draconian nature of Hungarian bankruptcy laws and in part due to the need to improve their Kutan and Brada 6 Version 1, October 12, 1999 balance sheets, most commercial banks in Hungary reduced their exposure to Hungarian firms in favor of investments in government securities. Poland In Poland, the socialist banking system was dismantled in 1989. Four state banks, specialized in foreign trade, household deposits, etc., were converted into commercial banks. In addition, the National Bank of Poland's (NBP's) regional offices were converted into nine commercial banks, each with a network of offices and a client base that was concentrated in that region (Slay, 1996). Early on, due to lax supervision and easy entry conditions, a number of small new banks as well as some foreign-owned banks were founded. Many of these new banks succumbed either to scandal or to their inability to survive poor financial results. Subsequently, regulations regarding the founding of new banks were toughened. The government continued as the owner of the large new commercial banks for some time, due to delays in implementing their privatization through a program that involved sales of stock to a combination of domestic owners and foreign strategic investors (Abarbanell and Bonin, 1997). The government also changed the structure of the industry by consolidating some commercial banks to increase their size and thus to make them more competitive with foreign banks (Bonin and Leven, 1996). This was motivated by the fact that Poland, like the other two countries, soon will have to remove barriers to the entry of banks from EU countries. Despite the regional orientation of nine of the commercial banks, which limits the extent to which they compete with each other and encourages local authorities to press these banks to lend to local firms, observers believe that Polish banks have been relatively successful in cutting ties to unprofitable firms while avoiding a major diversion of lending from corporate clients to Kutan and Brada 7 Version 1, October 12, 1999 government securities. The fact that economic growth resumed in Poland sooner and more vigorously than it did in the Czech Republic and in Hungary explains some of this more successful performance of Polish commercial banks. Summary All three of the transition economies have made progress in creating a banking system that corresponds to the needs of a developed market economy. Their central banks have considerable independence from government influence in following their mandates to control inflation and to maintain the international value of their currency. At the same time, the commercial banking sector remains relatively fragile, plagued by poor loans made in the past as well as by questionable lending policies that, for some banks, continue to the present. These problems are most visible in the Czech Republic, but, even in Poland and Hungary, loan portfolios of individual commercial banks remain problematic. This weakness of the commercial bank sector and its relatively small role in financing the investment activity of the corporate sector limits the policies that central banks can follow and may attenuate or distort the transmission of monetary policy impulses to the economy. The problems created by the fragility of the commercial bank sector are exacerbated by the underdevelopment of the other components of the capital market. Each of the countries has a stock exchange, but markets for shares are thin, and stock markets have performed poorly since the middle of the decade. More importantly, these stock markets provide few opportunities for raising funds through initial public offerings. Insurance companies and mortgage lending are underdeveloped or remain as monopolies of the state. The relative underdevelopment of the capital markets in these countries is evident when we compare the financial intermediation to GDP ratio ((bank assets + stock market capitalization + bond market capitalization) / GDP) for Kutan and Brada 8 Version 1, October 12, 1999 the three transition economies to the EU average. In 1996 this ratio was 162.4% for the Czech Republic, 85.9% for Hungary and 63.4% for Poland; the corresponding figure for the EU was 288.1% (Fink and Haiss, 1999). Thus, even though modern banking and capital market institutions exist in these countries, they are more fragile and likely to function less effectively than the European Union countries. MACROECONOMIC POLICY IN TRANSITION Although the three countries differ in starting conditions and in details of policies adopted, there are important similarities in their approach to stabilization and to deflation. All three began the process of transition with distorted domestic prices, unrealistic exchange rates and open or repressed inflation. The initial objectives of macroeconomic policy were to contain the inflation that would follow from, or be intensified by, the freeing of domestic prices. To make stabilization credible, to facilitate the reorientation of trade to the West and to underpin a liberal trade regime, nominal exchange rates were set at rates well below purchasing power parity (Halpern and Wyplosz, 1997). Policy makers expected that domestic inflation would cause real exchange rate appreciation and lead to more realistic exchange rates as these countries came closer to joining the EU. All three countries experienced a significant decline in production at the outset (Figure 1) as a result of the collapse of CMEA trade. This placed a serious burden on fiscal policy because tax revenues declined and the need for a social safety net for the swelling numbers of unemployed increased. Monetary policy was complicated by the fact that investment in plant and equipment decreased as excess capacity emerged in many industries. Many firms failed to respond to the new environment by reducing or altering their output. They accumulated large Kutan and Brada 9 Version 1, October 12, 1999 stocks of inventories and corresponding debts that threatened not only their liquidity but also that of their suppliers and of the newly created commercial banks. Over time, output recovered and inflation declined (Figure 2). Nevertheless, this decline has not brought inflation in these countries to West European levels. Thus, the current task of monetary policy is to reduce inflation in these countries from "moderate" levels of inflation (Cottarelli and Szapary, 1998) to low single-digit levels in order to prepare for entry into the EU. To achieve such disinflation is crucial in that it is an important prerequisite for these countries' joining the EU. Yet, tight monetary policy will hampers the ability of the firms in these countries to undertake the investments in new equipment and technology that are needed if they are to be competitive on EU markets. Czech Republic The Czech Republic employed a monetary policy based on preserving the nominal exchange rate of the koruna, which was pegged from 1991 to May 1997, for most of that time to a basket made up of the US dollar and the Deutschmark (DM). The objective of pegging was to help fight inflation by fixing the prices of foreign goods, to make stabilization policies credible, and to attract foreign capital. The peg undervalued the koruna so as to allow a period of real appreciation as the domestic inflation rate outpaced that of Germany and the United States. The Czech Republic was able to satisfy three of the four conditions proposed by Williamson (1991) for a successful exchange rate peg. It was an open economy; it pegged to the appropriate currencies in that Germany was its main trading partner and fuel and many raw material imports were priced in dollars: its external indebtedness was low and the official government budget fluctuated between surpluses and deficits that were not more than two Kutan and Brada 10 Version 1, October 12, 1999 percent of GDP, giving it a credible policy regime. Unfortunately, the Czech Republic did not satisfy the fourth criterion, that of achieving a rate of inflation approximating those of the United States and Germany. As Figure 2 shows, the initial surge of price increases that followed market liberalization quickly subsided, but inflation persisted around 10 percent for the entire transition period. 2 Fiscal policy was underutilized as a policy tool to achieve a lower inflation rate, and the fiscal surplus to turned to a deficit over the years, especially if off-budget expenditures and commitments are considered. Consequently, monetary policy had to become increasingly tight to reduce the rate of inflation. At first, the CNB relied on credit refinancing quotas and other relatively direct measures to control the supply of money, although, in general, money growth targets were overshot. Over time, more indirect measures, including changes in the reserve ratio, the short-term repo rate and open market operations became the key tools for controlling the money supply (Koch, 1997). One sign of the tightening of monetary policy was the increase in nominal interest rates even as inflation declined and then held steady. In part, this suited the CNB because high interest rates not only served to deflate the economy, but they also boosted commercial banks' profits, thus helping them to improve their capital position. These high domestic interest rates, combined with an exchange rate peg that was credible to foreigners, attracted large inflows of foreign capital. In part, such inflows were the result of borrowing by Czech firms abroad, which, of course, exposed them to danger if the koruna were to be devalued. The bulk of capital inflows consisted of short-term portfolio investments driven by the differential between Czech and West European interest rates. Because the koruna appeared to be undervalued, investors saw little 2 The upsurge in inflation in 1993 was due, in large part, to the introduction of the value- added tax Kutan and Brada 11 Version 1, October 12, 1999 danger of its devaluation and took advantage of the higher interest rates in the Czech Republic.. As a result of this mismatch between the credibility of the koruna's peg and the high interest rates maintained by the CNB, short-term capital inflows began in 1993 and accelerated so that, by 1996, the surplus on the capital account was sufficient to more than offset a current account deficit that was in excess of 8 percent of GDP. The CNB engaged in massive, and costly, sterilization of these capital inflows. To reduce capital inflows, on February 28, 1996, the CNB widened the intervention bands for the koruna from ±0.5% to ±7.5%. At first, this led to capital outflows and depreciation of the koruna within the widened band (Jílek and Jílková, 1998), but the koruna stabilized quickly, and the CNB raised interest rates, resulting in a renewal of capital inflows and a nominal appreciation of the koruna through February of 1997. On May 13, 1997, a speculative attack on the koruna began. This attack was brought about by political uncertainty over the fate of the Klaus government, by concerns about the Czech Republic's trade deficit and the failure of exports and output to grow, and by the inability of the government to use fiscal policy to address these fundamental problems (Begg, 1998, Brada and Kutan, 1999). The CNB intervened in the foreign exchange market to defend the koruna. It expended about $2.5 billion in reserves during this episode, and short-term interest rates rose to 50%. Nevertheless, by May 26, 1997 the Bank was forced to acknowledge the end of the koruna's peg, and the government, rather belatedly, adopted a much more restrictive fiscal policy to stabilize the situation. The koruna initially fell by 12%, but, in the first half of 1998, much of this loss was regained, due partly to improved trade performance and partly to the persistence of high interest rates. With the abandonment of the nominal exchange rate as its target, the CNB at first proposed to follow a policy of "informally pegging" to the DM, but, in December 1998, the Bank Kutan and Brada 12 Version 1, October 12, 1999 announced a policy of inflation targeting. The inflation target is set in terms of net inflation, a measure that excludes movements in regulated prices, which have been increasing quite rapidly in recent years, and the effects of indirect taxes and the elimination of subsidies. The Bank set both a "control" target of 5.5-6.5% for the end of 1998 and a three year target of 3.5-5.5% by the end of 2000 (Czech National Bank, 1998). Hungary Unlike the Czech Republic, which entered the transition with a low rate of inflation, Hungarian prices rose by about 15% in 1987 and 1988 and by nearly 30% in 1989, largely because of the ongoing liberalization of the Hungarian economy. As a result of this gradual liberalization, Hungarian consumer prices better reflected supply and demand and, consequently, the effects of a further freeing of prices in 1991 led to a relatively moderate upsurge in inflation (Figure 2). Hungary initially followed a gradualist macroeconomic policy that sought to balance the desire for reducing inflation with the need to control the government deficit and to service a large external debt. Too sharp a deflation would have reduced government revenues and increased expenditures on the social safety net; thus increasing the governments need to borrow abroad. Hungary adopted a fixed peg, with a number of small adjustments implemented during each year to account for the inflation differential between Hungary and the countries in its reference basket.4 In the early 1990s, exchange rate policy aimed at a real appreciation of the forint so as to help combat domestic inflation, but, over time, this policy was seen as too costly because the declining competitiveness of Hungarian exports and of sluggish growth. Moreover it failed to provide a nominal exchange rate anchor for inflationary expectations. 4 Between December 9, 1991 and May 16, 1994 the forint was pegged to basket of 50% US$ and 50% ECU; thereafter to March 16, 1995 to 30% US$ and 70% ECU. Kutan and Brada 13 Version 1, October 12, 1999 These costs began to show in 1993 when the current account deficit reached 9% of GDP and then increased to 9.6% the following year. At the same time, the government's budget deficit remained unacceptably high. 5 Financing this deficit required monetary expansion as well as high interest rates to attract commercial banks to government securities, thus fueling the inflation that the "strong forint" policy had sought to reduce. The persistence of these twin deficits created uncertainty among Hungary's foreign creditors as well as concerns about the stability of the forint. In March of 1995, the Hungarian government adopted a major stabilization program including a sharp reduction in government expenditures as well as tax increases. These reduced the fiscal deficit from 9.6% of GDP in 1994 to 7.3% in 1995 and 4.6% in 19956. The forint was devalued in the first two months of the year and again just prior to the introduction of the stabilization package. A crawling peg exchange rate regime was announced. The initial rate of devaluation was 1.9% per month, falling to 1.3% for the second half of 1995 and declining further thereafter (see Szapáry and Jakab, 1998, Table 3). The devaluation of the forint, combined with the slackening of domestic demand caused by fiscal stringency, stimulated exports and, with the help of a temporary import surcharge, reduced imports. As a result, the current account deficit as a percentage of GDP fell from 9.4% in 1994 to 5.6% in 1995 and 2.2% in 1997. The government also adopted measures to accelerate privatization, to slow the growth of wages and to free energy prices.7 The rate of devaluation preannounced in the crawling peg 5 The government deficit, including privatization receipts in revenue, on an accrual basis was 6.7% in 1993 and 9.6% in 1994. 6 For the background on the discussions leading up to the design and adoption of the stabilization program, see Kornai (1997, Chs. 2-6) 7 Real wages fell by 12.0 % in 1995 and a further 5% in 1996. Kutan and Brada 14 Version 1, October 12, 1999 regime through 1998 served as a more effective nominal anchor for monetary policy than had the previous regime, and it also served to reduce speculation and the timing of foreign exchange transactions to anticipate devaluation. Like the Czech Republic, Hungary sterilized some of the inflows of short-term foreign capital as interest rates rose in the post-stabilization period, but in smaller amounts and at lower costs (Szapáry and Jakab, 1998, pp. 706-714). As Figure 1 shows, economic growth slowed as the result of these measures, but it soon resumed and then accelerated. This growth has somewhat strained the macroeconomic balance, and the current account deficit increased to 4.2% of GDP in 1998 while the fiscal deficit rose to 4.6% of GDP. Inflation has declined steadily, in part due to falling prices of imports and also because of the slowing rate of depreciation of the forint. Poland The stabilization of the Polish economy began under much less favorable conditions than those found in the Czech Republic and Hungary. In 1989, inflation peaked at 54.8% per month, the government deficit was nearly 8% of GDP and both loss-making Polish firms and the government deficit were financed by the rapid expansion of money and credit. Although the government began to deal with the crisis in late 1989, major stabilization began on January 1, 1990 with the introduction of the so-called Balcerowicz Plan. This plan had several components. The zloty (zl) was devalued from 5,560 zl/US$ to 9,500 zl/US$ and pegged at the latter rate. Monetary and fiscal policies were tightened, enabling the government to achieve a surplus Kutan and Brada 15 Version 1, October 12, 1999 equivalent to 0.4% of GDP, and credit creation was sharply curtailed 8 The popiwek, a punitive tax on above-average wage increases was enacted to slow the growth of wages. The consequences of this, the first stabilization and liberalization effort in a transition economy, were sufficiently virulent, both in the upsurge in prices and in the decline in production, to lead to an easing of macroeconomic policy late in 1990. However, the effects of this policy change were felt more in an acceleration of inflation than in real output growth (Wellisz, 1997), and the government soon abandoned this effort. As the recession deepened in 1991, the fiscal deficit reappeared and high inflation (see Figure 2) reduced the competitiveness of Polish exports. The zloty was devalued by 16.8 %, and its peg was shifted to a basket of currencies. Policy priorities gradually shifted from stabilization to stimulating growth (Krzak, 1996). Although the fiscal deficit was cut from 6% of GDP in 1992 to 2.8% in 1993, a level around which it has fluctuated since, monetary policy was relatively expansionary. While interest rates remained positive, money supply and credit growth consistently outpaced targets set by the NBP. The zloty's peg was abandoned in October of 1991, replaced by a crawling peg with a preannounced devaluation of 1.8% per month against a basket of currencies. Over time, the rate of depreciation has been reduced, and there have also been one-off devaluations and revaluations to accommodate exogenous shocks. 9 In 1995, the band within which the zloty could fluctuate was widened to ±7%. Poland's exchange rate policy was sufficiently credible to foreign investors that short-term capital inflows began to be a problem for the NBP by 1995, when, even with 8 One reason for the fiscal turnaround was that inflation caused firms to overestimate their profits due to a failure to account properly for the effects of inflation on inventories. 9 See Koch (1997) for details. Kutan and Brada 16 Version 1, October 12, 1999 some NBP sterilization, capital inflows accounted for 59% of the growth of the money supply (Krzak, 1996, p. 57). Although Poland has had the highest rate of inflation of the three countries over the decade of the 1990s, it has also had the fastest growth of aggregate output. This may be due as much to its earlier start in implementing economic reforms as to better economic policy, just as its higher rate of inflation may better reflect its higher pre-stabilization situation than a poorer ability to restrain the growth of the money supply than displayed by the other two countries considered in this paper. Recently, this output growth has slowed somewhat due to a fall in exports to Russia and the Ukraine due to the financial crises in those countries. As inflation has slackened and as the nominal anchor of the crawling peg has decreased in importance with a further widening of the bands, Poland, like the Czech Republic, has adopted inflation targeting as the framework for its monetary policy. In 1998, the Monetary Policy Council has set a goal of lowering Polish inflation to 6.8-7.8% in 1999 and 4% as measured by the CPI by the year 2003. Lessons and Their Implications for Monetary Policy All three countries have stabilized inflation at moderate levels and, excepting the recent recession in the Czech Republic, succeeded in generating sustained growth. Although different initial conditions and the different starting times of stabilization programs resulted in somewhat different paths, the trajectories of their growth and inflation have converged. Indeed, by the second half of 1998, inflation seemed to be falling toward single-digit levels in the three countries. In the Czech Republic, the monthly year-on-year rate of inflation as measured by the CPI fell to 6.8% in December 1998. In Hungary the comparable figure was 10.5%, and in Poland it was to 8.6%. These harbingers of the end of double-digit inflation were accurate only for the Kutan and Brada 17 Version 1, October 12, 1999 Czech Republic where, in the first half of 1999, the CPI grew between 1 and 2 percent on a month-on-month basis. In Hungary, inflation accelerated and exceeded 10% by summer's end. Polish CPI growth increased on a month-on-month basis, raising doubts about whether the NBP's inflation targets for the year will be achieved. Whether the three countries can continue with the process of disinflation and achieve West European rates of CPI growth in the next few years depends on three factors. The first and most important of these is whether they can continue to support monetary policy with the appropriate fiscal policy. The instances in which fiscal policy was tightened in these three countries, Poland in 1993, the Czech Republic in 1997 and Hungary in 1995, amply demonstrate the effectiveness of fiscal policy in influencing both the domestic economy and exports and imports. Also evident in all three countries is a tendency for passive fiscal policy to lead to gradually larger fiscal deficits. The second factor influencing the course of inflation in the region is the international environment. All three countries benefited greatly from the fall in the prices of imports, particularly those of fuels and raw materials. Agricultural prices have also been stable due to good harvests and to cheap imports from the EU. In early 1998, all three countries also benefited from the general strength, if not the actual appreciation, of their currencies. This trend reversed itself in late 1998 as oil prices began to increase and as the currencies of all three countries weakened, setting the stage for higher import prices to feed through to the domestic price level. The third factor influencing the course of inflation in the Czech Republic and in Poland is whether a new approach to monetary policy based on inflation targeting will be effective. The belief of both the CNB and the NBP is that, if inflation targeting can be made credible, then much of the persistence effect of past inflation will be reduced as central bank credibility is Kutan and Brada 18 Version 1, October 12, 1999 strengthened and as inflationary expectations become more forward looking rather than backward looking. The success of inflation targeting in the Czech Republic and in Poland depends on whether the central banks of these countries have the policy autonomy to carry out a policy of inflation targeting and whether the institutional and policy environment is conducive to doing so. To begin with, it is unclear what either the CNB or the NBP mean by inflation targeting. For example, McDonough (1997) argues that inflation targeting means that the central bank has only one objective, the future price level, to the exclusion of other nominal and real targets such as employment or the level of aggregate output. This may be something of an extreme view, as Masson et al. (1997) take inflation targeting to mean that the central bank has inflation as the "primary goal" (p. 6) and that this goal "takes precedence over all other objectives" (p.9). Dittmar et al. (1999) take a seemingly even more permissive view, claiming that inflation targeting means that the "…central bank…focuses on inflation but also cares about…employment, output growth…." The issue of what the central banks mean by inflation targeting is not academic, because Dittmar et al. show that the consequences of including additional goals can be quite costly in terms of the variability of inflation, especially when measured over longer periods. Neither the CNB nor the NBP have made much of an effort to indicate precisely what they mean by inflation targeting. Such lack of clarity may provide the banks with a measure of flexibility is setting goals and objectives, but it does little to make the process of setting monetary policy more credible or transparent, and thus it may not help to alter the inflationary expectations of the population. Inflation targeting is viewed as having important advantages over other forms of monetary policy. First, it provides a nominal anchor, the price level, for monetary policy. Kutan and Brada 19 Version 1, October 12, 1999 Second, inflation targeting implies a transparent policy target, one that both the public and the government can understand and observe. This leads to the third advantage, namely that the central bank's accountability is increased, and, to the extent that the bank meets its goals, its credibility is increased as well. However, Masson et al. (1997) argue that there are important prerequisites that must be met if inflation targeting is to be lead to low and stable inflation. The first of these is central bank independence. De jure, the operational independence of the CNB and the NBP is on a par with that of the industrialized countries that use inflation targeting. However, this is less so in the case of goals to be pursued. For example, the CNB was widely criticized for maintaining high interest rates in 1998, perhaps as the result of a backward-looking approach to interest rate determination, but such criticism of tactics need not be seen as an infringement on the CNB's independence. More troubling is that in 1998, as the Czech economy slid into recession, the leaders of the two major parties met with the Governor of the CNB and criticized him for the Bank's failure to pay sufficient attention to employment and output in its policy decisions. In Poland, the Bank is concerned not only about the inflation target, but also about the nominal exchange rate, in large part due to considerations surrounding Poland's prospective entry into the EU. A second prerequisite is that there be no fiscal dominance, meaning that the central bank's policy not be dictated by the need to finance the fiscal deficit of the government. Again, de jure, both countries have safeguards against the central bank being forced to finance the government. Nevertheless, in reality, and especially if we consider the banking system as a whole, this becomes a troublesome issue. In Poland, the seignorage to GDP ratio has been a relatively high by international standards. In the Czech Republic, commercial banks do not Kutan and Brada 20 Version 1, October 12, 1999 receive interest on required reserves, another form of revenue for the government. In both countries, as mentioned above, the commercial banking sector has tended to have a healthy appetite for government debt at the expense of lending to the business sector. Thus the de jure ability of the central banks to avoid having to finance the government may be subverted by the commercial banks' evident willingness to do so. Finally, central banks following an inflation targeting policy should avoid other nominal targets. In the case of Poland, the intervention bands for the zloty are quite wide, but, as mentioned above, the zloty's exchange rate continues to be pegged to the US$ and to the Euro. The Czech Republic's koruna officially floats, but it is quite possible that the CNB maintains an informal peg to the DM and intervenes in the market to support this unstated peg. Thus both central banks may well face conflicts between alternative nominal goals in the future. It is too early to pass judgment on the effectiveness of inflation targeting in the two countries. In the first half of 1999, inflation in the Czech Republic was below the target range, largely due to the recession from which the country is only very slowly recovering. In Poland the inflation in mid-1999 was at or above the upper limit of the NBP's forecast. These potential failures to achieve inflation goals do not mean that inflation targeting can not be a workable policy regime in the longer term. Nevertheless, there is a danger that either undershooting and overshooting of inflation targets may convince the population that their central banks have little impact on the rate of inflation, thus undermining policy credibility CONCLUSIONS The Czech Republic, Hungary and Poland have made considerable progress in stabilizing and liberalizing their economies. Monetary policy has made a significant contribution to Kutan and Brada 21 Version 1, October 12, 1999 stabilization, and there has been a remarkable development of in these countries' financial institutions and markets. Nevertheless, the relative newness and fragility of these markets and institutions is of concern because of the heavy burden placed on monetary authorities in the battle to reduce inflation. It will be important to continue to strengthen the capital market in these countries and to provide more active fiscal policy support for monetary policy. Kutan and Brada 22 Version 1, October 12, 1999 References Abarbanell, Jeffery S. and Bonin, John P., "Bank Privatization in Poland: The Case of Bank Slaski". Journal of Comparative Economics, Vol. 25, No. 1, pp. 31-61, August, 1997. Bartlett, David L., The Political Economy of Dual Transformations: Market Reform and Democratization in Hungary. Ann Arbor: The University of Michigan Press, 1997. Begg, David. "Monetary Policy during Transition: Progress and Pitfalls in Central and Eastern Europe, 1990-6". Oxford Review of Economic Policy, Special Issue: Economics of Transition in Eastern and Central Europe, Vol. 13, No.2, pp. 33-46, Summer, 1997. Bonin, John P. and Leven, Bozena, "Polish Bank Consolidation and Foreign Competition: Creating a Market-Oriented Banking Sector". Journal of Comparative Economics, Vol. 23, No. 1, pp. 52-72, August, 1996. Brada, Josef C. and Kutan, Ali. M., "The Persistence of Moderate Inflation in the Czech Republic". Post-Soviet Geography and Economics, Vol. 40, No. 2, pp. 121-134, March, 1999. Cottarelli, Carlo and Szapáry, György, eds., Moderate Inflation: The Experience of Transition Economies. Washington: International Monetary Fund and National Bank of Hungary, 1998. Czech National Bank, Inflation Report, July, 1998. Desai, Raj, "Reformed Banks and Corporate Governance in the Czech Republic". Post-Soviet Geography and Economics, Vol.37, No.8, pp. 463-494, October, 1996. Dittmar, Robert, Gavin, William T., and Kydland, Finn E., "Price Level Uncertainty and Inflation Targeting". Mimeo, 1999 (forthcoming: Review, Federal Reserve Bank of St. Louis). Fink, Gerhard and Haiss, Peter R., "Central European Financial Markets from an EU Perspective". Paper presented at the Meetings of the Allied Social Sciences Association, New York, 1999. Halpern, László and Wyplosz, Charles, "Equilibrium Exchange Rates in Transition Economies". International Monetary Fund Staff Papers, Vol. 44, No. 4, pp. 430-461, December, 1997. Jílek, Josef and Jílková, Jirina, "The Reaction of Residents and Nonresidents to the Widening of the Intervention Band of the Czech Koruna". Eastern European Economics, Vol. 36, No. 1, pp. 66-81, January-February, 1998. Koch, Elmar B., Exchange Rates and Monetary Policy in Central Europe – A Survey of Some Policy Issues. Oesterreichische National Bank Working Paper 24. Vienna, September, 1997. Kutan and Brada 23 Version 1, October 12, 1999 Kornai, János, Struggle and Hope: Essays on Stabilization and Reform in a Post-socialist Economy. Cheltenham, UK and Northampton, MA: Edward Elgar, 1997. Krzak, Maciej, "Persistent Moderate Inflation in Poland and Hungary". Focus on Transition 2/1996. Vienna: Oesterreichische Nationalbank, 1996. Masson, Paul, R., Savastano, Miguel A., and Sharma, Sunil, "The Scope for Inflation Targeting in Developing Countries". IMF Working Paper WP/97/130. Washington, October, 1997. McDonough, William R., "A Framework for the Pursuit of Price Stability". Federal Reserve Bank of New York Policy Review, Vol. 13, No. 3,August, 1997, pp. 1-8. Meyendorff, Anna and Snyder, Edward A., "Transactional Structures of Bank Privatizations in Central Europe and Russia". Journal of Comparative Economics, Vol. 25, No. 1, pp. 5-30. August, 1997. Slay, Ben, "Polish Banks on the Road to Recovery". Post-Soviet Geography and Economics, Vol.37, No.8, pp. 511-522, October, 1996. Snyder, Edward A. and Kormendi, Roger C., "Privatization and Performance of the Czech Republic's Komercní Banka". Journal of Comparative Economics, Vol. 23, No. 1, pp. 63-97, August, 1997. Szapáry, György and Jakab, Zoltán M., "Exchange Rate Policy in Transition Economies: The Case of Hungary". Journal of Comparative Economics, Vol. 26, No. 4, pp. 691-717, December, 1998. Wellisz, Stanislaw, "Inflation and Stabilization in Poland, 1990-95". In Mario I. Blejer and Marko Skreb, eds., Macroeconomic Stabilization in Transition Economies. Cambridge: Cambridge University Press, 1997. Williamson, John, "Advice on the Choice of an Exchange Rate Policy". In Claasen, E. M., ed., Exchange Rate Policies in Developing and Post-Socialist Countries. San Francisco: ICS Press, 1991. Kutan and Brada 24 Version 1, October 12, 1999 Kutan and Brada 25 Version 1, October 12, 1999 Figure 2: Inflation (CPI) 80 70 Czech Republic Hungary 60 Poland 50 % 40 30 20 10 0 1991 1992 1993 1994 1995 1996 1997 1998 Kutan and Brada 26 Version 1, October 12, 1999 Figure 2: Inflation (CPI) 80 70 Czech Republic Hungary 60 Poland 50 % 40 30 20 10 0 1991 1992 1993 1994 1995 1996 1997 1998 Kutan and Brada 27 Version 1, October 12, 1999 Figure 1: Growth of Real GDP 10 5 0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 % -5 -10 Czech Republic Hungary Poland -15 -20 Kutan and Brada 28 Version 1, October 12, 1999
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InterContinental Malta
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How has this hotel rated in the past?
- Suites
- Swimming pool
- Restaurant
- Free High-Speed Internet
- Beach
- Room service
Photos of InterContinental Malta
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Historical Traveler Reviews InterContinental Malta Saint Julian's
First class hotel in a noisy area
I agree entirely with the Dublin reviewer on 19 Sept. I stayed 4 nights 2 October-6 October 2004, having spent 2 nights at the Hilton. The hotel looks unprepossessing from the street but is huge inside with 15 floors of terraced rooms overlooking the outdoor pool (large but with part having a shallow area for paddling). I too had a Club Room on the 15th floor with small outside balcony (good value for the extra money). There was a separate sitting room, bedroom and bathroom/WC/shower cabinet. All were very comfortable and well maintained. Much clothes storage was in a cupboard in the bathroom area, meaning that a couple or family staying could find it difficult to get to their clothes while the bathroom was in use. The Executive Club lounge offered a decent complimentary DIY breakfast from 06.30 and evening drinks / nibbles from 19.00. I enjoyed both on each day. There were free Internet terminals but almost always in use by other guests when I wanted to use them. The concierge team were knowledgeable about tours, local transport etc. Downsides were the noisy and mess-making young crowd outside on weekend nights, and the erratic lifts which seldom responded and one of which was out of action during my stay. Throughout I dined in Spinola Bay restaurants so cannot comment on the hotel's main catering. All in all, an enjoyable stay but a notch below the Hilton in its facilities.
Service Top Notch
My wife, young daughter and I stayed at the Intercontinental in a club suite for 8 days in the beginning of September. Room was large and comfortable (although I wouldn't call it luxurious). Staff was very helpful in attending to all of our needs, which at times were considerable. My advice would be to try and get a room on as high a floor as possible and one that faces internally toward the pool area. The surrounding area can be very noisy, particularly on a Friday or Saturday night. Overall, a very good experience and a hotel that I would happily recommend (with the caveat noted above).
Excellent Hotel
My Fiancee and I had an excellent week at the Intercontinental in August '04. The hotel is quite big and has many really good facilities and about five or six restaurants. (one is only open during the day) BOOK A CLUB ROOM it's well worth the small amount extra for what you get.
Just a point to clarify regarding another tripadvisor review relating to the room service charge - the room service menu confusingly describes a charge (12 euro) for food delivered from outside (after checking this with the receptionist we discovered that it was for food ordered from outside the hotel, delivered and then the staff present it on plates etc) - The actual room service charge is included in the room service price list or breakfast-in-your room menu.
The best deal are the Club rooms/suites, we stayed on top Floor. The room was excellent - very spacious with CD player and TV in both rooms, DSL if required and a great en-suite bathroom. As it was a club room we had access to the Club Lounge - free soft drinks, water and local beer all day, continental buffet breakfast, afternoon tea with sandwiches, cakes etc, and pre-dinner drinks (alcoholic drinks) every evening, daily local newspaper delivery and free internet access (in the club lounge) all day - all included in the price of the club room.
All the staff were really friendly and quite efficient - housekeeping were amazing did a fantastic job every day.
I couldn't recommend this hotel enough - was one of the best hotel stays I've ever experienced.
Spent the last week of August in this 5 star establishment. Stayed in a junior suite, which was massive. Staff were friendly and helpful. The hotel itself was clean, with a variety of facilities for guests. The swimming pool on the 10th floor was lovely and relaxing, where staff were at hand for drinks and food. Very reasonable, and in a fantastic location.
Great hotel, would highly recommend
On our third trip to Malta we stayed in the Intercontinental Hotel for one week and would highly recommend it. Opt for a Club Room, the rooms are larger and have access to the Club Lounge where you can avail of free breakfast, afternoon tea, pre-dinner drinks plus soft drinks available all day long; it's worth paying the slightly higher room rate to get access to the lounge and the bigger rooms. The level of service in the hotel was excellent, any requests we made were dealt with immediately. The hotel is in a busy area of St. Julians (Paceville) but we didn't have any problems with noise from the street. On a plus side it's an easy 10 minute walk to the excellent restaurants in the Spinola Bay and St Julians. The hotel pool is on the 10th floor terrace and was never too busy or noisy; the hotel has 4 restaurants of which we tried 2, the Eastern Breeze was fabulous and I would recommend it; the Al Fresco restaurant was disappointing and with so many excellent fish restaurants in the area we didn't go back there. The hotel bar is very quite, on a number of occasions there was no one in it, but if you want lively pubs there's plenty around the corner (most pubs in the area cater for the local 17 year olds but there are some good pubs for an older age group (we're in our early 30s)). We went to Malta looking for a relaxing week which is exactly what we got; the level of service and ammenities in the hotel added to our enjoyment of the holiday. My final recommendation would be to request a room overlooking the hotel gardens, our balcony looked onto a busy back street.
Best 3 nights yet!
My partner and I had a fantastic 3 nights at the Intercontinental from 28th- June -1st July '04. The hotel is very large and has many good quality facilities such as the enormous fitness gym, several restaruants with great food at reasonable prices (especially The Harruba Restaraunt!), outdoor and indoor pools, poolside bar & restaraunt etc..
We were fortunate enough to get a great deal on a Club room and stayed on the 14th Floor. The room was great! Not quite panoramic view as stated on their website (only the executive rooms we found), but great views of the pool, inland landscape and sea nevertheless. Spacious room with all mod cons and great en suite. Best of all, we had access to the Club Lounge - free soft drinks all day, continental buffet breakfast (but the chef will cook whatever hot breakfast you want on demand e.g omlettes etc..), afternoon tea with sandwiches, cakes etc, and pre-dinner drinks (alcohol) every evening, daily newspaper and free internet access all day - all included in the price of our stay! We only wish we had the time to take greater advantage of this facility!-3 nights was not enough!
Compliments to the staff who were all very friendly(they took time to have a brief chat with guests and ensure we were having an enjoyable stay), helpful and very professional at all times - although they were a bit slow to get things done-We reported a faulty lock on our balcony doors which was still not fixed before we left for London!
We even found the guests staying at the hotel to be friendly and chatty no matter what part of the world they were from- the dress code was always smart/casual (some men even wore shorts and trainers to dinner!-although my partner and I and most guests made more of an effort). Overall the hotel is modern, luxurious in most aspects and has a very relaxed and friendly atmosphere.
The intercontinental is extremely comfortable and very good value for money (especially if you book direct and get a fabulous deal as we did). I would agree with the 5 star rating and I suspect that those who did not enjoy their stay here either did not push the boat out enough to stay on the club floors (although it really does not cost that much more considering what you get), or are stuck up and are better off in places like the Hilton where residents are not as friendly and elitist and the staff perhaps not as accommodating.
I would definitely stay at other Intercontinentals across the world now, however having scoured the website, I am begining to get the impression that their Malta residence probably has the most facilities and is the best value for money especially for those who would not normally be able to afford to stay at 5 star hotels.
For those of you who might just be able to tear themselves away from the hotel, St. Julian's Bay and Sliema shopping complex and harbour and just minutes away!!!
Beautiful, in the heart of the action
We stayed at the Intercontinental for 3 nights and we were completely satisfied. The block is jam packed with shopping, theaters, restraurants, even ice skating! We were only a short walk from any activity, including the beaches. Some other reviews commented on this not being up to a 5 star standard, but if you compare the hotel to European hotel standards it is extremely nice and equivilent to American hotels.
We had a great time at the Intercontinental Malta
We stayed at the Intercontinental Malta for 2 weeks in June.
We had a club room on one of the upper floors which was very quiet. During the first week, we even had a junior suite (although we had booked a double!) which was a bit louder as it was facing the street, but also 80m2 big with 2 bathrooms, so we didn't complain...
With a Club Room, you also have access to the Club Lounge where you can have snacks and free internet.
Unlike the other reviewers, we thought the location was very good, as there is a shopping center across the road and a cinema next door.
As for the noise, it didn't bother us, although when you come to Malta, expect more city bustle than quiet island life (at least in St Julians)! The biggest noise at the poolsite were some Italians who had very loud conversations ;-)
The food was excellent! We were glad we had booked half board as food in Malta is very expensive. Once a week, they had an excellent seafood buffet with everything from lobster to oysters. I also enjoyed the daily sushi.
I don't give the hotel 5 stars, because I had the impression that the staff don't always know what they're doing: Our keys weren't working three times (!) during the 1st week + we got ever changing explanations / excuses for this problem.
Okay, but some problems
This looks like a 5 star hotel but I don't think that it lives up to the standard. We had to wait 30 minutes to get a room because they had prepared a smoking room although we had asked for non smoking. When we arrived at the room the maid was still cleaning. We stayed for a week and the room was never properly cleaned, with hair or a bit of paper staying on the same spot for the whole week, and dust accumulating. The buffet was not great, lots of waiting time for the eggs and the products not very fresh. Room service is very expensive: more or less 12 EUR per person only for the service! And the location is not great: unless you're 17 and love nightclubs, this is not the nicest area. The room was OK, nice, confortable and big, but this hotel is not going to be a 5 stars for a long time. It is a good 4 stars.
The new Intercontinental is a SUPERB 5star deluxe hotel and delivers everything that this class of hotel should.Very smart contemporary rooms with baths and showers. Big fluffy towels and robes.Excellent, reasonably priced food wherever you eat in the hotel.Brilliant, very large roof top swimming with clear fresh cool water.Book a club room as we did and you also get use of the club lounge. Free drinks all day with snacks etc, newspapers and internet access all included.We also had a room on the club floors facing towards the pool with the sea in the distance (fabulous views).At the rates that we paid the hotel was almost a steal. I am certain the rates will increase when the hotel is established.
TripAdvisor Reviews InterContinental Malta Saint Julian's
Travel Blogs from Saint Julian's
... commemorating the world's greatest humanists. People to be inspired by.
-----I recognized Nelson Mandela on his plaque. The Dalai Lama on his. Mikhail Gorbachev, who'd hoped to rid the world of nuclear weapons by the year 2000. Bob Marley. Aung San Suu Kyi, a female political leader from Myanmar.
-----But, some of the people were new to me. Vandana Shiva, an Indian woman who fought for the environment, seeking to preserve traditional ...
Magical mystery tour of the four M's!
... was a nice tiny walled in cemetery on the cliff edge. Unfortunately the WWII bomb shelter was closed, so we weren't able to explore that, but we did look in the Mellieħa Parish Church and have some delicious lunch in a nearby caf�. I tried the traditional Maltija pizza with Maltese sausage on it. Yum! The boys indulged in some Maltese Cisk beer.
Victor parked the car at the bottom of the hill from the Red Tower, and ...
Another thunderstorm last night apparently, so tired didn't hear it!
We made our way into Valletta to gather info from the tourist centre and then caught a bus to Tarxien where the oldest remains of temples at least 3600-2500 BC may have even been 4000 BC so making them the oldest remains in the world. wow!!!
Later we stepped off the bus to walk the promenade from the yacht yard to St Julian's....all the way by the ...
... after wandering along the water's edge admiring the colourful fishing boats we stopped for a cold beer in a shady portside bar.
Revitalised, we did some shopping in the local market then continued on our journey, finally finishing up in busy Sliema.
Shared a tasty seafood risotto then embarked on a harbour cruise - such ...
Saturday May 18: Hypogeum and Marsaxlokk Harbor
... varying importance, to which access
is gained by different corridors. The megalithic walls are constructed
of cyclopean masonry - large irregular blocks of chalky coralline stone
without mortar - which was summarily dressed with rudimentary tools of
flint and obsidian. The principal rooms distinguish themselves by their
domed vaulting and by the ...


text:
Steve Hochstadt: European newspapers have noted that Republicans portray Europe not as a kindred continent, but as the kind of dystopian society the US might become should the wrong person win.
Progressive Media Advocates
Carole Bartolotto: The problem with concluding that GMOs are safe is that the argument for their safety rests solely on animal studies. These studies are offered as evidence that the debate over GMOs is over. Nothing could be further from the truth.
Lauren Steiner: To our surprise, the regulators didn't try to shut us down. Security didn't storm the room. None of the workshop attendees booed us. So we continued the same chant for three minutes.
Joe Mathews: Thanks to Xi Jinping, Chinese millionaires have propped up the state's sagging real estate market, universities, and companies.


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NASCAR topic: Cheating with tire pressure, or just hot air?
Story | Mar 27, 2015 | 7:24 PM
NASCAR topic: Cheating with tire pressure, or just hot air?
Story | Mar 27, 2015 | 7:24 PM
Brad Keselowski passes Kurt Busch on last lap to win Auto Club 400
Story | Mar 22, 2015 | 11:29 PM
Denny Hamlin hoping for better finish in California
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Forgive Denny Hamlin if he appears somewhat nervous this weekend at Auto Club Speedway. His past two visits to the track in Fontana, Calif., have left him sitting out Sprint Cup Series races. Two years ago, an accident on the last lap of the Cup race...
Harvick stamps himself overwhelming favorite at Phoenix
Story | Mar 15, 2015 | 2:45 PM
Kevin Harvick has been nearly unstoppable since he charged to his first Sprint Cup championship last season. The overwhelming favorite to win Sunday's race at Phoenix International Raceway, Harvick could realistically have a shot at a three-race sweep of...


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I was looking for the perfect casual maxi skirt to wear with my new Ance Pistol short booties and saw this one. It was everything I was looking for; the pleats kept it casual, the color is neutral and easy to wear, When I tried it on it exceeded my expectations. It is so flattering. If you are afraid of the pleats don't be; they don't add a pound. The are so narrow and they flatten out over the stomach and hips for a very flattering and sliming silhouette. The fabric is gorgeous, thick and not too heavy or too light. It feels like a sweatshirt type jersey- very soft but more expensive. The grey is very lively with specks of color. It will go with just about anything. I am very tall and the length was perfect on me. I am 5'9" and 150lbs. I took the large but I probably should have gone down a size. I wanted the skirt to fit low on the hips so I would have the length I need for my legs. Did I mention the skirt is lined? That I didn't expect. So the skirt just hangs and flows beautifully. It looks like a 400 dollar skirt. I bought 2 other Maxis and I ended up sending 2 of them back because although they were cute, this one is so adorable and so flattering I would always reach for it over the others when in a mood to wear a casual Maxi. I can't wait to wear it with boots, a loose graphic retro T or a cashmere sweat shirt. I tried it on with a pair of block 2 inch heels (Ferragamos) and that looked great too. The skirt is really season-less. The jersey fabric would be cute for the beach but the lining might make it a bit warm for the hottest days of Summer. It will be one of my favorite cheap finds for Fall.
Wow this skirt is beautiful and well made. I was happily surprised when I got the package and the skirt was wrapped in plastic and on a hanger. It shows that Overstock cares about their products and customers
Well -- accidentally I ordered two. I liked the one I bought and, when a friend visited, I showed it to her and said that I was returning the extra. She liked it so much she bought it from me. That's a good product.
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NEW YORK (MarketWatch) -- Financial stocks were up on Tuesday as investors became more optimistic about U.S. economic growth. The Financial Select Sector SPDR Fund XLF, -0.08% which tracks financial stocks in the S&P 500 SPX, -0.40% was up 1.42% and was up nearly 20% year-to-date. Goldman Sachs Group Inc. GS, +2.27% was up more than 3% and Bank of America Corp. BAC, +0.13% was up 2.4%, making it the biggest gainer in the Dow Jones Industrial Average DJIA, -0.44% Morgan Stanley MS, +0.78% was up 2.4% as shareholders voted for the executive compensation plan at the annual meeting. Chief Executive James Gorman said that he hoped to get the firm's return on equity to 10% by the end of 2014 in response to a question from CLSA analyst Mike Mayo. Citigroup Inc. C, +0.19% was up 2.2%.
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Reaching out for help requires a lot of courage. Whether you're seeking services for yourself, family or your marriage I'm here to help facilitate the change you desire to see in your life. Expect a secure, relaxed and compassionate atmosphere, dedicated to assist you.
We have an honest and supportive approach with a style that is informal and collaborative and respects the uniqueness of your personality, relationships, and situation.
For help, hope and relief, Call Debra
Seasoned professional fosters modest, but significant behavioral change for personal and work life issues. Uses client driven approach and coaching philosophy.
Confidential ,convenient, PM's and Sat.'s
As your counselor, we will tackle the issues you bring together so you can lead a healthy, productive and happy life. I am passionate about helping others to lead the life you want.
Explore the results you are not getting in your life, and what you can do differently. Alex collaborates with you to uncover the solutions that are inside you. Better relationships with people and generally life itself can be the fruit of this worthy effort
Personal Issues? Relationship Problems? Communication Difficulties?
Dr. Blake's unique background of personal experiences, professional training and more 30 years of helping individuals and couples move from stuck to free is why he is often chosen for his services.
My goal is to provide a compassionate safe place for you to work through any areas of your life needing change, restoration, confirmation and growth.
Janet Byars is committed to helping you experience positive change, improve relationships, the possibilities for your life, have a greater appreciation for life, a greater sense of personal strength and spiritual development.
Can you imagine discovering peace in the midst of your most difficult life events? My hope and belief is that at the completion of our time together, you not only reach your goal for coming to therapy, but also find more joy, connection, growth, and purpose in your life
Helping women navigate the transitions of life. In our work together, we peel away the layers of shame, guilt or abuse and heal old wounds to reveal the confident woman that you are. You'll learn key elements of healthy relationships.
At Theravive, we want to make the process of finding someone simple and safe. Our therapists near 66019 will work together with you to find resolution and begin a reachable path to your goals and dreams. Having trouble locating a counselor in 66019?If you cannot find anyone near Clearview City, Kansas that is a right match for you, please contact us, we will try and help. Seeking a professional is easy and we believe you are making a very important first step in the healing process, and our goal is to connect you to the right Clearview City, Kansas therapist.
Please feel free to click on any 66019 counselor above, or call to arrange for an appointment or initial consult. Many therapists offer free initial time to see if he or she is a good fit for you.
You can move through the issues and find the new freedom that you hope for. We are here to help you make the first step. Make your journey the road you have longed to travel...don't be afraid to reach out, contact a therapist, and get beyond.
Theravive does not provide medical advice, diagnosis, or treatment.
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Rev. Irene Monroe: Hyper-masculinity in professional male sports cultures not only exploits women, but also unabashedly denigrate and go after lesbian, gay, bisexual, transgender and queer (LGBTQ) people.
Progressive Media Advocates
Carole Bartolotto: The problem with concluding that GMOs are safe is that the argument for their safety rests solely on animal studies. These studies are offered as evidence that the debate over GMOs is over. Nothing could be further from the truth.
Lauren Steiner: To our surprise, the regulators didn't try to shut us down. Security didn't storm the room. None of the workshop attendees booed us. So we continued the same chant for three minutes.
Joe Mathews: Thanks to Xi Jinping, Chinese millionaires have propped up the state's sagging real estate market, universities, and companies.


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WASHINGTON, DC & LONDON - A former executive of American International Group (AIG) has been given a four-year prison sentence for manipulating the insurance firm's financial statements. Christian Milton, previously vice-president of reinsurance at AIG between 1982 and March 2005, was found guilty by US district judge Christopher Droney and jailed for conspiracy, securities fraud and other charges.
Prosecutors alleged Milton was part of a scheme to falsely inflate AIG reported loss reserves, misleading investors and analysts about the firm's financial health. The scheme followed criticisms of a drop in AIG's loss reserves in the third quarter of 2000 and involved sham reinsurance transactions between AIG subsidiaries and reinsurer General Re. Gen Re's former chief executive Ronald Ferguson was sentenced to two years in prison in 2008 for his part in the scheme. Milton faces an additional two years supervised release and a $200,000 fine. He must surrender himself to federal prison authorities within 60 days. AIG, previously the world's largest insurer, received an $85 billion US government bail-out loan in September 2008 - which has since increased to $152 billion.
In a separate case, UK authorities are investigating possible illegal transactions at the insurer's UK subsidiary AIG Financial Products, involved in the sale of credit default swaps. The unit lost £8 billion before its US parent was forced to seek government funding. The Serious Fraud Office and Financial Services Authority are understood to be seeking documentation from the firm's UK offices. Details of the probe are sketchy, but investigators have said AIG's insurance operations are not involved.
More on Regulation
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SSM chair also wants to end rule opt-outs that make banks "look stronger than they really are"
EU and US position limits will hit the wrong target
Dodd-Frank and Mifid II won't stop market disorder but will penalise hedgers
Q&A: Finansinspektionen's Uldis Cerps on capital floors and too-big-to-fail
Floors framework should not overstate risk, says Sweden's bank supervision chief
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Agent's insurance license revoked
BISMARCK (AP) -- North Dakota Insurance Commissioner Adam Hamm said he has revoked the insurance license of Patricia Howard, an insurance agent from Dunn Center.
Hamm said she took money and applications from at least two clients but didn't send the documents to the insurance company.
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Started this discussion. Last reply by McParlandTheGreat Feb 13. 5 Replies 0 Likes
Taken from The GuardianThe vacancy, which can be found…Continue
Started this discussion. Last reply by AvFcHaarlem Feb 11. 2 Replies 0 Likes
Can someone please list, or add to the list, of records that have gone in Lambert's time at Villa.I know that there have been a lot, but i thought a collation of just how bad it has been would be…Continue
Started this discussion. Last reply by brisbane lion Jan 14. 6 Replies 0 Likes
We Want Our Villa Back: An open letter to the Holte EndThis letter hasn't been easy to write and it's also taken time to decide if we should, but as Aston Villa supporters can we really go on any…Continue
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Lambert has been more good than bad in the transfer market, so i am reckoning this player may be a little gem...Continue
Hey Umma just seen your comment, I think I have messaged you but thought I;d post it here too....
Follow this article, it has the info and links you need...


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Send Ringtone to MobileGet this ringtone
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Find commute times to your work, school, gym and more.
Camden Village
Contact this property
Floor Plans
Prices, specials, features and availability subject to change.
Contact for details (510) 400-6430
Contact for details (510) 400-6430
Fitness Center
Beautiful, on-site park, Close to shopping/schools, Community clubhouse, Covered parking, Easy access to I-880, Minutes to Dumbarton Bridge and BART, Newly remodeled on-site laundry facilities, Picnic area, Private patio/porch, Renovated exercise facilities, Two sparkling pools including Olympic-sized, Unique designer floorplans
Property Details
Life can be hectic. Come see for yourself why living at Camden Village will make it just a little bit easier. At Camden Village Apartments, you'll love staying home!
With all the apartments out there, picking the right one can seem like a daunting task. At Camden Village we want to make that an easy decision. Here, you will enjoy a large on-site park, swimming at our resort-style pool or just relaxing on your balcony. We strive to make life easier for you. You can cancel your gym membership and use our state of the art fitness center. Our commercial tenants include a daycare, barber, salon and convenience store, all there to make your life easier.
Leasing Terms
Lease terms are variable. Please inquire with property staff.
Dog Policy: Large pets accepted. Large Pet (Defined as an animal greater than 45lbs full grown) is limited to 1 per apartment and Pet Rent for such "Large Pet" is $75.00/mo. Contact the leasing office for detailed information including deposits, fees and other requirements.
Cat Policy: We are a pet friendly community; the perfect place for your four legged friend! We proudly allow cats and dogs. Living at Camden Village Apartments is fun and convenient for your pets ask about our pet friendly amenities. Indoor cats welcome. Dogs welcome; size/weight, breed restrictions apply. Contact the leasing office for detailed information including deposits, fees and other requirements.
Pet Policy
Dogs Allowed. Cats Allowed. Pets Accepted. Call for service animal policy.
Community Information
196 units
Building Type
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Scores are compared to the national average. The higher the bar, the higher the crime risk. The lower the bar, the lower the crime risk.
near Fremont, 94536Transit
Ratings & Reviews
5 stars
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Camden Village Resident
Parking problems, Management with attitude, Maintenance is horrible, Request to fix takes forever and have to Read Morerequest multiple times.
May 29, 2014
Camden Village Resident
The property is well maintained. Management is responsive to requests. Neighbors are nice enough, no problems. Read More Parents are very comfortable (too much so) allowing their children to play outside without parental supervision. Sometimes they are a little boisterous but, they are just being kids (ages from 3 - 12 ish). Management makes upgrades to the property periodically ie movie theatre, new pool furnishings recently. Rent typically increases every year and is pricey, but the market bears it.
May 29, 2014
Contact Property
Contact this property
Office Hours
Tuesday-Friday: 9:00am-5:00pm
Saturday: 10:00am-5:00pm
Managed by
Klingbeil Capital ManagementView all Klingbeil Capital Management properties


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Vegan Running: What to Eat and How to Do It
Running—whether for a purpose or for sport—can be intense on the body, and such intensity comes the demand for fuel; in other words, nutrition. Whether you're running track in high school, or competing in a major San Diego Marathon such as the San Diego Rock 'n' Roll Marathon, the task of proper fueling can be quite daunting. This is especially true for those in the vegan community who do not rely on traditional dietary staples such as lean meats and fish. more→
Turmeric's Amazing Health Benefits
This article was contributed by BeWellBuzz. Recent research has led to the knowledge that Turmeric is one of nature's wonders when it comes to health benefits. Known best as spice and coloring agent in Indian curry powder, the qualities of turmeric has not enjoyed much attention until a few years ago when researchers noted that certain diseases prevalent in the Western world were rarely diagnosed in India where it had been used for thousands of years. more→
Health Benefits of Leafy Greens
Quick and Easy Breakfasts for People on the Go
Living in today's busy world finds most of us with limited time for many things — exercise, socialization, and perhaps most significantly, for meal preparation. The oft-quoted adage "breakfast is the most important meal of the day" is often quoted because it is true. Our first daily meal is vital for optimal mental and physical functioning, and it should be a top priority. A central strategy in making breakfast an achievable ritual, therefore, is finding meals that are quick to prepare. more→
Natural, Healthy, and Fun Mother's Day Gifts
While it's good to tell and show your mom that you love her every day, Mother's Day is the day when you must walk the walk and go above and beyond. The hard part isn't deciding to shower your mom with affection and proof that you think she's amazing. The hard part is deciding how to shower your mom with affection and proof that you think she's amazing. more→
5 Ingredients Every Vegetarian/Vegan Should Have Around the House
When you switch to a vegetarian or vegan diet, you are making a significant lifestyle change. You will need to learn about vegetarian protein options and develop meal plans to receive the most balanced diet. You will also need to adjust your finances to account for the slight increase of your grocery bill. Fresh produce and some of the premium ingredients for the vegetarian or vegan diet can cost more than processed foods. more→
How to Make Almond Milk
Juicing for Health
Contributed by Nick Charlesworth of Happy Juicer. Juicing for improving health is one of the prime reasons that people get their first juicer and start juicing. It is well know that a well balanced diet should include daily intake of fruits and vegetables. In fact 5 portions of fruit and vegetables is recommended. Juicing can help us achieve a desired fruit and vegetable intake. Juicing enables us to benefit from the goodness of a lot of fruit and vegetable servings in one easy to consume drink. more→


text: BW Clifford offers a complete line of Reeses Candy Bar, Reeses Bites, Reeses PBC, Reeses Peanut Butter Cup, Reeses Pieces and Reeses Sticks. Reese's are a great combination of chocolate and peanut butter. You can buy Reeses in bulk or in smaller quantities. Reeses are a great candy bar even though they are in a cup. Please go to our candy store for great selection of other products. Click on the picture or our logo for discount candy prices. Click here to see our popular candy.


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American Sycamore experience
We moved in to a new house last year. There's a big American Sycamore in back, and another in front. Between June and August, these are shedding bark. Between August and November, they shed leaves. This adds up to a lot of raking and lot of bags of raked stuff. I'd love to be able to turn this into an asset, but so far, it's mostly been a nuisance. Here's what our options seem to be so far:
1) Run over the stuff with the mower and turn it into mulch. Alas, this dulls the mower blade pretty fast. Maybe we should just get in the habit of replacing the blade every month in the summer.
2) Get a light, inexpensive chipper/shredder. Electric, I don't like having gas things around. But these light electric ones seem to have maintenance issues.
3) Get a lawn service? Not in the budget.
4) Set up wire mesh circles to make gigantic bark/leaf compost piles, offending our tidy neighbor. Locate these in parts of the years we are encouraging to go native.
Any thoughts on this?
Lawn mower blades can be sharpened and balanced. Buy extra so that one can be in the garage waiting to be sharpened while you're out mowing with a fresh blade. Easy to do yourself or have it done for a few dollars.
I'm absolutely all for option #1.
Yes, of course you would not want to chop up larger limbs with the mower. And I agree also, sharpening up mower blades is fast and easy. I even do mine with nothing more than a vice and a file. Takes maybe 15 minutes, all told.
Sycamores are great trees where they are native and well-adapted. We're a little north of their true home range up here but they still grow well. Down in Illinois is where I see nice native groves of this tree. Very worth having, IMO.
I have monster sycamores on my land, and my shade garden is right under the one nearest my house. That sycamore also shelters hornbeams, Black haws, and one Halesia. Yes, it drops small limbs, and leaves, and bark, but it's a great tree for shade gardens because it doesn't have fibrous roots. I grow an enormous range of woodland plants, some native, some not--Trilliums, Erythroniums, Va. Bluebells, Epimediums, gingers, Hellebores, primroses, Dodacatheons, Cimicifugas, Allegheny spurge, and on and on. Take your "lemon" and make great lemonade.


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Winter Games NZ wins Sport NZ Award 2 May 2012
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Winter Games NZ has won the award for Best Commercial Partnership at this year's Sport New Zealand Awards for its partnership with Tourism New Zealand for 100% Pure New Zealand Winter Games 2011.
Winter Games NZ knew Tourism New Zealand didn't partner with domestic events, but a strategic partnership with the tourism body was critical to amplifying its profile as a premier international winter sports event. By presenting a compelling vision for the event's future the Games were able to secure Tourism New Zealand in a ground breaking naming rights partnership. Integrating the 100% Pure New Zealand brand through all aspects of the marketing mix, and delivering an aligned marketing campaign the partners attracted 1,400 competitors and management from 36 countries and more than 1,500 international visitors. The partnership brought the 100% Pure New Zealand brand image to the fore, and firmly established New Zealand and the 100% Pure New Zealand Winter Games on the international winter sports scene.
Winter Games NZ CEO, Arthur Klap said while it was extremely rewarding for the event to get such recognition, the award would also benefit the event moving forward.
"Once again the Winter Games team is showing that it is a leader in sport and in events. This award is a reflection of the professionalism, innovation and hard work that my team put in to delivering a world-class event for the country. The award is not only a great recognition but will help us in further growing event in to one of the world's major snow sports events in 2013."
Winter Games NZ returns to New Zealand in August 2013, acting as a launch pad to the 2014 Winter Olympics and featuring six World Cups with the best of the world's elite winter sports athletes. For further information, visit www.wintergamesnz.com
(Winter Games NZ)
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a huge ass player who will do anything and everything to get his hands on a girl. some of which includes sending nasty picture. also see: manwhore
"your such a mac!"
por your welcome Mackenzie Karl :) 28 de Setembro de 2011
Someone who is sly and cunning.
Jerry: Jimmy has alot of Mac.
Nick: He does, you see the way he got into the ball game for free.
Nick: He does, you see the way he got into the ball game for free.
por SsTtUu 09 de Abril de 2011
MAC = Magnetic Acceleration Cannon
Cortana fired three successive rounds out the MAC gun straight into the covenant frigate. Its shields faded, died, and the last round ripped a massive hole through the floating behemoth.
por evan schmidt 01 de Junho de 2007
A character in the Cartoon Network show, Foster's Home for Imaginary friends. Mac is eight years old and comes to visit his imaginary friend, Bloo, every day because his mom made him give Bloo up. Mac is pretty much the coolest eight year old ever.
Mac is the coolest eight year old kid ever.
por ms.insomniac 28 de Julho de 2006
popular line of cosmetics especially for society's creme de la creme and celebrities
gonna run over to the mac counter for some eyeliner
por jane doe 18 de Março de 2005
A very obnoxious dickhead who creeps on little girls.
Girl 1: I just met a kid named Mac.
Girl 2: Stay away from him. He will rape you.
Girl 2: Stay away from him. He will rape you.
por Billy Nye2 17 de Janeiro de 2013
the coolest biggest pimp in the world
Dang mac, said all the girls, you are a pimp
por Codu 02 de Março de 2008