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22. Understanding the economic situation of people who took a foreign currency mortgage in Hungary and Poland
- Creator:
- Augustyniak, Hanna, Csizmady, Adrienne, Hegedüs, József, Łaszek, Jacek, Olszewski, Krzysztof, and Somogyi, Eszter
- Format:
- počítač and online zdroj
- Type:
- model:article and TEXT
- Subject:
- foreign currency mortgages, mortgage vintages, and intervention
- Language:
- English
- Description:
- In this article we show that significant differences between the foreign currency mortgage agreements in Hungary and Poland led to significant differences in monthly mortgage payments after the Global Financial Crisis (GFC) erupted. Hungarian banks were able to add a variable markup to the LIBOR3M that was connected to bank risk on top of the usual fixed markup. We compare the monthly mortgage payments and LTV levels of people who took out a CHF mortgage with those who obtained a local currency mortgage during the mortgage boom years of 2006–2008. We find that in the initial years of the mortgage CHF mortgages were cheaper than local currency mortgages, which allowed more people to buy housing. However, the GFC led to a deterioration of the exchange rate, and monthly payments and LTV levels (consequently?) increased. We analyse the mortgage costs and LTV levels of the 2006-2008 foreign currency (FX) mortgage vintages in Hungary and Poland between 2006 and 2020 and compare them to local currency mortgages. We also simulate the effects of changing housing prices and wages on mortgages in the cities of Budapest and Warsaw.
- Rights:
- http://creativecommons.org/licenses/by-nc-sa/4.0/ and policy:public
23. Using detection dogs to reveal illegal pesticide poisoning of raptors in Hungary
- Creator:
- Deák, Gábor, Árvay, Márton, and Horváth, Márton
- Format:
- počítač and online zdroj
- Type:
- model:article and TEXT
- Subject:
- avian poisoning, canine, carbofuran, insecticide, phorate, raptor, and rodenticide
- Language:
- English
- Description:
- In Hungary, during the 2000s, pesticide poisoning became the most important threat for raptors, especially for the globally threatened Eastern imperial eagle (Aquila heliaca). In September 2013, with a focus on carbofuran and phorate, the first poison and carcass detection dog (PCDD) unit was formed in Hungary with a specifically trained detection dog and handler. Two more dogs were subsequently trained and joined the unit in 2017 and 2020 respectively. Between its inception until August 2020, the PCDD unit conducted 1,083 searches in five countries, which revealed 329 poisoned animals of 15 bird and nine mammal species, 120 poisoned baits and five pesticide products. Globally threatened species, including eight Eastern imperial eagles and four saker falcons (Falco cherrug), were among the detected victims. Present at 66.45% of wildlife poisoning events, the unit revealed 37.87% of the victims and 79.70% of the poisoned baits known in Hungary during the period 2013-2020. Compared to human surveys, the PCDD unit demonstrated a significantly higher find rate for poisoned baits. At 22 poisoning events (14.38% of all cases) only the PCDD unit revealed victims or poisoned baits; cases that would probably have gone undetected without the PCCD unit. Of the two focal pesticides, carbofuran was more frequently detected – in 88.56% of the positive samples. The unit played a significant role in detecting and combating wildlife poisoning incidents by deterring potential offenders and facilitating police investigations through retrieval of evidence otherwise difficult to obtain.
- Rights:
- http://creativecommons.org/publicdomain/mark/1.0/ and policy:public
24. Why has the COVID-19 pandemic had a limited impact on the primary housing market in Poland?
- Creator:
- Augustyniak, Hanna, Łaszek, Jacek, Olszewski, Krzysztof, and Waszczuk, Joanna
- Format:
- počítač and online zdroj
- Type:
- model:article and TEXT
- Subject:
- housing market, COVID-19, accelerator, and structural change
- Language:
- English
- Description:
- In this paper we present the first insight about the impact of the COVID epidemic on the pri-mary housing market in Poland, with a focus on Warsaw which is the largest market. We ex-plain the structural features that allowed the market to return to pre-shock levels after the pandemic shock. Contrary, after the 2007-2008 global financial crisis the negative consequences lasted for several years. This time a sharp monetary policy and fiscal intervention was carried out. Moreover, the developer sector is much more mature, has expanded its production capaci-ties. We show empirically that the monopolistic competition of developers allowed them to restrict excessive demand that was observed before the COVID broke out. In this way they were able to increase prices despite the economic problems. Another important structural change was the increased housing demand, mainly for investment housing, which was fi-nanced predominantly with cash and contributed to the development of the rental market. We approximate the investment demand, which was generated by private households that pur-chased flats for rental, with the help of a simple demand and supply model.
- Rights:
- http://creativecommons.org/licenses/by-nc-sa/4.0/ and policy:public
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