Academic literature on the topic 'Marché des quotas'

La politique laitière européenne est marquée par la mise en place , depuis 1984, de quotas fixant des quantités maximales de production. Pour justifier leur suppression, qui s’inscrit dans une libéralisation accrue des marchés, la Commission européenne s’appuie sur les résultats de modèles standards en économie néo-classique. Pour montrer la limite de ces raisonnements, cet article croise les résultats d’autres approches économiques, intégrant les imperfections de marché et les enjeux sociaux et écologiques, ainsi que les résultats empiriques issus d’une comparaison internationale des politiques laitières. Il souligne les dangers de l ’éclatement de la solidarité européenne de même que l’incapacité des nouveaux outils proposés, essentiellement de nature privée, de se substituer aux dispositifs de régulation publique des marchés.

Les secteurs considérés comme fortement exposés à la concurrence internationale dans le cadre du système européen d’échange de quotas d’émission (EU-ETS) bénéficient toujours d’une allocation de quotas gratuits (EUA). Nous étudions ici un des principaux secteurs bénéficiaires : la sidérurgie. À travers la mesure de l’indice de Herfindahl-Hirschman, nous constatons tout d’abord que le niveau de concentration a fortement progressé depuis 2010, qu’en réalité il n’est pas fortement exposé à la concurrence internationale. De plus, nos résultats montrent que l’entreprise ayant le plus de pouvoir de marché sur la période 2005-2018 est celle qui a obtenu le plus de quotas gratuits, captant la plupart des bénéfices liés à cette surallocation (34,87 % en moyenne). Enfin, il apparaît que le leader du marché est le moins efficace en termes d’utilisation de ressources dans la production d’acier brut, et par conséquent le moins efficace en termes d’intensité CO 2 . Ces résultats suggèrent que l’EU-ETS n’a pas réussi à fournir des incitations à la décarbonation dans ce secteur. JEL Codes: D43, L13, Q2.

L’objectif de cette thèse est d’étudier quelle composition du conseil d’administration permet d’assurer l’efficacité de ses fonctions de surveillance et de conseil. Dans le chapitre 1, nous étudions si la présence d’administrateurs qui sont liés à des actionnaires minoritaires peut constituer un mécanisme efficace de gouvernance d'entreprise pour limiter l'expropriation par les actionnaires majoritaires, sans exacerber les risques. L’étude empirique de ce chapitre est réalisée sur un échantillon de banques avec un actionnariat concentré. Les résultats indiquent que la présence d’administrateurs minoritaires permet d’augmenter l'efficacité du conseil d'administration des banques dans la mesure où elle entraîne une valorisation de marché plus élevée, sans augmentation du risque. Le chapitre 2 complète le premier chapitre afin de déterminer les facteurs, tant au niveau de la banque que du pays, qui peuvent favoriser la présence d’administrateurs minoritaires dans les conseils de banque. Les résultats montrent que: (i) l’importance des droits de vote des actionnaires majoritaires, la qualité des recommandations envers le conseil d'administration dans les codes de gouvernance d'entreprise et le niveau de protection des actionnaires sont des facteurs qui favorisent la présence d’administrateurs minoritaires au sein des conseils des banques; (ii) des régimes de surveillance stricts et une forte opacité réduisent la présence d’administrateurs minoritaires dans les conseils d'administration des banques. Nos travaux suggèrent que les autorités bancaires devraient recommander aux banques avec un actionnariat concentré d'inclure un minimum d’administrateurs minoritaires dans leur conseil d'administration. Dans le chapitre 3, nous examinons l'impact de l’imposition d’un quota minimum de membres de chaque sexe sur la performance des entreprises et leurs décisions, en prenant le cas de la Belgique, la France et l'Italie comme expérience naturelle. Notre analyse statistique montre que le pourcentage de femmes augmente de manière significative et que les caractéristiques des membres du conseil d’administration changent considérablement après la mise en place du quota. Les résultats empiriques montrent que les quotas n’ont pas d’impact significatif sur la performance des entreprises et leurs décisions. Nos résultats appuient la mise en place d’un quota afin d’assurer une représentation équilibrée des hommes et des femmes au sein des conseils d’administration des entreprises. Ils montrent cependant que les régulateurs créent des attentes irréalistes quant à la capacité des femmes à améliorer les performances des entreprises, du moins à court terme lorsque les effets négatifs de l’imposition d’un quota sont potentiellement les plus importants
His thesis aims to provide some answers to the question of what makes a board effective in carrying out its monitoring and advising functions. In Chapter 1, we examine whether board structures that include directors that are related to minority shareholders can be an effective corporate governance mechanism to limit expropriation by controlling shareholders, without exacerbating risk. We focus our empirical analysis of this chapter on banks with a concentrated ownership structure. We find that the inclusion of such minority directors does indeed increase the effectiveness of bank boards, as it results in higher market valuations, without increasing risk. Chapter 2 complements the first chapter to determine the factors, at the bank and at the country level, that could favor the presence of minority directors on bank boards. We find that: (i) the voting rights of controlling shareholders, the quality of recommendations for boards of directors in Corporate Governance Codes and higher shareholder protection are factors that promote the presence of minority directors on bank boards; (ii) the degree of opacity and stronger supervisory regimes reduce the presence of minority directors on bank boards. Our work suggests that bank authorities should recommend banks with concentrated ownership structure to include a minimum of minority directors in their board. In Chapter 3, we investigate the impact of gender quotas on firm performance and corporate decisions using Belgium, France and Italy as a natural experiment. Our statistical analysis shows that the percentage of female directors significantly increases, and board members characteristics significantly change after the implementation of the gender quota. The results of our empirical analysis show evidence that gender quotas do not have a significant impact on both firm outcomes and corporate decisions. Our findings support the decision of policy-makers to use mandatory rules to force firm to achieve gender balance on corporate boards. Our results suggest that policy-makers create unrealistic expectations for women to boost firm performance, at least in the short-run when negative side effects of mandatory rules are potentially strongest

Depuis le debut des annees 1970, la politique laitiere canadienne s'est articulee autour d'un contingentement strict de la production. Cette politique s'est accompagnee d'une restructuration massive et d'une concentration continue du secteur de production laitiere. L'approche neo-marginaliste, dominante dans la litterature economique nord-americaine sur le sujet, explique la concentration du secteur resultant du marche des quotas par des differences de couts marginaux de production au niveau individuel. Dans la presente recherche, les resultats obtenus de calculs economiques demontrent que ce n'est pas l'analyse des couts unitaires qui peut expliquer la rationalite economique des producteurs laitiers quebecois sur le marche des quotas. Par contre, tous les indicateurs convergent pour montrer que les aspects dimension et revenu (et aussi les rendements techniques et le niveau technologique qui y sont etroitement lies) sont beaucoup plus performants pour expliquer la croissance des exploitations laitieres, leur possibilite de reproduction et l'evolution structurelle du secteur qui en decoule. Meme sans marche officiel des quotas entre producteurs, l'evolution structurelle du secteur laitier francais montre des similitudes avec la situation observee au quebec, du moins du cote de l'offre de quotas. En effet, en france, c'est sur la base de quotas monnayables, achetes par l'etat, qu'a pu etre engagee la relance du processus de concentration-elimination de la production. Les exploitations de plus petites dimensions disparaissent rapidement aussi bien en france qu'au quebec, elles ne sont pas reproductibles, d'ou l'attrait de la vente des quotas sous forme de retraits primes en france ou sur le marche des quotas au quebec. C'est du point de vue de la demande de quotas que le mode de gestion des quotas en france se distingue particulierement de celui du quebec : ce sont les pouvoirs publics francais qui paient la restructuration et non les acheteurs de quotas sur le marche. La demande de quotas la plus solvable provient tout de meme essentiellement des exploitations de grandes dimensions qui, eventuellement, pourraient se substituer aux pouvoirs publics pour effectuer a leur propre benefice la restructuration du secteur laitier francais, comme elles le font au quebec par le marche des quotas
Since the early seventies, canadian dairy policy has been built around strict production quotas. This policy has been accompanied by a thorough restructuring and a steady process of concentration in the dairy production sector. The neo-marginalist approach, which has predominated in the north american literature on this topic, explains the process of concentration resulting from the quota market by differences in marginal production costs at an individual level. In the present study, the results of our economic calculations show that the analysis of unit costs cannot provide an explanation of the economic rationality of dairy producers on the quota market in quebec. On the other hand, all the indicators do tend to show that farm-size and income (as well as technical output and the level of technology, which are closely linked to these) are far more relevant in explaining the growth of dairy farms, their reproduction potential and the resulting structural trends in this sector. Even when there is no official quota market for producers, as in the french set-up, structural changes in the dairy sector have much in common with what we have observed in quebec, at least concerning the supply of quotas. Indeed, in france it has been through a system of exchangeable quotas, which were bought up by the state, that the process of concentration-elimination of production has been reengaged. Small-scale farms are disappearing rapidly both in france and in quebec; they cannot sustain their own reproduction, which explains why the sale of quotas, in the farm of withdrawal bonuses in france or on the quota market in quebec, has been so succesfull. It has been over the question of demand for quotas that the mode of quota management has differed most between france and quebec : the french authorities have covered the cost of the restructuring, and not the quota buyers on the market. Nonetheless the most solvent demand for quotas has come essentially from large-scale farms which could, in the future, replace the public authorities, and carry out the restructuring of the french dairy sector in their own interests, as they have done in quebec by the quota market

L’objectif de cette étude est d’appréhender, à travers l’exemple du système européen d’échange des quotas d’émission de gaz à effet de serre, les conditions d’efficacité d’un instrument particulier de réalisation du développement durable : la technique de marché. Définie comme un instrument de police consistant en la poursuite d’un objectif de politique publique, préalablement défini par les pouvoirs publics, au moyen de la création volontaire d’un marché, c’est-à-dire l’organisation d’échanges d’« unités » entre opérateurs économiques, la technique de marché est utilisée de manière privilégiée en matière environnementale. La création ex nihilo d’un marché pour protéger l’environnement ne doit pas induire en erreur : la technique de marché ne conduit pas à une substitution de la liberté à la puissance publique. Au contraire, la technique de marché n’est efficace que si elle est sous-tendue par une action publique forte. Une intervention permanente – au stade de l’élaboration et de la mise en oeuvre de cet instrument – et multiforme – au niveau international, régional et national – de la puissance publique est nécessaire. La « main invisible » du marché ne produit ses effets que grâce à la « main visible » de la puissance publique
By taking the example of the European Union emission trading system, the objective of the present study is to understand the conditions of effectiveness of a specific tool: the market-based instrument. Market-based instrument is defined as a tool of policing aiming at the achievement of a public policy objective (pre-established by public authorities) with the creation of a market, i.e. the organisation of exchanges of “units” between economic operators. This tool is widely used in environmental law. The ex nihilo creation of a market in order to protect the environment must not mislead: the market-based instrument does not lead to a shift from public action to freedom. To the contrary, the effectiveness of the market-based instrument depends on a strong public action. A permanent (i.e. both during the preparation and the implementation of this tool) and multifaceted (i.e. at international, regional and national levels) public intervention is therefore required. The “invisible hand” of the market could only be effective with the “visible hand” of public authorities

Ce manuscrit présente trois chapitres distincts couvrant des sujets liés au fonctionnement et au rôle des conseils d’administration. Le premier chapitre étudie l’effet de la reconnaissance de l’expertise des administrateurs sur les opportunités de croissance de l’entreprise, en utilisant des prix de prestige obtenus par les administrateurs. Les résultats indiquent que la présence d’administrateurs primés dans les conseils d’administration entraîne de meilleures opportunités d’investissement. Le deuxième chapitre analyse l’impact du quota de femmes dans les conseils d’administration en France sur la valeur boursière des entreprises. Avant le quota, les investisseurs réagissent positivement aux annonces de nominations d’administratrices, en particulier pour les conseils d’administration majoritairement masculins. L’annonce de la promulgation de la loi le 27 janvier 2011 est considérée comme une bonne nouvelle sur le marché boursier, ce qui conduit les investisseurs à anticiper les recrutements de femmes résultant du quota. Le troisième chapitre traite de l’impact du quota sur le marché du travail des administrateurs. Les résultats indiquent que le quota a changé les pratiques de recrutement dans les conseils d’administration et que, de ce fait, il a amélioré la stabilité des correspondances entreprise-administrateur
This dissertation presents three distinct chapters covering topics related to the functioning and the role of corporate boards. The first chapter studies the effect of the recognition of directors’ expertise on growth opportunities through directors’ receipt of prestigious awards. The results show that the presence of award-winners on boards leads to better investment opportunities. The second chapter analyzes the impact of a board gender quota in France on market valuation. Before the quota, investors respond positively to female director nominations, especially on male-dominated boards. The announcement of the enactment of the law on January 27, 2011, was viewed as positive news in the stock market, which leads to the anticipation of post-quota female appointments. The third chapter focuses on the impact of the quota on the labor market for corporate directors. The evidence suggests that, by changing the director search technology used by firms, the French quota has improved the stability of director-firm matches

Dans le contexte des accords internationaux sur le changement climatique, de nouveaux mécanismes de marché sont proposés pour inclure les pays émergents dans le marché carbone développé par les pays plus industrialisés au-delà du Mécanisme de Développement Propre (MDP). La thèse rassemble des analyses complémentaires visant à quantifier les impacts à attendre de ces nouveaux mécanismes sectoriels. Le premier chapitre est une modélisation, avec le modèle d'équilibre général calculable Emissions Prediction and Policy Analysis du MIT, du couplage entre un hypothétique marché carbone américain et le secteur électrique chinois d'une part, et entre le marché carbone européen et le secteur électrique de plusieurs pays émergents d'autre part. Le niveau de bien-être dans le(s) pays émergent(s) diminue malgré les transferts financiers liés à la vente de permis. Le chapitre 2 introduit, dans la simulation d'un accord entre le marché carbone européen et le secteur électrique chinois, une limite au volume de permis échangés entre les deux régions. Si la rente associée à la différence de prix induite entre les deux régions est attribuée aux foyers chinois, il est possible de trouver une situation pareto améliorante pour l'Europe et la Chine. Le chapitre 3 est une analyse en séries temporelles qui vise à étudier, sur l'expérience de la coexistence des permis européens et des crédits MDP, l'impact de la nature financière des permis carbone sur les interactions entre marchés carbone. Le chapitre 4 examine les conditions du déploiement de l'énergie éolienne au Danemark et les compare avec les niveaux de prix carbone observés dans les deux premiers chapitres.

L'objet de cette thèse est l'analyse des règles de fonctionnement du marché européen du carbone (EU ETS) sur la période 2005-2007. Nous menons une analyse théorique et empirique sur le rôle du stockage et de l'emprunt de quotas, les fondamentaux du prix et les stratégies de gestion des risques, en lien avec l'introduction de quotas échangeables pour couvrir les émissions de CO2 d'environ 10,600 installations en Europe.

Un premier Chapitre détaille les effets économiques et environnementaux attendus des mécanismes de stockage et d'emprunt de quotas sur un marché de permis d'émissions négociables. Plus spécifiquement, vis-à-vis des provisions adoptées dans l'EU ETS, nous étudions les effets de la restriction du transfert de quotas stockés ou empruntés entre les Phases I et II sur les changements de prix du CO2. Nous montrons statistiquement que les bas niveaux de prix du CO2 enregistrés jusqu'à la fin de la Phase I sont expliqués par la restriction du transfert de quotas inter-périodes, au-delà des principales explications proposées par les observateurs de marché.

Un deuxième Chapitre développe une étude originale des fondamentaux du prix du carbone, introduit depuis le 1er Janvier 2005 en Europe. Nous soulignons le role central joué par l'évènement annuel de conformité 2005 imposé par la Commission Européenne, qui sert de révélateur des positions nettes courtes/longues des installations en quotas par rapport à leurs émissions vérifiées. Le résultat principal de cette étude met en évidence le fait que les fondamentaux du prix du CO2 liés aux marchés des énergies et aux évènements climatiques non-anticipés varient en fonction des évènements institutionnels. Par ailleurs, nous montrons l'influence de la variation de la production industrielle dans trois secteurs couverts par l'EU ETS sur les changements de prix du CO2 en menant une analyse par décomposition, étendue par pays.

Un troisième Chapitre s'intéresse aux stratégies de gestion des risques liés à la détention de quotas de CO2. Nous proposons une méthode utilisée sur les marchés d'action pour recouvrer les changements dans l'aversion au risque moyenne des investisseurs. Cette étude indique que, sur la période considérée, l'aversion au risque est plus élevée sur le marché du carbone que sur les marchés d'action, et que le risque est lié à une structure de prix strictements croissants après l'évènement de conformité 2006. En lien avec le Chapitre 1, nous évaluons enfin comment le stockage de quotas peut être utilisé comme un outil de gestion des risques, pour faire face à l'incertitude politique sur un marché de quotas. Nous détaillons une règle optimale de partage des risques, et discutons du principe de mutualisation du risque lié à l'échange de quotas quotas entre agents.

Nos travaux témoignent des difficultés rencontrées suite à la création du marché européen du carbone pour atteindre un signal prix cohérent avec des réductions d'émissions effectives par les industriels. Cependant, dans un contexte institutionnel mouvant, ces inefficiences ne semblent pas avoir été reportées vers la période 2008-2012.

Depuis plus de 30 ans, la Colombie construit sa politique de préservation des espèces faunistiques et de lutte contre le trafic illégal de ces espèces. Ce cadre institutionnel national s’est vu renforcé par la ratification de la convention CITES (Convention sur le commerce international des espèces de la flore et de la faune sauvages menacées d’extinction) en 1981. Pourtant, ce cadre institutionnel ne suffit pas à infléchir sur le trafic illégal des tortues marines en Colombie. L’analyse des failles du mode de régulation de type « commande et contrôle » montre les limites de l’intervention de l’Etat comme seul modèle possible à gérer le trafic illicite de tortues marines. D’où ma proposition de concevoir et mettre en place un mécanisme de quotas négociables de tortues marines décroissants dans le temps, renforcé par arrangements contractuels. Cette thèse a pour objectif de comparer l’efficacité de ces deux modes de gouvernance à réduire le trafic illégal de tortues marines, du point de vue la performance environnementale, de l’efficacité économique et de l’équité sociale. J’ai évalué les coûts de transactions pour démontrer que la variation dans la structure des coûts de transactions et la distribution de ces coûts auprès des acteurs concernés influent sur la performance finale du cadre institutionnel. Une analyse coûts-avantage a été réalisée pour justifier d’un changement institutionnel, en complément de l’analyse des coûts de transactions. Cette étude s’est situe au nord de la Colombie, sur un territoire de 30 km, territoire des indigènes Wayùu, étant le plus concerné par le trafic illégal de tortues vertes (Chelonia mydas) et tortues à écailles (Eretmochelys imbricata)
For over 30 years, Colombia built its national policy to protect wildlife species against the illegal traffic. The national institutional framework was strengthened by the ratification of the CITES (Convention on International Trade in Endangered Species of flora and fauna threatened with extinction) in 1981. However, this institutional framework is not sufficient to curb the illegal trade of marine turtles species. Despite some success to protect and recover some species, what really matters is the effectiveness of the national policy to conserve wildlife species. Hence my proposal to design and implement a cap and trade system based on transferable quotas decreasing in time, reinforced by contractual arrangements. This self-organized system aims at having zero catches level and enhance conformity and cooperation within the environmental regulation. This thesis aims to compare the efficacy of these two modes of governance to reduce the illegal trade of sea turtles based on the following criteria: the environmental performance, economic efficiency and social equity. I pursuit by estimating the corresponding transaction costs to show that the variation in the structure of transaction costs and the distribution of these costs among stakeholders affect the final performance of the institutional framework. Cost-benefit analysis was performed to justify institutional change, in addition to the analysis of transaction costs. This study is located in the north of Colombia, an area of 30 km, indigenous Wayuu territory, being more concerned with the illegal green turtles (Chelonia mydas) and hawksbill (Eretmochelys imbricata)

Le changement climatique est devenu aujourd’hui le fléau environnemental qui préoccupe etmobilise le plus la communauté internationale. L’aboutissement de cette mobilisation générale reste sansdoute la mise en place du régime international de lutte contre le changement climatique dont la Conventioncadredes Nations Unies sur le changement climatique et le Protocole de Kyoto constituent les basesjuridiques. Ce régime innove en ce qu’il fixe des engagements quantifiés de réduction des émissions de gaz àeffet de serre pour les États pollueurs, mais aussi en ce qu’il instaure des mécanismes dits de « flexibilité »dont la mise en oeuvre est assortie d’un contrôle original basé sur un Comité dit de « l’observance ». Mais, endépit de toute cette production normative, il est regrettable de constater aujourd’hui que le régimeinternational du climat est un véritable échec. En effet, si la mobilisation des États ne fait aucun doute, enrevanche, les mêmes États qui ont volontairement accepté de s’engager refusent délibérément d’honorer leursengagements pour des raisons essentiellement politiques, économiques et stratégiques. Ce travail ambitionnedonc de lever le voile sur les causes de cet échec en dressant un bilan mitigé de la première périoded’engagement de Kyoto qui a pris fin en 2012, et propose des perspectives pour un régime juridique duclimat post-Kyoto efficient et efficace, en mesure d’être à la hauteur des enjeux
Climate change has become the scourge environmental concern and mobilizes more theinternational community. The outcome of this mobilization remains probably the implementation ofinternational climate change regime for which the Climate Convention and the Kyoto Protocol are the legalbases. This system is innovative in that it sets quantified emission reduction commitments for greenhouse gasemissions (GHG) for polluters States, but also in that it establishes mechanisms known as of “flexibility”whose implementation is accompanied by a control based on a Committee known as of “compliance”. Butdespite all this normative production, it is regrettable that today the international climate regime is a realfailure. Indeed, if the mobilization of states is no doubt, however, the same states that have voluntarily agreedto engage deliberately refuse to honour their commitments for essentially political, economic and strategicreasons. This work therefore aims to shed light on the causes of this failure by developing a mixed record ofthe first Kyoto commitment ended period in 2012, and offers prospects for a legal regime of the post-Kyotoclimate and efficient, able to be up to the challenges

Cette thèse couvre deux sujets : le dessin des permis à polluer et la gestion des déchets. Le premier chapitre analyse la mise en œuvre des permis à polluer. Le chapitre se concentre sur les impacts de la distribution liés à la sévérité de l’allocation gratuite basée sur la production courante quand deux secteurs sont couverts par le marché des permis et le plafond reste constant. Un nouveau type d’augmentation des profits dans les secteurs qui ne sont pas exposés à la concurrence internationale a été démontré théoriquement. Le deuxième chapitre traite la question de la différenciation de l’allocation des permis dans les différentes régions, liée à la possibilité des entreprises à délocaliser. Les conditions dans lesquelles le bien-être décroît avec la délocalisation sont déterminées. Dans ce cas, des distributions gratuites de permis peuvent être utilisées pour éviter la délocalisation des entreprises. Le troisième chapitre compare l’efficacité des programmes de la responsabilité élargie du producteur (REP) avec l’efficacité d’une ex-ante taxe. La taxe permet plus de flexibilité ex-ante quant aux conditions du marché, mais la REP permet plus d’adaptation ex-post aux réalisations des coûts. Ainsi, l’efficacité relative de la REP augmente avec l’incertitude des coûts et la compétitivité du marché
This thesis covers two subjects. One is the design of pollution permits and the other is the waste management. The first chapter analyses the implementation of pollution permits. It focuses on the distributional impacts linked with the stringency of output-based allocation,when two sectors are covered by the market for permits and the total cap is held constant. Theoretically demonstrated is a new type of profit increase in sectors that are not exposed to international competition. The second chapter addresses the issue of differentiating permit allocation across areas, this being linked to the possibility of firms to relocate. The conditions under which welfare decreases with relocation are determined. In such a case, free allowances may be used to prevent firms from relocating. The third chapter compares the efficiency of extended producer responsibility (EPR) programs and the efficiency of an ex-ante tax. The tax allows more ex-ante flexibility regarding market conditions, but the EPR allows more ex-post adaption to cost realizations. As a result, the relative efficiency of the EPR increases with uncertainty of the costs and competitiveness of the market

AbstractThe Sendai Framework for Disaster Risk Reduction 2015–2030 was adopted by United Nations (UN) member states on 18 March 2015, at the World Conference on Disaster Risk Reduction held in Japan. The Sendai Framework went on to be endorsed by the UN General Assembly in June 2015. The Sendai Framework is wide in scope. This paper uses many resources of already published material to enable the reader to access a more complete summary of the science and technology commitment to the implementation of the Sendai Framework for Disaster Risk Reduction 2015–2030. In this paper on the role of science and technology engagement to provide evidence to inform policy and practice where possible, the author considered it important to emphasis the partnerships and learning she has been a part of and all significant statements that are included in this paper are in italicized quotes. The author is grateful for the many opportunities to engage at many levels with colleagues who also contributed so much to these opportunities for joint working and shared learning.

Abstract This series of further allocations would alone have been sufficient to place strain on the milk quota system. However, as the time arrived for the Community Lo decide whether or not to retain quotas beyond 31 March 1992, several other areas of persistent difliculty could he identified; and the need for reform became imperativc.

Abstract THE American companies produced about 170 American-British films during the 1950s, some twenty more than British Lion. About half of them were first features. Great Britain had been Hollywood’s principal foreign market for several decades, because the American companies normally covered their production costs at home and made their profits abroad. But what Britain wanted was a space for a small indigenous production industry and, if possible, to attract inward investment from America. It had traditionally imposed a quota of British pictures on both film distributors and cinema exhibitors, but in 1948 it had to remove the distributors’ quota when it signed the General Agreement on Tariffs and Trade (GATT). This left screen quotas as the country’s sole protectionist measure, and meant that attracting inward investment became central to Government film policy. The importance of American investment for the British film industry was sharpened by the debacle following Hugh Dalton’s calamitous attempt to stem Britain’s dollar drain by imposing an ad valoremtax on foreign film rentals. The agreement that was signed between the British Government and the American film companies in March 1948 divided the Americans’ film rentals into remit table and non-remittable sterling, a distinction that persisted until 1954. The stated intention of the agreement was that the American companies would invest nearly all their blocked sterling on film rights, prints, or the production of British films. The agreement was renewed in 1950 and modified again in September 1951 (see Chapter 1).

SHE cannot, quoth my uncle Toby, halting, when they had march'd up to within twenty paces of Mrs. Wadman's door— she cannot, Corporal, take it amiss.—— ——She will take it, an' please your honour, said the Corporal, just as the Jew's widow at Lisbon took...

Abstract On I May I997, the day Tony Blair’s Labour Party triumphed in the British general election, the then leader of the Scottish National Party, Alex Salmond, published an article in the Irish Timesentitled ‘Irish Show Scots Road to Success’. The piece strongly criticized Blair’s plans for Scottish Home Rule. Salmond quoted Parnell’s famous speech at Cork on 2I January I885, invoking Parnell’s declaration that ‘No man has the right to fix the boundary to the march of a nation; no man has the right to say to his country-”thus far shalt thou go and no further”.

If one country attacks another country's trade with taxes and quotas, it is defined as a trade war. It is aimed to protect the domestic market from competition. The U.S.-China trade war begun on March 1, 2018, and was centered on the customs duty of 25% for the imported steel and 10% for the imported aluminum. The protectionist measures against each other in both countries have increased day by day. However, the impact of these protectionist measures on global trade is not yet known. In this chapter, the effect of the U.S.-China trade war on global trade is analyzed. For this reason, the export data of the U.S. to China and the global export data yearly is compared. According to the results of the linear regression analysis, if the value of the goods export of the U.S. to China increase 1 unit, the value of global export of the goods increases to 58 units. While the trade wars decreased the goods export from the U.S. to China, it has decreased global goods exports too. In 2018, developments in global commodity exports and the U.S. goods exports to China were observed in the same direction.

Although Meade planned a defense line along Big Pipe Creek and was setting up a network of signal stations along that line on the morning of July 1, General Gibbon, under Meade’s orders, left Taneytown for Gettysburg with the Second Corps. When Hancock arrived at Cemetery Hill, he informed Howard of the mission Meade had given him, and he took command of all the troops there. He and General Warren found the positions on Cemetery Hill, Culp’s Hill and Cemetery Ridge generally defensible, but subject to being turned on the left. Hancock set about forming defensive positions with the troops there. As Henry W. Slocum’s Twelfth Corps arrived, Hancock directed General John W.Geary’s division to occupy Little Round Top on the far left. Meade ordered Sedgwick’s Sixth Corps to move to Taneytown, but later directed it to Gettysburg,a thirty-two mile march from Manchester. The Fifth Corps was on the march to Gettysburg from Hanover, and the Third Corps was marching to Gettysburg from Emmitsburg, all as directed by Meade on the afternoon of July 1. Meade received dispatches from General Hancock that quoted General Howard as saying that Doubleday’s First Corps “gave way.” Meade promptly sent orders to General John Newton relieving Doubleday of command and directing Newton of the Sixth Corps to take command of the remnants of the First Corps.

Abstract By 1938 the inevitability of war with Germany had become generally recognized. Chamberlain’s policy of appeasement, and his much quoted ‘Peace in our time’ message after meeting Hitler at Berchtesgaden and Godesberg in September carried little conviction in the face of continuing aggressive German policy. This included the earlier occupation of Austria in March, the occupation of the Sudetenland in October, and the invasion of Czechoslovakia in March 1939. In that same fatal month Hitler denounced Germany’s non-aggression pact concluded with Poland in 1934; and within days France and Britain pledged themselves to support Poland. In August Germany signed a non-aggression pact with Russia; and on the 25th of that month a formal Anglo-Polish treaty of mutual assistance was signed in London. The mine had been primed, and it needed only the German invasion of Poland on 1 September to explode it Britain and France declared war on Germany on 3 September, precipitating a Second World War barely twenty years after the end of the first.

Abstract When the historian Crcmutius Cordus was accused of maiestas in AD 25 the, or a, main charge against him was that he had praised Marcus Brutus and called Gaius Cassius ‘the last of the Romans,i (probably in fact he quoted approvingly Brutus’ supposed salutation of Cassius as such on learning of his death).2 Cremutius, according to the speech that Tacitus gives him, claimed that a great many authors had recounted the deeds of Cassius and Brutus, and ‘nemo sine honore nominavit’; Livy had written of them as ‘insignes viros’, Asinius Pollio’s history had passed on ‘cgrcgiam corundem memoriam’, Mcssalla Corvinus had been wont to call Cassius ‘impcratorem suum’.

Climate change is a very important environmental, social and economic global problem. During the last century, the Earth’s average surface temperature rose by around 0.6°C. Evidence is getting stronger that most of the global warming that has occurred over the last 50 years is attributable to human activities. Human activities that contribute to climate change include the burning of fossil fuels because it causes emissions of carbon dioxide (CO2), which is the main gas responsible for climate change. In order to bring climate change to a halt, global greenhouse gas emissions would have to be reduced significantly. The European Union (EU) is engaged in international efforts to combat climate change. The EU is also taking serious steps to address its own greenhouse gas emissions. In March 2000 the Commission launched the European Climate Change Programme (ECCP). The ECCP led to the adoption of a range of new policies and measures, among which the EU’s emissions trading scheme, which started its operation on 1 January 2005, will play a key role. In this paper, we want to shortly explain the mechanisms of the Kyoto Protocol, paying particular attention to the Emission Trading. We want to illustrate the European directive and the consequent Italian one: we will explain the Italian implementing norms that have been emitted for the period 2005–2007 and 2008–2012. Limiting then the analysis to the sector of electricity production, we want to show some examples of Italian power plants: we will illustrate them and we will estimate their CO2 emissions (according to a typical annual operation). The emission levels will be compared with CO2 quotas assigned in the period 2008–2012: these results will be commented in terms of the unavoidable economic implications that such allocation will involve. The CO2 quotas, assigned to Italy already for the period 2005–2007, involve a large control of these emissions: such situation will be reflected unavoidably on the increase of the kWh cost (it is already particularly high in comparison with the European average because of the particular energetic mix on which our electricity production is based): these effects could be particularly heavy for the competitiveness of our production system and for the modernization and the widening of our power plant park.

In Australia repurchase (repo) obligations are traded bilaterally 'over-the-counter' between parties, rather than on an exchange. As a result, it is difficult to obtain quotes of executable prices, trading volumes, and related data that are representative of the market. Market conditions are therefore not easy to assess and often dependent on anecdotal evidence. Over the years, the Reserve Bank of Australia has published data and analysis of the repo market by providing indirect perspectives using data from its own open market operations that are conducted using repos. This paper contributes to this work. The Reserve Bank conducts open market operations to manage liquidity in the interbank market, provide settlement balances for the smooth functioning of the payments system, and for the implementation of monetary policy. Repos are an integral part of these operations. The eligible private sector counterparties in these auctions have a variety of reasons for participating. We arrange their bids in an ascending order in a number of distinct phases so that they can be used to make inferences about the demand for repo and hence market operations. Several insights allow us to better understand the dynamics underpinning the repo market. The findings mainly relate to the period prior to the implementation of unconventional monetary policies in March 2020.

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3

The article examines the language of the russian-ukrainian war of the 21st century based on the materials of compressed media texts; the role of political narratives and psychological-emotional markers in the creation of new lexemes is clarified; the verbal expression of forecasts of ukrainian and foreign analysts regarding the course of hostilities on the territory of Ukraine is shown. Compressed media texts reflect the main meanings of the language of the russian-ukrainian war in relation to the surrounding world. First of all, the media vocabulary was supplemented with neologisms – aggressive and sad: “rashism”, “denazification”, “katsapstan”, “orks”, “rusnia”, “kremlins”, “parebrik”, “in the swamps”, “nuclear dictator”, “putinism”, “two hundred” and others. Numerals acquired new expressive and evaluative meanings: “200s” (dead), “300s” (wounded), “400s” (russian military personnel who filed reports for termination of the contract), “500s” (hopelessly drunk russian soldiers, alcoholics who are unable to perform combat tasks). The language of war intensified the slogans of the struggle for state independence and people’s freedom. The scope of the greeting “Glory to Ukraine! – Glory to Heroes!”. New official holidays have appeared in the history of Ukraine since 2014: “Heroes of the Heavenly Hundred” Day (February 20), “Ukrainian Volunteer Day” (March 14), “Defenders and Defenders of Ukraine Day” (October 14), “Volunteer Day” (5 December). As you know, the professional holiday of the military is the Day of the Armed Forces of Ukraine” (December 6). A special style is characteristic of media texts on military topics: “Iron Force of Ukraine” (Iron Force of Ukraine), “digitize the Army” (for effective simulation of military operations); “grain corridor” (export of Ukrainian grain to African and European countries); “don’t let Ukraine lose” (the position of the Allies at the first stage of the war), “Ukraine must win!” (the position of the Allies in the second stage of the war); “in the Russian-Ukrainian war, the thinking of the 19th century collided with the thinking of the 21st century”, “a politician is a person who understands time” (Grigori Yavlinskyy, Russian oppositionist); “aggressive neutrality” (about Turkey’s position); “in Russia”, “there, in the swamps” (in Russia), “weak, inadequate evil” (about Russia), “behind the fence”; “a great reset of the world order”; “technology of military creativity”; “they are not Russian and not Ukrainian, they are Soviet”, “people without mentality”, “in Ukraine and without Ukraine” (Vitaly Portnikov about a separate category of Russian-speaking citizens in Ukraine); “information bed of Ukraine” (about combat operations on the front line; “when a descendant asks me what I did in those terrifying moments, I will know what to answer. At the very least, I did not stand aside” (opinion of a Ukrainian fighter). Compressed in media texts is implemented in the headline, note, infographic, chronicle, digest, help, caption for photos, blitz poll, interview, short articles, caricature, visual text, commercial, etc. Researchers add “nominative-representative text (business card text, titles of sections, pages, names of presenters, etc.) to concise media texts for a functional and pragmatic purpose.” accent text (quote, key idea); text-navigator (content, news feed, indication of movement or time); chronotope”. A specific linguistic phenomenon known as “language compression” is widespread in media texts. Language compression is the art of minimization; attention is focused on the main, the most essential, everything secondary is filtered out. Compression uses words succinctly and sparingly to convey the meaning as much as possible. For example, the headline “Racism. What is the essence of the new ideology of the Russian occupiers?”. The note briefly explains the meaning of this concept and explains the difference from “nazism” and “fascism”. Key words: compressed media text, language compression, language of war, emotional markers, expressive neologisms, political journalism.