Giovanni Calice. Spillovers in Sovereign Bond and CDS Markets: An Analysis of...Eesti Pank
This paper analyzes liquidity spillovers in sovereign bond and credit default swap (CDS) markets during the Eurozone sovereign debt crisis from 2007 to 2011. It develops a time-varying vector autoregression model to establish the dynamic interaction between sovereign bond and CDS credit spreads and liquidity spreads. The authors collect transaction data from Thomson Reuters and Datastream to construct daily indices for sovereign bond yields and CDS spreads of 10 Eurozone countries.
Karsten Staehr. The Euro Plus Pact: Competitiveness and External Capital Flow...Eesti Pank
The document summarizes a presentation on the relationship between competitiveness and external capital flows in EU countries. It discusses the Euro Plus Pact, which assumes that weak competitiveness, as measured by increasing unit labor costs, leads to current account deficits. However, the presentation finds that empirical evidence does not support this relationship. Granger causality tests and VAR models instead indicate that increased capital inflows lead to a short-term real exchange rate appreciation and deterioration of competitiveness. The findings suggest the Euro Plus Pact has the causal relationship backwards and that relative wages are highly dependent on credit availability.
Federica Teppa, Maarten van Rooij. Are Retirement Decisions Vulnerable to Fra...Eesti Pank
This document summarizes the results of a study on how framing effects influence retirement decisions. The study used hypothetical questions from surveys in the Netherlands and US to examine how individuals' preferences for pension contributions and investment profiles are affected by how the choices are framed or presented. The results show strong evidence that framing effects, choice set effects, and the standard option presented influence individuals' decisions. Preferences were also found to be more vulnerable to framing for more complex decisions. The findings suggest communication around retirement choices needs to properly frame options to avoid unintended influences on individuals' decisions.
Giovanni Calice. Spillovers in Sovereign Bond and CDS Markets: An Analysis of...Eesti Pank
This paper analyzes liquidity spillovers in sovereign bond and credit default swap (CDS) markets during the Eurozone sovereign debt crisis from 2007 to 2011. It develops a time-varying vector autoregression model to establish the dynamic interaction between sovereign bond and CDS credit spreads and liquidity spreads. The authors collect transaction data from Thomson Reuters and Datastream to construct daily indices for sovereign bond yields and CDS spreads of 10 Eurozone countries.
Karsten Staehr. The Euro Plus Pact: Competitiveness and External Capital Flow...Eesti Pank
The document summarizes a presentation on the relationship between competitiveness and external capital flows in EU countries. It discusses the Euro Plus Pact, which assumes that weak competitiveness, as measured by increasing unit labor costs, leads to current account deficits. However, the presentation finds that empirical evidence does not support this relationship. Granger causality tests and VAR models instead indicate that increased capital inflows lead to a short-term real exchange rate appreciation and deterioration of competitiveness. The findings suggest the Euro Plus Pact has the causal relationship backwards and that relative wages are highly dependent on credit availability.
Federica Teppa, Maarten van Rooij. Are Retirement Decisions Vulnerable to Fra...Eesti Pank
This document summarizes the results of a study on how framing effects influence retirement decisions. The study used hypothetical questions from surveys in the Netherlands and US to examine how individuals' preferences for pension contributions and investment profiles are affected by how the choices are framed or presented. The results show strong evidence that framing effects, choice set effects, and the standard option presented influence individuals' decisions. Preferences were also found to be more vulnerable to framing for more complex decisions. The findings suggest communication around retirement choices needs to properly frame options to avoid unintended influences on individuals' decisions.
Madis Müller. Estonian financial sector – recent developments and the changin...Eesti Pank
The document summarizes recent developments in Estonia's financial sector and the changing role of Eesti Pank (the central bank of Estonia). It notes that Estonia's banking sector is dominated by Nordic banks and that credit growth is slowing while the real estate market is recovering. It discusses Eesti Pank taking on new responsibilities for macroprudential supervision and the implications of the new Single Supervisory Mechanism for oversight of Nordic bank subsidiaries in Estonia. Close cooperation will be needed between Nordic and Baltic authorities and the European Central Bank as financial supervision responsibilities are merged.
Konstantīns Beņkovskis, Julia Wörz. Evaluation of Non-Price Competitiveness o...Eesti Pank
The document evaluates the price and non-price competitiveness of exports from Central, Eastern and South-Eastern European countries to the EU market. It outlines limitations of traditional real effective exchange rate indicators and proposes a theoretical framework to assess changes in relative export prices adjusted for quality or taste using elasticities of substitution. Estimates of elasticities are obtained through a system of demand and supply equations estimated with GMM. The results suggest median elasticities of substitution between 4.9-6.2 for large EU countries.
Harri Turunen. Government spending in a volatile economy at the zero lower boundEesti Pank
1) Government spending multipliers are generally small when the economy is not at the zero lower bound (ZLB), and are increased only slightly by higher uncertainty. 2) When the economy is at the ZLB due to large negative shocks to bond returns or discount rates, multipliers can be substantially above one and increase further with higher spending or productivity volatility. 3) Different types of shocks can drive the economy to the ZLB, but bond return and monetary policy shocks are the primary drivers, while productivity shocks yield relatively small multipliers.
Avalik loeng. Eesti Panga majandusprognoosi tutvustus 13. juunil 2013Eesti Pank
Majanduspoliitika ja -prognoosi allosakonna juhataja Rasmus Kattai tutvustas Eesti Panga vastvalminud majandusprognoosi ja andis ülevaate Eesti majanduse viimase aja arengust.
Eesti Pank koostab Eesti majanduse prognoosi kaks korda aastas. Prognoos valmib koostöös EKPga ning on ühtlasi ka sisendiks euroala majandusprognoosile. Ettekanne põhineb 12. juunil avaldataval väljaandel Rahapoliitika ja Majandus. Prognoos hõlmab ettevaadet kuni 2015. aastani.
Eesti Ajaloomuuseumi ekspert Ivar Leimus tegi ettekande Eesti Vabariigi esimese ametliku maksevahendi – Eesti marga – kehtestamisest 95 aastat tagasi. 30.11.2013
Apostolos Thomadakis. Determinants of Credit Constrained Firms: Evidence from...Eesti Pank
This document summarizes a study on determinants of credit constrained firms in Central and Eastern Europe. It outlines the motivation, literature review, data sources, and empirical results. The study aims to isolate firm-level credit demand from supply, examine how banking competition and credit information sharing impact access to finance, and analyze heterogeneity across countries and years. Key findings include that loan needed firms and credit constrained firms decreased from 2008-2009 to 2012-2014 in most countries, and the impact of banking competition on access to finance depends on whether the market power or information hypothesis dominates.
Sarah Brown. Portfolio Allocation, Background Risk and Households’ Flight to ...Eesti Pank
This document describes a fractional ordered probit (DFOP) model to analyze how background risks affect households' allocation of financial assets into risky and safe asset classes. The model accounts for the fact that background risks like labor income volatility should cause households to "deflate" or reduce their holdings of risky assets. It models the expected share of a household's portfolio allocated to high, medium, and low risk asset classes based on observed characteristics and two background risk equations representing the propensity to move away from high and medium risk assets. The model is estimated on US Survey of Consumer Finances data from 1998-2013 to investigate how different types of uncertainty influence household portfolio composition.
Golden Growth: Restoring the Lustre of the European Economic ModelEesti Pank
Europe has experienced strong economic growth and convergence since the 1970s. It has become a highly integrated trade and finance region, with emerging European countries experiencing particularly large capital inflows that have boosted growth. However, productivity growth has slowed in larger European economies relative to the US in recent decades. The US specializes in newer, more research-intensive sectors while Europe focuses more on older industries. Addressing barriers to business and further improving integration could help restore faster productivity growth across Europe.
Ardo Hansson. Euroala majanduses toimuvast ja selle mõjust EestileEesti Pank
Eesti Panga president Ardo Hansson esines ettekandega euroala majanduse olukorrast ning selle mõjust Eestile Tartu õpetajate sügisfoorumil Vanemuise kontserdimajas. 27.08.2013
9. oktoobril toimus Eesti Panga muuseumi pressiruumis infotund, kus keskpanga ökonomistid Natalja Viilmann ja Orsolya Soosaar andsid ülevaate Eesti tööturu arengust.
This document summarizes the key points from the Financial Stability Review. It notes that while economic activity has reduced uncertainty in international markets, recovery has been slower in some eurozone countries due to high debt and weak banking sectors. A high household debt burden and rapidly rising real estate prices pose major risks to stability in Sweden and Norway. Estonian companies have not been affected by the economic slowdown, but risks remain from a weak eurozone economy and potential fall in Nordic real estate prices. Maintaining a 10% minimum capital requirement is important for the resilience of Estonia's banking sector.
Ardo Hansson. Economic Adjustment in the Baltic countriesEesti Pank
The document compares economic adjustment in the Baltic countries to other countries during previous recessions and to other small euro-area countries during the 2007-2009 crisis. It finds that while the Baltic countries' adjustment was similar to patterns in emerging markets, the degree of volatility and changes in domestic demand and external vulnerabilities were unusually high compared to past recessions. However, fiscal and competitiveness indicators did not exhibit high volatility. Compared to Greece, Ireland and Portugal, the Baltic countries experienced larger declines in GDP during the crisis but have seen a faster recovery, though unemployment remains higher than in the other countries.
Madis Müller. Estonian financial sector – recent developments and the changin...Eesti Pank
The document summarizes recent developments in Estonia's financial sector and the changing role of Eesti Pank (the central bank of Estonia). It notes that Estonia's banking sector is dominated by Nordic banks and that credit growth is slowing while the real estate market is recovering. It discusses Eesti Pank taking on new responsibilities for macroprudential supervision and the implications of the new Single Supervisory Mechanism for oversight of Nordic bank subsidiaries in Estonia. Close cooperation will be needed between Nordic and Baltic authorities and the European Central Bank as financial supervision responsibilities are merged.
Konstantīns Beņkovskis, Julia Wörz. Evaluation of Non-Price Competitiveness o...Eesti Pank
The document evaluates the price and non-price competitiveness of exports from Central, Eastern and South-Eastern European countries to the EU market. It outlines limitations of traditional real effective exchange rate indicators and proposes a theoretical framework to assess changes in relative export prices adjusted for quality or taste using elasticities of substitution. Estimates of elasticities are obtained through a system of demand and supply equations estimated with GMM. The results suggest median elasticities of substitution between 4.9-6.2 for large EU countries.
Harri Turunen. Government spending in a volatile economy at the zero lower boundEesti Pank
1) Government spending multipliers are generally small when the economy is not at the zero lower bound (ZLB), and are increased only slightly by higher uncertainty. 2) When the economy is at the ZLB due to large negative shocks to bond returns or discount rates, multipliers can be substantially above one and increase further with higher spending or productivity volatility. 3) Different types of shocks can drive the economy to the ZLB, but bond return and monetary policy shocks are the primary drivers, while productivity shocks yield relatively small multipliers.
Avalik loeng. Eesti Panga majandusprognoosi tutvustus 13. juunil 2013Eesti Pank
Majanduspoliitika ja -prognoosi allosakonna juhataja Rasmus Kattai tutvustas Eesti Panga vastvalminud majandusprognoosi ja andis ülevaate Eesti majanduse viimase aja arengust.
Eesti Pank koostab Eesti majanduse prognoosi kaks korda aastas. Prognoos valmib koostöös EKPga ning on ühtlasi ka sisendiks euroala majandusprognoosile. Ettekanne põhineb 12. juunil avaldataval väljaandel Rahapoliitika ja Majandus. Prognoos hõlmab ettevaadet kuni 2015. aastani.
Eesti Ajaloomuuseumi ekspert Ivar Leimus tegi ettekande Eesti Vabariigi esimese ametliku maksevahendi – Eesti marga – kehtestamisest 95 aastat tagasi. 30.11.2013
Apostolos Thomadakis. Determinants of Credit Constrained Firms: Evidence from...Eesti Pank
This document summarizes a study on determinants of credit constrained firms in Central and Eastern Europe. It outlines the motivation, literature review, data sources, and empirical results. The study aims to isolate firm-level credit demand from supply, examine how banking competition and credit information sharing impact access to finance, and analyze heterogeneity across countries and years. Key findings include that loan needed firms and credit constrained firms decreased from 2008-2009 to 2012-2014 in most countries, and the impact of banking competition on access to finance depends on whether the market power or information hypothesis dominates.
Sarah Brown. Portfolio Allocation, Background Risk and Households’ Flight to ...Eesti Pank
This document describes a fractional ordered probit (DFOP) model to analyze how background risks affect households' allocation of financial assets into risky and safe asset classes. The model accounts for the fact that background risks like labor income volatility should cause households to "deflate" or reduce their holdings of risky assets. It models the expected share of a household's portfolio allocated to high, medium, and low risk asset classes based on observed characteristics and two background risk equations representing the propensity to move away from high and medium risk assets. The model is estimated on US Survey of Consumer Finances data from 1998-2013 to investigate how different types of uncertainty influence household portfolio composition.
Golden Growth: Restoring the Lustre of the European Economic ModelEesti Pank
Europe has experienced strong economic growth and convergence since the 1970s. It has become a highly integrated trade and finance region, with emerging European countries experiencing particularly large capital inflows that have boosted growth. However, productivity growth has slowed in larger European economies relative to the US in recent decades. The US specializes in newer, more research-intensive sectors while Europe focuses more on older industries. Addressing barriers to business and further improving integration could help restore faster productivity growth across Europe.
Ardo Hansson. Euroala majanduses toimuvast ja selle mõjust EestileEesti Pank
Eesti Panga president Ardo Hansson esines ettekandega euroala majanduse olukorrast ning selle mõjust Eestile Tartu õpetajate sügisfoorumil Vanemuise kontserdimajas. 27.08.2013
9. oktoobril toimus Eesti Panga muuseumi pressiruumis infotund, kus keskpanga ökonomistid Natalja Viilmann ja Orsolya Soosaar andsid ülevaate Eesti tööturu arengust.
This document summarizes the key points from the Financial Stability Review. It notes that while economic activity has reduced uncertainty in international markets, recovery has been slower in some eurozone countries due to high debt and weak banking sectors. A high household debt burden and rapidly rising real estate prices pose major risks to stability in Sweden and Norway. Estonian companies have not been affected by the economic slowdown, but risks remain from a weak eurozone economy and potential fall in Nordic real estate prices. Maintaining a 10% minimum capital requirement is important for the resilience of Estonia's banking sector.
Ardo Hansson. Economic Adjustment in the Baltic countriesEesti Pank
The document compares economic adjustment in the Baltic countries to other countries during previous recessions and to other small euro-area countries during the 2007-2009 crisis. It finds that while the Baltic countries' adjustment was similar to patterns in emerging markets, the degree of volatility and changes in domestic demand and external vulnerabilities were unusually high compared to past recessions. However, fiscal and competitiveness indicators did not exhibit high volatility. Compared to Greece, Ireland and Portugal, the Baltic countries experienced larger declines in GDP during the crisis but have seen a faster recovery, though unemployment remains higher than in the other countries.
Eesti Panga president Madis Müller ja finantsstabiilsuse osakonna juhataja Jaak Tõrs tutvustasid kõigile majandushuvilistele äsja valminud Eesti finantssektori ülevaadet.
Karsten Staehr. Macroeconomic News and Sovereign Interest Rate Spreads before...Eesti Pank
1. The document analyzes how the effect of macroeconomic news on Italian sovereign interest rate spreads changed before and during the ECB's quantitative easing program from 2014-2022.
2. It finds that macroeconomic news had a significant effect on spreads before QE, with a coefficient of around -4, whereas the effect during QE was near zero, with the difference being statistically significant.
3. The results were robust to different specifications and definitions of news shocks. This suggests that QE helped insulate sovereign bond spreads from the impact of macroeconomic news by removing tail risks and "killing normal market reactions to news."
Majanduse Rahastamise Ülevaade. Veebruar 2023Eesti Pank
22.02.2023 Eesti Panga ökonomistid Taavi Raudsaar ja Mari Tamm tutvustasid äsja valminud Majanduse Rahastamise Ülevaadet ehk millised on Eesti majapidamiste ja ettevõtete rahastamisvõimalused.
The Sufficiency of Debt Relief as a Panacea to Sovereign Debt Crisis in Sub-S...Eesti Pank
The thesis analyzes the efficacy of debt relief as a solution to sovereign debt crises in Sub-Saharan Africa, using Ghana, Nigeria, and Zambia as case studies. It conducts debt sustainability analyses under various scenarios of partial or full debt reduction, cancellation, and standstills. Structural impulse response analyses show how macroeconomic factors like growth, interest rates, and exchange rates impact debt levels over time. The results suggest that debt relief can reduce debt burdens but economic reforms are also needed for long-term sustainability. Limitations include low frequency data and lower assumed interest rates.
Luck and skill in the performance of global equity funds in Central and Easte...Eesti Pank
The document summarizes a study examining the performance of actively managed global equity funds in Central and Eastern Europe between 2005-2019. The study uses a bootstrap methodology to separate fund manager skill from luck. Key findings include:
- Approximately 5% of funds showed skill in outperforming their benchmarks gross of fees, with one fund in particular outperforming factor returns net and gross of fees.
- Most funds that underperformed did so due to lack of skill rather than bad luck.
- Fees were too high relative to the abnormal performance added by many mutual funds.
- While some fund managers possessed skill, it was generally not enough to cover their fees, suggesting fees may be too high or competition
The document summarizes a study examining how Lithuanian food manufacturing firms adjusted to trade sanctions imposed by Russia in 2014 that banned many agricultural imports from the EU.
The main adjustments included:
- Reducing part-time employment as the most flexible margin of adjustment. Larger reductions occurred for firms more exposed to the Russian market.
- Increasing exports to other countries to compensate for lost Russian exports. More exposed firms increased other exports more.
- Decreasing investment and full-time employment for more exposed firms, though full-time employment adjustments took longer.
A conceptual framework is presented predicting this sequence of adjustments, with part-time labor adjusting first due to lower costs, followed by exports, investment,
The document provides an economic forecast for Estonia from 2022-2025. It finds that high inflation and energy prices are hurting the global and European economies. Inflation in Estonia is projected to remain high in 2023 before slowly falling in 2024-2025. Interest rates are also expected to continue rising to curb inflation. Fiscal policy measures risk exacerbating inflation. Overall the Estonian economy is forecast to recover by late 2023 but high costs and uncertainty will continue weighing on growth.
Fabio Canovaand Evi Pappa. Costly disasters, energy consumption, and the role...Eesti Pank
Neljapäeval, 20. oktoobril 2022 toimus Eesti Panga avatud seminar, kus rahvusvaheliselt tunnustatud majandusteadlane Fabio Canova tutvustas koos Evi Pappaga valminud uurimustööd „Kulukad looduskatastroofid, energiatarbimine ning eelarvepoliitika“ (Costly disasters, energy consumption, and the role of fiscal policy).
Romain Duval. IMF Regional Economic Outlook for EuropeEesti Pank
31. oktoobril 2022 toimus Eesti Panga avatud seminar, kus Rahvusvahelise Valuutafondi esindaja Romain A. Duval tutvustas IMFi Euroopa osakonnas vastvalminud regionaalset majandusväljavaadet.
Pressikonverents Eesti Pangas, kus keskpanga president Madis Müller ja finantsstabiilsuse osakonna juhataja Jaak Tõrs tutvustavad ülevaadet, mis analüüsib suuremaid riske Eesti finantssektoris.
Pressikonverentsil saab teada:
kuidas majanduse jahenemine, kiire hinnakasv ja intresside tõus mõjutavad inimeste ja ettevõtete võimet laene tagasi maksta
milline mõju saab majanduse jahenemisel olema uute laenude andmisel ettevõtetele ja inimestele
kuidas mõjutavad võlakirjaturgudel toimuvad muutused Eesti pangandussektori rahastamist
milliseid samme tuleb keskpanga hinnangul astuda finantssektori tugevuse kindlustamiseks.
2. 30.04.2013 Irma Tobbi 2
Зачем нужны новые
банкноты?
• Новые банкноты более прочные.
– Это особенно важно для мелких номиналов.
– Благодаря более длительному сроку службы
меньше нагружают окружающую среду.
• Банкноты второй серии менее поддаются
фальсификации.
– Применяется новейшая технология.
– Новые, усовершенствованные защитные элементы.
3. Ввод в обращение второй
серии
• Будет поступать в обращение постепенно в течение нескольких лет.
• Новая банкнота номиналом 5 евро вводится в обращение с 2 мая
2013 г.
• В 2014 г. будет выпущена в обращение вторая серия банкнот
номиналом 10 евро.
• Параллельное обращение.
– Сначала для исчерпания резервов будут находиться параллельно
в обращении банкноты как первой, так и второй серии.
– О том, когда первая серия евробанкнот потеряет статус законного
платежного средства, будет сообщено заранее.
– Евробанкноты первой серии можно будет обменивать во всех
центральных банках евросистемы в течение неопределенного
времени.
30.04.2013 Irma Tobbi 3
4. Оформление
• Евробанкнотам придал новый облик работающий в
Берлине независимый дизайнер банкнот Рейнхольд
Герстеттер.
• Новые банкноты по-прежнему будут отражать тему
банкнот первой серии «Эпохи и стили» (€5: классический,
€10: романский, €20: готический и т.д.).
• Используются те же цвета, но оформление несколько
изменено.
30.04.2013 Irma Tobbi 4
5. Изменения в оформлении
• Оформление новых банкнот разработано с учетом
государств, вступивших в Европейский Союз после ввода в
обращение евробанкнот первой серии.
– Слово «евро» латинскими (EURO), греческими (EYPΩ)
буквами и кириллицей (EBPO) (в 2007 г. в ЕС вступила
Болгария).
– Карта Европы, на которой обозначены Мальта и Кипр.
– Аббревиатура Европейского центрального банка в девяти
вариантах: BCE, ECB, ЕЦБ, EZB, EKP, EKT, EKB, BĊE, EBC.
30.04.2013 Irma Tobbi 5
6. Европа
• На некоторых защитных элементах новых евробанкнот
используется известный портрет Европы из греческой
мифологии.
• Портрет Европы является характерным признаком
евробанкнот второй серии.
• Персонаж греческой мифологии Европа была дочерью
финикийского царя, которую похитил бог Зевс, принявший
облик быка. В Древней Греции эта легенда вдохновила на
использование этого имени в качестве географического
названия.
• Поводом для выбора темы явилась явная связь мотива
Европы с европейским континентом, кроме того, это придает
банкноте человеческое измерение.
30.04.2013 Irma Tobbi 6
9. Защитные элементы,
ощупай
• Защитные элементы банкноты очень легко проверить по
методу «осмотри, ощупай и наклони».
• На ощупь
– Бумага банкноты на ощупь жесткая и похрустывает при
сгибании.
30.04.2013 Irma Tobbi 9
10. Ощупай
• Рельефная печать (intaglio) – цвет основного мотива,
текста и номинала более интенсивный.
• С левого и правого краев банкноты
второй серии на ощупь можно различить
короткие рельефные линии.
30.04.2013 Irma Tobbi 10
13. Портретный водяной знак
• При рассмотрении банкноты на свет виден портрет
Европы.
• На водяном знаке изображены также окно и номинал
банкноты.
• Водяной знак виден на обеих сторонах банкноты.
30.04.2013 Irma Tobbi 13
14. Номинал банкноты
на водяном знаке
• На водяном знаке справа вверху от портрета виден номинал
банкноты.
• У положенной на темную поверхность банкноты виден
темный номинал на водяном знаке (бумага тонкая).
30.04.2013 Irma Tobbi 14
15. Защитная нить
• При рассмотрении банкноты на свет видна защитная нить. На
защитной нити изображены номинал банкноты и символ
евро(€).
30.04.2013 Irma Tobbi 15
16. Портретная голограмма
• При рассмотрении банкноты на свет в нижней части
портретной голограммы виден символ евро в виде пунктира
(€).
30.04.2013 Irma Tobbi 16
18. Портретная голограмма
• При наклоне банкноты на полосе голограммы видны символ
евро (и 5), портрет Европы, изображение окна и номинал.
30.04.2013 Irma Tobbi 18
23. Изумрудно-зеленое число
• При наклоне банкноты на изображенном в левом нижнем
углу блестящем номинале виден перемещающийся сверху
вниз световой эффект. Цвет номинала также меняется от
изумрудно-зеленого до темно-синего.
30.04.2013 Irma Tobbi 23
24. Блестящая полоса
• При наклоне банкноты на ее обратной стороне становится
видна блестящая полоса, на которой изображены символ
евро и номинал.
30.04.2013 Irma Tobbi 24
25. Дополнительные защитные
элементы
– Микрошрифт- местами на банкнотах использован текст,
напечатанный микрошрифтом. Текст можно прочитать с
помощью лупы, шрифт четкий и контрастный.
30.04.2013 Irma Tobbi 25
27. Обычные лучи UV (UV-A)
• Бумага банкноты не светится. Становятся видны внедренные в
бумагу маленькие волокна. Волокна люминесцируют тремя
цветами: красным, зеленым и синим.
• Звезды флага ЕС желтые. Большие звезды, маленькие кольца
и четверть круга в центре банкноты люминесцируют желтым
цветом.
30.04.2013 Irma Tobbi 27
28. Обычные лучи UV (UV-A)
• На обратной стороне четверть круга, расположенного в центре
банкноты, люминесцирует желтым/зеленым. Горизонтальный
серийный номер и блестящая полоса люминесцируют
красным/оранжевым.
30.04.2013 Irma Tobbi 28
29. Лучи UV-C (280-100 нм)
• На лицевой стороне банкноты расположенные в центре
банкноты большие звезды и маленькие кольца, а также
четверть круга, в котором виден символ евро (€),
люминесцируют оранжевым цветом.
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30. Лучи UV-C (280-100 нм)
• На обратной стороне банкноты изображение такое же, как в
лучах UV-A.
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31. Инфракрасная защита
• На лицевой стороне банкноты справа от основного мотива в
инфракрасном свете видны изумрудно-зеленое число и полоса
голограммы, с левой стороны от основного мотива
изображения нет.
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32. Инфракрасная защита
• На обратной стороне банкноты в инфракрасном свете
видны только номинал и горизонтальный серийный номер.
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36. Информацию о защитных элементах банкнот евро можно
найти в Интернете по адресу http://www.uus-euro.eu/
Благодарю за внимание
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