One of the European financial market's components is the pension fund, which does not represent a common scheme valid in all member-states. Each member-state has established a specific scheme being in accordance with other financial and working characteristics as well as in accordance with social, economic and political aspects of the economy. This article analyses the main components of the private pension market in the European Union, as part of the financial market and in comparison with other issues by presenting comparative pension systems beeing established by a number of countries in the EU. It also presents their structure, their asset management, the financial risks associated with and the methods of counteracting them. ; peer-reviewed
Les produits de la forêt dans les applications architecturales ou décoratives extérieurs sont souvent défavorisés par leur durabilité limitée et la préservation de leur apparence. La demande pour des revêtements extérieurs pour le bois à haute durabilité, la technologie verte et les nouvelles règlementations environnementales en matière d'émission des COV (composés organiques volatils) poussent l'industrie à développer des nouvelles formulations de peintures à base d'eau qui possèdent des performances équivalentes ou supérieures à celles des peintures à base de solvant organique. En effet, ce projet a comme but l'amélioration de la durabilité du bois en usage extérieur en utilisant des revêtements nanocomposites à base d'eau qui contiennent des absorbeurs UV inorganiques à taille nanométrique. Des nanoparticules de ZnO et TiO2 modifiées en surface contre la dégradation photocatalitique ont été choisies afin d'être dispersées sous forme de poudre et sous forme de dispersions aqueuses dans une formulation commerciale à base d'eau de teinture acrylique latex fournie par Sico Ltd. Montréal – Akzo Nobel, Canada. La durabilité des teintures nanocomposites appliquées sur de l'épinette noire a été étudiée par le vieillissement accéléré. La dégradation des revêtements nanocomposites due au vieillissement artificiel a été déterminée par le changement de l'apparence (couleur et brillance), la perte en épaisseur, le changement de la température de la transition vitreuse (Tg) et le changement de propriétés mécaniques (l'adhérence, l'abrasion, dureté, module d'élasticité). Le développement des produits de photo-oxydation à la surface des revêtements vieillis a été démontré par la spectroscopie infrarouge à transformée de Fourier. La microscopie à force atomique a été employée pour visualiser la dégradation des surfaces de revêtements soumis au vieillissement artificiel afin d'établir leur mécanisme de dégradation. La qualité de la dispersion des nanoparticules dans les films nanocomposites ainsi que la tenue du film sur le substrat en bois ont été vérifiés par la microscopie électronique à balayage et à transmission. Les études thermiques effectuées par la calorimétrie différentielle à balayage et l'analyse thermogravimétrique ainsi que la perméabilité aux vapeurs d'eau ont servi à mieux caractériser les nouveaux revêtements nanocomposites. En conclusion, une protection efficace contre les UV est directement reliée à la dispersion homogène des nanoparticules dans le revêtement nanocomposite. La compatibilité avec la matrice acrylique de dispersant utilisée pour la prédispersion de nanoparticules et le type de modification à la surface de nanoparticules sont très importants pour prévenir l'agrégation des nanoparticules dans le revêtement sec. Finalement, une série de revêtements nanocomposites à haute performance a été sélectionnée. Les résultats obtenus confirment l'avantage de l'utilisation des absorbeurs inorganiques UV de taille nanométrique dans les revêtements extérieurs et par conséquent, de nombreuses possibilités de l'application de la nanotechnologie se sont ouvertes dans la reformulation des teintures à base d'eau destinées au bois. ; The forest products designated to architectural or exterior decorative applications are often disadvantaged by their limited durability and appearance preservation. High performance exterior wood coatings demand, green technologies and the VOCs environmental legislations push industry to develop waterborne formulations that pose equivalent or superior performance as the solventborne ones. Consequently, the main objective of this project is to improve the exterior wood durability by using waterborne nanocomposite coatings that contain nanosized inorganic UV absorbers. Surface modified ZnO and TiO2 nanoparticles against photocatalytic choose to disperse under powder and water-based dispersions into a commercial waterborne acrylic stain formulation for deck from Sico Ltd. Montreal – Akzo Nobel, Canada. The durability of nanocomposite coatings supported by black spruce wood was studied by artificial aging. Nanocomposites coatings degradation was followed by appearance (gloss and color measurements), thickness, glass transition temperature (Tg) and mechanical properties (adhesion, abrasion, hardness and elastic modulus) changes. Photo-oxidation products growth on the degraded surface of aged wood coatings was monitorized by Fourier Transform - Infrared Spectroscopy. Atomic force microscopy was used to visualise the aged coatings degraded surface in order to establish their mechanism of degradation under artificial exposure. The nanoparticles dispersion quality in the dry nanocomposites films and also films adherence on the wood substrate were verified by scanning electron microscopy and transmission electron microscopy. The thermal analysis (DSC and TGA) and water vapour permeability were employed for a better characterization of the new nanocomposite coatings. In conclusion, an efficient UV protection is directly connected with an homogeneous dispersion of the nanoparticles in nanocomposite coating. Dispersant compatibility that was used to predisperse the nanoparticles and modification type of nanoparticles are crucial in preventing nanoparticles agglomeration in the dry coating. Finally, a series of high performance nanocomposites coatings was selected. The obtained results confirm the advantage of using inorganic nanosized UV absorbers in exterior coatings and consequently various possibilities of nanotechnologies applications are open into reformulating waterborne coating for wood.
In this paper, we present a simulation model and other modalities of reducing the risk impacts for the agricultural field, which is characterised by a strong exposure to risk. While in other sectors the main factors are economic, social and operational, agriculture has both these risks, plus the factors of weather. Applying the simulation model, individual farmers can cuantify the costs and benefits of risk reducing policies and create risk-related effects on their decisions. Adapting the model for every individual farmers, they can manage the impact of risks against their production by taking properly decisions regarding the use of land and other inputs, and also with respect to government payments and other risk reduction strategies that they can use. After looking at the agricultural tools applied in America and different countries from Europe, we underline the importance of the public-private relation in sustaining of agricultural insurance. The most sophisticated agricultural insurance scheme is MPCI one used in America which can inspire the European Union one.
Against the background of the economic and financial crisis manifested all over the world, the insurance companies, as well as all business entities, are forced to account for a better control over their financial stability, in order to avoid the insolvency or even the bankruptcy, and the auditors have the obligation to enforce approaches which rely on great precision and loyalty. From this point of view, a solvency system oriented on risk was created within the European Union, feasible to European insurance companies, thus the insurers were obliged to analyze the ways of substantiating the insurance premiums and of taking up insurances in order to achieve an adequate structure of the portfolio at a certain level of financial stability. We consider that the result, deriving from the studies introduced in this paper, represents an useful instrument for the executive management of the insurance companies, which, by means of this paper, have the opportunity to improve the underwriting activity, preventing, thus, the risk of insolvency, and for their auditors, who may control the administration of risks undertaken by the insurance companies, taking into account the examples of analytical examination presented here. ; Bütün dünyada etkisini gösteren ekonomik ve finansal krizin aksine sigorta şirketleri ve iş dünyasındaki diğer örgütler finansal istikrar için daha iyi bir denetim sitemi oluşturmak durumundadırlar. Özellikle başarısız olmamak ve iflastan korunmak için buna ihtiyaç vardır. Denetim yapanların bu konuda yaklaşımlar ortaya koyma noktasında kesin sorumlulukları vardır. Bu noktada risk unsuru taşıyan ödeme gücüne ilişkin yapı Avrupa Birliğinde oluşturulmuştur. Avrupa'daki sigortacılık sektöründe yapılabilir olan sigortacıların sigorta primlerin ispat etme yükümlülüklerinin olmasıdır. Sigorta şirketleri finansal istikrar için başarılı bir şekilde belirli bir portföyü yönetmeleri ve sürdürmeleri gereklidir. Çalışmamızda elde edilen bu sonuçların özellikle sigorta şirketlerinin tepe yönetimi açısından yararlı sonuçları ortaya koyduğu düşünülmektedir. Özellikle sigortacılık faaliyetlerinin iyileştirilmesini, başarısızlık riskinden uzak durmanın denetçiler aracılığı sigorta şirklerinde alınan risklerin incelenmesinde ortaya konan analitik inceleme örneklerinde ele alınmıştır.
The research aims to identify several dissimilarities between the European Union Member States (EU-27 MS) in terms of welfare and labour market dimensions under the sheer implications of the ageing phenomenon. The quantitative research methodology emphasizes the cluster analysis based on the Ward method, performed for the year 2018. Main results denote that only two countries (Denmark and Sweden) registered soaring performances, especially for the labour market credentials (particularly the employment rate and active policies). Other 10 EU-27 MS accounted medium performances in terms of well-being, but also the lowest achievements as regards the old dependency rate, the employment rate of persons aged 55-64 and the birth rate. This paper brings to the fore the keen need to redesign specific policies and tailored strategies by the responsible authorities and business representatives across the EU, in order to enhance achievements and new solutions for the difficulties brought by population ageing, with spillover effects on the labour market integration of older employees and overall economic welfare. The study stands out through the new integrative approach based on cluster analysis that underlines the dissimilarities between the EU member states, and the features of each group of countries, in a pre-settled framework, thus grasping the difficulties, but also the opportunities faced in terms of ageing and economic welfare. ; Ovo istraživanje ima za cilj da identifikuje nekoliko razlika među zemljama članicama Evropske unije (EU-27 MS) u pogledu dimenzija blagostanja i tržišta rada pod implikacijama fenomena starenja. Metodologija kvantitativnog istraživanja naglašava klaster analizu zasnovanu na Vard-ovoj metodi za 2018. godinu. Glavni rezultati ukazuju da su samo dve zemlje (Danska i Švedska) registrovale visoke preformanse, naročito za akreditive na tržištu rada (konkretno stopa zaposlenosti i aktivne politike). Ostalih deset EU-27 zemalja su pokazale srednje performanse u smislu blagostanja, ali i najniža ...
Taking into consideration the achievements in the economic development of Romania in the last years, it complies with the criterion of being a functioning market economy. Despite the favorable trends registered, our country is still reforming and restructuring its economy. Therefore, vigorous implementation of its structural reform program should enable Romania to cope with competitive pressure and market forces within the European Union. Some improvements can be made in sustaining macroeconomic stability and in deepening structural reforms which requires strong political commitment, stable institutions, coherent public policies and financial resources.
Given the amplitude of migration in Europe and its potential to encourage or hinder the agricultural development, the general objective of this paper is to assess this possible potential on the long term, within a sustainable development frame of reference. Along these lines, we have built up several scenarios that focus on the agricultural results attained by ten EU Member States mainly targeted by immigrants, throughout the 2020-2025 period (sustainable development extrapolation). We have elaborated a set of indicators and within a panel in order to implement the spatial analysis and structural equation modelling (SEM), as methodological endeavour. The results obtained, verified by testing four hypotheses, show that a positive tendency in terms of increased government agri-innovation support is revealed on the long run, through the economic (labour) migration. Our findings outline that conclusive results of labour immigration could reverse generating unbalances in the agricultural sector. Thus, the need to develop accurate tailored policies is more than necessary by acknowledging the complex problems of the rural areas and those of international migration, as well as the major discrepancies among countries and stronger socio-economic interconnections. ; Uzevši u obzir veličinu migracija u Evropi i njihov potencijal da poboljšaju ili unazade poljoprivredni razvoj, opšti cilj ovog rada je da proceni njihove potencijalne dugoročne posledice, u okviru referentnog okvira održivog razvoja. S tim u vezi, razradili smo nekoliko scenarija koji se fokusiraju na poljoprivredni razvoj deset zemalja-članica EU sa najvećim prilivom imigranata, u period 2020-2025 (ekstrapolacija održivog razvoja). Razradili smo set pokazatelja da bismo implementirali prostornu analizu i modeliranje strukturalnih jednačina (SEM), kao metodološki napor. Dobijeni rezultati, verifikovani tertiranjem četiri hipoteze, pokazuju da se na duge staze otkriva pozitivna tendencija u smislu povećane državne podrške agri-inovacijama, kroz ekomomsku ...
The academic literature analyzes the fiscality concern from all points of view, and the question which pressed upon the theoreticians and also the practitioners of the last decades remains: which is the adequate level of the fiscality? The difficulty in answering the question consists in opposite interests: on one hand, the government is willing to acquire the highest level due to the ascendant tendency of public expenses; on the other hand, the tax payers long for a much reduced level in order to dispose of more financial funds. Considering the theory of Arthur Laffer as well as the premise that the taxation structure (flat or progressive tax) is less important than the general level of taxation (tax burden), the purpose of this paper consists in the empirical analysis of the correlation between the tax pressure rate, GDP and the tax incomes flux within two States which adopt different tax systems: Romania and Turkey. For this purpose, we have described the methodology of creating the Laffer curve for Romania and Turkey and we have applied the methods concerning the analysis between the GDP and real tax systems, as well as those methods which estimate the empirical tendency of the fiscality rate within the two States, mentioned above, taking into account the parameters which determine it. The conclusion indicates the existence of a correlation between the real GDP and the real tax incomes, strongly manifested in Turkey (progressive tax system) as compared to Romania (flat tax system). Romania provides an optimistic position, based on standard tendencies which confirm the theory of Arthur Laffer within other countries in Eastern Europe. ; peer-reviewed
The connection between insurance and economic development has been intensively addressed in the literature, but a comprehensive analysis including the dimensions of human capital/quality of life has been less considered. The general objective of this research is to assess the degree of development of the insurance sector in the interplay with the representative dimensions of quality of life, at the level of the European Union (EU) Member States (MS), and to propose strategies for narrowing the gap between countries. The data encloses representative indicators that reveal the size of the insurance market, on the one hand, and the dimensions of quality of life, on the other hand, at the level of 2019. The research methodology consists of cluster analysis with the Ward method. The main results reveal that, at the level of all EU-27 Member States, the size of the insurance market is interconnected with the quality of life, with significant differences between them, developing countries having modest results compared to developed countries. Thereby, specific strategies and policies for these groups of countries are paramount, in order to enhance the wellbeing by insurance services and coverage. ; U literaturi se intenzivno govori o vezi između osiguranja i ekonomskog razvoja, ali sveobuhvatna analiza koja uključuje dimenzije ljudskog kapitala / kvaliteta života je manje razmatrana. Opšti cilj ovog istraživanja je da se proceni stepen razvijenosti sektora osiguranja u interakciji sa reprezentativnim dimenzijama kvaliteta života na nivou država članica Evropske unije (EU) i da se predlože strategije za smanjenje dispariteta između zemalja. Podaci prikazuju reprezentativne pokazatelje koji otkrivaju veličinu tržišta osiguranja, s jedne strane, i dimenzije kvaliteta života, s druge strane, na nivou 2019. Metodologija istraživanja sastoji se od klaster analize sa metodom Ward-a. Glavni rezultati otkrivaju da je na nivou svih država članica EU-27 veličina tržišta osiguranja povezana sa kvalitetom života, sa značajnim ...
Population aging and public health expenditure mainly dedicated to older dependent persons present major challenges for the European Union (EU) Member States, with profound implications for their economies and labor markets. Sustainable economic development relies on a well-balanced workforce of young and older people. As this balance shifts in favor of older people, productivity tends to suffer, on the one hand, and the older group demands more from health services, on the other hand. These requisites tend to manifest differently within developed and developing EU countries. This research aimed to assess population aging impacts on labor market coordinates (employment rate, labor productivity), in the framework of several health dimensions (namely, health government expenditure, hospital services, healthy life years, perceived health) and other economic and social factors. The analytical approach consisted of applying structural equation models, Gaussian graphical models, and macroeconometric models (robust regression and panel corrected standard errors) to EU panel data for the years 1995–2017. The results show significant dissimilarities between developed and developing EU countries, suggesting the need for specific policies and strategies for the labor market integration of older people, jointly with public health expenditure, with implications for EU labor market performance.
Given the global importance of bioeconomy for sustainable development and its trendiness in the knowledge driven literature, our research aims to develop a general assessment framework for several shaping factors of bioeconomy fundamentals within the European Union under the decisive impact of the intellectual capital credentials, namely educational attainment, research and development activities and innovation patterns. Considering that there is a high heterogeneity among Member States (MS), selectively regarding the implementation of the intellectual capital in the knowledge economy, but also a differential degree of bioeconomy advances, we have compiled distinct panels on the two groups of EU-28 MS, namely EU-15 (old MS) and EU-13 (new MS). The purpose is to examine the inferences of the intellectual capital in the context of economic development and to shape its role in achieving a sustainable bioeconomy. We have applied several macro-econometric procedures for each considered group, namely: multifactorial macro-econometric models, structural equation modelling (SEM) and Gaussian Graphical Models (GGM), for the period 1995-2016. The results highlight that education, innovation and research, along with main bioeconomy credentials, are at the core of economic development of both EU-13 and EU-15 countries, having distinctive dissimilarities between them, particularly enhanced for the new EU-13 MS. First published online 25 August 2020
Good governance promotes the fundamental grounds of participation and democracy in contemporary public administration, whilst institution building and the (in)effectiveness of public administration is linked to economic growth. This synergy brings forth sheer implications on the sustainable economic development. On this composite setting, the paper examines several fundamental credentials of public administration in the European Union (EU) countries, in relation to economic development, but also poverty, research, and development support, as representative socio-economic credentials. The empirical analysis is based on data covering the 1995−2017 lapse of time, processed through three econometric procedures, namely robust regression, structural equation modeling, and Gaussian graphical models. The main results emphasize that there are significant joint implications of public administration on the considered socio-economic dimensions. General government spending and, particularly, the environmental support, have positive implications on the European Union economies, leading to significant increases in the Gross Domestic Product (GDP) per capita and downsize in poverty risk (more emphasized in regard to the government expenditures than the environmental protection). Overall, the quality of governance in EU countries requires an additional effort dedicated to leverage good public governance in order to support the long-term economic development.
Good governance promotes the fundamental grounds of participation and democracy in contemporary public administration, whilst institution building and the (in)effectiveness of public administration is linked to economic growth. This synergy brings forth sheer implications on the sustainable economic development. On this composite setting, the paper examines several fundamental credentials of public administration in the European Union (EU) countries, in relation to economic development, but also poverty, research, and development support, as representative socio-economic credentials. The empirical analysis is based on data covering the 1995–2017 lapse of time, processed through three econometric procedures, namely robust regression, structural equation modeling, and Gaussian graphical models. The main results emphasize that there are significant joint implications of public administration on the considered socio-economic dimensions. General government spending and, particularly, the environmental support, have positive implications on the European Union economies, leading to significant increases in the Gross Domestic Product (GDP) per capita and downsize in poverty risk (more emphasized in regard to the government expenditures than the environmental protection). Overall, the quality of governance in EU countries requires an additional effort dedicated to leverage good public governance in order to support the long-term economic development.
Given the COVID-19 pandemic crisis that has deeply affected the health and well-being of people worldwide, the main objective of this paper was to explore the existing relationship between health, welfare, and population aging until the pandemic burst, on the basis of two distinctive groups of European Union (EU) countries, namely, the old and the new member states. The methodological endeavor was based on two advanced econometric techniques, namely, structural equation modelling and network analysis through Gaussian graphical models, applied for each group of EU countries, analyzed during the period of 1995–2017. The main results revealed significant differentiation among the new and old EU countries as follows: public health support was found to have a positive impact on healthy aging and well-being of older people, on other social determinants, and on people's perceived good and very good health; overall, significant influences were revealed in terms of the aging dimensions. The main implications of our findings relate to other researchers as a baseline comparison with the existing situation before the COVID-19 pandemic outbreak, but also to policymakers that have to rethink the public health allocations, both in old and new EU member states, in order to endorse the aging credentials, underpinning a successful and healthy integration of the elderly within all life dimensions.
