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IBRD AND ITS INVOLVEMENT IN MODERNISING AND IMPROVING THE FUNCTIONALITY OF PENSION SYSTEMS
Get PDFIn our research we review the International Bank for Reconstruction and Development’s (IBRD) most important contributions to the functionality of the pension systems around the world. The pension systems design constitutes an important premise for the adequate functioning of these systems. In international practice, there is a wide variety of principles and mechanisms which can constitute the foundation of pension systems, the most common being materialized in the multi-pillar pension system, promoted by the IBRD. Its involvement in modernizing and improving the functionality of pension systems has reached also many other aspects such as evaluation of the national pension systems’ performance, financial assistance to governments with the aim of meeting the objectives corresponding to pension systems, scientific, technical and informational support. We conclude that IBRD’s involvement in modernizing and improving the functionality of pension systems has determined a significant transformation of the national pension systems, especially in Latin America and Eastern and Central Europe. However, its well-known multi-pillar model is not free of criticism as a result of the various analytical errors
CONSIDERATIONS ON CONSUMER PERCEIVED RISK
Get PDFIn this article we identified a number of factors influencing the consumers’ perceived risk. In the first part we conducted a review of the main issues that define the perceived risk by the consumer at the time of purchase, some of the lines of action of the organizations to diminish this risk perception and a number of influencing factors presented in the literature, with significant impact on the intensity with which risk is perceived by consumers. The second part of the article is based on the statistical information regarding e-commerce market, market in which the perceived risk plays an important role in the purchasing decision. Thus, based on available official statistics provided by Eurostat we have revealed the existence of certain links between electronic commerce and orientation towards risk and income levels, age and consumer educational level. The review is not intended to be exhaustive, the study taking into consideration only those links that can be identified from using official statistical data
SOLVENCY II: THE IMPLICATIONS OF ITS APPLICATION ON THE ROMANIAN INSURANCE MARKET
Get PDFSolvency II is a European directive whose purpose is to update the regulations concerning the insurance market. This is more than a set of rules on the solvency of insurance companies and is a comprehensive set of rules on the entire insurance market from solvency, liquidity and information asymmetry between actors to an insurance transaction. The aim of this article is to present the implications of applying Solvency II in Romania and the changes that will occur on the insurance market. We also present the advantages of moving from the current regulation, namely Solvency I to Solvency II Directive, both by comparative analysis between both directly and through analysis of test results QIS5 applied in Romania. We will also show the current situation of the insurance market by emphasizing evolution and the solvency margin of solvency for the last six years from 2007, the year before the financial crisis and in 2012, the year for which there last available data
RISK AND FOREIGN DIRECT INVESTMENT IN ROMANIA
Get PDFThis paper tries to present the main categories (types) of risks that affect the inflows of foreign direct investment (FDI) in Romania, such as: country risk, political risk, economic risks, sovereign risks and so on. FDI is an important factor contributing to the economic development and to the economic growth of a country. In order to recuperate its economic handicap as compared to the other countries in the EU, Romania needs a massive inflow of foreign capital, especially in the form of direct investment. The paper also presents the evolution of FDI inflows in Romania and how they were influenced by the main factors affecting the FDI. In principle, between risk and the level of FDI inflows there is a direct dependency relationship: the higher the risk is in a country, the lower the level of FDI inflows is in that country. This is demonstrated by the empirical studies regarding FDI. These studies show that countries with high risk have major difficulties in attracting foreign investment. Therefore, it is important to identify very precisely the main risks that may affect the level of FDI inflows in Romania, in order to propose and implement strategies to mitigate these risks and to attract more foreign direct investment in Romania
FEATURES OF SMALL BUSINESS DEVELOPMENT IN THE CIS COUNTRIES: DOES INSTITUTIONAL ENVIRONMENT AFFECT
Get PDFThe article analyzes the development of small businesses at the national level through a comparative analysis between the former Soviet countries – Ukraine, Russia, Belarus, Kazakhstan, Uzbekistan, and Kyrgyzstan. These countries are comparable by the previous path dependence (the period of the USSR, communism), by the position of the geographical location, as well as by similarity of cultural development. As can be seen from the analysis, which was conducted in article, the quantitative characteristics of small business development in the above countries are similar, based on the dependence on foreign markets and conditions in national economies. However, qualitative indicators of small business development in these countries are different. These differences can be attributed to the activities of the institutional environment (formal and informal institutions) and its impact on the national economy. Conclusions about the effectiveness of quality of development of small business sector through the analysis of its contribution to the national economy are done
RISK-ASSESSMENT PROCEDURES AND ESTABLISHING THE SIZE OF SAMPLES FOR AUDITING FINANCIAL STATEMENTS
Get PDFIn auditing financial statements, the procedures for the assessment of the risks and the calculation of the materiality differ from an auditor to another, by audit cabinet policy or advice professional bodies. All, however, have the reference International Audit Standards ISA 315 “Identifying and assessing the risks of material misstatement through understanding the entity and its environment” and ISA 320 “Materiality in planning and performing an audit”. On the basis of specific practices auditors in Romania, the article shows some laborious and examples of these aspects. Such considerations are presented evaluation of the general inherent risk, a specific inherent risk, the risk of control and the calculation of the materiality
INFORMATION TECHONOLOGY AND LIFELONG EDUCATION – IMPLICATIONS ON THE EU EMPLOYED POPULATION
Get PDFThe quality and the skills of human resources are important factors in the success of every organization wherever it act. Moreover this is really true in a very competitive market such as European Union. In the European Union the number of persons who are taking part in high education studies after the age of 25 years has seen an upward trend in recent years, increasing thus the share of employed graduates of tertiary education in total employment over 25 years. This increase is generated by the access to education forms adapted in terms of time and location of training. The appearance and development of these forms can be explained by the use of information technology (Internet access). Statistics show that in the EU, household access to the Internet and its frequency of use was also increasing, approximately 80% of all persons aged 16 to 74 years have ever used this information and communication tool
SPECIFIC MODELS OF REPRESENTING THE INTELLECTUAL CAPITAL
Get PDFVarious scientists in the modern age of management have launched different models for evaluating intellectual capital, and some of these models are analysed critically in this study, too. Most authors examine intellectual capital from a static perspective and focus on the development of its various evaluation models. In this chapter we surveyed the classical static models: Sveiby, Edvisson, Balanced Scorecard, as well as the canonical model of intellectual capital. In a spectral dynamic analysis, organisational intellectual capital is structured in: organisational knowledge, organisational intelligence, organisational values, and their value is built on certain mechanisms entitled integrators, whose chief constitutive elements are: individual knowledge, individual intelligence and individual cultural values. The organizations, as employers, must especially reconsider those employees’ work who value knowledge because they are free to choose how, and especially where they are inclined to invest their own energy, skills and time, and they can be treated as freelancers or as some little entrepreneurs
LIFELONG LEARNING AS A PREMISE FOR BUILDING THE LEARNING ORGANIZATION IN THE ROMANIAN SMES
Get PDFTo become more competitive, the SMEs in our study should encourage learning at all the organizational levels, meaning becoming learning organizations. The lifelong learning has become a vital necessity of the contemporary society, it is a theoretical principle and it acts to describe a specific reality of our century. The lifelong education should not be conceived as a mere preparation for life but as an important dimension, a continuous existential one, whose duration is overlapped with the life span. This research aims to capture the boundaries, inside the SMEs, where the organizational culture acts as an impulse for learning. The used investigation method was based on the findings and attitudes revealed by a questionnaire survey, on a systematic observation upon the phenomena and from the synthesis of some previous studies in this area. The paperwork emphasizes the importance of the strategic orientation towards knowledge management, stressing that the main advantage that such an economic entity as a SME can have is the ability to systematically and continuously exploit the obtained knowledge. The organizational learning may be even a means to achieve certain strategic objectives
THEORETICAL FRAMEWORK OF ADVERTISING - SOME INSIGHTS
Get PDFAdvertising as a tool of communication, but mostly as a marketing tool is subject to many theories and explanatory and normative models. Its contents and performed functions are not yet defined in general recognized theory. Present article focuses on the analysis of advertising in terms of its specific persuasive effort and communication process. Advertising seen as a process is based on the general scheme of the marketing communication process, with a number of specific features related to its content. The persuasive effort is related to creation of favorable attitudes or reinforcing existing attitudes. This process of persuasion is closely linked to the concept of attitude. Most theories of advertising have explored the connection between persuasion and attitude, identifying possible responses that the receiver can give to advertising information. Following lines develop these two important aspects associated with advertising theory, even if they are not the only issues that are debated in the literature