ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2018
The uncertainty faced by insurance companies may include various aspects, such as the possibility... more The uncertainty faced by insurance companies may include various aspects, such as the possibility of partial withdrawal in a life insurance which leads to a liquidity risk, or health care benefits claims. Acting in a competitive market is another source of uncertainty as the insurer characteristics may be essential in being preferred by a possible client. Thus, in real-life, there are many situations in which the information cannot be assessed precisely in numerical values. Fuzzy phenomena exist in nature and are encountered within human society. The notion of a fuzzy set has been introduced by L. A. Zadeh in 1965 and has been since developed in many directions. As well, researchers and practitioners have identified applications in many fields. In this paper, we assume that the characteristics of the insurance products with respect to the attribute are represented by intuitionistic fuzzy numbers. The purpose of this paper is to develop an aggregation procedure based on a weighted intuitionistic fuzzy Bonferroni mean and an aggregation procedure introduced by Xu and Yager in 2011, for the multi-attribute decision making and selection of the insurance product.
Paul Tănăsescu, one of the elders of INCERC, has written with kind love and passion a history of ... more Paul Tănăsescu, one of the elders of INCERC, has written with kind love and passion a history of the most important milestones in the history of the oldest Romanian research institute in buildings and the economy of buildings.
Like many other regions of the world, the European Union is vulnerable to almost all types of nat... more Like many other regions of the world, the European Union is vulnerable to almost all types of natural disasters. The damage history of each European country confirms this. Disasters not only cause loss of human lives, but also material damage that amounts to billions of euros every year, affecting stability, economic growth and economic relations between member states. In a much broader context, in 1996 the European Humanitarian Aid Service set up a disaster preparedness program for catastrophic risks, named DIPECHO (Disaster Preparedness ECHO). Since 1987, the European Council has established an agreement open to all European countries, including the Russian Federation, entitled Europe - major risks. This intergovernmental agreement is a vast platform for cooperation in the field of major natural and technological risks between all European countries. The Green Paper on insurance against natural and man-made disasters, which is a basic document in the actions of European countries ...
Abstract: Romania's regional policy is oriented today towards the eight regions of developme... more Abstract: Romania's regional policy is oriented today towards the eight regions of development. That is why, in order to understand the nature and dynamics of the regional disparities, poverty and social exclusion we shall analyze the main changes occurred in ...
Ovidius University Annals: Economic Sciences Series, 2012
”While analyzing the current economic crisis, which we can consider the first ever global crisis ... more ”While analyzing the current economic crisis, which we can consider the first ever global crisis that started with banking problems, we are asking if this crisis was strictly a financial one or a crisis due to the phenomenon called globalization. What caused the global financial crisis was the lack of information” as is sayed Phd Cristina Gradea in the article Effects of globalization on companies.(1) Uncertainty is doubt about the abilityto predict future results. Uncertainty arises when an individual perceives risk. Today, the concept of risk seems to synonymous with the one of activity. Although ubiquitous in business, and not only, risk is often relatively difficult to detect or predict.(2)
In this work, we made a presentation regarding to the Israeli pension system which was deeply ref... more In this work, we made a presentation regarding to the Israeli pension system which was deeply reformed by passing it from a system based on Defined Benefits with huge actuarial deficits to a system based on Defined Contribution actuarial balanced. One of the major by products of this reform is the concentration of the pension market in the hands of
The reform of the liberal professions-initiated measures, controversies and restrictions Maria Al... more The reform of the liberal professions-initiated measures, controversies and restrictions Maria Alexandru / 27 The interest rate-factor that determines investment in saving instruments Magdalena Călin / 32 Fiscal policy and real convergence. The case of central and eastern european countries Delia Ţâţu, Lucian Ţâţu / 36 Analyzing the public debt sustainability in EMU Emilia Mioara Câmpeanu / 43 Correlations between fiscal policy and macroeconomic indicators in Romania Iulian Braşoveanu, Laura Obreja Braşoveanu, Cristian Păun / 51 Analyzing causality between Romania's public budget expenditures and revenues Andreea Stoian / 60 Tax evasion: an analysis of the collocation "pay with money, not with years" Delia Cataramă / 65 Regional development program. Present state of ISPA program and perspectives for Romania Daniela Călinescu / 72 Romanian Budgetary Cosolidation between European and local Attila György, Adina-Cristina György / 79 Some aspects regarding the administrative absorption capacity for the structural funds in the czech republic, Estonia, Hungary, Slovakia, Slovenia and Romania before accession Oana Lahman / 85 Financial and monetary policies in European Union 4 4 Recovery ratings in the event of sovereign default issuers. an investigation on the factors which influence their calculation by Standard & Poor's Emilian Miricescu / 93 Public investments, determinants of economic development Andreea Semenescu / 100 Structural funds-an instrument of economic growth within the policies of cohesion and regional convergence Meral Kagitci / 107 United Europe and its problems Dan Ivănescu / 111 The governmental policies that encourage the positive contributions of the foreign direct investments inflows Mihail Vincenţiu Ivan, Viorela Iacovoiu / 115 Analysis regarding the Israeli pension funds system Mariana Popa, Paul Tănăsescu / 124 Risk transfer through insurance contract-part of business risk management Doina Popescu / 134 Protection against natural catastrophes in Romania Marius Gavriletea, Krisztina Kiraly / 138 The mandatory private pensions. A european challenge for Romania Cosmin Şerbănescu / 145 The development of the financial risks reinsurance activity from the single european market perspective Mihaela Cojocaru / 150 Econometrical models for estimating the life insurance demand Simona Dragoş, Cristian Dragoş / 157 A model for generating efficient investment portfolios for the insurance companies on the Romanian market Filip Iorgulescu / 166 The portofolio administering at the isurance companies by A.P.T. multifactorial model Mitică Pepi / 173 Asymmetry in the stochastic volatility models Bogdan Negrea, Elena Bojesteanu / 180 Episodic dependencies and the profitability of moving average strategy on Romanian capital market Alexandru Todea / 186 Value-at-risk. Measurement and evaluation methods for market risk Alina Grigore / 194 Contents 5 5 Stochastic volatility models and stylized facts Ionuţ Alin Sima / 203 The impact of financial statements announcements on stock prices at BSE Adrian Zoicaş-Ienciu / 211 Multiples and their use for equity valuation on european capital markets Dragoş Ioan Mînjină / 220 Quantitative analysis of banks' management performance Nicolae Dardac, Iustina Alina Boitan / 229 The impact of mergers and acquisitions on the economic performances Teodora Barbu, Bogdan Dumitrescu / 236 Banking crises and their implications on the financial system Carmen Obreja, Dan Ştefan Armeanu / 244 Monetary policy transmission mechanism in romania-a VAR approach Marius Alin Andrieş / 250 Price and wage inflation Alina Lucia Trifan / 261 NBR monetary policy interest rate: determinants and optimum level Gabriel Bistriceanu / 268 The relationship between the exchange rate and the inflation: empirical survey for Romania Cătălina Adriana Hândoreanu / 276 Interest rate risk quantification models Ana-Cornelia Puiu, Alina Nicoleta Radu / 285 The influence of R&D policy on performance of the companies listed with bucharest stock exchange (through intangible assets) Iuliana-Ioana Purcărea, Ion Stancu / 293 Corporate competitiveness in the context of consolidating the common tax base regarding profit taxation in the European Union Georgeta Vintilă, Oana Filipescu / 299 Capital effectiveness valuation destined to investments in conditions of uncertainty Dalina Dumitrescu / 308 The impact of the country rating on the corporate rating: empirical perspective in the context of financial globalization Cristina Maria Triandafil, Petre Brezeanu / 316 Micro and macroeconomic determinants of oil stock prices on Romanian capital market
This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seei... more This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seeing the opportunity of municipal credit risk classification, in a market with information transparency problems. Conditioned by facts as the credit size, the level of remuneration and especially by the financial situation of the issuer, rating satisfy the need for synthesized information of all investors, but implies big accountability for local government. If favorable rating is a major signal of credibility in the financial market, bringing a low-cost funding of local investment projects but also notoriety for issuer, a bad classification level brings opposite. In Romania there is no specialized municipal rating system, although the specific market is one of the most developed in Southeastern Europe.
This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seei... more This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seeing the opportunity of municipal credit risk classification, in a market with information transparency problems. Conditioned by facts as the credit size, the level of remuneration and especially by the financial situation of the issuer, rating satisfy the need for synthesized information of all investors, but implies big accountability for local government. If favorable rating is a major signal of credibility in the financial market, bringing a low-cost funding of local investment projects but also notoriety for issuer, a bad classification level brings opposite. In Romania there is no specialized municipal rating system, although the specific market is one of the most developed in Southeastern Europe.
The goal of the present paper is a short analysis for the insurers’ foreign equity in Romania and... more The goal of the present paper is a short analysis for the insurers’ foreign equity in Romania and the development of a mathematical approach for the chronological evolution of the study regarding the insurers’ equity from the point of view of assessing the insolvency probabilities and the risk provision so the estimating insolvency risk will not over overcome an accepted
No matter how distant is the retirement or how everyone believes that will face this important st... more No matter how distant is the retirement or how everyone believes that will face this important stage of life, it can not miss among the important economic issues this aspect. Since Romania is part of nearly three years of a large European family, it is interesting to assess how the ...
Page 1. Electronic copy available at: http://ssrn.com/abstract=1347314 1 Development and disparit... more Page 1. Electronic copy available at: http://ssrn.com/abstract=1347314 1 Development and disparities at local and regional level in Romania Rodica Gherghina 1 , Ioana Duca 2 , Aurelia Ştefănescu 3 , Monica Dudian 4 , Mariana ...
Without reinsurance, the profile world market would fail to meet the multiple risks, of high inte... more Without reinsurance, the profile world market would fail to meet the multiple risks, of high intensity and high production rate. Expanding the business developed by different companies and the first signs of leaving the global financial crisis are factors which should draw attention to the increased risks faced by insurance companies. But the greatest danger comes from the catastrophic risks
ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2018
The uncertainty faced by insurance companies may include various aspects, such as the possibility... more The uncertainty faced by insurance companies may include various aspects, such as the possibility of partial withdrawal in a life insurance which leads to a liquidity risk, or health care benefits claims. Acting in a competitive market is another source of uncertainty as the insurer characteristics may be essential in being preferred by a possible client. Thus, in real-life, there are many situations in which the information cannot be assessed precisely in numerical values. Fuzzy phenomena exist in nature and are encountered within human society. The notion of a fuzzy set has been introduced by L. A. Zadeh in 1965 and has been since developed in many directions. As well, researchers and practitioners have identified applications in many fields. In this paper, we assume that the characteristics of the insurance products with respect to the attribute are represented by intuitionistic fuzzy numbers. The purpose of this paper is to develop an aggregation procedure based on a weighted intuitionistic fuzzy Bonferroni mean and an aggregation procedure introduced by Xu and Yager in 2011, for the multi-attribute decision making and selection of the insurance product.
Paul Tănăsescu, one of the elders of INCERC, has written with kind love and passion a history of ... more Paul Tănăsescu, one of the elders of INCERC, has written with kind love and passion a history of the most important milestones in the history of the oldest Romanian research institute in buildings and the economy of buildings.
Like many other regions of the world, the European Union is vulnerable to almost all types of nat... more Like many other regions of the world, the European Union is vulnerable to almost all types of natural disasters. The damage history of each European country confirms this. Disasters not only cause loss of human lives, but also material damage that amounts to billions of euros every year, affecting stability, economic growth and economic relations between member states. In a much broader context, in 1996 the European Humanitarian Aid Service set up a disaster preparedness program for catastrophic risks, named DIPECHO (Disaster Preparedness ECHO). Since 1987, the European Council has established an agreement open to all European countries, including the Russian Federation, entitled Europe - major risks. This intergovernmental agreement is a vast platform for cooperation in the field of major natural and technological risks between all European countries. The Green Paper on insurance against natural and man-made disasters, which is a basic document in the actions of European countries ...
Abstract: Romania's regional policy is oriented today towards the eight regions of developme... more Abstract: Romania's regional policy is oriented today towards the eight regions of development. That is why, in order to understand the nature and dynamics of the regional disparities, poverty and social exclusion we shall analyze the main changes occurred in ...
Ovidius University Annals: Economic Sciences Series, 2012
”While analyzing the current economic crisis, which we can consider the first ever global crisis ... more ”While analyzing the current economic crisis, which we can consider the first ever global crisis that started with banking problems, we are asking if this crisis was strictly a financial one or a crisis due to the phenomenon called globalization. What caused the global financial crisis was the lack of information” as is sayed Phd Cristina Gradea in the article Effects of globalization on companies.(1) Uncertainty is doubt about the abilityto predict future results. Uncertainty arises when an individual perceives risk. Today, the concept of risk seems to synonymous with the one of activity. Although ubiquitous in business, and not only, risk is often relatively difficult to detect or predict.(2)
In this work, we made a presentation regarding to the Israeli pension system which was deeply ref... more In this work, we made a presentation regarding to the Israeli pension system which was deeply reformed by passing it from a system based on Defined Benefits with huge actuarial deficits to a system based on Defined Contribution actuarial balanced. One of the major by products of this reform is the concentration of the pension market in the hands of
The reform of the liberal professions-initiated measures, controversies and restrictions Maria Al... more The reform of the liberal professions-initiated measures, controversies and restrictions Maria Alexandru / 27 The interest rate-factor that determines investment in saving instruments Magdalena Călin / 32 Fiscal policy and real convergence. The case of central and eastern european countries Delia Ţâţu, Lucian Ţâţu / 36 Analyzing the public debt sustainability in EMU Emilia Mioara Câmpeanu / 43 Correlations between fiscal policy and macroeconomic indicators in Romania Iulian Braşoveanu, Laura Obreja Braşoveanu, Cristian Păun / 51 Analyzing causality between Romania's public budget expenditures and revenues Andreea Stoian / 60 Tax evasion: an analysis of the collocation "pay with money, not with years" Delia Cataramă / 65 Regional development program. Present state of ISPA program and perspectives for Romania Daniela Călinescu / 72 Romanian Budgetary Cosolidation between European and local Attila György, Adina-Cristina György / 79 Some aspects regarding the administrative absorption capacity for the structural funds in the czech republic, Estonia, Hungary, Slovakia, Slovenia and Romania before accession Oana Lahman / 85 Financial and monetary policies in European Union 4 4 Recovery ratings in the event of sovereign default issuers. an investigation on the factors which influence their calculation by Standard & Poor's Emilian Miricescu / 93 Public investments, determinants of economic development Andreea Semenescu / 100 Structural funds-an instrument of economic growth within the policies of cohesion and regional convergence Meral Kagitci / 107 United Europe and its problems Dan Ivănescu / 111 The governmental policies that encourage the positive contributions of the foreign direct investments inflows Mihail Vincenţiu Ivan, Viorela Iacovoiu / 115 Analysis regarding the Israeli pension funds system Mariana Popa, Paul Tănăsescu / 124 Risk transfer through insurance contract-part of business risk management Doina Popescu / 134 Protection against natural catastrophes in Romania Marius Gavriletea, Krisztina Kiraly / 138 The mandatory private pensions. A european challenge for Romania Cosmin Şerbănescu / 145 The development of the financial risks reinsurance activity from the single european market perspective Mihaela Cojocaru / 150 Econometrical models for estimating the life insurance demand Simona Dragoş, Cristian Dragoş / 157 A model for generating efficient investment portfolios for the insurance companies on the Romanian market Filip Iorgulescu / 166 The portofolio administering at the isurance companies by A.P.T. multifactorial model Mitică Pepi / 173 Asymmetry in the stochastic volatility models Bogdan Negrea, Elena Bojesteanu / 180 Episodic dependencies and the profitability of moving average strategy on Romanian capital market Alexandru Todea / 186 Value-at-risk. Measurement and evaluation methods for market risk Alina Grigore / 194 Contents 5 5 Stochastic volatility models and stylized facts Ionuţ Alin Sima / 203 The impact of financial statements announcements on stock prices at BSE Adrian Zoicaş-Ienciu / 211 Multiples and their use for equity valuation on european capital markets Dragoş Ioan Mînjină / 220 Quantitative analysis of banks' management performance Nicolae Dardac, Iustina Alina Boitan / 229 The impact of mergers and acquisitions on the economic performances Teodora Barbu, Bogdan Dumitrescu / 236 Banking crises and their implications on the financial system Carmen Obreja, Dan Ştefan Armeanu / 244 Monetary policy transmission mechanism in romania-a VAR approach Marius Alin Andrieş / 250 Price and wage inflation Alina Lucia Trifan / 261 NBR monetary policy interest rate: determinants and optimum level Gabriel Bistriceanu / 268 The relationship between the exchange rate and the inflation: empirical survey for Romania Cătălina Adriana Hândoreanu / 276 Interest rate risk quantification models Ana-Cornelia Puiu, Alina Nicoleta Radu / 285 The influence of R&D policy on performance of the companies listed with bucharest stock exchange (through intangible assets) Iuliana-Ioana Purcărea, Ion Stancu / 293 Corporate competitiveness in the context of consolidating the common tax base regarding profit taxation in the European Union Georgeta Vintilă, Oana Filipescu / 299 Capital effectiveness valuation destined to investments in conditions of uncertainty Dalina Dumitrescu / 308 The impact of the country rating on the corporate rating: empirical perspective in the context of financial globalization Cristina Maria Triandafil, Petre Brezeanu / 316 Micro and macroeconomic determinants of oil stock prices on Romanian capital market
This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seei... more This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seeing the opportunity of municipal credit risk classification, in a market with information transparency problems. Conditioned by facts as the credit size, the level of remuneration and especially by the financial situation of the issuer, rating satisfy the need for synthesized information of all investors, but implies big accountability for local government. If favorable rating is a major signal of credibility in the financial market, bringing a low-cost funding of local investment projects but also notoriety for issuer, a bad classification level brings opposite. In Romania there is no specialized municipal rating system, although the specific market is one of the most developed in Southeastern Europe.
This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seei... more This paper work puts in discussion the rating for municipal bonds, covering relevant aspects seeing the opportunity of municipal credit risk classification, in a market with information transparency problems. Conditioned by facts as the credit size, the level of remuneration and especially by the financial situation of the issuer, rating satisfy the need for synthesized information of all investors, but implies big accountability for local government. If favorable rating is a major signal of credibility in the financial market, bringing a low-cost funding of local investment projects but also notoriety for issuer, a bad classification level brings opposite. In Romania there is no specialized municipal rating system, although the specific market is one of the most developed in Southeastern Europe.
The goal of the present paper is a short analysis for the insurers’ foreign equity in Romania and... more The goal of the present paper is a short analysis for the insurers’ foreign equity in Romania and the development of a mathematical approach for the chronological evolution of the study regarding the insurers’ equity from the point of view of assessing the insolvency probabilities and the risk provision so the estimating insolvency risk will not over overcome an accepted
No matter how distant is the retirement or how everyone believes that will face this important st... more No matter how distant is the retirement or how everyone believes that will face this important stage of life, it can not miss among the important economic issues this aspect. Since Romania is part of nearly three years of a large European family, it is interesting to assess how the ...
Page 1. Electronic copy available at: http://ssrn.com/abstract=1347314 1 Development and disparit... more Page 1. Electronic copy available at: http://ssrn.com/abstract=1347314 1 Development and disparities at local and regional level in Romania Rodica Gherghina 1 , Ioana Duca 2 , Aurelia Ştefănescu 3 , Monica Dudian 4 , Mariana ...
Without reinsurance, the profile world market would fail to meet the multiple risks, of high inte... more Without reinsurance, the profile world market would fail to meet the multiple risks, of high intensity and high production rate. Expanding the business developed by different companies and the first signs of leaving the global financial crisis are factors which should draw attention to the increased risks faced by insurance companies. But the greatest danger comes from the catastrophic risks
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