Abstract: In this paper, we will analyze the relationship between the neo-liberal concept of property rights and redistribution policy. This issue is back in the focus of interest due to the crisis 2008. The crisis has reaffirmed the influence of the state on the free-market processes. The interference of the state with property relations reopened a classical question: is it legitimate to redistribute resources of a man in favor of another man with taxes? The dominant view is that the neoliberal philosophy of natural rights is incompatible with redistributive measures. In principle, this view can be accepted. However, when we look into the details of the theory of natural rights proposed by some coryphaei of neoliberal philosophy, such as Hayek, Nozick, Buchanan and Rothbard, we can see that it is not such an unequivocal view.
Abstract: We have been grouping and developing various kinds
of practical, promising sensing applied systems concerning
agricultural advancement and technical tradition (guidance). These
include advanced devices to secure real-time data related to worker
motion, and we analyze by methods of various advanced statistics and
human dynamics (e.g. primary component analysis, Ward system
based cluster analysis, and mapping). What is more, we have been
considering worker daily health and safety issues. Targeted fields are
mainly common farms, meadows, and gardens. After then, we
observed and discussed time-line style, changing data. And, we made
some suggestions. The entire plan makes it possible to improve both
the aforementioned applied systems and farms.
Abstract: In this work, we attempt to analyze the contribution of
innovative activities to firm performance and growth. We examine
economic data from some of the economies that were heavily
affected by current economic crisis: the countries of southern Europe
(Portugal, Italy, Greece and Spain) and Ireland. Following literature,
an appropriate econometric model is developed and several indicators
are tested in order to disclose possible relation with innovative
activity. Findings confirm the crucial effect of innovative process in
economic activity, in firm and country level.
Abstract: Contemporary city is a subject to rapid economic and
social changes. Therefore, it requires an active policy designed to
meet the diverse needs of their residents, build competitive position
and capacity to compete with other cities. Competitiveness of cities
depends largely on their resources but also to a large extent, on the
policies and performance of local authorities. Cooperation with social
sector also plays an important role, as it affects the use of resources
and builds an advantage over other cities.
The subject of this article is city's contemporary problems of
development with particular emphasis on central areas. This issue is a
starting point for reflection on the process of urban regeneration in
medium size cities in Poland, as well as cooperation between various
actors and their roles in the revitalization processes of Polish cities'
centers.
Abstract: This article deals with geographical conditions in
terrain and their effect on the movement of vehicles, their effect on
speed and safety of movement of people and vehicles. Finding of the
optimal routes outside the communication is studied in the Army
environment, but it occur in civilian as well, primarily in crisis
situation, or by the provision of assistance when natural disasters
such as floods, fires, storms etc., have happened. These movements
require the optimization of routes when effects of geographical
factors should be included. The most important factor is the surface
of a terrain. It is based on several geographical factors as are slopes,
soil conditions, micro-relief, a type of surface and meteorological
conditions. Their mutual impact has been given by coefficient of
deceleration. This coefficient can be used for the commander`s
decision. New approaches and methods of terrain testing,
mathematical computing, mathematical statistics or cartometric
investigation are necessary parts of this evaluation.
Abstract: Housing loans play an important role in CEE
countries’ economies. This fact is based on their share in total loans
to households and their importance for economic activity and growth
in CEE countries. Therefore, it is important to find out key
determinants of housing loans demand in these countries. The aim of
this study is to research and analyze the determinants of the demand
for housing loans in Croatia. In this regard, the effect of economic
activity, loan terms and real estate prices were analyzed. Also, the
aim of this study is to find out what motivates people to take housing
loans. Therefore, primarily empirical study was conducted among the
Croatian residents. The results show that demand for housing loans is
positively affected by economic growth, higher personal income and
flexible loan terms, while it is negatively affected by interest rate rise.
Abstract: Different tools and technologies were implemented
for Crisis Response and Management (CRM) which is generally
using available network infrastructure for information exchange.
Depending on type of disaster or crisis, network infrastructure could
be affected and it could not be able to provide reliable connectivity.
Thus any tool or technology that depends on the connectivity could
not be able to fulfill its functionalities. As a solution, a new message
exchange framework has been developed. Framework provides
offline/online information exchange platform for CRM Information
Systems (CRMIS) and it uses XML compression and packet
prioritization algorithms and is based on open source web
technologies. By introducing offline capabilities to the web
technologies, framework will be able to perform message exchange
on unreliable networks. The experiments done on the simulation
environment provide promising results on low bandwidth networks
(56kbps and 28.8 kbps) with up to 50% packet loss and the solution is
to successfully transfer all the information on these low quality
networks where the traditional 2 and 3 tier applications failed.
Abstract: The study is a review of the literature concerning the
consequences of non-standard monetary policy, which are used by
central banks during unconventional periods, threatening banking
sector instability. In particular, the attention was paid to the effects of
non-standard monetary policy tools for financial markets. However,
the empirical evidence about their effects and real consequences for
financial markets is still not final. The main aim of the study is to
survey consequences of standard and non-standard monetary policy
instruments, implemented during the global financial crisis in the
United States, United Kingdom and euro area, with particular
attention to the results for the stabilization of global financial
markets. The study consists mainly of the empirical review,
indicating the impact of the implementation of these tools for
financial markets. The following research methods were used in the
study: literature studies, including domestic and foreign literature,
cause and effect analysis and statistical analysis.
Abstract: The purpose of this study is to examine the possible
link between employee and customer satisfaction. The service
provided by employees, help to build a good relationship with
customers and can help at increasing their loyalty. Published data for
job satisfaction and indicators of customer services of banks were
gathered from relevant published works which included data from
five different countries. The scores of customers and employees
satisfaction of the different published works were transformed and
normalized to the scale of 1 to 100. The data were analyzed and a
regression analysis of the two parameters was used to describe the
link between employee’s satisfaction and customer’s satisfaction.
Assuming that employee satisfaction has a significant influence on
customer’s service and the resulting customer satisfaction, the
reviewed data indicate that employee’s satisfaction contributes
significantly on the level of customer satisfaction in the Banking
sector. There was a significant correlation between the two
parameters (Pearson correlation R2=0.52 P
Abstract: In this study, attempt has been made to investigate the
relationship specifically the causal relation between fund unit prices
of Islamic equity unit trust fund which measure by fund NAV and the
selected macro-economic variables of Malaysian economy by using
VECM causality test and Granger causality test. Monthly data has
been used from Jan, 2006 to Dec, 2012 for all the variables. The
findings of the study showed that industrial production index,
political election and financial crisis are the only variables having
unidirectional causal relationship with fund unit price. However the
global oil price is having bidirectional causality with fund NAV.
Thus, it is concluded that the equity unit trust fund industry in
Malaysia is an inefficient market with respect to the industrial
production index, global oil prices, political election and financial
crisis. However the market is approaching towards informational
efficiency at least with respect to four macroeconomic variables,
treasury bill rate, money supply, foreign exchange rate, and
corruption index.
Abstract: The financial crises caused a collapse in prices of
most asset classes, raising the attention on alternative investments
such as sukuk, a smaller, fast growing but often misunderstood
market. We study diversification benefits of sukuk, their correlation
with other asset classes and the effects of their inclusion in
investment portfolios of institutional and retail investors, through a
comprehensive comparison of their risk/return profiles during and
after the financial crisis.
We find a beneficial performance adjusted for the specific
volatility together with a lower correlation especially during the
financial crisis. The distribution of sukuk returns is positively skewed
and leptokurtic, with a risk/return profile similarly to high yield
bonds. Overall, our results suggest that sukuk present diversification
opportunities, a significant volatility-adjusted performance and lower
correlations especially during the financial crisis.
Our findings are relevant for a number of institutional investors.
Long term investors, such as life insurers would benefit from sukuk’s
protective features during financial crisis yet keeping return and
growth opportunities, whereas banks would gain due to their role of
placers, advisors, market makers or underwriters.
Abstract: In this paper the CVA computation of interest rate
swap is presented based on its rating. Rating and probability default
given by Moody’s Investors Service are used to calculate our CVA
for a specific swap with different maturities. With this computation
the influence of rating variation can be shown on CVA. Application
is made to the analysis of Greek CDS variation during the period of
Greek crisis between 2008 and 2011. The main point is the
determination of correlation between the fluctuation of Greek CDS
cumulative value and the variation of swap CVA due to change of
rating.
Abstract: Electricity is recognized as fundamental to
industrialization and improving the quality of life of the people.
Harnessing the immense untapped hydropower potential in Tripura
region opens avenues for growth and provides an opportunity to
improve the well-being of the people of the region, while making
substantial contribution to the national economy. Gumti hydro power
plant generates power to mitigate the crisis of power in Tripura,
India. The first unit of hydro power plant (5MW) was commissioned
in June 1976 & another two units of 5 MW was commissioned
simultaneously. But out of 15MW capacity at present only 8MW-
9MW power is produced from Gumti hydro power plant during rainy
season. But during lean season the production reduces to 0.5MW due
to shortage of water. Now, it is essential to implement some
mitigation measures so that the further atrocities can be prevented
and originality will be possible to restore. The decision making
ability of the Analytic Hierarchy Process (AHP) and Concordance
Analysis Techniques (CAT) are utilized to identify the better decision
or solution to the present problem. Some related attributes are
identified by the method of surveying within the experts and the
available reports and literatures. Similar criteria are removed and
ultimately seven relevant ones are identified. All the attributes are
compared with each other and rated accordingly to their importance
over the other with the help of Pair wise Comparison Matrix. In the
present investigation different mitigation measures are identified and
compared to find the best suitable alternative which can solve the
present uncertainties involving the existence of the Gumti Hydro
Power Plant.
Abstract: One of the most important tasks in the risk
management is the correct determination of probability of default
(PD) of particular financial subjects. In this paper a possibility of
determination of financial institution’s PD according to the creditscoring
models is discussed. The paper is divided into the two parts.
The first part is devoted to the estimation of the three different
models (based on the linear discriminant analysis, logit regression
and probit regression) from the sample of almost three hundred US
commercial banks. Afterwards these models are compared and
verified on the control sample with the view to choose the best one.
The second part of the paper is aimed at the application of the chosen
model on the portfolio of three key Czech banks to estimate their
present financial stability. However, it is not less important to be able
to estimate the evolution of PD in the future. For this reason, the
second task in this paper is to estimate the probability distribution of
the future PD for the Czech banks. So, there are sampled randomly
the values of particular indicators and estimated the PDs’ distribution,
while it’s assumed that the indicators are distributed according to the
multidimensional subordinated Lévy model (Variance Gamma model
and Normal Inverse Gaussian model, particularly). Although the
obtained results show that all banks are relatively healthy, there is
still high chance that “a financial crisis” will occur, at least in terms
of probability. This is indicated by estimation of the various quantiles
in the estimated distributions. Finally, it should be noted that the
applicability of the estimated model (with respect to the used data) is
limited to the recessionary phase of the financial market.
Abstract: In new energy development, wind power has boomed.
It is due to the proliferation of wind parks and their operation in
supplying the national electric grid with low cost and clean resources.
Hence, there is an increased need to establish a proactive
maintenance for wind turbine machines based on remote control and
monitoring. That is necessary with a real-time wireless connection in
offshore or inaccessible locations while the wired method has many
flaws. The objective of this strategy is to prolong wind turbine
lifetime and to increase productivity. The hardware of a remote
control and monitoring system for wind turbine parks is designed. It
takes advantage of GPRS or Wi-Max wireless module to collect data
measurements from different wind machine sensors through IP based
multi-hop communication. Computer simulations with Proteus ISIS
and OPNET software tools have been conducted to evaluate the
performance of the studied system. Study findings show that the
designed device is suitable for application in a wind park.
Abstract: The purpose of the present work is to review some
data for the management challenges that the aquaculture industry in
Greece is currently facing. The results indicate that Greek
aquaculture fish farms apply Human Resources Management (HRM)
practices which can increase motivation, commitment and job
satisfaction of their personnel. In turn, these practices can increase
the productivity of the business. The Greek fish farms appear to
invest in research and technological innovation with a good record in
research activities and the generation of patents. Interestingly, the
results of the present work were carried out during the period of the
recent economic crisis in Greece. Several sectors of the Greek
economy were severely affected by the financial problems of the
Greek government and the Greek banks. Under the adverse
economical conditions created by the Greek economic crisis, even the
Greek aquaculture industry, which historically is considered as a
thriving national exporting business sector, experienced harsh
economic and market conditions. As a result of the global, European
and national economic crisis, consumption of fish dropped while
companies had to hold most of their stocked fish in order to regulated
the flow to the market and the price. This occurred at a time where
Banks in Greece had their own financial crisis – banking crisis -
which resulted in limited access to lending for the all business sectors
of the national economy including the Greek aquaculture industry. In
spite of these economic conditions, the Greek aquaculture industry,
after a series of mergers and acquisitions, has now stabilized
production and exhibits very good prospects for future growth.
Evidently, the firms had to cut salaries and on some occasions even
pay their staff in arrears. Nevertheless, the results presented in this
paper indicate that during the economic crisis, the surveyed fish
farms maintained their HRM practices, investing in their human
capital and technological input. In fact, human capital and
technological input are the ticket for future success of companies in
any business sector.
Abstract: The paper is focused on the methods to solutions of
the crisis situation in the Czech Republic associated with the mass
methanol poisoning. The emphasis is put on tasks of individual state
bodies and of Integrated Rescue System during the handling of the
crisis.
The theoretical part describes poisonings, ways of intoxication,
types of intoxicants and cases of mass poisoning by dangerous
substances in the world.
The practical part describes the development, causes and solutions
of extraordinary event, mass methanol poisoning in the Czech
Republic. The main emphasis was put on the crisis management of
the Czech Republic in solving this situation.
Abstract: In order to efficiently solve the problems created by the deepening energy crisis affecting Europe and the world,
governments cannot neglect the opportunities of using the energy
produced by sun collectors. In many of the EU countries there are sun
collectors producing heat energy, e.g. in 2011 in the area of EU27
(countries which belong to European Union) + Switzerland altogether
37519126 m2 were operated, which are capable of producing 26.3
GWh heat energy. The energy produced by these sun collectors is
utilized at the place of production. In the near future governments
will have to focus more on spreading and using sun collectors.
Among the complex problems of operating sun collectors, this article
deals with determining the optimal tilt angle, directions of sun
collectors. We evaluate the contamination of glass surface of sun
collector to the produced energy. Our theoretically results are confirmed by laboratory measurements. The purpose of our work is to help users and engineers in determination of optimal operation
parameters of sun collectors.
Abstract: This paper deals with a simulation programs and
technologies using in the educational process for members of the crisis
management. Risk analysis, simulation, preparation and planning are
among the main activities of workers of crisis management. Made
correctly simulation of emergency defines the extent of the danger. On
this basis, it is possible to effectively prepare and plan measures to
minimize damage. The paper is focused on simulation programs that
are trained at the University of Defence. Implementation of the outputs
from simulation programs in decision-making processes of crisis staffs
is one of the main tasks of the research project.
Abstract: This paper deals with a protection of the national and
European infrastructure. It is issue nowadays. The paper deals with
the perspectives and possibilities of "smart solutions" to critical
infrastructure protection. The research project deals with computers
aided technologies are used from the perspective of new, better
protection of selected infrastructure objects. Protection is focused on
communication and information channels. These communication and
information channels are very important for the functioning of the
system of protection of critical infrastructure elements.