Abstract: The New Basel Capital Accord (Basel II) influences how financial institutions around the world, and especially European Union institutions, determine the amount of capital to reserve. However, as the recent global crisis has shown, the revision of Basel II is needed to reflect current trends, such as increased volatility and correlation, in the world financial markets. The overall objective of Basel II is to increase the safety and soundness of the international financial system. Basel II builds on three main pillars: Pillar I deals with the minimum capital requirements for credit, market and operational risk, Pillar II focuses on the supervisory review process and finally Pillar III promotes market discipline through enhanced disclosure requirements for banks. The aim of this paper is to provide the historical background, key features and impact of Basel II on financial markets. Moreover, we discuss new proposals for international bank regulation (sometimes referred to as Basel III) which include requirements for higher quality, constituency and transparency of banks' capital and risk management, regulation of OTC markets and introduction of new liquidity standards for internationally active banks.
Abstract: The presented work is motivated by a French law
regarding nuclear waste management. A new conceptual Accelerator
Driven System (ADS) designed for the Minor Actinides (MA)
transmutation has been assessed by numerical simulation. The
MUltiple Spallation Target (MUST) ADS combines high thermal power (up to 1.4 GWth) and high specific power. A 30 mA and 1
GeV proton beam is divided into three secondary beams transmitted on three liquid lead-bismuth spallation targets. Neutron and thermalhydraulic
simulations have been performed with the code MURE, based on the Monte-Carlo transport code MCNPX. A methodology has been developed to define characteristic of the MUST ADS concept according to a specific transmutation scenario. The reference
scenario is based on a MA flux (neptunium, americium and curium)
providing from European Fast Reactor (EPR) and a plutonium multireprocessing
strategy is accounted for. The MUST ADS reference
concept is a sodium cooled fast reactor. The MA fuel at equilibrium is mixed with MgO inert matrix to limit the core reactivity and
improve the fuel thermal conductivity. The fuel is irradiated over five
years. Five years of cooling and two years for the fuel fabrication are
taken into account. The MUST ADS reference concept burns about 50% of the initial MA inventory during a complete cycle. In term of
mass, up to 570 kg/year are transmuted in one concept. The methodology to design the MUST ADS and to calculate fuel
composition at equilibrium is precisely described in the paper. A detailed fuel evolution analysis is performed and the reference scenario is compared to a scenario where only americium transmutation is performed.
Abstract: Directive 2009/28/CE establishes, as obligatory objective, a share of renewable energies on energetic consumption of 20%, in European Union, in 2020 However, such European normative gives freedom to member states in the selection of the renewable promotion mechanism that allows them to obtain that objective. In this paper, we analyze the main characteristics of the promotion mechanisms of renewable energy used in the countries that shape the Electricity Iberian Market (Spain and Portugal) and the results in employment. The importance of these countries is given by the great increasing of the renewable energies which suppose a share higher than 30% of the overall generation in 2010. Therefore, this research paper can serve as the basis for the learning of other countries with regard to the main advantages that entail the use of a feed-in tariff system.
Abstract: This paper analyzes the effect of a single uniform accounting rule on reporting quality by investigating the influence of IFRS on earnings management. This paper examines whether earnings management is reduced after IFRS adoption through the use of “loss avoidance thresholds”, a method that has been verified in earlier studies. This paper concentrates on two European countries: one that represents the continental code law tradition with weak protection of investors (France) and one that represents the Anglo-American common law tradition, which typically implies a strong enforcement system (the United Kingdom).
The research investigates a sample of 526 companies (6822 firm-year observations) during the years 2000 – 2013. The results are different for the two jurisdictions. This study demonstrates that a single set of accounting standards contributes to better reporting quality and reduces the pervasiveness of earnings management in France. In contrast, there is no evidence that a reduction in earnings management followed the implementation of IFRS in the United Kingdom. Due to the fact that IFRS benefit France but not the United Kingdom, other political and economic factors, such legal system or capital market strength, must play a significant role in influencing the comparability and transparency cross-border companies’ financial statements. Overall, the result suggests that IFRS moderately contribute to the accounting quality of reported financial statements and bring benefit for stakeholders, though the role played by other economic factors cannot be discounted.
Abstract: This paper examines economic and Information and Communication Technology (ICT) development influence on recently increasing Internet purchases by individuals for European Union member states. After a growing trend for Internet purchases in EU27 was noticed, all possible regression analysis was applied using nine independent variables in 2011. Finally, two linear regression models were studied in detail. Conducted simple linear regression analysis confirmed the research hypothesis that the Internet purchases in analyzed EU countries is positively correlated with statistically significant variable Gross Domestic Product per capita (GDPpc). Also, analyzed multiple linear regression model with four regressors, showing ICT development level, indicates that ICT development is crucial for explaining the Internet purchases by individuals, confirming the research hypothesis.
Abstract: Work ethic and labour productivity issues are
extremely important for any society. It has been long proven by the
global practice and various scholars that the country promoting the
labour has always been way forward from the other countries. This
paper studies the thoughts suggested by M.Weber, Confucius, Lee
Kuan Yew, Mahathir Mohammad and other prominent thinkers
concerning the issues of work ethics and labour productivity. The
article analyzes why developed nations are way more advanced in
their development compared to other nations.
Abstract: Simulations are developed in this paper with usual DSGE model equations. The model is based on simplified version of Smets-Wouters equations in use at European Central Bank which implies 10 macro-economic variables: consumption, investment, wages, inflation, capital stock, interest rates, production, capital accumulation, labour and credit rate, and allows take into consideration the banking system. Throughout the simulations, this model will be used to evaluate the impact of rate shocks recounting the actions of the European Central Bank during 2008.
Abstract: In this paper, we propose a new hybrid learning model for stock market indices prediction by adding a passive congregation term to the standard hybrid model comprising Particle Swarm Optimization (PSO) with Genetic Algorithm (GA) operators in training Neural Networks (NN). This new passive congregation term is based on the cooperation between different particles in determining new positions rather than depending on the particles selfish thinking without considering other particles positions, thus it enables PSO to perform both the local and global search instead of only doing the local search. Experiment study carried out on the most famous European stock market indices in both long term and short term prediction shows significantly the influence of the passive congregation term in improving the prediction accuracy compared to standard hybrid model.
Abstract: Kazakhstan attaches the great importance to
cooperation with European countries within the framework of
multilateral security organizations such as NATO. Cooperation of
Kazakhstan with the NATO is a prominent aspect of strengthening of
regional security of republic. It covers a wide spectrum of areas, such
as reform of sector of defense and security, military operative
compatibility of armed forces of NATO member-countries and
Kazakhstan, civil emergency planning and scientific cooperation. The
cooperation between Kazakhstan and NATO is based on the mutual
interests of neighboring republics in the region so that the existing
forms of cooperation between Kazakhstan and NATO will not be
negatively perceived both in Asia as well as among CIS countries.
Kazakhstan tailors its participation in the PfP programme through an
annual Individual Partnership Programme, selecting those activities
that will help achieve the goals it has set in the IPAP. Level of
cooperation within the limits of PfP essentially differs on each
republic. Cooperation with Kazakhstan progressed most of all since
has been signed IPAP from the NATO
Abstract: This paper focuses on operational risk measurement
techniques and on economic capital estimation methods. A data
sample of operational losses provided by an anonymous Central
European bank is analyzed using several approaches. Loss
Distribution Approach and scenario analysis method are considered.
Custom plausible loss events defined in a particular scenario are
merged with the original data sample and their impact on capital
estimates and on the financial institution is evaluated. Two main
questions are assessed – What is the most appropriate statistical
method to measure and model operational loss data distribution? and
What is the impact of hypothetical plausible events on the financial
institution? The g&h distribution was evaluated to be the most
suitable one for operational risk modeling. The method based on the
combination of historical loss events modeling and scenario analysis
provides reasonable capital estimates and allows for the measurement
of the impact of extreme events on banking operations.
Abstract: The aim of this study is to determine the basic information and communication technology (ICT) skills that may be needed by students studying in the 8th grade of the primary education in their cooperative project works implemented via the Internet. Within the scope of the study, the curriculum used for European Computer Driving License (ECDL) and the curriculum used in Turkey are also compared in terms of the ability to use ICT, which is aimed to be provided to the students. The research population of the study, during which the pre test – post test control group experimental model was used, consisted of 40 students from three different schools. In the first stage of the study, the skills that might be needed by students for their cooperative project works implemented via the Internet were determined through examination of the completed Comenious, e – twinning and WorldLinks projects. In the second stage of the study, the curriculums of the Turkish Ministry of National Education (MEB) and ECDL were evaluated by seven different teachers in line with these skills. Also in this study the ECDL and MEB curriculums were compared in terms of capability to provide the skills to implement cooperative projects via the Internet. In line with the findings of the study, the skills that might be needed by students to implement cooperative projects via the Internet were outlined, and existence of a significant difference was established in favor of the ECDL curriculum upon comparison of both curriculums in accordance with this outline (U = 50,500; p
Abstract: The amount and heterogeneity of data in biomedical research, notably in interdisciplinary research, requires new methods for the collection, presentation and analysis of information. Important data from laboratory experiments as well as patient trials are available but come out of distributed resources. The Charite Medical School in Berlin has established together with the German Research Foundation (DFG) a new information service center for kidney diseases and transplantation (Open European Nephrology Science Centre - OpEN.SC). The system is based on a service-oriented architecture (SOA) with main and auxiliary modules arranged in four layers. To improve the reuse and efficient arrangement of the services the functionalities are described as business processes using the standardised Business Process Execution Language (BPEL).
Abstract: Since its independence in 1962, Algeria has struggled
to establish an educational system tailored to the needs of the
population it may address. Considering the historical connection with
France, Algeria has always looked at the French language as a
cultural imperative until late in the seventies. After the Arabization
policy of 1971 and the socioeconomic changes taking place
worldwide, the use of English as a communicating vehicle started to
gain more space within globalized Algeria. Consequently, disparities
in the use of French started to fade away at the cross-roads leaving
more space to the teaching of English as a second foreign language.
Moreover, the introduction of the Bologna Process and the
European Credit Transfer System in Higher Education has
necessitated some innovations in the design and development of new
curricula adapted to the socioeconomic market. In this paper, I will
try to highlight the important historical dimensions Algeria has taken
towards the implementation of an English language methodology and
to the status it acquired from second foreign language, to first foreign
language to “the language of knowledge and sciences". I will also
propose new pedagogical perspectives for a better treatment of the
English language in order to encourage independent and autonomous
learning.
Abstract: The paper focuses on the implementation phase of the
strategy of the European Union and the national strategy of the
Czech Republic to promote academic and research staff with the
potential to produce results that provide innovation useful for
economic growth. It deals with the use of financial resources of the
Operational Program Education for Competitiveness at the
University of West Bohemia in Pilsen. The author presents an
example of two strategic projects in the field of human resources –
Excellence in Human Resources as a Source of Competitiveness and
New Excellence of Human Resources. The subject of this paper is the
potential contribution of newly recruited postdoctoral within these
projects for the University of West Bohemia in Pilsen and its internal
environment.
Abstract: International competitiveness receives much attention
nowadays, but up to now its assessment has been heavily based on
manufacturing industry statistics. This paper addresses the need for
competitiveness indicators that cover the service sector and sets out a
multilevel framework for measuring international services trade
competitiveness. The approach undertaken here aims at
comparatively examining the international competitiveness of the
EU-25 (the twenty-five European Union member states before the 1st
of January 2007), Romanian and Bulgarian services trade, as well as
the last two countries- structure of specialization on the EU-25
services market. The primary changes in the international
competitiveness of three major services sectors – transportation,
travel and other services - are analyzed. This research attempts to
determine the ability of the two recent European Union (EU) member
states to contend with the challenges that might arise from the hard
competition within the enlarged EU, in the field of services trade.
Abstract: A number of previous studies were rarely considered
the effects of transient non-uniform balloon expansion on evaluation
of the properties and behaviors of stents during stent expansion, nor
did they determine parameters to maximize the performances driven
by mechanical characteristics. Therefore, in order to fully understand
the mechanical characteristics and behaviors of stent, it is necessary to
consider a realistic modeling of transient non-uniform balloon-stent
expansion. The aim of the study is to propose design parameters
capable of improving the ability of vascular stent through a
comparative study of seven commercial stents using finite element
analyses of a realistic transient non-uniform balloon-stent expansion
process. In this study, seven representative commercialized stents were
evaluated by finite element (FE) analysis in terms of the criteria based
on the itemized list of Food and Drug Administration (FDA) and
European Standards (prEN). The results indicate that using stents
composed of opened unit cells connected by bend-shaped link
structures and controlling the geometrical and morphological features
of the unit cell strut or the link structure at the distal ends of stent may
improve mechanical characteristics of stent. This study provides a
better method at the realistic transient non-uniform balloon-stent
expansion by investigating the characteristics, behaviors, and
parameters capable of improving the ability of vascular stent.
Abstract: Embedding Sustainability in technological curricula has become a crucial factor for educating engineers with competences in sustainability. The Technical University of Catalonia UPC, in 2008, designed the Sustainable Technology Excellence Program STEP 2015 in order to assure a successful Sustainability Embedding. This Program takes advantage of the opportunity that the redesign of all Bachelor and Master Degrees in Spain by 2010 under the European Higher Education Area framework offered. The STEP program goals are: to design compulsory courses in each degree; to develop the conceptual base and identify reference models in sustainability for all specialties at UPC; to create an internal interdisciplinary network of faculty from all the schools; to initiate new transdisciplinary research activities in technology-sustainability-education; to spread the know/how attained; to achieve international scientific excellence in technology-sustainability-education and to graduate the first engineers/architects of the new EHEA bachelors with sustainability as a generic competence. Specifically, in this paper authors explain their experience in leading the STEP program, and two examples are presented: Industrial Robotics subject and the curriculum for the School of Architecture.
Abstract: The environmental impacts caused by the current production and consumption models, together with the impact that the current economic crisis, bring necessary changes in the European industry toward new business models based on sustainability issues that could allow them to innovate and improve their competitiveness. This paper analyzes the key environmental issues and the current and future market trends in one of the most important industrial sectors in Spain, the furniture sector. It also proposes new decision support tools -diagnostic kit, roadmap and guidelines- to guide companies to implement sustainability criteria into their organizations, including eco-design strategies and other economical and social strategies in accordance with the sustainability definition, and other available tools such as eco-labels, environmental management systems, etc., and to use and combine them to obtain the results the company expects to help improve its competitiveness.
Abstract: The Implementation of the Union law faces major
challenges today. If for a long period of time, the Community and the
Union have persevered in their legislative vocation, now one can
notice that this large legislative quantity has complicated the task of
knowledge and of application the European standards. Under these
circumstances, it became necessary, in order to give effectiveness to
the European legislation, the development of some operational
application criteria and the generation of some new implementation
tools. The correct application of the European Union legislation by
the national public administrations was considered by the European
Commission as being crucial for further integration and proper
functioning of the internal market. Among the initiatives launched in
the past years to promote the exchange of good administrative
practices in the correct application of European Union legislation,
SOLVIT net has proved to be one of the most effective.
Abstract: Nowadays there is a growing environmental concern
and the business communities have slowly started recognising
environmental protection and sustainable utilization of natural
resources into their marketing strategies. This paper discusses the
various Ecolabeling and Certification Systems developed world
over to regulate and introduce Fair Trade in Ornamental Fish
Industry. Ecolabeling and green certification are considered as part
of these strategies implemented partly out of compulsion from the
National and International Regulatory Bodies and Environmental
Movements. All the major markets of ornamental fishes like
European Union, USA and Japan have started putting restrictions on
the trade to impose ecolabeling as a non tariff barrier like the one
imposed on seafood and aqua cultured products. A review was done
on the available Ecolabeling and Green Certification Schemes
available at local, national and international levels for fisheries
including aquaculture and ornamental fish trade and to examine the
success and constraints faced by these schemes during its
implementation. The primary downside of certification is the
multiplicity of ecolabels and cost incurred by applicants for
certification, costs which may in turn be passed on to consumers.
The studies reveal serious inadequacies in a number of ecolabels
and cast doubt on their overall contribution to effective fisheries
management and sustainability. The paper also discusses the
inititive taken in India to develop guidelines for Green Certification
of Fresh water ornamental fishes.