Author made critical review of researches and found out the existance ofthe problem of determination and differentiation in a scientific litera- ture the concepts "financialregulationoftheinsurancemarket", "government financialregulationoftheinsurancemarket" and "government regu- lation oftheinsurancemarket". It is offered the consideration oftheinsurancemarket from positions of analysis ofthe complex systems as being the component part ofthe greater system. It is disclosured theeconomicnature and determined the mentioned notions.
13 A number of papers included in this special issue attempt to improve our modelling and understanding ofthe behavior offinancial markets. A widely acknowledged fact in finance is that investor preferences do take into account the existence of skewed returns (see, e.g. Martellini and Ziemann, 2010). The paper by Alexandra Dias in this special issue makes an important contribution to the literature by investigating the out-of-sample economic value of introducing the risk of very large losses in portfolio selection, by combining mean-variance analysis with conditional Value-at-Risk. Interestingly, she shows that strategies that account both for the variance and probability of large losses significantly outperform efﬁcient mean- variance portfolios, especially during and after the global ﬁnancial crisis. The implications of these results cannot be overlooked: when building risky portfolios if investors correctly take into account tail risks, asset prices will reflect more appropriately potential market tail events, which could help with hedging strategies, therefore reducing their overall impact on the economy.
Due to theeconomic, inancial, and social relevance ofthe inancial and insurancemarket, the perspective that has stood out, although regulation and self-regulation are to some extent complementary, is the one that argues that it is the State’s job to intervene in themarket, by establishing standards, however minimum, to guarantee the stability ofthe system and correct possible distortions. he more complex the products and services involved, the greater the need for State regulation, in order to uphold commitments made to the most vulnerable (in other words consumers) and maintaining market equilibrium forms part of this.
on the beneficial consequences of free trade on the eсonomic development and employment labour, being especially targeted workers with low competences or socially vulnerable. Since , EGAF has introduced and considered a second criteria for providing support, namely, one related to financial and economic crisis. )n , there was a significant increase ofthe number of applications received by the EGAF. )n the first place, this is influenced by introducing amendment Regulation and taking into account, in addition, to criteria related to trade and the related crisis. Thus, during - Member States submitted a total of applications, and most of them are those related by the crisis.
In the article the essence of investment insurance company. The role and importance of investment ofinsurance companies on formation of investment resources in the economy. The essence ofthe definition of "investment potential ofinsurance companies" and its relationship with the definition of "financial strength ofinsurance companies' insurance and potential insurance companies." By analyzing the structure and dynamics of aggregate investment portfolio ofinsurance organizations of Ukraine in 2008-2015 years defined contribution insurance sector in the formation of investment resources. The problems and prospects ofthe investment potential oftheinsurancemarketof Ukraine. Directions of improvement of state regulationof investment ofinsurance companies in Ukraine.
The possibility of increasing the hardness ofthe copper- containing alloy by ageing has made it reasonable to choose cast steels with copper addition for castings working under corrosive-erosive conditions, such as elements of pump casing, impellers, connector pipes, guide vanes, etc . But the quantity of defected castings (due to hot cracking) and the difficulty with the copper-containing scrap management at piece production have resulted in the fact that Polish power industry still uses imported elements .
The purpose of modelling a process is not only to describe its past and understand its current behavior, but also to try and get some insight into its possible future path. One can argue that for as long as markets have existed, there have been those who tried to beat them. Though arbitrage, insider information and other methods may be valid for some markets, they aren’t for thefinancial markets as such advantages are so readily resolved that they can be considered practically inexistent. One must then try to get advantage in a different way, for example, by trying to predict the future price of a given asset and thus contrive a strategy to achieve a profit.
Let us suppose that such a scenario is true. We must at the very begin- ning note that God, when He brings about the existence of x and its essential parts, determines the range and kind of its possible accidental properties as well as its substantial changes. For example, a table cannot sing and a hu- man cannot ly (like a bird can). Thus if x belongs to a kind K (x is K), then no other contingent being (substance) can bring it about that x is F, if F is incompatible with K. But if it is true for any substance x that x is F or x is not F, meaning that x is determinate in every respect and F is not essential for x, then it must be the case that if God brought about the existence of x, then he brought about that x is F or (non-F). If x has been created by God, then x must be determinate in every respect, since x is a substance. Therefore x is F or x is non-F. It is also impossible that any non-essential properties of x could be (directly and totally) caused by other created substances, because every other substance distinct from x has to have all its own properties, in- cluding all its accidental properties. It must be so because every substance to be a substance must have all its properties both essential and accidental. Thus it is not possible that any substance created by God (ex nihilo) could bring about the existence of any accidental properties of any other substan- ce because all its properties (parts or constituents) are determined directly (intimately) and totally by God.
This article examines the effect of prolonged time of holding at the temperature of 620 0 C on the processes of secondary phase precipitation and mechanical properties of low-alloy cast steel with an addition of vanadium subjected to two variants of heat treatment, i.e. U:1150 0 C+H:950 0 C+O:620 0 C and H:950 0 C+O:620 0 C. To determine an impact ofthe applied heat treatment operations, testing of mechanical properties and microstructural examinations ofthe cast steel with 0,21 and 0,27%C were carried out.
In terms of residential areas, the data below shows that the greatest decrease in the number of home constructions, by 36.77%, was registered in the urban environment in 2011. The volume of housing constructions in rural areas dropped by 8.6% in 2009, more than in the case of urban areas. The decreasing ratio for rural and urban areas was approximately the same in 2010, whereas in 2011, the decrease in the number of homes given into service in cities (-36.77%) exceeded the decrease percentage registered in rural areas (- 25.73%). Similarly, in terms of financing sources, it is noted that the public funds for housing increased in 2009 and dropped dramatically during the following years (approx. 49%). In regard of this situation, it must be pointed out that 2009 is the debut ofthe nation al programme sustained by the government, called the “First Home”, which is behind the 27.63% increase in the number of homes financed from budgetary resources earmarked for this economic sector. The highest level of funds was allocated in the first phase ofthe programme, roughly of 1 billion Euros.
Bearing in mind that in the discussions held and in the resolutions adopted in recent years for the purpose of promoting theeconomic and social development of Latin America, which found expression in the decisions taken at Bogotá and Punta del Este, health has been acknowledged as a basic component of social and economic development;
The examination ofthe structure and microhardness of surface layer of C90 non-alloy steel and HS 6-5-2 high speed steel after electric arc treatment are presented in the paper. The comparison has been presented due to the similar content ofthe carbon in both steels. The structure ofthe remelted zone ofthe steel C90 before the conventional tempering consists ofthe cells, dendritic cells surrounded with the cementite, there is a plate martensite and retained austenite inside them, whereas the structure ofthe steel HS 6-5-2 is consistuted with cells, dendritic cells and dendrites surrounded with the eutectic system, inside of which there is a plate martensite and retained austenite. Such structure is characterized by the similar microhardness (790-800 HV0,065) and intensity ofthe tribiological wear. The tempering causes the decrease ofthe microhardness in non-alloy steel and the increase ofthe microhardness in high speed steel.
The development of socio-economic infrastructure and urban facility-utility facilities indicate the quality of life ofthe people of a particular area. The availability of all socio-economic infrastructures is solely not meant for the development until and unless it is adequately available corresponding to the population size and extent of area. Such an adequacy should ensure the accessibility to socio-economic infrastructure by the people. But, unfair political practices, physiographic characteristics and socio-cultural dogma have resulted into the unequal and irrational distribution of infrastructure in the region leading to the emergence of regional disparities. Regional disparity comes into being when any state fails to an extent to meet up with the distribution of developmental fruits equitably to all corners ofthe region. An unchecked and uncontrolled process of growth leading to the regional disparities may result in economic, social and cultural problems (Hungaragi 2008). The coexistence of developed and underdeveloped regions in a country or state leads to misallocation and underutilization of resources with untapped potential of some areas. Such disparities are not conducive to regional development (Kumar 2009). It is a characteristic phenomenon of developing economy. The poor countries ofthe world are characterized by large and growing regional disparities while rich countries are generally characterized by small and diminishing gaps in development (Williamson 1965).
T he next group of indicators (indicators of inancial se- curity) describes speciics ofinsurance companies in comparison with the enterprise ofthe real economy. Using in the calculations only conventional indicators of inan- cial analysis (liquidity ratios, solvency, business activity, inan- cial stability and company’s efectiveness) is not suicient for holistic assessment ofthe level of inancial security. To form a complete set of input data for further using it in the assessment ofthe insurer's inancial security it’s necessary to take into ac- count the peculiarities ofthe insurers. his prompted for in- cluding in the calculation of indicators ofthe status of insur-
a Dynamic Structural Model”. We are indebted to Martin Pesendorfer for his support and guidance during this project. We would like to thank Dimitri Szerman for the help with the data and for insightful comments on several versions of this draft. Robinson Silva helped us to organize the data. We also benefited from discussions with Bernardo Guimarães, Bruno Rocha, Emmanuel Guerre, Fabio Pinna, Francesco Caselli, Francisco Costa, Gabriel Garber, Jason Garred, Joachim Groeger, Johannes Spinnewijn, Maitreesh Ghatak, Matthew Gentry, Michael Dickstein, Panle Jia, Pasquale Schiraldi, Pedro Carvalho, Robert Miller and Tim Besley. Fabio gratefully acknowledges thefinancial support from CAPES (Brazilian Ministry of Education) and Daniel gratefully acknowledges the support from CNPQ (Brazilian Ministry of Science and Technology). The usual disclaimer applies.
In polycrystalline blades of aircraft engine turbines, the size and shape ofthe grain constitutes one ofthe most significant quality control criteria ofthe casts made. In industrial practice, the macrostructure ofthe airfoil and the blade root is evaluated in terms ofthe presence of equiaxed, columnar and frozen grains. The grain size has a significant influence on the mechanical properties, creep resistance as well as heat- and high-temperature creep resistance ofthe blades [10-14].
Tobacco, alcohol, and betel quid are the main causes of squamous cell cancers ofthe upper aerodigestive tract. These substances can cause multifocal carcinogenesis leading to multiple synchronous or metachronous cancers ofthe oesophagus, head and neck region, and lungs (‘ield cancerisation’). Globally there are several million people who have survived either head and neck squamous cell cancer (HNSCC) or lung cancer (LC). HNSCC and LC survivors are at increased risk of developing second primary malignancies, including second primary cancers ofthe oesophagus. The risk of second primary oesophageal squamous cell cancer (OSCC) ranges from 8-30% in HNSCC patients. LC and HNSCC survivors should be ofered endoscopic surveillance ofthe oesophagus. Lugol chromoendoscopy is the traditional and best evaluated screening method to detect early squamous cell neoplasias ofthe oesophagus. More recently, narrow band imaging combined with magnifying endoscopy has been established as an alternative screening method in Asia. Low-dose chest computed tomography (CT) is the best evidence- based screening technique to detect (second primary) LC and to reduce LC-related mortality. Low-dose chest CT screening is therefore recommended in OSCC, HNSCC, and LC survivors. In addition, OSCC survivors should undergo periodic pharyngolaryngoscopy for early detection of second primary HNSCC. Secondary prevention aims at quitting smoking, betel quid chewing, and alcohol consumption. As ield cancerisation involves the oesophagus, the bronchi, and the head and neck region, the patients at risk are best surveilled and managed by an interdisciplinary team.
Life insurance is of special importance for any country because ofthe quantity of accumulation of assets and the long-term durability oftheinsurance (Milošević, 2008; Njegomir, 2011). It is well known that the development of life insurance is inluenced by a certain number of determinants which result in the structure of this kind ofinsurance. Primarily there are economic-social determinants, such as gross domestic product (GDP), the monetary conditions in the country, and the level of development of social insurance (e.g. Petrović&Petrović, 2003; Milošević, 2008). his is why in this paper, when analyze the development of life insurance in recent history, we look at the inluence ofthe analysed determinants, as well as the creation ofthe non-structural model of life insurance development series. here are four active companies in the Republic of Macedonia that are certiied to sell life insurance products (see Figure 1). Croatia Life is the most experienced ofthe four. It started to provide life insurance services in 2005, and has recorded signiicant progress between then and 2011. According to the value ofthe declared gross written premium, it holds second place in the life insurancemarket, right behind GraweLife Austria. hese two companies have more than 90% ofthe whole life insurancemarket in the Republic of Macedonia [Insurance Supervision Agency, 2012).
In the work we assume that the first stage of solidification is the same for both modified and unmodified alloys. Thus, the same dendritic nucleation density is used in both cases. However, we should keep in mind that modifier may affect the dendritic structure formation. In the second stage ofthe solidification, the nucleation process unfolds in slightly different way, depending on the eutectic transformation mode. In such case nucleation phenomena depends on different densities and different algorithms, as explained in Part I. The authors ofthe series of papers [3, 6, 7] investigated solidification of modified and unmodified hypoeutectic alloys, and indicated that the difference in nucleation densities for eutectic structure must exists. In  McDonald et al. claim that the difference in nucleation density and the size of eutectic grains is “drastic”. It should be noted, that due to the fact that eutectic transformation modes are relatively new area of research, only limited experimental data is available. Keeping this in mind, in our approach we assumed that in the case of modified alloys the nucleation density for eutectic structure is the same as for the dendritic structure. In turn, for the second
This model, preached by any teacher of electrical engineering to his students on the various levels, was given like postulate. This article proposes an analytical justification to the equivalent diagram elements of single-phase transformer current, particularly to those ofthe central branch. The article is organized in three main sections. Section II begins by the calculation of active power consumed in a parallelepiped electromagnetic domain subjected to a variable flow. The result is applied to a shell form single-phase transformer. With open load test, the power consumption linked to the leakage inductance and resistance ofthe transformer winding is neglected in front ofthe consumption ofthe central branch . But it is not the case for a loaded transformer. The methods to determine resistances ofthe reels are indisputable. This article gives the expressions ofthe elements ofthe central branch in the model of Steinmetz starting from the powers and their site. It studies also the variation relation ofthe iron resistance and the iron reactance compared to the computed values with 220 V. Section 2 is dedicated to this calculation. Discussions and a comparison of results are described in Section 3. The final section is devoted to the article conclusion.