Search results for: premium

Authors: Necati Içer

Abstract:

Crop-hail insurance plays a vital role in managing risks and reducing the financial consequences of hail damage on crop production. Predicting insurance premium rates with short-term data is a major challenge in numerous nations because of the unique characteristics of hailstorms. This study aims to suggest a feasible approach for establishing equitable premium rates in crop-hail insurance for nations with short-term insurance data. The primary goal of the rate-making process is to determine premium rates for high and zero loss costs of villages and enhance their credibility. To do this, a technique was created using the author's practical knowledge of crop-hail insurance. With this approach, the rate-making method was developed using a range of temporal and spatial factor combinations with both hypothetical and real data, including extreme cases. This article aims to show how to incorporate the temporal and spatial elements into determining fair premium rates using short-term insurance data. The article ends with a suggestion on the ultimate premium rates for insurance contracts.

Keywords: Crop-hail insurance, premium rate, short-term insurance data, spatial and temporal parameters.

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Authors: Edikan E. Akpanibah Obinichi C. Mandah Imoleayo S. Asiwaju

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In this paper, we studied the effect of supplementary premium on the optimal portfolio policy in a defined contribution (DC) pension scheme with refund of premium clauses. This refund clause allows death members’ next of kin to withdraw their relative’s accumulated wealth during the accumulation period. The supplementary premium is to help sustain the scheme and is assumed to be stochastic. We considered cases when the remaining wealth is equally distributed and when it is not equally distributed among the remaining members. Next, we considered investments in cash and equity to help increase the remaining accumulated funds to meet up with the retirement needs of the remaining members and composed the problem as a continuous time mean-variance stochastic optimal control problem using the actuarial symbol and established an optimization problem from the extended Hamilton Jacobi Bellman equations. The optimal portfolio policy, the corresponding optimal fund size for the two assets and also the efficient frontier of the pension members for the two cases was obtained. Furthermore, the numerical simulations of the optimal portfolio policies with time were presented and the effect of the supplementary premium on the optimal portfolio policy was discussed and observed that the supplementary premium decreases the optimal portfolio policy of the risky asset (equity). Secondly we observed a disparity between the optimal policies for the two cases.

Keywords: Defined contribution pension scheme, extended Hamilton Jacobi Bellman equations, optimal portfolio policies, refund of premium clauses, supplementary premium.

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Authors: Kristýna Pokorná, Petr Teplý

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This paper focuses on sovereign credit risk meaning a hot topic related to the current Eurozone crisis. In the light of the recent financial crisis, market perception of the creditworthiness of individual sovereigns has changed significantly. Before the outbreak of the financial crisis, market participants did not differentiate between credit risk born by individual states despite different levels of public indebtedness. In the proceeding of the financial crisis, the market participants became aware of the worsening fiscal situation in the European countries and started to discriminate among government issuers. Concerns about the increasing sovereign risk were reflected in surging sovereign risk premium. The main of this paper is to shed light on the characteristics of the sovereign risk with the special attention paid to the mutual relation between credit spread and the CDS premium as the main measures of the sovereign risk premium.

Keywords: cointegration, credit default swap, credit risk, credit spread, sovereign risk

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Authors: D. Jakovčević, M. Mihelja Žaja

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This paper provides an analysis of the insurance cycle in the Republic of Croatia and whether they are affected by catastrophic losses on a global level. In general, it is considered that insurance cycles are particularly pronounced in periods of financial crisis, but are also affected by the growing number of catastrophic losses. They cause the change of insurance cycle and premium growth and intensification and narrowing of the coverage conditions, so these variables move in the same direction and these phenomena point to a new cycle. The main goal of this paper is to determine the existence of insurance cycle in the Republic of Croatia and investigate whether catastrophic losses have an influence on insurance cycles.

Keywords: Catastrophic loss, insurance cycle, premium, Republic of Croatia.

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Authors: Ali Kheyroddin, Niloufar Mashhadiali, Frazaneh Kheyroddin

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In last decades, tubular systems employed for tall buildings were efficient structural systems. However, increasing the height of a building leads to an increase in structural material corresponding to the loads imposed by lateral loads. Based on this approach, new structural systems are emerging to provide strength and stiffness with the minimum premium for height. In this research, selected tube-type structural systems such as framed tubes, braced tubes, diagrids and hexagrid systems were applied as a single tube, tubular structures combined with braced core and outrigger trusses on a set of 48, 72, and 96-story, respectively, to improve integrated structural systems. This paper investigated structural material consumption by model structures focusing on the premium for height. Compared analytical results indicated that as the height of the building increased, combination of the structural systems caused the framed tube, hexagrid and braced tube system to pay fewer premiums to material tonnage while in diagrid system, combining the structural system reduced insignificantly the steel material consumption.

Keywords: Braced tube, diagrid, framed tube, hexagrid.

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Authors: M. Sallam, A. Ramadan, M. Fanni, M. Abdellatif

Abstract:

Time delay in bilateral teleoperation system was introduced as a sufficient reason to make the system unstable or certainly degrade the system performance. In this paper, simulations and experimental results of implementing p-like control scheme, under different ranges of variable time delay, will be presented to verify a certain criteria, which guarantee the system stability and position tracking. The system consists of two Phantom premium 1.5A devices. One of them acts as a master and the other acts as a slave. The study includes deriving the Phantom kinematic and dynamic model, establishing the link between the two Phantoms over Simulink in Matlab, and verifying the stability criteria with simulations and real experiments.

Keywords: bilateral teleoperation, Phantom premium 1.5, varying time delay

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Authors: Shan Gao

Abstract:

In this paper, we consider a risk model involving two independent classes of insurance risks and random premium income. We assume that the premium income process is a Poisson Process, and the claim number processes are independent Poisson and generalized Erlang(n) processes, respectively. Both of the Gerber- Shiu functions with zero initial surplus and the probability generating functions (p.g.f.) of the Gerber-Shiu functions are obtained.

Keywords: Poisson process, generalized Erlang risk process, Gerber-Shiu function, generating function, generalized Lundberg equation.

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Authors: Promise A. Azor, Avievie Igodo, Esabai M. Ase

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The paper merged the return of premium clause and voluntary contributions to investigate retirees’ investment plan in a defined contributory (DC) pension scheme with a portfolio comprising of a risk-free asset and a risky asset whose price process is described by geometric Brownian motion (GBM). The paper considers additional voluntary contributions paid by members, charge on balance by pension fund administrators and the mortality risk of members of the scheme during the accumulation period by introducing return of premium clause. To achieve this, the Weilbull mortality force function is used to establish the mortality rate of members during accumulation phase. Furthermore, an optimization problem from the Hamilton Jacobi Bellman (HJB) equation is obtained using dynamic programming approach. Also, the Legendre transformation method is used to transform the HJB equation which is a nonlinear partial differential equation to a linear partial differential equation and solves the resultant equation for the value function and the optimal distribution plan under logarithm utility function. Finally, numerical simulations of the impact of some important parameters on the optimal distribution plan were obtained and it was observed that the optimal distribution plan is inversely proportional to the initial fund size, predetermined interest rate, additional voluntary contributions, charge on balance and instantaneous volatility.

Keywords: Legendre transform, logarithm utility, optimal distribution plan, return clause of premium, charge on balance, Weibull mortality function.

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Authors: Tahseen A. Jilani, S. M. Aqil Burney, C. Ardil

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In this paper, we have presented a new multivariate fuzzy time series forecasting method. This method assumes mfactors with one main factor of interest. History of past three years is used for making new forecasts. This new method is applied in forecasting total number of car accidents in Belgium using four secondary factors. We also make comparison of our proposed method with existing methods of fuzzy time series forecasting. Experimentally, it is shown that our proposed method perform better than existing fuzzy time series forecasting methods. Practically, actuaries are interested in analysis of the patterns of causalities in road accidents. Thus using fuzzy time series, actuaries can define fuzzy premium and fuzzy underwriting of car insurance and life insurance for car insurance. National Institute of Statistics, Belgium provides region of risk classification for each road. Thus using this risk classification, we can predict premium rate and underwriting of insurance policy holders.

Keywords: Average forecasting error rate (AFER), Fuzziness offuzzy sets Fuzzy, If-Then rules, Multivariate fuzzy time series.

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Authors: M. Pisol B Mat Isa, Asmak Ab Rahman, Hezlina Bt M Hashim, Abd Mutalib B Embong

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Al-Murabahah is an Islamic financing facility used in asset financing, the profit rate of the contract is determined by components which are also being used in the conventional banking. Such are cost of fund, overhead cost, risk premium cost and bank-s profit margin. At the same time, the profit rate determined by Islamic banking system also refers to Inter-Bank Offered Rate (LIBOR) in London as a benchmark. This practice has risen arguments among Muslim scholars in term of its validity of the contract; whether the contract maintains the Shariah compliance or not. This paper aims to explore the view of Shariah towards the above components practiced by Islamic Banking in determining the profit rate of al-murabahah asset financing in Malaysia. This is a comparative research which applied the views of Muslim scholars from all major mazahibs in Islamic jurisprudence and examined the practices by Islamic banks in Malaysia for the above components. The study found that the shariah accepts all the components with conditions. The cost of fund is accepted as a portion of al-mudarabah-s profit, the overhead cost is accepted as a cost of product, risk premium cost consist of business risk and mitigation risk are accepted through the concept of alta-awun and bank-s profit margin is accepted as a right of bank after venturing in risky investment.

Keywords: Islamic banking, Islamic finance, al-murabahah and asset financing

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Authors: Bright O. Osu, Edikan E. Akpanibah, Chidinma Olunkwa

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In this paper, mean-variance optimization of portfolios with the return of premium clauses in a defined contribution (DC) pension plan with multiple contributors under constant elasticity of variance (CEV) model is studied. The return clauses which permit death members to claim their accumulated wealth are considered, the remaining wealth is not equally distributed by the remaining members as in literature. We assume that before investment, the surplus which includes funds of members who died after retirement adds to the total wealth. Next, we consider investments in a risk-free asset and a risky asset to meet up the expected returns of the remaining members and obtain an optimized problem with the help of extended Hamilton Jacobi Bellman equation. We obtained the optimal investment strategies for the two assets and the efficient frontier of the members by using a stochastic optimal control technique. Furthermore, we studied the effect of the various parameters of the optimal investment strategies and the effect of the risk-averse level on the efficient frontier. We observed that the optimal investment strategy is the same as in literature, secondly, we observed that the surplus decreases the proportion of the wealth invested in the risky asset.

Keywords: DC pension fund, Hamilton Jacobi Bellman equation, optimal investment strategies, stochastic optimal control technique, return of premiums clauses, mean-variance utility.

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Authors: Qiong Huang, Satish Chand

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This paper uses a primary data from 670 Chinese manufacturing firms, together with the newly introduced regressionbased inequality decomposition method, to study the effect of openness on wage inequality. We find that openness leads to a positive industry wage premium, but its contribution to firm-level wage inequality is relatively small, only 4.69%. The major contributor to wage inequality is human capital, which could explain 14.3% of wage inequality across sample firms.  

Keywords: Openness, human capital, wage inequality, decomposition; China.

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Authors: Chimaobi V. Okolo, Afamefuna J. Ani, Ebere U. Okolo

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This paper seeks to assess the implications of insurance to foreign direct investment inflow in Nigeria. Multiple linear regression technique and correlation matrix test were employed to measure the extent to which foreign direct investment was influenced. The result showed that insurance premium (IP), asset size of insurance industry (AS), and total investment of the industry (TI) impacted significantly and positively on foreign direct investment inflow in Nigeria. There should be effective risk transfer mechanism and financial intermediation, which gives the investor confidence in the risk management strength of the host country.

Keywords: Foreign direct investment, insurance.

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Authors: T. Pavic Kramaric, M. Kitic

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The purpose of this article is to analyze the market structure as well as the degree of concentration in insurance markets in new EU member states. The analysis was conducted using several most commonly used concentration indicators such as concentration ratio, Herfindahl-Hirschman index and entropy index. These indicators were calculated for the 2000-2010 period on the basis of total gross written premium as the most relevant indicator of market power in insurance markets. The results of the analysis showed that in all observed countries the level of concentration decreased, though with significantly different intensity. Yet, in some countries, the level of concentration remains very high.

Keywords: insurance market, concentration, new EU member states

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Authors: Peichen Zhao

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In this paper, we extend the compound binomial model to the case where the premium income process, based on a binomial process, is no longer a linear function. First, a mathematically recursive formula is derived for non ruin probability, and then, we examine the expected discounted penalty function, satisfy a defect renewal equation. Third, the asymptotic estimate for the expected discounted penalty function is then given. Finally, we give two examples of ruin quantities to illustrate applications of the recursive formula and the asymptotic estimate for penalty function.

Keywords: Discounted penalty function, compound binomial process, recursive formula, discrete renewal equation, asymptotic estimate.

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Authors: Imran Sarwar Bajwa, Rafaqut Kazmi, Shahzad Mumtaz, M. Abbas Choudhary, M. Shahid Naweed

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Business Process Management (BPM) helps in optimizing the business processes inside an enterprise. But BPM architecture does not provide any help for extending the enterprise. Modern business environments and rapidly changing technologies are asking for brisk changes in the business processes. Service Oriented Architecture (SOA) can help in enabling the success of enterprise-wide BPM. SOA supports agility in software development that is directly related to achieve loose coupling of interacting software agents. Agility is a premium concern of the current software designing architectures. Together, BPM and SOA provide a perfect combination for enterprise computing. SOA provides the capabilities for services to be combined together and to support and create an agile, flexible enterprise. But there are still many questions to answer; BPM is better or SOA? and what is the future track of BPM and SOA? This paper tries to answer some of these important questions.

Keywords: Information Systems, BPM, SOA, Process management, IT management.

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Authors: Siti Aiysyah Tumin

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This paper looks at the nature of structural changes—the transition of employment from agriculture, to manufacturing, then to different types of services—in different states in Malaysia and links it to income outcomes for households and workers. Specifically, this paper investigates the conditional association between the concentration of different economic activities and income outcomes (household incomes and employee wages) in almost four decades. Using publicly available state-level employment and income data, we found that significant wage premium was associated with “modern” services (finance, real estate, professional, information and communication), which are urban-based services sectors that employ a larger proportion of skilled and educated workers. However, employment in manufacturing and other services subsectors was significantly associated with a lower income dispersion and inequality, alluding to their importance in welfare improvements.

Keywords: Employment, labour market, structural change, wages.

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Authors: Nurul Zahirah M.A., N. Zainul Abidin

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Green buildings have been commonly cited to be more expensive than conventional buildings. However, limited research has been conducted to clearly identify elements that contribute to this cost differential. The construction cost of buildings can be typically divided into “hard" costs and “soft" cost elements. Using a review analysis of existing literature, the study identified six main elements in green buildings that contribute to the general cost elements that are “soft" in nature. The six elements found are insurance, developer-s experience, design cost, certification, commissioning and energy modeling. Out of the six elements, most literatures have highlighted the increase in design cost for green design as compared to conventional design due to additional architectural and engineering costs, eco-charettes, extra design time, and the further need for a green consultant. The study concluded that these elements of soft cost contribute to the green premium or cost differential of green buildings.

Keywords: Green building, cost differential, soft cost, intangible cost.

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Authors: Shu-Lu Hsu, Jeffrey C. F. Tai, Yi-Han Wang

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The purpose of this study is to understand how consumers react to a company's promotional offers with mobile applications (APP) as premiums. This paper presents the results of an experimental study where five features of APP were involved: the cost (free/discounted) for earning APP, the relationship between APP and the promoted product, the perceived usefulness, the perceived ease of use, and the perceived playfulness of APP in the context of light foods purchase. The results support that the above features, except perceived ease of use, have substantial influences on consumers' intention to adopt the APP. Among the five features, the cost for earning APP has the most impact on the adopting intention of APP. The study also found a positive influence of adopting intention of APP on the consumer's purchase intention of the promoted product. Thus, APP-based premiums may enhance the consumer's purchase intention of a company's promoted products.

Keywords: Mobile Application, Premium, Sales Promotion, TAM.

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Authors: Veronica Sri Lestari, Asmuddin Natsir, Hasmida Karim, Ian Patrick

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The research aimed at investigating the factors affecting consumers’ willingness to pay for chicken meat from biosecure farms. The research was conducted in Makassar City, South Sulawesi Province, Indonesia. Samples were taken using random sampling technique in two supermarkets namely Lotte Mart and Gelael. Total samples were 50 respondents which comprised the chicken meat consumers. To find out the consumers’ willingness to pay for chicken meat from the biosecure farms, the contingent valuation method was utilized. Data were collected through interviews and questionnaires. Probit Logistic was estimated to examine the factors affecting the consumers’ willingness to pay for at the premium price for chicken meat from the biosecure farms. The research indicates that the education and income affect significantly the consumers’ willingness to pay for chicken meat from the biosecure farms (P < 0.05). The results of the study will be beneficial for the policy makers, producers, consumers and those conducting research.

Keywords: Biosecure, chicken, farms, consumer, willingness to pay.

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Authors: Nurul Zahirah M.A., N. Zainul Abidin, Azlan Raofuddin Nuruddin

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Despite all the hype about green building, many developers are still resistant to the idea of building green due to the common perception that green building construction is expensive. This contradicts with scholarly findings that identify only a marginal cost premium or none at all given that green design is considered during the design process and planning stage. Nevertheless, cost implications continue to become an issue when deciding to build green. The planning stage is of strategic importance as decisions made at this early stage would influence the project cost thereafter. Using analysis of existing literature, the paper identifies six elements of soft cost that are considered in the planning stage. The elements include consultants, green building consultant, certification, commissioning, market, and tax. Out of the six elements, commissioning represents the bulk of soft cost for buildings seeking green certification. The study concluded that, although hard cost may have a bigger impact on the project cost, but soft cost is the hidden cost which people tend to ignore. Poor consideration of soft cost during planning stage may lead to over-realistic expectations and ultimately, overlooked cost additions.

Keywords: Green building, cost element, soft cost, developer decision.

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Authors: R. R. Chen, K. Khorasani

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In this paper, a robust decentralized congestion control strategy is developed for a large scale network with Differentiated Services (Diff-Serv) traffic. The network is modeled by a nonlinear fluid flow model corresponding to two classes of traffic, namely the premium traffic and the ordinary traffic. The proposed congestion controller does take into account the associated physical network resource limitations and is shown to be robust to the unknown and time-varying delays. Our proposed decentralized congestion control strategy is developed on the basis of Diff-Serv architecture by utilizing a robust adaptive technique. A Linear Matrix Inequality (LMI) condition is obtained to guarantee the ultimate boundedness of the closed-loop system. Numerical simulation implementations are presented by utilizing the QualNet and Matlab software tools to illustrate the effectiveness and capabilities of our proposed decentralized congestion control strategy.

Keywords: Congestion control, Large scale networks, Decentralized control, Differentiated services traffic, Time-delay systems.

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Authors: T. Kuchukhidze, N. Jalagonia, T. Korkia, V. Gabunia, N. Jalabadze, R. Chedia

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In this work, obtaining methods of ultrafine alumina powdery composites and high temperature pressing technology of matrix ceramic composites with different compositions have been discussed. Alumina was obtained by solution combustion synthesis and sol-gel methods. Metal carbides containing powdery composites were obtained by homogenization of finishing powders in nanomills, as well as by their single-step high temperature synthesis .Different types of matrix ceramics composites (α-Al2O3-ZrO2-Y2O3, α-Al2O3- Y2O3-MgO, α-Al2O3-SiC-Y2O3, α-Al2O3-WC-Co-Y2O3, α-Al2O3- B4C-Y2O3, α-Al2O3- B4C-TiB2 etc.) were obtained by using OXYGON furnace. Consolidation of powders were carried out at 1550- 1750°C (hold time - 1 h, pressure - 50 MPa). Corundum ceramics samples have been obtained and characterized by high hardness and fracture toughness, absence of open porosity, high corrosion resistance. Their density reaches 99.5-99.6% TD. During the work, the following devices have been used: High temperature vacuum furnace OXY-GON Industries Inc (USA), Electronic Scanning Microscopes Nikon Eclipse LV 150, Optical Microscope NMM- 800TRF, Planetary mill Pulverisette 7 premium line, Shimadzu Dynamic Ultra Micro Hardness Tester DUH-211S, Analysette 12 Dynasizer.

Keywords: α-Alumina, Consolidation, Matrix Ceramics, Powdery composites.

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Authors: Valentina Obradović, Josip Mesić, Maja Ergović Ravančić, Kamila Mijowska, Brankica Svitlica

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French oak and American oak barrels are most famous all over the world, but barrels of different origin can also be used for obtaining high quality wines. The aim of this research was to compare the influence of different Slovenian (Croatian) and French oak barrels on the quality of Chardonnay wine. Grapes were grown in the Croatian wine growing region of Kutjevo in 2015. Chardonnay wines were tested for basic oenological parameters (alcohol, extract, reducing sugar, SO₂, acidity), total polyphenols content (Folin-Ciocalteu method), antioxidant activity (ABTS and DPPH method) and colour density. Sensory evaluation was performed by students of viticulture/oenology. Samples produced by classical fermentation and ageing in French oak barrels had better results for polyphenols and sensory evaluation (especially low toasting level) than samples in Slovenian barrels. All tested samples were scored as a “quality” or “premium quality” wines. Sur lie method of fermentation and ageing in Slovenian oak barrel had very good extraction of polyphenols and high antioxidant activity with the usage of authentic yeasts, while commercial yeast strain resulted in worse chemical and sensory parameters.

Keywords: Chardonnay, French oak, Slovenian oak, sur lie.

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Authors: Christian Doppler, Gernot Hirschl, Gerhard Zsiga

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Starting in 2020, an EU-wide CO2-limitation of 95 g/km is scheduled for the average of an OEMs passenger car fleet. Taking that into consideration additional improvement measures of the Diesel cycle are necessary in order to reduce fuel consumption and emissions while boosting, or at the least, keeping performance values at the same time. The present article deals with the possibilities of an optimized air/water charge air cooler, also called iCAC (indirect Charge Air Cooler) for a Diesel passenger car amongst extreme-boundary conditions. In this context, the precise objective was to show the impact of improved intercooling with reference to the engine working process (fuel consumption and NOx-emissions). Several extremeboundaries - e.g. varying ambient temperatures or mountainous routes - that will become very important in the near future regarding RDE (Real Driving emissions) were subject of the investigation. With the introduction of RDE in 2017 (EU6c measure), the controversial NEDC (New European Driving Cycle) will belong to the past and the OEMs will have to avoid harmful emissions in any conceivable real life situation. This is certainly going to lead to optimization-measurements at the powertrain, which again is going to make the implementation of iCACs, presently solely used for the premium class, more and more attractive for compact class cars. The investigations showed a benefit in FC between 1 and 3% for the iCAC in real world conditions.

Keywords: Air/Water-Charge Air Cooler, Co-Simulation, Diesel Working Process, EURO VI Fuel Consumption.

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Authors: A. G. Margaryan

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Ability of adaptation of the organism is considered as an important component of health in maintaining relative dynamic constancy of the hemostasis and functioning of all organs and systems. Among the various forms of adaptation (individual, species and mental), social adaptation of the organism has a particular role. The aim of this study was to evaluate the subjective perception of social factors, social welfare and the level of adaptability of Armenian physicians. The survey involved 2,167 physicians (592 men and 1,575 women). According to the survey, most physicians (75.1%) were married. It was found that 88.6% of respondents had harmonious family relationships, 7.6% of respondents – tense relationships, and 1.0% – marginal relationships. The results showed that the average monthly salary with all premium payments amounted to 88 263.6±5.0 drams, and 16.7% of physicians heavily relied on the material support of parents or other relatives. Low material welfare was also confirmed by the analysis of the living conditions. Analysis of the results showed that the degree of subjective perception of social factors of different specialties averaged 11.3±3.1 points, which corresponds to satisfactory results (a very good result – 4.0 points). The degree of social adaptation of physicians on average makes 4.13±1.9 points, which corresponds to poor results (allowable less than 3.0 points). The distribution of the results of social adaptation severity revealed that the majority of physicians (58.6%) showed low social adaptation, average social adaptation is observed in 22.4% of the physicians and high adaptation – in only 17.4% of physicians. In conclusions, the findings of this study suggest that the degree of social adaptation of currently practicing physicians is low.

Keywords: Physician's health, social adaptation, social factor, social health.

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Authors: T. Kuchukhidze, N. Jalagonia, Z. Phachulia, R. Chedia

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Ceramic obtained on the base of aluminum oxide has wide application range, because it has unique properties, for example, wear-resistance, dielectric characteristics, and exploitation ability at high temperatures and in corrosive atmosphere. Low temperature synthesis of α-Al2O3 is energo-economical process and it is topical for developing technologies of corundum ceramics fabrication. In the present work possibilities of low temperature transformation of oxyhydroxides in α-Al2O3, during the presence of small amount of rare–earth elements compounds (also Th, Re), have been discussed. Aluminum unstable oxyhydroxides have been obtained by hydrolysis of aluminium isopropoxide, nitrates, sulphate, and chloride in alkaline environment at 80-90ºC temperatures. β-Al(OH)3 has been received from aluminum powder by ultrasonic development. Drying of oxyhydroxide sol has been conducted with presence of various types seeds, which amount reaches 0,1-0,2% (mas). Neodymium, holmium, thorium, lanthanum, cerium, gadolinium, disprosium nitrates and rhenium carbonyls have been used as seeds and they have been added to the sol specimens in amount of 0.1-0.2% (mas) calculated on metals. Annealing of obtained gels is carried out at 70– 1100ºC for 2 hrs. The same specimen transforms in α-Al2O3 at 1100ºC. At this temperature in case of presence of lanthanum and gadolinium transformation takes place by 70-85%. In case of presence of thorium stabilization of γ-and θ-phases takes place. It is established, that thorium causes inhibition of α-phase generation at 1100ºC, and at the time when in all other doped specimens α-phase is generated at lower temperatures (1000-1050ºC). Synthesis of various type compounds and simultaneous consolidation has developed in the furnace of OXY-GON. Composite materials containing oxide and non-oxide components close to theoretical data have been obtained in this furnace respectively. During the work the following devices have been used: X-ray diffractometer DRON-3M (Cu-Kα, Ni filter, 2º/min), High temperature vacuum furnace OXY-GON, electronic scanning microscopes Nikon ECLIPSE LV 150, NMM-800TRF, planetary mill Pulverisette 7 premium line, SHIMADZU Dynamic Ultra Micro Hardness Tester, DUH-211S, Analysette 12 Dyna sizer.

Keywords: α-Alumina, combustion, consolidation, phase transformation, seeding.

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Authors: Marijana Ivanov, Roman Šubić

Abstract:

This study analyzes the critical gaps in the architecture of European stability and the expected role of the banking union as the new important step towards completing the Economic and Monetary Union that should enable the creation of safe and sound financial sector for the euro area market. The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim of replacing the former bail-out practice with the bail-in system through which possible future bank failures would be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. In this way, the vicious circle between banks and sovereigns would be broken. It would also reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the money market which, due to the fragmentation of the common financial market, has been significantly disabled in period of crisis. However, contrary to all the positive expectations related to the future functioning of the banking union, major findings of this study indicate that characteristics of the economic system in which the banking union will operate should not be ignored. The euro area is an integration of strong and weak entities with large differences in economic development, wealth, assets of banking systems, growth rates and accountability of fiscal policy. The analysis indicates that low and unbalanced economic growth remains a challenge for the maintenance of financial stability and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times and large banks are still a matter of concern, because of their systemic importance for individual countries and the euro zone as a whole. The creation of the Single Supervisory Mechanism and the Single Resolution Mechanism is a response to the European crisis, which has particularly affected peripheral countries and caused the associated loop between the banking crisis and the sovereign debt crisis, but has also influenced banks’ balance sheets in the core countries, as the result of crossborder capital flows. The creation of the SSM and the SRM should prevent the similar episodes to happen again and should also provide a new opportunity for strengthening of economic and financial systems of the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented towards large and significant banks (whereby one half of them operate in the core and most important euro area countries), and therefore it remains questionable to what extent will the common resolution funds will be used for rescue of less important institutions. Recent geopolitical developments will be the optimal indicator to show whether the previously established mechanisms are sufficient enough to maintain the adequate financial stability in the euro area market.

Keywords: Banking Union, financial integration, single supervisory mechanism (SSM).

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