66 research outputs found

    People’s consumption and savings in correlation with the investments from the economy

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    In the present economies, especially in the developed ones, the saving process indisputably concerns the banking institutions, the private funds of pensions and the investment funds. Both the classics, and also J. M. Keynes, considered the individual saving as a primordial source of investments. The sacrificing of the present consumption was considered as the basis of the first stage of the investment process, respectively the savings stage. Nowadays, the main productive investments are constituted based on the credits which have been gotten from the banks.investments; the income effect; non-placed economies; placed economies; investment consumption;


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    The special complexity of the consumption imposes the mention that, in what follows, considering the criterion of the final destination of goods and services, the problem of the non-productive consumption of the population is being approached. Within the mechanism of the economic life, consumption has a central position, fulfilling various functions, determined by the mutual relationships with the different phases and processes of this mechanism, as well as by its own laws of development. Consumption gives finality to production, the usefulness of goods being recognized not only for having a specific material shape, but also because it satisfies a certain necessitythe income effect; the substitution effect; the anticipation effect; the irreversibility of consumption; the demonstration and imitation consumption;

    The management of portfolio risk on the Romanian capital market

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    In a society strongly dependent and intensively industrialized such like the one we live in, risk cannot be an isolated event, but the consequence of some facts that determine its transfer from one point of the planet to another. As a result to the general tendency of increasing the volatility of the financial markets but also to the increasing complexity of the global financial system there was registered a continuous interest in the domain of risk management. Within the article there are being presented methods of reducing risk for financial titles portfolio, coming to support the investors that want a greater security when making the portfolio. We will further present the way in which diversity can reduce risk, but at the same time in order to better understand the complete effect of diversity we will show the way in which a portfolio risk depends on an individual risk of each component title, exemplifying some titles quoted at Bucharest Stock Exchange.peer-reviewe

    Market Disequilibrium and Ways to Correct Them by the Macroeconomic Policies

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    In the general economic language any rise in prices is called inflation but it is necessary to make a clear distinction between the causes determining a single non-continuous rise in prices and other circumstances that may cause a continuous and widespread growth of them In the evolution of real economy various events may occur that are able to cause a rise in prices on the whole market These are called inflation shocks In order to analyze these issues more deeply we will suppose that the economy is in a long-term macroeconomic balance and currency exchange rate operates under a flexible regime Also in the initial state the price level is relatively constant and gross domestic product GDP is at its potential leve


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    The study of the consumers’ behavior of financial products is based upon the hypothesis according to which they behave rationally that is they try to aim their objectives at the highest level possible, taking into account the restrictions that they are forced to face. Having this context the basic idea that guides the consumers’ behavior of financial products is maximizing the forecasted utility. Utility will be maximized when a certain combination of forecasted gains and risks is preferred in report with the other combinations. The consumers of financial products establish their objectives in the conditions of the estimated risk and profitability and they have to make a choice taking into account the uncertainty conditions.consumer behavior, financial product, utility function, risk, uncertain

    La protection sociale dans l’Union Europeenne entre considerations sociales et contraintes economiques

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    Le travail a comme point de dĂ©part le problĂšme des systĂšmes de protection sociale des Ă©tats membres qui sont mis a dure Ă©preuve dans le dernier dĂ©cennie, comme consĂ©quence des tendances dĂ©mographiques mais aussi du niveau augmentĂ© du chĂŽmage. Pour cette raison, dans ce travail sont analysĂ©es les modalitĂ©s de financement de la protection sociale dans les Ă©tats membres de l’Union EuropĂ©enne et sont relevĂ©s les risques induits par les dĂ©penses vastes pour la protection sociale sous la forme du retardement du rythme de la croissance Ă©conomique ayant des effets opposĂ©s sur les revenus et sur le niveau de la protection sociale. Par consĂ©quence, le plus grand problĂšme n’est pas la maniĂšre d’amasser la monnaie nĂ©cessaire pour la protection sociale de taxes ou contributions, mais la façon de soutenir un niveau adĂ©quat de la croissance Ă©conomique et d’augmenter le rythme de l’occupation. Dans la seconde partie du travail sont Ă©valuĂ©es une sĂ©rie de modalitĂ©s par lesquelles on peut assurer le remboursement du social dans les conditions des restrictions politiques et Ă©conomiques, Ă©tant possible d’identifier deux aspects qui sont mis en discussion : la sĂ©lectivitĂ© croissante des prestations et la redĂ©finition de la structure des prĂ©lĂšvements.social protection, le financement, rentabilisation, les systĂšmes de protection sociale

    A population of Optically Quiescent Quasars from WISE and SDSS

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    The growth of active galactic nuclei (AGNs) occurs under some form of obscuration in a large fraction of the population. The difficulty in constraining this population leads to high uncertainties in cosmic X-ray background and galaxy evolution models. Using an SDSS–WISE cross-match, we target infrared luminous AGN (W1 − W2 > 0.8, and monochromatic rest-frame luminosity above λLλ(12 ÎŒm) ≈ 3 × 1044 erg s−1), but with passive galaxy-like optical spectra (Optically Quiescent Quasars; OQQs). We find 47 objects that show no significant [O III]λ5007 emission, a typically strong AGN optical emission line. As a comparison sample, we examine SDSS-selected Type 2 quasars (QSO2s), which show a significant [O III]λ5007 line by definition. We find a 1:16 ratio of OQQs compared to QSO2s, suggesting that the OQQ duty cycle is likely much shorter than that of QSO2s (though selection biases are not fully quantified). We consider observed properties in comparison with other galaxy types, and examine them for consistency with theories on their intrinsic nature: chiefly (a) a high covering factor for surrounding obscuring matter, preventing the detection of high-ionisation emission lines – ‘cocooned AGN’; or (b) ionized gas being absent on the kpc scales of the Narrow Line Region (NLR), perhaps due to a ‘switching on’ or ‘young’ AGN. OQQs do not obviously fit the standard paradigm for merger-driven AGN and host galaxy evolution, implying we may be missing part ofthe flow of AGN evolution

    Distributions of α- and Ύ-TOCopherol in Intact Olive and Soybean Oil-in-Water Emulsions at Various Acidities: A Test of the Sensitivity of the Pseudophase Kinetic Model

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    During the last years, the formalism of the pseudophase kinetic model (PKM) has been successfully applied to determine the distributions of antioxidants and their effective interfacial concentrations, and to assess the relative importance of emulsion and antioxidant properties (oil and surfactant nature, temperature, acidity, chemical structure, hydrophilic-liphophilic balance (HLB), etc.) on their efficiency in intact lipid-based emulsions. The PKM permits separating the contributions of the medium and of the concentration to the overall rate of the reaction. In this paper, we report the results of a specifically designed experiment to further test the suitability of the PKM to evaluate the distributions of antioxidants among the various regions of intact lipid-based emulsions and provide insights into their chemical reactivity in multiphasic systems. For this purpose, we employed the antioxidants α- and ÎŽ-TOCopherol (α- and ÎŽ-TOC, respectively) and determined, at different acidities well below their pKa, the interfacial rate constants kI for the reaction between 16-ArN2+ and α- and ÎŽ-TOC, and the antioxidant distributions in intact emulsions prepared with olive and soybean oils. Results show that the effective interfacial concentration of ÎŽ-TOC is higher than that of α-TOC in 1:9 (v/v) soybean and 1:9 olive oil emulsions. The effective interfacial concentrations of tocopherols are much higher (15-96-fold) than the stoichiometric concentrations, as the effective interfacial concentrations of both ÎŽ-TOC and α-TOC in soybean oil emulsions are higher (2-fold) than those in olive oil emulsions. Overall, the results demonstrate that the PKM grants an effective separation of the medium and concentration effects, demonstrating that the PKM constitutes a powerful non-destructive tool to determine antioxidant concentrations in intact emulsions and to assess the effects of various factors affecting them.Universidade de Vigo | Ref. C11MinistĂ©rio da CiĂȘncia, Tecnologia e Ensino Superior | Ref. UIDB/50006/2020MinistĂ©rio da CiĂȘncia, Tecnologia e Ensino Superior | Ref. UIDP/50006/202

    ALMA Lensing Cluster Survey: Properties of Millimeter Galaxies Hosting X-ray Detected Active Galactic Nuclei

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    We report the multi-wavelength properties of millimeter galaxies hosting X-ray detected active galactic nuclei (AGNs) from the ALMA Lensing Cluster Survey (ALCS). ALCS is an extensive survey of well-studied lensing clusters with ALMA, covering an area of 133 arcmin2^2 over 33 clusters with a 1.2 mm flux-density limit of ∌{\sim}60 ÎŒJy\mathrm{\mu Jy} (1σ1\sigma). Utilizing the archival data of Chandra, we identify three AGNs at z=z=1.06, 2.09, and 2.84 among the 180 millimeter sources securely detected in the ALCS (of which 155 are inside the coverage of Chandra). The X-ray spectral analysis shows that two AGNs are not significantly absorbed (log⁥NH/cm−2<23\log N_{\mathrm{H}}/\mathrm{cm}^{-2} < 23), while the other shows signs of moderate absorption (log⁥NH/cm−2∌23.5\log N_{\mathrm{H}}/\mathrm{cm}^{-2}\sim 23.5). We also perform spectral energy distribution (SED) modelling of X-ray to millimeter photometry. We find that our X-ray AGN sample shows both high mass accretion rates (intrinsic 0.5--8 keV X-ray luminosities of ∌1044–45 erg s−1{\sim}10^{\text{44--45}}\,\mathrm{erg\ s^{-1}}) and star-formation rates (≳100 M⊙ yr−1{\gtrsim}100\,M_{\odot}\,\mathrm{yr}^{-1}). This demonstrates that a wide-area survey with ALMA and Chandra can selectively detect intense growth of both galaxies and supermassive black holes (SMBHs) in the high-redshift universe.Comment: 14 pages, 3 figures, 2 table