The effects of international migration on the pension systems in Europe

Ageing of populations in Europe is a well-known and ever-increasing process, so the pressure on pension systems becomes more and more acute in some European countries. International migration contributes to population dynamics in both origin and destination countries, easing or aggravating demographic problems. It is well known that in Europe the increase in migration flows is not enough to compensate for the population-ageing process and its negative consequences. Based on a data set of macroeconomic indicators for all EU member states and using panel data analysis, this article discusses the effects of some socio-economic indicators on the pension systems in selected European countries, the focus being on international migration. The current analysis is a follow-up on a previous approach that clusters the EU countries with respect to migration flows into EU/EFTA periphery-sending and centre-receiving countries. The central hypothesis in the paper is that the pension systems are affected by international migration (measured as the crude rate of net migration) and that a high level of emigration leads to a higher pressure on the pension system. The hypothesis was tested using panel data analysis for the period 2004–2013. The analysis was conducted for both the total sample and the two clusters (EU/EFTA centre-receiving countries and EU/EFTA periphery-sending countries), excluding Switzerland, Cyprus, and Iceland. The following indicators were selected for the state, society and economy sectors as they are the most relevant: average wage, adult education level, Gini Index, Human Development Index, urban population, median age, expenditure on pensions. The results showed that a higher ratio of immigrants leads to a decreased pressure on pension expenditure in centre-receiving countries, while for the periphery-sending countries, a great part of the emigrants consists of working people who leave their home countries and stop contributing to the pension system. The adult education level was found to have a similar effect on the expenditure on pensions in both clusters. The average wage had opposite effects for the two clusters: in the centre-receiving countries it has negative effects as a higher ratio of immigrants leads to a higher pressure on the labour market, whereas in the sending-periphery countries emigrants are mostly unemployed and, as a consequence, reduce the pressure on the labour market

Analyzing Consumer’s Behaviour in Risk and Uncertainty Situations

In the paper we will generalize the Slutsky Equation in risk and uncertainty situations using the compensated and uncompensated demand and some local measures of risk aversion. We will obtain a nonlinear optimization problem of maximizing the expected utility; this problem will be solved using the Kuhn-Tucker method. We use the results to analyze the income and substitution effects of price changes on demand in risk and uncertainty conditions.Compensated demand, risk aversion, Slutsky Equation, uncertainty, uncompensated demand

Optimal Labor Contracts with Asymmetric Information and More than Two Types of Agent

In the paper we discuss the optimal labor agreements between workers and firms in the situation of asymmetric information. Using a standard adverse selection model, we analyze the optimality of the labor contracts when it is the firm which has private information affecting the results of the contractual relationship. We propose an alternative procedure to solve the optimization problem, using the informational rents as variables. In the last part of the paper we derive and comment the features of the optimal labor contracts in asymmetric information

A nemzetközi migráció hatása az európai nyugdíjrendszerekre

Az európai népesség elöregedése jól ismert folyamat, amely miatt bizonyos európai országok nyugdíjrendszereire egyre nagyobb nyomás nehezedik. A nemzetközi migráció hozzájárul a népesség átalakulásához mind a küldő, mind a célországban, könnyítve vagy kiélezve a demográfiai problémákat. Köztudott, hogy Európában az egyre növekvő migrációs hullám nem elegendő az elöregedő társadalomban végbemenő folyamatok és negatív hatásainak kompenzálásához. Egy, az összes EU-tagállam makrogazdasági mutatóit tartalmazó adatbázis alapján, panelelemzések segítségével bemutatjuk néhány társadalmi-gazdasági mutató hatását a nyugdíjrendszerekre, kiválasztott európai országokban, különös tekintettel a nemzetközi mobilitásra. Az elemzés arra a korábbi kutatásra épül, amely az EU/EFTA-országokat a migrációs áramlás iránya szerint küldő vagy periféria- és befogadó vagy centrumországokra bontja. A tanulmány fő hipotézise szerint a nyugdíjrendszerre jelentős hatást gyakorol a nemzetközi migráció (a nettó migráció nyers rátájával mérve): a nagyfokú kivándorlás növeli a nyugdíjrendszerre nehezedő nyomást. A hipotézist 2004 és 2013 közötti adatokat tartalmazó panelelemzéssel teszteltük. A vizsgálat a teljes mintára, illetve a két országcsoportra (EU/EFTA küldő vagy periféria- és befogadó vagy centrumországok; Svájc, Ciprus és Izland nélkül) terjedt ki. Az állam, a társadalom és a gazdasági szektorok szempontjából legrelevánsabb indikátorokat választottuk ki: átlagbérek, a felnőtt lakosság képzettségi szintje, Gini-index, HDI, a városi lakosság aránya, a medián életkor, a nyugdíjrendszerre fordított kiadások. Eredményeink azt mutatják, hogy a bevándorlók magasabb aránya alacsonyabb nyomást helyez a nyugdíjrenszer kiadásaira a befogadó országokban, míg a küldő országokban a kivándorlók jelentős része foglalkoztatott, akik országukat elhagyva nem járulnak hozzá az ottani nyugdíjrendszer működéséhez. A felnőttek képzettségi szintje azonos hatást gyakorol a nyugdíjrendszer kiadásaira mindkét országcsoportban. Az átlagbérekre gyakorolt hatás ellentétesnek bizonyult a két országcsoport esetében: a befogadó országokban negatív hatást azonosítottunk, vagyis a bevándorlók nagyobb aránya nagyobb nyomást helyez a munkaerőpiacra, míg a küldő országok esetében a kivándorlók többnyire munkanélküliek, csökkentve ezzel a munkaerőpiacra nehezedő nyomást

PMA-Treatment of Human Monocytes Induces a M1 Phenotype in Adherent Macrophages

Background: Human monocyte lines are widely used in basic research as model of inflammation, mostly following adherence with phorbol 12-myristate 13-acetate (PMA). However, the SC line, of normal human monocytes is not well documented, unlike tumour-derived cell lines, such as THP-1. Aim: The purpose of this study was to determine the phenotype of adherent macrophages, induced after the treatment with PMA in three different concentrations, starting from the most widely reported concentration in the literature. Methods: Normal human monocytes SC (ATCC CRL-9855) were routinely maintained according to manufacturer’s instructions. Cells were treated with Phorbol 12-myristate 13-acetate (PMA Sigma Aldrich P1585), in concentrations of 200 ng/mL, 100 ng/mL, 25 ng/mL and adhesion was documented using an Evos phase-contrast inverted microscope. Cell behaviour was validated by real-time impedance readings. The adhered cells were treated with bacterial lipopolysaccharide (LPS) in concentrations of 50 ng/mL (mimicking chronic inflammation) and 1 μg/mL (mimicking acute inflammation). The supernatant was collected twice, after 4 hours, respectively after 18 hours of treatment with LPS. A screening of pro- and anti-inflammatory cytokines was performed using the multiplexing platform Luminex 200. ELISA tests were performed to validate the cytokines secretion: IL-6, IL-8, IL-10, IL-23 and TNF-ɑ, using a LEGEND MAX Human ELISA kit specific to each cytokine.   Results: Cell adhesion was studied by time-lapse microscopy for 48 hrs. The lowest concentration of PMA which induced cell adherence was 25 ng/mL. Multiplex screening of cytokines showed a pro-inflammatory phenotype of macrophages stimulated with LPS. This finding was validated by ELISA tests for IL-6, IL-8, IL-23 and TNF-ɑ (as pro-inflammatory cytokine) and IL-10 (an anti-inflammatory molecule). For the first category, we noticed a time-dependent response, present in adherent macrophages, but not in circulating monocytes. Regarding the second category of cytokines, the secretion is present only for the adhered and LPS treated cells. It is also present in a time-dependent manner (a higher concentration can be noticed in the collected supernatant after 18 hours of treatment compared with the one collected after 4 hours of treatment). Conclusion: The macrophages obtained from normal human monocytes with PMA are M1 type, regardless of the concentration used for differentiation

Relationship Marketing Stage of Development in Romanian Banking Industry

The paper emphasizes the relationship marketing stage of development within the banking industry in Romania, by identifying the extent to which business objectives and marketing strategies of companies are customer oriented. In order to achieve this aim a qualitative marketing research was conducted, by applying in-depth semi-structured interviews. The target group of the research consisted of nine banking companies, selected according to the market share, while the research participants were employees responsible for marketing, sales and customer relationship management activities. Due to respondents’ expertise, during the interviews could be applied mixed research methods in the process of data collection and subsequently, in data analysis. According to research objectives and results, although there is an increase in the importance of customer orientation within banking policies, the integration of relationship marketing optics at the institutional management level is facing a number of deficiencies, especially with regard to the concerns about employees’ satisfaction and loyalty or to the development of relationships with other stakeholders. The degree of satisfaction with the adoption of customer relationship management technology is relatively high among banks, being appreciated mainly those banking performance achieved in terms of retention rate, cross-selling and customer satisfaction. Most banks use the gross customer retention index as the main indicator of customer portfolio stability, although retention objectives tend to be set differently depending on customer value. Internal marketing strategies are developed around staff training processes, while performance evaluation criteria are rather specific to a transactional marketing approach. Results of the research provide clues on the relationship marketing processes and activities that need to be improved, in order to strengthen the current customer base and the competitive position in the banking industry

Solid-state study of Captopril and Metoprolol Tartrate binary system

The structural and thermal characterization of Captopril (CA) and Metoprolol Tartrate (MT) pure com- pounds and binary system have been obtained. Solid–liquid equilibrium for binary mixture CA–MT was investigated using differential scanning calorimetry. Simple eutectic behavior for this system was observed. The experimental solid–liquid phase temperatures were compared with pre- dictions obtained from available eutectic equilibrium models. The results indicate non-ideality in this mixture. The negative value of the mixing enthalpy indicates the presence of clusters with hydrogen bonds formation in the melt, as confirmed by FT-IR measurements. The prepara- tion of ground mixtures demonstrated that the application of mechanical energy can result in the partial melting of the sample because of the eutectic behavior. Trans–cis iso- merization of CA was observed for the samples annealed at high temperature, anticipated due to the presence of MT in the system

Learning in transition: Erasmus+ as an opportunity for internationalization

Erasmus+ has diversified its benefits for young people to learn and thrive via mobility in the last 30 years. How does Erasmus+ serve young people? We conducted 10 semi-structured interviews with young people (aged between 18-29) in Luxembourg, Norway and Romania. Firstly, these young people feel that their identity changes as they internationalise and they travel more after the Erasmus+ experience. Hence, Erasmus+ is an eye opener. Secondly, employment, volunteering or training activities under Erasmus+ become a door-opener increasing young people’s chances of finding jobs. Thirdly, Erasmus+ does not end when the mobility ends: a new life style is adopted and nostalgia with the Erasmus+ leads to feeling at “home” in international environments. All these three aspects can be defined as Erasmus-isation encapsulated within a life-long perspective

Cutaneous Manifestations in SARS-CoV-2 Infection—A Series of Cases from the Largest Infectious Diseases Hospital in Western Romania

(1) Background: SARS-CoV-2 infection, which appeared as an isolated epidemic outbreak in December 2019, proved to be so contagious that, within 3 months, the WHO declared COVID-19 a pandemic. For one year (pre-vaccination period), the virus acted unhindered and was highly contagious, with a predominantly respiratory-oriented aggression. Although this lung damage, responsible for the more than 3,090,025 deaths, has provided sufficient data to facilitate the understanding of pathogenic mechanisms, other observation data, which meet the quality of emerging clinical aspects, such as rashes, remain without well-defined etiopathogenic support or a well-contoured clinical framework. (2) Methods and Results: We followed the occurrence of cutaneous manifestations in patients hospitalized during the second and third outbreak of SARS-CoV-2 in the main clinics of infectious diseases of our county, Timis, and recorded laboratory investigations and clinical evolution for five suggestive cases. (3) Conclusions: The presented cases, added to many other present and future clinical observations, will allow for better knowledge and understanding of SARS-CoV-2 infection, a requirement that has become a global priority for the entire medical and scientific community