Challenges of the mandatory funded pension system in the Russian Federation

The overwhelming number of contributors that have been allocated into the default option is one of the main characteristics of the Russian second pillar. This finding confirms that the level of financial literacy for most of the participants is not sufficient to make informed portfolio selections. The authors argue that the current system is perfectly consistent with a solid second pillar, but the authorities should focus their attention in the strategic asset allocation of pension funds. Since in the short and medium term it is unlikely to see improvements in financial literacy of individuals that may overcome the complexity of these decisions, the authorities can play an important role in designing default investment portfolios that can be aligned with expected replacement rates for the contributors. The current investment regulation of the default option induces investment in inefficient portfolios that are unlikely to bring returns above inflation, and probably will result in very low replacement rates for contributors. Further liberalization of the investments of the pension portfolio; improvements in the governance and supervision of the pension system; and greater certainty about the ownership of the funds are necessary steps to complete the pension reform launched in 2002.Debt Markets,Financial Literacy,Emerging Markets,Pensions&Retirement Systems,Access to Finance

Primjena IPPC naputka u ljevačkoj industriji

The paper deals with Integrated Prevention and Pollution Control (IPPC) Directive and its application in foundry industry. The minimization of emissions, efficient raw material and energy usage, optimum process chemical utilization, recovering and recycling of waste and the substitution of harmful substances are all important principles of the IPPC Directive. The following major activities are discussed from the point of view of specific pollution of environment: melting and metal treatment, preparation of moulds and cores, casting of molten metal into the mould, cooling for solidification and removing the casting from the mould, finishing of the raw casting. For foundries the focal points are air emissions, the efficient use of raw materials and energy, and waste reduction, in conjunction with any recycling and re-use options.Rad se bavi integriranim predradnjama i naputkom o kontroli zagađivanja (IPPC) i njenom primjenom u ljevačkoj industriji. Minimalizacija emisija, učinkovita uporaba sirovina i energije, optimalno korištenje kemijskih procesa, oporavljanje i recikliranje otpada, zamjena štetnih tvari, sve su to važna načela IPPC naputka. S točke gledišta specifičnog zagađivanja okoliša raspravlja se o slijedećim glavnim aktivnostima: taljenju, tretiraju metala, pripremanju kalupa i jezgri, lijevanju rastaljenog metala u kalup, hlađenje radi skrućivanja i vađenja odljevka iz kalupa, konačna obrada sirovog odljevka

Primitive erythropoiesis in early chick embryogenesis. II. Correlation between hemoglobin synthesis and the mitotic history.

Primitive erythroblasts in the circulating blood of the chick embryo continue to divide while synthesizing hemoglobin (Hb). Hb measurements on successive generations of erythroblasts show that there is a progressive increase in the Hb content of both interphase and metaphase cells. Furthermore, for any given embryo the Hb content of metaphase cells is always significantly greater than that of interphase cells. The distribution of Hb values for metaphase cells suggests that there are six Hb classes corresponding to the number of cell cycles in the proliferative phase. The location of erythroblasts in the cell cycle was determined by combining Feulgen cytophotometry with thymidine radioautography on the same cells. Measurements of the Hb content for erythroblasts in different compartments of the cell cycle (G1, S, G2, and M) show a progressive increase through the cycle. Thus, the amount of Hb per cell is a function of the number of cell divisions since the initiation of Hb synthesis and, to a lesser degree, the stage of the cell cycle. Earlier generations of erythroblasts synthesize Hb at a faster rate than the terminal generation. Several models have been proposed to explain these findings

Critical Steps to Developing a Unified Theory of Alcohol Use in Latin America

Alcohol use is often characterized by health researchers and practitioners as a serious, chronic, and still growing public health problem in Latin America. Citing unambiguously disastrous health consequences due to alcohol consumption and the growing consumptive pressures of globalization, well meaning coalitions of public health practitioners, macro-economists, and policy makers at the World Bank, World Health Organization (WHO) and international NGOs have urgently called for the implementation of supply side regulations to curb alcohol use in the developing world. This paper argues that there is a need to take a much more nuanced approach to alcohol interventions than those proposed by supply-side economists or policy makers in these institutions and that those interventions must be based on ethical, culturally centered research that aims to understand the mechanisms by which factors at the intrapersonal, interpersonal, organizational, and community levels interact as fundamental drivers of behavior. To that end, this paper develops a hybrid, unified model of alcohol use that can be used to guide future research initiatives. In the process literature relevant to alcohol consumption patterns written from multiple academic disciplines such as psychology, sociology, anthropology, political science and the study of economics are reviewed. To bridge these diverse perspectives and to link cognitive cultural perceptions with individual behavior, the conceptualization of cultural consonance in two domains, material lifestyle and social support, is introduced. Extending the model, the paper adds a new cultural domain of "indigenous identity" and two new constructs, consensus intensity and temporal stability, which imbue the framework with broader and stronger descriptive powers to better accommodate the rapidly shifting cultural domains likely to be found in the globalizing world. Implications of knowledge generated by the application of the new expanded model are discussed

Atomic force microscopy shows that vaccinia topoisomerase IB generates filaments on DNA in a cooperative fashion

Type IB DNA topoisomerases cleave and rejoin one strand of the DNA duplex, allowing for the removal of supercoils generated during replication and transcription. In addition, electron microscopy of cellular and viral TopIB–DNA complexes has suggested that the enzyme promotes long-range DNA–DNA crossovers and synapses. Here, we have used the atomic force microscope to visualize and quantify the interaction between vaccinia topoisomerase IB (vTopIB) and DNA. vTopIB was found to form filaments on nicked-circular DNA by intramolecular synapsis of two segments of a single DNA molecule. Measuring the filament length as a function of protein concentration showed that synapsis is a highly cooperative process. At high protein:DNA ratios, synapses between distinct DNA molecules were observed, which led to the formation of large vTopIB-induced DNA clusters. These clusters were observed in the presence of Mg(2+), Ca(2+) or Mn(2+), suggesting that the formation of intermolecular vTopIB-mediated DNA synapsis is favored by screening of the DNA charge