{"title":"Main Categories of Operational Risks in Banking. Methods Used by Financial Institutions to Identify, Prevent and Mitigate Risk Events","authors":"Dragoș Danțiș","doi":"10.24818/oec/2021/30/4.05","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.05","url":null,"abstract":"Regular definitions of classical banking would bring into discussion the products and services offered to clients, with a deep focus on business activities, but only limited consideration given to other processes such as risk management. In such a view, some investors or managers would be interested in the efficiency of activities, eliminating many of the supporting steps or controls in place, in order to allocate most of the effort to the processing or client-oriented steps of the banking products. What has been noticed in theory and in practice is the fact that banking activity cannot function without the management of risks and the presence of a sound risk culture in financial institutions. This can be achieved, on the one hand, through the presence of an internal risk division to govern and coordinate risk management as well as implement prerequisites, some of them required by regulatory bodies, and, on the other hand, to promote a culture of risk, to turn each structure or staff member into the first line of risk detection, prevention, and mitigation. Among the main classes of risks are the operational ones, with a wide category of events in their portfolio, forcing banks to constantly build and develop their policies and processes in operational risk management. This paper will look at the main categories of operational risks and will mention some of the means used by the financial institutions to prevent and mitigate such risk events.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"16 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86675092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Book Review / Recenzie de carte: Marius-Cristian Neacşu (coord.), 30 de ani de la sfârşitul Războiului Rece, Bucureşti, Editura ASE, 2021","authors":"Maria Ioana Andrei","doi":"10.24818/oec/2021/30/4.08","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.08","url":null,"abstract":"The Romanian academic publishing market has recently gained a new volume bearing the title “Thirty Years since the End of the Cold War” [“30 de ani de la sfârşitul Războiului Rece”], edited and printed by Editura ASE, the publishing outlet of the Bucharest University of Economic Studies. This 435-page work was published under the supervision of Associate Professor Marius-Cristian Neacşu, Ph.D. as its coordinator and author, alongside several other co-authors under the patronage of the Master’s Program in Geopolitics and Business.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"2 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86940374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Nobel Laureate, Joseph Stiglitz, On Economic Challenges after Covid-19","authors":"Vasilica Mariana Bigea","doi":"10.24818/oec/2021/30/4.07","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.07","url":null,"abstract":"The Covid-19 pandemic has caused a great deal of change in all respects and has revealed how prepared or unprepared the world economy is to meet such a challenge. In the wake of this pandemic, a number of economic issues have re-emerged that led to many debates but also to many challenges for the entire current political class. Unemployment, the bankruptcy of many companies, declining purchasing power, resetting employees' priorities, changing their needs and priorities, rampant inflation, the state of public health systems, poverty, worsening discrepancies and social polarization, global warming and the difficulties of refuelling and, last but not least, war are the problems facing humanity today. Though not the only one to do so, Joseph Stiglitz has drawn attention to many of these economic challenges in a series of recent articles, drawing parallels of all these imbalances to those observed in the period 2008-2009.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"19 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81914424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"ANT COLONY OPTIMIZATION: AN ECONOMIC TRANSPOSITION","authors":"Vlad Popescu","doi":"10.24818/oec/2021/30/4.02","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.02","url":null,"abstract":"The paper tackles recent developments in the field of social behaviours of insects and swarm intelligence – “stigmergy”. Specifically, this paper aims to explore the paradigm of ant colony optimization from two main perspectives – economic and biological – so that we can attain a clear view of the genomic bases that allow ants to function as complex biological navigation systems. Such systems translate nowadays into metaheuristic algorithms whose purpose is to solve extremely difficult combinatorial optimization problems. The design of these algorithms draws inspiration from the foraging behaviour of real ants. In the case study, an example of using an ant colony optimization algorithm in order to solve a routing problem shows us how only two iterations and two ants were enough to reveal the shortest path, taking into consideration the amount of pheromones emitted.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"17 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74295322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"THE SCIENTIFICATION OF THE FUTURE","authors":"Octavian-Dragomir Jora","doi":"10.24818/oec/2021/30/4.01","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.01","url":null,"abstract":"","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89551953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Energy Crisis and Entrepreneurial Failure","authors":"Cristina Mariana ENE (VASILE)","doi":"10.24818/oec/2021/30/4.03","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.03","url":null,"abstract":"The author starts from the notion of a deterministic, causality-based model with which we can analyse phenomena of the Romanian economy that finds itself under the impact of a couple of crises. The two years of the pandemic have generated numerous dysfunctions and imbalances in various integrated markets. As we survey the Romanian business environment, their impact is visible. Emphasis is put on the pressure of certain crises pertaining to a range of factors such as: the pandemic, the workforce, energy, finance etc., which lead to unemployment, inflation, bankruptcy, and the decline of the quality of life. At the heart of the paper, we analyse the impact of the energy crisis on the business environment, public institutions, and population. The network of interconnected negative effects is highlighted through the state of entrepreneurial failure. In the conclusion of this paper, the effects that lead to the reduction of the quality of life in Romania are underscored.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"5 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89371317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Circularity – an Essential Component in the Transition Towards Climatic Neutrality","authors":"Cosmin Viziniuc","doi":"10.24818/oec/2021/30/4.04","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.04","url":null,"abstract":"The present paper build upon the EU’s objective of climatic neutrality that must be reached by 2050. It involves the reduction of emissions and greater carbon absorption. In this paper, we analyse the connection within the Climatic Pact – Green Deal – Sustainable Economy triad. We then argue about decoupling economic growth from the use of resources and passing to circular systems with regards to production and consumption which are essential for achieving climatic neutrality. The European Union has adopted a strategy in which the recovery from the pandemic crisis is to be used as a lever to create a European industry that is more dynamic, resilient and competitive. It is shown that the foundation of a post-crisis recovery is to be laid upon principles such as sustainability, integration of the single market, competitiveness, cohesion, inclusion, solidarity, circularity, environmental protection and respect for social standards. Lastly, we analyse the new action plan for circular economy and its role in ensuring a green recovery following the Covid-19 pandemic.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"20 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84042005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Post-Covid Crisis and Its Effects on Education","authors":"Daniela ŞTEFAN (NICULAE)","doi":"10.24818/oec/2021/30/4.06","DOIUrl":"https://doi.org/10.24818/oec/2021/30/4.06","url":null,"abstract":"This paper seeks to highlight how the post-pandemic crisis has brought to light an unpleasant reality of globalization, namely the deepening of inequality between people, especially among young people. In a global society, in which it was increasingly difficult to access education, the emergence of a virus that led to a pandemic has only rendered the problems of mankind into chronic, enduring issues. The pandemic did not go unnoticed; the crisis made its presence felt in the economy, in healthcare, but especially in education, and the political crisis was the last proverbial straw. In the current context, there is a decline in living standards, rising inflation, a sharp volatility of the free market, a migration crisis and a declining interest in education, coupled with increasingly difficult access to it. So far, Romania has managed, thanks to the public-private partnership, but also to some programs with European funding, to reduce the number school dropouts; however it has not completely disappeared. Whether or not we are ready for what is to come, remains to be seen.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"11 3 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78385113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Eric Šoltés, Silvia Komara, Tatiana Šoltésová, M. Misut
{"title":"Analysis of work intensity in Slovakia using testing and estimation of linear combinations of GLM parameters","authors":"Eric Šoltés, Silvia Komara, Tatiana Šoltésová, M. Misut","doi":"10.15611/aoe.2023.1.03","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.03","url":null,"abstract":"Not only unemployment itself but also the reduced work intensity of a household has a major impact on the social exclusion of a person. The work intensity of households is currently being monitored in Europe mainly for purposes of identifying those people or households that are excluded from the labour market. The households’ work intensity directly affects the inclusion or exclusion from the labour market, which is one of the three social exclusion dimensions. Moreover, it also, as confirmed by several studies, fundamentally affects the other two dimensions of social exclusion, namely income poverty and material deprivation. The aim of the paper was to assess which factors in interaction with the economic activity status of a person significantly affect the household’s work intensity and, depending on these factors, to estimate the household’s work intensity. For this purpose, the general linear model and the associated analysis of marginal means and the contrast analysis were used. The analyses are based on a database EU-SILC 2020 for the Slovak Republic and performed in the SAS Enterprise Guide and by means of PROC GLM in the SAS programming language using CONTRAST and ESTIMATE statements. The article examines between which levels of significant factors there is a significant difference in terms of a household’s work intensity and in particular provides estimates of work intensity depending on the household type, educational attainment level and the age of a person. At the same time, in all three cases households are broken down by the economic activity status of the person. The presented analyses revealed categories of persons that are the most and the least threatened by labour market exclusion from the point of view of the considered factors.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Monika Kwiecińska, K. Grzesik, Anna Siewierska-Chmaj, Anna Popielska-Borys
{"title":"Generational differences in values and patterns of thinking in the workplace","authors":"Monika Kwiecińska, K. Grzesik, Anna Siewierska-Chmaj, Anna Popielska-Borys","doi":"10.15611/aoe.2023.1.05","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.05","url":null,"abstract":"The aim of this article is to empirically identify and analyse the differences between generations X, Y and Z in terms of values and patterns of thinking in the workplace. For the purposes of achieving the set objective, quantitative studies were performed. Data were obtained with the use of the MindSonar psychometric test. The results were subjected to a statistical analysis, and 435 economically active respondents took part in the study. The study shows that there are numerous statistically significant differences in preferred values and patterns of thinking among representatives of various generations (the differences occur in 2 out of the 7 measured levels of existence and their corresponding values, and in 9 out of the 32 measured patterns of thinking, or metaprograms). The obtained results may help HR managers and specialists focus on real, diagnosed differences in employees, which may be used for determining and communicating organisational priorities for current and future employees.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}