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Search Results: 1 - 10 of 30985 matches for " Thomas Poufinas "
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Determinants of Life Insurance Policy Surrenders  [PDF]
Thomas Poufinas, Gina Michaelide
Modern Economy (ME) , 2018, DOI: 10.4236/me.2018.98089
Abstract: Life insurance policies assist individuals maintain the value of their money and build savings to be used in the future. However in times of crisis their attitude may change. On one hand, they have an interest in keeping their policies, as they can be used to cover their future, medium-term or long-term needs in case of retirement or death. On the other hand, they may need the premium money or the accumulated savings to meet short-term needs so they lapse or surrender them—when a surrender value exists. A natural question is what are the drivers of the behavior of the insured? When do they decide to stop them and when do they choose to maintain them? We use linear regression to identify how certain main macroeconomic variables (Gross Domestic Product (GDP) per capita growth, unemployment, inflation, short-term and long term interest rates, and consumer confidence index) can explain the behavior of the insured towards keeping or interrupting their life insurance policy. We do that for pension savings (pure and plain vanilla endowment—including pensions), term life, whole life and unit linked individual policies.
An Assessment of the Market Risk Solvency Capital Requirement Simplifications for Insurance Undertakings  [PDF]
Thomas Poufinas, Panagiota Tsitsika
Theoretical Economics Letters (TEL) , 2018, DOI: 10.4236/tel.2018.811153
Abstract: The Solvency II regulatory framework has been implemented as of January 1st, 2016 and among other things it introduced economic risk-based capital requirements across all EU Member States for the first time, applicable for insurance and reinsurance undertakings. Similar to Basel II whose scope is banks, the Solvency II directive provides a new regime based on three pillars for insurers and reinsurers: 1) pillar 1: harmonized valuation and risk based capital requirements, 2) pillar 2: harmonized governance and risk management requirements and 3) pillar 3: harmonized supervisory reporting and public disclosure. The Solvency Capital Requirement (SCR) should correspond to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level of 99.5% over a one-year period. The Solvency II directive provides a range of methods to calculate the SCR. This allows insurance or reinsurance undertakings to choose a method that is proportionate to the nature, scale and complexity of the risk that is measured. In order to calculate the SCR, an insurance undertaking can use a fully internal model, the standard formula and a partial internal model, the standard formula with undertaking-specific parameters, the standard formula as it is or a simplification. When introducing a simplification, the SCR estimate could deviate from the calculation without the simplification. A simplification could lead in important/crucial information missing from the SCR calculation. In some occasions the SCR is overestimated and in some others it is underestimated. It is therefore of interest to find the range of this deviation, potential bounds—if any and the effect it can have on the required capital. In this paper we attempt to measure this deviation for simplifications pertaining to the interest rate risk for insurance companies.
The Impact of Migration on Capital Markets  [PDF]
Thomas Poufinas, George Galanos
Theoretical Economics Letters (TEL) , 2018, DOI: 10.4236/tel.2018.811163
Abstract: Migration is a topic that has always attracted the interest of researchers, policy makers, politicians and the simple people as well, primarily because of its social labor and economic dimensions. In this paper we attempt to identify what may be the impact of migration to the capital markets of the countries that receive the migrants. To do that we use an econometric approach, employing linear regression in order to investigate the relationship between the immigration flows, as measured by the number of immigrants and the capital market variables of interest. These are market capitalization (as a percent of GDP and USD billion), bank deposits (as a percent of GDP and USD billion), public debt (as a percent of GDP and USD billion) and net public debt (in USD billion). We use the Stata econometric software to run these linear regressions with Ordinary Least Squares (OLS). We find evidence that the number of immigrants could have a positive impact to the capital markets of the recipient country, as it is positively correlated with the market capitalization, the bank deposits and the public debt.
A Financial Analysis Approach on the Promotion of Peace through Economic Interdependence  [PDF]
Thomas Poufinas, Victoria Pistikou
Theoretical Economics Letters (TEL) , 2018, DOI: 10.4236/tel.2018.815222
Abstract: The question of whether economic interdependence promotes peace is more than ever relevant once and again due to a series of conflicts around the globe. Two schools advocate the two opposite beliefs; these are Realism and Liberalism. The former supports that economic interdependence does not necessarily promote peace, whereas the latter trusts that it does. In our paper, we use a financial analysis—econometric approach to realize that there is evidence that supports that economic interdependence between two states in conflict does not promote peace since it has no significant impact on the configuration of the conflict. Consequently, it does not provide a significant enhancement in the levels of national security.
Pricing the Cost of Cybercrime—A Financial Protection Approach  [PDF]
Thomas Poufinas, Nikolaοs Vordonis
iBusiness (IB) , 2018, DOI: 10.4236/ib.2018.103008
Abstract: Infrastructures, businesses, end-users and services offered in the digitally integrated environment are exposed to a wide range of risks such as denial of service, hacking, phishing, ransomware, viruses, etc. Consequently, along with their physical life, individuals and organizations have to secure their digital life as well. Digital threats may have a major economic impact both on the individuals and the society, through the direct loss of income and/or property or even an indirect reduction of the individuals’ contribution back to the society and the state. The purpose of this paper is to study the effect of cyber-attacks to the economy, to price the associated cost and to recommend possible measures that internet service providers (ISPs) and policy makers can apply in order to mitigate these risks. In order to achieve that, we employ insurance (actuarial) pricing techniques to calculate the cost of cyber-attacks for an individual and for the economy of a country in total. We are therefore at the same time in place to recommend insurance coverage solutions that can assist in protecting the entity of interest from cyber risks. This resembles to the calculation of a risk premium, as the premium is calculated taking into account only the probability of occurrence of a cyber-attack and the interest rate and not any other loadings. In this context, we mimic the pricing of a policy that provides coverage for the cyber-attack, as well as the calculation of the amount that has to be set aside in order to compensate for the one-off economic loss suffered by the individual, as a result of its occurrence. Here lies our contribution to the scientific research in the field of cyber security insurance, as we employ insurance-based actuarial techniques in order to quantify the relevant loss.
Competitiveness and Public Debts in Times of Crisis  [PDF]
Thomas Poufinas, George Galanos, Pyrros Papadimitriou
Modern Economy (ME) , 2018, DOI: 10.4236/me.2018.99094
Abstract: It is observed that countries, possibly more than ever, try to remain or become (more) competitive. This has been felt especially during the recent economic crisis, when countries facing a high debt or deficit attempted to find solutions to overcome it. In most cases the first measures attempted to confront debt or deficit, whatever the problem was. Competitiveness and growth have been discussed but always came second. Sometimes, they were not even considered early enough, although they are of equal or even higher importance. We believe that a country should remain competitive at all times, especially at times of crisis, as it can help it contain its debt (public and private). We even trust that countries that maintain their competitiveness are more capable in weathering adverse economic environments. The purpose of this article is to prove, using an econometric model, the existence of a relationship between the external competitiveness of an economy and its public and private sector deficits, as measured by the relevant debt levels. We indeed find evidence that public and private debt is definitely linked to the country competitiveness as measured by GDP growth, GDP per capita, ease of doing business, tax rate, pensions and unemployment. This can be of use to institutions and policy makers when they want to decide how they will secure that their country is and remains competitive, especially in times of crisis.
Assessment of the Effectiveness of Adjustment Programs at the Core of the Greek Economy  [PDF]
Aggelos Kotios, George Galanos, Thomas Poufinas
Modern Economy (ME) , 2018, DOI: 10.4236/me.2018.99098
Abstract: Despite the seven-year implementation of three adjustment programs to address the sovereign debt crisis, the Greek economy is still in a prolonged recession and faces problems of competitiveness, political stability and social cohesion. At the same time, the fiscal adjustment policy did not solve the original problem of public debt. On the contrary, as recent evidence shows, the country’s ability to service its debt has deteriorated. The causes of the crisis and the failure of the selected economic stabilization policies are a multidimensional and interrelated complex. The Greek economy has supported its growth in recent decades mainly in domestic consumption, with little presence in areas with high added value and extrovert features, focusing mainly on traditional business sectors with limited innovation characteristics. Ιn this study we will try on reasonable arguments but also with a series of statistical data and indicators from sources such as the Organization for Economic Cooperation and Development (OECD), the World Bank, the World Economic Forum (WEF) and the Greek authorities to analyze the course of the Greek economy, evaluate the results of the selected policies and to formulate appropriate policy proposals.
The Competitiveness of Small and Medium Enterprises in Adverse Economic Environments  [PDF]
Thomas Poufinas, George Galanos, Pyrros Papadimitriou
Theoretical Economics Letters (TEL) , 2018, DOI: 10.4236/tel.2018.813175
Abstract: Small and medium enterprises (SMEs) are the backbone of most economies and in particular of the economies of the European countries. They represent 99% of all businesses in the European Union. They considered in total one of the biggest employers as they provided two thirds of the total private sector employment in the European Union (EU), where by EU we refer to the 28 countries of the European Union. These are Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Furthermore, SMEs have a significant contribution from a social perspective; they provide employment to the vulnerable members of the society, such as less experienced, less educated and lower income workforce. However, SMEs were hit by the financial crisis with a notable number of them going out of business and suffering job losses. The latter were heavily concentrated in the Member States which were affected the most by the sovereign debt crisis. At the same time, compared to the large enterprises, SMEs appeared to be more resilient than large enterprises, particularly regarding employment. Consequently, a question that arises is how can SMEs weather the crisis and maintain their competitiveness in adverse economic environments. In this paper an attempt to address the issue of SME competitiveness in adverse economic environments is made, by investigating the relationship between the appropriate enterprise competitiveness metrics, as measured by their capacity to compete (quantity and cost requirements, time requirements, certification and standards, competitors), to connect (ICT requirements, linkages with customers, linkages with businesses, linkages with institutions) and to change (financing requirements, skills requirements, intellectual property requirements, innovation requirements) and country statistics, including the competitiveness of each particular country, as measured by the unemployment rate, the unit labor cost, the total employment growth, the GDP (in billion USD), the GDP growth, the GDP per capita (in USD) and the competitiveness indicators (in terms of relative consumer prices and relative unit labor costs). The methodological approach relies on the use of linear regressions. In doing
Addressing Asymmetries in the Eurozone  [PDF]
Pyrros Papadimitriou, George Galanos, Thomas Poufinas
Theoretical Economics Letters (TEL) , 2019, DOI: 10.4236/tel.2019.94051
Abstract: Asymmetries in the Eurozone are high and the whole undertaking is at the crossroads. On one hand, one of its countries, namely Germany, seems to enjoy current account and budget surpluses, mainly as a result of a strong global demand for high quality German exports, an undervalued single currency, low interest rates, domestic wage restraint and a high domestic saving rate. On the other hand, persistent German surpluses associated with the not-as-good performance of the other economies make it harder for the Eurozone as a whole to recover. The European Union (EU) has tried to create a proper economic and banking union after the crisis. This attempt seems to have not been fully successful for some of the countries. At the same time, the attempts to impose austerity measures caused to a large extent an incremental rise inskepticismin Europe. The purpose of this paper is to record the prevailing asymmetries in the Eurozone, to estimate the priorities and the different maximization functions of the member countries and investigate alternative scenarios that can be followed. It is also to understand and possibly interpret the dilemmas of the German economic policy in depth, as it is the strongest economy in the Eurozone and hence anticipation was created that it would play the role of the steam engine—not necessarily within Europe only. The set of decisions that could have been taken is in the spotlight again especially due to the fear that at least the financial markets—if not the economies as a whole—are entering into a declining pattern again.
Global Chemical Leasing Award 2010  [PDF]
Thomas Jakl
Technology and Investment (TI) , 2011, DOI: 10.4236/ti.2011.21003
Abstract: The Global Chemical Leasing Award was presented for the first time in March 2010 to organizations, companies and individuals for their outstanding efforts to enhance the visibility of Chemical Leasing around the world and reward successful Chemical Leasing initiatives and implementation. Chemical Leasing is the new business model in the field of sound use of chemicals, initiated and subsidized by the Austrian Federal Ministry for Agriculture, Forestry, the Environment and Water Management and jointly promoted with UNIDO. The decisive new aspect of this business model, which distinguishes itself from the traditional supplier-user relation, is to make the service performed by the chemical substance the basis of payment for the business operation, e.g. according to cleaned area, treated number of pieces, or performed hours of operation (= unit of payment). In this way an efficient use of chemicals is in the interest of all parties involved. The award was jointly organized by UNIDO and the Austrian Federal Ministry for Agriculture, Forestry, the Environment and Water Management. Organizations, companies and individuals worldwide were able to take part in the competition. The cases of the winners are described in detail and show the applicability of Chemical Leasing to the different industrial processes. Among these are water clarification and oil dehydration in Colombia, mineral water and beverage production in Serbia, oil & gas exploration and production and specifically deep gas field development projects in different places, industrial cleaning with solvents in Austria and textile dyeing in India.
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