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The Theory and Empirics of Financial Development in the East Asian Bond Markets

and/or Central Bank Bills for Absorbing Surplus Liquidity: The Main Considerations.” IMF Working Paper WP/12/40, 2012 OECD. “Pensions at a Glance Asia/Pacific 2011.” OECD Publishing, 2012, http://dx.doi.org/10.1787/9789264107007-en, accessed May 2012. Park, Yung-Chul, and Charels Wyplosz. Monetary and Financial Integration in East Asia: The Relevance of the European Experience. Oxford: Oxford University Press, 2010 Peiris, Shanaka. J. “Foreign Participation in Emerging Markets’ Local Currency Bond Markets.” IMF Working

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Efficiency Improvement of Long-Term Care for Senior Citizens in the Russian Federation

Abstract

This paper examines organizational support to the long-term care system which consists of the regulatory, infrastructural, financial, staffing, methodological and information technology support. The authors have analyzed the data provided by the Federal State Statistics Service of the Russian Federation reflecting the count of pensioners receiving the old-age pensions and pension average size, as well as the current state of social service organizations in the Russian Federation. The analysis results were used to validate a necessity to introduce the system of long-term care for senior citizens and people with disabilities. It was determined that it is possible to create infrastructure and financial support to enable functioning of this system by implementing the public-private partnership projects. The authors proposed measures for efficient implementation and functioning of the long-term care system in the Russian Federation. The undertaken analysis brought us to the conclusion that in the Russian Federation there is a need to take certain measures aimed at: development of social infrastructure facilities for the disabled and senior citizens; construction of new modern infrastructure; active engagement of socially committed non-profit organizations for the provision of social and medical services included in the long-term care for senior citizens.

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Albanian Insurance Market Analyses and their Business Model

Abstract

The insurance market in Albania has been started to operate in the last years of centralized socialist system. It was represented by state insurance Company INSIG. It was the first important segment of the financial market to develop faster once Albania entered into the free market economy model on the last decade of the past century. It is the largest and most advanced market in non-banking financial sector. Together with investment funds, pension funds securities markets those are under the supervision of Albanian Financial Supervision Authority, not Central Bank. The insurance market, has had a lot development and positive growth in terms of wide range of products offer and the geographically expansion all over the country and in some neighboring countries in the Balkan region where Albanian population live. This potential is based on the favorable economic conditions, improved regulatory and supervisory system, low market penetration rate, as well as, on business community and population, which are dynamic and easily adaptable. The Insurance Industry has been undergoing dramatic changes during the last ten years. This industry can help the business companies and other entities on having economic and financial support, mitigating their risks and losses as well from natural disasters or other uncertainties. This sector can give a good support on social development and financial contribution on economy by reducing the risk of future losses. There are a lot of empirical research based on financial analyses of Albanian Insurance Companies in which you can see a causal relationship between insurance sector effects in economic growth by bearing risk on business investment. The study of qualitative and quantitative information on Main Insurance Company in Albania, their business model and risk drivers shows the development stage and challenges and steps needs to be in line with EU directives. Incorporation of international best practices combined with an efficient regulatory and supervisory approach will certainly play a very big role in the non-banking financial market development and growth.

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