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Asset-Liability Management (ALM) of banks is defined as simultaneous planning of all bank assets and liabilities under different conditions and its purpose is to maximize profits and minimize the risks in banks by optimizing the parameters in the balance sheet. Most of the studies 'and proposed models in the ALM field are based on an objective function that maximizes bank profit. It is not easy to apply changes in these models in order to reach the optimal values of the parameters in the balance sheet. In this article, an attempt has been made to propose a linear model using constraints to achieve optimal values of balance sheet parameters using ALM objectives and considering balance sheet, system and regulatory constraints. It has also been tried to design the model according to the most possible mode and with the least changes and to minimize the size of the balance sheet. The analysis of the model presented in this article has been conducted using the parameters of the balance sheet and income statement of one of the famous Iranian banks. The results obtained from the proposed model show that the values of cash and receivables from banks and other credit institutions have decreased by 30% and increased by 200%, respectively, compared to the actual values of these parameters. Also, Total Income, Operating Income and Non-Operating Income have grown by 30% compared to the actual values of these parameters. Also, the values of a number of parameters are estimated to be zero after optimization. According to the results, it is obvious that the performance of bank managers, especially in the management of bank assets, is significantly different from the optimal values of the balance sheet, and the results obtained from the proposed model can help the management of banks as much as possible. [ABSTRACT FROM AUTHOR]

This paper addresses the issue of intellectual property management in the knowledge-based economy. The starting point in carrying out the study is the presentation of some concepts regarding in the first phase, the intellectual capital. Arguments are made that the knowledge-based economy is a challenge for the current century. The subject of intellectual property is approached through the prism of a topical concept operationalized in the current global economic context. The main institutions that are directly related to this concept are mentioned. The topic of patents related to WOS indexed scientific papers is also debated, along with a series of statistics and studies on the state of patent protection worldwide in the top fields. The last part of the paper contains the conclusions and own points of view on the debated topic. [ABSTRACT FROM AUTHOR]

Sustainability and digitalization both require major transitions in our world and the way we imagine them. Digitalization is considered to be the engine that alters sustainability. However, it is not yet known whether and to what extent this digital transformation facilitates or hinders the development of a more sustainable world. The aim of this paper is to shed light on the implications of digitalization for sustainable development in Romania and to provide answers to the following questions: how does digitalization affect the most important pillars of sustainability? How can digital technology help to achieve the Sustainable Development Goals in the next period? These key issues are of immediate practical relevance and therefore need to be addressed by researchers and decision-makers alike. In order to achieve this objective, this research examines the relationship between digitalization and sustainable development, in the specific case of Romania, and examines how digital performance affects the main components of sustainable development, pursued on the basis of the following sustainable development objectives: non-poverty, good health and well-being, gender equality, decent work and economic growth, At the same time, it examines the most important measures for evaluating the level of digitalization of countries (more specifically, the Digital Economy and Society Index DESI methodology) and sustainable development at the macro-economic level (through the Sustainable Development Goals Index SDGI components). [ABSTRACT FROM AUTHOR]

The monetary transmission channel is disrupted by many factors, especially securitization and liquidity traps. In our study we try to estimate the effect of securitization on the interest elasticity and to identify if a liquidity trap occurred during 1954Q3-2019Q3. The yield curve inversion mechanism shows us that economic cycles are very sensitive to decreasing profitability of banks. However there is no evidence that restoring their profits will ensure a strong recovery. In this regard, we research the low effect of Quantitative Easing (QE) upon economic growth and analyze whether securitization and liquidity traps posed challenges to QE or is it the mainstream theory flawed. In this regard we will examine the main weaknesses of QE, respectively the speculative behavior induced by artificial low rates and its unequal distribution. We propose a new form of QE that will relief households and not reward banks for their risky behavior before recession. [ABSTRACT FROM AUTHOR]

One of the themes that have been approached more and more within the specialised literature is being represented by economic cycles. The analysis of these is very useful in the long term predictions, in finding solutions for the economic raise and for detecting the economic crisis. At the same time, it is underlined in a lot of scientific and research papers, the importance of the sustainable development in the present and future society. In this paper we intend to bring contributions to the study of the cycles of a sustainable economy and we will analyse it having in mind the purpose of creating the sustainable economy. We will demonstrate the fact that curves that represent graphically all these, are not simple logistics anymore, bi-logistics or multilogistics curves, but curves in plan that are obtained by composing logistics functions with the function of the sustainable development or with the function that shapes the economic component of it mathematically. We will present an interpretation of mathematic models within the frame of the sustainable development. [ABSTRACT FROM AUTHOR]

After a long transition period, the Central and Eastern European (CEE) capital markets have consolidated their place in the financial systems. However, little is known about the price behavior and efficiency of these markets. In this context, using a battery of tests for nonlinear and chaotic behavior, we look for the presence of nonlinearities and chaos in five CEE stock markets. We document, in general, the presence of nonlinearities and chaos which questions the efficient market hypothesis. However, if all tests highlight a chaotic behavior for the analyzed index returns, there are noteworthy differences between the analyzed stock markets underlined by nonlinearity tests, which question, thus, their level of significance. Moreover, the results of nonlinearity tests partially contrast the previous findings reported in the literature on the same group of stock markets, showing, thus, a change in their recent behavior, compared with the 1990s. [ABSTRACT FROM AUTHOR]