Bogdan Negrea, Evaluarea activelor financiare. O introducere in teoria proceselor stocastice aplicate in finante, Economica, Bucuresti, , România. 5. Professor Negrea Bogdan PhD. Seminar activities professor. Professor . Bogdan Negrea, Evaluarea activelor financiare. O introducere in teoria proceselor. MSc student: Olteanu Bogdan .. Negrea, B. (), Evaluarea activelor financiare: o introducere vn teoria proceselor stocastice aplicatta vn finanste, Bucuresti.

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Nikolay Suchacev PhD, St. Albina Girfanova, PhD St. Petersburg, the Russian Federation Prof. The index summarizes these in a time series which includes the updates in quantities and prices values.

The value of consumer expenditure at time t is V t defined in the obvious way as: Now suppose that the functions pi t and qi t are differentiable. Then both sides of the definition 1 can be differentiated with respect to time to obtain: Divide both sides of equation through by V t and the following equation is obtained: That is, he made the following definitions: Definitions above are reasonable definitions for the proportional changes in the aggregate price and quantity or quantity levels, P t and Q t.

The problem with these definitions is that economic data are not collected in continuous time; they are collected in discrete time. In other words, even though transactions can be thought of as occurring in continuous time, no consumer records his or her purchases as they occur in continuous time; rather, purchases over a finite time period are cumulated and then recorded.

A similar situation occurs for producers or sellers of commodities; firms cumulate their sales over discrete periods of time for accounting or analytical purposes. If it is attempted to approximate continuous time by shorter and shorter discrete time intervals, empirical price and quantity data can be expected to become increasingly erratic since consumers only make purchases at discrete points of time and producers or sellers of commodities only make sales at discrete points of time.

It is, however, still of some interest to approximate the continuous time price and quantity levels, P t and Q t defined implicitly by previous equations, by discrete time approximations. There is a connection between the Divisia price and quantity levels, P t and Q tand the economic approach to index number theory. This connection is, however, best made after studying the economic approach to index number theory.

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Define the following price and quantity forward differences: Thus, it can be seen that Divisia s discrete approximation to his continuous time price index is just the Laspeyres price index, PL, defined evaluarrea. Thus, as Frisch noted, both the Paasche and Laspeyres indices can be regarded as equally valid approximations to the continuous time Divisia price index. Since the Paasche and Laspeyres indices can differ considerably in some empirical bogdwn, it can be seen that Divisia s idea is not all that helpful in determining a unique discrete time index number formula.

The chain system measures the change in prices going from one period to a subsequent period using a bilateral index number formula involving the prices and quantities pertaining to the two adjacent periods.

These one-period rates of change fimanciare links in the chain are then cumulated to yield the relative levels of prices over the entire period under consideration.

Thus if the bilateral price index is P, the chain system generates the following pattern of price levels for the first three periods: Thus the fixed base pattern of price levels for periods 0,1 and 2 is: Chaining bogadn merely the limiting case where the base is changed each period.

The main advantage of the chain system is that under normal conditions, chaining will reduce the spread between the Paasche and Laspeyres indices. These two indices each provide an asymmetric perspective on the amount of price change that has occurred between the two periods under consideration and it could be expected that a single point estimate of the aggregate price change should lie between these two estimates.

Thus the use of either a chained Paasche or Laspeyres index will usually lead to a acrivelor difference between the two and hence to estimates that are closer to the truth. It is possible to be a little more precise about the conditions under which to chain or not to chain. Basically, chaining is advisable if the prices and quantities pertaining to adjacent periods are more similar than the prices and quantities of more distant periods, since this strategy will lead to a narrowing of the spread between the Paasche and Laspeyres indices at each link.

Of course, one needs a measure of how similar are the prices and quantities pertaining to two periods.

The similarity measures could be relative ones or absolute ones. In the case of absolute comparisons, two vectors of the same dimension are similar if they are identical and dissimilar otherwise.

In the case of relative comparisons, two vectors are similar if they are proportional and dissimilar if they are non-proportional. Once a similarity measure has been defined, the prices and quantities of each period can be compared to each other using this measure, and a tree or path that links all of the observations can be constructed where the most similar observations are compared with each other using a bilateral index number formula.

Caiet Practica BRD

Hill defined the price structures between two countries to be more dissimilar the bigger the spread between P L and P P ; i.

Thus there is a need for a more systematic study of similarity or dissimilarity measures in order to pick the best one that could be used as an input into Hill s spanning tree algorithm for linking observations.


The method of linking observations explained in the previous paragraph, based on the similarity of the price and quantity structures of any two observations, may not be practical in a statistical agency context since the addition of a new period may lead to a reordering of the previous links. The above scientific method for linking observations may be useful, however, in deciding whether chaining is preferable or whether fixed base indices should be used while making month-to-month comparisons within a year.

If it is assumed that the index number formula P satisfies certain properties or tests in addition to the circularity test above, then Funke, Hacker and Voeller financiard that P must have the following functional form, originally established by Konus and Byushgens Thus under very weak regularity conditions, the only price index satisfying the circularity test is evaluadea weighted geometric average of all the individual price ratios, the weights being constant through time.

In this case, PKB reduces to the Jevons index: Put another way, these price weights are independent of the quantities of commodity i consumed or the expenditures on commodity i during the two periods. Hence, these indices are not really suitable for use by statistical agencies at higher levels of aggregation when expenditure share information is available.

It is possible to give a theoretical explanation for the approximate satisfaction of the circularity test for symmetrically weighted index number formulae. Another symmetrically weighted formula is the Tornqvist index P T. The natural logarithm of this index is defined as follows: Walsh introduced the following useful variant of financuare circularity test: The motivation for this test is the following.

Use the bilateral index formula P p 0, p 1, q 0, q 1 to calculate the change in prices going from period 0 to 1, use the same formula evaluated at the data corresponding to periods 1 and 2, P p 1, p 2, q 1, q 2to calculate the change in prices going from period 1 engrea 2, Finally, multiply all of these indices together.

Since we end fibanciare where we started, the product of all of these indices should ideally be one. Diewert called this test a multiperiod identity test. Walsh showed how his circularity test could be used in order to evaluate how good any bilateral index number formula was. In this context, the human rights international law confirms the specific place of the individual as subject of law, with a comprehensive legal personality established through international treaties and courts of justice specialized in this domain.

Introductory considerations The doctrine writers generally agree to define the subjects of international law as entities participating both in the elaboration of international legal norms and in the legal relations governed by such financiwre, endowed with the capacity to hold certain rights and duties under the international legal system.

An important element in the identification of a subject of international law is the legal personality, respectively of the legal capacity to act internationally. Certain writers 1 have identified the subject of international law as: Other writers 2 have outlined that two basic conditions need to be cumulatively met in order for the individual to become subject of international law: Finally, certain doctrine writers 3 have outlined the fact that legal personality in international law necessitates the consideration of the interrelationship between the rights and duties undertaken internationally and the capacity to bring complaints, claims or contentious proceedings before a court.

Therefore, any initiation of a legal action should be the result of a right recognized to that entity under the international legal system. The ngrea doctrine of human rights mentions, besides the state and, in certain cases, the international governmental organizations, the individual as subject of contemporary international human rights law.

Individual as subject of international human rights law The promotion of human rights in the international law resuscitates the traditional debate concerning the place of individual in the international legal system.

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The doctrine sets out that the human rights may only be conceived when the individual is recognized as aactivelor subject of law, endowed with the capacity to hold certain rights and duties enforceable at law.

The human rights are defined as individual rights, therefore pertaining to the person. The matter of the place of the individual in the international legal system has been at the centre of lively doctrinal controversies. Most of the writers adopted the view according to which the only subjects of the international dinanciare system financiar the states and the inter-states international organizations as derived subjectsdue to the fact that the individuals may have access to the international law exclusively by means of states and diplomatic immunity.

In other words, the international law governs relations between states, therefore the individual may not be a subject of international law. The same writers consider evaluadea the state is, as a matter of historical development of the international evxluarea, the general subject of international law and it may not be assumed that a state has consented to make its citizens subjects of international law, unless it has unequivocally expressed its intention to do so. At the time such rule is adopted, the states shall express their intention to confer rights and duties to individuals under the international legal system.

Even in this last circumstance, certain writers do not recognize the capacity of the individual as subject of law.

They assert that the state has the authority to enforce the observance of rights and obligations by their citizens and to punish any illegal deeds. This does not mean that the individuals are subjects of international law as, most of the times, the state establishes a screen between individuals and international law a: It would, therefore, be very uncommon for the individuals to claim directly, at international level, certain benefits conferred under the national legislation, and even if such circumstance occurs, state mediation would be required.


In other words, in the view such writers, the individual may, at the most, acquire a derived legal personality, as a result of the will of another international law subject. However, an increasing number of contemporary writers view the individual as subject of international law. They ground their argument on the rights and obligations established under several international treaties and also on the principle of responsibility in international relations, including criminal responsibility, for any illegal deeds committed by the individual.

Starke; work cited, page 61, stating that if the Parties intended, under a certain treaty, to confer certain rights to individuals, such rights shall gain recognition and effect in the international law, meaning to be recognized by the International Court of Justice. Based to this approach, the contemporary doctrine writers acknowledge the more important role of the individual in the international legal system.

Certain writers consider that, basically, the international society is a society made of individuals responsible directly under the international law. There are some other writers 9 as well who criticize the theories according to which, at present, only states and inter-governmental institutions are subjects of international law.

According to them, the essence of international law was ultimately aimed at the human being and this was outlined in the origins of the Natural Law on which the classical international law is based.

The modern practice has proved that individuals have become more often recognized participants and, therefore, subjects of international law. Nowadays, a large majority of the international doctrine writers agrees that this phenomenon has become an undisputable reality of the last decades, especially in the realm of protection of human rights and humanitarian law. The contemporary doctrine outlines the fact that, by adopting UN Charter, the international community acknowledged that the fundamental rights and freedoms are no longer a national jurisdiction issue, but an international issue, therefore considering that the Charter endowed the individual with immediate international rights.

Moreover, the universal international treaties starting with the two International Covenants of or regional international treaties e. European Convention on Human Rights establish, unquestionably, a set of fundamental rights and freedoms among which several are considered non-derogable e.

Furthermore, beside the substantive rights and related duties, the treaties establish certain procedural rights and duties, which guarantee the individuals direct access to specialized international courts, where the states have passive legal standing. As regards the contribution to the process of international norms elaboration in the field of human rights, it is obvious that, at present, such contribution is not a direct one but mediated by state or non-governmental organizations, interest groups 10 which bring together people with a common view in certain fields relevant for the protection of human rights, even by individual opinions expressed in the international doctrine by reputable writers or in the courts case-law, through individual or separate opinions.

The doctrine invokes, as mediated contribution to the elaboration of human rights international norms, the judicial decisions of the specialized international courts where the individual held active legal standing, submitted arguments and evidence that resulted in a court decision. As regards the international legal capacity of the individuals, in particular their right to act internationally, their possibility to bring contentious proceedings before 8 J.

Starke, work cited, page 62 9 Malcom Shaw, work cited, page Patrick Daillier etc. Furthermore, the expression of the legal personality at international level, in the field under discussion, involves directly the individual criminal responsibility, situation confirmed at present at normative and institutional level, as well as by the practice.

Having an old customary basis whereby piracy on sea or slave trade were incriminated, nowadays the international law establishes the criminal responsibility for individual deeds of drugs trafficking, safety of international civil aviation or fight against terrorism.

Probably finamciare most negre field regulated at present remains that of crimes against humanity and “crimes of genocide, as such have been defined and incriminated by the The Rome Statute of neegrea International Criminal Court of article 33 paragraph 2 as such have been applied in case of certain ad-hoc international criminal tribunals, such as the International Criminal Tribunal for the former Yugoslavia or that for Rwanda.

Conclusions The legal personality of the individual in the international relations has been gradually recognized in the last decades by an increasing number of international law writers, particularly in the specific field of international protection negrew human rights.

As regards the realm of international law of human rights, ealuarea should bear in mind the fact that the central axis remains the relation between state and individual, which requires the observance of certain rights and the undertaking of certain duties, jurisdictional and non-jurisdictional contentious proceedings for the enforcement of such, as well as the conclusion largely embraced by the contemporary international society, according to which the protection of human rights has become an issue of international cooperation and guarantee and may no longer be accepted as object of absolute and exclusive sovereignty of the state.

Therefore, the individual is one of the main subjects of international law, beside the state and, according to certain writers, the international governmental organizations.

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