Economic Archive

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  FUNDED PENSION SYSTEM OF ARMENIA: PROBLEMS, DEVELOPMENT PROSPECTS, ROLE IN ECONOMIC GROWTH

  The pension fund system, both in theory and in practice, solves many important problems from the point of view of the country's economic development. In particular, the social issue is being solved, in many respects it contributes to equalizing the incomes of the population, raising the level of the population of retirement age, and many other ... The pension fund system, both in theory and in practice, solves many important problems from the point of view of the country's economic development. In particular, the social issue is being solved, in many respects it contributes to equalizing the incomes of the population, raising the level of the population of retirement age, and many other social and economic tasks. However, when it comes to developing markets, the funded pension system requires closer attention both from the side of supervision and from the point of view of the very mechanisms and principles for implementing the funded pension system in the country. This study is devoted to the analysis of the funded pension system of the Republic of Armenia, in terms of the effectiveness of its investments and the impact on the country's economic growth.

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  ECONOMIC INTERVENTIONISM UNDER PANDEMIC CONDITIONS: SIMILARITIES AND DIFFERENCES ON EU LEVEL

  The aim of this article is to classify 25 EU member states into homogeneous groups based on the relative shares of GDP of eight subgroups of government expenditures on economic affairs (according to the Classification of the Functions of Government - COFOG) and thus compare the extent of their governments’ intervention in economic affairs. The ... The aim of this article is to classify 25 EU member states into homogeneous groups based on the relative shares of GDP of eight subgroups of government expenditures on economic affairs (according to the Classification of the Functions of Government - COFOG) and thus compare the extent of their governments’ intervention in economic affairs. The homogeneous groups were defined by means of a non-hierarchical cluster analysis (K-means) method using the Euclidean distance as a measure of dissimilarity. The results of the clustering of the 25 EU member states by government expenditure by economic function (according to COFOG) reveals the similarities and differences among these countries in terms of their economic interventionism. They also define which economic affairs need government intervention to mitigate the negative effects of the COVID-19 pandemic.

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  CUSTOMER-CENTRIC APPROACH FOR FINANCIAL AND ECONOMIC SURVEYS OF PRIVATE SECURITY COMPANIES

  The subjects of the study are private security companies. Its object is the leading role of the customer-centric approach for financial and economic justification of the successful functioning and development of private security companies. The research hypothesis is that an objective assessment of the financial and economic aspects and the ... The subjects of the study are private security companies. Its object is the leading role of the customer-centric approach for financial and economic justification of the successful functioning and development of private security companies. The research hypothesis is that an objective assessment of the financial and economic aspects and the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy can be carried out by means of customer satisfaction and service pricing justification surveys. The aim of this article is to present the results of a customer satisfaction survey and the assessment of the financial and economic aspects as well as the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy. Structurally, the article includes three main sections: the first section focuses on the circulation of cash flows of private security companies; the second section presents selected elements of the conducted survey; and the third present an analysis of the survey among private security companies where the protection and security services compete and at the same time complement property insurance services. The survey results (based on a multi-crtieria Likert scale) confirm the validity of the "value for money" concept as an important factor for the pricing of private protection and security services. The survey questionnaire successfully compares the services of non-life insurance companies and the services of protection and security companies. The prevailing opinion is in favour of using the services of specialized companies over taking out insurance policies, with 61% of respondents expressing the opinion that hiring a spåcialized protection and security company is a more effective way to ensure property protection to taking out equivalent insurance with a general insurance company.