Contents New trends in catastrophic risk insurance in Romania  Dumitru Badea, Laura Elly NAGHI, Mihaela COVRIG / 9 Increases and decreases on Romanian insurance market  Gherasim Solovestru Domide, Alexandru Domide / 15 ERM -a key option for a legal entity stability  Iuliu Cosmin Şerbănescu / 22 Cornerstone approaches regarding insurance of deposits  Andrei Stănculescu / 28 Factors that influence the performance of listed companies considering the IFRS approach: Evidence from Romania  Laura

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... Brad, Radu Ciobanu, Florin Dobre / 32 Relationship between government bond markets in EU countries  Kristina Levisauskaite, Vilija Alekneviciene, Egle Alekneviciute / 40 Municipal rating-Is it necessary?  Carmen Maria Constantinescu, Paul Tănăsescu / 57 On a model of designing effective social assistance programs  Adrian Vintilescu Belciug, Lăcrămioara Corcheş, Daniela Creţu, Adriana Lupu / 64 Treasury operations management  Laurenţiu Andrei, Petre Brezeanu / 77 Balancing local budgets in Romania  Attila György / 88 Non-reimbursable external funds versus public debt  Georgiana Camelia Creţan, Mirela Anca Postole, Marilena Ciobănaşu / 94 Digital economy and the reform of the Romanian tax system  Iulia Butnaru, Iulian Viorel Braşoveanu / 104 Education and professional formation -key variables for the knowledge-based society and for the policies to ensure economic growth in the context of the Europe 2020 strategy  Rodica Interdependences between sustainable development and sustainable economy  Emilia Mioara Câmpeanu, Carmen Valentina Rădulescu / 128 The state's support in funding religious establishments  Mircea Cricovean / 138 The effects of introduction of flat tax in Romania: income from wages effects  Evelina Bălu, Iulian Viorel Braşoveanu / 147 Was RASDAQ doomed from the start? A preliminary investigation  Cornelia Pop, Cristina Balint, Maria-Andrada Georgescu / 155 Financial services authority and moral hazard  Mitică Pepi / 190 The analysis of the relationship between profit and average salary in the pharmaceutical industry  Nicolae Balteş, Georgiana Daniela Minculete (Piko), Maria Daciana Rodean (Cozma) / 215 A new approach of the relationship between banking crisis, financial dependence and growth in Romania  Rodica Oana Ioniţă, Ion Stancu / 221 The IMF should and can be involved in preventing and combating international crisis?  Dragoș-Ionuț Vișan / 230 Asset management companıes: a sector analysıs ın Turkey  Yusuf Gor, Bilgehan Tekin / 236 The influence of interest rates on the exchange rate and exchange rate volatility  Florin Mavriş, Dumitru -Cristian Oanea / 246 Drivers of an International Financial Centre: lessons for Mauritius  Kheswar Jankee / 258 Is EMU a triggering factor for convergence or not? Empirical evidence using Phillips and Sul methodology  Ioana Sorina Mihuț / 273 Is "too-big-to-fail" still an issue?  Paula Hortensia Botezatu, Diana Raluca Diaconescu / 286 Romania's external competitiveness. A macro approach  Ana-Maria Cazacu (Bancu) / 295 Contents 7 7 Macroprudential policies and tools  Livia Maria Rotaru / 310 Determinants of non-performing loans before and after the beginning of the international financial crisis  Radu Muntean / 322 Communicative principles among corporate clients and regional branches of commercial banks  Asie Tsintsadze, Lela Oniani / 333 Study regarding the correlation between nonperforming loans and gross domestic product in Romanian economy  Nicolae Balteş, Maria Daciana Rodean (Cozma), Georgiana Daniela Minculete (Piko) / 338 Contagion risk and the interdependence of the main risks in the Romanian banking sector  Radu Muntean / 347 Determinants of bank profitability: evidence from CreditCoop  Abstract. In a world where natural disasters are intensifying as frequency and severity over the population and material goods, the issue of insuring catastrophic risks is renewed as international specialized companies on this specific market are harder bargaining with local insurance companies. The implementation of Solvency II framework at European level brings about new restrictions concerning risk profile of companies that undertake to offer coverage in this area and thus it is interesting to observe the influence of the legal and technical framework over the actual CAT insurance policies. This paper intends to show the impact of international market changes on the Romanian insurance market and the approach of the insurance companies on CAT risks.