text: 2015-04-01T03:07:51Z http://oai.repec.openlib.org/oai.php oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:107-1222011-05-31RePEc:agr:journl article Tourism as a Factor in Economic Recovery In recent years tourism industry has become an area of high importance in the European economy, the rate of job creation in this sector exceeded the overall average in the EU. For these reasons it is considered that the tourist industry has an important role in achieving the objectives set by the European Commission under Agenda 2020.<br> With a significant tourism potential, Romania could implement a strategy for economic recovery in the tourism and economic activities to support local economic development adjacent to significant regional effects propagated. To assess the potential economic recovery of the Romanian tourism research, the authors conducted a survey based on about one of the most valuable tourist areas of Romania - Bucovina. economic crisis; economic recovery; tourism industry; cultural tourism. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 107 122 http://store.ectap.ro/articole/593.pdf application/pdf http://www.ectap.ro/articol.php?id=593&rid=74 text/html Cristina BURGHELEA Hyperion University, Bucharest Cristina VIŞAN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:5-162011-05-31RePEc:agr:journl article Model for the Assessment of the Effectiveness of the Banking Supervision Activity The financial crisis has revealed a series of weaknesses and gaps of the supervision of the financial system. The conclusions of the different reports aiming to discover the causes of the crisis, that were prepared by organizations and authorities with prerogatives in this field, were followed by the initiative of reforming the architecture of the supervision at the EU level and of reviewing the regulatory framework related to the areas for which significant vulnerabilities had been identified. In order to avoid repeating such episodes, which represent a peril for the maintenance of the financial stability, the completion of these steps is required, through the efforts of the national supervisory authorities, which have to contribute to the enhancement of the effectiveness of their activity. Thus, the rigorous assessment of the supervisory activity's effectiveness becomes necessary, which represents, in our opinion, a precondition for adopting those strategic decisions which would lead to the achievement of the desired objective, that is, to ensuring the stability of the financial system. effectiveness; efficiency; supervisory tools; assessment; corporate governance; stability. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 5 16 http://store.ectap.ro/articole/587.pdf application/pdf http://www.ectap.ro/articol.php?id=587&rid=74 text/html Nicolae DARDAC Bucharest Academy of Economic Studies Elena GEORGESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:135-1462011-05-31RePEc:agr:journl article Romanian Economic Environment Entrepreneurial Activities Analysis and Risk Evaluation This paper aims to approach risks at enterprise financial management by identifying potential risk sources and their attached risk factors, as well as identified risk quantification through statistical and mathematical instruments. Starting from the hypothesis that, in its essence, risk means variability, we propose measuring risk through elasticity coefficients, dispersion as well as trust intervals attached to financial indicators. risk; cost structure; financial structure; tax effective quota; trust interval. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 135 146 http://store.ectap.ro/articole/595.pdf application/pdf http://www.ectap.ro/articol.php?id=595&rid=74 text/html Georgeta VINTILĂ Bucharest Academy of Economic Studies Ştefan Daniel ARMEANU Bucharest Academy of Economic Studies Maria Oana FILIPESCU Bucharest Academy of Economic Studies Maricica MOSCALU Bucharest Academy of Economic Studies Paula LAZĂR Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:123-1342011-05-31RePEc:agr:journl article Economic Science and Postmodernism: Ethics Return The ideas have a fundamental importance for world's destiny. Within the human civilization world of thinking, the scientific ideas represent the essence of logical structure of human mind and the truths about the human action and society that can be discovered by man. In this approach, I will argue why the scholar honest-mindedness must be his principle in life. In world's vision about post-modernity, the only faith today is that everything is relative or otherwise stated that there is no ultimate criterion for making absolute hierarchies in order to distinguish truth from false. Thus has gradually appeared the less desired idea that ethical standards represent simple social conventions, fact that would impede the possibility of ethically validating a multitude of "alternative institutional arrangements", including the ones contradictory with human nature and individual freedom. This study represents a plea for the virtues of logic and faith in truth and justice. Moreover, the original signification of the word "science" – scientia – is correct knowledge. Bearing this clarification in mind, the researchers would maybe become more responsible in calling any approach as being a "scientific" one and implicitly they would become more exigent with their own creations. knowledge; economic science; methodology; ethics. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 123 134 http://store.ectap.ro/articole/594.pdf application/pdf http://www.ectap.ro/articol.php?id=594&rid=74 text/html Cosmin MARINESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:45-582011-05-31RePEc:agr:journl article Fiat versus Representative Money under Debate, or How Right Keynes Was Once (!) The applied economics understands the concept of money nearly exclusively through the quantitative theory, which certainly remains one of the greatest theories in this topic area. On the other hand, the history of money – be it old or contemporary -- finds two other "nonquantitative" theories as more relevant in the respect that they are able to "cover" this history – these are representative and fiat money. Then, there comes the interesting point: this history "covered", meaning a full explaining of facts would be made by the two theories and images of the same money just "together"—which is impossible in basic good sense terms, as money (as anything else) cannot be real and fictitious value in the same time. fiat money; representative money; seniorage; barter (and its system); commodity money; international monetary system (IMS); macroeconomics; optimum currency area (OCA); economic theory. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 45 58 http://store.ectap.ro/articole/589.pdf application/pdf http://www.ectap.ro/articol.php?id=589&rid=74 text/html Liviu C. ANDREI National School of Political Studies and Public Administration, Bucharest oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:59-762011-05-31RePEc:agr:journl article Education and Employment in Sub-Saharan Africa: Some Evidence from Senegal This paper studies the education-employment nexus in the context of Senegal. Using the 2005 Senegal Household Survey, we find that households' heads with higher education (lower secondary level and above) are less likely to be self-employed but more likely to be working in the public sector. Disaggregation by gender and location (rural vs. urban) does not affect the results. Besides, female headed households with secondary education and above are more likely to be employed in the private sector. The results suggest the importance of steps for extensive promotion of education (especially for an upward revision of the level of compulsory education) in resolving the persistent unemployment problem and improving the job availability in the private sector. education; employment; Sub-Saharan Africa; Senegal. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 59 76 http://store.ectap.ro/articole/590.pdf application/pdf http://www.ectap.ro/articol.php?id=590&rid=74 text/html Barassou DIAWARA Graduate School of Economics, Kyushu University, Japan Mazhar MUGHAL Université de Pau et des Pays de l'Adour, France oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:77-902011-05-31RePEc:agr:journl article Bayes-Nash Equilibrium and Game Theory in Public Expenditure Management Auctions purchases represent an effective mechanism for public authorities, designed to provide the buyer (public authority), products and services with a convenient time to complete the transaction and the option to set a minimum price. In this paper we will study the problem of the optimal public expenditure rules using Bayes-Nash equilibrium in an symmetrical auction with knowledge of independent value, meaning each bidder knows only his own information. After setting the function for optimum balance to profit for the bidders by minimizing this function (the derivation of I order) and maximize it (the derivation of II order), it has to identify the optimal range where the offer of a bidder for products and services will stand. auction, Bayes-Nash equilibrium, optimization, public authorities, public expenditure. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 77 90 http://store.ectap.ro/articole/591.pdf application/pdf http://www.ectap.ro/articol.php?id=591&rid=74 text/html Petru FILIP University of Oradea Marcel Ioan BOLOŞ University of Oradea Cristian Ioan OTGON University of Oradea oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:159-1682011-05-31RePEc:agr:journl article The Crisis of Economic Theory in the Middle of the Economic Crisis Keynesian economics has lost much of its effectiveness as a paradigm of world capitalism as a whole, or as a paradigm of individual developed capitalist economies. The decline of the United States as a hegemonic power capable of imposing its will over others has seen to the erosion of the relevance of the Keynesian doctrine on the global scale. The Philips curve and what Hicks calls the "social" pressure on wages have severely restricted the field of Keynesian policy at home – even through the ruling classes continue to use Keynesian theory as their paradigm. The most important lesson from Keynes work may be that the macroeconomist should start from the important problems of the day and should face the following questions: 1) How can we to understand what are is happening right now? 2) What can be done about it? What is the best policy to follow? 3) Do recent events force us to modify what is today widely accepted economic theory? If so, what is wrong and how might we go about arriving at a more satisfying theory? The most important economic problem of today is current financial crisis that started in the United States. What might we learn from Keynesian theory about it? The current situation is almost the opposite of the one that Keynes dealt with in the "General Theory". Now day's economics lacks an anchored understanding of the nature of the reality that economics is supposed to illuminate. Instability of leverage, connectivity, and potential instability of the price level have all been neglected in stable – with – fractions macro theory. Technical innovations will not bring real progress as long as "stability – with – fractions" remains the ruling paradigm. Meanwhile, governments are not prepared to face another crisis. economic crisis; Keynesianism; doctrinal crisis; macro policies. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 159 168 http://store.ectap.ro/articole/597.pdf application/pdf http://www.ectap.ro/articol.php?id=597&rid=74 text/html Silvia MĂRGINEAN "Lucian Blaga" University of Sibiu Roberta Mihaela STANEF Bucharest Academy of Economic Studies Alina Ştefania CREŢU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:1-22011-05-31RePEc:agr:journl article The Fall of Hierarchical Systems (editorial) 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_74_en.pdf application/pdf http://www.ectap.ro/content2.php?id=74&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:91-1062011-05-31RePEc:agr:journl article The Economic Crisis and Several Effects on Global Economy The main mechanism of profit making is not production according to the outcomes of several analyses of the current economic crisis. This mechanism is circulation and exchange. Starting with this observation the paper goes through a number of aspects regarding the relation between crisis and economy at global level. These aspects consist in the recent financial turmoil; who pays for the crisis; stabilizing the financial sector; recession and the financial crisis; the internationalization of the crisis; commodities and the ecological crisis; an end to neo-liberalism; what should socialists demand. We notice and comment on how important current development in the wake of the banking crisis is for the transmission of that crisis to the rest of the economy and its interaction with the more general economic crisis now emerging. It was concluded that there are good chances that the current economic order to be broken. The future shape of the order will depend more on vision of managers than on the influence of the so called objective factors. financial crisis, global economy, ecological crisis, neoliberalism. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 91 106 http://store.ectap.ro/articole/592.pdf application/pdf http://www.ectap.ro/articol.php?id=592&rid=74 text/html Florina BRAN Bucharest Academy of Economic Studies Carmen Valentina RĂDULESCU Bucharest Academy of Economic Studies Ildikó IOAN Bucharest Academy of Economic Studies Florentina Olivia BĂLU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558):y:2011:i:5(558):p:147-1582011-05-31RePEc:agr:journl article Transylvania – Romanian Tourism Micro-destination Although nowadays there are many controversies regarding the three regionalization dimensions (the positive-scientific regionalization, the symbolic- informal regionalization and the normativeformal regionalization) in terms of the modification of the third, due to the norms and principles of the accedence to the European Union and due to the access to the structural funds, the symbolic-informal regionalization ("produced in the collective mental of the individual and group selfidentification, of current practices and that includes the sphere of the culture (…) being not only a factor, but also a result of the social construction" (Benedict, 2000, p. 47)) remains in the same time a supporting element in the development of the regional brand. Thus, the region of Transylvania, in accordance with the results of the conducted research, entirely corresponds with the definition that Passy (2001, p. 16) assigned to the region, namely "on the one hand, a social construction – created by economic, politic, cultural and administrative discourses and practices – but, on the other hand, it might become a power center". tourism destination; tourism image; regional tourism brand; forms of tourism; destination marketing. 5(558) 2011 XVIII(2011) May Theoretical and Applied Economics 147 158 http://store.ectap.ro/articole/596.pdf application/pdf http://www.ectap.ro/articol.php?id=596&rid=74 text/html Aurelia-Felicia STĂNCIOIU Bucharest Academy of Economic Studies Codruţa BĂLTESCU "Transilvania" University of Braşov Anca-Daniela VLĂDOI Bucharest Academy of Economic Studies Ion PÂRGARU Polytechnic University of Bucharest Virgil NICULA "Lucian Blaga" University of Sibiu oai:RePEc:agr:journl:v:09(538):y:2009:i:09(538):p:12009-10-02RePEc:agr:journl article The Rhythm of Common Sense (editorial) 09(538) 2009 09(538) September Theoretical and Applied Economics 1 1 http://store.ectap.ro/editoriale/editorial_53_en.pdf application/pdf http://www.ectap.ro/content2.php?id=53&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:75-902011-10-29RePEc:agr:journl article Identification of Critical Points in the Quality Management System Creating a quality management system can help organizations and other stakeholders in satisfying customer needs and expectations. Moreover, a well-implemented quality management ensures the organization a capable structure to make continuous improvement actions. Thus, after the evaluation of the quality management system elements, the identification of critical points is a very important element. There are several ways of assessing and identifying these critical points; in this case, identification will be done by questionnaire survey carried out at the Székely National Museum in Saint George. The questionnaire aimed to assess the whole system of management and staff attitudes towards some considerations established by international standard ISO 9001:2008. quality management system; visitor satisfaction; management responsibility; resource management; social-economic development. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 75 90 http://store.ectap.ro/articole/651.pdf application/pdf http://www.ectap.ro/articol.php?id=651&rid=79 text/html Tünde SZABÓ Babeş-Bolyai University, Cluj-Napoca oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:1-22011-10-29RePEc:agr:journl article The Ideological Reductionism (editorial) 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_79_en.pdf application/pdf http://www.ectap.ro/content2.php?id=79&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:99-1202011-10-29RePEc:agr:journl article Impact of Institutional Credit on Agricultural Output: A Case Study of Pakistan This paper looks at the role of credit to agricultural sector in Pakistan. It begins with an analysis of credit as indirect input to agricultural sector. It helps the farmers to buy modern and expensive inputs such as tractor, tubewel, seeds, fertilizers etc. The study covers the period from 1974 to 2008. The empirical findings show that there is a significant role of credit in agriculture sector. Taccavi loans; farm mechanization; stationarity; cointegration; Granger causality. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 99 120 http://store.ectap.ro/articole/653.pdf application/pdf http://www.ectap.ro/articol.php?id=653&rid=79 text/html Nawaz AHMAD National College of Business Adrministration & Economics, Lahore oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:23-282011-10-29RePEc:agr:journl article Novelties in Competition Regulation in Romania. Impact on Competitors Upon the coming into force of the Law No. 149/2011, the recent changes in the Competition Law bring a significant decrease of the fines level, while encouraging competitors to support the maintenance of a healthy and transparent competition. However, some provisions require application guidelines, while others are tougher than the European law principles. economic operator; lower fines; presumption of dominant position; serious competition constraints; lawyer-client privilege. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 23 28 http://store.ectap.ro/articole/647.pdf application/pdf http://www.ectap.ro/articol.php?id=647&rid=79 text/html Cornelia LEFTER Bucharest Academy of Economic Studies Oana OPREA (TEODORESCU) Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:127-1442011-10-29RePEc:agr:journl article Technological Innovation: Concept, Process, Typology and Implications in the Economy Growing interest worldwide to boost innovation in business sector activities, especially the technology, is intended to maintain or increase national economic competitiveness, inclusively as an effect of awareness concerning the effects resulting from economic activity on consumption of resources and environment, which requires design of new patterns of production and consumption. In this paper we review the most important contributions in the literature in terms of the implications of technological innovation in the economy, at the microand macroeconomic level, viewing the organization's ability to generate new ideas in support of increasing production, employment and environmental protection, starting from the concepts of innovation, innovation process and, respectively, from the innovation typology analysis. technological innovation; innovation process; ecoinnovation; research and development; economic development. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 127 144 http://store.ectap.ro/articole/655.pdf application/pdf http://www.ectap.ro/articol.php?id=655&rid=79 text/html Mihaela DIACONU "Petre Andrei" University of Iaşi oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:29-442011-10-29RePEc:agr:journl article A Cause and Effect Analysis of University – Business Cooperation for Regional Innovation in Romania This paper underlines the main roles of universities in regional innovation systems, as well as the barriers to university – business cooperation for regional innovation. At the same time, the study proposes a qualitative content analysis of Regional Innovation Strategies (RIS) that were drafted for six of the eight Romanian NUT 2 regions, in order to identify the causes of the weak university – business cooperation. Results are then shyntethised in a cause and effect map that can be a useful diagnosis and control tool in regional planning. regional innovation systems (RIS); university – businesses cooperation; Romanian Regional Innovation Strategies; cause and effect map. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 29 44 http://store.ectap.ro/articole/648.pdf application/pdf http://www.ectap.ro/articol.php?id=648&rid=79 text/html Cristina ŞERBĂNICĂ Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:91-982011-10-29RePEc:agr:journl article Econometric Modeling of GDP Time Series Article aims of time series econometric model of macroeconomic variable GDP in the US economy. Because that is a nonstationary time series, there are used several statistical tests in order to turn into a stationary series. After applying these tests, the time series became stationary and integrated of order I; thus, we use Box-Jenkins procedure for the determination of ARMA. We estimate by OLS the parameters of various models. Performances chosen ARIMA model (1,1,1) are verified on the basis of classical statistical tests and forecasting. stationary time series; nonstationary time series; statistical tests. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 91 98 http://store.ectap.ro/articole/652.pdf application/pdf http://www.ectap.ro/articol.php?id=652&rid=79 text/html Elena-Adriana ANDREI Bucharest Academy of Economic Studies Elena BUGUDUI "Artifex" University of Bucharest oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:57-742011-10-29RePEc:agr:journl article Corporate Social Responsibility – between Desideratum and Reality The corporate social responsibility is a desideratum of the world and it is an important premise of the business environment. The objectives of this presentation are: conceptual understanding, the identification of the advantages generated by the social responsibility for the company and for the society as a whole, the determination of the correlation between the enterprise's efforts and the obtained effects, the pointing out of the necessity of setting up of the corporate social responsibility on ethical criteria. As a corollary, one can appreciate that the corporate social responsibility is a source of competitive advantage and a strategic intercession. corporate social responsibility; business ethics; innovation; sustainability; competitive advantage. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 57 74 http://store.ectap.ro/articole/650.pdf application/pdf http://www.ectap.ro/articol.php?id=650&rid=79 text/html Anca Maria HRISTEA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:45-562011-10-29RePEc:agr:journl article Moldavia and Maramureş – Micro-destinations for Relaunching the Romanian Tourism Since Romania holds a rich tourism heritage and a great tourism potential, the tourism division into zones was drawn up as "a possibility toward a superior and complex development of the tourism resources, in a unified vision…" (Erdeli, Gheorghilaş, 2006, p. 264), this representing a permanent concern of the specialists from all fields that are related to the tourism management. Although the criteria for selection and ranking of the tourist attractions have been the subject of some controversies, regarding the types of tourism that can be practiced in these areas, there were arrived almost unanimous conclusions. In order to ensure the representativeness and considering that all historical regions of the contemporary Romania are to the same extent microdestinations with a substantial "tourism heritage", the regions of Moldavia (including Bukovina) and Maramureş were merged into one for the elaboration of the research that presents, in essence, the main types of tourism and a part of the treasury of Romanian age-old heritage. tourism destination; tourism micro-destination; destination image; regional tourism brand; type of tourism; destination marketing. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 45 56 http://store.ectap.ro/articole/649.pdf application/pdf http://www.ectap.ro/articol.php?id=649&rid=79 text/html Aurelia-Felicia STĂNCIOIU Bucharest Academy of Economic Studies Ion PÂRGARU "Polytechnica" University of Bucharest Nicolae TEODORESCU Bucharest Academy of Economic Studies Anca-Daniela VLĂDOI Bucharest Academy of Economic Studies Monica Paula RAŢIU Romanian American University of Bucharest oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:121-1262011-10-29RePEc:agr:journl article The Management of Waste Containing Asbestos in Romania and the European Union The complex problem of waste management caused it to be claimed by an increasing number of disciplines in the last period, coming to the conclusion that many times such an inter- and pluridisciplinary effort is necessary in order to reach to the expected results. Romania has a significant quantity of asbestos content wastes, as a consequence of the fact that no recycling technologies apply to them, the applicability rate being very low also at international level. The polybest is the solution offered for recycling and recovery of asbocement through a processing technology ensuring the neutralization of the noxious factors. wastes; asbestos; management of waste containing astestos; inertization technologies; polybest. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 121 126 http://store.ectap.ro/articole/654.pdf application/pdf http://www.ectap.ro/articol.php?id=654&rid=79 text/html Silvian IONESCU National Environment Guard oai:RePEc:agr:journl:v:10(563):y:2011:i:10(563):p:5-222011-10-29RePEc:agr:journl article Optimal Licensing Contracts with Three Innovation Types In the paper we analyze the features of the optimal licensing contracts in the situation of asymmetric information between the license's owner and the potential buyer. The approach is based on a classical model of adverse selection first proposed by Macho-Stadler and Perez-Castrillo (1991) and solved in an alternative way, using the informational rents as variables, by Marinescu and Marin (2011). Their model is extended in the present paper by assuming that the adverse selection parameter can have one of three possible values (corresponding to three possible types of innovations). optimal contract; innovation; adverse selection; informational rents. 10(563) 2011 XVIII(2011) October Theoretical and Applied Economics 5 22 http://store.ectap.ro/articole/646.pdf application/pdf http://www.ectap.ro/articol.php?id=646&rid=79 text/html Daniela MARINESCU Bucharest Academy of Economic Studies Dumitru MARIN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:173-1882011-01-28RePEc:agr:journl article Implications of Asymmetric Information in the Real Estate Crisis in US The economic crisis is now a common reality in most parts of the world, being translated in mass unemployment, collapse of the social system and an impressive number of bankruptcies. The paper focuses on the beginning of the recession in the American real estate sector by analyzing the implications of imperfect information and moral hazard as main factors that contributed to the deterioration of real estate market and also to accentuating the overall poor economic situation. In that context, asymmetric information served the interests of banks and other institutional speculators who made use of it in order to increase their profitability through market manipulation. The central aspect the paper underlines is the international contamination created by disguising toxic real estate actives and spreading them throughout the global economy through transactions with foreign business partners. asymmetric information; moral hazard; adverse selection; real estate market. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 173 188 http://store.ectap.ro/articole/550.pdf application/pdf http://www.ectap.ro/articol.php?id=550&rid=70 text/html Marta Christina SUCIU Bucharest Academy of Economic Studies Luciana PICIORUŞ Bucharest Academy of Economic Studies Cosmin Ionuţ IMBRIŞCĂ Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:75-1102011-01-28RePEc:agr:journl article The Reform of the National Public Policies Process under the Influence of Europeanization Changes in the Policy-Making in Romania on Institutional and Legislative Level The construction initiated by Monnet, Schuman, Adenauer and De Gasperi had a remarkable evolution not only concerning the number of the Member States, but also in terms of institutional and functional development, the European Union being one of the most important changing factor concerning the governance and the policy-making process at European level and not only. The number of researches studying the European Union from the perspective of its role or its impact in the development and implementation of public policies has increased in the last decades, emphasizing the various approaches of this issue. Using the theoretical, analytical and empirical framework, described by various scholars, the paper aims: - to explore the conceptual dimension of Europeanization and European integration, stressing the differences and similarities; - to achieve a progressive analysis of the reforms made by the European Union in the European policy framework, outlining the methods used in elaboration of its policies; - to emphasize the efforts of regulatory and institutional change made by Romania in its policy-making process, as a result of the European integration and Europeanization processes. For achieving the aims of the actual paper we have used bibliographical research and study of legislation at European and national level, applied to European and domestic public policies as well as the study of procedural documents carried out by Romanian authorities for domestic public policy elaboration. Europeanization; national and European public policies; institutional and procedural changes. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 75 110 http://store.ectap.ro/articole/544.pdf application/pdf http://www.ectap.ro/articol.php?id=544&rid=70 text/html Ani MATEI National School of Political Studies and Public Administration, Bucharest Tatiana-Camelia DOGARU National School of Political Studies and Public Administration, Bucharest oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:5-242011-01-28RePEc:agr:journl article Considerations Regarding the Mix of Anticrisis Fiscal Policies in Romania The last centuries, it has been noticed that the economic activity does not unfold linearly, that the expansion periods are followed by a contraction of the economic activity, that the peak moments cannot be maintained endlessly and that, after recession, a relaunch of the economic activity may occur. The political and economical cycles, emphasized by the last decades, made people talk more about the countercyclical policies and about the behaviour of the politicians seen in strong connection with the behaviour of the voting population. To reduce the effects of the current crisis, the state uses fiscal incentives, this representing a combination of public expenses and a reduction of the taxes for the companies and the households which aims at the revival of the economic life, the increase of employment and the recovery of the business environment. The countercyclical policies are known and applied all over the world, each responsible government choosing those instruments of budget and fiscal policy which best match the concrete possibilities of economy and correspond with its political doctrines. Thus seen the mix of fiscal policies is firstly a political choice, but with a strong impact on the economy of a country. fiscal policies; political and economical cycles; fiscal stimulation; budget deficit; fiscal stabilizers. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 5 24 http://store.ectap.ro/articole/540.pdf application/pdf http://www.ectap.ro/articol.php?id=540&rid=70 text/html Ioan TALPOŞ West University of Timişoara Alexandru AVRAM West University of Timişoara oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:65-742011-01-28RePEc:agr:journl article Time and Causality in the Economic Process – a Critical Approach Based on Consistency Criteria Our paper proposes a critical analysis based on criteria of consistency of the fundamental concepts underlying the comprehensive description of economic process, namely: time, context and causality. Issues of such action taken by us arise from the existence of the fact that the emergence of new paradigms, amid an economic complexity, should include elements of theoretical, instrumental and methodological nature. Moreover, dominant economic science, at this time (positivist), is subject to an epistemological imperialism exercised by Newtonian mechanics, without one's own epistemology. Regarding the underlying causality explaining the economic process, we find that, yet at this time, it is a singular and efficient one (in the Aristotelian sense), but not a teleological one, so we wonder whether the final causality (purpose form) may better explain the economic process and his completeness, and in this sense, the shaping of new paradigms based on premises other than those already existed, in understanding the economic process. economic process; economic time; final cause. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 65 74 http://store.ectap.ro/articole/543.pdf application/pdf http://www.ectap.ro/articol.php?id=543&rid=70 text/html Cristina TĂNĂSESCU University "Lucian Blaga", Sibiu Vasile BRĂTIAN University "Lucian Blaga", Sibiu Camelia OPREAN University "Lucian Blaga", Sibiu oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:121-1282011-01-28RePEc:agr:journl article New Hypothesis on Service Management within the Global World World economies have changed into service economies in the last decade, as services became the main dynamic component of economic competition. Therefore, this study explores how the globalization and, moreover, the knowledge-based economy could influence the conceptualization of service management. The findings of this study reveal that some of the hypothesis on service management are no longer valid, being replaced by new hypothesis more suitable within the global world and the knowledge-based economy. The study was carried out by combining a wide variety of sources, such as research papers, literature reviews, conceptual papers and books. The results reported in this research may be used for designing new methods and models for the management of service organizations so as to consider the changes in conceptualizing service management. service management; information and communication technology; global world; knowledge-based 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 121 128 http://store.ectap.ro/articole/546.pdf application/pdf http://www.ectap.ro/articol.php?id=546&rid=70 text/html Ion PLUMB Bucharest Academy of Economic Studies Andreea ZAMFIR Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:25-482011-01-28RePEc:agr:journl article Women Entrepreneurship in the Western Romania. Research Results and Policy Recommendations Starting from the results of the empirical, quantitative, and qualitative research performed in the AntrES project, between 5.01.2009 - 4.01.2011, in the Western Romania, referring to the existence of obvious gender gaps regarding the start up of new businesses and the ownership of the businesses; the characteristics, the motivations, and the difficulties of the women entrepreneurs and potentially enterprising women; the successful women entrepreneurs' perceptions on the sex equality in the field of entrepreneurship - this paper presents arguments and recommendations of specific policies meant to support the potential women entrepreneurship in Romania, as an engine to overcome the economic crisis and to reconnect to the regional development mechanism facilitated by the European Union's regional policy. women entrepreneurship; gender gaps; new businesses start-up; public policies; regional development. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 25 48 http://store.ectap.ro/articole/541.pdf application/pdf http://www.ectap.ro/articol.php?id=541&rid=70 text/html Anca DODESCU University of Oradea Alina BĂDULESCU University of Oradea Adriana GIURGIU University of Oradea Ioana POP-COHUŢ University of Oradea oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:151-1622011-01-28RePEc:agr:journl article Contributions of Agriculture to Economic Fluctuations in Romania Globalization and European integration could be advantages for the development of agriculture in Romania, which still holds a high relative position in the economy and has structures of business organization and employment that do not match the European model. Based on the empirical analysis of available data, the paper presents changes of the Romanian agriculture in the last two decades and their influence on the whole economy, by pointing out three important fields of macroeconomic fluctuations: gross domestic product, prices and employment. The extended size of the subsistence component in the agricultural sector keeps the dependence of production variations on the natural conditions, strongly influenced by climate changes, while inducing significant variations in the GDP, but is also a solution to soften the social effects of the economic crisis. agriculture; economic fluctuations; price volatility; overemployment. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 151 162 http://store.ectap.ro/articole/548.pdf application/pdf http://www.ectap.ro/articol.php?id=548&rid=70 text/html Anca DACHIN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:129-1502011-01-28RePEc:agr:journl article Current Economic and Financial Crisis – New Issues or Returning to the Old Problems? Paradigms, Causes, Effects and Solutions Adopted At the ideological level, the current crisis, as the others in history, has triggered an intellectual debate among several applicable ideas: ultra-liberal theory of the "invisible hand" of Adam Smith, Keynes's theory of state interventionism and even neo-Marxist theories. Globalization, with all its core components, generates a chain reaction when the phenomenon occurs, either positive or negative. The origin of the current financial crisis should be sought in the effects of massive cross-border capital flows and the use of more complex derivatives. Reaching the saturation of the three engines of economic growth worldwide in the period after the collapse of the socialist bloc is another important cause of all the failures that currently exist worldwide. Acquisition of toxic assets from bank balance sheets, their recapitalization and takeover by the state, but also the reinforcement of the prudential supervision of capitalization, liquidity and risk management system, improved transparency and speed the process of evaluating or reinforcing authorities' response to risk, can be considered short or long term anti-crisis measures, as appropriate. financial crisis; globalization; financial crisis paradigms. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 129 150 http://store.ectap.ro/articole/547.pdf application/pdf http://www.ectap.ro/articol.php?id=547&rid=70 text/html Felix TOTIR The Military Technical Academy of Bucharest Ingrid-Mihaela DRAGOTĂ Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:189-1962011-01-28RePEc:agr:journl article The Crowding out Effect on the Labor Market in Romania Discrimination expresses any distinction, exclusion, restriction, preference or different treatment that disadvantages a person or group, in comparison with others in similar situations. The crowding out effect was first formulated by Bergmann (1974) and explains that an individual can obtain lower returns if he belongs to a branch dominated by the members of another group. The difference in pay between women and men is also reinforced by the segregation in the labor market, which may explain the crowding out effect. In this article we analyzed the level of segregation in the Romanian labor market starting from the workers professional status and their distribution by branch from 2003 to 2008. Crowding out effect was analyzed based on the gain function of the two groups (women and men). discrimination; wage; segregation; crowding; labor market. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 189 196 http://store.ectap.ro/articole/551.pdf application/pdf http://www.ectap.ro/articol.php?id=551&rid=70 text/html Mihaela Hrisanta DOBRE Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:1-22011-01-28RePEc:agr:journl article The Circularity of Ideologies (editorial) 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_70_en.pdf application/pdf http://www.ectap.ro/content2.php?id=70&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:49-642011-01-28RePEc:agr:journl article How to Improve Small and Medium-Sized Enterprises Profitability by Practicing an Efficient Human Resources Management In The European Union's country members, small and medium-sized enterprises (SMEs) play an essential role in economic life, having special features that make adaptation process to the contemporary economy easier. Small and medium sized enterprises (SMEs) are the most dynamic and vital factor of progress in the contemporary society, main generator of economic performance and substance in any country, employment opportunity provider for most of population, major contributor to the national budget, and engine to improve the living standard of the population. SMEs represent 99% from all enterprises, drawing up the main human resources aglomeration. In the contemporary economic context, SMEs should act as learning entities, by developing the most important resources they own: the human resources. Human resource development (HRD) has gained a permanent role within SMEs, agencies and nations, increasingly not only as an academic discipline, but as a central theme in development area. Being a combination of training and education, in a broad context of adequate human resource policies, HRD ensures the continual improvement and growth of both individual and organization. development, human resources, management, performance, SMEs. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 49 64 http://store.ectap.ro/articole/542.pdf application/pdf http://www.ectap.ro/articol.php?id=542&rid=70 text/html Antonio GARCÍA SÁNCHEZ Universidad Politécnica de Cartagena, Spain Dan POPESCU Bucharest Academy of Economic Studies Iulia CHIVU Bucharest Academy of Economic Studies Alina CIOCÂRLAN-CHITUCEA Bucharest Academy of Economic Studies Daniela Oana POPESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:163-1722011-01-28RePEc:agr:journl article Foreign Direct Investments Expansion – Essential Globalization Factor We live in a time when the world economy is constantly changing. Foreign direct investments is one of the most dynamic part of the world economy and in a continuous globalization, those international financial flows determining the traders to know their defining elements and to adopt a specific management in the international affairs field. We are viewers of an unprecedented expansion of foreign direct investments, essential factor of the globalization development process. The paper analyzes the evolution of FDI so far, along with a brief illustration as the main trends of international financial flows for 2010 and 2011. In the context of economic globalization, it is absolutely necessary to clear out a study on the various economic activities, especially on the differences between countries. The analysis of these differences is particularly important as it helps improve and optimize the strategies adopted by foreign transnational companies. In the past 15 years, one observes that most companies in emerging countries, characterized by a great expansion, have adopted in the first phase of their existence, corporate strategies that gave them the opportunity to become global companies. According to surveys, after reaching the first goal, becoming a multinational or a transnational company, they have developed new business models beyond the classical principles and strategies. It is anticipated that in the coming decades, the strategies of emerging companies will be influenced by functional specialization, which, according to experts, influence the process of globalization. The analysis of strategies adopted by companies in emerging countries is absolutely necessary because the results cannot be overlooked. For example, until 2004, only five Asian companies were part of the top 100 transnational companies. The study was carried out by UNCTAD and the identification criterion was the size of foreign assets. In 2006, 14% of world total FDI came from emerging countries. In the global economic crisis, foreign investment flow analysis is a dynamic element that can help the economy of a country. This is not the first time when the world economy is facing recession, but it happens after many years, namely after the Great Depression that began in 1929 and after Breton Woods System Fall in 1971. In addition, we can say that it is for the first time after a long period when the crisis is located at the level of developed countries, not only in emerging economies. The FDI expansion is indeed a fabulous one, aspects of their development periods of time are presented in detail in this paper. In the last decades of the twentieth century, international investment flows have risen to unprecedented growth. The climax was reached in 2000, next period representing a regression of foreign investments. From 2003 to 2007, it was a period marked by a continuous expansion and increase flows until 2008, when the global economical crisis has had an impact on the entire world economy, including foreign direct investments. Undoubtedly, the world economic crisis had a negative effect on FDI. The negative impact mostly consisted of two elements, namely: reducing access to financial resources, which affected the ability of firms to invest, and the tendency of companies to invest because of gloomy prospects for the economy, markets and risks. FDI; cross-border acquisitions and mergers; transnational companies; internationalization; trans-nationalization of the production process. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 163 172 http://store.ectap.ro/articole/549.pdf application/pdf http://www.ectap.ro/articol.php?id=549&rid=70 text/html Cătălin Emilian HUIDUMAC PETRESCU Bucharest Academy of Economic Studies Radu-Marcel JOIA "Nicolae Titulescu" University, Bucharest Gheorghe HURDUZEU Bucharest Academy of Economic Studies Liviu Bogdan VLAD Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:xviii(2011):y:2011:i:1(554):p:111-1202011-01-28RePEc:agr:journl article Re-modeling the Romanian Fiscal Policy under the Terms of the Economic Crisis This paper brings arguments for the necessity to re-think the modality to analize and interpret the Romanian fiscal policy, under the terms of the future adheration to the Euro Zone. Under these terms, this study estimates the structural budget deficit, considering this indicator as one of the most relevant for assessing the performance of the fiscal management, and also the extent to which the Romanian fiscal policy is prepared to act as a sole instrument which can stabilize the national economy after entering the Euro Zone. The work is structured as it follows: (i) estimate for the potential GDP and for the output gap by means of the production function method and by the use of the Hodrick- Prescott filter; (ii) estimate for the cyclic budget component, based on the deficit sensitivity (using the elasticities of the government revenues and purchases related to the GDP) and on the value of the output gap and, subsequently, of the structural budget component. Finally, the work mentions a series of conclusions and recommendations regarding the methodological re-construction of the assessment for the fiscal policy's efficiency. structural budget balance; output gap; fiscal policy. 1(554) 2011 XVIII(2011) January Theoretical and Applied Economics 111 120 http://store.ectap.ro/articole/545.pdf application/pdf http://www.ectap.ro/articol.php?id=545&rid=70 text/html Aura Gabriela SOCOL Bucharest Academy of Economic Studies Dorin MĂNTESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:55-682010-04-12RePEc:agr:journl article About How Did the First Ever Big Economic Crisis Look Like The obsession about the current economic crisis is pretty understandable. But being obsessed about the current moment, in the economic crisis matter, might become a scientific mistake. As for instance, the real results of the current period will be available in just a couple of years. Moreover, we used to believe up to recently that the previous big crisis of 1929-1933 might be nearly an accident and would not repeat, due to its lesson applied: the policy makers made functional, vigilant, diligent and acting. May be such a lesson was not enough. But equally, every crisis would claim a specific lesson of this kind, and the present one would do the same, whereas the 1929-1933 and current crises lessons would not be enough, partly because the economic history has more in such a topic area. In other words, let us more deeply search for crisis elements in the world economic history. economic crisis; national economy; price system & standards; macrosystem; the international gold standard; utilities; barter system of exchanges. 2(543) 2010 2(543) February Theoretical and Applied Economics 55 68 http://store.ectap.ro/articole/441.pdf application/pdf http://www.ectap.ro/articol.php?id=441&rid=58 text/html Liviu C. ANDREI National School of Political Studies and Public Administration oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:25-542010-04-12RePEc:agr:journl article On the Intensity of International Subsidy Competition for FDI The objective of this paper is to empirically assess the recently introduced models of subsidy competition based on the classical oligopoly theories. Three crucial scenarios (coordination, weak competition, and fierce competition) are tested employing iteratively re-weighted least squares, fixed effects, and dynamic Blundell-Bond estimator on the data from the World Competitiveness Yearbook. The results suggest that none of the scenarios can be strongly supported – although there is some weak support for cooperation –, and thus that empirical evidence is not in accordance with the tested models. There is no evidence for a significant international competition for FDI. It seems that, however, by means of FDI incentives, governments try to compensate foreign investors for high wages and low productivity of their countries' labor force. investment incentives, foreign direct investment, panel data, subsidy competition. 2(543) 2010 2(543) February Theoretical and Applied Economics 25 54 http://store.ectap.ro/articole/440.pdf application/pdf http://www.ectap.ro/articol.php?id=440&rid=58 text/html Tomáš HAVRÃNEK Charles University and Czech National Bank, Prague Zuzana IRÅ OVà Charles University, Prague oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:133-1402010-04-12RePEc:agr:journl article The Liability of the Employer and the Liability of the Employees between Civil Law and Labour Law The working relationships based on the individual labour contract have an unprecedented aspect in civil law, namely, inequity of parts during the performance of the contract. This inequity is transposed in theoretical and applicative plan by the existence of the subordination report between the employer and employee. The lack of balance of the forces between the two parts of the contract constituted the necessary element for the birth of the new law branch which, by its settlements, to compensate this drawback. Though, in matter of liability, this "law of inequity†does not distinguish as a creator of new and independent institutions from "the general lawâ€, apparently confining only at the removing or compensating the premises of the parts inequity. Thus, the Romanian labour law create a specific institution named patrimonial liability which involve applicable rules in the legal relationship arise from the individual labour contract that represent an exception from the common rules of the civil liability but does not completely delimit from it and using it as a decipherer resource of its elements and as supplement resource. The patrimonial liability does not exclude in all the situations the co-existence of other forms of civil, contravention or criminal liability if the necessary elements for their incidence occur. liability; employer; employee; labour law; civil law; patrimonial liability; civil liability; contract. 2(543) 2010 2(543) February Theoretical and Applied Economics 133 140 http://store.ectap.ro/articole/447.pdf application/pdf http://www.ectap.ro/articol.php?id=447&rid=58 text/html Alexandru POPA West University TimiÅŸoara oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:63-742010-04-12RePEc:agr:journl article Does Trade Help to Explain Tourism Demand? The Case of Portugal The tourism industry has expanded in recent years due to internal and external environmental forces. These forces, income, trade, consumer price, and geographical distance are interconnected. Accounting for imperfect competition and increasing returns to scale, the new trade theory offers the explanation of dynamic gains from international trade. A large number of studies attempt to test the hypothesis that there is a link between trade and tourism. Most of the studies show that trade and tourism are positively correlated. This paper specifies static and dynamic panel demand models for tourism in Portugal and estimates demand equations using tourist inflow data for the period 1995-2006. We find that bilateral trade, immigration, border, and geographical distance between Portugal and countries of origin are the main determinants of tourism to Portugal. The dynamic panel data approach indicates that trade, population, and income are more important determinants than relative price. trade; tourism demand; panel data; tourism forecasting; qualitative methods; Portugal. 3(544) 2010 3(544) March Theoretical and Applied Economics 63 74 http://store.ectap.ro/articole/451.pdf application/pdf http://www.ectap.ro/articol.php?id=451&rid=59 text/html Nuno Carlos LEITÃO Polytechnic Institute of Santarém, ESGTS, Portugal oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:17-222010-04-12RePEc:agr:journl article The Impact of Decentralization on Public Health System's Results. The Case of Romania This paper examines the impact of decentralization of the public health system on health state of the population by means of an adequate econometric model and data series at development regions level measured by two global indicators, namely infant mortality and life expectancy. The results point out that the number of beds and physicians by 1,000 inhabitants – as two of the independent variables considered – have a positive contribution to the health state, while the effects of decentralization have a pretty low visibility. decentralization; public health system; reform; econometric models. 10(539) 2009 10(539) October Theoretical and Applied Economics 17 22 http://store.ectap.ro/articole/414.pdf application/pdf http://www.ectap.ro/articol.php?id=414&rid=54 text/html Tudorel Andrei The Bucharest Academy of Economic Studies Constantin Mitrut The Bucharest Academy of Economic Studies Daniela L. Constantin The Bucharest Academy of Economic Studies Bogdan Oancea Artifex University, Bucharest oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:122-1322010-04-12RePEc:agr:journl article A Historical Approach of the Population Role in the Economic Development (Ancient period – the nineteenth century) The population is the general premise of existence, of dynamics and of structure working factor. In this paper, the population is considered, first, as a support of primary production and creative factor – work which is the recipient and consumer of the results of any economic activity, and on the other hand, the basic relationship between the ultimate goal of production and the means used to achieve it. There are presented interrelationship between demographic and socioeconomic processes, since antiquity until the nineteenth century. demography; the population – background of the work as main production factor; the population – final purpose of any economic activity; work; economic development. 2(543) 2010 2(543) February Theoretical and Applied Economics 123 132 http://store.ectap.ro/articole/446.pdf application/pdf http://www.ectap.ro/articol.php?id=446&rid=58 text/html Mirela Ionela ACELEANU The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:43-522010-04-12RePEc:agr:journl article ial Globalization and the New Capitalism Financial globalization, a complex phenomenon that has multiple facets, is directly influenced by some aspects characterizing the current stage of capitalism. In order to decrypt the set of such interferences, the consequences have been emphasized of the excessive trust in the market mechanisms, the role of deregulation and liberalization in promoting a new economic direction, as well as other theses representing the essence of neo-liberal revolution. The realities specific to the last three decays of the 20th century generated enhanced criticism regarding the myth of pure and perfect transparency, the market inability of self-regulation and the illusion of perfect information. The excesses of neo-liberalism imposed the need for a new paradigm, concretized in the mutations in the nature and mechanisms of capitalism, the domination of finances and knowledge, a paradigm in which market globalization and financial profitability logic are becoming priorities. In the second part of the article the conditions are analyzed that favored the occurrence and expansion of financial globalization, as well as the multiple implications of such over the micro and macro-economical mechanisms. A particular focus is on describing the characteristics of financial globalization in the current phase: the occurrence of new financial players (institutional investors) and tools, markets de-localization and un-intermediated financial operations. As a conclusion, the tendencies are noticed of the financial world economy to become fragile, of fading connections between the financial and the real economy, of enhanced risk for financial accidents to propagate. Based on these observations, the extent is emphasized to which financial globalization provides the possibility of the financial crises to occur and expand. financial globalization; shareholding capitalism; de-localization; des-intermediation; institutional investor; post-political; economy becoming more financial. 10(539) 2009 10(539) October Theoretical and Applied Economics 43 52 http://store.ectap.ro/articole/417.pdf application/pdf http://www.ectap.ro/articol.php?id=417&rid=54 text/html Ion Bucur University of Bucharest oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:35-422010-04-12RePEc:agr:journl article Principles for Private and Public Internalisation of Externalities. A Synoptic View Externalities represent a market failure situation and they appear when one person´s activities influence other person´s welfare in a way that is outside the market mechanism. In contrast to the effects transmitted by market prices, externalities negatively affect the economic efficiency. They arise in everyday life and are noticed only if the effects are obvious. Ronald Coase´s approach started from the premises that externalities can be internalized. His model provides private sector means to defend against market failure. Coase´s solution to internalize externalities based on negotiation between the involved parties, given the property rights, has influenced the free market approach of market failures and today many economists consider that governments should work with the market and not against it using taxes and regulations. In the mainstream literature it is said that if for small local externalities the private sector can find solutions to solve problems, big scale externalities, such as global warming, need government intervention. As far as the last ones are concerned, we can talk about: a) the Pigouvian tax, which is a tax levied on polluting activities; b) the Pigouvian subsidy, given to those who suffer from negative externalities; c) the subsidy paid to individuals or firms to conduct activities with positive externalities; d) legal regulations, such as limits for emitting polluters and restrictions regarding the time of day or year when negative externalities can be legally produced. market failure; externalities; Coasean Theorem; Pigouvian tax; Pigouvian subsidy. 10(539) 2009 10(539) October Theoretical and Applied Economics 35 42 http://store.ectap.ro/articole/416.pdf application/pdf http://www.ectap.ro/articol.php?id=416&rid=54 text/html Tatiana Mosteanu The Bucharest Academy of Economic Studies Mihaela Iacob The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:5-242010-04-12RePEc:agr:journl article The Role of Stress-test Scenarios in Risk Management Activities and in the Avoidance of a New Crisis Stress-tests can increase the endurance of banks and financial system when faced with crises especially during economic growth periods, when they may accept higher risks more easily and with lower prices. Their importance was revealed by the crisis which has proven to be much more severe in terms of amplitude than the worst scenarios used by banks. The case study presented assessed the impact that the deterioration of the main macroeconomic indicators might have upon a bank's exposure to credit, FX, liquidity, interest, operational and market risks, upon its capital requirements, provisions and the balance sheet. stress-test; financial crisis; risk management; capital requirements; provisions. 2(543) 2010 2(543) February Theoretical and Applied Economics 5 24 http://store.ectap.ro/articole/439.pdf application/pdf http://www.ectap.ro/articol.php?id=439&rid=58 text/html Arion NEGRILÄ' Romanian Commercial Bank oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:89-1102010-04-12RePEc:agr:journl article The Role of Internal Audit in Optimization of Corporate Governance at the Groups of Companies Recent financial scandals have demonstrated that the risk of accounting fraud may be vague in any type of economic system. In this context, transparency of information, indispensable element for competitiveness in the market is an efficient operation of systems of corporate governance and especially of control systems. All these must be appropriate in the legislation in terms of external information. The issue of governance will thus be seen as a fundamental pillar against pressures which induce at the fraud as a result of lack of transparency of information flows. In all models of corporate governance, external regulations cover a primary role in ensuring the effectiveness of controls, but remain central the responsibility of entities to adopt a virtuous mechanism as an internal control profile. An example in this sense of "best practice" may be represented by the multinational companies that have known to harmonize the national rules with the typical instruments of other models of governance. The authors have established that the main objective in this work is the evaluation model of governance already existing in a group of companies in accordance with the principles of corporate governance. In the first part of the work it was made a comparitive analysis between the models of corporate governance, focusing on the role of transparency of communication, the primary tool in prevention of frauds, the link between information and prevention of frauds being independent of the model of corporate governance adopted, by the structure of organization and the control mechanisms. The work continued throughout the first part, with the role of internal audit in preventing the accounting fraud, given that any type of government, regardless of how it is configured and the reference market in which we find, to be considered efficiently must provide an appropriate control mechanisms, able to intervene in critical situations and to protect the interests of all categories of users. The role of internal audit of the company, considering the influences of the control of management, assumes a first importance in the corporate governance sphere. This was also the reason why the authors have proposed in the second part of the paper to build a model of optimal risk management in listed and unlisted companies, and based on a model of optimal corporate governance at the level at groups of enterprises, focusing on the fundamental role of the audit. models of corporate governance; governing system; internal control; audit; risk management. 2(543) 2010 2(543) February Theoretical and Applied Economics 89 110 http://store.ectap.ro/articole/444.pdf application/pdf http://www.ectap.ro/articol.php?id=444&rid=58 text/html Ionel BOSTAN "Ştefan cel Mare†University, Suceava Veronica GROSU "Ştefan cel Mare†University, Suceava oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:111-1222010-04-12RePEc:agr:journl article Banking Risk Management in the Light of Basel II This study presents a summary of what is the meaning of risk management in light of the Basel II Agreement. The study is structured in three parts, namely: credit risk management, significant credit risk management and credit risk management under Basel II Agreement. Thus, in the first part it refers to how developed the credit risk management over time and which are current phenomena that generate these risks, continuing in the second part with a summary of the reasons for which one wishes management of such credit risks, following the third party to talk about the shippings of Basel II in terms of credit risk management. credit risk; banks; credit risk management; Basel II Agreement; rating. 2(543) 2010 2(543) February Theoretical and Applied Economics 111 122 http://store.ectap.ro/articole/445.pdf application/pdf http://www.ectap.ro/articol.php?id=445&rid=58 text/html Vasile DEDU The Bucharest Academy of Economic Studies Roxana NECHIF The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:3-162010-04-12RePEc:agr:journl article Relationship between Occupational Stress, Emotional Intelligence and Job Performance: An Empirical Study in Malaysia This study was conducted to examine the effect of emotional intelligence in the relationship between occupational stress and job performance using 104 usable questionnaires gathered from academic employees who work in private institutions of higher learning in Kuching City, Malaysia. The outcomes of testing research hypothesis using a stepwise regression analysis showed that relationship between occupational stress and emotional intelligence significantly correlated with job performance. Statistically, the result confirms that the inclusion of emotional intelligence in the analysis has mediated the effect of occupational stress on job performance in the organizational sector sample. Further, implications and discussion are elaborated. occupational stress; emotional intelligence; job performance. 10(539) 2009 10(539) October Theoretical and Applied Economics 3 16 http://store.ectap.ro/articole/413.pdf application/pdf http://www.ectap.ro/articol.php?id=413&rid=54 text/html Azman Ismail Universiti Malaysia Sarawak, Malaysia Yeo Suh-Suh Universiti Malaysia Sarawak, Malaysia Mohd Na'eim Ajis Universiti Utara Malaysia Noor Faizzah Dollah Universiti Utara Malaysia oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:23-342010-04-12RePEc:agr:journl article Effective Results Analysis for the Similar Software Products' Orthogonality It is defined the concept of similar software. There are established conditions of archiving the software components. It is carried out the orthogonality evaluation and the correlation between the orthogonality and the complexity of the homogenous software components is analyzed. Shall proceed to build groups of similar software products, belonging to the orthogonality intervals. There are presented in graphical form the results of the analysis. There are detailed aspects of the functioning of the software product allocated for the orthogonality. uniform software product; orthogonality; software complexity. 10(539) 2009 10(539) October Theoretical and Applied Economics 23 34 http://store.ectap.ro/articole/415.pdf application/pdf http://www.ectap.ro/articol.php?id=415&rid=54 text/html Ion Ivan The Bucharest Academy of Economic Studies Daniel Milodin The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:75-922010-04-12RePEc:agr:journl article Algorithms for the Public Pension System Reform in Romania – a Necessity Imposed by the Global Economic Crisis This study aims to analyze the public pension schemes in Romania in the light of the challenges presented by global economic crisis and by the Romanian reform inequities and inconsistencies that have been a part of this field since 2001. The contents of this paper examine four types of pension schemes in some Member States (MS) of the European Union (EU) which according to our research can be the basis for a development of Romanian public pension schemes that can be robust, flexible, equal and that can account to all endogenous and exogenous challenges, designed to encourage labor market retention of people of retirement age through a continued active life, at the expense of pensioner benefit. Study findings provide some viable solutions in terms of economic efficiency and equal benefit of retired and the proposal to reform the Romanian public pension scheme is necessary and can provide opportunities for those to whom it is addressed. social security; public pension; labor market; social insurance; pension scheme. 3(544) 2010 3(544) March Theoretical and Applied Economics 75 92 http://store.ectap.ro/articole/452.pdf application/pdf http://www.ectap.ro/articol.php?id=452&rid=59 text/html Carina-Elena STEGĂROIU "Constantin Brâncuşi" University, Târgu Jiu Valentin STEGĂROIU "Titu Maiorescu" University, Bucharest oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:79-882010-04-12RePEc:agr:journl article The Health of the Economy as a Living Organism According to "the health of the common living wholeâ€, economy is a living organism, part of the human society, with which it is integrated in our microcosm environment. As organic component of the living, economy has as a viability criterion of its sense evolution the health of economic life which is in direct compatibility with human health, environment, communications, organizations, families and institutions. Flexibility, interrelating, the dynamic interdependencies and integration form the defining features of the living system of economy, able to self-organize through self- support and self regulation. A healthy economy is an efficient economy, with high productivity and competitiveness. Inverse relationship is not always true. economic organism; flexibility; healthy growth; dynamic equilibrium. 2(543) 2010 2(543) February Theoretical and Applied Economics 79 88 http://store.ectap.ro/articole/443.pdf application/pdf http://www.ectap.ro/articol.php?id=443&rid=58 text/html Constantin POPESCU The Bucharest Academy of Economic Studies Cristina BURGHELEA "Hyperion†University, Bucharest oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:69-782010-04-12RePEc:agr:journl article The Role of Empathy in Developing the Leader's Emotional Intelligence The fundamental premise from which we start in this article is that the leader counts, that the top-level people certainly affect the productivity of any organization and that awareness of empathic capacity for each leader, the discovery of the constitutive capacities of the empathic phenomenon and their involvement in particular by them proves to be necessary. The capacity to be empathic is a prerequisite to optimize the leader's relations with subordinates and a condition for effective communication. self-awareness; empathy; emotion management; emotional intelligence; leader. 2(543) 2010 2(543) February Theoretical and Applied Economics 69 78 http://store.ectap.ro/articole/442.pdf application/pdf http://www.ectap.ro/articol.php?id=442&rid=58 text/html Leonardo BADEA "Valahia†University, TârgoviÅŸte Nicolae Alexandru PANÄ' Ministry of Administration and Interior, Bucharest oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:53-662010-04-12RePEc:agr:journl article Regional Discrepancies in the European Union The accession of the 12 Member States with GDP figures below the EU average, lead to increased differences between EU regions. The article analyses the discrepancies between NUTS2 and NUTS3 regions in EU-27, from the point of view of GDP/inhabitant and the dispersion of regional GDP/inhabitant. In case of NUTS3 regions, the majority of Member States registered increases in dispersion in the period 2000-2005. Romanian counties were characterized by an accentuated gap between regions. Concerning NUTS2 regions, there are only eight Member States that shaw decreases in dispersion in 2000-2005, these being also the most populated. Nevertheless, at global level, the EU registered a decrease in regional discrepancies. regional policy; NUTS regions; regional discrepancies; dispersion of regional GDP per inhabitant; differences between EU regions. 10(539) 2009 10(539) October Theoretical and Applied Economics 53 66 http://store.ectap.ro/articole/418.pdf application/pdf http://www.ectap.ro/articol.php?id=418&rid=54 text/html Amalia Nicoleta Coman The Bucharest Academy of Economic Studies Paul Coman Ministry of Finance oai:RePEc:agr:journl:v:10(539):y:2009:i:10(539):p:12010-04-12RePEc:agr:journl article The Costs of Democracy (editorial) 10(539) 2009 10(539) October Theoretical and Applied Economics 1 1 http://store.ectap.ro/editoriale/editorial_54_en.pdf application/pdf http://www.ectap.ro/content2.php?id=54&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:2(543):y:2010:i:2(543):p:1-32010-04-12RePEc:agr:journl article The Economic Caesura (editorial) 2(543) 2010 2(543) February Theoretical and Applied Economics 1 3 http://store.ectap.ro/editoriale/editorial_58_en.pdf application/pdf http://www.ectap.ro/content2.php?id=58&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:85-1042012-06-30RePEc:agr:journl article Post-crisis Economy of the European Union in the Global Context The recently economic crisis represents a new global economic turn. The question is whether, besides the necessary tools and actions to get out of the crisis, additional policies are needed on medium and long term to prevent a future crisis. In this essay I try to give some answers, integrating into the analysis both global and European levels, highlighting the necessary policies and their features in the Economic and Monetary Union and in the ex-socialist Central and Eastern countries, members of the European Union. solutions and strategies to the economic crisis; the micro and macro-prudential supervision and regulation; fiscal consolidation of the financial sector and the sustainability of the public finances; the new institutional framework of the European Union; the Warsaw Consensus. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 85 104 http://store.ectap.ro/articole/737.pdf application/pdf http://www.ectap.ro/articol.php?id=737&rid=87 text/html Cristian IONESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:143-1562012-06-30RePEc:agr:journl article The Limit between the Rational and Irrational Behaviour in the Economic Science Although three years have passed since the onset of the deepest recession from 1929, the most world economies are still fragile, the slipping into another recession being imminent for many of them. "It is a sin to waste a crisis" without learning something of the causes that generated it, said Nouriel Roubini, but this time the problems facing the economic science are related even to the own concepts of the promoted model, while to change something in the economy it is need a reconceptualization of the economic science. The context of the current economic model has failed to anticipate the economic crisis and fails to propose sustainable measure of the economic recovery and this because it starts from the wrong premises, such as assuming that the behavior of the subjects within the market is always rational. In this work we will demonstrate that the irrational behavior of the participants to the economic life has led to imbalances of these markets and we will try to distinguish between the rational and the irrational economic behaviors, to identify the operating area of economic science at this time. rational/irrational behaviour; economic crisis; financial market. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 143 156 http://store.ectap.ro/articole/742.pdf application/pdf http://www.ectap.ro/articol.php?id=742&rid=87 text/html Cristian MARINESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:51-582012-06-30RePEc:agr:journl article Outsourcing. The Concept In the last two decades, an economic phenomenon took place, phenomenon characterized by the transfer of manufacturing activity from the developed countries to those in developing process. This practice can be considered as the response found by the large companies to the problem of production costs that were in a continuous rising, concomitant with the rising of living standards and remuneration. This paper aims to analyze the concept of outsourcing in terms of its evolution, but also in terms of incentives, ups and downs associated with the concept. On the other hand, this paper seeks to capture the fundamentals of this concept veracity and whether it could be implemented in the public service. collaboration; competition; global governance; outsourcing. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 51 58 http://store.ectap.ro/articole/734.pdf application/pdf http://www.ectap.ro/articol.php?id=734&rid=87 text/html Victor-Adrian TROACĂ Bucharest Academy of Economic Studies Dumitru-Alexandru BODISLAV Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:111-1202012-06-30RePEc:agr:journl article The Role of Accounting and Accounting Law in Establishing Public Economic Policies in the Post-crisis Period The following issues are being adressed in this paper: the relationship of accounting and accounting law with the local economy, the relationship of accounting and accounting law with macroeconomics, establishing public policies for certain categories of enterprises based on information provided by accounting and accounting law, the relationship of accounting and accounting law with macroeconomics foresight and forecast, the relationship of accounting and accounting law with the labor economy, the impact the wage regulations has on public economic policies under firm ownership change. accounting; accounting law; public policies; macroeconomics; microeconomics. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 111 120 http://store.ectap.ro/articole/739.pdf application/pdf http://www.ectap.ro/articol.php?id=739&rid=87 text/html Aurelian Virgil BĂLUŢĂ "Spiru Haret" University, Bucharest oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:5-122012-06-30RePEc:agr:journl article Basel III – Between Global Thinking and Local Acting The financial crisis has demonstrated that self-regulation is not sufficient to markets and financial institutions with systemic importance. Permissive regulatory policies, allowing the development speed of global banking financial system, have played an important role in emphasizing the upward slope of the financial crisis. The new regulations known as Basel III framework aimed the strengthening of prudential capital and liquidity of financial institutions and create a stronger banking and financial system more resilient to shocks. Basel III is trying to eliminate the shortcomings of Basel II, by more extensive rules on integrated risk management in banking and financial environment. liquidity; capital; systemic risk; financial stability; prudence; banking; crisis. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 5 12 http://store.ectap.ro/articole/731.pdf application/pdf http://www.ectap.ro/articol.php?id=731&rid=87 text/html Vasile DEDU Bucharest Academy of Economic Studies Dan Costin NIȚESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:1-22012-06-30RePEc:agr:journl article Still the Opposite! (editorial) 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_87_en.pdf application/pdf http://www.ectap.ro/content2.php?id=87&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:157-1642012-06-30RePEc:agr:journl article The Bureaucracy in the Current Economic Climate In recent years the bureaucracy has become a topical subject. Therefore this study aims to analyze the problems of bureaucracy and the effects it can have on the current economy. Given the current economic context, Romania is going through a turning point, and the bureaucracy in our country may have a hard word to say about the future. The conclusions of the study aim to come up with some relevant solutions regarding the elimination of the negative effects of bureaucracy. bureaucracy; public institutions; transparency; communication; document management. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 157 164 http://store.ectap.ro/articole/743.pdf application/pdf http://www.ectap.ro/articol.php?id=743&rid=87 text/html Laurenţiu Gabriel FRÂNCU Bucharest Academy of Economic Studies Gabriel Ionel HOCIUNG Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:165-1742012-06-30RePEc:agr:journl article Analysis of the American Economic System – from the Old Capitalism to the New Capitalism In the past years, the globalization has generated a significant development of the emergent economies, but also that of the level of the developed countries. As it is easy to notice, we are the spectators of an ever more "globalized" world which does not lack numerous risks. Starting with the inequality between the people, continuing with various social problems and ending with the "creative destruction" of some countries' economies, an inevitable and irreversible destruction after entering into this game, the globalization phenomenon has become a threat. The globalization has opened, in the absence of economic protective policies, the way of frequent economic crises. The present crisis has taught us that the governments of the countries should play a more active role in the co-ordination of the economic policies, striving to prevent unbalances as those registered already and to avoid crises. economic policies; political power; freedom; wealth; globalization; financial markets. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 165 174 http://store.ectap.ro/articole/744.pdf application/pdf http://www.ectap.ro/articol.php?id=744&rid=87 text/html Radu-Marcel JOIA Bucharest Academy of Economic Studies Cătălin-Emilian HUIDUMAC-PETRESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:121-1342012-06-30RePEc:agr:journl article Impact and Limitations Deriving from Basel II within the Context of the Current Financial Crisis The Banking sector risk management framework, geared towards maintaining a solid capital adequacy level, has witnessed a permanent evolution, determined by the global economic and financial reality. Basel II has brought an improvement of the risk management framework by adding minimum capital levels corresponding to market and operational risk and by the introduction of internal rating models. However the current crisis has brought forward some adverse effects as well as limitations. This paper analyses the evolution of prudential rules and regulations introduced by Basel II and their impact on the banking system together with outlining certain limitations. Basel II; Basel II limitations; financial crisis; prudential rules. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 121 134 http://store.ectap.ro/articole/740.pdf application/pdf http://www.ectap.ro/articol.php?id=740&rid=87 text/html Oana Miruna DĂNILĂ Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:13-322012-06-30RePEc:agr:journl article Recovery of the Tourism Potential of the Central Development Region. Case Study Since the Central Development Region is not addressed in this paper as an independent tourist destination, the analysis performed at this level is meant to convey an overview of the recovery of the existing tourist potential across this regional structure. The results obtained can be compared with those of similar analyzes in the other regions of Romania and the European Union. Information obtained is necessary to adopt tourism development policies and strategies at regional level to develop each region. tourism potential; the Central Development Region; the turistic accommodation capacity; arrivals; overnight stays. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 13 32 http://store.ectap.ro/articole/732.pdf application/pdf http://www.ectap.ro/articol.php?id=732&rid=87 text/html Erika KULCSÁR "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:135-1422012-06-30RePEc:agr:journl article Models of the Economic Growth and their Relevance Until few years ago, the economic growth was something perfect normal, part of an era marked by the transformation speed. Normality itself has been transformed and we currently are influenced by other rules, unknown yet, which should answer the question: "How do we return to the economic growth?" The economic growth and the models aiming to solve this problem concern the economic history even since its beginnings. In this paper we would like to find out what is the relevance that the well-known macroeconomic models still have and which might be their applicability level in a framework created by a black swan event type. economic growth; Solow-Swan model; economic crisis. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 135 142 http://store.ectap.ro/articole/741.pdf application/pdf http://www.ectap.ro/articol.php?id=741&rid=87 text/html Nicolae MOROIANU Bucharest Academy of Economic Studies Daniela MOROIANU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:59-742012-06-30RePEc:agr:journl article The Analysis of the Ethnical Discrimination on the Manpower's Market under the Economical Crisis Discrimination means any difference, exclusion, restriction, preference or different treatment that brings forth disadvantages for a person or a group as compared to other ones that are in similar situations. The reasons on which discrimination is based can be various, such as race, nationality, ethnics, religion, gender, sexual orientation, language, age, disabilities etc. and in this case we talk about multiple discrimination. In Romania the main forms of discrimination are linked to ethnics and to sexual appurtenance. Within this column we analysed the discrimination amongst the Romany ethnics people, according to a statistical investigation (Access onto the Labour Market – A Chance for You), the research goal being to identify the answer to the following questions: Is there any discrimination inside the Romany ethnic group? What is the correlation between their level of education and their income? What is the correlation between the level of education of the parents and the respondent's? discrimination; ethnic; labour market; wage; education. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 59 74 http://store.ectap.ro/articole/735.pdf application/pdf http://www.ectap.ro/articol.php?id=735&rid=87 text/html Mihaela Hrisanta DOBRE Bucharest Academy of Economic Studies Eugeniu TUDOR Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:175-1842012-06-30RePEc:agr:journl article The Economics of State Aid Control in the European Union during the Financial Crisis: the Challenge for a Post-Crisis Rhetoric The present paper explores the rationale behind the legal framework regulating the use of state aid by the member-countries of the European Union during the financial crisis. Starting with 2008, the massive interventions in the banking industry of the governments of the member-countries attempting to eliminate the effects of the crisis fundamentally challenged the core logic of the entire policy regarding the control of state aid in the European Union. We attempt to underline the extraordinary dimension of the impact of the financial crisis on state aid control and scrutinize whether the underlying principles of the state aid regime have been changed. We conclude that the special place that the financial industry in general, and the banking industry in particular, enjoys from the point of view of competition policy, is unfounded. European Union is, after the crisis, in the uncomfortable position of re-legitimizing state aid control. state aid; competition; European Union; financial crisis; banking industry. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 175 184 http://store.ectap.ro/articole/745.pdf application/pdf http://www.ectap.ro/articol.php?id=745&rid=87 text/html Radu Cristian MUŞETESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:75-842012-06-30RePEc:agr:journl article The Local Development Initiatives in the Rural Development Context The European Union Leader initiative is an important chance for the development and tightening of the rural-urban continuum in Romania. Fundamental elements of this initiative are the local action groups. These local action groups are conceived rather as an ad hoc framework for exchanging ideas, for debate on matters of local interest, on initiatives to boost economic activities. Thus, these local partnership structures can be self-organized by very real problems and directions: to promote a brand of product made in a certain area, the image of a tourist attraction, of traditional occupations, crafts of products etc. This paper aims to highlight the difficulties of economic progress for the Romanian rural area, considering that the Leader initiative would be a good opportunity to accelerate this process. To emphasize this, a review of the dimension of the Romanian rural problem was done. Also, I examined how specific indicators and official recommendations have stimulated the initiatives for organizing local action groups. Finally, arguments in favour of local action groups as the solution to the rural problem of Romania are provided. local action groups; regional disparities; economic cohesion; rural development; economic integration. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 75 84 http://store.ectap.ro/articole/736.pdf application/pdf http://www.ectap.ro/articol.php?id=736&rid=87 text/html Liviu-Cosmin MOSORA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:105-1102012-06-30RePEc:agr:journl article New Approaches to Social Economy Social economy is a relatively new phenomenon, having started just a few decades ago, and due to this reason it has yet to reach great scale. Due to the phenomenon of global crisis propagation, the economies of all countries have been affected and have gone into an economical cycle recession phase, some economical agents hitting the climax of the crisis, practically shutting down their activities. Starting from this, some social problems started to accentuate: the number of unemployed people has risen, the poverty rate went up, the marginalization and social exclusion rates went up, the aging of the population has increased, the discrepancy between the rich and poor has widened and so on, and in this context social economy has gained a greater importance not only at an European level but also at an international level. As such, social economy may become one of the innovative and creative solutions which can contribute to a more human approach to economical problems, combining freedom of market with social responsibility to the benefit of the whole community. social economy; social enterprise; professional insertion. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 105 110 http://store.ectap.ro/articole/738.pdf application/pdf http://www.ectap.ro/articol.php?id=738&rid=87 text/html Daniela VÎRJAN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(571):y:2012:i:6(571):p:33-502012-06-30RePEc:agr:journl article Fiscal, Monetary Policies and Institutions' Role (Political, Social and Economic) in Pakistan The purpose of this study is to test the fundamental relationship between fiscal, monetary policies and institutions in Pakistan from 1976 to 2008. These policies are roadmap in the progress of a country. No doubt both these policies are useful tools in the hands of the government to increase the per capita GDP of the country. Such policies depict the performance level of institutions of a country. Better institutions leads to higher level of growth. Institutions perform significant role in the progress of any country. The growth targets can be achieved through institutions. Higher the quality of institutions, higher the performance would be shown by economy. Countries can reach middle-income levels despite some corruption, but further growth requires much better institutions (Easterly, 2001, pp. 234-235, 245-248, Rodrik, 2003, pp. 16-17). Kwiatkowski et al (1992) test is used to test unit root and short run relationship is analyzed through ECM. Auto regressive distributed lags (ARDL) shows that there is long run relationship among growth policies and institutions' role in Pakistan. fiscal policy, monetary policy, institutions. 6(571) 2012 XVIII(2012) June Theoretical and Applied Economics 33 50 http://store.ectap.ro/articole/733.pdf application/pdf http://www.ectap.ro/articol.php?id=733&rid=87 text/html Tariq HUSSAIN Government College University, Lahore, Pakistan Muhammad Wasif SIDDIQI Government College University, Lahore, Pakistan oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:129-1442013-03-10RePEc:agr:journl article Social inequalities and poverty in current Romania Social inequalities and poverty are realities of all societies, but there are differences of degree between them. Looking at some Eastern countries that joined recently European Union, especially Romania and Bulgaria, article shows that both countries have extreme poverty and social inequalities. The explanations come from past and recent history, but also from the economic measures taken after 1990. The result is pessimism of the population of the two countries because of the poverty and a lack of confidence regarding the future. social inequality; polarization; poverty; property; income. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 129 144 http://store.ectap.ro/articole/834.pdf application/pdf http://www.ectap.ro/articol.php?id=834&rid=95 text/html Sergiu ȚÂRA University Politehnica of Bucharest oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:67-762013-03-10RePEc:agr:journl article Sustainable Development of South-West Oltenia Region in the Current Economic Crisis The present article advances the concept of sustainable development at the regional level. A brief review of the literature on sustainable development, be it from primary or secondary sources, reveals that there is a relatively small number of studies in this area at the national level. Therefore, we considered it appropriate to carry out an analysis regarding macroeconomic indicators in one of the development regions of our country, namely South-West Oltenia. Sustainable development involves a combination of economic, social, political and environmental policies to ensure effective management of the planet. Nevertheless, all these must be accomplished taking into consideration the implications of the current economic crisis. sustainable development; regional development; gross domestic product; economic development; economic crisis. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 67 76 http://store.ectap.ro/articole/678.pdf application/pdf http://www.ectap.ro/articol.php?id=678&rid=82 text/html Camelia MARIN Bucharest Academy of Economic Studies Isabella SIMA Bucharest Academy of Economic Studies Mihaela RUXANDA University of Bucharest oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:27-342013-03-10RePEc:agr:journl article Forecast Intervals for Inflation in Romania In this paper I built forecasts intervals for the inflation rate in Romania, using the quarterly predicted values provided by the National Bank of Romania for 2007-2010. First, I used the historical errors method, which is the most used method, especially by the central banks. Forecast intervals were built considering that the forecast error series is normally distributed of zero mean and standard deviation equal to the RMSE (root mean squared error) corresponding to historical forecast errors. I introduced as a measure of economic state the indicator – relative variance of the phenomenon at a specific time in relation with the variance on the entire time horizon. Then, I calculated the relative volatility in order to know the change that must be brought to the root mean squared error in order to take into account the state of economy. Finally, I proposed a new way of building forecasts intervals, when the date series follows an autoregressive process of order 1. In this case the length of forecasts interval is smaller and I got a slightly higher relative variance. I consider really necessary the building of forecasts intervals, in order to have a measure of predictions uncertainty, which is quantified by the National Bank of Romania using the prediction intervals based on a simple methodology. I calculated the forecasts intervals using MAE (mean absolute error), the indicator chose by National Bank of Romania and the MSE (mean squared error) indicator. forecast intervals; historical forecasts errors; root mean squared error (RMSE); relative variance; uncertainty. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 27 34 http://store.ectap.ro/articole/658.pdf application/pdf http://www.ectap.ro/articol.php?id=658&rid=80 text/html Mihaela BRATU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:23-362013-03-10RePEc:agr:journl article The effect of the Romanian pension market concentration on the magnitude of pension revenues Pension valuation allows for the estimation of the pension revenue that employees are entitled to receive after retirement. The high level of concentration on the Romanian pension market affects the pension revenue employees are entitled to receive after retirement in that, on a long run, 20 – 30 years, the higher pension revenue is provided by the bigger pension funds (with a market share over 30%). This study explores the effect of pension market concentration on the magnitude of the pension revenue by employing an agent based simulation technique. private pensions; valuation; agent based simulations; Romania. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 23 36 http://store.ectap.ro/articole/825.pdf application/pdf http://www.ectap.ro/articol.php?id=825&rid=95 text/html Vasile ROBU Bucharest University of Economic Studies Irina Daniela CIŞMAŞU Bucharest University of Economic Studies Maria Iuliana SANDU Bucharest University of Economic Studies oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:77-842013-03-10RePEc:agr:journl article The New and the Future Look of the Economy The global financial situation and our future economy remain vital concerns for us all. As a result, the government and the business community have to stimulate the economy and give it new dimensions. Virtually everyone agrees on the importance of the economy, but no consensus has or is expected to be reached soon as to the definition of the economy. Economy as a "discipline"' is a concept torn apart by current economic crisis, where fierce competition, greed and consumerism will neither solve the crisis in progress nor will they rehabilitate the economy. It is true that the current economic crisis and the times of slower economic growth that will inevitably follow are old system-related symptoms of the excesses and the recklessness accumulated in time at global level, for which reason we see ourselves forced now to reconsider the options that are lay ahead and outline a clear future perspective. global crisis; global economy; post-crisis economy; macromodels of budget planning; multidisciplinarity; interdisciplinarity; transdisciplinarity; sustainability. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 77 84 http://store.ectap.ro/articole/679.pdf application/pdf http://www.ectap.ro/articol.php?id=679&rid=82 text/html Liliana CRĂCIUN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:145-1582013-03-10RePEc:agr:journl article Conceptual aspects regarding balneotherapy tourism marketing in Romania Although the Romanian balneotherapy tourism potential is exceptional, its effects do not match the level of the de facto natural resources, hence Romania's unjustified distance from the main international, European competitors, with a balneotherapy tourism tradition. The all-levels causes (macro, meso and micro) derive from both directions (on the one hand, from the consumers, whose perception should be changed, and, on the other hand, from the numerous holders of these resources). However, before studying the causes, there is a strong need for understanding, knowing and finding a common denominator for the concepts and dimensions of the health tourism. balneotherapy tourism; medical tourism; wellness tourism; spa tourism; balneotherapy tourism marketing. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 145 158 http://store.ectap.ro/articole/835.pdf application/pdf http://www.ectap.ro/articol.php?id=835&rid=95 text/html Aurelia-Felicia STĂNCIOIU Bucharest University of Economic Studies Codruța-Adina BĂLTESCU Transilvania University of Brașov Andreea BOTOȘ Bucharest University of Economic Studies Ion PÂRGARU University Politehnica of Bucharest oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:1-22013-03-10RePEc:agr:journl article The Gnoseological Crisis (editorial) 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_80_en.pdf application/pdf http://www.ectap.ro/content2.php?id=80&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:89-1022013-03-10RePEc:agr:journl article Public policies targeting labour market rigidities Labour market rigidity becomes an issue of increasing importance under conditions of shocks associated with the economic crisis due to the need to increase the adaptability and responsiveness to them. Thus, labour market policies must be directed towards mitigating rigidities caused by institutional or demographic factors or certain mismatch between demand and supply of education qualifications. This paper highlights the major role of the active labour market policies targeting the increase of labour flexibility, stressing the importance and impact on the ability to adapt quickly and effectively to macroeconomic shocks. Located on a declining trend in the years preceding the crisis, spending on labour market policies increased in 2009 in all the Member States of the European Union. Spending differences are significant between countries, Romania being at the lowest end of the European Union. This requires special attention because the increased adaptability of workers through training, as active measure, is of major importance considering the increased speed of changes in the labour market. active labour market policies; labour market flexibility; public employment services; training; labour market activation. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 89 102 http://store.ectap.ro/articole/831.pdf application/pdf http://www.ectap.ro/articol.php?id=831&rid=95 text/html Andreea Claudia ŞERBAN Bucharest University of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:1-22013-03-10RePEc:agr:journl article The deideologizing of the market (editorial) 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_95_en.pdf application/pdf http://www.ectap.ro/content2.php?id=95&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:59-662013-03-10RePEc:agr:journl article Dissolution of the Commercial Companies due to the Passing of Time Established as a Duration of the Company – Theoretical and Practical Aspects At the creation moment of a commercial company, the partners have the obligation, according to Law of commercial companies, to establish its functioning duration. This duration can be limited or unlimited. The fulfillment of the time for which the company was established imposes its legal dissolution. This kind of dissolution produces specific effects that, during the time, have made the object of theoretical and practical controversial debates that we try to explain here. dissolution de jure; voluntary winding up; commercial companies; duration of the company's existence; duration prolongation. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 59 66 http://store.ectap.ro/articole/662.pdf application/pdf http://www.ectap.ro/articol.php?id=662&rid=80 text/html Cornelia LEFTER Bucharest Academy of Economic Studies Ovidiu Ioan DUMITRU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:67-782013-03-10RePEc:agr:journl article National and Regional Competitiveness in the Crisis Context. Successful Examples The paper addresses the issue of national and regional competitiveness in the context of socio-economic and financial crisis. Competitiveness is a complex concept which can be studied at both the firm and the local and national level.<br> Thus, in economic terms the competitiveness is most often associated with the productivity or efficiency with which inputs are transformed into goods and services. As for the regional competitiveness it should be analyzed in terms of results (revenue, employment) and in relation to its determinants: ranging from the classical production factors (capital, labour, technological progress) to the "soft†factors (human capital, research and development, dissemination of knowledge).<br> The current economic environment has revealed that countries such as China, India, Brazil and also the Czech Republic and Poland, following prudent economic policies, have managed to make from macroeconomic stability, investment in education and research some of their major drivers of economic growth. competitive advantage; competitiveness; labour productivity; economic growth; determinant factors. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 67 78 http://store.ectap.ro/articole/663.pdf application/pdf http://www.ectap.ro/articol.php?id=663&rid=80 text/html Gina Cristina DIMIAN Bucharest Academy of Economic Studies Aniela DANCIU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:5-202013-03-10RePEc:agr:journl article Modeling the Market Risk in the Context of the Basel III Acord Basel III revealed new aspects to be considered in terms of risk management and supervision of banking systems. Banks may use internal models to determine minimum capital requirements imposed by new regulations to be adopted gradually in the period 2013-2019. In this context, the implementation of internal models by banks, applying VaR or ES risk measures, is a challenge both in terms of continued growth in the number of methods used and the complexity of practical approaches. This study aims to estimate the market risk by VaR and ES risk measures using parametric methods, nonparametric and Monte Carlo simulations. There will also be implemented stress tests to assess the capital adequacy under stressed macroeconomic environment. VaR; ES; Monte Carlo simulations; GARCH models; kernel smoothing. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 5 20 http://store.ectap.ro/articole/656.pdf application/pdf http://www.ectap.ro/articol.php?id=656&rid=80 text/html Nicolae DARDAC Bucharest Academy of Economic Studies Alina GRIGORE Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:107-1262013-03-10RePEc:agr:journl article The political economy of women's professional basketball in the United States: A structure-conduct-performance approach This study examines the political economy of women's professional basketball in the United States, including both the American Basketball League (ABL) and the Women's National Basketball Association (WNBA). To do so, we employ the structure-conductperformance paradigm (hereafter SCP) from industrial organization. In addition to the importance of television revenues and corporate sponsorships to the success of the leagues, we find evidence of economies of scope, bilateral monopoly issues, and reverse causality in the SCP paradigm as applied to women's professional basketball in the United States. structure-conduct-performance paradigm; economies of scope; bilateral monopoly; pro sports. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 107 126 http://store.ectap.ro/articole/800.pdf application/pdf http://www.ectap.ro/articol.php?id=800&rid=92 text/html Ariel ANTHONY Cecil C. Humphreys School of Law, University of Memphis, Memphis, TN – USA Steven B. CAUDILL Department of Economics, Rhodes College, Memphis, TN – USA Franklin G. MIXON, Jr. Center for Economic Education, Columbus State University, Columbus, GA – USA oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:37-502013-03-10RePEc:agr:journl article Interest rate channel in Romania: assessing the effectiveness transmission of monetary policy impulses to inflation and economic growth The purpose of our paper is to evaluate the effectiveness of monetary policy transmission mechanism in Romania, via interest rate channel. Using a Vector Error Correction Model and impulse response analysis, we study the impact of a positive monetary policy shock via short term interest rate on macroeconomic variables over the period 2003M01-2012M06. Our empirical results are in line with economic theory and we can say that we are witnessing to an improvement in the transmission effectiveness of monetary policy impulses via interest rate channel. monetary policy; interest rate; vector error correction model; Romania; financial stability. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 37 50 http://store.ectap.ro/articole/826.pdf application/pdf http://www.ectap.ro/articol.php?id=826&rid=95 text/html Vasile COCRIŞ Alexandru Ioan Cuza University of Iaşi Anca Elena NUCU Alexandru Ioan Cuza University of Iaşi oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:43-522013-03-10RePEc:agr:journl article Early School Leaving: Reasons and Consequences Early school leaving represents a loss of potential that has effects on both social and economic scale (reduced social cohesion, lower financial incomes, increase of social allocations). Early school leaving has various reasons that can be either social or economic. Due to the average statistics of the 27 countries of the European Union, in 2008 78,5% of the populations of these countries went to school regularly, whereas the same statistics applied for Romania showed an extent of 78,3%. The statistics of early school leaving showed some 14, 9% in the countries of the EU, whereas in Romania this index was higher (15, 9%). Sequel to some analyses we can state that there is a strong relationship between the variables named participation in education and early school leaving; more than that, there is a strong relationship between the extent of school studies completion and the rate of unemployment. degree of participation in education; early school leaving; Pearson's correlation coefficient. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 43 52 http://store.ectap.ro/articole/660.pdf application/pdf http://www.ectap.ro/articol.php?id=660&rid=80 text/html Erika GYÖNÖS "Transilvania†University, BraÅŸov oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:79-882013-03-10RePEc:agr:journl article The Global Crisis and Cyclical Theory The dynamics of social development shows that, throughout history, economies have experienced periods of boom and crisis, which were repeated at short, medium and long term, which induces the idea of cyclicality. The effects of the crisis were experienced in terms of investment, output, aggregate demand. crisis; boom; cyclicality; stagflation; recession; anti-crisis measures. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 79 88 http://store.ectap.ro/articole/664.pdf application/pdf http://www.ectap.ro/articol.php?id=664&rid=80 text/html George HARALAMBIE "Petrol-Gaze†University of PloieÅŸti oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:7-222013-03-10RePEc:agr:journl article Has accession to the EU affected business cycles? This paper undertakes to explain the relationship between EU accession and the length of business cycles, focusing specifically on whether participation in a multinational organization has, or has not, altered the length of the cycle. Employing a sample of nine EU countries (Austria, Denmark, Finland, Greece, Ireland, Portugal, Spain, Sweden and the UK) we focused initially on annual data for per capita growth in GDP over a period of 59 years (1950-2008). For each country the sample was divided into two parts, one covering the period preceding accession to the EU and one is covering the accession year and succeeding years. Then, eliminating the background noise with the use of a periodogram, we proceeded to examine their spectral density plots. The results indicated that in the first years following accession, the countries tended to experience shorter cycles than they had previously. In the second phase the cycles were of the same duration as previous cycles. Finally, after a period of some years, the length of the cycles increased, as suggested by the J-shaped curve. This J-shaped growth curve applies for the countries that have joined the EU, strongly suggesting a causal relationship between accession to the EU and these specific characterristics of the curve. We cross-checked with a set of four non-EU member countries (Iceland, Norway, Switzerland and Turkey) and found no change in the length of the business cycle in these countries. economic integration; business cycles; European Union. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 7 22 http://store.ectap.ro/articole/824.pdf application/pdf http://www.ectap.ro/articol.php?id=824&rid=95 text/html Panagiotis EVANGELOPOULOS University of Peloponnese, Tripolis, Greece Dimitrios DAPONTAS Technological Institute of Ionian Islands, Zakynthos, Greece oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:21-262013-03-10RePEc:agr:journl article Public Relations as Promotional Activity Public relations give opportunity to the organization to present its image and personality to its own "publicâ€- users, supporters, sponsors, donors, local community and other public.<br> It is about transferring the message to the public, but that is a twoway street. You must communicate with your public, but at the same time you must give opportunity to the public to communicate easier with you. The real public relations include dialog – you should listen to the others, to see things through their perspective. This elaborate is made with the purpose to be useful for every organization, not for the sensational promotion of its achievements, but to become more critical towards its work. Seeing the organization in the way that the other see it, you can become better and sure that you are giving to your users the best service possible. public; public relations; promotion; business world; communicating. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 21 26 http://store.ectap.ro/articole/657.pdf application/pdf http://www.ectap.ro/articol.php?id=657&rid=80 text/html Almira CURRI-MEMETI University "Ss. Cyril and Methodiusâ€, Skopje, Republic of Macedonia oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:97-1122013-03-10RePEc:agr:journl article Using Quantitative Data Analysis Techniques for Bankruptcy Risk Estimation for Corporations Diversification of methods and techniques for quantification and management of risk has led to the development of many mathematical models, a large part of which focused on measuring bankruptcy risk for businesses. In financial analysis there are many indicators which can be used to assess the risk of bankruptcy of enterprises but to make an assessment it is needed to reduce the number of indicators and this can be achieved through principal component, cluster and discriminant analyses techniques. In this context, the article aims to build a scoring function used to identify bankrupt companies, using a sample of companies listed on Bucharest Stock Exchange. aggregate indicator; scoring function; principal components; bankruptcy risk; company. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 97 112 http://store.ectap.ro/articole/681.pdf application/pdf http://www.ectap.ro/articol.php?id=681&rid=82 text/html Ştefan Daniel ARMEANU Bucharest Academy of Economic Studies Georgeta VINTILĂ Bucharest Academy of Economic Studies Maricica MOSCALU Bucharest Academy of Economic Studies Maria-Oana FILIPESCU Bucharest Academy of Economic Studies Paula LAZĂR Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:35-422013-03-10RePEc:agr:journl article Brief Reflections on the Development of the FDI Theory In this essay, we intend to review the theory of the FDI, since its origins to the present days, focusing on its corner stones. We present the FDI theory through the lens of the strategic management and try to bring to the forefront the main contributions to this framework. At the same time, we underline the scholars' frequent return to the "springs†of the FDI theory, either those generated by Hymer or the internalization theory or the OLI paradigm, in order to consolidate the theoretical FDI construction. FDI; MNE; strategic management; FSA-CSA matrix; OLI paradigm; LLL model. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 35 42 http://store.ectap.ro/articole/659.pdf application/pdf http://www.ectap.ro/articol.php?id=659&rid=80 text/html Iulia Monica OEHLER-ÅžINCAI Institute of World Economy, Romanian Academy oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:15-302013-03-10RePEc:agr:journl article A macroeconometric panel data analysis of the shaping factors of labour emigration within the European Union The research aims to identify and analyse the determinants and shaping factors of labour emigration within the European Union. The analysis is based on developing double-log macroeconometric models that combine cross-section and time series in a panel structure, by using a set of indicators specific for the emigration process, as well as for the economic activity, labour market and education, as main explanatory variables. The results show that high unemployment reduces the emigrant stock, mainly due to the loss of associated income and to the reduction of the migrants' capacity to move and establish into another country. At the same time, we identified a positive selection of emigrants at destination according to their educational level, while an increase in education in the source country downsizes the stock of emigrants mainly due to an improvement in employment perspectives. international migration; labour market; unemployment; education; macroeconometric modelling. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 15 30 http://store.ectap.ro/articole/793.pdf application/pdf http://www.ectap.ro/articol.php?id=793&rid=92 text/html Liana SON West University of Timisoara Graţiela Georgiana NOJA West University of Timisoara oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:81-882013-03-10RePEc:agr:journl article Macroprudential policy and financial stability This paper tries a conceptual framing of the issue of financial stability in economic theory and also to identify solutions to address episodes of financial instability. An essential reference is Minsky's financial instability hypothesis, which argues that a fundamental feature of the financial system is that it swings between robustness and fragility and these pendulum swings are an integral part of the process that generates the business cycle. Studies show that the effects of banking crises on economic activity are important both in magnitude and duration. Recently, macroprudential policy stood out as a central pillar in promoting financial stability in a broad sense. Regarding specific objectives of macroprudential policy, the prevalent vision refers to limiting systemic risk and macroeconomic costs of financial crises, but there are also important nuances. financial stability; macroprudential policy; financial instability; systemic risk; microprudential supervision. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 81 88 http://store.ectap.ro/articole/830.pdf application/pdf http://www.ectap.ro/articol.php?id=830&rid=95 text/html Bogdan CHIRIACESCU Bucharest University of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:75-842013-03-10RePEc:agr:journl article Correlating stock exchange indices under both normal and financial crisis conditions Until the years 1980 the financial crisis were considered as being limited to the level of the capital market (individually), without bearing a systemic character. If considering the intensification of the globalization process, we attended at the increase of the degree of commercial and financial integration of the states all over the world. Thus, gradually, the local financial crisis have propagated at the level of the world financial system. The consequences of these financial crisis did not limited to the markets of the countries where they launched, but spread rapidly on the world markets – an effect known in the literature as contagion. In this article we have tried to evaluate the importance of the contagion effects on the capital markets, by utilizing certain econometric methods, from the correlation tests, to the co-integration tests. Meantime, we have tried to show that during the period of the most severe financial crisis from the Second World War up to date, the degree of correlation of the markets amplifies. financial crisis; capital market; contagion; correlation tests; stock exchange indices. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 75 84 http://store.ectap.ro/articole/797.pdf application/pdf http://www.ectap.ro/articol.php?id=797&rid=92 text/html Gabriela-Victoria ANGHELACHE The Bucharest University of Economic Studies Andreea NEGRU CIOBANU The Bucharest University of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:91-1062013-03-10RePEc:agr:journl article Corporate social responsibility, a strategy to create and consolidate sustainable businesses To highlight the strategic importance of CSR, this paper starts with a study of specialized literature in order to identify the role of these strategies in the creation and strengthening of sustainable business. Using Dunphy's model as a start point, we attempted to draft typologies for social responsibility strategies that support organizations in creating and strengthening sustainable business. An empirical study of the European automobile industry has sought to highlight the impact CSR strategies have on sustainable business. Selection and implementation of appropriate social responsibility strategies are important in achieving added value through the creation and strengthening of sustainable business. corporate social responsibility; social responsibility strategy; sustainable business; corporate sustainability. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 91 106 http://store.ectap.ro/articole/799.pdf application/pdf http://www.ectap.ro/articol.php?id=799&rid=92 text/html Mariana Cristina GANESCU "Constantin Brâncoveanu" University, Piteşti oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:31-442013-03-10RePEc:agr:journl article Accounting's shift to decision-based costing Managers are increasingly shifting from reacting to after-the-fact outcomes to anticipating the future with predictive analysis and proactively making adjustments with better decisions. Despite some advances in the application of new costing techniques, are management accountants adequately satisfying the need for better cost planning information? Or is the gap widening? management accounting; cost; decision; information; planning. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 31 44 http://store.ectap.ro/articole/794.pdf application/pdf http://www.ectap.ro/articol.php?id=794&rid=92 text/html Gary COKINS SAS Institute Inc., Cary, North Carolina, USA Sorinel CĂPUŞNEANU "Dimitrie Cantemir" Christian University, Bucharest Sorin BRICIU "1 Decembrie 1918" University, Alba Iulia oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:5-202013-03-10RePEc:agr:journl article Testing the Asymmetry of Shocks with Euro Area The objective of this study is to identify the demand and supply shocks affecting 13 EU member states and to estimate their degree of correlation with the Euro area shocks. This research ensures identifying the asymmetry of shocks degree with the monetary union, depending on which it's judging the desirability of adopting a single currency. The analysis is also useful for the economies outside the Euro area, because they are strongly commercial and financial integrated especially with the core economies from union. Applying the Blanchard and Quah methodology to estimate the shocks in the period from 1998:1- 2010:3, I have found a weak and negative correlation between demand shocks and a medium to high correlation of the supply shocks. The results obtained suggest the presence of a structural convergence process with the Euro area, in the context of domestic macroeconomic policies rather different, both inside and outside the monetary union. demand shocks; supply shocks; SVAR model; Euro area; asymmetric shocks. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 5 20 http://store.ectap.ro/articole/674.pdf application/pdf http://www.ectap.ro/articol.php?id=674&rid=82 text/html Marius-Corneliu MARINAŞ Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:41-562013-03-10RePEc:agr:journl article Negative Income Tax and Labor Market Participation. A Short Run Analysis This article examines the effects of the negative income tax, in a matching model, on labor market participation. We show that the introduction of such instrument reduces unemployment and improves the situation of the poorest. But, amazingly, it provokes a fall on labor market participation principally because the agents are then less selective. We find another surprising result: despite the rise on participation, the increasing of unemployment benefits improves the situation of the firms at the expense of workers. matching; participation; negative income tax. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 41 56 http://store.ectap.ro/articole/676.pdf application/pdf http://www.ectap.ro/articol.php?id=676&rid=82 text/html Samir AMINE Université du Quebèc en Outaouais and CIRANO, Canada Pedro LAGES DOS SANTOS University of Le Havre, France oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:1-22013-03-10RePEc:agr:journl article Limitations of principle (editorial) 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_92_en.pdf application/pdf http://www.ectap.ro/content2.php?id=92&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:103-1122013-03-10RePEc:agr:journl article National policy measures. Right approach to foreign direct investment flows 2011 was a difficult year for all the countries, developed and emerging ones. For overcoming the negative effects of the financial crisis, many economies have established as purpose to adopt new economic policies regarding the foreign direct investment flows (FDI), even to stimulate the flows or to reduce it (protectionism measures). So, there can be identified two categories of national policies: measures for the FDI flows stimulation and measures whose aim was the weighting of FDI developing, through restriction and regulation. In the first category we could include the liberalization measures and promotional and faciletation policies. In this study we evidenced that the fundament of the second category of policies is the belief that the FDI outward lead to job exports, to a raise of unemployment and a weakness of the industrial base. Many reports on FDI flows, here we talk about those made by UNCTAD, show that the regulation and restriction policies are seen as a possible protectionism, especially in the agricultural and extractive industries, where there have been required nationalization processes and divestments. Even more, the economies which adopted this kind of policies have been less interested in investing abroad, the outward of FDI being affected and globally the total outward decreased. national policies; foreign direct investments (FDI); liberalization measures; promotion and facilitation policies; restriction and regulation policy measures. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 103 112 http://store.ectap.ro/articole/832.pdf application/pdf http://www.ectap.ro/articol.php?id=832&rid=95 text/html Cătălin-Emilian HUIDUMAC-PETRESCU Bucharest University of the Economic Studies Radu Marcel JOIA Bucharest University of the Economic Studies oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:1-22013-03-10RePEc:agr:journl article Inter-regnum (editorial) 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_82_en.pdf application/pdf http://www.ectap.ro/content2.php?id=82&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:5-142013-03-10RePEc:agr:journl article Aspects regarding the analysis of inflation evolution With this work, the authors are submitting the main theories, which led to the definition of the concept of "inflation", pointing out the successive acceptations, which the economists – starting with classics, Adam Smith's contemporaries – have granted, over the time, to this economical phenomenon. Thus, at a first phase, the term of inflation was connected to currency, later on to money while presently it is commonly used for describing prices. This change of paradigm seems to originate in a sequence of unhappy events, probably unavoidable. inflation; prices; resources; indices; effort. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 5 14 http://store.ectap.ro/articole/792.pdf application/pdf http://www.ectap.ro/articol.php?id=792&rid=92 text/html Constantin ANGHELACHE "Artifex" University, Bucharest / The Bucharest University of Economic Vergil VOINEAGU The Bucharest University of Economic Studies Gabriela-Victoria ANGHELACHE The Bucharest University of Economic Studies Alexandru MANOLE "Artifex" University, Bucharest oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:127-1422013-03-10RePEc:agr:journl article The Political Economy of World Heavyweight Boxing during the Great Depression The purpose of the paper is to show how boxing managed to remain an affordable and consumable good for the USAmerican citizens in the times of the Great Depression of 1929-1933, when industrial production was closing. Moreover, while other economic activities faced problems, boxing continued to produce money. The research analyzes the economic market of professional heavyweight boxing, presenting some of the tools that helped promoters produce and sell the fight shows to the consumers – like price discrimination and cartel agreements, for example, and, thus, helped generating incomes and assured money circulation in the economy. economy of boxing; sports economy; Great Depression; sports marketing; cartel agreements. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 127 142 http://store.ectap.ro/articole/683.pdf application/pdf http://www.ectap.ro/articol.php?id=683&rid=82 text/html Vlad ROŞCA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:21-402013-03-10RePEc:agr:journl article The Population and the Labor Force Market This paper analyzes the recent evolution of the population and labor resources in Romania. The occupied population, according to the SEC methodology, is the sole entity that indicates the human potential of the occupied labor force that can be used to determine the social productivity of labor as a ratio between the GDP and the occupied population. population; labor; productivity; resources; outputs. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 21 40 http://store.ectap.ro/articole/675.pdf application/pdf http://www.ectap.ro/articol.php?id=675&rid=82 text/html Constantin ANGHELACHE Bucharest Academy of Economic Studies, "Artifex" University of Bucharest oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:45-582013-03-10RePEc:agr:journl article The Anglo-Saxon model of employment in the current economic context. The case of United Kingdom The Anglo-Saxon model of employment has certain features that derive from the specificity of the political and economic system of Great Britain. The labour market policies in the United Kingdom were different depending on the historical and political period; however, the Anglo-Saxon model is characterized mainly by high flexibility but low security. This paper presents the main features of the Anglo-Saxon model of employment, compared to the Nordic and the Mediterranean model and shows Britain's economic situation before and after the crisis. employment; the Anglo-Saxon model; labour market; crisis; United Kingdom. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 45 58 http://store.ectap.ro/articole/795.pdf application/pdf http://www.ectap.ro/articol.php?id=795&rid=92 text/html Mirela Ionela ACELEANU The Bucharest University of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:127-1342013-03-10RePEc:agr:journl article Social cohesion – a post-crisis analysis Social cohesion is a complex notion, subject to various different approaches that we set out to analyse. Thus, the article presents the scientific views regarding social cohesion, both at an individual or group level and at a macro-social level. The concluding section presents the consequences for public policy of a pluralist approach to defining social cohesion, while underlining the importance of a bi-dimensional view – disparities/inequality/social exclusion and social relations/social bonds/social capital – in order to achieve a comprehensive vision of a society's social cohesion. social cohesion; social exclusion; social capital; solidarity. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 127 134 http://store.ectap.ro/articole/801.pdf application/pdf http://www.ectap.ro/articol.php?id=801&rid=92 text/html Alina Magdalena MANOLE The Bucharest University of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:69-802013-03-10RePEc:agr:journl article A review of the economic crisis: solutions and failures in the European Union Welfare-state European model has been profoundly affected by the economic crisis. In this context, most of the EU member states decided to respond by undertaking short run policy measures. Government spending has been extended in order to create new jobs and to stimulate economic recovery. The fact that the EU member states are still facing the crisis suggests that the policies implemented were inefficient. Moreover, EU officials seem trapped in a vicious circle dominated by the crisis growing effects and their own commitments to bring back economic recovery. This study emphasizes the policy measures' inconsistencies and, as a consequence, the failure of economic recovery initiatives. economic crisis; welfare state; budget cuts; financial stimulus; economic recovery. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 69 80 http://store.ectap.ro/articole/829.pdf application/pdf http://www.ectap.ro/articol.php?id=829&rid=95 text/html Marius-Cristian PANĂ Bucharest University of Economic Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:159-1682013-03-10RePEc:agr:journl article East-European stock exchanges in the context of financial crisis For the capital market, the crisis means, first of all, the decrease of the financial instruments quotations and of the trading volumes. These had occurred in conjunction with the modified investor's behaviour, which radically changes their investment options, withdrawing the money invested in the market in favour of investing in the banking deposits, art objects and precious metals. crisis; liquidity; market; investment; capitalization. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 159 168 http://store.ectap.ro/articole/836.pdf application/pdf http://www.ectap.ro/articol.php?id=836&rid=95 text/html Cătălina Claudia SAVA Bucharest University of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:85-902013-03-10RePEc:agr:journl article Improving public sector performance by strenghtening the relationship between audit and accounting If twenty years ago the financial activities of any Romanian enterprise were the sole responsibility of the accountant, nowadays the relationships of the economical entities within theirselves and with their environment are too complex to be handled just by accounting departments. Around accounting there have appeared a significant number of activities like Controlling and Auditing which are meant to link Accounting with the strategic management. In this regard the paper approaches the relationship between internal public audit and accounting which improves decisions making process in public sector. The research methodology aims to study these relationships and determine how they can work to the benefit of increasing public sector performance. The conclusions of the research shape aspects of accounting and auditing improvement as main strategic components for insuring performance in the public sector. audit; controlling; accounting; public sector performance. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 85 90 http://store.ectap.ro/articole/798.pdf application/pdf http://www.ectap.ro/articol.php?id=798&rid=92 text/html Adelina DUMITRESCU National School of Political Studies and Public Administration, Bucharest oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:113-1262013-03-10RePEc:agr:journl article The New Governance and Globalization The changes in economy and the society require a new theory of value based on knowledge. A piece of information which is well documented and as well assimilated may be a substitute for substance, energy and another piece of information. After receiving the piece of information, our thinking needs to change dramatically, in order to consider the factors that make from it such a special value. In order to be able to face the uncertainty and complexity of modern world, a new type of governance appeared, which considers not only the need for informing stakeholders and satisfying them but also the ability of an entity to answer the new restrictions stated by the market through external bodies, the personnel of the said entity and its representatives, public opinion, etc. An entity shall not be assessed only based on some economic or profitability criteria, but also based on its ability to adapt and react, the ability to meet the expectations of the persons it uses, through a model attitude towards topics of general interest (ecology, ethics, inspecting people, rejection of any discrimination, etc.), in short, through its ability to become a citizen of the world. governance and globalization; the management of the complex relationship space – time – culture; innovation; the governance of the innovation system; change management; building the new governance. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 113 126 http://store.ectap.ro/articole/682.pdf application/pdf http://www.ectap.ro/articol.php?id=682&rid=82 text/html Costantin ROMAN Bucharest Academy of Economic Studies Aureliana Geta ROMAN Bucharest Academy of Economic Studies Alexandru BOGHIU Controller Institut Romania oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:113-1282013-03-10RePEc:agr:journl article Influence of the prudential supervision over the capitalization of the Romanian insurance market In a decade when all activities are globalized, including insurance, the recent focus of the supervisory authorities became the leveling of the legal framework concerning the solvency requirements of the companies acting on the market (as a consequence of the 2008 crisis, much more acute in USA than in Europe, where Basel Agreement decreased the fall of the banking sector). The present paper analyses the way in which the main solvency regimes applied at international level influence the equity of the insurance companies, especially the increase in the solvency capital required by the supervisors, taking into consideration the risk profile of the company. Moreover, the paper provides a blueprint of the methods to ensure the financial stability of the national industry, in order to respond adequately to systemic and systematic risks. solvency; Solvency II; solvency capital; prudential supervision; QIS. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 113 128 http://store.ectap.ro/articole/833.pdf application/pdf http://www.ectap.ro/articol.php?id=833&rid=95 text/html Laura Elly NAGHI Bucharest University of Economic Studies oai:RePEc:agr:journl:v:11(576):y:2012:i:11(576):p:59-742013-03-10RePEc:agr:journl article The economic analysis of bureaucracy and government growth In this paper we analyze the problem of government size and growth and its relation with the size of public bureaucracies. The paper is organized as following: first, we present some factual data which confirm government size and growth for the western democratic world; second, we analyze the theories which identify the causes of this phenomenon. In this line we use Halcombe's (2005) taxonomy and shortly discuss, at first, the rational choice and path dependency theories of government growth. Further, we focus on budget maximization theories. This class of theories explains government growth and size by state's internal factors, bureaucracy (in the case of Niskanen's models) and bureaucracy and politicians (in the case of the Leviathan model). We conclude the paper by presenting the Armey curve and the hypothesis of state's underdevelopment as applied to the problem of the Romanian public administration. government growth; public choice theory; bureaucracy; budget maximizing; Leviathan. 11(576) 2012 XVIII(2012) November Theoretical and Applied Economics 59 74 http://store.ectap.ro/articole/796.pdf application/pdf http://www.ectap.ro/articol.php?id=796&rid=92 text/html Mihai UNGUREANU National School of Political Studies and Public Administration Studies Diana IANCU National School of Political Studies and Public Administration Studies oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:57-682013-03-10RePEc:agr:journl article ARDL investment model of Tunisia The paper investigates the determinants of investments in Tunisia using annual data over the period of 1961-2011. The importance of this study comes from the necessity to determine important factors influencing domestic investments in Tunisia. An Autoregressive Distributed Lag (ARDL) modeling is employed to investigate the impact of the gross domestic product, monetary base and trade openness on domestic investments. Our results reveal that there is an equilibrium relationship between investments and monetary base, the influence of the others is insignificant or rather ambiguous. cointegration; domestic investments; ARDL; bounds test; Tunisia. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 57 68 http://store.ectap.ro/articole/828.pdf application/pdf http://www.ectap.ro/articol.php?id=828&rid=95 text/html Abdulbaset M. HAMUDA Technical University of Košice, Faculty of Economics, Slovakia Veronika ŠULIKOVÁ Technical University of Košice, Faculty of Economics, Slovakia Vladimír GAZDA Technical University of Košice, Faculty of Economics, Slovakia Denis HORVÁTH Technical University of Košice, Faculty of Economics, Slovakia oai:RePEc:agr:journl:v:2(579):y:2013:i:2(579):p:51-562013-03-10RePEc:agr:journl article Romania's road to Euro zone. From structural balance to structural balance corrected for absorption The sovereign-debt crisis in the European Union has determined the necessity to reform the signal indicators for the analysis of the public finances' sustainability. In this context, many of the developing/emerging countries consider that the informational value provided by the structural budget balance indicator is insufficient, especially during the periods characterized by absorption. The present study suggests the transition from classical structural budget balance (CAB) in the structural balance corrected for absorption (CAAB) and supports the use of an improved indicator of the structural budget balance with a superior informational relevance for the macro-economic policies decision makers. Based on the economic literature we will demonstrate that the structural budget balance indicator should be improved, in order to also take into consideration the deviation of the current account balance from its sustainable level, particularly in the stage of the economic cycle characterized by high absorption. eurozone crises; structural budget balance; absorption adjusted structural budget balance. 2(579) 2013 XVIII(2013) February Theoretical and Applied Economics 51 56 http://store.ectap.ro/articole/827.pdf application/pdf http://www.ectap.ro/articol.php?id=827&rid=95 text/html Aura-Gabriela SOCOL Bucharest University of Economic Studies oai:RePEc:agr:journl:v:11(564):y:2011:i:11(564):p:53-582013-03-10RePEc:agr:journl article Impact of FDI and Trade Openness on Economic Growth: A Comparative Study of Pakistan and Malaysia This paper examines the role of trade openness and foreign direct investment in relation to economic growth for Pakistan and Malaysia for the period 1980-2010. Johansen co-integration test is used to estimate the nature of relationship and Granger causality test is used to determine the direction of causality in the model. trade openness; foreign direct investment; economic growth; co-integration; Granger causality. 11(564) 2011 XVIII(2011) November Theoretical and Applied Economics 53 58 http://store.ectap.ro/articole/661.pdf application/pdf http://www.ectap.ro/articol.php?id=661&rid=80 text/html Zaheer Khan KAKAR National University of Modern Languages Islamabad, Pakistan Bashir Ahmad KHILJI National University of Modern Languages Islamabad, Pakistan oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:85-962013-03-10RePEc:agr:journl article The Spread of Economic Ideas among Romanian People. Case Study: Alexandru D. Xenopol Alexandru D. Xenopol (1847-1920), a leading figure of the Romanian intellectual tradition of the turn of the century – academician, economist, philosopher, historian, educator, sociologist and writer – has remained in the universal cultural memory as a tireless promoter of the economic empowerment of the Romanian inhabited territories. Encyclopaedic, visionary and lucid mind, Alexandru D. Xenopol dedicated his work to searching the elements of the compatibility of the Romanians with the modernity and globalization in the cultural, educational and economic history of our people. Alexandru D. Xenopol has not remain unnoticed; scientists of this country, such as Nicolae Iorga, paid an homage to his great intellectual value: "educated in the best traditions of the economic school of the mid nineteenth century, and above all, a man with a philosophical mind, comfortable with abstractions and with an endless love for subtle links between them" (Iorga, 1975, p.190). The purpose of this paper is to highlight the importance of the spread of economic ideas in shaping the Romanian economic development stage. economic education; industry; institutions; protectionism; economic emancipation. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 85 96 http://store.ectap.ro/articole/680.pdf application/pdf http://www.ectap.ro/articol.php?id=680&rid=82 text/html Angela ROGOJANU Bucharest Academy of Economic Studies Liana BADEA Bucharest Academy of Economic Studies Laurenţiu-George ŞERBAN-OPRESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:1(566):y:2012:i:1(566):p:57-662013-03-10RePEc:agr:journl article The Industry – a Vulnerable Source of Economic Recovery in Romania In a globalized world the exogenous shocks and related instabilities of economic variables have negative effects on the economic growth of each country. Increased sensitivity to shocks shows higher economic vulnerability and the persistence of its factors and features reveal structural deficiencies of the economy. Industry is a category of resource with a decreasing share in GDP in the European Union in the past decades, but still gives the first signs of slowdown in activity before crisis. The industrial production in Romania had a fast recovery among the EU Member States in 2011 based on the increase of the external demand. The paper focuses on the exposure of the Romanian industry to further economic instability by using an empirical analysis of short-term statistics. Since a high share of the Romanian industrial exports are EU oriented, the commercial channel is an important factor that may affect the post-crisis economic growth if the structural vulnerability does not decrease. industry; economic vulnerability; trade dependence; intra-industrial trade. 1(566) 2012 XVIII(2012) January Theoretical and Applied Economics 57 66 http://store.ectap.ro/articole/677.pdf application/pdf http://www.ectap.ro/articol.php?id=677&rid=82 text/html Anca DACHIN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:39-482009-12-18RePEc:agr:journl article Reconfiguring the Financial Markets The debut of the new millennium is marked by the increased economic and social imbalances. An important task of economic science is to identify the causes and factors that contributed to the radical transformation of the unfolding conditions of economic activity. The existence of different perspectives to approach the new realities may offer greater opportunities for decrypting the conditions that generated so far unknown developments, as well as for shaping solutions to promote new paths of progress and civilization. The defining with profound implications on the economy and society is represented by the globalization. From this perspective, we have analysed the new dimensions of capital accumulation and economic growth in the context of deregulation and liberalization of the international capital movements. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors' obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today's financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth. cognitive capitalism; the financialization of the economy; financial innovations; volatile capital; institutional investors; derivative products. 12(541) 2009 12(541) December Theoretical and Applied Economics 39 48 http://store.ectap.ro/articole/430.pdf application/pdf http://www.ectap.ro/articol.php?id=430&rid=56 text/html Ion Bucur Universitatea din Bucuresti oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:49-562009-12-18RePEc:agr:journl article The Play Element and Marketing Policies "Play", "plaything" are words with which our mind fly away to the extraordinary period of our life – the childhood, when all things are perfect. In this paper we analyze the implication of "play" ideea in the labyrinth of marketing strategy, and marketing policy. We will demonstrate that "Play" has a profound influence upon customers, upon their attitudes, their motivations, their perceptions and preferences, and it constitutes "a possible face of marketing". strategy; tactic; marketing policy; influence; play. 12(541) 2009 12(541) December Theoretical and Applied Economics 49 56 http://store.ectap.ro/articole/431.pdf application/pdf http://www.ectap.ro/articol.php?id=431&rid=56 text/html Elena Enache "Constantin Brâncoveanu" University, Pitesti Ionel Tãlpãu "Constantin Brâncoveanu" University, Pitesti oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:3-182009-12-18RePEc:agr:journl article The Security of the Dynamic Systems In a world that is characterized by the globalization phenomenon, the current economic decision-making process is marked by a dynamic and objectively amassed complexity. Besides the ability to forecast the production of certain results, the manager must have at disposal scientifically-supported decisional variants in order to estimate the risk of the adopted strategy. The estimates rely on the available information, on the capacity to assess it, as well as on the manager's decisional behavior. As to the acknowledgement of the potential perturbations and the consequences of their occurrence, the manager has to analyze various alternatives of action and to choose the alternative that offers the best opportunities, concomitantly with a behavior that inflicts minimum risks. security culture; risk management; critical infrastructure; dynamics systems; competitive counterintelligence. 12(541) 2009 12(541) December Theoretical and Applied Economics 3 18 http://store.ectap.ro/articole/427.pdf application/pdf http://www.ectap.ro/articol.php?id=427&rid=56 text/html Sergiu Medar "Lucian Blaga" University, Sibiu Adriean Pârlog National Defence University "Carol I", Bucharest oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:19-242009-12-18RePEc:agr:journl article Substantiating the Incurred but not Reported Reserve In order to handle past and future liability taken by insurance contracts concluded, any insurance company must constitute and maintain technical reserves. Substantiating technical reserves is done through actuarial methods and its over-evaluation or under-evaluation influence solvency and financial performance of the insurance companies, in the sense of reducing solvency through over-evaluating reserves and, respectively, influencing profit (hence of outstanding tax) through under-evaluating reserves. An important reserve for insurance companies is represented by the incurred but not reported reserve, as it allows the estimation of the liability the company may confront in the future, generated by events occurred in the past, which are not currently known in the present but will be reported in the future. incurred but not reported reserve; chain-ladder method; run-off triangle; development factors; reported but not settled. 12(541) 2009 12(541) December Theoretical and Applied Economics 19 24 http://store.ectap.ro/articole/428.pdf application/pdf http://www.ectap.ro/articol.php?id=428&rid=56 text/html Georgeta Vintilã The Bucharest Academy of Economic Studies Daniel Armeanu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:25-382009-12-18RePEc:agr:journl article On the Dynamic Relationships between the Non-profit and Public Providers of Welfare Services in European Union Economic activity in a mixed economy is shared among different kinds of organizations: private for-profit, private non-profit and governmental organizations, which are closely interdependent among them. For a long time the private non-profit sector has been considered as a marginal sector that rises only in the wake of the failure of both the market and government. Indeed, it is likely that there exist important spillovers among non-profit, forprofit and public sectors, particularly in the provision of welfare services. This paper analyses the way European countries deal with the provision of welfare services. Univariate and multivariate econometric tests will be performed in order to search for the existence of a common European model of welfare services provision based on the relationship between non-profit and public providers. The main evidence provided by this analysis does not fully support the existence of a common and unique European model of welfare services provision. Rather, three different models or patterns of relationship between the non-profit and public welfare sectors are evident in Europe. public economics; non-profit sector; welfare services; European Union; cluster analysis. 12(541) 2009 12(541) December Theoretical and Applied Economics 25 38 http://store.ectap.ro/articole/429.pdf application/pdf http://www.ectap.ro/articol.php?id=429&rid=56 text/html DomeNico Raguseo University Matej Bel, Slovakia Helena Kuvíková University Matej Bel, Slovakia oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:12009-12-18RePEc:agr:journl article The Reconstruction of Economics (editorial) 12(541) 2009 12(541) December Theoretical and Applied Economics 1 1 http://store.ectap.ro/editoriale/editorial_56_en.pdf application/pdf http://www.ectap.ro/content2.php?id=56&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:12(541):y:2009:i:12(541):p:57-622009-12-18RePEc:agr:journl article Analysis over Critical Issues of Implementation or Non-implementation of the ABC Method in Romania This article analyses the critical issues regarding implementation or non-implementation of the Activity-Based Costing (ABC) method in Romania. There are highlighted the specialists views in the field opinions and own point of view of the authors regarding informational, technical, behavioral, financial, managerial, property and competitive issues regarding implementation or non-implementation of the ABC method in Romania. Activity-Based Costing; inductors cost; performance; competitiveness; management. 12(541) 2009 12(541) December Theoretical and Applied Economics 57 62 http://store.ectap.ro/articole/432.pdf application/pdf http://www.ectap.ro/articol.php?id=432&rid=56 text/html Constantin Anghelache The Bucharest Academy of Economic Studies Sorinel Cãpusneanu Artifex University, Bucharest Cristian-Marian Barbu Artifex University, Bucharest oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:71-882011-12-24RePEc:agr:journl article A Static Analysis of Pakistan's Trade Policy with Selected Asian Countries The paper critically analyzes Pakistan's trade policy during 1996-2006 and explores the determinants of bilateral export and import flows between Pakistan and selected Asian countries (SAC) in recent past. It contains the policy issues which may be helpful for policy makers of other developing countries facing same conditions. A gravity model of international trade is empirically tested with the help of generalized least square (GLS) method of estimation in panel data. Our results show that the income of trading countries is a determining factor of Pakistan's import flows but not for export flows. For exports, the openness of economies is playing central role instead the incomes of trading countries. The exchange rate is also found as a determining factor of Pakistan's export flows and import flows. There is convincing evidence that current import and export flows are highly correlated with previous year whereas infrastructural bottlenecks have negative impact on Pakistan's import and export flows. trade policy, regional commerce, gravity model, import-export flows, generalized least square method, currency exchange rate. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 71 88 http://store.ectap.ro/articole/670.pdf application/pdf http://www.ectap.ro/articol.php?id=670&rid=81 text/html Summaira MALIK National College of Business Administration and Economics Amatual R. CHAUDHARY National College of Business Administration and Economics oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:89-1062011-12-24RePEc:agr:journl article Social and Environmental Issues in Corporative Management: A Romanian Story The complex process of monitoring entities environmental impact entails ability, respect for the environment and reduction of the ecological footprint. This research defines Romanian trends as regards the effects and actions to adapt to climate change and characterizes corporate management in terms of compliance with environmental management systems requirements. The main objective is to assess the current state of environmental management implementation and identifies relevant social and environmental issues that companies use to include in corporate management. The current agenda would allow developing a framework for environmental management implementation in Romanian entities, in order to assume the corporate social responsibility. climate change; adaptation; social and environmental impact; corporative management; Romania. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 89 106 http://store.ectap.ro/articole/671.pdf application/pdf http://www.ectap.ro/articol.php?id=671&rid=81 text/html Cornelia DASCĂLU Bucharest Academy of Economic Studies Chiraţa CARAIANI Bucharest Academy of Economic Studies Gina Raluca GUŞE Bucharest Academy of Economic Studies Camelia Iuliana LUNGU Bucharest Academy of Economic Studies Anca CODREANU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:115-1242011-12-24RePEc:agr:journl article Equity Risk Premium for Investments Projects in Renewable Resources Risk premium is an important factor for different models that estimate the shareholders equity, the debt cost used to evaluate both the financial assets as well as investment projects. The paper presents a brief history of the risk premium, the main estimation methods together with the influence factors. Different risks are associated to the investments in the renewable resources and they are more difficult to evaluate than the investments in other projects. risk; equity risk premium; required rate of return; risk aversion. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 115 124 http://store.ectap.ro/articole/673.pdf application/pdf http://www.ectap.ro/articol.php?id=673&rid=81 text/html Carmen LIPARĂ Bucharest Academy of Economic Studies Anamaria ALDEA Bucharest Academy of Economic Studies Anamaria CIOBANU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:33-422011-12-24RePEc:agr:journl article Institutional Metamorphoses regarding the Exercise of External Public Audit in Romania This work attempts a synthetic approach of the evolution of institutional organization and the exercise of public financial audit in Romania, emphasizing on historical, as well as on modern elements. Recent changes, based, obviously, on legal regulations, aim at implementing the types of audit specific to the audit supreme institutions and founded on the basis of their own external public audit standards, adopted according to the INTOSAI audit standards, the European guidelines for their application and other standards relevant to the public sector, elaborated by IFAC and accepted by the European Union. The finding of the accounts in order is followed by issuing of a conformity certificate for the audited entity. Audit Office; external public control; special jurisdiction; financial audit; preventive and subsequent financial control; performance audit. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 33 42 http://store.ectap.ro/articole/667.pdf application/pdf http://www.ectap.ro/articol.php?id=667&rid=81 text/html Ionel BOSTAN "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:15-322011-12-24RePEc:agr:journl article Considerations regarding the Valuation and Valorization of Cultural Heritage This paper presents the theoretical framework for the valuation of cultural heritage and of the economic effects produced by investments in the preservation and restoration of cultural heritage. The following methods are considered: impact studies, hedonic pricing method, contingent valuation method and travel cost method. The paper focuses on methodological issues, difficulties encountered when implementing the methods, as well as on their specific limitations. Moreover, each method is illustrated through the results of quantitative studies in the field. cultural heritage; economic value; hedonic pricing; contingency value; travel cost method. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 15 32 http://store.ectap.ro/articole/666.pdf application/pdf http://www.ectap.ro/articol.php?id=666&rid=81 text/html Filip IORGULESCU Bucharest Academy of Economic Studies Felicia ALEXANDRU Bucharest Academy of Economic Studies Georgiana Camelia CREŢAN Bucharest Academy of Economic Studies Meral KAGITCI Bucharest Academy of Economic Studies Mihaela IACOB Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:59-702011-12-24RePEc:agr:journl article The Challenges of Basel III for Romanian Banking System Basel III represents a fundamental review of the regulatory and supervision framework of the banking industry in the future, the aim being to strengthen the stability of the financial system. The purpose of this paper is to analyze the impact of Basel III introduction upon the banking system at European level, respectively, upon the Romanian banking system. If at European level it is estimated a substantial deficit in capital and liquidity, with major impact on profitability indicators, the impact of Basel III upon banking system in Romania is considered to be limited. The measures which credit institutions could take to mitigate the impact of alignment with the new standards are business model adjustment and balance sheet restructuring. financial stability; banking system; Basel III; systemic risk; Romania. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 59 70 http://store.ectap.ro/articole/669.pdf application/pdf http://www.ectap.ro/articol.php?id=669&rid=81 text/html Anca Elena NUCU "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:5-142011-12-24RePEc:agr:journl article The Monetary Policy and the Real Estate Market In this paper, we intend to study the connection between monetary policy measures and the boom and bust cycles of the real estate markets in different countries. Many recent articles consider that central banks had an important contribution in triggering the global crisis and the collapse of the real estate markets during 2007-2009 due to the low monetary policy rates and the inadequate regulation and supervision of the banking system. We consider the generalization of this idea is an error, as certain central banks like the National Bank of Romania (NBR) adopted prudent policies in the pre-crisis period. monetary policy; real estate market; global crisis; developed countries; boom and bust cycles. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 5 14 http://store.ectap.ro/articole/665.pdf application/pdf http://www.ectap.ro/articol.php?id=665&rid=81 text/html Vasile DEDU Bucharest Academy of Economic Studies Tiberiu STOICA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:43-582011-12-24RePEc:agr:journl article Oltenia – Micro-destination of Cultural and Medical Spa Tourism A region, in order to express its viability as tourism destination, has to emphasize not only its defining elements, but also the activities from the recreative, curative or cultural field in which it has specialized in (processed after Cocean et al., 2002, pp. 297-298). This involves several stages, organically linked in a planned framework, with the establishment of the specific objectives and strategies, not only at micro and meso, but also at macro level, beginning with "the study of the motivational demand, of the resources, in terms of their functionality in tourism and their profitability in exploitation" (Erdeli, Gheorghilaş, 2006, pp. 288-289).<br> The authors intend, based on these considerations, to reveal the elements of regional brand, with the identification of those functions or types of tourism (recreative, curative and/or cultural) which are specific to the region of Oltenia, that is "still unseen and unknown". tourism micro-destination; destination image; regional tourism brand; medical spa tourism; destination marketing. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 43 58 http://store.ectap.ro/articole/668.pdf application/pdf http://www.ectap.ro/articol.php?id=668&rid=81 text/html Aurelia-Felicia STĂNCIOIU Bucharest Academy of Economic Studies Ion PÂRGARU Polytechnic University of Bucharest Anca-Daniela VLĂDOI Bucharest Academy of Economic Studies Nicolae TEODORESCU Bucharest Academy of Economic Studies Carmen PUIU University of Craiova oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:107-1142011-12-24RePEc:agr:journl article General Equilibrium Analysis of Electricity Market Liberalization in Singapore: A Comparative Study The liberalization in electricity market in Singapore has being undertaken for more than 15 years. This paper evaluates the influence of competition policies by computable general equilibrium (CGE) model. Instead of the direct measurement of the impact of competition policy, the benefit of liberalization is reflected by the simulation of a hypothetical regulatory condition. Comparing to the regulatory scenario, simulation result implies the current liberalization raises GDP and exchange rate significantly, but also leaves the tradeoff between higher national income and lower consumer welfare to government. If such choice of economic policy is necessary for political demand, a formal legal framework is required to enforce the restoration of the economy from regulatory restrictions. electricity market; general equilibrium; liberalization; Singapore. 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 107 114 http://store.ectap.ro/articole/672.pdf application/pdf http://www.ectap.ro/articol.php?id=672&rid=81 text/html Fenglong XIAO Boston University, USA oai:RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:1-22011-12-24RePEc:agr:journl article The Negative of the World (editorial) 12(565) 2011 XVIII(2011) December Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_81_en.pdf application/pdf http://www.ectap.ro/content2.php?id=81&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:27-462011-06-28RePEc:agr:journl article Optimal Licensing Contracts with Adverse Selection and Informational Rents In the paper we analyse a model for determining the optimal licensing contract in both situations of symmetric and asymmetric information between the license's owner and the potential buyer. Next we present another way of solving the corresponding adverse selection model, using the informational rents as variables. This approach is different from that of Macho-Stadler and Perez-Castrillo. optimal contract; innovation; adverse selection; informational rents. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 27 46 http://store.ectap.ro/articole/599.pdf application/pdf http://www.ectap.ro/articol.php?id=599&rid=75 text/html Daniela MARINESCU Bucharest Academy of Economic Studies Dumitru MARIN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:63-722011-06-28RePEc:agr:journl article Operational Risk Modeling Losses resulting from operational risk events from a complex interaction between organizational factors, personal and market participants that do not fit a simple classification scheme. Taking into account past losses (ex. Barings, Daiwa, etc.) we can say that operational risk is a major financial losses in the banking sector, although until recently have been underestimated, considering that they are generally minor, note setting survival of a bank. operational risk; BIA; SA; AMA; LDA. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 63 72 http://store.ectap.ro/articole/602.pdf application/pdf http://www.ectap.ro/articol.php?id=602&rid=75 text/html Gabriela ANGHELACHE Bucharest Academy of Economic Studies Ana Cornelia OLTEANU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:157-1642011-06-28RePEc:agr:journl article The Economic Theory and the Global Crisis, between Theoretical Solutions and the Economic Reality This work aims to study the evolution of the global crisis and its impact on various areas worldwide, as well as its impact on certain decisions which have been implemented by the authorized bodies.<br> The general framework of this analysis starts with a short review of the relevant economic movements and trends; it continues with presenting the potential solutions aimed to overcome the dark period which is currently crossed by the contemporary economy.<br> In the same time, the authors aim to highlight the impact of the monetary policies throughput the history on the real economy, until the current period. Keynesianism, Austrian School, economic fluctuations, monetary policy, globalisation. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 157 164 http://store.ectap.ro/articole/607.pdf application/pdf http://www.ectap.ro/articol.php?id=607&rid=75 text/html Nicolae MOROIANU Bucharest Academy of Economic Studies Daniel BELINGHER Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:47-542011-06-28RePEc:agr:journl article Morality, Ethics and True Image in Business Accounting By its nature, the accounting field is in a close connection with ethics, morality and religion. The concepts of morality, ethics and religion are closely connected to each other and at the same time they are complementary. How many bankrupts occurred in economy and how many human dramas could be avoided if morality should have been present? How many rich people could be aware of the sufferings of the majority if the ethics of business would have been known to them? In our everyday living, all over the world and maybe especially in our Romanian space, we very much need a "minima moralia" in the businesses field. The fiddle from the public money, the fiscal evasion, reprogrammed payments and payment exemptions represent main objectives when starting the serious campaign of the moral sanitation in the business field. The temptation of money appeared the same time as "scene" entering of this sign of value. The mirage of the fortune has the same age with "homo oeconomicus". The true image, as a criterion of performance of the accounting field, is basal established on the concepts of ethical and moral nature: truth, honesty, regularity, reality, neutrality, continuity, permanency, etc. The achievement of the accounting truth claims, in equal parts, serious elements of professionalism. A real "fire test" for us is to prove through real facts the absolute governing of an unwritten law: we have to say what we think and, mostly, we must do what we say. morality; ethics; religion; true image; deontology; businesses. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 47 54 http://store.ectap.ro/articole/600.pdf application/pdf http://www.ectap.ro/articol.php?id=600&rid=75 text/html Ionel BOSTAN University "Al. I. Cuza", Iaşi Carmen COSTULEANU University "Petre Andrei', Iaşi Emil HOROMNEA University "Al. I. Cuza", Iaşi Marcel COSTULEANU University of Medicine and Pharmacy "Gr. T. Popa", Iaşi oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:1-22011-06-28RePEc:agr:journl article Reloading Economics (editorial) 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_75_en.pdf application/pdf http://www.ectap.ro/content2.php?id=75&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:141-1562011-06-28RePEc:agr:journl article FDI in the Service Sector – Propagator of Growth for India? The last two decades have witnessed an unprecedented growth of the Indian service sector. This study aims to analyze the growth dynamics of the FDI. It intends to see whether the growth in FDI has any significant impact on the service sector growth and also investigates whether a growth in this sector causes the GDP to grow. The results suggest that there has been a significant positive impact of the FDI on services sector and this service sector growth has in turn a significant effect on the GDP. The study also looks into the sub-sectoral dynamics and indicates towards the fact that the trade, hotels and restaurants, transport, storage and communications sub-sector contributes the most in the growth of Indian service sector. Therefore FDI can be truly be used as a propagator of economic growth, via its favourable effect on the growth in the services sector. Finally, the study addresses the long running sustainability debate regarding the Indian service sector. service sector; FDI; economic growth. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 141 156 http://store.ectap.ro/articole/606.pdf application/pdf http://www.ectap.ro/articol.php?id=606&rid=75 text/html Chitrakalpa SEN GD Goenka World Institute – Lancaster University oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:55-622011-06-28RePEc:agr:journl article Intra-Industry Trade in Tourism Services Usually the tourism flows are explained by demand, economic growth, and revealed comparative advantage (neoclassic trade theory).<br> This manuscript examines the link between intra-industry trade and international tourism flows. We have examined the Portuguese intra-industry trade in this sector. The analysis apply the static (Grubel and Lloyd) and dynamic index (Brülhart). Our results show that the tourism services are important for a small economy such as Portugal. The intra-industry trade is very significant between Portugal and the following countries: Spain, USA, Italy, Greece, Turkey and Canada. tourism flows; intra-industry trade; Grubel and Lloyd index; Brülhart index, Portugal. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 55 62 http://store.ectap.ro/articole/601.pdf application/pdf http://www.ectap.ro/articol.php?id=601&rid=75 text/html Nuno Carlos LEITÃO Polytechnic Institute of Santarém and CEFAGE- UE, Portugal oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:5-262011-06-28RePEc:agr:journl article The Impact of Sovereign Credit Ratings on the Issuance of Government Bonds in Central and Eastern Europe The current research paper aims to assess the impact of sovereign credit ratings on the issuance of government bonds in Central and Eastern Europe. The personal analysis is performed on a sample of government bonds issued by Turkey, Hungary, Czech Republic, Slovak Republic, Poland, Romania and Russia between 2000-2010. The sample includes issues in several currencies (EUR, USD, GBP, JPY, CHF, CZK, PLN, TRY, RUB, RON, HUF). The research paper consists of two different analyses. The first one assesses the degree in which the variation in the initial yield of government bonds issued in one particular currency can be explained by using explanatory variables such as: inflation, sovereign rating corresponding to the issuing country, and the state of crisis (this analysis is performed for each currency separately). The second analysis assesses the degree in which the variation in the maturity of the government bonds issued by a certain country can be explained by using explanatory variables such as: inflation, sovereign rating on the date of issuance, and the state of crisis. credit rating; government bonds; initial yield; maturity. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 5 26 http://store.ectap.ro/articole/598.pdf application/pdf http://www.ectap.ro/articol.php?id=598&rid=75 text/html Ion STANCU Bucharest Academy of Economic Studies Ana-Maria MINESCU UniCredit Tiriac Bank oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:129-1402011-06-28RePEc:agr:journl article The Birth of the Regulated Company in the Macroeconomic Environment This research analyzes the mode of evolution of an economy at macroeconomic level, backward-pyramidal evolution from the capitalism structure, the appearance of the free enterprise and the corporate form of business organizations in our free market based system, at microeconomic level.<br> The purpose of this paper is to enter the understanding of the specificities of the plurality of facets of the governance process. The target of this research paper are privately owned companies, but held publicly (by social parts owners or shareholders) and expressed through the state – corporation relation with its geo-social-political-economic influences. capitalism; corporation; governance; game; trust. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 129 140 http://store.ectap.ro/articole/605.pdf application/pdf http://www.ectap.ro/articol.php?id=605&rid=75 text/html Alexandru BODISLAV Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:6(559):y:2011:i:6(559):p:113-1282011-06-28RePEc:agr:journl article The Evaluation of the Competitiveness State of Manufacturing Companies in Romania – an Approach According to Mereuţă Model The objective of this work is the evaluation of the competitiveness state of companies operating within the manufacturing industry in Romania, 2001-2007. Since 1990, Romania has begun a long process of non - industrialization, which resulted in a significant reduction of the population occupancy in the industry, a reduction of the industrial production and hence exports, which came from this industry. It is therefore necessary to make such a study to identify industries with growth potential, especially since in the current context, it is necessary to adopt viable solutions to overcome the economic crisis. Following this analysis, the findings reveal that four of the 11 sectors analyzed are characterized, in 2001-2007, with a relative lack of competitiveness, and the other ones are positioned in the V area of the evaluation matrix, which means that, in the analyzed period, the static and dynamic economic situation of them was neutral, whichever showing a real growth potential. competitiveness; system companies; manufacturing; internal efficiency; external efficiency. 6(559) 2011 XVIII(2011) June Theoretical and Applied Economics 113 128 http://store.ectap.ro/articole/604.pdf application/pdf http://www.ectap.ro/articol.php?id=604&rid=75 text/html Daniela Livia TRAŞCĂ Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:43-622010-03-27RePEc:agr:journl article Fiscal Sustainability and Social Cohesion. Common and Specific in EU Sub-models The European social model is characterized by a high heterogeneity degree, the member countries recording significant differences between the national redistribution systems. According to the existing gaps regarding the decreases of the poverty, the participation to the labour market and the protection against the labour market risks, we can identify five submodels within EU, the Northern one being the best adjusted to the structure of the European social model which has been modernized through the Lisbon strategy. Even though the finality of EU is represented by providing the social cohesion (the decrease of the poverty rate and of the income inequality), the progresses recorded during the period between 2000 and 2008 were quite low due to the evolutions of the Southern, Anglo-Saxon, Baltic and Romanian submodels. Within this study, we have explained why the increase of the state's resources, of the welfare does not constitute a necessary and sufficient condition for the consolidation of the social cohesion within the European Union. On the contrary, the increase of the redistributed financial resources is able to generate sustainability problems in the budget deficit when the economic activity goes through an economic recession period. convergence, integration, european model, fiscal sustainability. 3(544) 2010 3(544) March Theoretical and Applied Economics 43 62 http://store.ectap.ro/articole/450.pdf application/pdf http://www.ectap.ro/articol.php?id=450&rid=59 text/html Cristian SOCOL The Bucharest Academy of Economic Studies Marius MARINAŞ The Bucharest Academy of Economic Studies Aura Gabriela SOCOL The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:25-422010-03-27RePEc:agr:journl article Convergence of Croatian Financial and Budget Regulations to the Framework and Practices of the European Union As of 2004 intensive preparatory activities for the accession of the Republic of Croatia into the European Union have started. Significant changes have been taking place in legislation, institutional and administrative respect. The so called "silent reform" is changing the appearance and the way of work of state administration. Institutions acquire the rules and way of work of the European Union through the usage of pre-accession programmes. General opinion moves in the direction of successfulness, competitiveness, attainment of results and added values. Financial regulations regarding stipulation of budget processes have been changing through the introduction of the following elements: strategic planning, multi-annual budget framework, fiscal discipline, internal audit as well as financial management and control system based on clearly set work processes and procedures. This document provides the description of the most significant changes regarding financial management and budget regulations in the Republic of Croatia which have taken place in the course of adapting (developing) the system to the European practices and rules. reforms; public finance management; European funds; public internal financial control; strategic planning; multi year planning; outcomes; performance. 3(544) 2010 3(544) March Theoretical and Applied Economics 25 42 http://store.ectap.ro/articole/449.pdf application/pdf http://www.ectap.ro/articol.php?id=449&rid=59 text/html Davor VAŠIČEK Economic Faculty, University of Rijeka, Croatia Ivana MALETIĆ State Secretary, Croatian Ministry of Finance oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:1-22010-03-27RePEc:agr:journl article The Equivalence of Ideologies (editorial) 3(544) 2010 3(544) March Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_59_en.pdf application/pdf http://www.ectap.ro/content2.php?id=59&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:93-1002010-03-27RePEc:agr:journl article Public and Private Relations – a New Philosophy of Management Public administration presents a specific and intricate system of components and relations. The recent period of development in our society has been characterised by a lot of transformation processes of Slovakia as well as of other countries. The significant transformation processes brought about reform processes in public administration which have been accomplished in recent years but nevertheless globalisation is the reason for introducing new conditions pointing out many open questions and revealing problems to be solved and many challenges to met as well. In the submitted paper we consider managing selfgovernment in a wider context and the position of public university as a medium of scientific research and development in the economy of state. public administration; public relations; private relations; philosophy of management; international relations. 3(544) 2010 3(544) March Theoretical and Applied Economics 93 100 http://store.ectap.ro/articole/453.pdf application/pdf http://www.ectap.ro/articol.php?id=453&rid=59 text/html Nora ŠTANGOVÁ Pavol Jozef Safarik University, Kosice, Slovakia oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:101-1082010-03-27RePEc:agr:journl article A SWOT Analysis on the Waste Management Problem in Romania in 2010 From human activities are resulting huge amounts of waste, with different types of impact: lands changing, visual discomfort, air pollution, surface water pollution, soil fertility changes etc. Romania, a European Union member state, faces in turn with annual generation of significant quantities of waste, which cause problems of storage, recycling, reappraisal or their destruction. Romania has to involve - without exception - all institutions and each and every citizen in this action and to spend whatever is needed to get a clean and bright face. We present below a SWOT analysis on waste management in our country at the beginning of the year 2010. waste; environment protection; SWOT analysis; sustainable development; strategy. 3(544) 2010 3(544) March Theoretical and Applied Economics 101 108 http://store.ectap.ro/articole/454.pdf application/pdf http://www.ectap.ro/articol.php?id=454&rid=59 text/html Elena ENACHE "Constantin Brâncoveanu" University, Brăila oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:5-242010-03-27RePEc:agr:journl article The Administrative Convergence in the Balkan Area. Empirical Analysis of Social Policy in Romania and Bulgaria In a world of permanent change and movement with interconnected actions that create interdependences, the institutions and administrative systems should be flexible and transparent to adapt theirselves to these changes and to create the necessary framework for developing in good conditions all the aspects of the social life. In this paper, the attention is focused on the administrative convergence, considering that it is impossible to conceive a strong European construction without the existence of an effective public administration at both levels, national and European, and therefore the research tries to emphasize few signs of convergence between Romanian and Bulgarian employment policy. convergence; Europeanization; public policy; employment policy; comparative policy analysis. 3(544) 2010 3(544) March Theoretical and Applied Economics 5 24 http://store.ectap.ro/articole/448.pdf application/pdf http://www.ectap.ro/articol.php?id=448&rid=59 text/html Ani MATEI National School of Political Studies and Public Administration, Bucharest Tatiana-Camelia DOGARU National School of Political Studies and Public Administration, Bucharest oai:RePEc:agr:journl:v:3(544):y:2010:i:3(544):p:109-1202010-03-27RePEc:agr:journl article Premises in Implementing the Common Consolidated Tax Base System The interdependence between countries and the importance of the economic links between them has reached an extend unprecedented in history. In the context of globalization, the mobility of production factors may get pressure on governments to reduce taxes in order to remain attractive. In this way, differences between European Union member states will be intensifying, increasing national suzerainty limit controversies in direct tax domain and, especially, in corporate income taxes domain. It is acute the necessity of the coordination in tax domain in European Union, but it must not be neglected the fact that social preferences of each state imposes on independents in creating of national tax policy. fiscal optimizing strategies; common consolidated tax base; national fiscal policy. 3(544) 2010 3(544) March Theoretical and Applied Economics 109 120 http://store.ectap.ro/articole/455.pdf application/pdf http://www.ectap.ro/articol.php?id=455&rid=59 text/html Gheorghe MATEI University of Craiova Daniela PÎRVU University of Piteşti oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:43-522012-07-25RePEc:agr:journl article A regional analysis of the effects generated by the economic crisis and its impact on the outstanding loan portfolio in Romania Known as the biggest crises since the Great Depression, the actual global crisis has modified the economical structures of many countries and a vicious circle of tightening credit, has reduced demand and rapid job cuts occurred. In Romania, the situation evolved with rapidity based on a series of snow-ball effects and the economy suffered severe damages in terms of intensive growth and sustainability. The lending activity was seriously damaged and many people got in a difficult situation with no jobs and with higher interest rates on loans. For a better understanding of the economic crisis phenomena consequences in Romania, we will try to emphasize the main implications of the influences of unemployment and medium net wages on the banking activity using a regional econometric model for panel data. regional economy; banking sector; unemployment; loans arrears; wages. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 43 52 http://store.ectap.ro/articole/749.pdf application/pdf http://www.ectap.ro/articol.php?id=749&rid=88 text/html Alina BRĂTUCU (LUCA) Bucharest Academy of Economic Studies Ioana BÎLBÎE Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:111-1322012-07-25RePEc:agr:journl article Characteristics and drivers of venture capital investment activity in Romania The present paper aims at characterising the venture capital market and identifying factors affecting the venture capital investments activity in Romania in the period 2000-2010. With a view to assessing the intensity of manifestation of various factors on the supply and demand of venture capital we use an econometric model of macroeconomic variables already tested in the literature. We consider, however, that we bring contributions to the approach, by analysing the features of the venture capital market in Romania and impact factors, our work being, at the same time, support in assessing the types of decisions to be adopted by policymakers to the formation of an authentic market and stimulating innovation. Our results indicate that the total R&D intensity is the main determinant of the venture capitals invested in this period in the two phases (for early stages and expansion). A significant incidence, mainly on the supply side, also shows the annual long term real interest rate, while the market capitalisation, the effective marginal tax rate on corporate income, the annual inflation or unemployment rate do not impact on the venture capital. Our recommendations, in terms of formation and development of the venture capital market, look as a priority, strengthening the demand for resources, respectively encouraging of enterprises to innovate, creating of conditions for the supply to be manifested in the seed and start-up stages and the compatibilization of the need for resources with prudential rules by adapting regulations for institutional investors. venture capital; innovation; enterprise; research and development. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 111 132 http://store.ectap.ro/articole/755.pdf application/pdf http://www.ectap.ro/articol.php?id=755&rid=88 text/html Mihaela DIACONU Academia Română oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:1-22012-07-25RePEc:agr:journl article The economic antinomy (editorial) 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_88_en.pdf application/pdf http://www.ectap.ro/content2.php?id=88&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:97-1102012-07-25RePEc:agr:journl article The role of tender offer in FDI selection. Study case: Romania The present paper creates a tender model specific to FDI. We consider to be necessary to have such a tender since the effects of foreign investments in the national economy are multiple from an economic and social point of view so that it becomes necessary to emphasize a balance of the positive and negative effects. On the other hand, we also suggest two new indicators, the multiplier of foreign direct investments and the accelerator of foreign direct investments that show the way in which this type of investment spreads in the national economy. foreign direct investments (FDI); balance of the effects produced; transnational corporations (TNC); host country; determinants. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 97 110 http://store.ectap.ro/articole/754.pdf application/pdf http://www.ectap.ro/articol.php?id=754&rid=88 text/html Sebastian ENE Universitatea "Constantin Brâncoveanu", Piteşti oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:5-122012-07-25RePEc:agr:journl article Estimating the probability of stock market crashes for Bucharest Stock Exchange using stable distributions In this study we analyse the evolution of BET Bucharest Stock Exchange through an AR-GARCH model and we estimate the likelihood of extreme events using stable distributions. Using the time series of the Bucharest Stock Exchange main index BET we argue that stable distributions can significantly improve the prediction of an extreme event. stable distribution; financial crisis; stock market. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 5 12 http://store.ectap.ro/articole/746.pdf application/pdf http://www.ectap.ro/articol.php?id=746&rid=88 text/html Daniel Traian PELE Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:25-522012-07-25RePEc:agr:journl article Consumer characteristics influencing milk consumption preference. The Turkey case The objective of this study was to investigate packed and unpacked fluid milk consumption and preferences among Turkish households using the data from a consumer survey. Multinomial logit procedure was used to investigate the selected socioeconomic and demographic characteristics of consumers that determine households' fluid milk consumption choices among packed, unpacked and both packed-unpacked milk consumption choices. Based on the results, 30.5% of respondents consumed only unpacked fluid milk, 36.3% consumed only packed fluid milk and 33.1% of respondents consumed both unpacked and packed fluid milk. Empirical results indicate that better educated household heads, higher income and larger households, and households with children under seven years of age consumed more packed milk than others. A similar result was found for unpacked milk consumption, except for a negative effect of education, working wife and income. Milk production and manufacturing firms are increasing in Turkey; results of this study provide some relatively new information about the consumers' fluid milk consumption decision. consumption; consumer preference; household survey data; multinomial logitanalysis; Turkey. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 25 52 http://store.ectap.ro/articole/748.pdf application/pdf http://www.ectap.ro/articol.php?id=748&rid=88 text/html Rüştü YAYAR University of Gaziosmanpaşa, 60240, Tokat, Turkey oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:133-1462012-07-25RePEc:agr:journl article Globalization – tourism – communication, competitiveness triangle on the market affected by the economic crisis Socio-economic developments of recent years has affected the world economy, hence the tourism industry as well, which within interval 2008-2009 experienced the largest drop in tourist flows, and Romania followed the same downward trend. Tourism market, after suffering the shock, is characterized by greater caution, making the efforts of the tourism industry considerably higher for the promotion of tourism products and services. globalization; tourism; communication; model; tourism market. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 133 146 http://store.ectap.ro/articole/756.pdf application/pdf http://www.ectap.ro/articol.php?id=756&rid=88 text/html Ionel Gabriel HOCIUNG Academia de Studii Economice, București Laurenţiu Gabriel FRÂNCU Academia de Studii Economice, București oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:85-962012-07-25RePEc:agr:journl article Entrepreneurial behaviour consequences on small and medium-sized firms' innovation The European framework regarding innovation is dominated by the assumed objectives of the Lisbon Strategy and by its major reviewing demarches. In this perspective, the paper is based on a proposed model for the entrepreneurial process in Romania, depending on the economical development stage and the competitiveness level of the country, according to which there are set, on the one hand, the relationships between the conditions of the entrepreneurial framework and entrepreneurship, and, on the other hand, between entrepreneurship and innovation output in the cases of small and medium-sized enterprises. entrepreneur; entrepreneurship/entrepreneurial behaviour; entrepreneurial process; innovation; economical development stages. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 85 96 http://store.ectap.ro/articole/753.pdf application/pdf http://www.ectap.ro/articol.php?id=753&rid=88 text/html Renata Antonie NIŢU Universitatea de Vest din Timişoara Emőke-Szidónia FEDER Universitatea de Vest din Timişoara oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:13-242012-07-25RePEc:agr:journl article Analysis of the Romanian employment rate. A panel data approach This paper examines the evolution of the employment rate in Romania. I employ a panel data approach, considering the 42 counties, in order to explore the relationship between labour productivity, average earnings, investments and employment. The results reveal a positive impact of the average wage and gross investments and a negative impact of the labour productivity on employment rate. employment; average earnings; labour productivity; panel data; regional analysis. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 13 24 http://store.ectap.ro/articole/747.pdf application/pdf http://www.ectap.ro/articol.php?id=747&rid=88 text/html Larisa APARASCHIVEI Academia de Studii Economice, București oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:147-1602012-07-25RePEc:agr:journl article New approaches to business cycle theory in current economic science In modern economies, current research generally acknowledges that the central issues in macroeconomics are essentially the same as those identified by Keynes in the General Theory of Employment, Interest and Money. One way or the other, economists are trying to address the same macroeconomic issues that they did seven decades ago: How can we account for the different growth rates and various fluctuations observed in national economies? Which are the economic policies most suitable to solve the issues of growth and cyclic behavior? Both the new classicals and the new Keynesians have made considerable progress within their research paradigms: to explain economic fluctuations, the new classicals focus on technological perturbations, the intertemporal substitution of leisure and real business cycles; on the other hand, the new Keynesians speak in terms of monopolistic competition, menu costs or efficiency wages. On the whole, the new classicals believe that the business cycle can best be understood within the market-clearing model, whereas the new keynesians believe that business fluctuations are due to certain market failures of various sorts. The present paper focuses on the main directions of research of the new classical school on the business cycle, given that the theoretical progress in this field has been significant and relevant for economic policy during the past four decades. monetary business cycles; real business cycles; sectoral adjustment theory; monetary neutrality; market-clearing models. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 147 160 http://store.ectap.ro/articole/757.pdf application/pdf http://www.ectap.ro/articol.php?id=757&rid=88 text/html Monica DOBRESCU Bucharest Academy of Economic Studies Claudia Elena PAICU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:65-702012-07-25RePEc:agr:journl article Impact of the economic crisis on human resources development in Greek health system Once with the recession manifesting and the society development slowing, in the European economy has taken place a series of major and irreversible economic and social changes. The influence of these changes has been reflected upon all the activity fields, more or less. Evidently, the major influence was and still is the one of the expenses reduction, expenses that are implying financial, human and material resources necessary for the current activities development. The reduction of the expenses, especially the one with human resources, leads to the future approach from the development perspective of this resource, fact that has to consider the obtaining of the same effects (results) but with more reduced efforts (costs). The main challenge is the one of reducing the efforts specific to the human resources (formation, permanent instruction, motivation and development) in a substantial degree, but to avoid the manifestation of the quality reduction of the human resources and of their labor results. human resources management; health system; health care system in Greece; features of the health system; the economic crisis. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 65 70 http://store.ectap.ro/articole/751.pdf application/pdf http://www.ectap.ro/articol.php?id=751&rid=88 text/html Dimitrios KANELLOPOULOS Academia de Studii Economice, București oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:53-642012-07-25RePEc:agr:journl article The amortization of fixed assets in terms of deferred taxes The effects of amortization on the presentation of the financial statements are quite noticeable when calculating the profit before tax as well as for its recognition in the balance sheet. Accounting amortization changes the value of the fixed assets itemized in the assets column, while the related expense changes the profit and loss account. Tax amortization does not affect the performance of the enterprise, but only the taxable amounts. The differences between accounting amortization and tax amortization generate temporary differences that are either taxable or deductible, and these are matters that will be analysed under circumstances when the deferred tax method is applied. The recognition of the value of the deferred tax in the profit and loss account for each type of temporary difference would be a step towards the separation of financial accounting from taxation. amortization; revaluation; liabilities; assets; fixed assets; deferred tax. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 53 64 http://store.ectap.ro/articole/750.pdf application/pdf http://www.ectap.ro/articol.php?id=750&rid=88 text/html Mihaela TULVINSCHI Universitatea "Ştefan cel Mare", Suceava oai:RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:71-842012-07-25RePEc:agr:journl article Economics and "underground" economy theory Following examination of the theory underlying "underground" economy study I concluded that a good knowledge of the economic thought history is a must for any paper of economic analysis. Subject is sufficiently dramatic by its nature; so I consider it is necessary to bring the scientific perspective. In addition, "underground" economy is an unavoidable ingredient of any economy, the most profitable component of the economy being the "underground" one. Lack of consideration for this component can lead to severe shortfalls of economic analysis leading to the adoption of unrealistic strategies. I support since the beginning of this paper that not the quantitative side will be essentially concerned but epistemic logic. In this paper I propose to elaborate a theory that will mark the right of "underground" economy to exist as a sub-branch of economics. The main argument supporting the need for such an analysis consists of time evidence that shows that "underground" economy is a source of development, subsistence and even escape from the periphery zone for some underdeveloped economies. "underground" economy; economics; economic development; globalization. 7(572) 2012 XVIII(2012) July Theoretical and Applied Economics 71 84 http://store.ectap.ro/articole/752.pdf application/pdf http://www.ectap.ro/articol.php?id=752&rid=88 text/html Cristina VOICU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(517)(supplement):y:2008:i:12(517)(supplement):p:117-1262009-12-15RePEc:agr:journl article TESTING THE SEMI-STRONG FORM OF THE EFFICIENT MARKET HYPOTHESIS ON PUBLIC OFFERS FOR ACQUISITION/TAKEOVER IN THE PHARMACEUTICAL AND THE ALUMINIUM SECTORS OF THE ROMANIAN CAPITAL MARKET The efficiency of the capital market is one of the most studied hypotheses, having an important impact, both in financial modelling and real economy. The research paper is focused on the announcements for acquisitions and takeover public offers for companies acting in the pharmaceutical and the aluminium sectors listed on the Romanian capital market. After testing the semi-strong form of the efficient market hypothesis in Romania, using the event studies technique for these announcements, the result was that the capital market in Romania is inefficient. efficiency; event studies; announcement; capital market; public offer. 12(517)(supplement) 2008 12(517)(supplement) December Theoretical and Applied Economics 117 126 http://www.ectap.ro/documente/suplimente/Finante_nov_2008_en.pdf application/pdf Dragos Ioan Minjina Academy of Economic Studies, Bucharest Oana Resceanu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:12(517)(supplement):y:2008:i:12(517)(supplement):p:109-1162009-12-15RePEc:agr:journl article PECULARITIES OF CEE COUNTRIES EXCHANGE RATE VOLATILITY. EMPIRICAL EVIDENCE UNDER THE INTERFERENCE BETWEEN TRANSITORY AND PERMANENT DIMENSIONS This paper focuses on CEE countries volatility captured by exchange rate dynamic. The spillover phenomenon is analyzed from the perspective of the actual financial crisis where cross-border capital flows strenghthened the premises of the financial contagion. Volatility will be approached bi-dimensionally, from the perspective of the permanent and transitory dimensions. We conclude that volatility is long-term nature at the level of CEE countries, with a certain degree of pecularity in terms of shock reaction. The key result of the research consists of a deep correlation at the level of the exchange rate volatility between CEE countries and EURO zone, implying the necessity to develop strong financial management strategies at the macroeconomic level, capable of annihilating the transmision belt crisis mechanisms. volatility; component; transitory; permanent; spillover. 12(517)(supplement) 2008 12(517)(supplement) December Theoretical and Applied Economics 109 116 http://www.ectap.ro/documente/suplimente/Finante_nov_2008_en.pdf application/pdf Cristina Maria Triandafil Doctoral Finance School Petre Brezeanu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:5-162012-05-02RePEc:agr:journl article Study Regarding Fiscal Policy – Corporative Social Responsibility Correlation In the context of globalization, the lack of stability of the production factors raises a public issue regarding the corporation's implications in social responsibility actions. Thus, the fiscal policy promoted by corporations can and will influence corporate social responsibility actions and the fiscal aggression can be considered socially irresponsible, through costs associated to fiscal obligations nonpayments. Starting from different controversies about the correlation fiscal policy-corporative social responsibility, regarded both from the corporation or state point of view, the authors are trying to formulate their own opinion about this correlation upon a Romanian sample. fiscal policy; corporate social responsibility; fiscal aggressiveness; corporation. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 5 16 http://store.ectap.ro/articole/705.pdf application/pdf http://www.ectap.ro/articol.php?id=705&rid=85 text/html Georgeta VINTILĂ Bucharest Academy of Economic Studies Ștefan Daniel ARMEANU Bucharest Academy of Economic Studies Maria-Oana FILIPESCU Bucharest Academy of Economic Studies Maricica MOSCALU Bucharest Academy of Economic Studies Paula LAZĂR Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:105-1142012-05-02RePEc:agr:journl article The Swedish Model in Employment. Post-Crisis Solutions The Swedish model in the field of employment is part of the Nordic countries model focused on labour market flexibility in terms of a generous welfare system. This paper presents the characteristics of this model and its application effects in Sweden before and after the current crisis. According to specialized studies and registered indicators, Sweden has very good results in terms of general well-being, quality of life, employment of labour resources, being among the top countries. Thus, since the experience of the developed countries should be a benchmark for the developing countries, the purpose of the paper is to identify some measures that can be applied in Romania to improve employment, economic and social policies. employment; occupational model of the Nordic countries; Sweden's labour market; economic crisis. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 105 114 http://store.ectap.ro/articole/712.pdf application/pdf http://www.ectap.ro/articol.php?id=712&rid=85 text/html Mirela Ionela ACELEANU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:167-1762012-05-02RePEc:agr:journl article Challenges of the Economic Science During the Crisis Turmoil that affected the financial markets and the global economy since 2008 have generated a series of debates in terms of the economic theory's ability to find answers to the new problems. Among others, the crisis has triggered, at the ideological level, a lively debate about the markets` self regulating ability postulated by economic theory and state interventionism opportunity, and even put into question the soundness of the capitalist system. This paper examines some of the challenges that the economic science has experienced during the global crisis. financial and economic crisis; economics; paradigm; market fundamentalism; interventionism. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 167 176 http://store.ectap.ro/articole/716.pdf application/pdf http://www.ectap.ro/articol.php?id=716&rid=85 text/html Ioana MOLDOVAN Bucharest Academy of Economic Studies Raluca Andreea POPA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:1-22012-05-02RePEc:agr:journl article Mystical Economics (editorial) 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_85_en.pdf application/pdf http://www.ectap.ro/content2.php?id=85&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:79-922012-05-02RePEc:agr:journl article The Economic Crisis and Working Capital Management of Companies This article aims to highlight the impact of the economic crisis in the economy at the microeconomic level. The crisis that began in 2007 as a financial crisis, naturally grown into an economic one. Reduced availability of capital has reduced demand from vendors. It also worsened the possibility of rational adaptation, because the company had to deal with only short-term problems and there was not the opportunity and time for strategic management. The biggest problems hit the long inefficient firms(that survived only thanks to temporary excess demand) and growth-oriented businesses, which focused only on short-term time horizon. Paradoxically, firms that have had long-term ineffective conservative financing coped relatively well with the crisis by releasing detainee excessive working capital. At present there is uncertainty and companies are afraid of further development, which, as shown in the article, leads to further problems with working capital. The article is elaborated as one of outputs of researching project New theory of economy and organizations´ management and their adaptation processes registrated at MŠMT of the Czech republic under registration number MSM 6138439905. crisis; corporate finance; working capital; strategic management; operating management. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 79 92 http://store.ectap.ro/articole/710.pdf application/pdf http://www.ectap.ro/articol.php?id=710&rid=85 text/html Hana SCHOLLEOVA University of Economics in Prague, Czech Republic oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:93-1042012-05-02RePEc:agr:journl article Contributions to the Substantiation of the National, Original and Coherent Strategy of Interruption of the Involution of Romania's Agriculture In the conception and realization of this study we started from the global agri-food crisis with its main features (demographic explosion, hunger and loss of important areas of agricultural lands). By comparing the current agri-food condition of Romania, I have come to the conclusion that the involution of the agriculture of our country has specific characteristics (decrease in the number of Romanian population, inexistence of the national scourge of hunger, leaving areas of agricultural land out of the economic circuit, the net import of agrifood products from the member states of European Union). The natural conclusion which imposed on the basis of the comparison shown was the need for a national, coherent and urgent strategy of interruption of the involution of Romania's agriculture. In the final part I limited myself to the analysis of two elements of this strategy: the changing of the state of mind of Romanian peasantry, a positive attitude to work and the repair of the rupture between the attribute of the right of disposal of lands and the attribute of the right of use of the lands with economic, social and ecologic efficiency. demographic explosion/implosion; fatalistic preeminence (state of mind); agri-food crisis; agricultural economy/ rural economy; economic decentralization/ decision-making subsidiarity. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 93 104 http://store.ectap.ro/articole/711.pdf application/pdf http://www.ectap.ro/articol.php?id=711&rid=85 text/html Gabriela MOLĂNESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:59-782012-05-02RePEc:agr:journl article Non Security – Premise of Cybercrime It is presented the concept of cyber crime. There are detailed the vulnerabilities of IT applications. There are listed the types of Internet fraud. There are analyzed the predisposing factors of cyber crime. There are identified the deficiencies of the security systems. It is build a model for information security management. cyber crime; applications; vulnerabilities; skimming; phishing. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 59 78 http://store.ectap.ro/articole/709.pdf application/pdf http://www.ectap.ro/articol.php?id=709&rid=85 text/html Ion IVAN Bucharest Academy of Economic Studies Daniel MILODIN Bucharest Academy of Economic Studies Cătălin SBORA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:115-1262012-05-02RePEc:agr:journl article Optimizing Human Resource Management within Companies Experiencing Accelerated Growth, in an Unstable Economy Nowadays the economy finds itself in a flurry of visions and of evolving conceptual instability. This framework carries exogenous pressures over companies and, mostly, over the individuals who form the working engine of the enterprise. If these pressures are not eased by the internal decision-making factors (the company's top management, mainly), they will escalate and if the top management doesn't find itself in accordance with the company's vision, its mission and the economic forecast then external pressures may become exponential internal pressures which lead to the destruction of the company which finds itself at the cross-point of the pressures. This paper presents a 360 degrees type of vision over all the factors making up the working and productivity ecosystem of a company and over the interactions between the human resource and technological evolution, the working perspective of the irrational and the bidirectional hierarchical relationships. We also try to define some of the possible standard traps which may influence short-term productivity and the company's medium and long term existence. human resource management, irrational perspective, technological perspective, productivity, feedback. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 115 126 http://store.ectap.ro/articole/713.pdf application/pdf http://www.ectap.ro/articol.php?id=713&rid=85 text/html Mircea Alexandru DINU Bucharest Academy of Economic Studies Dumitru-Alexandru BODISLAV Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:49-582012-05-02RePEc:agr:journl article Effects of the Trilemma Policies on Inflation, Growth and Volatility in Bulgaria This paper finds evidence of the trilemma for Bulgaria, suggesting that exchange rate stability, monetary independence and free capital mobility are binding and constrained. The policy combination of exchange rate stability and monetary independence has been prevalent. More exchange rate stability increases the growth rate of real GDP whereas more monetary independence or free capital mobility reduces the growth rate. The inflation rate, inflation volatility and output volatility are not affected by either one of the three trilemma policies. impossible trinity; three trilemma policies; inflation; economic growth; volatility. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 49 58 http://store.ectap.ro/articole/708.pdf application/pdf http://www.ectap.ro/articol.php?id=708&rid=85 text/html Yu HSING Southeastern Louisiana University, USA oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:127-1442012-05-02RePEc:agr:journl article Modern Gravity Models of Internal Migration. The Case of Romania Internal migration, although less investigated than international migration, is a key mechanism for adjustment to regional economic shocks, especially when other tools prove useless. But this process has very complex factors of determination which can be economic, social, demographic, environmental, etc. Based on previous international studies, in the case of Romania the robust variables proved to be the population size, the per capita gross domestic product, the road density, an amenity index and the crime rate from a static perspective, and the previous migration, the population size and the amenity index from a dynamic perspective. The techniques I have employed in making this study are the Least Square Dummy Variables (LSDV, or the fixed effects method) and the Generalized Method of Moments (GMM, or the dynamic method) both applied to panel data. internal migration; gravity model; panel data; fixed effects method; dynamic method. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 127 144 http://store.ectap.ro/articole/714.pdf application/pdf http://www.ectap.ro/articol.php?id=714&rid=85 text/html Daniela BUNEA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:17-302012-05-02RePEc:agr:journl article Investment Activities of Businesses and the Use of European Financial Support in the Czech Republic at the Time of Crisis This article is focused on investment activity during crisis period. It is obvious that investment decreased in time of depression because businesses postponed or reduced their investment. Business units looked for steps which they should have implemented. The most common step was reducing investment. On the other hand they mobilized their internal sources which could be supported by additional money sources such as financial support programmes because crisis period is characteristic of low availability of sources such as bank loans etc. The fifth enlargement of the European Union brought need of new Cohesion Policy which was implemented in the Czech Republic into operational programs which are introduced. The Operational Program Enterprise and Innovation is used for testing a hypothesis if we can trace the impact on applications of financial support according to external change of economic conditions. investment activity; recession period; cohesion policy; operational programs; Czech Republic. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 17 30 http://store.ectap.ro/articole/706.pdf application/pdf http://www.ectap.ro/articol.php?id=706&rid=85 text/html Dagmar ČÁMSKÁ University of Economics, Prague, Czech Republic Jiří KLEČKA University of Economics, Prague, Czech Republic oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:31-482012-05-02RePEc:agr:journl article Organisational Behaviour Influence Elements in the New Economic Paradigm The premise on which this paper is based is determined by the damaged reputation capital of most Romanian companies. The causes which generate poor organisational behaviours are identified and analysed. The media coverage of the Romanian organisations' behaviour is also highlighted. The methodology used for developing the research was based on interdisciplinary triangulation, respectively approaches from the perspective of behavioural economics, of managementmarketing and of organisational sociology. The research techniques used are trend analysis and secondary data investigation materialised in studies and reports of international bodies. organisational behaviour; behavioural economics; new economics; advertising; media coverage of the Romanian organisations' behaviour. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 31 48 http://store.ectap.ro/articole/707.pdf application/pdf http://www.ectap.ro/articol.php?id=707&rid=85 text/html Laura-Maria DINDIRE "Constantin Brâncoveanu" University, Piteşti oai:RePEc:agr:journl:v:4(569):y:2012:i:4(569):p:145-1562012-05-02RePEc:agr:journl article The Financial Contribution of International Footballer Trading to the Romanian Football League and to the National Economy The purpose of the paper is to find out and to show how much money Romanian football has attracted from overseas (especially from Europe, the main sales market), as a result of footballer exports during 2006 and 2011. The data analysis wants to show if Romanian football makes more losses or profits as a result of footballer trading with foreign countries. The answer is given by some economic performance indicators, whose method of calculation is widely described in the methodology section, which indicates also the source of the primary data. The research reaches to the conclusion that footballer exports from Romania are insufficient (both qualitative and quantitative) in order to ensure the competitivity of Romanian clubs in comparison to their Western-European counterparts. Another finding is that the average income from footballer exports is not even enough to cover the wages of some players. Thus, the research suggests that, next to the continuation of footballer trading, clubs should also seek to diversify their revenue sources. Next to the conclusions, the paper ends with a presentation of the research limitations and with suggestions for further research. footballer trading; footballer exports; transfers. 4(569) 2012 XVIII(2012) April Theoretical and Applied Economics 145 156 http://store.ectap.ro/articole/715.pdf application/pdf http://www.ectap.ro/articol.php?id=715&rid=85 text/html Vlad ROŞCA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:63-762009-11-27RePEc:agr:journl article Increasing Responsibility towards Environment In the international climate of the early millennium, the need for reconciliation between economic and social development, on one hand, and the environment, on the other hand, is essential. Therefore, sustainable development must be promoted, because it integrates economic growth, improved quality of life, health, education, social development and environmental protection.<br> Environmental issues are particularly complex as their causes are interdependent. This requires actions at all levels: local, national, regional as well as at the European Union level, each with its own role in increasing responsibility for the environmental protection.<br> It is widely recognized that to obtain successful results an integrated approach has to be used to manage the environment, by adopting long-term strategies and action plans. It requires a detailed analysis of the links between different policies and responsibilities, including the links between different administrative levels. environment; responsible involvement; sustainable development; integrated approach. 11(540) 2009 11(540) November Theoretical and Applied Economics 63 76 http://store.ectap.ro/articole/426.pdf application/pdf http://www.ectap.ro/articol.php?id=426&rid=55 text/html Mihaela Comanescu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:41-502009-11-27RePEc:agr:journl article An Empirical Analysis of Romania's Comovement with the Euro Zone In light of adopting the euro in the near future, it is important to asses to which extent the Romanian business cycle evolves in a similar fashion with that of the euro zone. The present study is an empirical investigation of the degree of business cycle synchronization between Romania and the euro area, based on macroeconomic series that capture the cyclical features of the two economies. The results indicate that the most recent period, characterized by major economic and financial turmoil, has lead to an increase of the degree of comovement between of the Romanian economy with that of the euro area. co-movement; optimum currency area; European integration; cohesion; dynamic correlation. 11(540) 2009 11(540) November Theoretical and Applied Economics 41 50 http://store.ectap.ro/articole/423.pdf application/pdf http://www.ectap.ro/articol.php?id=423&rid=55 text/html Nicolae Dardac The Bucharest Academy of Economic Studies Elena Bojesteanu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:15-262009-11-27RePEc:agr:journl article Coping with Robust Development. Contribution to Lengthen Life & Pleasure THuman beings' work and life are similar to flowers that last longer depending on the conditions quality they endure. Deeper awareness and calculated responsibility generate better understanding of what being selfmotivated is. It also shows another way of appreciating and enjoying Life and Work by treating Environment and Society properly. We combat here the myth of no choices in choosing policies that affect our lives. By exploring new approaches of economy and society, by taking the commercial company as example, we enlarge the results to the societal level. The paper demonstrates the need to use complex systems and apply them to both economic and social levels to turning the trends into societal advantages as a handy alternative to believe in. complexity; soundness; added value; environment; change management. 11(540) 2009 11(540) November Theoretical and Applied Economics 15 26 http://store.ectap.ro/articole/420.pdf application/pdf http://www.ectap.ro/articol.php?id=420&rid=55 text/html Carmen Costea The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:51-562009-11-27RePEc:agr:journl article The Operational Risk – Comparative Analysis In many cases operational risks tend to be underestimated, considering that the losses they cause are generally minor can't threatening the survival of a bank. Losses resulting from these events come from a complex interaction between organizational factors, personal and market that do not fit into a simple classification scheme. Observing what happened in the past we can say that operational risk is an important question of the financial losses in the banking sector. operational risk; BIA; SA; AMA; LDA; IMA. 11(540) 2009 11(540) November Theoretical and Applied Economics 51 56 http://store.ectap.ro/articole/424.pdf application/pdf http://www.ectap.ro/articol.php?id=424&rid=55 text/html Gabriela Victoria Anghelache The Bucharest Academy of Economic Studies Ana Cornelia Olteanu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:57-622009-11-27RePEc:agr:journl article The End of Certainty in the Complexity of New Economy In their transition through life, the generations of the common living whole inevitably coexist and succeed one another. On the way of sense evolution, we find ourselves between the usual certainties, that we wish for or not, such as changes, belief in hope, death, and the uncertainties that offer motivation for knowledge and its transformations in wisdom, from the perspective of the common living whole. The end of certainty without excluding change, hope and death, as expressions of the intelligence of the common living whole, brings to the plan of coexistence and succession of generations the uncertainties of sense evolution, as defining elements of a complexity that opens itself constantly, to increasing interdependences of the type "entire integrated", of a spirituality that confers the awareness of harmony. In the world of uncertainties of sense, the responsibility of assuming the freedom of being an organic part of an "integrated system" becomes the fundamental value on which we build the harmony between science and faith – as organic sides, yet interdependent of the spirit that defines the energy to walk the road. open complexity; sense uncertainty; the common living whole; spiritual responsibility. 11(540) 2009 11(540) November Theoretical and Applied Economics 57 62 http://store.ectap.ro/articole/425.pdf application/pdf http://www.ectap.ro/articol.php?id=425&rid=55 text/html Constantin Popescu The Bucharest Academy of Economic Studies Cristina Burghelea Hyperion University, Bucharest Cosmin Armas The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:33-402009-11-27RePEc:agr:journl article Theoretical and Practical Aspects Regarding the Nulity of Commercial Companies The absence of a Romanian legal definition of the concept of nullity of commercial companies arouses a lot of questions. The delimitation of this concept is very important for a correct establishment of its field of application. In other words, are the cases of nullity of commercial companies regulated only by Law no. 31/1990 or by the provisions of common law as well?<br> Started from the fact that the nullity is not considered by the legislator a simple sanction applicable to the juridical acts but it affects directly the existence of the company and becomes a means to sanction the creation of a legal person by disregarding the imperative legal provisions, we analyzed firstly the Romanian (II) and the EU legal provisions regarding the nullity of commercial companies. The elements of this analyze helped us to qualify the nullity of commercial companies and its effect (III). Finally, through the conclusion formulated we hope to call the attention on the fact that a company, even created through the non-observance of the legal rules, can be viable from economic point of view and it is senseless to make it disappearance. nullity of commercial companies; nullity of juridical acts; absolute nullity; relative nullity; declaration of the commercial company's nullity. 11(540) 2009 11(540) November Theoretical and Applied Economics 33 40 http://store.ectap.ro/articole/422.pdf application/pdf http://www.ectap.ro/articol.php?id=422&rid=55 text/html Cornelia Lefter The Bucharest Academy of Economic Studies Ovidiu Ioan Dumitru The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:3-142009-11-27RePEc:agr:journl article Deficiencies of the Public Pension System in Romania. Some Reform Measures Derived from the EU Experience The European Union is currently confronted with major economic and demographic changes that are challenging its ability to maintain strong social cohesion. Some possible solutions can be considered, such as increasing the employment for older workers and for women. In a comparative analysis for ten European countries, Romania has the lowest life expectancy, of 72.2 years, and the largest difference between life expectancy and standard retirement age, of 9.7 years. The private administrated pension funds can be a solution for labour market crisis from Romania; so recently there were adopted and implemented the regulations for this field. public pension; demographic changes; old dependency ratio; multipillar pension system; European Union. 11(540) 2009 11(540) November Theoretical and Applied Economics 3 14 http://store.ectap.ro/articole/419.pdf application/pdf http://www.ectap.ro/articol.php?id=419&rid=55 text/html Mihaela Dragota The Bucharest Academy of Economic Studies Emilian Miricescu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:12009-11-27RePEc:agr:journl article The Scarcity of Explicative Models (editorial) 11(540) 2009 11(540) November Theoretical and Applied Economics 1 1 http://store.ectap.ro/editoriale/editorial_55_en.pdf application/pdf http://www.ectap.ro/content2.php?id=55&lang=en text/html Marin Dinu Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:27-322009-11-27RePEc:agr:journl article Banking Restructuring Techniques in the Economical Crisis Context Banking restructuring regained leading place in commercial banking activities following ongoing crisis. Many debtors are facing serious trouble in normal debt repayment due to increasing number and volume of non performing loans in banks' portfolios. In order to deal with these issues and to secure existing exposures banks use restructuring techniques like payment rescheduling, debt-equity swap and write-offs to ease debtors debts and to help viable businesses to successfully survive recession. restructuring; crisis; non performing loans; debt; restructuring principles; early distress indicators. 11(540) 2009 11(540) November Theoretical and Applied Economics 27 32 http://store.ectap.ro/articole/421.pdf application/pdf http://www.ectap.ro/articol.php?id=421&rid=55 text/html Vasile Dedu The Bucharest Academy of Economic Studies Sorin Adrian Lazarescu The Bucharest Academy of Economic Studies Dan Costin Nitescu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:31-422011-07-30RePEc:agr:journl article The Meanings of "Made in Romania" among the Romanian Consumers In this paper I studied the meanings of made in Romania concept among the Romanian consumers. The methodology required that respondents were interviewed about their attitudes. The results show that made in Romania has a negative connotation, and that made in Germany and made in USA are better appreciated. Still, made in Romania has obtained a better score than made in China. There are perspectives for the improvement of the meanings of made in Romania, the intentions of respondents being a guarantee. The people working in Romania obtained a better score than the results of their work, a warranty for future improvements of made in Romania appreciation. made in Romania; country of origin effect; consumer behavior. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 31 42 http://store.ectap.ro/articole/610.pdf application/pdf http://www.ectap.ro/articol.php?id=610&rid=76 text/html Cătălin Mihail BARBU University of Craiova oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:101-1102011-07-30RePEc:agr:journl article Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment. market capitalization; portfolio structure; balanced funds; loss aversion. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 101 110 http://store.ectap.ro/articole/616.pdf application/pdf http://www.ectap.ro/articol.php?id=616&rid=76 text/html Antoniade-Ciprian ALEXANDRU Ecological University of Bucharest Nicoleta CARAGEA Ecological University of Bucharest oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:85-1002011-07-30RePEc:agr:journl article Towards to the Respiritualization of the Economics To reflect the economical life is a dynamic and complex process, and that means to adapt the economics to the problems generated by the evolution.<br> The authors stand for the idea that in the present we are the witness of growth the complexity of problems, the emphasis of the interferences and their opening towards time and space of a living conscience belonging to the kind of the "whole integrated".<br> In accordance with the new trends that shaped the science, the view of the economic life should be realized from the perspective of the "whole living common". This means to understand economics as an organic part of the natural environment and of the environment created by man, where its functional sense is brought into the harmony by the principles of rationality and hope, by the statement of the "win-win" rules for the whole participants of the living common's life.<br> The new culture of the economical and social life is founded on the values of freedom and responsibilities, social community and human solidarity, as values integrated under the exigencies of the "assumed freedom".<br> The value-added in economy, as a new created value is the source to understand the "win-win" principle for the enterprises, people, communities, families, and institutions, including here the keeping of the ecological equilibrium. the whole living; healthy economy; holistically view; re-spiritualization; ecolonomics. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 85 100 http://store.ectap.ro/articole/615.pdf application/pdf http://www.ectap.ro/articol.php?id=615&rid=76 text/html Constantin POPESCU Bucharest Academy of Economic Studies Mihaela COMĂNESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:1-22011-07-30RePEc:agr:journl article The Decline of Modernity (editorial) 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_76_en.pdf application/pdf http://www.ectap.ro/content2.php?id=76&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:133-1422011-07-30RePEc:agr:journl article Dobrogea as Romanian Tourism Micro-destination Dobrogea, known since antiquity as Dacia Pontica, after the name of the sea that was bordering it – Pontus Euxinus, is a region situated in Southeastern Romania and covers four counties of which two – Constanţa and Tulcea – belong to the Romanian territory. The celebrity of Dobrogea consists in its openness to the Black Sea, in Danube Delta (reservation of the biosphere that belongs to the UNESCO heritage since 1991) and in its archaeological traces that prove the existence and the continuity of the Romanian population next to "Turks, Tatars, Circassians, Macedo-Romanians and Greeks, Italian and Ukrainian, Catholic and Protestant Germans, Bulgarians and Russians, even Egyptians and Gipsy Muslims – a true ethnic mosaic" (Popoiu, 2010, p. 15). The conducted research refers just to the two Romanian counties and aims to highlight the role of the image of the historical region of Dobrogea in building its own brand and to identify its main tourist attractions and forms of tourism. tourism destination; tourism micro-destination; destination image; regional tourism brand; forms of tourism; destination marketing. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 133 142 http://store.ectap.ro/articole/618.pdf application/pdf http://www.ectap.ro/articol.php?id=618&rid=76 text/html Aurelia-Felicia STĂNCIOIU Bucharest Academy of Economic Studies Nicolae TEODORESCU Bucharest Academy of Economic Studies Anca-Daniela VLĂDOI Bucharest Academy of Economic Studies Ion PÂRGARU Polytechnic University of Bucharest Daniel MOISE Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:5-182011-07-30RePEc:agr:journl article Characteristics of Criteria for Selecting Investment Projects under Uncertainty Within financial theory and practice, there are used five main criteria for selecting investment projects: the net present value (NPV) criterion, the internal rate of return (IRR) criterion, the return term (RT) criterion, the profitability ratio (PR) criterion and the supplementary return (SR) criterion. The assay will emphasize several new properties of said indexes for investment assessment, having as starting point the hypotheses of (approximately) normal repartition of cash-flows generated by an investment project. The obtained results point to the fact that the NPV indexes (the analysis of this criterion was carried out in the article "The NPV Criterion for Valuing Investments under Uncertainty", Daniel Armeanu, Leonard Lache, Economic Computation and Economic Cybernetics Studies and Research no. 4/2009, pp. 133-143), IRR, PR, RT and SR register normal repartitions, therefore simplifying the investment analysis under economic uncertainty, by the capacity of building confidence intervals and assessing probabilities for the inferior limits of said investment assessment indexes. internal rate of return; cash flow; topical rate; uncertainty; normal repartition; confidence interval; mathematical expectation; square mean deviation of the net present value. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 5 18 http://store.ectap.ro/articole/608.pdf application/pdf http://www.ectap.ro/articol.php?id=608&rid=76 text/html Dan ARMEANU Bucharest Academy of Economic Studies Adrian ENCIU Bucharest Academy of Economic Studies Dorina POANTA Romania Banking Institute oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:143-1542011-07-30RePEc:agr:journl article The Rethinking of the Economic Activity Based on Principles of Eco-Efficiency Drought, floods, damaging storms, heat waves, acid rain, climate changes are but a few of the consequences of human action upon the environment. Can we possibly live against the environment? The answer is NO, and as such we must run an economy which respects the principles of eco-efficiency because only so can economic progress go on. Green economy is a great opportunity for all of the world's countries, and is a real economy which keeps the resource-needs and environment relation in balance, aims towards quality and not quantity, lays emphasis on regeneration, recycling, reuse and creativity. Eco-efficiency implies both innovation towards a high degree of product dematerialization, services and systems, alongside with greatly changing current production and consumption practices. If we produce based on the principle of eco-efficiency we can reduce the effects of the profound economic, ecological, socio-political and cultural-spiritual crisis which marks our planet and countries. eco-efficiency; green economy; innovation; competetiveness; sustainable development; sustainable economic growth. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 143 154 http://store.ectap.ro/articole/619.pdf application/pdf http://www.ectap.ro/articol.php?id=619&rid=76 text/html Daniela VÎRJAN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:111-1322011-07-30RePEc:agr:journl article The Contribution of the Neo-Schumpeterian Approach to the Development of the Economic Theory: Emphasis on the Meso-Economic Level This article tries to show that there are alternative approaches to the economic theory, besides the well-known economic schools, Classicism, Neoclassicism and Keynesianism. The neoclassical principles allow a formalization – widely accepted by experts – that provide effective tools for measuring the effects of the economic activity. The economic science pays a special attention to the study of the economic agents' behaviors, and to the economic results obtained by them through economic activity. Any human science uses principles and works with assumptions, and the neoclassical assumptions have generated efficient tools for quantifying the economic outcomes, and for accounting the economic growth. But these hypothesis, such as the assumption of economic agents' rationality, allow a very limited understanding of the behaviors of economic agents within the markets. The recent invention of the Nuclear Magnetic Resonance device, allowed the emrgence of a new scientific paradigm, the development of neurosciences. Researchers can observe at a high level of graphic detail various types of activities that occur in the human brain, and some economists have introduced in the study of the economic theory, for example, the assumption that the consumer is driven by emotions when purchasing quantities of goods and services. So, economists may look for additional theories to explain the behavior of the economic agents. An increasingly importance is given to the theoretical contributions built on the work of the economist Joseph Alois Schumpeter, who has an original economic approach based on his own principles. It is proposed to focus the attention on a mesoeconomic vision about the industry, to understand how resources are being allocated and reallocated between companies, and to study the economic processes of evolution, which are influenced by the emergence and dissemination of the innovations. It is supposed that the price is allocating the resources in the economy, but the companies' behavior is generated by a competition and cooperation for innovation. evolutionary economics; mesoeconomics; economic growth; neoclassical hypothesis. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 111 132 http://store.ectap.ro/articole/617.pdf application/pdf http://www.ectap.ro/articol.php?id=617&rid=76 text/html Radu HERMAN Bucharest Academy of Economic Studies Remus AVRAM Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:155-1642011-07-30RePEc:agr:journl article The Correlation between the Conceptual System of the Political Economy and that of the Accountancy – a Solution for Reducing the Risks Connected to the Administration Activities in any Stage of the Economic Some mistakes of big financial institutions caused the crise from 2008: the correlation for a long term balance in accordance with economical theory and accounting practice were not applied, not enough controll of financial flows, wrong management of very important companies, unuse of actuarial tools. Provisions for many kind of clients and the amount of assets were not bookkeept in acordance with IAS-IFRS system. It is a international collective interst about accounting of big financial institutions that manage an important part of many from international market. The analysis of the profitability-cost correlation in the development strategy of the company as part of a good management was not applied in accordance with economical theory. The fraud, including accounting fraud, was present in big institutions. accounting; political economy; crise; fraud; financial institution. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 155 164 http://store.ectap.ro/articole/620.pdf application/pdf http://www.ectap.ro/articol.php?id=620&rid=76 text/html Aurelian Virgil BĂLUŢĂ "Spiru Haret" University, Bucharest oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:73-842011-07-30RePEc:agr:journl article An Optimization of the Risk Management using Derivatives This article aims to provide a process that can be used in financial risk management by resolving problems of minimizing the risk measure (VaR) using derivatives products, bonds and options. This optimization problem was formulated in the hedging situation of a portfolio formed by an active and a put option on this active, respectively a bond and an option on this bond. In the first optimization problem we will obtain the coverage ratio of the optimal price for the excertion of the option which is in fact the relative cost of the option's value. In the second optimization problem we obtained optimal exercise price for a put option which is to support a bond. option; bond; risk management. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 73 84 http://store.ectap.ro/articole/614.pdf application/pdf http://www.ectap.ro/articol.php?id=614&rid=76 text/html Ovidiu ŞONTEA Bucharest Academy of Economic Studies Ion STANCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:65-722011-07-30RePEc:agr:journl article The European Recovery Economic Plan and Quality of Public Finances – Instruments for Monitoring and Improving Fiscal and Economic Systems "To promote a growth and employment orientated and efficient allocation of resources, Member States should re-direct the composition of public expenditure towards growth-enhancing categories in line with the Lisbon strategy, adapt tax structures to strengthen growth potential, ensure that mechanisms are in place to assess the relationship between public spending and the achievement of policy objectives, and ensure the overall coherence of reform packages". [The Lisbon Strategy, integrated guideline no 3]. growth potential synergies; corrective component; preventive component; the excessive deficit; budget stimulus; sustainability of public finances; structural reforms. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 65 72 http://store.ectap.ro/articole/613.pdf application/pdf http://www.ectap.ro/articol.php?id=613&rid=76 text/html Mircea SOROCEANU "Petre Andrei" University, Iaşi Carolina Daniela LUPAŞCU "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:19-302011-07-30RePEc:agr:journl article Online Services Management Support for an Intelligent Locality As the number of habitants of large cities is expanding, put greater pressure on city infrastructure delivering vital services, such as health, education, public safety and transport. These efforts are added to changing public demands for better information, better education, environmental programs, a more open government, lower maintenance costs and other housing options for older people. Therefore, to achieve these goals, it must take into account the quality of all services, but especially the quality of online services based on the use of modern information and communication technologies.<br> The management of service quality on-line offers a performance evaluation and comparative analysis of indicators. He also works as a decision support to improve the quality of online services and increasing customer satisfaction, essential elements in an intelligent city. intelligent locality; online services; Internet; virtual networks; quality management. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 19 30 http://store.ectap.ro/articole/609.pdf application/pdf http://www.ectap.ro/articol.php?id=609&rid=76 text/html Lorena BĂTĂGAN Bucharest Academy of Economic Studies Adrian POCOVNICU ISA Consulting, USA oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:54-642011-07-30RePEc:agr:journl article Effects of Macroeconomic Variables on the Stock Market: The Case of the Czech Republic Applying the GARCH model, this paper finds that the Czech stock market index is positively associated with real GDP and the German and US stock market indexes, is negatively influenced by the ratio of government borrowing to GDP, the domestic real interest rate, the CZK/USD exchange rate, the expected inflation rate and the euro area government bond yield, and exhibits a quadratic relationship with the ratio of M2 to GDP. It suggests that the Czech stock market index and the M2/GDP ratio have a positive (negative) relationship if the M2/GDP ratio is less (greater) than the critical value of 60.0%. Hence, to promote a robust stock market, the authorities are expected to pursue or maintain economic growth, fiscal discipline, currency appreciation, a relatively low interest rate and expected inflation rate, and the M2/GDP ratio which is below the critical value of 60.0%. stock market index; government borrowing; money supply; interest rates; exchange rates; foreign stock markets. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 54 64 http://store.ectap.ro/articole/612.pdf application/pdf http://www.ectap.ro/articol.php?id=612&rid=76 text/html Yu HSING Southeastern Louisiana University, USA oai:RePEc:agr:journl:v:7(560):y:2011:i:7(560):p:43-522011-07-30RePEc:agr:journl article Forms and Strategies of the Banks to Enter on a Foreign Market Main forms of entry on a foreign market are greenfield investiments and achisition of a control position from a local institution. Both forms, Greenfield and acquisition entry strategies, are specific to CEE. In selecting the entry mode, one bank's objective is to maximize its risk-adjusted rate of return. Searh for new markets strategy means that by some reasons banks are always looking for new international market. international banks; cross-border lending; banking services; Greenfield investiments; achisitions; expansion of banks. 7(560) 2011 XVIII(2011) July Theoretical and Applied Economics 43 52 http://store.ectap.ro/articole/611.pdf application/pdf http://www.ectap.ro/articol.php?id=611&rid=76 text/html Nicoleta HURDUC Bucharest Academy of Economic Studies Alin NIŢU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:696-7022010-10-26RePEc:agr:journl article REGIONAL BEHAVIOR OF BANKS BEFORE AND ONE YEAR AFTER THE ONSET OF THE CRISIS The period of continuous economic growth that has characterized Romania in the 2000s, linked to the easing of monetary policy begun in 2005, determined the commercial banks to adopt extensive strategies. This paper aims to demonstrate that those strategies were based less on economic reasons, and more on the banks' optimistic calculations. Analyzing their territorial activity – from the extension of the branches to the volume of loans granted and deposits made by each county separately, before and one year after the onset of the crisis – low correlation is observed between the economic realities and banking strategies. commercial banks; development regions; savings; credit; bad loans. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 696 702 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Andrada Busuioc Bucharest Academy of Economic Studies Cristian Birău Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:517-5222010-10-26RePEc:agr:journl article ASPECTS OF DIVIDEND POLICY IN ROMANIA In a time of crisis, dividend policy is more important in decision of investment than in regular conditions. In Romania, some companies chose to share dividends, relying on the positive effect of measure, trying to keep investors close, while other companies chose to take precautions in crisis, keeping the entire profit for hard times. share; dividend; BVB (Bucharest Stock Market); dividend policy; financial crisis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 517 522 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Dan Ivănescu Bucharest Academy of Economic Studies Irina Ivănescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:613-6182010-10-26RePEc:agr:journl article ANALYSIS OF THE ROMANIAN CAPITAL MARKET VOLATILITY The increasing availability of financial market data at intraday frequencies has led to the development of improved ex-post volatility measurements. In the process of structuring the portfolio, a key variable is the global volatility. The objective of this paper is to analyze the Romanian Capital market volatility inside a GARCH framework in order to identify the structural changes and also to provide some empirical evidence about the market time-scale invariance property. The data for our empirical study consists of ROTX stock index transaction prices during the period 11/6/2007 and 11/20/2009. volatility; capital market; GARCH model; structural changes. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 613 618 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Bogdan Dima Bucharest Academy of Economic Studies Economics and Business Administration Flavia Barna Bucharest Academy of Economic Studies Economics and Business Administration Petru-Ovidiu Mura Bucharest Academy of Economic Studies Economics and Business Administration oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:161-1652010-10-26RePEc:agr:journl article EFFECTIVENESS OF COHESION POLICY IN REDUCING REGIONAL DISPARITIES. DIVERGENCE BETWEEN NATIONAL AND REGIONAL CONVERGENCE The aim of this paper is to reveal once again the how important is the aid offered by the European Union to the Member States as European funds. Rationally used, these funds will lead to the regional convergence and to socio-economical and territorial cohesion. Furthermore, I showed the factors leading to discrepancies within regions of EU's area and how long it will take till these discrepancies will decrease, maybe being half. cohesion policy; beta convergence; sigma convergence; absolute convergence; conditional convergence. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 161 165 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Meral Kagitci Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:215-2212010-10-26RePEc:agr:journl article FISCAL POLICY AND RELATIVISM: BETWEEN THE FLAT TAX AND THE PROGRESSIVE TAX The definite aim of this study is to shed light on the possibility of the economic science to "prescribe" a fiscal optimum, both in which regards the tax regime (progressive versus flat tax) and in which regards the level of taxation. I will thus argue for the necessity of demystifying the ideas that are largely spread in both economic theory and in the public opinion: on the one hand, the idea that the flat tax fiscal regime is the optimum mean against fiscal discrimination and societal wealth redistribution; on the other hand, the idea that the proportional tax rate, the flat tax, is the modern source of economic prosperity. fiscal policy; scientific relativism; flat tax rate; fiscal optimum. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 215 221 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cosmin Marinescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:222-2302010-10-26RePEc:agr:journl article OPTIMIZING THE SIZE OF GOVERNMENT SPENDING BY COFOG STRUCTURE. THE CASE OF EUROPEAN UNION MEMBER STATES The theme of public expenditure has been of great interest in the latest years. Focusing on government size, role of government and the efficiency of the public sector becomes an even more important issue nowadays, when the financial crisis has covered severly almost all economies worldwide. The debate has as starting point the keynesian belief (state intervention overcomes recession periods) but also the division of the economy between the public and the private sector. Goods and services could be provided by the state, but many times the private sector seems to be more efficient. Using a specific econometrical analysis, the authors try to establish the optimal size of the public sector regarding the structure of the expenditures in both old and new member states of the European Union, a level that fosters economic growth and suggest that, following this point, GDP should be left in the hands of the private sector. public expenditure; economic growth; optimum level; public sector; performance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 222 230 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mihai Mutaşcu West University of Timisoara Marius Miloş "Eftimie Murgu" University of Resita oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:443-4532010-10-26RePEc:agr:journl article THE PENSION SYSTEM IN JAPAN: SOME COMMON ISSUES WITH THE ROMANIAN ONE The aging of the population in Japan is a serious problem, and the reform of the public pension system is a major political issue. In this paper I made a presentation of the Japanese pension system and the reforms it has to pass from a system based on Defined Benefits to a system based on Defined Contribution where companies must change their DB type pension plans from the old types (TQPP's) to new ones (e.g.; DBCPPS) by the end of March, 2012. The concluding and remarks present some common subjects (aging population, allocation of pension plans' assets) and differences about the shift from DB to DC plans among Japanese corporate pension plans as compared with the shift from DB to DC plans in Romania. DC pension plans; DB pension plans; financial markets; asset allocation; benefits. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 443 453 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mariana Popa Comisia de Supraveghere a Sistemului de Pensii Private, Bucureşti oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:337-3442010-10-26RePEc:agr:journl article MACROECONOMIC IMBALANCES AND THE RESPONSE OF ECONOMIC POLICIES TO THE EFFECTS OF THE INTERNATIONAL ECONOMIC CRISIS IN THE NEW MEMBER STATES The macroeconomic developments of the New Member States, in the context of the international financial and economic crisis during the years 2008 and 2009, were characterized by heterogeneity and were accompanied by distinct monetary and fiscal policy measures. The different impact of the international crisis on these economies can be attributed to a series of diverse factors such as the cyclical position of the economy at the onset of the crisis, the structure of the commercial flows, the external financial dependency or the different contribution of the economic sectors to the formation of gross value added. economic crisis; macroeconomic policy mix; univariate filters; business cycle; monetary policy regime. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 337 344 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Bogdan Murăraşu Bucharest Academy of Economic Studies Nicoleta Ciurilă Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:371-3792010-10-26RePEc:agr:journl article EUROPEAN ECONOMY IN ONE YEAR FROM THE START OF FINANCIAL CRISIS. CRISIS IMPACT ON ROMANIAN ECONOMY The global financial and economic crisis presents significant challenges for Romania. It has exposed the weaknesses in the functioning of the global economy and led to calls for the reform of the international financial architecture. Although the crisis was triggered by events in the US housing market it has affected all regions of the world, with direct consequences for international trade, investment and growth. This paper wants to present a comprehensive analysis of the global economy, followed by a review at European level and to identify the key channels of transmission of the crisis in Romania. The second part of the paper focuses on a quantitative and qualitative study that examines the evolution of Romanian economy in 2005-2009. Finally, we conclude with some perspectives and forecasts of global economic recovery, at European and national level. financial crisis; economic recovery; investments; GDP; MES. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 371 379 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Steluţa Simona Sora Bucharest Academy of Economic Studies Ioana-Diana Păun Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:301-3082010-10-26RePEc:agr:journl article THE INTERNATIONAL MONETARY FUND – THE WORLD'S CENTRAL BANK The global economic crisis has brought again to the world's attention the role of one of the main world financial institutions: the International Monetary Fund. Seriously affected by this crisis from the economic point of view, some developing countries have borrowed money from the International Monetary Fund. In its turn, the institution is experiencing new challenges due to economic downturn, and as a result it took a series of actions focused on the adaptation to the new situation. This paper aims to outline the main elements characterizing the International Monetary Fund's activity, including the new ones interferred in its policy. The paper also includes the actions taken on the occasion of the G20 organization summits, that contributed to the rise of the International Monetary Fund's role at present. International Monetary Fund; G20; credit line; ownership. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 301 308 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mariana Mihăilescu Constantin Brancoveanu University, Pitesti Gica Gherghina Culiţă Constantin Brancoveanu University, Pitesti Cristina Bunea-Bontaş Constantin Brancoveanu University, Pitesti oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:436-4422010-10-26RePEc:agr:journl article AIG – THE STRENGHT TO BE THERE…IN THE MIDDLE OF THE CRISIS. THE STORY BEFORE AND AFTER THE BAILOUT The vortex unleashed at the end of year 2008 shattered the trust of investors and general public in the financial and credit institutions, which registered huge losses due to the exposure on the financial markets. Comparable as proportion only to the "Great Depression", the current economic crisis has almost destroyed the company American International Group, a symbol of stability and professionalism. A year after receiving the Fed bailout, the company seems to get on its feet, obtaining liquidities by selling certain assets, in order to give back the money it received. Nevertheless, the recovery process is far from being ended, because this could take several years from now. AIG; credit derivatives; stock market; bailout. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 436 442 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ramona-Anca Nichita "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:97-1022010-10-26RePEc:agr:journl article PROBLEMS ENCOUNTERED IN THE PROCESS DURING ACCESES EUROPEAN FUNDS The access to Social and Cohesion Funds offers Romania a possibility to develop the regions which are lagging behind, to modernize transport and environment infrastructure, to support rural development, to create new employment opportunities, to sustain social policies which will lead to the growth of the standard of life. This research work displays different problems encountered in the process of attracting European funds while verifying the existence of the link between the value of the projects submitted and the total approved projects. structural funds; management authorities; absorption capacity; convergence; regression function. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 97 102 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniela Florescu M.A.I. – A.N.R.S.C., Bucharest Octavia Maria Gibescu Banking Finance Faculty of Bucharest oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:120-1292010-10-26RePEc:agr:journl article EUROPEAN UNION´S INCOMES STRUCTURE AND EXPENSES ORIENTATION RETROSPECTIVE AND PROSPECTIVE STUDY This article analyses the way in which the collected incomes and the effective expenses of the European Union evoluated, both totally and partially, in the period 1958- 2008. Using the interpolar and extrapolar methods, there have been realized forecasts of the collected incomes and the expenses payed by the European Union for the next five years, getting some extremely important results. We can remark that the increase rhythm of the budgetary indices amplifies and the execution level of the European Union´s budget increase. own resources; expenses; forecast; interpolation and extrapolation. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 120 129 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Diana Claudia Sabău-Popa University from Oradea Mihai Cociuba University from Oradea Sorina Ioana Coroiu University from Oradea oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:26-332010-10-26RePEc:agr:journl article THE PERFORMANCE OF ROMANIAN OPEN-END FUNDS AND THE CRISIS CONTEXT Global financial crisis drastically affected all financial market's segments and highlited the need to improve regulatory standards and to increase the supervisory degree in all constituents of the global market, applying it to all financial entities in order to ensure greater transparency of their business, investor protection and minimize investment risks. This study provides information on the performance of Romanian open-end funds market, focusing on the most relevant evolutions of the Romanian open-end funds market, their performance evaluation based on return-risk criterion and development prospects as a result of new legislative measures expected at European and national level. investment funds; evolutions; financial crisis; performances; legislative measures. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 26 33 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Carmen Corduneanu West University, Timişoara Daniela Ţurcaş S.S.I.F. IFB FINWEST S.A., Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:535-5422010-10-26RePEc:agr:journl article THE CRISIS IN THE ECONOMIC SYSTEMS IN TERMS OF THE CHAOS THEORY The crisis begins when one or several variables of the economic system tend to move towards the borders of the "safety beach"; their behavior becomes unstable and abnormal, in other words, it becomes chaotic. The intensity of the installation of this abnormality increases and at some point becomes so great that manages to destabilize the entire economic system. On the basis of the system-business model we'll see how a rapid increase in sales can lead, after a period of time, to negative trends of other variables, causing eventually a descending trajectory (downward path) of the cash-flow and also a dangerous proliferation of various economic and financial risks. attractor; feedback; dependence on initial conditions; feedback error; phase space. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 535 542 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Roxana Arabela Dumitraşcu Bucharest Academy of Economic Studies Vadim Dumitraşcu "Petre Andrei" University of Iaşi oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:557-5642010-10-26RePEc:agr:journl article REVENUE GENERATION INDEXES USED IN THE LODGING INDUSTRY Revenue management in lodging industry presents a series of particularities. Many studies were written in order to understand the technological supports used by hotels as well as the strategies of controlling room inventory allocation at the right time, at the correct price. Settling the right time means bringing the best value to both producers and consumers. In practice, revenue management means settling the prices according to the estimated level of demand so that the price sensitive customers to buy at "the correct price" and the price insensitive customers to buy whenever they want. revenue management; occupancy; ADR (average daily rate); revenue generation index. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 557 564 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Nicoleta Simona Ciucă Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:282-2892010-10-26RePEc:agr:journl article FINANCIAL MEASURES RESPONSES TO THE GLOBAL ECONOMIC CRISIS A specific risk of this period is liquidity risk arised from inexistence of adecquted management. A new risk arises from financial measures against the effects of economic worldwide crisis. These measures are dedicated to mitigate the crisis risks but, they may become a real challange for companies and individuals caused by new competence needed. As a conclusion, the topic of risks in international assignments is becoming of greater importance in the framework of new business environment (for example: subprime loans or financial instruments transactions such as Mortgage Backed Securities insufficient guaranted) and from general point of view is going to be a major problem for each company and individual involved. Another risk specific to the current situation is generated by anti-crisis measures adopted by governments and companies. Responses from government authorities, although meant to counter negative economic effects, can also represent challenges for economies. This paper focuses on these anticrises measures that can be separated into two categories: fiscal measures and corporate measures. risk; liquidity; crisis; financial measures; responses. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 282 289 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Elena Dobre Ovidius University Constanta oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:61-652010-10-26RePEc:agr:journl article INTEGRATION OF ENVIRONMENTAL POLICY INTO THE EUROPEAN ENERGY POLICY The idea of integrating the concept of sustainable development concept into the sectorial policies has been promoted in June 1998, at the European council from Cardiff, when a number of economic sector have been proposed for integrated approaching. The paper analyses the main operational objectives of integration the environment policy into the energy policy as well as instruments by which can achieve theses objective, respectively horizontal policy and sectorial policy. energy, integration, policy, objectives, instruments 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 61 65 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mircea Năstase Bucharest Academy of Economic Studies Cristina Popa Ministry of Environment and Sustainable Development Crina Dacinia Petrescu ¨Babes-Bolyai¨ University, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:454-4622010-10-26RePEc:agr:journl article JOINT NATURAL DISASTERS RISK FINANCING IN ROMANIA – AN ECONOMIC STABILITY FACTOR Protection against the effects of natural disasters requires the existence of substantial financial funds at the government disposal. Under the conditions of the current world economic crisis, existing resources are totally inadequate. A viable solution for overcoming this difficulty is to use a mix of additional disaster risk financing sources, their proper management being an economic stability factor. In support of these affirmations, an analysis is made regarding the adequacy and availability in time of the financial resources that can be mobilized at any given moment. natural disasters; risk; economic stability; source of financing; insurances. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 454 462 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Gabriel Arthur Zelinschi Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:606-6122010-10-26RePEc:agr:journl article WEB PORTAL SPECIALIZED IN PROVIDING EDUCATION AND FINANCIAL ASSISSTANCE TO THE BANK PRODUCT AND SERVICE CONSUMER The present work aims at presenting the results of the research study initiated within a PNII project, which had as final objective the creation of a specialized web portal dedicated to support the Romanian bank product and service consumer in acquiring the necessary level of knowledge and skills in order to make proper financial decisions. This project intends to evaluate the ways the general public is informed, as well as to offer necessary support in assessing correctly the undertaken risks when the level of indebtment increases. The present work presents the results of the study elaborated by the research team concerning the level of education and information of the population about bank products and services. bank services; portal; financial risk; training. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 606 612 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Vasile Dedu The Bucharest Academy of Economic Studies Victoria Stanciu The Bucharest Academy of Economic Studies Tudor Ganea Titu Maiorescu University, Bucharest Bogdan Andrei Dumitrescu The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:490-4972010-10-26RePEc:agr:journl article USING THE MANAGEMENT OF ACCOUNT RECEIVABLES TO INCREASE THE COMPANY VALUE The commercial credit is both marketing and a financial operation that influences in a great deal the financial results of the period. The companies follow the increase of sales turnover as a result of instating the commercial credit, seen as an investment which will contribute to the sustainable increase of the company profits. The ultimate target of the commercial credit has to be its efficiency, expressed by the marginal profit obtained after instating or modifying this operation. In this article we have tried to present a methodological approach meant to set the trade credit at the analytical level, considering the changes induced onto variables such as the quantity sold, selling price and variable cost margin. commercial credit; short term investment; primary objective of the company; variable cost margin; discount period; credit period; marginal profit. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 490 497 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Marius Dincă Transilvania University, Brașov Gheorghiţa Dincă Transilvania University, Brașov oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:573-5822010-10-26RePEc:agr:journl article INCENTIVE AND DETERRENTS OF FISCAL POLICIES ON MONEY LAUNDERING BEHAVIORS This study provides an overview of the relationship between fiscal policies and money laundering modeled by a least squares function. The report analyzes statistically data collected from USA, Russia, Romania, and other eleven European countries, rendering eight linear regression models. The study illustrates that none of the total variance present in the regressand (level of money laundering), which is "explained" by the variance present in the key components of fiscal policies. In our opinion, this model will provide critical auxiliary judgment and decision support for anti-money laundering service systems. money laundering; underground economy; fiscal policies. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 573 582 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniel Rece Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:498-5042010-10-26RePEc:agr:journl article THE INVESTMENT PROBLEMATIC FOR PRODUCING ENERGY FROM RENEWABLE SOURCES IN ROMANIA The higher energy consumption, the increasing of the price for primary energy sources and the continuous worldwide debates for carbon emission in the atmosphere determined the reorientation to energy production from renewable sources (biomass, solar energy, wind, hydro, geothermal etc). Taking into account the low capacity that produce energy from renewable sources, we conclude that there are needed important investment in this sector. investment; financing; renewable energy; production. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 498 504 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Marius Gavriletea University Babeş-Bolyai, Cluj-Napoca Mihaela Gavriletea firstname.lastname@example.com oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:711-7182010-10-26RePEc:agr:journl article CAPITAL MARKETS AND INVESTMENT STRATEGIES Different capital markets require different approaches. Considering the investors psychology and financial resources, we describe in this paper various investment strategies, that can be applied on both Romanian and foreign capital markets. capital markets; investment strategies; portfolio management; ratios; technical analysis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 711 718 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniela Liliana Turcaş SSIF IFB Finwest SA Arad Florin Marius Turcaş SC Smart Consult SRL Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:771-7772010-10-26RePEc:agr:journl article VALUE-AT-RISK ANALYSIS OF KOSPI 200 SECTOR INDICES We investigated the performance of value-at-risk (VaR) models of KOSPI 200 sector indices using FIGARCH and FIAPARCH models under normal and skewed Student-t innovation distributions. The FIAPARCH model well captured the long-memory and asymmetry properties of the volatility. In addition, the skewed Student-t models outperformed the normal models in measuring the fat tails and asymmetry of the densities. asymmetry; forecasting accuracy; long memory; skewed student-t distribution. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 771 777 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Sang Hoon Kang Gyeongsang National University Hwan-Gue Cho Pusan National University Suyeol Ryu Andong National University Seong-Min Yoon Pusan National University Sung-Jin Cho Pukyong National University oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:103-1082010-10-26RePEc:agr:journl article ANALYSIS OF EDUCATION IN TERMS OF EXTERNALITIES Research highlights the problem regarding education externalities in the context of quantifying the effects which it produces on an individual level and at the society level. At the same time, the research highlights the importance of externalities in terms of evaluation of investment policies in education and emphasizes the need for greater concentration, in practice, on these elements. Externalities have to complete any cost-benefit analysis of the education effects, the context in which at the historical timeline, education accompanies the modernization process. In terms of public policy, education is considered public or private property according to its effects on each stage of human development. education; externalities; investment in education; educational policy. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 103 108 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Rodica Gherghina Bucharest Academy of Economic Studies Irina Zgreabăn Bucharest Academy of Economic Studies Ioana Duca Titu Maiorescu University Bucharest oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:400-4052010-10-26RePEc:agr:journl article PENSION SYSTEM IN ROMANIA – CURRENT ISSUES The popular saying "who doesn't have elderly, should buy" had lost its relevance in the face of many current problems of pension systems. Aging population, declining birth rates and fertility are the current demographic trends worldwide, threatening the sustainability of social protection systems. The study explores the public pension system in Romania, operating principles, sustainability, the evolution of the average pension, retirement ages compared with other European Union countries. public pension system; sustainability; demographic tendency; trends; pillar II pension. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 400 405 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Marius Dan Gavriletea Babes-Bolyai University, Cluj-Napoca Aura Carmen Moga Babes-Bolyai University, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:748-7552010-10-26RePEc:agr:journl article CENTRAL BANK AND FINANCIAL STABILITY: A CASE OF BOSNIA AND HERZEGOVINA Having on mind specific features of financial systems in Bosnia and Herzegovina it's important to analyse characteristics each segment of financial system, specially banking sector, and identify which elements can have impact on stability and safety of financial sector. Only stabile financial system can ensure real economy stability. Financial stability and managing it in condition of financial crises have major significance for maintain stabile national economy and minimise negative effects financial crises for economy. Authors in this paper will analyse structure of B&H financial system, to identifiy internal and external risk for stability financial sector, role of CBBH in managing financial stability, and analyse possible solutions in field of monetary policy and supervision for that purpose. financial system; stability; currency board; monetary policy; supervision. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 748 755 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Živko Igor Faculty of Economics Mostar, B&H Skoko Branimir Faculty of Economics Mostar, B&H Čolak Anela Faculty of Economics Mostar, B&H oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:422-4272010-10-26RePEc:agr:journl article THE ANALYZE OF THE ACTIVITY OF INSURANCE COMPANIES IN ROMANIA DURING THE PERIOD 2002-2008 The article refers to an analyze concerning the efficiency of the activity of Romanian insurance companies. In the analyze of the insurance companies it is taken into consideration their size, determined by the structure of the social capital, the number of employees and the number of locations. The indicators presented refer to the entire insurance market, generating therefore a full image of the analyzed phenomenon. insurance activity; efficiency; indicators; dynamic; capital structure. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 422 427 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Roxana Ionescu "Dimitrie Cantemir" Christian University, Bucharest oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:528-5342010-10-26RePEc:agr:journl article PERFORMANCE INDICATORS IN FINANCIAL DECISIONS MODELING The "performance" of an organization has a complex character and reflects a concrete image over the financial and economic situation of an analyzed company and the necessity of identification an intelligent and performing information systems which to support the decision makers in the strategic management process. The analysis of the most important financial and economic indicators at the level of some organizations from the same sector of activity, the selection of performance ratios and generating a particular econometric model of analysis help companies to move from the desire to obtain performance to action through better and faster decisions. performance; financial ratios; econometric model; multidimensional analysis; data mining techniques. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 528 534 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Dana-Maria Boldeanu Bucharest Academy of Economic Studies Adrian Victor Bădescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:626-6312010-10-26RePEc:agr:journl article FINANCIAL CRISIS AND CHANGES IN THE MONETARY BASE Amid the global economic and financial crisis it is important to put into the question the role played by the monetary base in making monetary policy decisions. Even if the NBR's main monetary policy tools was the changes in interest rate level, the other monetary policy tools used were as purposeful to influence liquidity in the economy and, finally, to changing the structure of monetary base. If it pursued the evolution of the money supply counterparts structure in correlation with the main macroeconomic variables (like non-government credit expansion, increasing of current account deficit) could see the imminent economic and financial decline. monetary base; monetary policy interest rate; money multiplier. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 626 631 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ionela Costică Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:483-4892010-10-26RePEc:agr:journl article TAXATION OF THE BUSINESS ENVIRONMENT IN THE CONTEXT OF THE EUROPEAN FISCAL POLICY In the present context, when the world's economy is going through a profound economical and financial crisis, a series of factors among which the fiscal ones have a great effect upon the business environment, in general, and upon the small and medium businesses sector, in special. Considering this, the paper aims to analyze the impact of the fiscal policy upon the total fiscal revenues collected at national level in European Union countries and to reveal the most significant modifications in the fiscal regulations applied to the small and medium businesses , considering their special role in sustaining the economic growth, innovations and research activities. European fiscal policy; business environment; small and medium businesses; economic and financial crisis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 483 489 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Georgeta Vintilă Bucharest Academy of Economic Studies Paula Lazăr Bucharest Academy of Economic Studies Maricica Moscalu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:166-1732010-10-26RePEc:agr:journl article THE ROMANIAN MUNICIPAL BONDS –A CHALLENGE FOR LOCAL PUBLIC FINANCE AND FOR INVESTORS This paper aims to present the municipal bond market development in Romania in the context of financial decentralization and to emphasize its importance for local development but also for the safety of the portfolio investment. local government; financial decentralization; resources; municipal bonds; risk; Stock Exchange. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 166 173 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Carmen Maria Lăcătuş Bucharest Academy of Economic Studies Florin Văduva Titu Maiorescu University oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:207-2142010-10-26RePEc:agr:journl article ROMANIA'S FISCAL POLICY DURING THE CURRENT CRISIS: PRESENT AND FUTURE PROSPECTS Fiscal policy is an important government tool for managing the economy, its instruments having impact on aggregate demand, resource allocation, and income distribution. This article is focused on the Romanian fiscal policy during the global crisis, providing an overview regarding the circumstances that lead to fiscal imbalances and analysing the fiscal response to the current crisis. The conclusion is that Romania has conducted an inconsistent and ineffective fiscal policy, contributing to macroeconomic imbalances and to increasing fiscal pressure on business environment. Therefore, a mediumterm fiscal framework has to be implemented, in order to ensure fiscal sustainability. fiscal policy; budget deficit; fiscal measures; fiscal imbalances; government revenues and expenditure. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 207 214 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cristina Aurora Bunea-Bontaş Constantin Brancoveanu University, Piteşti Mariana Mihăilescu Constantin Brancoveanu University, Piteşti Cosmina Mihaela Petre Constantin Brancoveanu University, Piteşti oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:599-6052010-10-26RePEc:agr:journl article THE GLOBALIZATION OF THE ELECTRONIC TRANSFERS IN BANKS The globalization of electronic bank transfers is addressed by certain impact factors which develop electronic relationships via the Internet: the tax, "computer crime", the protection of consumer data, investment costs, the new payment arrangements, telecommunications infrastructure, intellectual property rights, types of fraud registered in computer crime, establishment of minimum and optional list of facts incrimnate plus language and cultural issues. Accordingly, globalization electronic transfers is charged with implementing computer applications for "official electronic, including e-banking, Internet banking, mobile banking, Unibank and eBanka. The problem is completed by describing globalităţii eBanka systems (architecture, data monitoring, operation), plus bank service type Telebanking. e-banking; Internet banking; mobile banking; Unibank; eBanka; Telebanking. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 599 605 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Niculae Davidescu Bucharest Academy of Economic Studies Ştefan Dumitru General manager ATS Bogdan Săhlean Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:345-3512010-10-26RePEc:agr:journl article UNEMPLOYMENT TREND IN RESPONSE TO THE IMPACT OF THE ECONOMIC CRISIS Unemployment has been rising sharply in the European Union since March 2008 as a result of the economic crisis. This paper consists of an illustration of the Romanian and European Union unemployment during this period, having as a background the contemporary economic crisis. unemployment; unemployment rate; economic crisis; underground economy; globalization. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 345 351 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Andreea Claudia Şerban Academia de Studii Economice, Bucureşti oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:77-832010-10-26RePEc:agr:journl article THE TAX COMPETITION BETWEEN THEORY AND PRACTICE. EFFORTS AND EFFECTS AT THE LEVEL OF THE EUROPEAN UNION Issues related to effects caused by tax competition on EU Member States' economies have been and have continued to remain a current issue. In order to ensure proper functioning of the Single Market, the Member States have undertaken measures to eliminate tax competition in the field of indirect taxes and consumption. However, there still remain many steps to go in the direction of harmonizing the direct taxes, the remedies being unable to target only the EU Member States, in the context of the reality of the internationalization of capital flows. tax competition; economic integration; budgetary revenues; capital mobility; labor mobility. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 77 83 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Nicoleta-Claudia Moldovan West University of Timisoara oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:505-5082010-10-26RePEc:agr:journl article FINANCING TECHNOLOGY TRANSFER THROUGHT VENTURE CAPITAL Venture capital is considered in the literature the resource for financing research-development-innovation. Therefore, addressing the concept of venture capital is primarily the definition and its classification according to national and international experience. venture capital; investors; financing; innovation and technology transfer. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 505 508 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Gabriel Năstase "Dimitrie Cantemir" Christian University Dan Badea Research Center for Macromolecular Materials and Membranes(RCMMM) Dragoş Ionuţ Năstase Romanian Authority for Nuclear Activities -Institute for Nuclear Research – Pitesti oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:266-2732010-10-26RePEc:agr:journl article CRISIS IMPACT ON THE EUROPEAN BANKING REGULATORY AND SUPERVISORY FRAMEWORK. A MACRO-PRUDENTIAL APPROACH* The current financial crisis has reopened debate on the need to improve the regulatory and supervisory framework, both internationally and throughout Europe and led to calls for action from the authorities, aimed, on one hand, to strengthen supervision on financial institutions and, on the other hand, to limit the spread of systemic risk. This study examines, therefore, changes that will occur in the regulatory and supervisory framework and argues the importance accorded to the macro-prudential approach in reforming it. financial stability; financial crisis; macro-prudential/micro-prudential supervision; systemic risk. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 266 273 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Nicolae Dardac Bucharest Academy of Economic Studies Adriana Giba Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:329-3362010-10-26RePEc:agr:journl article THE ROLE OF THE MONETARY POLICY IN ASSET PRICES VOLATILITY CORRECTION: THE ROMANIAN CASE The speculative bubbles of asset prices, and especially their burst out, have a negative impact on the financial stability. As a consequence, a close observation of these prices is necessary. If the opportunity of the intervention is intensely analyzed, the debates related to the instruments of the intervention, differentiated depending on the nature of the assets, are almost inexistent. In this study, we intend to analyze the role of monetary policy in asset prices volatility correction, in the context of the development of the financial and real estate markets in Romania. We show that the interest rate instrument has a reduced importance in financial asset prices volatility correction. financial stability; asset prices; central banks; interest rate; Romanian financial system. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 329 336 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Claudiu Tiberiu Albulescu "Politehnica" University of Timişoara oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:670-6752010-10-26RePEc:agr:journl article GLOBAL REAL ESTATE SECTOR. ASPECTS REGARDING INVESTORS AWARENESS The largest market is represented by the USA, with 42 per cent capitalization, followed by Europe and Asia. From the five forces of Porter, two – entrance barriers and competition - are considered to be strong, the rest being perceived as moderate. Factors that differentiate real estate from other sectors are: high competition, high dependency on macro-economical factors, more shares and bonds issued than in other companies, high degree of financial leverage, consistent cash flow. The shares of real estate companies are defensive and have an efficient distribution of dividends. REIT's; vacancy rate; mortgage rate; risk free rate. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 670 675 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniela Dobrescu SIF Banat-Crisana S.A., Arad Carmen Antoinette Schmidt SIF Banat-Crisana S.A., Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:523-5272010-10-26RePEc:agr:journl article COMPUTER COURSES – A TRAINING MODEL TO BENEFIT FIRMS Improving the quality of education through the diversification of contents and methods and promoting experimentation, innovation, the diffusion and sharing of information and best practices as well as policy dialogue are UNESCO's strategic objectives in education. Educational systems are under increasing pressure to use the new information and communication technologies (ICTs) to teach students the knowledge and skills they need in the 21st century. We argue here for a particular view of games—and of learning—as activities that are most powerful when they are personally meaningful, experiential, social, and epistemological all at the same time. education; public intervention; economic advantage; investments; efficiency. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 523 527 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Elena Peptan Bucharest Academy of Economic Studies Alina Creţu Bucharest Academy of Economic Studies Irina-Florentina Băjan Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:763-7702010-10-26RePEc:agr:journl article FORECASTING LONG-MEMORY VOLATILITY OF THE AUSTRALIAN FUTURES MARKET Accurate forecasting of volatility is of considerable interest in financial volatility research, particularly in regard to portfolio allocation, option pricing, and risk management. This article investigates and compares the ability to conduct one-day-ahead volatility forecasts in the Australian index futures market by three volatility models: GARCH, IGARCH and FIGARCH. The FIGARCH model better captured the long-memory property than did the GARCH and IGARCH models. Additionally, the FIGARCH model provided superior performance in one-day-ahead volatility forecasts. As discussed in this paper, the FIGARCH model should prove useful in forecasting the long-memory property in the Australian index futures market. diebold-mariano test; forecasting ability; long memory; lo's modified R/S analysis; SPI futures. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 763 770 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Seong-Min Yoon Pusan National University Sang Hoon Kang Gyeongsang National University Sung-Jin Cho Pukyong National University Gyun Woo Pusan National University Jeong-Hoon Ji Pusan National University oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:245-2522010-10-26RePEc:agr:journl article REMARKS ON POTENTIAL GDP ESTIMATION IN ROMANIA This paper is focused on potential GDP and output gap estimation in Romania using a univariate method – HP filter and a multivariate method – production function method that are applied on annual time series covering years 1990-2008. The production function we use is Cobb-Douglas with potential labor computed with the method proposed by Elmeskov (1993). The results indicate for potential output variations between 0.36% and 2% between 1994-2000 and 5%-6.7% between 2004-2008. For output gap, the results point to stronger gaps at the beginning of 1990s' that decrease within range of -2.3% and +2.7% between 1999-2000. potential GDP; output gap; HP filter; production function method; NAWRU. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 245 252 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ana-Michaela Andrei Bucharest Academy of Economic Studies Gheorghe Oprescu Bucharest Academy of Economic Studies Mihai Roman Bucharest Academy of Economic Studies Ramona-Mihaela Păun Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:13-192010-10-26RePEc:agr:journl article ROMANIAN LOCAL PUBLIC FINANCE DECENTRALIZATION The work paper highlights the evolution of the public financial decentralization in Romania, based on analysis of legislative changes that occurred after 1991.These changes have had an important impact on local budgets and on local government responsibilities. In the context of increasing local financial independence, local authorities had to demonstrate their ability to take on the tasks of local interest from central government powers. The effect is prompt and timely response to citizen needs. local autonomy; financial decentralization; local needs; public services; budget. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 13 19 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Tatiana Moşteanu Bucharest Academy of Economic Studies, Carmen Maria Lăcătuş Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:309-3142010-10-26RePEc:agr:journl article PERSPECTIVES ON THE FINANCIAL INTERMEDIATION IN ROMANIA WITHIN CHANGING MARKET CONDITIONS Within a short period of time, the Romanian financial institutions, corporate sector as well as household sector, moved from a period when the financial institutions enjoyed a rapid expansion, to a period of financial distress. Corporate sector use to have easy access to loans and risk management was not one of the priorities at that time. Times have changed and thus the structure of loans, deposits and overdue loans has changed. The paper analyses the changes and tries to give a short and medium time perspective on the market evolution. financial institutions; loan, deposit; crisis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 309 314 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ioan Alin Nistor Universitatea Babes-Bolyai, Cluj-Napoca Dragoş Păun Universitatea Babes-Bolyai, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:144-1532010-10-26RePEc:agr:journl article FINANCING METHODS FOR THE ROMANIAN LOCAL PUBLIC ADMINISTRATION AUTHORITIES During the last decade we have seen that the central authorities have transferred certain activities to the local ones, which are able to have a better covering for certain needs of the citizens, who live in their region. The aim of this article is to investigate which are the ordinary and borrowed finance resources for the local budgets and to find diversification solutions. A satisfactory financing creates the premises that the local public administration authorities are capable to offer high quality public goods and services, having an effective management of the public money. local finance independence; local public debt; municipal bonds; local communities rating; local public institutions. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 144 153 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Emilian Constantin Miricescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:463-4672010-10-26RePEc:agr:journl article IS MANAGEMENT TURNOVER DETERMINED BY FINANCIAL STRUCTURE? The objectives of enterprises, their internal organization and the environment in which they operate evolve permanently; thus, the risks they are exposed to permanently change, influencing performance and even putting their existence in danger. Therefore, corporate governance may sometimes refer to extreme governing actions, such as control takeovers or replacing from office underperforming managers. After presenting several current studies on this subject, the paper aims to detect a statistical connection between the financing decision and management turnover. financing decision; leverage; chief executive officer; management turnover, corporate governance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 463 467 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Petre Brezeanu Bucharest Academy of Economic Studies Andrei Stănculescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:509-5162010-10-26RePEc:agr:journl article ASSESSMENT OF THE EFFICIENCY OF INVESTMENTS USING THE INTERNAL RATE OF RETURN AND THE PROFITABILITY INDEX Despite their shortcomings, the IRR and PI methods continue to be a widely employed evaluation techniques in capital budgeting. However, the internal rate of return (IRR) is often associated with a problem related to the fact that this technique assumes that the cash flows can be reinvested at the IRR instead of the more appropriate discount rate. This is often associated with leading to a project-ranking problem between the IRR and the net present value (NPV). An attempt to correct the flaws associated with the IRR has been made via the creation of a modified internal rate of return (MIRR). In this paper, we show an alternative for MIRR calculation that offers the same project-ranking resulted by using VAN. Furthermore, we use the reasoning developed for modified profitability index (IPM) calculation, a useful indicator for investment selection of different sizes that offers, also, compatibility with VAN criteria. investments; profitability index; cost/benefit ratio; net present value; internal rate of return. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 509 516 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mihaela Diaconu "Petre Andrei" University, Iaşi oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:653-6562010-10-26RePEc:agr:journl article DEVELOPING FINANCE WEB-SERVICES CLIENT SOFTWARE This paper presents the information technology used by the IT department of SIF Banat-Crisana for development of a new set of applications based on web-services (WS). Paraphrasing the title of a well-known computer programming book "Algorithms + Data structures = Programs", investing on capital markets requires besides a solid knowledge base comprising investment evaluation and prediction methods, computation of investment risk, methods for permanently monitoring of investing opportunities, etc. also the acquisition and rapid processing of a huge amount of date. In author's opinion the investors' access to the primary data of capital markets (financial data, economic results, quotations, indicators, etc) through modern informatics technologies - where WS belongs – has an important role for the active development of these markets. web services; information technology; HTTP; XML. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 653 656 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Vladimir Luştrea SIF Banat-Crişana SA, Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:357-3632010-10-26RePEc:agr:journl article EXTERNAL DEBT SUSTAINABILITY: TRUE OR FALSE? The liquidity crisis of the last decade have determined the Government experts, the experts from the central banks and those from the IMF to draft new methods for assessing the liquidity and solvability risks and to analyze the sustainability of the external debt. In all the states affected by financial crisis the main macroeconomic indicators were at levels considered normal and nobody would have foreseen that in the neat future the respective countries will encounter serious liquidity crisis generated by important accumulations of external debt, especially on short term and private external debt. Under these circumstances, the external debt sustainability analysis approach has changed and to simulate possible future crisis we are using stress testing. external debt; liquidity; sustainability; gross domestic product; external debt service. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 357 363 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Tudor Boengiu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:364-3702010-10-26RePEc:agr:journl article INFLATION IN THE EUROPEAN UNION WITHIN THE CONTEXT OF THE FINANCIAL CRISIS The triggering of the financial crisis on a global level, at the middle of 2007, has had a major impact on the economy of the European Union. Inflation is a macro economical imbalance that is tightly related to macro economical dynamics' indicators. This article will analyze the evolution of the inflation rate, before and after the ascent of the financial crisis in September 2008, in countries part of the Euro zone and the states members of the European Union that are outside of that zone, particularly Romania, the causes that have determined this evolution, the consequences of deflation on the economy, as well as the impact of the Central European Bank's monetary policy on the economy. financial crisis; inflation rate; consumer prices harmonized index; deflation; monetary policy. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 364 370 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Monica Damian "Alexandru Ioan Cuza" University of Iaşi oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:253-2612010-10-26RePEc:agr:journl article THE ANALYSIS OF MACROECONOMIC CONTEXT FOR EUROPEAN UNION COUNTRIES IN 2009 The scope of our article is to analyze the characteristics of the actual economic and financial crisis in the EU-27, in the year 2009. We use macroeconomic variables that compose economic macro-stabilization pentagon – the real growth rate of gross domestic product, the rate of inflation, the rate of unemployment, the public conventional deficit over GDP, the public debt over GDP, the current account deficit over GDP. economic recession; unemployment; inflation; budgetary deficit; public debt. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 253 261 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Iulian Viorel Braşoveanu Bucharest Academy of Economic Studies Laura Obreja Braşoveanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:676-6842010-10-26RePEc:agr:journl article THE IMPACT OF THE INTERNATIONAL FINANCIAL CRISIS ON THE ROMANIAN CAPITAL MARKET The financial crisis during 2007 and 2008 was the cumulative negative effect of several economic, financial and institutional interconnected factors. Due to the globalization of the financial services market, the interrelation between the world economies and financial systems lead to a chain dissemination of the crisis effects. The fall of the developed markets had a strong effect on the emerging ones, which were confronted with an unprecedented lack of cash. Against this background of international financial crisis, the Romanian capital market was characterized by high volatility, low liquidity and significantly decreasing stock indexes. international financial crisis; globalization of the financial services market; foreign investments; liquidity. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 676 684 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Sanda Nan Lucian Blaga University of Sibiu oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:262-2652010-10-26RePEc:agr:journl article INFLATION CONTROL UNDER THE CONDITIONS OF A CENTRAL BANK WHICH IS NOT INDEPENDENT Starting with the idea that the main monetary problem of a country is to assure national monetary stability and price stability, it is analyzed the possibility to control inflation under the conditions of a central bank which is not independent. It is a distinction between independence of tools and independence of central bank purposes because monetary policy purposes are set up by the legislative, while tools necessary to reach these purposes represent an attribute of Central Bank. Finally, we conclude that central bank own decisions influence both the government behavior and private sector behavior. price general index; inflation control; conservative banker; central banker; main agent model. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 262 265 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Angelica Băcescu-Cărbunaru Bucharest Academy of Economic Studies Silvia-Elena Cristache Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:692-6952010-10-26RePEc:agr:journl article BRANDS OF THE SIFS Claudiu HOREANU A concern for branding of the five Romanian financial investment companies is still in an early stage both for the companies themselves and the portfolio companies and constrained by limitations, this being another reason why the market is still treating homogeneously the five SIFs. Successors of the five Private Property Funds, the naming of the SIFs was imposed, it is the acronym of their descriptor: financial investment company, plus the name of the historical province in which the headquarters are located; their logos were designed without a prior brand audit. SIF; Brand; Brad corporate branding; corporate identity. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 692 695 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Claudiu Horeanu SIF Banat-Crisana, Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:174-1782010-10-26RePEc:agr:journl article THE IMPACT OF THE GLOBAL CRISIS ON PUBLIC EXPENDITURE IN EDUCATION After eight years of growth in developed countries, the current financial and economic crisis brought significant change in the economic landscape. The growth rate fell dramatically all over the globe, with direct implications on public finance. Although, at the moment, we can not clearly estimate the impact of the economic crisis on public expenditure in education, the available data reveal that the educational sector was severely influenced by the global downturn. The present paper analyzes the current state of Romanian education and makes some suggestions on improving the impact of the crisis, taking in considerations lessons we learnt from previous economic crises. global crisis; public expenditure; education; public intervention; Romanian education. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 174 178 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Irina-Florentina Băjan Bucharest Academy of Economic Studies Alina Creţu Bucharest Academy of Economic Studies Elena Peptan Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:66-692010-10-26RePEc:agr:journl article TAXATION IN GERMANY The paper presents the characteristics of the main taxes in Germany, starting both from the German legislation in the matter, as well from recent scientific papers based on this topic. The spotlight is given to the income tax and in that matter, to the salary tax, which shows interesting particularities in comparison with other countries. It is also presented the professional tax, functioning in Germany since the Middle Ages. Special references have to be made also to the solidarity tax and the fiscal regime of donations and inheritances. the income tax; the value added tax (V.A.T.); the professional tax; the salary tax; the revenue tax. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 66 69 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Robert Păiuşan Bucharest Academy of Economic Studies Violeta Mihaela Dincă Bucharest Academy of Economic Studies Valentin Ionuţ Panea Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:179-1862010-10-26RePEc:agr:journl article THE LOCAL DEVELOPMENT AND THE DECENTRALIZATION PROCESS IN THE CONTEXT OF THE FINANCIAL CRISIS The theme presented is of a great importance for the European countries, especially for Central and Eastern Europe countries. The development, understood as a result of change, has to be accepted as a basic component of the social-economic development. The experience of several EU countries, regarding their regional development policies, was the main feature we took into account when starting the analysis. The research we made for Romania began by studying the EU policies concerning development and decentralization. The article aims at offering a coherent approach, at getting to useful results in order to give an impulse for future studies. fiscal decentralization; local development; social and economic innovation; central and local public administration; public services (goods). 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 179 186 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Maria Letiţia Brătulescu "Transilvania" University of Braşov oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:786-7932010-10-26RePEc:agr:journl article ARAB STOCK MARKET AND THE GLOBAL ECONOMIC CRISIS: SOME CASES ANALYSES The purpose of this paper is to investigate whether Arab stock markets are characterized by excessive volatility of returns after the global crisis economic. In this study, the Schwert measure is obtained from a two-step regression technique and is an estimation of the conditional standard deviation of weekly returns. The Schwert measure used at the group level so that it could reveal not only the potential trends in volatility of returns in Arab markets but also their level of volatility relative to that of emerging and developed markets. The graphs show that Arab markets exhibit the lowest level of volatility of returns and also that they are not affected by international financial crises. Finally, the study addresses the issue of volatility spillovers. The results indicate that Arab markets are characterized by low correlations with each other and with international market. stock market; financial and economic crisis; Arab economy; financial market. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 786 793 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mokhtar Maazouz Msila University oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:231-2362010-10-26RePEc:agr:journl article EU'S STRATEGY FOR SUSTAINABLE DEVELOPMENT AND ITS INDICATORS Sustainable development has now become a target on a global scale. Bassed on the commitment made at RIO (1992), the European Union in recent years adopted an integrated strategy in order to assume an active role in efforts to adopt the principle of sustainability in economic policies. The Union proposes that, thus enabling an evolution towards a society more prosperous and fair, ensuring a cleaner environment, safer, cleaner and offering a quality of life better. "Sustainable development has become today, at least at the political level, declarative, a goal of society as a whole, therefore a basic principle of all the economic and social life". sustainable development; economic prosperity; social cohesion; implementation; political objective. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 231 236 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Lorena Popescu Duduială "Constantin Brâncuşi" University oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:418-4212010-10-26RePEc:agr:journl article LEISURE TIME MANAGEMENT THROUGH PHYSICAL EDUCATION AND SPORT Physical education - activities which exploit systematic practice all forms of physical exercise to increase mainly the biological potential of social rights in accordance with requirements. physical education; specific; time off. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 418 421 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Teodora Dominteanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:20-252010-10-26RePEc:agr:journl article THE DOMESTIC ECONOMIC POLICY – FROM MACROECONOMIC INFLUENCES TO STRENGTHENING THE COMPETITIVE EQUITY The paper presents issues regarding the economic evolution in Romania in the last decade of the transition process from a super-centralized economy to a functional market economy. The impact of the financial crisis in Romania together with some of its effects are analyzed herein. Finally, we present a set of possible solutions for overcoming the crisis to restart the economy engines. economic category; crisis; the economics of illusion; driving forces. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 20 25 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ioan Cuzman SIF Banat-Crişana, UVG Arad Daniel Manaţe SIF Banat-Crişana, UAV Arad Pavel Fărcaş SIF Banat-Crişana, UVG Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:154-1602010-10-26RePEc:agr:journl article SOME REMARKS ON THE "EVALUATION PROBLEM" IN COST-BENEFIT ANALYTICS According to the common definition, cost-benefit analysis (CBA) estimates and aggregates the monetary equivalent of present and future social costs and benefits regarding public investment projects (PIP), discounted and compared, aiming at deciding their opportunity. Monetary evaluation problem is more complex within the public sector, because market prices might not appropriately reflect social costs and benefits, relative to the evaluation undertaken by companies, where project benefits (revenues) and cost (payments) are both calculated at market prices. The purpose of this paper is to review and compare the fundamental pros and cons of various valuation methodologies used in CBA regarding PIP. welfare economics; allocative efficiency; monetary evaluation; cost– benefit analysis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 154 160 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mihaela Iacob Bucharest Academy of Economic Studies Georgiana Camelia Creţan Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:794-7992010-10-26RePEc:agr:journl article SOVEREIGN RATING DYNAMIC AND CAPITAL MARKET: ANALYTICAL PERSPECTIVE AT THE LEVEL OF THE CEE COUNTRIES We analyze the effects of Standard and Poor's sovereign rating changes on stock market return at the level of the Central and Eastern Europe area. We remark a certain differentiation in terms of stock market indices reaction to sovereign rating dynamic. We assume that sovereign rating upgrade is associated with stock market return increase while a downgrade triggers an opposite phenomenon. This assumption is not validated at the general level. The differentiation can be made according to the direction of the credit rating dynamic within the rating matrix; there may be performed upgrades/downgrades within the same rating class, from one credit quality step to the other (Poland and Slovakia) as well as from one rating class to the other (Bulgaria, Romania, Hungary). A notch upgrade/downgrade within the same rating class has a different impact on investors' perception in comparison with rating class dynamics. sovereign rating; stock return; financial markets; emerging countries. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 794 799 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cristina Maria Triandafil Bucharest University of Economics Petre Brezeanu Bucharest University of Economics oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:591-5982010-10-26RePEc:agr:journl article SOME CONSIDERATIONS REGARDING THE IMPACT OF FINANCIAL GLOBALIZATION ON THE CONTEMPORARY FINANCIAL SYSTEMS As consequence of globalization, in the past two decades, the international financial markets have become more and more interdependent. The financial globalization brought significant benefits to the national economies and to investors, but altered at the same time the structure of markets, generating new risks and challenges for the market participants and for the surveillance and regulation institutions. In this paper the authors analyze the effects of financial globalization, aiming at providing a broader image on today's financial markets, respectively of the dynamics of financial entities, of structural changes caused at their level and of the dynamics of financial instruments. globalization; integration; financial crisis; financial markets; derivatives. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 591 598 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Carmen Corduneanu West University of Timisoara Laura Raisa Miloş "Eftimie Murgu" University Resita oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:413-4172010-10-26RePEc:agr:journl article REINSURANCE OF CATASTROPHIC RISKS Without reinsurance, the profile world market would fail to meet the multiple risks, of high intensity and high production rate. Expanding the business developed by different companies and the first signs of leaving the global financial crisis are factors which should draw attention to the increased risks faced by insurance companies. But the greatest danger comes from the catastrophic risks that will not disappear in any of the previous assumptions as to which requires the development of viable reinsurance programs. catastrophic risk; catastrophe reserves; mandatory housing insurance; pool insurance; reinsurance cessions. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 413 417 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Paul Tănăsescu Bucharest Academy of Economic Studies Cosmin Şerbănescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:315-3212010-10-26RePEc:agr:journl article EXTENDING ECONOMIC FREEDOM: THE RIGHT PATH FOR DIMINISHING CORRUPTION AND ECONOMIC STABILITY(1) Nowadays, understanding and identifying economic freedom means the existence of an institutional frame, rules which guide human behaviour in a predictable manner. Approaching economic freedom from an institutional point of view is consistent with the political processes and their consequences as it is also with the economic stability. This study emphasizes the correlation between extending economic freedom and the diminution of corruption and economic stability. In order to demonstrate this, we have compared the index of economic freedom and the corruption perception index for various countries using data from specific reports. economic freedom; institutions; corruption; economic stability; rentseeking. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 315 321 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Marius-Cristian Pană Bucharest Academy of Economic Studies Liviu-Cosmin Mosora Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:778-7852010-10-26RePEc:agr:journl article DEVELOPMENT OF THE GEORGIAN BANKING SYSTEM IN THE LAST 20 YEARS (1989-2009) The paper includes the investigation of the development of the Georgian banking system during the last twenty years. The study also describes the links between stability in transition economies and efficiency in banking system. The development of the financial sector has increased the interest for international financial institutions. I have selected four of the best performing Banks of the country. I have also constructed a number of banks performances' indicators, which are composed of variables capturing banks' profitability. The conclusions confirm that Georgian banking system is becoming more effective as long as the political environment in the country remains stable. banks' profitability; Georgian banking; transition economies; financial institution. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 778 785 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Kunchulia Paata ATEI of Thessaloniki oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:54-602010-10-26RePEc:agr:journl article THE STATE AND FOREIGN DIRECT INVESTMENTS - SOME ASPECTS IN CONTEXT OF FINANCIAL CRISIS Good governance is a key component of policies and reforms for poverty reduction, for national and global security as well as for the promotion of democracy and human rights. Many developing countries, particularly the least developed countries, are interested in created facilities for foreign direct investment flows. The economic decline poses challenges for many developing countries, because the foreign direct investments have become their largest source of external financing. Some aspects about involvement of state in foreign direct investments evolution in actually financial crisis are presented in this paper. foreign direct investments; global economic and financial crisis; transnational corporations; good governance; impact of crisis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 54 60 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniela Lidia Roman Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:685-6912010-10-26RePEc:agr:journl article INTERDEPENDENCE OF CAPITAL MARKETS IN TERMS OF ECONOMIC STABILITY AND IN CONDITIONS OF FINANCIAL CRISIS - ECONOMETRIC STUDY OF THE EFFECT OF CONTAGION The present study aims to build a relationship that can quantify the dependence between different capital markets and to compare the results obtained before and after the onset already famous financial crisis we are going through. Also, we plan to identify on the basis of generally valid empirical behavior of these dependencies, to justify its trend and seek justification for any exceptions occurring. The paper seeks to be a starting point for further reflections on the connection and transmission channels of information between capital markets in different geographical areas. financial crisis; stock market dependence; GARCH; correlation; contagion effect. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 685 691 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ioana-Diana Păun Bucharest Academy of Economic Studies Maria Paşcu-Nedelcu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:647-6522010-10-26RePEc:agr:journl article ETHICS AND RESPONSIBILITY IN BANKING. OPINIONS FROM THE ROMANIAN MARKET The paper presents the opinions of three banks present on the Romanian market (The Romanian Commercial Bank – BCR, Bancpost and Raiffeisen Bank) on ethical and social responsibility issues, resulted from a focus group organized by the authors. The issues are set in the context of the current financial crisis and its impact on the interaction of the banks with the community. ethics; banking; responsibility; Romania. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 647 652 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mihaela Zografi Bucharest Academy of Economic Studies Mariana Nicolae Bucharest Academy of Economic Studies Roxana Voicu-Dorobanţu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:468-4742010-10-26RePEc:agr:journl article PUBLIC ATTITUDES TOWARDS ADVANTAGES AND DISADVANTAGES OF RENEWABLE ENERGY EXPLOITATION In this paper we present the perception of a representative sample of the population connected to the university environment about advantages and disadvantages of renewable energy exploitation. The survey results indicate that the target population is definitively in favor of the renewable resources, and against continuing to produce electricity using the traditional pollutant fossil fuels. Nevertheless, the survey results revealed a lack of information or education for the Romanian students and graduates in regards to how they can contribute to environment protection. renewable energy; public attitude. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 468 474 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Anamaria Ciobanu Bucharest Academy of Economic Studies Mioara Băncescu Bucharest Academy of Economic Studies Anamaria Aldea Bucharest Academy of Economic Studies Meral Kagitci Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:91-962010-10-26RePEc:agr:journl article THE DYNAMIC AND STRUCTURAL EVOLUTION OF THE EXPENSES RELATED TO PUBLIC ORDER AND NATIONAL SAFETY The expenses related to the public order and national safety must be very well weighted within the financial policy of a country, since the functionality of such institutions is being organized throughout many years and maintained to reactive capacity only and only if there is sufficient material and moral support, technical and professional compatibility. In the context of the economic global crisis, the fundamental objective of the study is the analysis of the expenses related to the public order and national safety, their chronological trends and their influence upon the commitments undertaken by Romania. expenses; public order; index; deflator; percentage. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 91 96 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cătălina Carmen Huba (Ştefănescu) Ministry of Administration and Internal Affairs oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:640-6462010-10-26RePEc:agr:journl article CORPORATE FINANCING BY BOND ISSUE ON THE ROMANIAN CAPITAL MARKET Providing financing to companies is a challenge for the financial system, which needs to demonstrate its usefulness by allowing these companies to gain access to available financial resources. This paper aims to analyze the process of financing through corporate bonds issue on the Romanian capital market in terms of their content, value and investor payoff on the one hand, but also to identify the Romanian capital market's capacity to provide financial resources during the financial crisis that affected the Romanian economy since the second half of 2008. corporate bonds; capital market; România, financial crisis. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 640 646 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cristina Duhnea Ovidius University of Constanta Silvia Ghiţă-Mitrescu Ovidius University of Constanta oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:665-6692010-10-26RePEc:agr:journl article INSOLVENCY AND RESTRUCTURING During a crisis period, many businesses become insolvent. Insolvency implies closing down a company through bankruptcy or reorganizing that company. In our present economical situation, closing down a business is totally disadvantageous. Because of the low demand on the market the firm's assets will be sold at a low price. Reorganizing implies approving of a plan, which offers a series of advantages to the creditors: the rescheduling of debts, the suspending of all judiciary actions, re-planning of activities, renegotiation of ongoing contracts, re-dimensioning of costs. After the period of maximum three years the company has a chance to become viable. vulnerability; insolvency; restructuring; bankruptcy; reorganizing plan. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 665 669 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Corneliu Belei SIF Banat-Crişana S.A., Arad, Carmen Antoinette Schmidt SIF Banat - Crişana S.A., Arad, oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:34-442010-10-26RePEc:agr:journl article FINANCIAL CRIME AND THE SECURIZATION OF BANKING CIRCUITS IN ORDER TO PREVENT AND FIGHT AGAINST MONEY LAUNDERING This paper presents the main results of the research project "Financial crime and the securization of banking circuits in order to prevent and fight against money laundering", financed by CNCSIS-UEFISCSU. financial crime; money laundering; underground economy; economic growth; corruption. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 34 44 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ion Stancu Bucharest Academy of Economic Studies Daniel Rece Bucharest Academy of Economic Studies Filip Iorgulescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:137-1432010-10-26RePEc:agr:journl article LOCAL BUDGET PROCESS AND LOCAL ECONOMIC DEVELOPMENT The local budget process is in close connection with the economic development of the territorial-administrative units, firstly because the former implies the collection of budget revenues based on which local authorities provide public services to citizens and ensure the provision of such services by third parties. Also, through the implementation of expenditure, local government creates and maintains a favorable climate for local citizens and local traders for them to thrive and stimulates the creation and expansion of business agents, with direct impact on citizens, by increasing their income and creating new jobs. Also, the existence of good local public services can make that area more attractive for citizens and business people willing to settle in that territory. In the context of the local budget process for the achievement of the common objective of local economic development, local authorities focus the human, intellectual and financial resources in the private sector and local bodies, setting out short, medium and long-term plans and strategies. local budget; local budgetary process; public expenses; development strategy; local economy; economic development. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 137 143 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cristinel Ichim "Ştefan cel Mare" Universiy of Suceava oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:49-532010-10-26RePEc:agr:journl article THE IMPACT OF FINANCIAL CRISIS ON COMPENSATION STRATEGIES The continuous impact of uncertain economic environment affected most organizations' workforce through an uninterrupted increase of unemployment, wage reduction and diminution in offered benefits, thus forcing more and more companies to revise their compensation strategy. Employee compensation consists of a series of elements used in order to attract, retain and motivate skilled employees. Nevertheless, especially in Eastern Europe, the most important factor is still the fixed pay, respectively the base salary. Last year's financial crisis has a major impact in shaping the compensation elements to be gradually restructured starting with 2010. Compensation; pay structure; salary budget; workforce; communication. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 49 53 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Tatiana Moşteanu Academy of Economic Studies, Bucharest Monica Andrei Academy of Economic Studies, Bucharest oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:632-6392010-10-26RePEc:agr:journl article D-CAPM: EMPIRICAL RESULTS ON THE BUCHAREST STOCK EXCHANGE The downside capital asset pricing model measures the downside beta of risk and is proposed by Estrada (2002) as an alternative to the capital asset pricing model to measure the risk of emerging market investments. The basis for this argument is that investors are not particularly worrisome of upside risk, while downside risk is always a problem. This article attempts to test the validity of D-CAPM in the case of Bucharest Stock Exchange. Research findings indicate no meaningful relationship between downside beta coefficients and ex-post risk premiums of the selected stocks, except the period of crisis. downside risk; asset pricing; beta; semi-variance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 632 639 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Alexandru Todea Babes Boliay University, Cluj-Napoca Horia Tulai Babes Boliay University, Cluj-Napoca Anita Pleşoianu Babes Boliay University, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:290-2952010-10-26RePEc:agr:journl article IMPLICATIONS OF THE CURRENT CRISIS ON LABOR MARKET IN ROMANIA Global markets and transnational companies tend to be reflected in an open global market. The more so, in these conditions, economic and financial developments in a country influence and are influenced by developments in other countries. Romania's labor market is affected by the current economic and financial crisis, which is manifested by the rising unemployment as a result of reducing the volume of activity of many businesses. That is why, overcoming the crisis calls for measures and policies aimed at creating new jobs and taking into account the trends in the country's aging population, migration of young specialists, temporary leave to work abroad. financial crisis; unemployment; work abroad; active employment policies. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 290 295 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mirela Ionela Aceleanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:187-1932010-10-26RePEc:agr:journl article TENDENCIES IN FUNDING EUROPEAN HIGHER EDUCATION Since 1065, when the first university in Europe was founded – University from Parma, higher education has been in a continuous reformation, both from educational politics point of view and from funding mechanisms point of view. Therefore, this study aims at presenting the main funding models for European higher education, in order to a future design of a funding model able to maximize the efficiency for using and/or distributing public funds for tertiary education. higher education; public expenditures; funding formulas; funding agencies. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 187 193 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Georgiana Camelia Creţan Bucharest Academy of Economic Studies Mihaela Iacob Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:393-3992010-10-26RePEc:agr:journl article MOTOR CLAIMS INCREASE IN ROMANIA – CAUSES AND PREDICTIBLE CONSEQUENCES The scope of this article is to analyze the factors that can influence the motor claims on the Romanian market and the methods through this can be analyzed and managed. The lack of statistical data that will validate the proposed model allow us to stress out the structural approach of the claims phenomenon and not to actually test the model. Besides the external causes (accidents, deaths etc., considered objective factors) that are responsable for motor claims, we included also the internal causes (operational risks at the level of insurance companies). The initial presumption was that is it is much easier to manage operational internal risks than to change the entire motorists' discipline. bonus-malus; claims; motor insurance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 393 399 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Dumitru G. Badea Bucharest Academy of Economic Studies Laura Elly Novac Bucharest Academy of Economic Studies Răzvan Tudor Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:70-762010-10-26RePEc:agr:journl article BRAIN-DRAIN MIGRATION IN THE KNOWLEDGE SOCIETY: IMPACT AND CONSEQUENCES Globalization, people's and capital free movement have lead to the creation of knowledge society, a society in which international migration for qualified personnel is interesting for both source state and absorbent force work state. This phenomenon can attract in the source state a decrease of the revenue per capita as a negative result but at the same time it can act as a positive externality in the destination state. In this context this paper aims to analyze different aspects of the brain-drain migration concept and the impact upon both origin and destination countries. migration, brain-drain, externality, fiscal policy 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 70 76 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Mariana Vuţă Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:130-1362010-10-26RePEc:agr:journl article ESTIMATING TAXATION RATE BASED ON BLANCHARD'S APPROACH Estimating an optimal taxation rate represents a much debated topic. But, embodying the perfect market conditions, reaching out the equality between marginal rates of substitutions, in order to estimate the optimal taxation rate, is impossible to fulfill by any economy. Therefore, it could be considered as being a more suitable approach for any practitioner, to estimate the taxation rate following Blanchard's approach. The findings of this paper reveal that during 2000-2007 Romanian government should had imposed some fiscal adjustment measures in order to assess sustainable fiscal policy on long term. fiscal sustainability; intertemporal budget constraint; fiscal adjustment; effective taxation rate; fiscal policy. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 130 136 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Andreea Stoian Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:756-7622010-10-26RePEc:agr:journl article VOLATILITY DYNAMICS OF EURO–DOLLAR FOREIGN EXCHANGE MARKET This article assesses whether the continuous time random walk (CTRW) model is useful in explaining and predicting fluctuations in the financial market dynamics. In service of this objective, we formalize the CTRW model for a financial market, and estimate some salient exponents of the model using the tick-by-tick data of the Euro–Dollar foreign exchange rate. From some empirical results, we conclude that the CTRW model can be meaningfully applied to the description of an abnormal time evolution of high-frequency financial data. It also provides a framework of predictions of market dynamics. continuous time random walk model; euro–dollar foreign exchange rate; high-frequency data; power law; complex system. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 756 762 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Jungseek Hwang Pusan National University Sungkyun Park Pusan National University Sang Hoon Kang Gyeongsang National University Suyeol Ryu Andong National University Seong-Min Yoon Pusan National University oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:619-6252010-10-26RePEc:agr:journl article OPTIMAL SOLUTIONS IN BANKING MANAGEMENT: USEAGE OF INTRANET SITE OR PRIVATE NETWORKS Banking companies face an essential dilemma is for the credibility and effectiveness of operation: who is the best solution for the bank to tranzacţiiile secure, fast, effective and compatible? Variations consist in the age of Intranet site or Virtual private networks. Intranet solution involves identifying problems in the short/long intranet site development, plus specific organizational and technological issues. Solution with Virtual private networks, seen as a reliable data transfer by financial and banking systems, impose to define their semantics, standards, protocols used, and dedicated hardware-software systems. Virtual Private Network (VPN); Point-to-Point Protocol (PPP); Point-to- Point Tunneling Protocol (PPTP); Internet Engineering Task Force (IETF); MultiProtocol Label Switching (MPLS). 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 619 625 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Niculae Davidescu Bucharest Academy of Economic Studies Ştefan Dumitru General Manager ATS Bogdan Săhlean Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:475-4822010-10-26RePEc:agr:journl article STUDY REGARDING THE IMPACT OF THE CORPORATE SOCIAL RESPONSIBILITY UPON FIRMS' FINANCIAL PERFORMANCE In this paper, the authors intend to present a method of measuring corporate social performance (CSP), through a coefficient, and to study the link between this measure of CSP and the financial strength indicators of a company (size and profitability measures), at the level of a sample of Romanian companies listed on Bucharest Stock Exchange, making use of a series of statistic methods such as correlations analysis, principal components analysis, cluster analysis and discriminant analysis. Although in a manner that has limitations, this study has revealed that, at the level of the sample employed, it can be established a positive relationship between CSP and corporate financial performance (CFP), founding toward which indicate the majority of the studies in literature. corporate social responsibility (CSR); corporate social performance (CSP); corporate financial performance (CFP); CSP-CFP relationship. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 475 482 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Georgeta Vintilă Bucharest Academy of Economic Studies Ştefan Daniel Armeanu Bucharest Academy of Economic Studies Paula Lazăr Bucharest Academy of Economic Studies Maricica Moscalu firstname.lastname@example.com oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:550-5562010-10-26RePEc:agr:journl article FRAUD RISK MANAGEMENT This paper aims to highlight certain aspects of the fraud risk faced by all organizations, regardless of the specific activity. Also, in this work are presented some practical examples in order to show how the risk of fraud is managed. The implications of this risk can be unlimited and may lead to bankruptcy when the organization affected. In general, the risk of fraud is more threatening in times of crisis and also threatens the financial stability of organization. fraud; internal audit; internal control; management and risk assessment; corporate governance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 550 556 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ionuţ Şerban National Bank of Romania, Bucharest oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:389-3922010-10-26RePEc:agr:journl article HEALTH INSURANCE - CHALLENGE FOR SOCIAL POLICY This article expresses opinions related to a number of ideas commonly found in various studies on the evolution of health expenditure and its effects on economic and social environment. Reform in this area, particularly focused on issues facing health system funding, must be based on a set of criteria that take into account the impact of globalization and the specific situation of each country. health system; health expenditure; health insurance; health financing system. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 389 392 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Felicia Alexandru Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:274-2812010-10-26RePEc:agr:journl article THE EFFECTS AND COST OF BANK RECAPITALIZATION IN THE CONTEXT OF FINANCIAL CRISES Worldwide governments perform considerable financial efforts to support financial sector and the re-launch of lending. The mechanisms vary from the guarantee and purchase of troubled assets till injecting liquidity, by buying securities issued in order to increase financial institutions' equity. The emergence of these measures and their desirability, in the context in which it is based on public funds provided by taxpayers, have originated a lot of debate about the necessity, appropriateness and impact of these interventions. Our paper aims to summarize the main coordinates of programs designed to support banks, implemented by the governments, and the specific concerns of restructuring the financial institutions' balance. financial crisis; troubled assets; recapitalization; competition distortion; recapitalization price. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 274 281 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Teodora Cristina Barbu Bucharest Academy of Economic Studies Nicolae Dardac Bucharest Academy of Economic Studies Iustina Alina Boitan Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:725-7342010-10-26RePEc:agr:journl article THE IMPORTANCE OF SYSTEMIC RISK MANAGEMENT AND MACROPRUDENTIAL SUPERVISION IN AVOIDING THE FUTURE OCCURRENCE OF A FINANCIAL CRISIS SIMILAR TO THE PRESENT ONE Some of the main reasons that led to the emergence of the ongoing financial crisis stem from insufficient risk management, the de-regulation of financial institutions, the lack of macro-prudential supervision and the implementation of the free/perfect markets model. This article analyzes and discusses both the importance of systemic risk management and macro-prudential supervision and their effect upon the ongoing financial crisis, as well as the recent measures undertaken in this respect at the level of the European Union, USA and G20. systemic risk; macro-prudential supervision; financial crisis; supervision bodies; financial system. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 725 734 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Arion Negrilă The Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:743-7472010-10-26RePEc:agr:journl article THE CHINESE MODEL OF LOCAL PUBLIC FINANCES The Chinese public finances are of interest to any public economy because, through their complexity, they can offer us a set of good practices. The five levels of organization of the administration (out of which four are the correspondents for the local levels) impose an integrated financial mechanism that takes into account the types of income that can be cashed for every budget separately and the spending categories that can be paid from the those budgets. The existing system is being perfected, with the dysfunctions being identified, especially those related to the lack of correlation of the incomes with the spending and the deficits' covering. local public finances; budgetary incomes; budgetary spending; local public deficit; China. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 743 747 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Attila Gyorgy Bucharest Academy of Economic Studies Adina Cristina Gyorgy Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:322-3282010-10-26RePEc:agr:journl article FROM ECONOMIC FREEDOM TO PROSPERITY. AN ILLUSTRATION ACROSS EUROPE (1) Many empirical studies show an organic connection between economic freedom and prosperity. Thus, the quality of economic and political institutions existing in a country must be assessed considering their capacity to promote private property and economic freedom. This paper analyses the evolution of economic freedom in some countries, members of European Union. The main conclusion is that the framework for development "more market and less government" is the best way to promote prosperity within our society. Thus, we can deduce the necessity of bringing forward some suggestion and debates about institutional reformes in the European area. economic development; economic freedom; institutions; institutional reform; market economy. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 322 328 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Gabriel Staicu Bucharest Academy of Economic Studies Cosmin Marinescu Bucharest Academy of Economic Studies Liviu Moraru Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:352-3562010-10-26RePEc:agr:journl article THE FINANCIAL SUPERVISION MODELS IN THE EUROPEAN COUNTRIES In the current crisis context, more than ever, financial supervision plays a significant role. This paper presents the three main supervision models that are followed by the European countries: institutional model (banking, insurance and securities), functional model (supervision by objectives) and centralized model (single supervision authority). Each model is analyzed, trough its advantages and disadvantages. One of the main questions is about the appropriate model for financial supervision, a problem for which this paper is looking for an answer. financial supervision; institutional model; functional model; centralized model; european states. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 352 356 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Sorina Ioana Coroiu University of Oradea, Faculty of Economics, Oradea Claudia Diana Sabău Popa University of Oradea, Faculty of Economics, Oradea oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:380-3882010-10-26RePEc:agr:journl article CREATIVE ECONOMY AND MACROECONOMIC STABILITY DURING THE FINANCIAL CRISIS The current crisis has struck and still strikes most sectors of the economy. The question that is being asked is which are the areas and sectors that have the potential to withstand the crisis and to develop despite this adverse economic reality. Experience shows that creative industry in particular and creative economy in general has the ability to face the crisis challenges and to follow an upward trend. The paper summarizes the stake the creative economy presents in times of crisis and proposes a set of policies possible to be followed in order to support and promote the creative economy. The paper disseminates a part of the results obtained within CERES and IDEI 1224-two research projects dedicated to creative economy. creative economy; creative industries; global crisis; creative communities. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 380 388 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Marta Christina Suciu Bucharest Academy of Economic Studies, Mina Ivanovici Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:719-7242010-10-26RePEc:agr:journl article CRITICAL ANALYSIS OF HOUSING MORTGAGE LOANS FINANCING UNDER "FIRST HOME" PROGRAM, AS PART OF NATIONAL HOUSING POLICIES The development of National Housing Policies had difficult journey and places Romania among the countries of Central and Eastern Europe with the least effective policies in this field. The outcome, in the spring of 2009, of "First Home" program represented wholeness of National Housing policies. This article is a critical analysis of this program, a SWOT analysis and outlines proposals to streamline programs of this kind. mortgage loan; Real Estate market; National Housing Policies. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 719 724 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ion Radu Zilişteanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:543-5492010-10-26RePEc:agr:journl article TESTING THE IMPACT OF THE DETERMINANTS OF CAPITAL STRUCTURE FOR ROMANIAN-LISTED FIRMS This paper investigates the determinants of capital structure of Romanian listed-firms using a panel data model. The average debt ratio of Romanian firms is below the figure in most developed and developing countries due to the influence of macroeconomics factors (i.e., economic growth, inflation rate, interest rate) on capital structure. The financing behaviour of Romanian listed-companies follows the "new Pecking order theory", which states that firms use as financing sources first retained earnings, then equity, and finally debt. capital structure; debt ratio; macroeconomic conditions; firm-specific factors; panel data. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 543 549 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Gabriela Mihalca Babes-Bolyai University, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:194-2002010-10-26RePEc:agr:journl article DIFFICULTIES IN THE QUANTIFICATION OF HUMAN CAPITAL In our opinion, the quantification of human capital is a complex process faced with difficulties. The research starts with the standard measure of human capital – the number of years of schooling – and elaborates a brief analysis of the shortcomings of its quantification. Among these, there are highlighted the differences in the quality of schooling, unreflected by the number of years of schooling, th difficulty of quantifying symbolic capital and informal education, the role of cognitive skills and that of the innate ones, etc. By the research undertaken, the authors advocate for supporting a new paradigm for the conceptualization and quantification of human capital in order to provide a better foundation of educational policies. human capital; quantification; difficulties; education; educational policies. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 194 200 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Irina Zgreabăn Bucharest Academy of Economic Studies Rodica Gherghina Bucharest Academy of Economic Studies Anca Mirela Postole Titu Maiorescu University, Bucharest oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:583-5902010-10-26RePEc:agr:journl article EFFECTS OF STRENGTHENING STOCK EXCHANGE Strengthening markets is a defining process of globalization and financial deregulation which reconfigured stock exchange in the world. Choosing consolidated financial architecture allows optimization of market liquidity. Thus, cost of capital for issuers is even lower as the liquidity of the securities is greater and a liquid market may allow investors achieve low transaction costs and more comprehensive risk coverage. In our study we tried to highlight the main views that are found in the literature on this subject and to present trends in the Romanian market. stock exchange merger; consolidation effects; market liquidity; cost synergies; the trading platform. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 583 590 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Teodora Cristina Barbu Bucharest Academy of Economic Studies Carmen Obreja Bucharest Academy of Economic Studies Ana Cornelia Olteanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:201-2062010-10-26RePEc:agr:journl article FROM THE TRANSITION DIFFICULTIES TO THE CHALLENGES OF THE ECONOMIC AND FINANCIAL CRISIS: STATE AID IN CENTRAL EUROPE The paper focuses on one of the most important and difficult economic aspects of the Central European countries in their efforts of European integration and macroeconomic stabilization, namely the State aid situation, analyzing the role and significance of State aid from the necessity of building market-based competitional structures to the particular relevance of State aid in the context of the economic and financial crisis. Central Europe; horizontal aid; sectoral aid; competition; market failure. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 201 206 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Nicolae Băcilă "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:565-5722010-10-26RePEc:agr:journl article INTERNAL AUDIT PERFORMANCE MODELING USING COST BENEFIT ANALYSIS. SENSITIVITY OF INTERNAL AUDIT SURPLUS VALUE WITHIN THE CONTEXT OF THE FINANCIAL CRISIS The article looks into the performance issues, and the cost – benefit approach on audits, viewed in a broader sense (project management) but also analyses the limits of this approach, that can provide a quantitative dimension to the surplus value. With this purpose, the quantitative analysis will observe from a theoretical and illustrative point of view a project management theoretical model used to quantify the surplus value of an audit, using the net added value method, project management and balanced scorecard method. Finally, conclusions were drawn regarding the sensitivity of surplus value brought by internal audit within the context of the economic crisis. public internal audit; project management; cost – effectiveness analysis; balanced bcorecard; net present value. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 565 572 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Adrian Vintilescu Belciug Internal Auditor DGFP Buzau Monica Andrei Compensation and Benefits Analyst at Travelport Ltd. Daniela Coloiu (Creţu) Inspector DGFP Buzau oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:296-3002010-10-26RePEc:agr:journl article EFFECTS OF FINANCIAL CRISIS ON THE MACROECONOMIC INDICATORS AND POSSIBLE SOLUTIONS TO REDRESS FOR ROMANIAN ECONOMY Romania, as a country which adhered to the European Union just from two years ago, being including in a economical world cycle, gas been more than ever exposed to the effects of this financial crisis. This issue tries to focus on the effects of the financial crisis on the main macroeconomic indicators in Romania such as: the rate of economic growth, the annual inflation rate, the budget deficit as percent from the GDP. We also try to propose some appropriate monetary, fiscally and budgetary policies in order to redress the Romanian economy and in the same time trying to maintain the conditions imposed by the International Monetary Fond for Romania. financial crisis; macroeconomic indicators; Romanian economy; global performance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 296 300 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Monica Violeta Achim Babes-Bolyai University Cluj- Napoca Sorin Nicolae Borlea Vasile Goldis University Arad oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:657-6642010-10-26RePEc:agr:journl article THE CONNECTION BETWEEN BANK AND INTERBANK INTEREST RATES Interbank interest rates are the main determinant of interest rates practiced by banks on deposits and loans of households and non-financial corporations customers. In Romania, the empiric optimum of connection between interest rates of deposits and loans and the interbank interest rates is differing from 1, because of the following main factors: weak money market turnover, Romanian banking system having concentration higher than moderate to a certain extent and low financial intermediation degree, credit, liquidity and interest rate risks, maturity of bank products, fixity or variability of banks interest rates, banks perception on monetary policy and interbank interest rates modification. interbank interest rate; loans interest rate; deposits interest rate; connnection; optimum. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 657 664 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Gabriel Bistriceanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:237-2442010-10-26RePEc:agr:journl article SUB - PRIME CRISIS. ASPECTS REGARDING THE CRISIS IMPACT IN SOUTH - EAST EUROPE The works presents aspects regarding the sub – prime crisis and the impact of the crisis upon The South – East Europe countries. The first part approaches the origins of the sub – prime crisis, the deteriorating of the balance sheets of the banks exposed to toxic assets and the globalization of the crisis. In the second part, we analyse relevant aspects of the crisis impact upon The South – East Europe countries. The conclusions refer to the fact that economies in this area were uncovered to the negative effects with a certain delay, but these effects, eventually were more obvious than in mature economies. bubble; collapse of the market; sub-prime; toxic assets. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 237 244 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniel Manaţe SIF Banat-Crisana, UAV Arad, România Ioan Cuzman SIF Banat-Crisana, UVG Arad, România Pavel Fărcaş SIF Banat-Crisana, UVG Arad, România Daniela Manaţe ASE, FABIZ Bucureşti, România oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:703-7102010-10-26RePEc:agr:journl article THE CREDIT RISK OF THE ROMANIAN BANKING SYSTEM IN THE CONTEXT OF THE GLOBAL FINANCIAL CRISIS The paper approaches the problem of credit risk in the Romanian banking system, given the need for its proper management in the context of credit expansion on a global scale. The link between the current financial crisis and credit risk can be considered in two-ways: production of credit risk is a cause for triggering the current crisis; the expression and expansion of economic and financial crisis has caused the credit risk to manifest itself internationally. This affects the profitability of commercial banks in the system, especially those with less equity capital, that are more vulnerable to such turbulence. credit risk; non-performing loans; provisions; financial crisis; Romania. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 703 710 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Ramona Orăştean "Lucian Blaga" University, Sibiu Ioana Raluca Sbârcea "Lucian Blaga" University, Sibiu oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:735-7422010-10-26RePEc:agr:journl article INVESTIGATING ROMANIAN FISCAL ADJUSTMENTS* Fiscal sustainability assessment depends on the active measures undertaken to limit the budget deficit. The aim of this paper is to analyze the composition of fiscal adjustments based on reaction function on Romania's case. The main findings reveals that the future active measures undertaken by Romanian government in order to prevent large fiscal imbalances and to assure condition for assessing fiscal sustainability on long run should rely upon expenditures and reduction of income and consumption taxation. Also, the reaction of fiscal balance to shocks on expenditures and taxation is delayed by three periods. fiscal sustainability; fiscal adjustment; structural deficit; primary balance; reaction function. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 735 742 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Emilia Câmpeanu Bucharest Academy of Economic Studies Department of Finance Andreea Stoian Bucharest Academy of Economic Studies Department of Finance oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:116-1192010-10-26RePEc:agr:journl article SPECIFIC FEATURES OF REGIONAL ECONOMIC DEVELOPMENT FINANCING IN THE FINANCIAL CRISIS CONTEXT This paper focuses on investigating the regional funding desirability and contribution to the development of a nation in the current crisis context. We were also interested in the impact of this source of financing on the public budget. The novelty of this topic lies in the fact that the particularities of regional funding and its implications in the accumulation of budget revenues is being presented for the first time. funding; crisis; regional development; resources; budget. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 116 119 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Susana Irina Iosof Dimitrie Cantemir University, Tg. Mureş oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:45-482010-10-26RePEc:agr:journl article ECONOMICAL AND FISCAL INSTRUMENTS FOR REDUCING GREENHOUSE GASES´ EMISSION Climate changes are caused directly or indirectly by the human activities that determine the modification of the global atmosphere composition to which it is added the natural climate variability observed through a comparable period of time. The effects are visible especially by the increase of the average global temperature with 0.6-0.2°C from the moment when it is started to be monitored, 1860 respectively. Under the Kyoto Protocol, the European Community (EC) has agreed to reduce its greenhouse gas (GHG). The paper aims to analyze the registered at European level for reducing of greenhouse emissions due to the economical and fiscal instruments. climate change; greenhouse emissions; instruments; measures. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 45 48 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Florina Bran Bucharest Academy of Economic Studies Ildiko Ioan Bucharest Academy of Economic Studies Carmen Valentina Rădulescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:428-4352010-10-26RePEc:agr:journl article PROTECTION AGAINST CATASTROPHIC RISKS IN SOME COUNTRIES IN EUROPE The impact of increasingly large catastrophes on the economics of world states prompted a call for thorough evaluation of possible strategies to reduce their harmful effects. Also, more high frecvency of the catastrophal phenomena determinated at global level, but also at the level of individual countries greater emphasis concerns to insurance, to cope with major losses occurring in such situations. The article analyzes the evolution of global catastrophes and a comparison of the protective measures against catastrophes introduced by some countries in Europe. natural catastrophes; man-made catastrophes; protection; insurance; reinsurance. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 428 435 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Maria Bodnarciuc Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:84-902010-10-26RePEc:agr:journl article REGARDS ABOUT EVOLUTION OF SOCIAL ASSISTANCE EXPENDITURE DURING FINANCIAL CRISIS The EU social policy has known an evolution embodied in the influence from an approach based on minimizing the negative social consequences of structural change, to an approach that envisages modernization of European social system and human capital investment. Employment policies of Member States have to contribute to the goals of sustainable development of economy, high employment and social protection, equality by chances between men and women, a high degree of economic competitiveness, better quality of life and economic and social cohesion. These policies must be consistent with the guidelines of economic policies. The paper presents some aspects of social assistance expenditure in Romania and at the county level in the context of the financial crisis. social protection; financial crisis; vocational trening; stimulation of employers. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 84 90 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Daniela Lidia Roman Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:109-1152010-10-26RePEc:agr:journl article PLACE AND ROLE OF LOCAL PUBLIC FINANCE IN THE PUBLIC SECTOR ECONOMY IN EUROPEAN UNION MEMBER STATES Decentralization of public responsibilities implies also financial decentralization. The effect of this process in EU countries' budgets is important to be evaluated in order to correlate with macroeconomic indicators. From financial point of view, local revenues and expenditures and the balance of local budgets constitute the main research theme. Different experiences and realities reached under the same normative framework (European Charter of Local Self-Government) are analyzed in this paper. local public finance; public service; local budget balance; local public debt; public debt. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 109 115 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Attila Gyorgy Bucharest Academy of Economic Studies Emilia Câmpeanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:406-4122010-10-26RePEc:agr:journl article CURRENT ISSUES OF PUBLIC-PRIVATE DUALISM OF PENSIONS. THE PERSPECTIVE OF ROMANIA No matter how distant is the retirement or how everyone believes that will face this important stage of life, it can not miss among the important economic issues this aspect. Since Romania is part of nearly three years of a large European family, it is interesting to assess how the private pension systems in countries of the European Union evolves, its impact on social life of individuals, but also the macroeconomic issue that they have taken during the longer or shorter period of national existence. pillar of pension; unemployment; the standard retirement age; empty accounts; concentration. 12(541)(supplement) 2009 12(541)(supplement) December Theoretical and Applied Economics 406 412 http://www.ectap.ro/documente/suplimente/Finantele%20si%20stabilitatea%20economica_Finante_en2010.pdf application/pdf Cosmin Şerbănescu Bucharest Academy of Economic Studies Irina Popa Bucharest Academy of Economic Studies Andreea Popa Bucharest Academy of Economic Studies Paul Tănăsescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:159-1702011-04-22RePEc:agr:journl article modelarea imaginii unui oraş. Studiu de caz: Bucureşti In a world where, lately, on one hand, more destinations can be "replaced" one for the other and the tourists' desire to find a mean of expressing their own identities (Morgan, Pritchard, 2004, pp. 50-80) is more and more evident, and, on the other hand, the image is gradually replacing the identity, leads to the fact that the authenticity of every single aspect that one community has needs to be assessed and reassessed from an economical and socio-cultural point of view. tourism destination; tourism image; regional tourism brand; forms of tourism; destination marketing. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 159 170 http://store.ectap.ro/articole/586.pdf application/pdf http://www.ectap.ro/articol.php?id=586&rid=73 text/html Aurelia-Felicia STĂNCIOIU Bucharest Academy of Economic Studies Nicolae TEODORESCU Bucharest Academy of Economic Studies Ion PÂRGARU Polytechnic University of Bucharest Anca-Daniela VLĂDOI Bucharest Academy of Economic Studies Codruţa BĂLTESCU "Transilvania" University of Braşov oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:1-22011-04-22RePEc:agr:journl article Making Instruments Fictitious (editorial) 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_73_en.pdf application/pdf http://www.ectap.ro/content2.php?id=73&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:5-162011-04-22RePEc:agr:journl article Linear, Step by Step Managerial Performance, versus Exponential Performance The paper proposes the transition from the potential management concept, which its authors approached by determining its dimension (Roşca, Moldoveanu, 2009b), to the linear, step by step performance concept, as an objective result of management process. In this way, we "answer" the theorists and practitioners, who support exponential management performance. The authors, as detractors of the exponential performance, are influenced by the current crisis (Roşca, Moldoveanu, 2009a), by the lack of organizational excellence in many companies, particularly in Romanian ones and also reaching "the finality" in the evolved companies, developed into an uncontrollable speed. Linear performance; step by step; business maximizing; the business line regression slope; exponential performance; singularity. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 5 16 http://store.ectap.ro/articole/577.pdf application/pdf http://www.ectap.ro/articol.php?id=577&rid=73 text/html George MOLDOVEANU Bucharest Academy of Economic Studies Ion Gh. ROŞCA Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:141-1582011-04-22RePEc:agr:journl article Formal Institutions and Regional Development. Considerations Regarding Romania Assuming that a theory of development is incomplete without a theory of institutions, we propose in this paper to analyze, in a first part, the interrelation formal institutions-regional development and the ways trough which these two components sustain themselves, then, in the second part of the paper, we will analyze the degree of convergence of the eight development regions in Romania, taking into account indicators such as: GDP per capita, average net wage gain, unemployment rate, labor productivity, the share of sectors in total employment.<br> The results of our research we hope to lead us, in the final of the paper, to draw some future action directions by which to reduce development disparities between regions, both at national level and at European level NUTS2. formal institutions; regional development; convergence; regional gaps; measures. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 141 158 http://store.ectap.ro/articole/585.pdf application/pdf http://www.ectap.ro/articol.php?id=585&rid=73 text/html Ramona FRUNZĂ "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:111-1282011-04-22RePEc:agr:journl article The Relationship between Gender Type in Mentorship and Mentees' Advancement: An Empirical Study in Malaysia The aim of this study is to examine the relationship between gender type in mentorship and mentees' advancement using 153 usable questionnaires gathered from employees who worked in a public university in East Malaysia, Malaysia. The results of exploratory factor analysis confirmed that the measurement scales used in this study satisfactorily meet the standards of validity and reliability analyses. Next, the outcomes of stepwise regression analysis showed four important findings: firstly, interaction between same-gender positively and significantly correlated with mentees' career. Secondly, interaction between cross-gender positively and signifycantly correlated with mentees' career. Thirdly, interaction between same-gender positively and significantly correlated with mentees' psychosocial. Fourthly, interaction between cross-gender positively and significantly correlated with mentees' psychosocial.Further, this result demonstrates that gender type does act as an important antecedent of mentees' career and psychosocial in the mentoring programme model of the organizational sample. In addition, discussion, implications and conclusion are elaborated. gender type; mentorship; mentees' career and psychosocial; Malaysia. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 111 128 http://store.ectap.ro/articole/583.pdf application/pdf http://www.ectap.ro/articol.php?id=583&rid=73 text/html Azman ISMAIL National Defence University of Malaysia, Kuala Lumpur Michael KHO KHIAN JUI National Defence University of Malaysia, Kuala Lumpur Norshima ZAINAL SHAH National Defence University of Malaysia, Kuala Lumpur oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:99-1102011-04-22RePEc:agr:journl article Transfer Pricing in the European Union The transfer pricing mechanism is a tool commonly used to transfer the tax base from countries with high taxation in countries with low taxation. In the European Union, this financial operations generate significant tax revenue losses. In an attempt to limit the handling of corporate tax systems, many public authorities have introduced regulations on transfer pricing, but the effectiveness of these rules has proved limited, and they contributed to the increasing complexity of tax laws and to the appearance of additional costs for companies. A solution to the solving of the transfer pricing problem in the European Union is represented by the introduction of the common consolidated corporate tax base. transfer pricing; tax evasion; compliance costs; tax laws; fiscal consolidation. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 99 110 http://store.ectap.ro/articole/582.pdf application/pdf http://www.ectap.ro/articol.php?id=582&rid=73 text/html Gheorghe MATEI University of Craiova Daniela PÎRVU University of Pitesti oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:129-1402011-04-22RePEc:agr:journl article The Global Economic Crisis. Challenges for SMEs in Romania The economy of the European Union (EU) has left behind the downturn and is gradually recovering. In 2010, both the EU and the Eurozone posted economic growth, mostly because Germany did better than expected. All considered, the German economy is growing at a faster pace than in the last two decades. Recession, however, has persisted in states like Greece, Romania and Latvia, and analysts expect growth rates, especially in Eastern Europe, to remain low in the next period. Recovery in this part of Europe largely depends on a pickup in the activity of small and medium-sized enterprises (SMEs), which were seriously affected by the credit crunch the economic crisis entailed. The adverse impact on most SMEs causes a decline in the development rate and a rise in the number of bankruptcies. But the growth of the German economy, however, has a beneficial effect on companies in Central and East European states as well. SMEs; economic crisis; Romania; Germany; Eastern Europe; economic developments. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 129 140 http://store.ectap.ro/articole/584.pdf application/pdf http://www.ectap.ro/articol.php?id=584&rid=73 text/html Roxana Gabriela HODOROGEL Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:17-362011-04-22RePEc:agr:journl article Exploratory Study Regarding the Commercial Credit Policy of Romanian Companies The purpose of this paper is to reveal the commercial credit policy adopted by Romanian companies and its influence on the level of liquidity, analyzed using absolute measure indicators – net cash – and relative measure indicators – the immediate liquidity ratio. 50 companies quoted in the Bucharest Stock Exchange have been selected, based on the annual financial statements for the period 2006-2008. It is one of the few studies that aim at analyzing longitudinally the commercial credit policy adopted by Romanian companies. The study reveals that average payment delays of the debts to the providers is higher than the average customer debt collection, but the commercial credit policy does not exert any significant influence over the liquidity of the analyzed companies. commercial credit policy; liquidity; decisional impact; correlation; regression model. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 17 36 http://store.ectap.ro/articole/578.pdf application/pdf http://www.ectap.ro/articol.php?id=578&rid=73 text/html Cristina-Ionela FĂDUR "Alexandru Ioan Cuza" University, Iaşi Daniela CIOTINĂ "Alexandru Ioan Cuza" University, Iaşi Marilena MIRONIUC "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:49-642011-04-22RePEc:agr:journl article Does Corporate Governance Impact Risk Management System? This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data while the qualitative one includes dummy variables reflecting the agency and monitoring costs which govern the relationship between managers and shareholders. financial performance; risk management; corporate governance. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 49 64 http://store.ectap.ro/articole/580.pdf application/pdf http://www.ectap.ro/articol.php?id=580&rid=73 text/html Petre BREZEANU Bucharest Academy of Economic Studies Mohammed Subhi Al ESSAWI Bucharest Academy of Economic Studies Dorina POANTA University of Finance and Banking, Bucharest Leonardo BADEA University "Valahia", Târgovişte oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:65-982011-04-22RePEc:agr:journl article Quality Management and the Reform of Public Administration in Several States in South-Eastern Europe. Comparative Analysis The present requirements impose to achieve profound reforms in public administration both in the EU Member States and in the acceding countries from South-Eastern Europe, in view to align at the European Union standards.<Br> Public administration reform strategies aimed to identify measures for ensuring the modernization of public administration in order to optimize decision-making, to improve human resource management, public finance, quality of public services by promoting and introducing quality management elements.<Br> The objectives aim in this study consist in identifying the quality policies and their implementation, the use of the quality management instruments in practice and the analysis of the impact of the accession process to the European Union, regarding the promotion and development of quality management in the public sector by means of the reform documents and strategies in the analyzed countries. Through the selection of the analyzed countries within the study, we are attempting to offer an overview regarding the introduction and use of the quality management instruments in public administration, as well as their convergence in the South - Eastern European states, EU and non-EU states. The research of this study is based on the reform documents and strategies of the public sector in the countries analyzed, taken from the Internet, having as source the official websites of several public institutions. Also, this study is based on the analysis of several empirical studies performed (mainly by the European Institute of Public Administration(1)) for the EU Member States and candidate countries, and a series of studies regarding quality management in the public sector. In addition, we mention that there are also EU documents and publications regarding the subject of our study, recently achieved, throughout the EU Presidency of Slovenia(2) (2008) and throughout the EU Presidency of Spain (2002). We also mention the studies published by the World Bank and OECD, which promote, by means of publications, quality management in the public sector. At the national level there are a few researchers studying quality management in the public sector and analyzing and comparing reform documents and strategies in the public sector of different countries in South-Eastern Europe, tracking the promotion and application of the quality management instruments. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 65 98 http://store.ectap.ro/articole/581.pdf application/pdf http://www.ectap.ro/articol.php?id=581&rid=73 text/html Lucica MATEI National School of Political Studies and Public Administration, Bucharest Corina-Georgiana LAZĂR National School of Political Studies and Public Administration, Bucharest oai:RePEc:agr:journl:v:4(557):y:2011:i:4(557):p:37-482011-04-22RePEc:agr:journl article A Critical Examination of Foreign Aid Policy. Why it Fails to Eradicate Poverty? After many decades of perpetuated failures, the foreign aid policy requires a critical reexamination. Doubting the efficiency of the foreign aid under the current institutional frame does not have to be interpreted as abandoning the many and the poor (approximately two thirds of the world's population, mainly in the underdeveloped countries). The goal itself is not the subject of our critique here, but the ways to address that goal, promoted up to now by developed countries and the UN. poverty trap; third world; foreign aid; economic development. 4(557) 2011 XVIII(2011) April Theoretical and Applied Economics 37 48 http://store.ectap.ro/articole/579.pdf application/pdf http://www.ectap.ro/articol.php?id=579&rid=73 text/html Vasile DEDU Bucharest Academy of Economic Studies Gabriel STAICU Bucharest Academy of Economic Studies Dan Costin NIŢESCU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:173-1802011-09-28RePEc:agr:journl article Socio-economic Models During the Period of Crisis The article analyses the state involving importance in finding the solutions for getting over the present economic crisis through responsibility, the labor relations and the affairs environment regulation and the income redistribution. Into this work, are analyzed the 4 socio-economic European models: the Anglo-Saxon liberal model, the Scandinavian universalistic model, the continental corporatist model, the Mediterranean model and the European Union countries position into these models. Also, are pointed out the EU countries economic performances by analyzing the rankings of these countries on base of Global Competitiveness Index 2010-2011 and the evolution of this index during 2009-2011.<br> The article follows to underline the necessity of the state action for durable, healthy, sustainable economic growth, capable for getting over the economic crisis and for ensuring the social welfare and economic competitiveness. socio-economic models; european economic models; the states' involving in the economics; the incomes redistribution; social welfare; economic competitiveness. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 173 180 http://store.ectap.ro/articole/645.pdf application/pdf http://www.ectap.ro/articol.php?id=645&rid=78 text/html Elena MANOLESCU oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:71-882011-09-28RePEc:agr:journl article Analysis of the Possibility to Organize the Management Accounting through the Target Costing (TC) Method in the Romanian Entities This article presents a way of organizing the management accounting and cost calculation through the Target Costing method. There are treated the development stages of Target Costing method, and the role of the management accountant in the development and implementation of this method. The causes behind the choice to adapt the principles of Target Costing method to the Romanian General Accounting Plan and the operation of accounts used in highlighting economic and financial operations at the entity leve have been analyzedl. There are treated theoretical and applied the methodological steps taken in the management accounting and cost calculation. The article ends with the conclusions of the authors about the possibility of adapting the principles of Target Costing method to the Romanian General Accounting Plan and the advantages offered by this method. target costing; management accounting; accounting plan; implementation; profit margin. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 71 88 http://store.ectap.ro/articole/638.pdf application/pdf http://www.ectap.ro/articol.php?id=638&rid=78 text/html Sorinel CĂPUŞNEANU "Artifex" University, Bucharest Sorin BRICIU "1 Decembrie 1918" University, Alba Iulia oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:1-22011-09-28RePEc:agr:journl article Novum Organum Oeconomicum (editorial) 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 1 2 http://store.ectap.ro/editoriale/editorial_78_en.pdf application/pdf http://www.ectap.ro/content2.php?id=78&lang=en text/html Marin Dinu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:103-1282011-09-28RePEc:agr:journl article Predicting Bankruptcy in Pakistan This paper aims to identify the financial ratios that are most significant in bankruptcy prediction for the non-financial sector of Pakistan based on a sample of companies which became bankrupt over the time period 1996-2006. Twenty four financial ratios covering four important financial attributes, namely profitability, liquidity, leverage, and turnover ratios, were examined for a five-year period prior bankruptcy. The discriminant analysis produced a parsimonious model of three variables viz. sales to total assets, EBIT to current liabilities, and cash flow ratio. Our estimates provide evidence that the firms having Z-value below zero fall into the "bankrupt" whereas the firms with Z-value above zero fall into the "non-bankrupt" category. The model achieved 76.9% prediction accuracy when it is applied to forecast bankruptcies on the underlying sample. bankruptcy prediction; financial ratios; Z-value; multivariate discriminate analysis; non-financial firms. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 103 128 http://store.ectap.ro/articole/640.pdf application/pdf http://www.ectap.ro/articol.php?id=640&rid=78 text/html Abdul RASHID International Islamic University (IIU), Islamabad Qaiser ABBAS International Islamic University (IIU), Islamabad oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:149-1542011-09-28RePEc:agr:journl article Contributions to the Legislative Provisions Governing the Management of Waste Containing Asbestos in Romania and EU One of the most stringent worldwide environmental problems is represented, in this moment, of the waste management. Generate increasing amounts of waste creates problems, ultimately, to the state authorities, their management and recovery technologies becoming an important area of research. Recovery and recycling, whatever their nature, are one of the priority activities for the global economy. waste; asbestos; polybest; polymers waste; management of waste containing asbestos. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 149 154 http://store.ectap.ro/articole/643.pdf application/pdf http://www.ectap.ro/articol.php?id=643&rid=78 text/html Silvian IONESCU Garda Naţională de Mediu oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:89-1022011-09-28RePEc:agr:journl article Enhancement of Cooperation and Communication between Universities and the Business Environment, Requirement for a Good Functioning of the Knowledge Triangle: Education, Research, Innovation With regard to the Lisbon objective of transforming the EU into the most competitive knowledge-based economy in the world, the present paper aims to identify the place held by the current academic environment - entrepreneurial environment communication, as well as the deficiencies of this partnership relation. Among the methods of collection and systematization of information they selected the direct, selective research, according to a questionnaire. Data collection was conducted in October-November 2010, the sample of the respondents consisting of 432 company managers in the Argeş County. The main results of the research highlights the need to improve the communication and collaboration between the two areas, the paper offers concrete solutions. communication; academic and entrepreneurial environments; knowledge triangle; knowledge – based economy; scientific research 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 89 102 http://store.ectap.ro/articole/639.pdf application/pdf http://www.ectap.ro/articol.php?id=639&rid=78 text/html Laura DINDIRE "Constantin Brâncoveanu" University of Piteşti Mihaela ASANDEI "Constantin Brâncoveanu" University of Piteşti Cristina GĂNESCU "Constantin Brâncoveanu" University of Piteşti oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:41-602011-09-28RePEc:agr:journl article The Remittance-GDP Relationship in the Liberalized Regime of Bangladesh: Cointegration and Innovation Accounting Bangladesh, being one of the top remittance-recipient countries in the world, has drawn attention to the remittance-output relationship in recent years. The results on this aspect are nevertheless inconclusive. Working on a relatively liberalized regime from 1979 to 2009, this study finds a long run positive relationship between remittances and GDP in Bangladesh. The adjustment of this relation, however, goes against traditional belief in that GDP does not respond to the movements in remittances while correcting disequilibrium after a shock in the system, but the reverse is true. There is no evidence on remittance-led growth in the short run. Innovation accounting shows that the impact of output on remittances is remarkably stronger than that of remittances on output. These findings have policy implications for other emerging nations in that GDP growth is capable of attracting further remittances arguably through increasing investment demand and initiating institutional reforms in the economy. remittances; GDP; Bangladesh economy; cointegration; impulse responses; variance decompositions. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 41 60 http://store.ectap.ro/articole/636.pdf application/pdf http://www.ectap.ro/articol.php?id=636&rid=78 text/html Biru Paksha PAUL State University of New York Anupam DAS Mount Royal University oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:5-162011-09-28RePEc:agr:journl article Corporate Governance in Emerging Economies: The Case of Romania In Romania corporate governance has emerged beginning with the early 2000s. The delay is explainable by the difficult steps taken on the line of political, legal, economic and social reform. In recent years, however, the corporate governance environment in Romania has changed. Transparency and accountability have become key factors not only for shareholders, but also for investors, buyers, suppliers, and other stakeholders.<br> In this context, it is worth to consider, based on statistical data, the degree of development of corporate governance in Romania. The selected indicators are linked to attributes of the Board of directors, in particular Board structure, size, independence, frequency of meetings, and other factors. The sources used are based on the official data published by companies listed on the Bucharest Stock Exchange (BSE). The results will be compared with results of other case studies of emerging countries and the European best practice. corporate governance; emerging economies; Romania; disclosure; corporate governance indicators. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 5 16 http://store.ectap.ro/articole/632.pdf application/pdf http://www.ectap.ro/articol.php?id=632&rid=78 text/html Niculae FELEAGĂ Bucharest Academy of Economic Studies Liliana FELEAGĂ Bucharest Academy of Economic Studies Voicu Dan DRAGOMIR Bucharest Academy of Economic Studies Adrian Doru BIGIOI Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:61-702011-09-28RePEc:agr:journl article Limiting Civil Liability in the Sphere of Business Auditing The statutory audit of business entities is represented by the audit of annual financial accounts or consolidated financial accounts, according to the Community legislation transposed in national regulations. Negligence or imprudence in performing the activities related to this type of audit entail special consequences. It is to some of the elements derived from this context that we refer in this paper, especially as there is often the underlying risk for the auditor to be held liable. It is worth noting that one cannot claim several compensations for the same action. Then, the auditor is not jointly liable with the other authors of the illicit actions which have caused damages. On the other hand, limited liability does not apply to the situations when it has been proven that the auditor has breached his professional duties with direct intent. auditing contract; insurance; negligence/imprudence in the performance of duties; civil liability; faults; offences; damages. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 61 70 http://store.ectap.ro/articole/637.pdf application/pdf http://www.ectap.ro/articol.php?id=637&rid=78 text/html Carmen COSTULEANU University "Petre Andrei", Iaşi Ionel BOSTAN University "Petre Andrei", Iaşi Emil HOROMNEA University "Petre Andrei", Iaşi Marcel COSTULEANU University "Gr.T. Popa", Iaşi Carmen CODREANU University "Petre Andrei", Iaşi oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:129-1382011-09-28RePEc:agr:journl article Analysis of the Correlation between GDP and the Final Consumption This paper presents the results of the researches performed by the author regarding the evolution of Gross Domestic Product. One of the main aspects of GDP analysis is the correlation with the final consumption, an important macroeconomic indicator. The evolution of the Gross Domestic Product is highly influenced by the evolution of the final consumption. To analyze the correlation, the paper proposes the use of the linear regression model, as one of the most appropriate instruments for such scientific approach. The regression model described in the article uses the GDP as resultant variable and the final consumption as factorial variable. consumption; model; evolution; variable; economy. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 129 138 http://store.ectap.ro/articole/641.pdf application/pdf http://www.ectap.ro/articol.php?id=641&rid=78 text/html Constantin ANGHELACHE "ARTIFEX" University of Bucharest oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:17-262011-09-28RePEc:agr:journl article Banat-Crişana as Micro-destination – Elements of Tourism Image and Tourism Identity Geographical regions, according to some authors, are defined and delimited by criteria that vary from one geographical school to another. These criteria may be: scenic, functional, political-administrative, mental etc. (processed after Cocean cited in Neguţ, 2011, p. 157). They also can be combined according to the objectives/strategies that are elaborated for each branch of the economy: industry, agriculture, tourism, etc. In this regard, from tourism point of view, the region of Banat-Crişana was taken into consideration, that includes the following counties: Caraş-Severin, Timiş, Arad and Bihor. Due to the many land and air border points, it represents the first contact with the tourists coming from the West, with other words "its visiting card… crucial in formulating the first impressions regarding Romania" (Cocean, 2010, p. 201). The presented research aims to highlight the role of the image of the region of Banat-Crişana in building its own brand, by identifying its main tourist attractions and forms of tourism. tourism destination; destination image; regional tourism brand; form of tourism; destination marketing. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 17 26 http://store.ectap.ro/articole/633.pdf application/pdf http://www.ectap.ro/articol.php?id=633&rid=78 text/html Aurelia-Felicia STĂNCIOIU Bucharest Academy of Economic Studies Nicolae TEODORESCU Bucharest Academy of Economic Studies Anca-Daniela VLĂDOI Bucharest Academy of Economic Studies Codruţa BĂLTESCU "Transilvania" University of Braşov Marilena STOIAN University of Agronomic Science and Veterinary Medicine, Bucharest oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:27-322011-09-28RePEc:agr:journl article News in Competition Regulation in Romania. Institutional Consolidation of the Competition Council Upon the coming into force of the Law 149/2011, the recent changes in the Competition Law bestow additional power and authority upon the Competition Council. The competition authority can now expand its sphere of information use obtained during an investigation or inspection, can admit or reject hearing requests at its latitude, delegates new responsibilities to commissions and sanctions unfair competition deeds. institutional consolidation; investigations/inspections; hearings; unfair competition; commissions; consultative college. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 27 32 http://store.ectap.ro/articole/634.pdf application/pdf http://www.ectap.ro/articol.php?id=634&rid=78 text/html Cornelia LEFTER Bucharest Academy of Economic Studies Oana OPREA (TEODORESCU) Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:139-1482011-09-28RePEc:agr:journl article German SMEs Affected by the World Crisis 2009 was one of the hardest years in the last decades for SMEs. The areas that had faced difficulties before the crisis felt sharply the negative effects, but those which had registered continuous progress until the crisis broke out have also been affected. 2010 was a year of reconsolidation, while the current year could mark off a progress for most SMEs, due to a very special evolution of the German economy as a whole (an economic growth of 3.6% in 2010, much more over analyst expectations, and a forecast of 2.8% for 2011). Regarding the establishment of SMEs in the crisis period, an unexpected development has paradoxically been noticed in Germany: the interest of individuals in establishing a business, declining in the last years, began to grow. economic crisis; economic evolution; Germany; Romania; SMEs; SMEs establishment, SMEs liquidation. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 139 148 http://store.ectap.ro/articole/642.pdf application/pdf http://www.ectap.ro/articol.php?id=642&rid=78 text/html Roxana Gabriela HODOROGEL Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:155-1722011-09-28RePEc:agr:journl article Tourism Competitiveness Index – An Empirical Analysis Romania vs. Bulgaria In the conditions of the current economic downturn, many specialists consider tourism as one of the sectors with the greatest potential to provide worldwide economic growth and development. A growing tourism sector can contribute effectively to employment, increase national income, and can also make a decisive mark on the balance of payments. Thus, tourism can be an important driving force for growth and prosperity, especially in emerging economies, being a key element in reducing poverty and regional disparities. Despite its contribution to economic growth, tourism sector development can be undermined by a series of economic and legislative barriers that can affect the competitiveness of this sector. In this context, the World Economic Forum proposes, via the Tourism Competitiveness Index (TCI), in addition to a methodology to identify key factors that contribute to increasing tourism competitiveness, tools for analysis and evaluation of these factors.<br> In this context, this paper aims to analyze the underlying determinants of TCI from the perspective of two directly competing states, Romania and Bulgaria in order to highlight the effects of communication on the competitiveness of the tourism sector. The purpose of this analysis is to provide some answers, especially in terms of communication strategies, which may explain the completely different performances of the two national economies in the tourism sector. tourism; competitiveness; empirical analysis; communication strategies. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 155 172 http://store.ectap.ro/articole/644.pdf application/pdf http://www.ectap.ro/articol.php?id=644&rid=78 text/html Mihai CROITORU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:33-402011-09-28RePEc:agr:journl article Education and the Characteristics of Public Goods. Overlaps and Differences This paper aims to identify characteristics of the good education, particularly higher education, in terms of pure public goods, mixed goods and merit goods, starting from classical and neoclassical theories on public goods. The experience of several economists showed that the nature of the good education is not seen strictly according to its intrinsic characteristics, but also in relation to the functions and benefits released. So, the conclusion of our study shows that education, particularly higher education, meets limited aspects of pure public goods (non-rivalry and nonexclusion property) in terms of functions performed. education; public goods; mixed goods; merit goods; private goods; externalities. 9(562) 2011 XVIII(2011) September Theoretical and Applied Economics 33 40 http://store.ectap.ro/articole/635.pdf application/pdf http://www.ectap.ro/articol.php?id=635&rid=78 text/html Tatiana MOŞTEANU Bucharest Academy of Economic Studies Georgiana Camelia CREŢAN Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:136-1462011-09-20RePEc:agr:journl article ANALYSIS OF ENERGETIC RESOURCES USAGE IN ROMANIA WITH GENERAL EQUILIBRIUM TECHNIQUES The work includes quantitative analysis of various types of energy resources used for electricity production in Romania. The goal of the analysis is identification of those categories of energy resources less used, though their increased use would be recommended, as well as pinpointing the categories of over-used energy resources in the production process. In article's introduction, I present several aspects regarding the methodological framework in the field of general equilibrium theory. Article's content represents a study case structured as follows: description of the general equilibrium model, model's equations, input data, results and interpretations. This research can be useful for decision-makers in the national energy sector as it contains recommendations for the increase or decrease of the use of certain energy resource categories, recommendations which resulted from quantitative modeling through general equilibrium techniques. general equilibrium; equilibrium prices; equilibrium quantities; energy resources; national energy sector. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 136 146 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Mioara Băncescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:586-5932011-09-20RePEc:agr:journl article DETERMINANTS OF POLITICAL RISK IN THE CONTEXT OF THE CONTEMPORARY ECONOMIC CRISIS The contemporary economic crisis led to changes of world politics, changes of political risk perceptions, and on its evaluation as a specific sub-component of country risk. Relatively calm politics in the precedent period of the economic crisis not only proved to be illusory with pressing realities profoundly distorted severe implications on contemporary society. In a world where the powerful have proved fragile, the weak proved more robust than the likelihood of empirical realities, it becomes necessary the rethinking of the collection of political risk by adapting and linking results to permanent economic context. economic crisis; political risk; political crisis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 586 593 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cristian Radu Birău good.bee Service RO, Bucharest Andrada Busuioc good.bee Service RO, Bucharest Alexandru Cosmin Stoia good.bee Service RO, Bucharest oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:818-8242011-09-20RePEc:agr:journl article CONTRADICTORY ASPECTS ASSESSMENT ON INTANGIBLE ASSETS In Romania, the evaluation of intangible assets is rarely used due to extremely poor casuistry. From a sample of 100 companies we analyzed, only 4.5% revealed the existence of intangible assets worth less than 3% of total assets and none of the companies has not reviewed the assets. In crisis conditions, the study concludes that companies value decreases (bad will), and while economic growth increases the value of companies (good will). An effective leadership in the crisis assessment may be used as a method of intangible assets to increase the liquidity of the company, by not paying income tax. residual value; Bad Will; Good Will; the capitalization of cost savings; fee. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 818 824 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ecaterina Necşulescu "Danubius" University, Galaţi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:702-7092011-09-20RePEc:agr:journl article THE CRISIS OF CAPITAL MARKET THEORIES The global financial crisis has shown that current theories regarding financial markets are not appropriate for any market trend. In fact, they have been developed on financial markets that faced only corrections of the uptrend since the 1930s, and not a collapse requiring governmental intervention. capital market; investment strategy; portfolio management; analysis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 702 709 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Florin Marius Turcaş SC Smart Consult SRL, Arad oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:555-5622011-09-20RePEc:agr:journl article SHADOW PRICES IN THE COST BENEFIT ANALYSIS The paper presents one of the most usual costs and benefits evaluation methods and its evolution. The method, used in Cost Benefit Analysis of important investment projects, converts the market prices in shadow prices with the purpose to reflect the full opportunity cost, including positive and negative difficult quantifiable externalities and also, to eliminate any possible market distortion. Particularities of this process for developing countries are approached. cost benefit analysis; shadow prices; conversion factors; semi input-output method; developing countries. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 555 562 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Eugen Mitrică Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:52-532011-09-20RePEc:agr:journl article PROFESSOR OF VOCATION PAUL BRAN 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 52 53 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Sabina Funar Romanian Court of Accounts oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:770-7772011-09-20RePEc:agr:journl article IMPACT OF IMF AGREEMENT ON EXCHANGE RATE. THE ROMANIAN CASE The present paper aims to analyze the impact of the Agreement between Romania and the International Monetary Fund on the EUR/RON exchange rate. After highlighting the central the exchange rate plays for the Romanian economy, the article studies how economic and financial crisis has spread into the economy and how the financial aid provided by international pole coordinated by the IMF has reflected on macroeconomic developments. Conclusions are related to the need for ongoing macro-economic restructuring, so that the loan would prove useful on the medium and long term. exchange rate; financial crisis; financial aid; International Monetary Fund; Romania. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 770 777 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cătălina Hândoreanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:725-7302011-09-20RePEc:agr:journl article FREE TRADE AREA This paper approaches some of the issues about relationship between two economic powers, EU and US It is really about a free trade or all this are just a mask on economic world. The world economy can only grow together, it is not enough one economic power, must be at least two. EU and US do not have long historical economic connection but I am sure that this will go on for a long time for now on and this relationship will have a real success. free trade area; protectionism; goods; market liberalization; trade agreements. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 725 730 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gina Albu agreements. oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:668-6732011-09-20RePEc:agr:journl article OPPORTUNITIES FOR FINANCING THE COMPANIES THROUGH STOCK EXCHANGE MARKETS The need for capital market in a market economy can not be questioned. The capital market belongs to nowadays reality, its main objectives are related to capital mobility, based on the principle of economic efficiency and minimizing risk associated with investment and related to financing economic activity. The mechanisms for financing companies through the stock market concern the issue of shares and bonds, each of these mechanisms having their own specifications for application. The process of financing through capital market requires a broader culture of the management teams involved in the functioning of the capital market on which the company operates. stock exchange; financing methods; capital market; shares; bonds. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 668 673 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ioana-Cristina Sechel "Babeş-Bolyai" University, Cluj-Napoca Ramona-Anca Nichita "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:336-3432011-09-20RePEc:agr:journl article CRISIS AS OPPORTUNITY. CASE STUDY FIRMS ON AUTO INDUSTRY, CAEN 2932 MANUFACTURE OF OTHER PARTS AND ACCESSORIES FOR MOTOR VEHICLES The financial crisis had affected the economy as a whole with a significant effect on the long lasting goods which was most affected because of the large dependence of the financial sector and availability of the credit offers. auto industry, financial crisis, strategy, opportunity. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 336 343 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Silvia Stănoiu Bucharest Academy of Economic Studies Eliza Irimia (Dumitraşcu) Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:196-2002011-09-20RePEc:agr:journl article THE IMPACT OF SOLVENCY II ON RISK CALIBRATION Many companies have invested in building internal models to cover their balance sheet risks over the past few years, sometimes driven by regulatory requirements, and sometimes driven by management or rating. The Solvency II framework introduces the oneyear risk framework which might affect the model architecture or the calibration process on these existing models. solvency; SCR; one-year risk; calibration; modeling. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 196 200 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Laura Elly Naghi Bucharest Academy of Economic Studies Petre Brezeanu Bucharest Academy of Economic Studies Eliza Dumitrescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:321-3302011-09-20RePEc:agr:journl article MEASURING THE PRESSURE OF PRICES-INTEGER VALUES, OVER THE STOCK TREND Technical analysis methods for determining the share price quoted on the stock markets recorded dramatic developments in recent decades. It is a common fact that, in these methods, the other sciences immersion can be met. The desire to model the influence coming from behavioral economics, representing mostly qualitative variables, requires new approaches to quantify this influence. In this paper we present a method of technical analysis to determine the future price of a share after it drew some "integer" value with a significant impact on investor's decisions. The method is based on a comparison with the analysis of related physical movement by intersecting with the plane waves that separate two different environments. asset pricing; behavioral finance; qualitative variables; investors. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 321 330 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Mihail Dumitru Sacală Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:877-8832011-09-20RePEc:agr:journl article Evaluation of the Fiscal and Budgetary Policy in Romania During the Crisis. Critical Analysis Economic and financial crisis revealed that government intervention is necessary and deregulation and free functioning of the market may also have deficiencies. Fiscal and monetary policies were used by the most countries, including Romania, to mitigate effects of global crisis. By analyzing the budgetary and fiscal measures in Romania, we observed their impact in the economy and counter the effects of global crisis. We also examined measures taken by public authorities that have the same economic conditions for Romania in order to study their comparative effectiveness. fiscal policy; fiscal; budgetary and fiscal measures; economic crisis; Romania. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 877 883 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marina Zaharioaie "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:831-8382011-09-20RePEc:agr:journl article DEBT SUSTAINABILITY FORECASTING. CASE OF ROMANIA Sustainability can also be assessed in other terms but the size of the accumulated stock of public debt. Even with an indebtedness degree of 20%, budget and fiscal policies may be unsustainable if, for example, that State is unable to pay its obligations arising from the contracted public loans, so if it is not creditworthy. Public debt's sustainability can be represented as a relationship between the budgetary balance (surplus or deficit and public debt, for any annual GDP growth rate. There are two versions of the mentioned relationship, depending on considering the consolidated or primary budgetary surplus / deficit. In order to achieve an empirical analysis of public debt sustainable in Romania, in this paper we consider a data set of quarterly time horizons for the period 2000- 2008 for the share of public debt to GDP. public debt; sustainability; interest rate; fiscal policy; budget policy. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 831 838 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cristina Nicolescu West University of Timişoara Oana Lobonţ West University of Timişoara Nicoleta-Claudia Moldovan West University of Timişoara oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:33-332011-09-20RePEc:agr:journl article PAUL BRAN: THE PROFESSOR, COLLEAGUE, AND MAN. IN MEMORIAM 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 33 33 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gabriela Anghelache Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:813-8172011-09-20RePEc:agr:journl article CREDIT RISK PRICING AND THE COST OF RISK: A TWO WAY AVENUE This paper seeks to investigate the banking sector's internal mechanisms that might bring about a negative spiral of credit risk by building a model for the interaction between the increase of the credit risk premiums and that of the provision expenses. Statistical results suggest that while the change in expected losses on credit portfolio is a strong determinant in credit risk pricing, a higher risk premium is one of the major factors of provision expenses in Romania. This confirms that overshooting credit risk premiums could affect banking stability. Nevertheless, the empirical analysis does not reject the rational expectations hypothesis in credit risk pricing. credit risk premium; provision expenses; negative spirals of credit risk; financial deleveraging; financial performance. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 813 817 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Bogdan Moinescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:741-7502011-09-20RePEc:agr:journl article EXTERNAL DEBT SUSTAINABILITY, THE CASE OF ROMANIA: QAR MODEL In this paper I investigate the external debt sustainability using a quantile autoregression (QAR) model. I presented a methodology to separate periods of nonstationarity from stationarity ones, which allows us to identify various trajectories of external debt that are compatible with indebtness sustainability. I use such trajectories to construct a debt ceiling, that is, the largest value of external debt that does not jeopardize long-run indebtness sustainability. I make out-of-sample forecast of such a ceiling and I presented the debt ceiling as a "debt-warning system" which could be used by policy makers interest in keeping the external debt on a sustainable path. I illustrate the applicability of such econometric tool using Romanian data. external debt; quantile autoregression local sustainability; global sustainability; gross domestic product. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 741 750 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ioan Tudor Boengiu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:541-5472011-09-20RePEc:agr:journl article FISCAL VULNERABILITY vs. FISCAL SUSTAINABILITY: THEORETICAL BACKGROUND The aim of this study is to present the theoretical background for the concepts of fiscal vulnerability and fiscal sustainability. The distinction between them is very thin and accounts for the time horizon. For assessing the state (vulnerable/sustainable) of fiscal policy, it can be used few indicators. Applying them for the case of European Union members, it was shown that Belgium and Italy confronts with a vulnerable fiscal policy. In such situation, it is imperative for the governments to take fiscal adjustment measures to avoid an unsustainable fiscal policy in the long run. fiscal policy; public debt; primary balance; fiscal vulnerability; fiscal sustainability. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 541 547 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Andreea Stoian Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:698-7012011-09-20RePEc:agr:journl article MONETARY POLICY IMPACT IN THE CENTRAL BANK BALANCE SHEET IN THE EMERGING COUNTRIES During periods of economic crisis, monetary policy operations undertaken by central banks is increasing, often linked in a controversial operations performed by the State. The study examines the impact of monetary policy operations by the central bank on its financial statements in particular in periods of crisis. It also examines the extent to which any losses caused by monetary policy operations could have a major impact on macroeconomic stability monetary policy; central bank; economic crisis; financial stability; financial institutions 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 698 701 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ionuţ Şerban National Bank of Romania, Bucharest oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:182-1882011-09-20RePEc:agr:journl article THE PROFIT PERCENTAGE OF THE PERSONAL ACCIDENT INSURANCES. COMPARED CASE STUDY The article proposes to present a comparative analyze of two life insurance products of the most important insurance company from the Romanian market. The comparison focuses on a life insurance with capitalization and an investment plan. The two products analyzed includes the presentation of the financial aspects, especially, and the estimated profit of the products. insurance products; profit percentage of the investment; insured sums; guaranteed sums; ransom value. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 182 188 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Roxana Ionescu "Dimitrie Cantemir" Christian University, Bucharest oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:509-5162011-09-20RePEc:agr:journl article ECONOMIC GROWTH – A COST-BENEFIT ANALYSIS This article identifies the theoretical aspects related to the process of growth, definition, determinant factors, costs and benefits genereted by economic growth, hierarchy of the EU countries based on various indicators that quantify the economic growth. economic growth; social welfare; cost-benefit analysis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 509 516 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Laura Obreja Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:602-6062011-09-20RePEc:agr:journl article REPOSITIONING THE PENSION FUNDS AS INSTITUTIONAL INVESTORS ON THE ROMANIAN CAPITAL MARKET In this article, the authors emphasize the very important role that institutional investors, under the form of pension funds, hold for the development of capital markets existing in the economy and for supporting the financing process of institutional sectors in the financing deficit situation. For this, a short presentation of the main theoretical and empirical studies supporting this is made, as well as a personal analysis of the connection between pension funds and capital market development. institutional investors; pension funds; reform; capital market; Romania. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 602 606 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Carmen Corduneanu "Eftimie Murgu" University, Reşiţa Laura Raisa Miloş "Eftimie Murgu" University, Reşiţa Marius Cristian Miloş "Eftimie Murgu" University, Reşiţa oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:34-362011-09-20RePEc:agr:journl article MAN - PROFESSOR PAUL BRAN 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 34 36 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Constantin Popescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:751-7552011-09-20RePEc:agr:journl article THE PROCESS GLOBALIZATION OF WORLD ECONOMY AND ROMANIA Globalization is the process that concentrated the public and academic attention in the last decade. Drivers and outcomes of assumed transformation were submitted to a through analysis. Its results were diverse enough to polarize opinions, but not enough for distinguish between contradictory opinions. Among the controversial aspects we bring into discussion the impact on food production and processing, sector that is up taken by corporations in name of hygiene and modernity ideals and on the harm of the diversity and sustainability. We consider that from these points of view the trends are inscribed on an unfavorable direction that will lead to the irreversible degradation of environment and dehumanization of social categories with precarious material situation. economic globalization; food security; food processing; standards; poverty. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 751 755 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Florina Bran Bucharest Academy of Economic Studies Ildiko Ioan Bucharest Academy of Economic Studies Carmen Valentina Rădulescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:189-1952011-09-20RePEc:agr:journl article THE IMPORTANCE OF THE INDICATORS IN MEASURING THE ECONOMIC AND SOCIAL EFICIENCY OF THE INSURANCES Writing this article, the author proposes to make a brief presentation of the categories of indicators which determine the economic efficiency of the activity developed by the insurance companies from Romania and European Union. In the analyze of the activity efficiency of an insurance company it is followed the application of the same evaluation principles of the performance of each company. The application of the indicators is used to establish the most profitable report between the cashed premiums and the paid claims. insurances efficiency; insurances profit; solvability percentage; evaluation of insurances; indicators 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 189 195 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Roxana Ionescu Bucharest Academy of Economic Studies Paul Tănăsescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:298-3052011-09-20RePEc:agr:journl article THE REVIEW OF INCENTIVE FACTORS FOR eBANKING ADOPTION This research is conducted to analyse the main factors which have emerged in classical theories related to intention to adopt the eBanking services by customers. The study is based on several models that have been created for describing and predicting the reasons for users accepting or rejecting a piece of technology. These models identified three factors that would influence the adoption of Internet banking: attitude, subjective norms and perceived behavioural control. Finally, we realised a synthesis of these variables that will be used to create a model for adoption the eBanking by Romanian customers. eBanking services; technology acceptance; attitude; subjective norms; perceived behavioural control. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 298 305 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Liliana Moga "Dunarea de Jos" University of Galati Radu Stroe Bucharest Academy of Economic Studies Mişu Nicoleta Bărbuţă "Dunarea de Jos" University of Galati oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:571-5782011-09-20RePEc:agr:journl article INITIAL PUBLIC OFFERINGS – RATING INDICATORS, ALTERNATIVE AND FUTURE PROSPECTS The purpose of this paper is to mark the trend of IPOs in the current economic environment, globally and in Romania by measuring the return of the first day of trading and the wealth transferred to the shareholders and identifying and analyzing the alternatives available and the prospects of such operations. Studies of IPOs have outlined a multitude of effects on the initiating companies, in terms of short and long term performance, the dividend distribution, growth and profitability for investors. The success of IPOs on the Romanian market was highlighted most often only in terms of volume and price of the subscription, which is why we try to evaluate IPOs through specific analysis tools used in markets with expertise. IPO; financial intermediaries; underpricing; reverse take-over; self underwriting. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 571 578 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Teodora Cristina Barbu Bucharest Academy of Economic Studies Carmen Obreja Bucharest Academy of Economic Studies Alina Lucia Trifan Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:87-942011-09-20RePEc:agr:journl article SELECTION AND EVALUATION OF PERFORMANCE OF AN AGGREGATED PORTFOLIO CONSISTING OF SECURITIES LISTED ON BUCHAREST STOCK EXCHANGE Based on the valuable experience of fund managers and individual investors, modern and postmodern theories development process, regarding selection, management and optimization of investment portfolios, conceptualizes the basis of philosophy, investment style, diversification importance and the mathematical tools used in measuring performance and risk elements. This study emphasizes some characteristics regarding the application of modern portfolio theories for an effective management of an aggregated portfolio, in the Romanian emergent capital market framework. investment portfolio; selection; optimization; risk; performance. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 87 94 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Carmen CORDUNEANU West University of Timişoara Daniela TURCAŞ SSIF IFB FINWEST SA, Arad oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:57-592011-09-20RePEc:agr:journl article A NAME FOR ETERNITY PhD Professor PAUL BRAN (1940-2006) 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 57 59 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gabriel Năstase Christian University "DIMITRIE CANTEMIR" oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:579-5852011-09-20RePEc:agr:journl article THE IMPACT OF THE ECONOMIC AND FINANCIAL CRISIS ON STATE AID: BETWEEN LIBERALIZATION AND INTERVENTIONISM The paper focuses on the place and role of State aid in the context of the present economic and financial crisis, analyzing State aid in connection with the contemporary international trade transformations, its evolution within the European economy, the relations between State aid and crisis in the context of protectionism revitalization in the Member States and the formation process of a new paradigm in the European economic philosophy that places State aid within a broader framework aiming at market mechanisms management at the interface between the trends of liberalization and state interventionism in the economy. State aid; crisis; liberalization; protectionism; interventionism. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 579 585 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Nicolae Băcilă "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:641-6462011-09-20RePEc:agr:journl article TIME DURATION DECAY IN ROMANIAN CAPITAL MARKETS Classic studies of the probability density of price fluctuations g for stocks and foreign exchanges of several highly developed economies have been interpreted using a power-law probability density function P(g) g−(α+1) with exponent values α > 2, which are outside the L´evy-stable regime 0 < α < 2. To test the universality of this relationship in "time duration", we isolate the time duration between rate of change for the period Jan 2000 - Oct 2010 for the 23 largest stocks of the Bucharest Stock Exchange which has the highest volume of trade in Romania. We find that D(g) decays as an exponential function D(g) ~ exp(−βg) with a characteristic decay scales β = 2.45 ± 0.045. Thus we conclude that time duration in Romanian stock market may belong to a universality class that is witnessed in equity prices around the world. stock market; exponentiality; decay; time. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 641 646 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Mukul Pal "Babes-Bolyai" University, Cluj-Napoca Ioan Alin Nistor "Babes-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:390-4022011-09-20RePEc:agr:journl article M-MACBETH METHOD VERSUS TRADITIONAL SCORING METHOD USED IN THE OPTIMIZATION OF PUBLIC EXPENDITURE MANAGEMENT The science of public finances has an arsenal of methods, techniques and procedures which on long term allow it to act by eliminating waste and losses from the complex mechanism of public finances. An important component of this mechanism is engaging the public expenditure, through which the grant of financial resources from the public budget are sized. Both the practice of purchasing products and public services, but also making public investment describes methods rather simple, but primitive in the complex process of getting a new hire's public spending. The M-Macbeth method completes the portfolio of modern tools available to public finance science. Through the contents of this method there are introduced additional selection criteria of the products offers and services so that the employment process of public expenditure have a favorable impact on the controllability of deficit budget and to contribute, slightly, at the sustainability of economic development. public expenditure; macbeth approach; scoring method; public goods and services; public auction; multi-criteria analysis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 390 402 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marcel Ioan Boloş University of Oradea Cristian Ioan Otgon University of Oradea Tudor Victor Orţan University of Oradea oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:60-612011-09-20RePEc:agr:journl article A SPIRU HARET OF OUR TIMES, A PATRIARCH OF THE ECONOMICAL ROMANIAN SCHOOL 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 60 61 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ghenadie Ciobanu Academy of Economic Studies of Moldova oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:690-6972011-09-20RePEc:agr:journl article RISK-BASED OPTIMIZATION OF A PORTFOLIO. APPLICATION IN CASE OF STOCKS LISTED ON THE BUCHAREST STOCK EXCHANGE This paper is dedicated to the conceptual and methodologic development of the optimization for asset portofolio and we attack the problem in three stages: selecting assets, risk estimation, solving the optimization problem. We select assets in the portfolio using principal components analysis in order to construct the initial portfolio. Then we select from each of the classes obtained those assets that correspond to the minimum measure Value-at-Risk at a fixed probability level. Originality of our study consists of a combination of classification theory, of estimating the risk and optimization techniques. To illustrate our developped method we consider the case of an equity portfolio at the Bucharest Stock Exchange. risk; selection of assets; principal components analysis; estimation; optimization. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 690 697 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Florentin Şerban Bucharest Academy of Economic Studies Silvia Dedu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:889-8952011-09-20RePEc:agr:journl article The Economy of Value – a Viable Concept of the Romanian Economic School. In Memory of the Founding Rector of the Moldova Academy of Economic Studies, of the University Professor of the Economics School on both Sides of the Prut Given the global financial crisis through which the humanity goes through today, we are also facing a crisis of theories, models, economic way of thinking, and professional training in the economic science and practice that are required by the twentyfirst century, we can find an answer in the work of the late Professor Paul Bran. THE ECONOMY OF VALUE - where were put the foundations of a new theory on the value, of a new way of looking at the value, of the mechanism of its production and management and also the entire edifice of the organization of the economic activity at the micro and macroeconomic level. On this basis one can construct an appropriate theoretical model of the information society to which mankind is currently heading. the economy of value; entropy-value theory; the knowledge society; the financial crisis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 889 895 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ghenadie Ciobanu Researcher within National Institute for Research on Labor and Social Protection Moldavia oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:331-3352011-09-20RePEc:agr:journl article ANALYZING THE LEVERAGE EFFECT BY MEANS OF REGRESSION FOR COMPANIES LISTED AT THE BUCHAREST STOCK EXCHANGE – BSE EXCHANGE SEGMENT The financial theory admits that levered firms record a value surplus compared to unlevered firms, at least because of the tax savings, related to interest. However, incurred debt, especially the long term debt, has a more consistent influence on performance, as stated by the Modigliani-Miller model. To this respect, the paper proposes the empirical testing of this model, using financial-accounting data of firms listed on the Romanian capital market. In particular, the statistical significance of the leverage effect will be analyzed, on a sample of companies listed on the Bucharest Stock Exchange, from the BSE exchange segment. This study is an extension of our previous research concerns. leverage effect; financial lever; financial return; regression; capital market. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 331 335 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Andrei Stănculescu Bucharest Academy of Economic Studies Petre Brezeanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:243-2542011-09-20RePEc:agr:journl article INVESTMENTS EFFICIENCY IN RENEWABLE RESOURCES EXPLOITATION – THE IDENTIFICATION OF RISK FACTORS ASSOCIATED WITH PRODUCTION OF ENERGY FROM RES The development of renewable energy market requires overcoming numerous barriers producers of energy from RES confront with. The obstacles, identified and presented in this study, include political, legal, organizational and institutional, informational and educational, economical and financial barriers. Considering these limitations, the analysis on the efficiency of certain investments in exploitation of renewable resources was made based on multi-criteria analysis methods, identifying, thus, the influence of those barriers on the decision-making of producers of energy from RES regarding feasibility of investment projects. barriers in RES exploitation; multi-criteria analysis; investments efficiency; sustainable development. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 243 254 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Anamaria Ciobanu Bucharest Academy of Economic Studies Maria Pascu Nedelcu Bucharest Academy of Economic Studies Anamaria Aldea Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:717-7242011-09-20RePEc:agr:journl article EFFECTS OF FINANCIAL CRISIS ON BANKING SECTOR STABILITY IN BOSNIA AND HERZEGOVINA Financial system of Bosnia and Herzegovina is bank dominated system. Banks have important role for stability of financial system and national economy. Having in mind specific features of financial systems we will analyze major characteristic of banking sectors and their behaviour in financial crisis and after. Bank's stability and managing it in condition of financial crises has requested continues review of financial stability indicators for banking sector and possible sources of instability. Authors in this paper will analyze banks assets and quality of assets, capital, profitability and liquidity. Relation between commercial banks and central bank Bosnia and Herzegovina and limits on monetary policy also will be of interest in this paper. banking sector; financial stability; indicators; monetary policy. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 717 724 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Igor Živko Faculty of Economics Mostar, Bosnia & Herzegovina Branimir Skoko Faculty of Economics Mostar, Bosnia & Herzegovina Anela Čolak Faculty of Economics Mostar, Bosnia & Herzegovina oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:594-6012011-09-20RePEc:agr:journl article LEGAL AND CRIMINAL REGULATIONS IN FINANCIAL LAW- TAX As arbitrator in the market economy, the state has an obligation to establish a stable legal framework in which economic agents to compete fairly in the work performed. At the same time, state, by it test organisms, aims, in economic activity, to be followed rules established by the rules, otherwise, imposing the penalty provided by law. As a last resort, for serious violations that cause socially dangerous consequences, the penalty takes power (punishment) in order to restore the rule of law violated. As in case of the financial-fiscal, there is a number of regulations, including criminal penalties, aimed at ensuring a stable legal framework by the rules set by law and if their violation by responding the approved bodies state. Among the existing criminal regulations in the financial-fiscal, tax evasion and remember those offenses in connection with tax evasion, money laundering offenses under the Tax Code, offenses under the Customs Code, offenses under the regime of bills, checks and promissory order, the crime of false accounting, criminal acts that have seen in recent years, a significant increase. tax evasion; money laundering; economic crimes; false accounting. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 594 601 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Angelica Chirilă "Danubius" University, Galaţi Angelica Roşu "Danubius" University, Galaţi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:154-1592011-09-20RePEc:agr:journl article THE IMPACT OF THE IMF LOAN ON NATIONAL POLICIES Just three years after becoming a member of the International Monetary Fund (IMF), Romania had access to financial resources of the Fund, the last loan being approved in 2009. This study aims at highlighting the economic situation of Romania in the period before the agreement with the IMF, the conditionality imposed for the loan and the economic consequences of the agreement on national policies. IMF; stand-by agreement; national policy; macroeconomic indicators; public debt. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 154 159 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Georgiana Camelia Creţan Bucharest Academy of Economic Studies Yvonne Iulia Lacrois Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:291-2972011-09-20RePEc:agr:journl article COMPARISON OF THE ACCOUNTING CONCEPT "FAIR VALUE" WITH OTHER ECONOMIC VALUE CONCEPTS Fair value is a measurement base found both in International Financial Reporting Standards and in Latvian accounting legislation. For the fair value measurements to be meaningful for financial analysts, consultants and other financial statement users, it is important that the fair value concept be understood in relation to other economic value concepts. The purpose of this paper is to compare the fair value concept of financial accounting to other economic value concepts. The qualitative method of logical analysis is the research methodology. fair value; active market; perfect competition; intrinsic value; financial accounting. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 291 297 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Justine Jaunzeme Ventspils University College (Latvia) oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:62-632011-09-20RePEc:agr:journl article PROFESSOR PAUL BRAN CONTRIBUTION TO THE DEVELOPMENT OF THE SCIENTIFIC LIBRARY OF THE ACADEMY OF ECONOMIC STUDIES OF MOLDOVA 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 62 63 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Silvia Ghinculov Director of the Scientific Library of AESM oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:422-4272011-09-20RePEc:agr:journl article IMPORTANCE OF FISCAL AND BUDGETARY POLICIES IN THE ECONOMY The aim of this study is to highlight the importance of fiscal and budgetary policies in the economy starting from the legitimate question regarding the identification of the adequate instruments to address the economic downturn in a fragile fiscal environment. Starting from this, the paper examines the choices between different intervention instruments in the economy to improve the economic conditions in the context of the indicated disturbing factors. fiscal policy; budgetary policy; economy. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 422 427 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Emilia Câmpeanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:67-672011-09-20RePEc:agr:journl article HOMAGE TO THE PROFESSOR BRAN PAUL 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 67 67 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ilie Vasile Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:763-7692011-09-20RePEc:agr:journl article FINANCIAL CRISES. ASPECTS REGARDING THE CRISIS IMPACT ON THE ROMANIAN CAPITAL MARKET Economic and financial stability, sustainability and durable development are top priorities to all world nations and this aspect must become no one for both European Union and Romania. Negative effects induced by the short time capital moves and of the different speculative assets bubbles must be restrained and strictly controlled by law and fiscal means. Those means must favour the entrepreneurship spirit, long term investments and jobs creation versus derivatives bets and the short term profits maximisation targets specific to the large investment banks and investment funds. economic and financial stability; speculative bubbles; control of the speculative capital. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 763 769 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ioan Cuzman "Vasile Goldiş" University, Arad Daniel Manaţe Universitatea Aurel Vlaicu, Arad Pavel Fărcaş "Vasile Goldiş" University, Arad oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:160-1652011-09-20RePEc:agr:journl article MANDATORY HOME OWNERS INSURANCE Floods in recent years, earthquakes, aging housing stock and the level of housing optional insurance coverage are factors that have led the authorities to initiate mandatory housing insurance system, out of fear of more devastating natural events. The study examines the current state of the system of mandatory home insurance in Romania, operating principles, sustainability, evolution compared with other European Union states, the insurer's perspective and influences involved in the system. mandatory insurance; PAID; covered risks. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 160 165 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marius Dan Gavriletea "Babeş-Bolyai" University, Cluj-Napoca Aura Carmen Moga "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:201-2062011-09-20RePEc:agr:journl article REFLECTIONS ON THE ROMANIAN INSURANCE BROKERAGE IN THE FINANCIAL CRISIS This paper presents the evolution of the insurance brokerage business through the insurance brokerage companies in our country over the past five years. The difficult economic situation in the economy in recent years has also influenced the insurance brokerage market in Romania in two distinct directions. First, brokers have incurred losses due to lower lease and loan activity; then their role increased due to the interests of customers and policyholders to obtain efficient, economical and cost-effective insurance offers from insurance brokers. insurance broker; gross written premiums; brokerage commissions; brokerage office; adjustments of claims. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 201 206 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Solovestru Domide Gherasim Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:778-7972011-09-20RePEc:agr:journl article DO FINANCIAL VARIABLES HELP PREDICT MACROECONOMIC ENVIRONMENT? THE CASE OF THE CZECH REPUBLIC In this paper, we examine the pseudo out-of-sample forecasting ability of various financial variables – credit to private sector, the share of liquid assets in the banking industry, the share of non-performing loans, the loan loss provisions rate and equity prices – for inflation and GDP growth in the Czech Republic. To do so, we estimate a block-restriction vector autoregression model consisting of Czech macroeconomic and financial variables and euro area macroeconomic variables in 1999:1-2009:9. Our results suggest that financial variables have a systematic and statistically significant effect on macroeconomic fluctuations. In terms of forecast evaluation, financial variables in general seem to improve the forecast of macroeconomic variables, but the predictive performance of individual financial variables varies over time, in particular during the 2008-2009 crisis. Among other things, the results give some support for the risk-taking channel of monetary policy, as the level of monetary policy rate is negatively associated with the loan loss provisions rate of commercial banks. Finally, more stable financial system is found to contribute to faster economic growth. macroeconomic and financial linkages, vector autoregressions, forecasting. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 778 797 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Tomáš Havránek Charles University, Prague Roman Horváth Charles University, Prague Jakub Matějů CERGE-EI, Prague and Czech National Bank oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:477-4842011-09-20RePEc:agr:journl article EASURING EFFECTIVE CORPORATE TAXATION IN ROMANIA USING ORWARD-LOOKING METHODOLOGY From various methodologies used to compute effective taxation of companies, one in particular is enjoying a special attention. We refer to the so-called "Devereux & Griffith" methodology which based on the essential features of the tax code try to compute effective tax rates (marginal and average) of a hypothetical investment project taken by a company. Based on this methodology, the paper will compute the effective tax rates in Romania after 1990, taking into account the main changes in the tax code throughout the period. The paper shows that EMTR and EATR follow closely the statutory tax rates and reveals the impact of accelerated depreciation and that of changes in the useful life of assets. taxation; effective marginal tax rates; effective average tax rates. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 477 484 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Sebastian Lazăr "Alexandru Ioan Cuza" University "Iaşi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:410-4162011-09-20RePEc:agr:journl article TAX EVASION: QUANTITATIVE AND QUALITATIVE FACTORS OF IMPACT The aim of this paper is to identify the impact factors, both qualitative and quantitative, on tax evasion. This analysis is based on a synthesis of the most relevant publications in the field. We can identify several types of impact factors, grouped into: traditional factors, the characteristics of taxpayer's, the characteristics of fiscal systems in different countries. tax evasion; fiscal policy; behavior of economic agents. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 410 416 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Iulian Viorel Braşoveanu Bucharest Academy of Economic Studies Laura Mihaela Obreja Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:73-802011-09-20RePEc:agr:journl article ASPECTS REGARDING THE RISK MANAGEMENT IN THE FINANCIAL INVESTMENT COMPANIES, IN THE CONTEXT OF RECENT ECONOMIC CHANGES The bubbles, either involving real or financial assets, previous to the subprime crisis bring at the investor's community's concern the elusive topic of risk mitigation. Funds industry need today, more than any time in the past, a clear, decisive and competent approach in risk management. A competitive financial investment company must take in consideration not only basic risk management measures, such as VaR, CFaR or PaR, but also more sophisticated tools, like Monte Carlo simulation or complex risk matrixes. risk matrix; potential risks; value at risk; cash flow at risk; profit at risk; Monte Carlo simulation. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 73 80 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ioan Cuzman SIF Banat-Crişana, "Vasile Goldiş" Western university of Arad Daniel Manaţe SIF Banat-Crişana, University "Aurel Vlaicu", Arad Pavel Fărcaş SIF Banat-Crişana, "Vasile Goldiş" Western university of Arad oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:311-3202011-09-20RePEc:agr:journl article SUSTAINABLE DEVELOPMENT OF ECONOMIC COMPETITIVENESS THROUGH INTELLECTUAL PROPERTY RECOVERY The research and development and innovation, which is a crucial strategic component for economic development and social progress, is closely related to this field. Thus, science, technology and innovation are areas that consistently generate breakthrough, ensuring sustainability of future development and economic competitiveness of Romania. science; technology; innovation; sustainable development; economic competitiveness; technological progress; intellectual property; recovery. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 311 320 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gabriel I. Năstase Institute for Nuclear Research, Piteşti Dragoş Ionuţ G. Năstase Institute for Nuclear Research, Piteşti oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:235-2422011-09-20RePEc:agr:journl article FUNDAMENTING OF AN AGGREGATE INDICATOR FOR CLASSIFYING ENTERPRISES BASED ON THEIR FINANCIAL RESULTS Financial analysis presents o wide set of ratios that can be used for assessing and comparing the return and the risk of the enterprises but in order to realize a classification of them it is necessary to reduce the number of ratios. This condition is satisfied through the principal component analysis which allows the transition from a causative space with a great number of variables to an equivalent but significant smaller space. In this context, the purpose of the present paper is to build an aggregate indicator which is necessary for ranking enterprises based on their financial results. aggregate indicator; principal components; return, risk; classification. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 235 242 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ştefan Daniel Armeanu Bucharest Academy of Economic Studies Georgeta Vintilă Bucharest Academy of Economic Studies Maria Oana Filipescu Bucharest Academy of Economic Studies Paula Lazăr Bucharest Academy of Economic Studies Maricica MOSCALU Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:29-292011-09-20RePEc:agr:journl article STAN with BRAN 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 29 29 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ion Stancu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:417-4212011-09-20RePEc:agr:journl article IS PROGRESSIVE TAXATION A DETERMINANT OF TAX EVASION? In a context where several interest groups ask for progressive taxation, the paper tries to identify, if any, a connection between the taxation system (progressive or proportional) and tax evasion. The analysis is made so as to find a descriptive correlation between tax revenue increase when the proportional taxation was used and decrease in tax evasion, but the results do not confirm such a connection. equity; tax policy; progressive rates; tax administration; tax evasion. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 417 421 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Delia Cataramă Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:255-2612011-09-20RePEc:agr:journl article PROJECT MANAGEMENT IN THE CORPORATE CONTEXT-PROJECT APPRAISAL USING DISCOUNTED CASH FLOW In the actual crisis context, investment project appraisals and capital budgeting, which involve assessing the financial feasibility of a project, should use Discounted Cash Flow (DCF) analysis. This paper tries to present good practice principles and rules in project appraisal and financial managers' role in this field of interest. Professional accountants in business become responsible for preparing and reporting on financial. They should (a) apply high standards of DCF and Net Present Value (NPV) analysis, (b) establish safeguards to compensate for risks to the integrity of information flows, and (c) provide objectivity where conflicts of interest could influence a decision. professional accountants; discounted cash flow; net present value; project management; financial institute. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 255 261 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Elena Dobre "Ovidius" University of Constanta oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:839-8492011-09-20RePEc:agr:journl article The Dynamics of Economy and Equilibrium Growth Rate Quantification with Constant Stock of Bonds Equilibrium growth rate stated by us is based on equilibrium evolution of economy IS-LM-SRAS, where the equations IS and LM are liniar specificated in real GDP, nominal interest rate and real wealth, and the SRAS curve is also linear, infered from linear Phillips curve. The evolution of the economy is determined from two dynamic continuous time equations: the dynamics of expected inflation rate, specified as adaptive mechanism with respect to current inflation rate, and the wealth dynamics, the last arising from the policy of budget deficit finance. As a consequence, the dynamics of economy depends on the policies of the government and the Central Bank. The paper comprises three parts: the dynamic model deduction, long run and short run dynamics of the economy, money finance debt, when b b t = policy is applied, deduction of the equilibrium growth rate for this policy. IS-LM-SRAS equilibrium; real wealth and expected inflation dynamics; monetary policy; Riccati equation; economic equilibrium growth rate. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 839 849 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gheorghe Oprescu Bucharest Academy of Economic Studies Ana Andrei Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:524-5282011-09-20RePEc:agr:journl article CONSIDERATIONS REGARDING THE EXPENDITURE FOR AGRICULTURE IN ROMANIA IN THE CONTEXT OF ECONOMIC AND FINANCIAL CRISIS Agriculture is a traditional branch of Romanian economy which provides alimentary products needed by population, raw materials for industrial branches and products for export. In the last two decades, one of the most important characteristics of Romanian agriculture has been the chronic lack of capital. This caused the growth of inefficiency in resource allocation with consequences on development of competitiveness of Romanian farmers and of the entire agricultural sector. Privatization of agricultural lands determined the creation of millions of agricultural family holdings, of small sizes, with low yield production, especially for self-consumption. In this paper we will present some aspects regarding the amounts for agriculture in Romania in recent years and in the current financial and economic crisis conditions. common agricultural policy; agricultural subsidies; direct support of state; direct payments; economic and financial crisis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 524 528 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Daniela Lidia Roman Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:172-1812011-09-20RePEc:agr:journl article THE COMPETITIVITY OF THE LIFE INSURANCE MARKET IN ROMANIA This paper has the objective of investigating the competitivity status of the life insurance sector in Romania, which is based upon the insurers' financial stability. First, we shall analyse the competitive structure of the life insurance market, respectively the determinant factors of the competition which lead to the formation of a tight oligopoly. In the following chapter, we shall examine, using the mathematic regression method, the competitivity status on the life insurance market in Romania through the evolution of the market concentration index Herfindahl Hirschmann HHI between the years 2001-2009. We shall formulate conclusions and give a prognosis of this indicator's evolution. insurance; life insurance market; competitivity; HHI index; regression. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 172 181 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Radu Nicolae Giosan Bucharest Academy of Economic Studies Vasile Ilie Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:129-1352011-09-20RePEc:agr:journl article INSURANCE MARKET TRENDS CAUSED BY CLIMATE CHANGE Flavia BARNA Uncertain behavior of extreme weather events is critical for insurance because of the financial effects that it generates. In this context, the effects of climate change on the frequency and hardness of natural disasters are vital information in order to restructure the portfolio of insurance products. Creation of new insurance products and schemes focused on protecting against the risks of climate change is a goal of the insurance companies. The financial innovation in the insurance field allowed policyholders to better manage their risks in a volatile environment. climate change; natural disasters; insurance schemes; prudential rules. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 129 135 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Flavia Barna West University of Timişoara Victoria Şeulean West University of Timişoara Petru-Ovidiu Mura West University of Timişoara oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:45-472011-09-20RePEc:agr:journl article Some Reflections on the Professor Paul Bran book "Management by Value" 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 45 47 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Emilian M. Dobrescu Romanian Academy oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:517-5232011-09-20RePEc:agr:journl article FINANCING OF VAT TO THE LOCAL BUDGETS AND SOME ASPECTS IN THE CONTEXT OF ECONOMIC AND FINANCIAL CRISIS Providing financial resources for public funds is difficult to effectuate and the central government and local government level. Since local budgets do not own income sufficient to ensure the financing of all expenditures on behalf of local collectivities, then the state budget provides funding for social, economic local destinations. Decentralization of public services is accompanied by financial descentralization. In this paper we present some aspects of VAT revenue from the state budget used to support certain activities at the local level, the evolution of these allocations in the context of current budgetary constraints due to financial crisis. budgetary constraints; local needs; budget; budgetary decentralization; public services. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 517 523 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Daniela Lidia Roman Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:147-1532011-09-20RePEc:agr:journl article INSURANCE AND REINSURANCE CATASTROPHIC RISKS IN ROMANIA: PRESENT AND PERSPECTIVES Romanian society, as is the entire world, is faced with a multitude of catastrophic risks, which existed and will continue to exist and affect both the population, economy and environment. More high frequency of the catastrophic phenomena and their intensity increased in the last two decades, have determined the competent authorities in Romania to increased emphasis on identifying the concerns of insurance solutions to cope with major losses occurring in such situations. In this article we propose to introduce catastrophic risk insurance system in Romania and opportunities for improvement. catastrophic risks; insurance; reinsurance; insurance market; PAID – the 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 147 153 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Maria Bodnarciuc Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:110-1132011-09-20RePEc:agr:journl article INSURANCE PREMIUM, A CONTEMPORARY APPROACH The article aims to present a modern analysis of the insurance premiums in our country. It accentuates the proper foundation of the insurance premiums as a necessity of the modern economy. insurance premium; premium rate tariff; gross premium; the foundation of the premium tariffs; insurance fund. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 110 113 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Dorin Antal Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:529-5342011-09-20RePEc:agr:journl article THE OBLIGATION OF INDIVIDUALS TO PAY VAT ON REAL ESTATE TRANSACTIONS The problem of VAT taxation on buildings sales transactions built by natural persons or belonging to them was not raised by NATA before January 1, 2008 because there was no statutory regulation on the obligation of natural persons carrying out real estate transactions to pay VATS. In 2009, NATA has launched a campaign to control the investors who have developed residential projects as natural persons in the past five years. So the fiscal bodies reinterpret the law texts, so that they can collect revenues from the budget. Theoretically, the interpretation made by ANAF was assessed as being forced and non-legal. VAT; natural persons; real estate; transactions. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 529 534 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Angelica Roşu "Danubius" University, Galaţi Angelica Chirilă "Danubius" University, Galaţi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:460-4652011-09-20RePEc:agr:journl article THEORETICAL CONSIDERATIONS REGARDING THE CONTRIBUTATION OF HUMAN CAPITAL TO ECONOMIC GROWTH The scientific approach highlights the contribution of human capital in achieving economic growth. Theoretical considerations are presented first regarding theories and neoclassical growth models, and then some contributions of human capital and education to economic growth. In the present context it was considered necessary to study the influence of human capital on economic growth as the link between the two is obvious: human capital through education contributes to society and the quality of education depends on the level of development. Also, the authors present some empirical studies on the effects (results) of education on economic growth. economic growth; human capital; education; investing in education. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 460 465 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Rodica Gherghina Bucharest Academy of Economic Studies Irina Ion Bucharest Academy of Economic Studies Elena Nicolae Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:428-4352011-09-20RePEc:agr:journl article A COMPARATIVE ANALYSIS OF THE BUDGETARY DEFICITS IN THE EU COUNTRIES IN THE CONTEXT OF THE GLOBAL FINANCIAL CRISIS Starting with late 2008 most of the EU countries displayed complex financial problems, in which consistent budgetary deficits have combined with negative net exports, with the ageing and pension system challenges and with the consequences of the global financial crisis. All these problems lead to the accumulation of significant government debts, which in turn contribute to the aggravation of the government deficits. Our paper analyzes the evolution of the public deficits at the EU level for the 2000-2009 period and tries to identify the ways and actions that could lead to the rebalancing of the public finances in the EU countries. public budgetary deficits; government debt; budgetary expenditures; budgetary revenues; taxes; fiscal consolidation. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 428 435 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marius Sorin Dincă Transilvania University, Braşov Gheorghiţa Dincă Transilvania University, Braşov oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:19-252011-09-20RePEc:agr:journl article PROFESSOR PAUL BRAN, AN OUTSTANDING PERSONALITY AND AN INNOVATOR 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 19 25 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ion Gh. Roşca Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:105-1092011-09-20RePEc:agr:journl article THE METHOD OF STANDARD COSTING IN PUBLIC MANAGEMENT, A POSSIBLE AND NECESSARY OPTION? The present article puts forward a work procedure that would apply the principles of the method of standard costing in order to validate the proposals of credit accountants in the process of substantiating and drawing up budget projects at different levels of the central and public administration. The authors plead for the application of a distinct procedure as compared to the one applied at microeconomic level in order to establish "the minimal standard budget" of a public institution. budget; standard costing; minimal standard budget. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 105 109 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marian Alexandru Bucharest Academy of Economic Studies Felicia Alexandru Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:436-4432011-09-20RePEc:agr:journl article SUBSIDIARITY PRINCIPLE IN THE EUROPEAN UNION GOVERNANCE The issue of subsidiarity principle is increasingly important as the more extensive discussions were held on sharing responsibilities between Community and national level. This leads to the need to establish an optimal balance between skills in order to comply with the national sovereignty of each state in developing and applying its own fiscal policy, economic. The purpose of this study is to investigate the principle of subsidiarity in the context of EU governance. subsidiarity; governance; European Union; fiscal federalism; public services. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 436 443 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cristian Ene Corbeanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:607-6142011-09-20RePEc:agr:journl article ON MODELLING THE PERFORMANCE OF NON-BANK FINANCIAL INSTITUTIONS – RESEARCH METHODOLOGIES The first step in any kind of research is to select the most adequate research methodology. There are a lot of research methodologies to chose from when one wants to engage in research regarding the development of financial performance models. Because of this abundance, there is a need to present the most important ones. In this paper I describe the research methodologies and research frameworks from different fields (e.g. social sciences, Information Systems) and show how my postdoctoral study relies on a combination of these research methodologies. financial performance; research framework; epistemology; design science; constructivism. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 607 614 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Adrian Costea Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:870-8762011-09-20RePEc:agr:journl article Knowledge and Innovation as Key Engines for a Long run Sustainable Development This paper wants to reveal the importance of Sustainable Development as a new concept and also the value of sustainable development indicators (SDI). The team's preoccupation was knowledge and innovation as concepts and valuation and also some possible contributions that make clear this concept and how organizations must act. The main aim of this paper is to present a clear image on knowledge and innovation as drivers for sustainable development in our country (Romania) and to offer suggestions for achieving economic and social development through them. Competitiveness and innovation improvements ensure sustainability on the long term. knowledge; innovation; sutainable development; competitive advantage, long-run. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 870 876 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marta Christina Suciu Bucharest Academy of Economic Studies Alexandru Ghiţiu-Bratescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:360-3682011-09-20RePEc:agr:journl article CRITICAL ANALYSIS OF HOUSING FINANCING SYSTEMS IN TRANSITION ECONOMIES IN EUROPE Development of housing financing systems in transition countries in Europe had a difficult journey. Considering the rudimentary housing finance system, inherited from the period previous to 1990, the countries of this region have developed housing finance systems in increasingly complexity, not reaching, however, the securitization of mortgage debt, especially due to the crisis occurred in 2007. housing financing systems; mortgage loan; real estate market; national housing policies. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 360 368 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ion Radu Zilişteanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:454-4592011-09-20RePEc:agr:journl article ANALYSIS OF ABSORPTION CAPACITY OF THE EUROPEAN FUNDS IN ROMANIA The wide range of issues that project implementation raises, considering also the diversity of the financing fields (research – development, professional training, agriculture, informatics, forestry, manufacturing industry, constructions, services, etc.) most inevitably demands a sustained effort of monitoring and correction of inaccuracies, of the challenges that the free market poises but also of the skills and knowledge shortage which the institutions in Romania have to face in our days. This research work displays different problems encountered in the process of attracting European funds while verifying the existence of the link between the value of the projects submitted and the total implemented projects. absorption capacity; co-financing; convergence; irredeemable financing; regression function. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 454 459 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Daniela Florescu University Financial Banking, Bucharest oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:376-3832011-09-20RePEc:agr:journl article EMPIRICAL EVIDENCES CONCERNING CORRUPTION IN LOCAL PUBLIC ADMINISTRATION Corruption is a widely used concept lately in Romania and not only, the effective fight against this phenomenon being considered a precondition of the existence of the rule of law and an indicator of good governance. In terms of corruption vulnerability and its social impact, the local administration system remains one of the most sensitive areas. The need to design and implement a set of appropriate policies for control of corruption in local public administration has become increasingly imperative, the main desire being to create a healthy system. This article aims to identify how decentralization and corruption tend to relate. corruption; decentralization; local public administration; mitigation. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 376 383 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Nicolae Balalia Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:27-282011-09-20RePEc:agr:journl article IN MEMORIAM PAUL BRAN 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 27 28 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Nicolae Dardac Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:884-8882011-09-20RePEc:agr:journl article The Relationship Between Banks – Public Services – Decentralization Development of public services is the effect of applying administrative reforms involving the banks and financial contribution. Decentralization strengthening and modernization of administrative structures and public services is supported by the World Bank, International Monetary Fund and the European Union, supplement the financial resources to facilitate development. To attract financing funds, local governments often resort to loans from the banks that manage the funds targeted. Money is used to supplement the income of local governments who needs loans for financing European projects. Empirical research on this way will make disclosures regarding the various types of banks involved in this process. banks, public services, decentralization, loan, World Bank. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 884 888 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marina Zaharioaie "Alexandru Ioan Cuza" University, Iaşi Irina Bosie "Alexandru Ioan Cuza" University, Iaşi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:211-2142011-09-20RePEc:agr:journl article THE PUBLIC-PRIVATE INTERDEPENDENCE IN PENSIONS Even if there are two elements that can be said to have nothing in common, it would soon be interpreted that the two approaches are part of an integrated whole, their coexistence being imminent for a long time period. The increase in the retirement age, the social contribution rate broken down for the second pillar, the external economic environment, the deductibility of contributions to pillar III, political factors all point to an interdependence that requires to be assessed to maintain a robust system in the private pensions market. age pension; private pension pillar; the public pension system; social security; efficiency. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 211 214 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cosmin Şerbanescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:369-3752011-09-20RePEc:agr:journl article CRITICAL ANALYSIS OF THE CURRENT STATUS OF INTERNAL AUDIT IN PUBLIC ADMINISTRATION Public internal audit has developed over the years, shifting from a function based on information to a more practical one, a risk-based function. Theoretically, the internal public audit applies to all central and local public institutions, auditors assuring and advising managers for judicious management of revenue and public expenditure, thereby improving their business, issuing recommendations and objectives based on the irregularities discovered. Through the completed audits, auditors should help public institutions to meet their objectives through a gradual and methodical approach, by assessing and recommending more efficient and effective public management. public internal audit; effectiveness; efficiency; control; professionalism. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 369 375 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Nicolae Balalia Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:403-4092011-09-20RePEc:agr:journl article TAX EVASION IN ROMANIA – SOME CHARACTERISTICS The aim of this paper is to identify the most important aspects of tax evasion in our country. I captured the most important tax evasion crimes identified by the law and I presented the latest data on financial control. Based on data collected I determined the identified tax evasion, then tax evasion unidentified, estimated using on a simplified model, based on two different methodologies. Based on the two sizes I estimated the total tax evasion for our country. tax evasion; underground economy; fiscal policy. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 403 409 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Iulian Viorel Braşoveanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:647-6542011-09-20RePEc:agr:journl article PREDICTABILITY OF STOCK MARKET CRASHES: A STATISTICAL APPROACH The last decades of the last century were marked by a prodigious development of capital markets phenomena modeling. Mathematical modeling, which proved its utility in the study of natural science, was adapted to the economic sphere in order to increase the degree of accuracy of the results and, particularly, predictions. The recent economic and financial crises once again show that the predictions provided by mathematical models were successful especially regarding the past and less regarding future evolutions. This study presents a statistical approach of the predictability of stock market crashes, with applications on the Romanian capital market. efficient market hypothesis; fractal market hypothesis; stable distribution; predictability; stock market crash. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 647 654 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Daniel Traian Pele Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:64-662011-09-20RePEc:agr:journl article PAUL BRAN – AN EXAMPLE OF A DEEPLY INVOLVED INTELLECTUAL 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 64 66 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Felicia Alexandru Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:825-8302011-09-20RePEc:agr:journl article Unemployment in Romania as "Income Source" for Most of the Population During Crisis Unemployment appears to be an imbalance in the national labor market, as a meeting between global supply and demand works. Unemployment is influenced by demographic, socio-economic and cultural features that determine its developments in time. Knowing them is important in establishing the balance between demand and labor market supply. This paper aims to conduct an analysis of features of unemployment in Romania during the crisis. unemployment; wage Minin; inflation; crisis. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 825 830 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gheorghe Negoescu "Ovidius" University, Constanţa oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:485-4922011-09-20RePEc:agr:journl article COMPARATIVE STUDY ON DECENTRALIZATION OF PUBLIC FINANCES IN A NUMBER OF COUNTRIES IN TRANSITION FROM SOUTH-EASTERN EUROPE This paper is studying the degree of financial independence and decision of local authorities, in a number of transition countries in South-Eastern Europe. Our research identified the strengths and weaknesses of public finance reform, for each country, followed by a classification of decentralization in the analyzed area. decentralization; reform; public finance; public revenue; public expenditure. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 485 492 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Carmen Maria Lăcătuş "Titu Maiorescu" University, Bucharest Ioana Duca "Titu Maiorescu" University, Bucharest Florin Văduva "Titu Maiorescu" University, Bucharest oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:273-2772011-09-20RePEc:agr:journl article COST OF CAPITAL ESTIMATION FOR MAJOR CORPORATIONS. EVIDENCE ON BEST PRACTICE This paper presents the theoretical background concerning capital budgeting techniques and cost of capital estimation and a literature review on cost of capital estimation practice applied by key European corporations as opposed to Asian and American firms. Previous studies showed that the most commonly used model for estimating the cost of equity is the CAPM with major differences concerning the choice of variables. This broad estimating divergence has major implications on the decision making process and capital budgeting techniques. cost of equity; capital budgeting; WACC; discount rate; DCF methods. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 273 277 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Angela-Maria Filip "Babeş-Bolyai" University of Cluj-Napoca Daniela Georgeta Beju "Babeş-Bolyai" University of Cluj-Napoca Maria-Miruna Pochea "Babeş-Bolyai" University of Cluj-Napoca Maria Ulici "Babeş-Bolyai" University of Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:50-512011-09-20RePEc:agr:journl article PAUL BRAN 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 50 51 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Vasile Şoimaru Academy of Economic Studies of Moldova oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:207-2102011-09-20RePEc:agr:journl article LEGISLATIVE IMPACT ON PRIVATE FUNDS MARKET More and more countries in the region face serious problems in the public budget, so that emergency solutions are needed in order to deal with the persistency of the financial crisis. One of them was identified as it follows: private administrated funds assets should be taken over by the public budget. This situation requires the impact study of these decisions on participants, because this could endanger the entire system nationalization multi pension. pillar private pension system; public pensions; social security; efficiency; nationalizing pensions. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 207 210 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cosmin Şerbănescu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:37-442011-09-20RePEc:agr:journl article Complexity and Personality – Reality and Solutions. PhD Professor Paul Bran in the Eco-economic Universe The reality of the third millennium teaches us the lesson of complexity in which the solutions of the positivist approach based on the arrogance of complete and objective knowledge fail one by one faced with multidimensional crisis. Among the relatively few scientists, but who outstand by the permanence of their work, that dared to escape beyond paradigms and to propose their rethinking for constructing the theoretical basis of the ecoeconomic universe we find PhD Professor Paul Bran. Perseverance, skill, discipline, optimism, abnegation, creativity were invested by PhD Professor Paul Bran for exploring, correlating, synthesizing, analyzing, evaluating and creating an original model – the entropy value theory – that could substantiate solutions for the dysfunctions resulting from the neglecting of the complex interdependencies in the humans-economy-environment triangle. We evoke an outstanding personality of the economic thought, Professor dr. Paul Bran, on the one hand, for bringing in relief his remarkable scientific contribution, and, on the other hand, for highlighting the key role of the encyclopedic knowledge and exceptional moral verticality association in the building of a paradigm that is adapted to the complexity of the contemporary transformation of the social-ecological systems. Prof.univ.dr. Paul Bran; complexity; personality; value; information. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 37 44 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Florina Bran Bucharest Academy of Economic Studies Carmen Valentina Rădulescu Bucharest Academy of Economic Studies Ildiko Ioan Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:48-492011-09-20RePEc:agr:journl article PAUL BRAN – A MAN AMONG MEN 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 48 49 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marin Andreica Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:344-3512011-09-20RePEc:agr:journl article TESTING THE HYPOTHESIS OF MARTINGALE ON INTRADAY DATA: THE CASE OF BET INDEX The hypothesis of martingale on Romanian capital market is tested based on the intraday data of the BET index for the time period November 2, 2009 through April 30, 2010. Investigation of this hypothesis is realized through two recent test, the Automatic Variance Ratio test of Kim (2009) and the Generalized Spectral test of Escanciano and Velasco (2006). The first has the best performance in the presence of linear dependencies, while the high performance of the second is in the presence of nonlinear dependencies. The robustness of the two tests in the presence of heteroskedasticity is given by using a wild boostrap methodology. The empirical results reject the hypothesis of martingale especially due to the presence of nonlinear dependencies in the intraday data, indicating the existence of a high potential of predictability. informational efficiency; martingale; intraday data; wild boostrap. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 344 351 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Alexandru Todea "Babeş-Bolyai" University, Cluj-Napoca Anita Pleşoianu "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:444-4532011-09-20RePEc:agr:journl article MULTILEVEL GOVERNANCE – EUROPEAN UNION CASE Classification allows institutions a better understanding of their role in the economy and society, mechanisms for establishing, amending and abolishing the institutions of the determinants of institutional change, the relationship between institutions and their relationships with the people and civil society. In order to measure and monitor the institutional development at national level it has been imposed a new concept in the mid 90s based on governance. The purpose of this study is to investigate the elevation EU multilevel governance. governance; European Union; neo-institution; institutions. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 444 453 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cristian Ene Corbeanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:55-562011-09-20RePEc:agr:journl article PAUL BRAN – THE WISE, THE INNOVATOR 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 55 56 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Valerică Olteanu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:81-862011-09-20RePEc:agr:journl article A CRITICAL LOOK OVER THE ROMANIAN LOCAL PUBLIC FINANCE DECENTRALISATION This paper work aims to identify the issues of Romanian local public decentralization, recommending measures to streamline the public finance circuit. The reorganization of the public government in three levels, the growth of the financial independence of local authorities and public administration's decisions' transparency next to a better information of citizens, coupled with their empowerment and involvement in public affairs, all these represents key points for the discharge of decentralization of public finances: to increase social welfare. decentralization; reform; public finance; public revenue; public expenditure. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 81 86 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Tatiana Moşteanu Titu Maiorescu University, Bucharest Carmen Maria Lăcătuş Titu Maiorescu University, Bucharest Mirela Anca Postole Titu Maiorescu University, Bucharest oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:471-4762011-09-20RePEc:agr:journl article ELASTICITY EXPENDITURE ANALYSIS FOR THE NATIONAL SECURITY AND PUBLIC ORDER The institutions of public order and national security benefits of some of the biggest benefits from the state budget and is funded primarily from redistribution of gross domestic product. Spending on public order are non-productive expenditure, which consumes a part of the final gross domestic product. The main objective of the article is the analysis public policy response costs in Romania to the modification of gross domestic product and total expenditures of the state budget. public expenditure; forecasting; elasticity; regression; autoregressive. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 471 476 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Cătălina Carmen Huba (Ştefănescu) Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:121-1282011-09-20RePEc:agr:journl article INVESTMENT PROCESS OF VOLUNTARY PENSION FUNDS – A CLUSTER APPROACH In this paper, we intended to establish a grouping of the voluntary pension funds in Romania by risk levels using cluster analysis. The investment policy of the voluntary pension funds is influenced by a variety of factors: the taxpayers' risk profile, the capital market conditions, and the number of competitors. The results show that the voluntary pension funds take into account when regularly selecting and optimizing the financial portfolio, the level of risk acceptable for the contributors, reflected in the existence of two clusters on the voluntary pension fund market in Romania. cluster analysis; voluntary pension funds; investment policy. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 121 128 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Flavia Barna West University of Timişoara Maria Luiza Moş West University of Timişoara Victoria Şeulean West University of Timişoara oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:306-3102011-09-20RePEc:agr:journl article CONTRACTUAL GOVERNANCE – AN OUTCOME OF THE RECENT FINANCIAL CRISIS Due to the information technology development, outsourcing has gained much importance, especially in the banking business where the creation of the shadow banking system through the outsourcing of risks on special-purpose entities has extended the corporate boundaries, increasing corporate risks. The global crisis revealed the fact that systemic risk has been underestimated and that market-correlation has been misunderstood. Under these circumstances, an appropriate contract design will reduce managers' misbehavior and align the manager and investor interests. Contractual governance is a necessary tool for reforming private arrangements not individually, but as parts of a network where over-regulation is counterproductive. nexus of contracts; agency conflict; outsourcing; private equity funds; contractual governance. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 306 310 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Ionica Munteanu "Alexandru Ioan Cuza" University of Iaşi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:166-1712011-09-20RePEc:agr:journl article MOTOR' OWN INSURANCE – MARKET ANALYSIS FOR INDIVIDUALS Insurance coverage is a necessity for the modern world life and the motors' own damages insurance is a big part of the market. Analyzing the condition of the insurance market starting 2006 trough 2010, by the gross written insurance premiums and the losses compensations in the same period, the study reveals the impact of economic and financial crisis upon insurance market. Next, we analyze the present offer of the most important insurance companies. motor's insurance; insurance premium; losses' compensation. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 166 171 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Marius Dan Gavriletea "Babeş-Bolyai" University, Cluj-Napoca Aura Carmen Moga "Babeş-Bolyai" University, Cluj-Napoca oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:756-7622011-09-20RePEc:agr:journl article EXPLOITATION THE GLOBAL FORCES AND PAUPER WORLD In the current socio-economic and political context, dominated by financial crisis erupted in various parts of the worlds, by scandals regarding the peculation of helps in the purpose of own politico-strategic interests, the study presents some general considerations and solutions concerning the social impact generated globally, as well as and the role regarding the implication of the international institutions in the view of favorable resolution of the process of economic, financial and banking restructuring – key factor for achieving the Development Objectives assumed at the Millennium Summit. financial crisis; poverty; lender of last resort; international financial organisms; economic-financial solutions. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 756 762 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Luminiţa-Maria Crăciun "Danubius" University, Galaţi Georgeta Dragomir "Danubius" University, Galaţi Cornelia Elena Tureac "Danubius" University, Galaţi oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:32-322011-09-20RePEc:agr:journl article ROFESSOR PAUL BRAN - PERSONALITY OF THE ROMANIAN ECONOMIC SCIENCE 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 32 32 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Gheorghe Zaman Associated member of the Romanian Academy oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:493-5002011-09-20RePEc:agr:journl article DESCENTRALIZATION STRATEGIES FOR PUBLIC SERVICES WITHIN EU MEMBER STATES – EMPIRICAL STUDY Decentralization is an opportunity to provide public services depending on the citizens'needs and taking into consideration the financial constraints of the local budgets. The real convergence involves a similarity of the decentralization degree for public services between the countries wishing to join and those states which are already members of the eurozone. The purpose of this study is to analyze the decentralization results for public services provided by Romanian local authorities compared with the results of EU Member States and to identify decentralization strategies appropriate for our country. local financial management; decentralization strategies; local budgets; real convergence, public services. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 493 500 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Emilian Constantin Miricescu Bucharest Academy of Economic Studies Attila Gyorgy Bucharest Academy of Economic Studies Emilia Câmpeanu Bucharest Academy of Economic Studies Adina Cristina Gyorgy Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:624-6342011-09-20RePEc:agr:journl article DYNAMIC PERSPECTIVE ON THE TRIANGLE FOREIGN DIRECT INVESTMENTS – EXCHANGE RATE – CAPITAL MARKET This paper focuses on the triangular causal relationship between foreign direct investments, exchange rate and capital market at the level of the CEE countries. For this purpose, we use the weight of market capitalization of listed companies into GDP as proxy for the degree corresponding to the stock market development, the variability of the exchange rate as proxy for the macroeconomic environment and weight of foreign direct investments into GDP as a proxy for the country's capacity to attract foreign investors and to recover some macroeconomic deficiencies. The perspective is a dynamic one, conceiving each variable as a cause and effect in the system of relashionships. FDI; exchange rate; market capitalization. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 624 634 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Adrian Morar Triandafil Romanian Banking Institute Cristina Morar Triandafil Bucharest Academy of Economic Studies Aniela Danciu Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:501-5082011-09-20RePEc:agr:journl article THE ANALYSIS OF EXTERNAL AND INTERNAL PUBLIC DEBT IN ROMANIA The present scientific study aims at analyzing the total public debt of Romania. Under the actual circumstances, we have considered necessary studying the relation between the internal and the external public debt, which is influenced by objective, subjective and also political factors. At the same time, in this research work, the authors begin by the structure and the service of the internal public debt, then the analysis continues with the presentation of the structure and service of the external public debt. The study ends with the resulting conclusions. public debt; internal and external public debt; the service of the internal and external public debt. 5(558)(supplement) 2011 5(558)(supplement) July Theoretical and Applied Economics 501 508 http://store.ectap.ro/suplimente/Conferinta%20FABBV%202010_engleza.pdf application/pdf Tatiana Moşteanu Bucharest Academy of Economic Studies Mirela Anca Postole Bucharest Academy of Economic Studies Rodica Gherghina Bucharest Academy of Economic Studies oai:RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:615-6232011-09-20RePEc:agr:journl article DYNAMICS OF THE DEVELOPMENT AND INTEGRATION OF THE ROMANIAN RETAIL BANKING SECTOR The creation of a common market for goods and services represents the main focus of the European Union, a key element of this process being represented by the integration of the financial sector. One of the least integrated components of the European financial system is represented by the retail banking sector. As Romania has ascended to the European Union in 2007 we consider important to underline the progress that has b