CEEOL - Search Result

THE EXTERNAL POLICY OF THE EU AND ITS IMPACT UPON THE INTERNATIONAL TRADE SYSTEM

Author(s): Daniela Diţescu / Language(s): English / Issue: _/2011

Keywords: external policy; external cooperation; common security.

Along its existence, the EU has increasingly become an international factor with a significant economic and political influence. The role and power of EU's external policy have increased with every enlargement of the Union, thereby strengthening its position on the international stage. Thus, the 27 EU Member States provide the Union with the capacity of taking strong action in various regions of the world, by promoting prosperity and supporting stability and welfare for all EU citizens. One should not forget that the European Union is the biggest world trade partner and the largest assistance provider for developing countries. The common commercial policy of the European Union is a key component of its relations to the other international actors. EU has undertaken a proactive external security policy, supporting crisis management and peace maintenance missions, both in Europe and worldwide. Within the current multilateral international context, the EU has created new tools, in addition to the traditional tools of external policy. To this purpose, we mention the initiative for solving issues such as global warming and climate changes, as global issues need global solutions.

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TAX EVAZION AND CORRUPTION.MAJOR IMPEDIMENTS IN THE DEVELOPMENT OF ROMANIAN ECONOMY

Author(s): Ionel Militaru,Ionel Măndescu / Language(s): English / Issue: _/2011

Keywords: critical; tax evasion; corruption; taxation; illegal incomes; measures to prevent and combat

Tax evasion is one of economic phenomen-social complex of most importance that states face today and unintended consequences which seeks to limit as much as possible, eradication is impossible. She has a direct effect on levels of tax revenues and immediately, which leads directly to imbalances in market mechanisms and the enrichment, unlawfully and practitioners of this method of fraud affecting the state and ultimately each of us, honest taxpayers. Fraud produced at the expense of public budgets amid corruption, at the lower lever to the higher level, where we already discuss government officials, politicians or even trust the media that influence important decisions based on interests, is a reality of which passed on the economy should not be neglected.

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A GENERAL FRAMEWORK FOR ANALYSING THE TAXATION SYSTEM USED FOR INCOMES OBTAINED BY NON-RESIDENTS IN ROMANIA

Author(s): Marius Horea Herbei,Dacian Dudas / Language(s): English / Issue: _/2011

Keywords: non-resident; taxes; taxable matter; legal entities; permanent residence.

The study of income taxation earned by non-resident people of Romania requires the investigation of the general approach.In this respect,in the report are presented and analized the number and structure of non-resident individials,legal entity,and the taxes owed by these.There is the tendency to increase taxe revenue from legal entities non-residents,this trend increases in the 2008-2010,due to the economic crises.The appearance of economic crises didn’t „amputate” the receipts of paid taxes by the non-resitent legal entities,in contrast the individuals weren’t so fortunate,because of „greater rigidity”in the elasticity of business numbers,these adjusting themselves on medium and long term.

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YOUTH UNEMPLOYMENT RATE IN EUROPEAN UNION. REGIONAL APPROACH - ROMANIA

Author(s): Dan Marin Boajă / Language(s): English / Issue: _/2011

Keywords: labour market; youth unemployment; youth employment; education; employment policies

One of the major challenges which Romania faces, and also most of European countries, is high youth unemployment which became worse in the current crisis period. This phenomena appeared in the crisis context first because youngsters had and they still have difficulties entering on the labour market and after being hired they were been affected in the first wave of dismisses. At European Union level is considered as high priority young entrance on labour market first from employment policies development point of view, and second from educational ones. In Romania, young people have problems at entering on labour market especially due to poor education. Educational system have suffered in the last decade because major lack of funds and also because of high poverty rate which led to education dropout.

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INVESTMENT FOR THE GREEN ECONOMY- A SOLUTION FOR SUSTAINABLE DEVELOPMENT AND FOR GETTING OUT OF CURRENT ECONOMIC CRISIS

Author(s): Ana Popa / Language(s): English / Issue: _/2011

Keywords: investment; green economy; crisis; Romania

This article discuss about the importance of green economy investments, both in terms of sustainable development, and also in terms of environmental projects that can be a solution for getting out of current economic crisis. In the first part the article analyzes the evolution of environmental investments in Romania after EU accession. The environmental policy in Romania has been influenced by the European Union's financial instruments to support environment. This study reveals some progress in this direction, but also points out the amount of difficulties in launching and implementation of investment projects, through the Sectoral Operational Program Environment - SOP ENV. The Romanian political leaders and the general public are beginning to perceive and to accept the idea of green economy, and environmental activities will soon become a <modus vivendi>, because the investments on environmental and green economy are both the cause and effect for all three components of sustainable development: natural, economic and social.

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THE UNIT-LINKED INSURANCE- A FORM OF LONG TERM ECONOMIZING IN THE CONTEXT OF GLOBAL CRISIS

Author(s): Ana Preda,Mirela Monea / Language(s): English / Issue: _/2011

Keywords: : insurance; investment; protection; units; risk; financial crisis

Today, when nothing can be imagined without the insurance system, as any house, car, or credit or new life automatically involves an insurance policy, on grounds of modern thinking naturally based on the sense of prevention, education, perspective thinking and even on instinct. Taking into account the crisis we are going through, the question arises whether a unit-linked insurance policy is a good investment. If we pursue pure, immediate profitability, we can choose another investment, as the primary function of insurance is not of investment, but of protection. Unit linked is a new product that preserves its modern character on the level of global insurance, offering protection by insurance and, at the same time, the possibility to invest, thus being considered a form of economizing in times of crisis.

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THE PART OF BRICS COUNTRIES IN INTERNATIONAL TRADE EXCHANGES

Author(s): Niculina Rosu-Hamzescu,Ion Roşu-Hamzescu / Language(s): English / Issue: _/2011

Keywords: BRICS; emerging economies; economic development; sustainability.

The hereby paper aims at highlighting the outstanding contribution of the emerging BRICS economies to international affairs. Cooperation can be currently noticed among four emerging economies: Brazil, Russia, India, China and South Africa. Considering that the recent financial crisis is an illustration of actual monetary shortcomings, BRICSs represent an alternative of stability. This group of countries states that the emerging economies are being threatened by massive capital inflows and is concerned with the volatility of raw material prices. For investors, BRICS countries represent incredible opportunities for growth and economic development, far more sustainable than with Western economies. The quality and sustainability of global economic recovery largely depend on the performance of BRICS economies. BRICSs play an important part in developing dialogue and cooperation among member states, based on transparency, solidarity and mutual assistance. Hence, it becomes obvious that, given the economic growth rate, one of the major goals of BRICSs consists in competing with Western economies. A strong and sustained economic growth of BRICSs is envisaged, based on developing cooperation in the economic, financial and trade fiel.

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THE EVOLUTION OF THE ROMANIAN PUBLIC DEBT DURING THE LAST 10 YEARS

Author(s): Marius Sorin Dincă,Gheorghita Dinca / Language(s): English / Issue: _/2011

Keywords: public debt; economic growth; public deficit; sustainability of the public finance; regression

The purpose of this paper is to analyze the correlation between the evolution of the Romanian public debt and several variables which, in our opinion, might influence it, such as: the GDP, the volume of the public revenues and expenditures, the budgetary deficit as a ratio of GDP and as an absolute value, the public debt service, the Leu-Euro exchange rate and the implicit interest rate for public debt. In the econometric test of the relation between the public debt and the fore mentioned variables we used the multiple regression method. The results obtained from testing the model have shown that the public debt is greatly influenced by the public debt service, the exchange rate and the interest rate for public loans. In the same time, the model allows forecasts regarding the evolution of the public debt according to evolution of the significant variables.

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GLOBALIZATION AND FISCAL PROBLEMS

Author(s): Gheorghe Matei,Ionut- Catalin Croitoru / Language(s): English / Issue: _/2011

Keywords: critical; globalization; tax competition; sovereign debt; financial and economic crisis; unsustainable debt

Globalization is an ongoing phenomenon and once we are aware of its proportions, the social, political and economic actors need to manage coordinated steps. As a consequence global world has to pay more attention to fiscal actions.Our paper aims to take stock of the fiscal problems caused by phenomena such as globalization, the internationalization of economic activities and economic integration in the European Union and increased risk of unsustainable growth of debt of European countries.Our research begins with an analysis of the concept of globalization. Another issue considered is if the European Union where the euro pushed up public debt of the member countries. Finally we take into consideration the risks and opportunities of common fiscal policy response to phenomena such as economic crises and as Romania, where taxation is trying to place our country in a European directive.

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ADVERTISING IN RELATION TO EXTERNAL COMMERCE ACTIVITIES

Author(s): Laurenţiu Radu / Language(s): English / Issue: _/2011

Keywords: advertising; marketing strategy; marketing add

This thesis presents the concept of advertising, its types and its use for promoting commercial enterprises. Advertising is regarded as a non-personal communication technique which implies the conveying of a persuasive message through mass-media, with the purpose of increasing the psychological pressure upon importers. Advertising is presented here from a rational, psychological, behavioral and psychosocial point of view, alongside its effects on exterior commerce.

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UNEMPLOYMENT COSTS

Author(s): Gheorghe Pîrvu,Adriana Totîlca / Language(s): English / Issue: _/2011

Keywords: direct costs; indirect costs; the social cost; unemployment; gross national product; national income

Unemployment is an imbalance of the labor market at national level - an excess of supply over demand levels and work with different evolutionary directions of countries and periods, which currently has a permanent character, but does not rule out the existence of employment status full labor. Unemployment costs, directly or indirectly, reveals that this phenomenon is a waste of human and financial resources generated by the use of an incomplete production funds, with implications for social costs. Direct costs are highlighted in the form of financial payments to the fund for social protection of unemployed, which is mainly used to pay unemployment benefits, support allowance, qualification and retraining of unemployed. Indirect costs are generated by reducing overall production and income that could benefit the entire population.

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THE PERFORMANCE AND RISKS OF PRIVATE PENSION FUNDS - IMPLICATIONS FOR FINANCIAL STABILITY

Author(s): Daniel Nicolae Militaru,Adriana Iuliana Spinu / Language(s): English / Issue: _/2011

Keywords: private pension funds; performance; risk; financial stability; financial market; investment portfolio

Despite the difficulties due to the economic and financial crisis, the private pension funds continued to record a strong growth worldwide and they are to return to the pre-crisis levels. Although the last year’s economic and financial indicators have shown signs of economic recovery, the prospects for future developments remain uncertain. In addition, the financial markets are increasingly fed with derivative products which are designed to protect the pension funds against the risks associated with these investments. Thus, the implications of the private pension funds for the stability of the financial system are more and more important. In Romania, the decrease in the economic activity has limited the growth of the revenue from the private pension contributions. Private pension funds have not encountered additional problems in the management of financial cash flows and they do not represent a threat to the domestic financial system of Romania.

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HIGHLIGHTS OF THE ESCALATING PHENOMENON OF ORGANIZED CRIME IN THE CURRENT ECONOMIC CRISIS

Author(s): Gheorghe Pîrvu,Darius Ilincuţa / Language(s): English / Issue: _/2011

Keywords: organized crime; cybercrime; human trafficking; drug trafficking; macro- economic and financial crime; money laundering; underground economy; the current economic crisis; economy and organized crime; illegal

The history of mankind as a whole has proven that every time they appear and show major economic crisis, global exponential stage for development appear to various phenomena of crime, of poverty amid ancestral human population and the evil inclinations the detriment of his neighbor, for selfish economic advancement. And, as civilization develops, the same is climbing forms of the criminal manifestation of human potential. In the current economic crisis, organized crime knows a replay practices during the '30s economic crash, accompanied by absorption of "benefits" to the current technical discovery. In Romania, there is clearly upward trend in the field of organized crime, human trafficking, macro-economic and financial crime, cyber crime and drug trafficking.

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“The Regulation Framework for the Banking Sector: The EMU, European Banks and Rating Agencies before and during the Recent Financial and Debt Crisis"

"The Regulation Framework for the Banking Sector: The EMU, European Banks and Rating Agencies before and during the Recent Financial and Debt Crisis"

Author(s): Eleftherios THALASSINOS,Konstantinos Liapis,John E. Thalassinos / Language(s): English / Issue: _/2011

Keywords: Banking; Regulations; Financial Crisis; Debt Crisis; EMU;

In our survey article, we present a holistic regulation framework for the banking sector. The article is based on European banks that are part of the European Monetary Union (EMU). Initially, we focus on the timelines and review the integration of the European Monetary Union, relevant legislation and information on member countries’ banking sectors. This information creates the framework for our analysis. A regulation framework for the banking sector should be characterised by transparency, responsibility and performance in several important areas. These areas are the global and European framework for corporate financial reporting (CFR), risk management (RM), stockholder value creation (SVC), corporate governance (CG), corporate social responsibility (CSR) and sustainable development (SD). The regulation framework for the banking sector must also consider the fiscal and monetary environment in which a banking institution operates. The global rating system and the rating agencies will also have an important impact on any regulation framework for the banking sector. These two factors play a key role when a financial, credit or debt crisis occurs. Our article considers all of the above factors in creating a holistic regulation framework for the banking sector to present in the context of the recent financial, credit and debt crises that have taken place in the EMU.

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THE IMPACT OF DERIVATIVES ON MARKET FUNCTIONING

Author(s): Roxana Angela Calistru,Carmen Costuleanu / Language(s): English / Issue: _/2011

Keywords: derivatives; financial markets; risk-sharing; underlying asset; leverage

Derivatives were initially a response to the increased volatility of financial markets, but then the growth of financial derivatives has played a role in exacerbating shocks. Hence, implications of derivatives for the functioning of financial markets may differ between normal and crisis conditions. In normal market conditions, derivative markets perform a number of economic functions likely to help in discovery of future as well as current prices, to improve risk-sharing, to enhance the liquidity and efficiency in the market for the underlying asset etc. Given their leverage and low transactions costs, derivatives facilitate the taking of speculative positions and can assist uninformed investors in taking market positions, which could finally reinforce markets fall. In times of stress, they may increase the valuation uncertainties which inevitably arise in such periods.

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THE ECONOMICAL INTEGRATION IN NORTH AMERICA

Author(s): Constantin Valentin Popescu / Language(s): English / Issue: _/2011

Keywords: the region integration; free exchange agreement; regionalism.

The present work presents a view in the relatively recent history of the North American relationships, thing that underline in a way that NAFTA, according to the strong faith in the commerce and free investments. Here there are presented the stages of NAFTA formation, that is an agreement of free trade between USA, Canada and Mexico, that decided the total elimination of customs taxes in the mutual relationships. There are presented the effects upon the countries that participate as well as the contribution of NAFTA to the increasing of work productivity through a higher competition and imports made in the conditions of more competitive prices, all these aspects conducting to a higher volume of American investments made in Canada and Mexico. Comparisons are made between EU and NAFTA and about the connections between these two entities. In the end, this work presents the perspectives of NAFTA.

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PERFORMANCE STUDY ON NATIONAL FOREST ADMINISTRATION ROMSILVA BASED ON TRADITIONAL INDICATORS

Author(s): Elena Cristina Beleţu / Language(s): English / Issue: _/2011

Keywords: financial and economic performance; performance measurement; profit and loss account; traditional indicators; rates of return.

The performance analysis of economic entities involves detecting failure symptoms, establishing the facts and therapy in order to recover the carried out activity. But the diagnosis of performance is achieved not only if the entity is found in difficulty but also when one wishes to improve it. Economic analysis plays a fundamental role in evaluating, adjusting, and improving the economic and financial performances of entities. The choice of performance indicators and calculation methods, as well as their significance is a major problem for the economic entity and its partners.

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VALUING THE IMPACT OF SYNERGIES ON PUBLIC MERGERS/ACQUSITIONS IN THE PHARMACEUTICAL SECTOR ON THE EUROPEAN CAPITAL MARKETS

Author(s): Oana Resceanu / Language(s): English / Issue: _/2011

Keywords: mergers; acquisitions; synergies; valuation; public offers

Valuing and identifying synergies in mergers and acquisitions is one of the important issues in Corporate Finance. The aim of this paper is to value the impact of synergies resulted from mergers/acquisitions in the European pharmaceutical sector, realized between 2004 and 2007. In the study it has been analyzed the impact of the announcement of the deal on the stock price evolution of the acquiring companies for which it was used the event study technique. The results show clearly the positive market expectations in the day of the announcement as well as 6 days after, however the expected positive impact begins to fade out resulting in negative expectations in days 23 and 38, while regaining its confidence in day 39.

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GROWING RISKS, DOWN ECONOMY – A BRIEF IDENTIFICATION OF SYSTEMIC RISKS OF THE CURRENT PERIOD

Author(s): Narcis Eduard Mitu / Language(s): English / Issue: _/2011

Keywords: systemic risks; economic risks; moral hazard; morality; crisis.

After the shock to the global financial system and world economy in 2008, period that followed is one of analysis and conclusions. What has changed dramatically, compared to last period, is the level of recognition that global risks, like the world, are now tightly interconnected and shocks and vulnerabilities are truly global, even if impact and response can still differ at the ”local” level. The current economy is impacting global businesses in numerous ways. Organizations have been forced to adjust their business model and operating costs by reducing workforce, downsizing production, seeking cost savings opportunities, and developing business contingency plans for changing economic conditions. In this context, in the pages that follow, we will try to make a brief analysis of the potential risks that may affect the global economy in future periods.

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THE IMPACT OF CONSUMPTION TAXATION ON THE. BUDGETARY REVENUES IN THE EU MEMBER STATES

Author(s): Nicoleta Mihaela Dracea,Marcel Dracea / Language(s): English / Issue: _/2011

Keywords: consumption tax; VAT; excise duties; income revenues.

Taxation of consumption among European Union Member States is particularly important considering that many of these indirect taxes account for over 30% to the formation of budget revenues. Between taxes on consumption very important are VAT and excise duties for which special efforts are being made in an attempt to harmonize them within the Community space, to ensure the proper functioning of the internal single market.

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