CEEOL - Search Result

POSSIBLE MEANS AND SOLUTIONS FOR AVOIDING CURRENCY WARS

Author(s): Mihai Dragu / Language(s): English / Issue: _/2011

Keywords: currency wars; stability; global governance; global imbalances.

What is needed is a coordinated plan of action, involving all trading partners to ensure a balanced global recovery. The plan must address three interconnected issues: the exchange rate system, global imbalances and excessive reserve accumulation. Few solutions in response to these issues: - create an emergency markets reserve fund, from which member countries would be able to withdraw with no conditionality; - create a global governance mechanism to prevent countries from running excessive current account imbalances; - give surplus countries greater exchange rate flexibility; - enhance the role of the renminbi as an international currency; - strengthen the capacity of IMF to act as a lender of last resort, allowing it to lend to solvent countries against collaterals.

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PERFORMANCE MODEL OF THE PUBLIC AND PRIVATE HEALTH SYSTEMS FROM ROMANIA

Author(s): Marius Horea Herbei,Amalia Luisa Pupaza / Language(s): English / Issue: _/2011

Keywords: public health system; private health system; performance model; performance; non-performance

The subject of this paper is about the interdependence existing between the public health system and private health system in Romania. Interconnection is revealed by the analysis of certain components: professional competence, health services and financial management. In our opinion the three components chosen by us are fundamental elements underlying the performance in the heatlh system.

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TAX EVASION AND THE FIGHT AGAINST IT

Author(s): George Sebastian PERPELEA / Language(s): English / Issue: _/2011

Keywords: critical; tax evasion; taxation; fiscal control; enforcement procedures; tax audit

Tax evasion is a complex socio-economic phenomenon of the utmost importance, that states are facing today and seeks to limit its undesirable consequences as much as possible, eradication is virtually impossible. The effects of tax evasion are directly reflected on the levels of tax revenues, leading to distortions in the market mechanism and contribute to social inequities due to "access" and "inclination" tax evasion from various taxpayers. These adverse events to the tax evasion are not confined to that, and the state should concern itself systematically and effectively to prevent and limit tax evasion.

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USING INDEXES IN THE COMPLEX ANALYSIS OF SALES TURNOVER

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

Keywords: index of quantities; index of prices; index of value; sales turnover; index of inflation

In the current economic context, the importance of the sales turnover measure has increased considerably, given the difficulties associated with the increase of the market share and with getting new clients. In what follows we will try to analyze the complex relation between the evolution of price and the evolution of the quantities sold and its impact upon the evolution of the sales. This relation is complex since the two factors are interdependent, which means that one cannot plan a significant intervention upon one of the fore-mentioned factors without considering the impact upon the other factor or the response of the other factor to the planned intervention. We will use indexes to describe this correlation, as indexes offer the possibility to forecast the desired level of sales turnover, to indicate the possible limits of evolution for quantity, inflation rate and other measures.

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EMPIRICAL STUDY REGARDING THE INFLUENCE OF THE GDP AND INTEREST RATE ON THE NON-GOVERNMENT CREDIT. STUDY CASE FOR ROMANIA

Author(s): Alina Manta / Language(s): English / Issue: _/2011

Keywords: critical; interest rate; non-government credit; study; loan portfolio.

Despite the stimulating effect of measures taken by the central bank, we notice the tendency of stagnation of non-government credit, started in the fourth quarter of 2008. Delayed economic recovery, credit costs still high and the manifestation of a more cautious attitude of banks, and customers, indicated the maintaining of current trends for the year 2011. Therefore, in this paper, we proposed ourselves to analyze the influence of the GDP and interest rate on the non-government credit using the regression function. We will then establish the correlations between these indicators, emphasize the changes that appeared over the years and the measures to be taken in order to improve the loan portfolio quality in the Romanian banking system.

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NEW TRENDS IN BANKING DUE TO THE INTERNATIONAL FINANCIAL CRISIS

Author(s): Marian Opritescu,Alina Manta / Language(s): English / Issue: _/2011

Keywords: financial crisis; banking; trends; market turmoil; negative changes

In this paper we proposed ourselves to analyze the international macroeconomic and financial environment that has registered major negative changes since the international financial crisis. Thus, the intensity of the economic and financial crisis has been underestimated by authorities worldwide. Financial results for 2009, reported by European banks are the mirror of a new financial hierarchy on the continent. Only now, after almost three years after the first sub prime market turmoil, those banks come to light for that the crisis was the perfect opportunity to grow. According to the National Bank of Romania Report, in Romania, the main challenges posed by the external sector refer to the worsening perception of risks, including contagion effects from the adverse regional developments, the contraction of external markets, the less readily available external financing and the replacement of global liquidity risk by solvency risk.

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CRITICS REGARDING THE USE OF DEGREE OF FINANCIAL LEVERAGE IN THE EVALUATION OF COMPANY'S FINANCIAL RISK

Author(s): Daniel Circiumaru / Language(s): English / Issue: _/2011

Keywords: financial risk; degree of financial leverage; coefficient of sensitivy financial expenses; operating profit; net income

Financial risk has been traditionally evaluated using two kinds of tools: degree of financial leverage and the break-even point. In this paper, we carried a study regarding the limits and the terms of using the degree of financial leverage when evaluating the financial risk. In this aim, we first proposed a new set of indicators that could be used to assess this type of risk. In order to demonstrate the relevance of new measures proposed, we carried out a survey on several companies listed on Bucharest Stock Exchange. The period of analysis was 2007 - 2010. For the companies selected, we calculated both the traditional measures and the new set proposed. The results showed the disadvantages and the terms of using the traditional measures when evaluating the financial risk. We also found out that some of the measures proposed within this paper provide better results in this respect.

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Educational system face to face with the challenges of the business environment; developing the skills of the Romanian entrepreneurs

Author(s): Ramona Pîrvu / Language(s): English / Issue: _/2011

Keywords: entrepreneurship; skills; SME; business environment

The climate dominated by the economic-financial crisis represents a challenge both for the experienced firms and the new entrepreneurial ideas. Those who have succeeded in finding the most appropriate reforming solutions, within the current context, can be regarded at present as references for those who dare go down the road of entrepreneurship in times like these. The legislative and institutional framework, both at the European level and national level, comes to the rescue of the entrepreneurs whose strategies need to be permanently up-to-date and adjusted to the international competition. The Romanian entrepreneurship possesses the necessary development potential and rapid growth, but in order to capitalize on these assets, the young entrepreneurs must think innovatively, tend to perfection and take the risk of their actions. Hence, the traditional approach within schools, the one focusing only on the supply of basic skills in order to get a job, is no longer sufficient. The globalization phenomenon has accelerated over the last decades, which implies the adjustment of the educational system to the new challenges of the business environment, always in motion, both domestically and internationally.

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THE ECONOMIC CRISES AND THE ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS IN ADJUSTING THE MECHANISM OF THE WORLD ECONOMY

Author(s): Cosmin Fratostiteanu / Language(s): English / Issue: _/2011

Keywords: globalization; economic crises; international organizations

The economic, financial and social transformations within the world economy give birth to a series of major preoccupations regarding the economic aspects of the globalization process, such as – financial crises, international financial vulnerability and failures concerning economic growth – to which this paper gives a close attention. Within the analytical framework, it is being demonstrated that the phenomena that we are dealing with today encompass globalization and they offer the latter new dimensions. Thus, the paper analyses the factors that contribute to the emergence of international financial crises, the effects of those crises, while the main objective remains to make a list of the specific problems that influence the expansion and gravity of economic crises.

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ANALISYS OF LABOUR MARKET AND UNEMPLOYMENT IN ROMANIA FROM 2007 TO 2010

Author(s): Ionut Octavian Serban / Language(s): English / Issue: _/2011

Keywords: labour market; unemployment; ocupation; activity; profesional status

The human resource is the most important production factor. The paper identifies the major shifts which took place in the economy sectors regarding the ocupied population and the evolution of unemployment in this period .

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CORPORATE GOVERNANCE OF CREDIT INSTITUTIONS- BETWEEN PERFORMANCES, SOCIAL RESPONSABILITY AND PROMOTION OF ETHICAL VALUES

Author(s): Roxana Hetes Gavra,Alexandru Avram,Veronel Avram / Language(s): English / Issue: _/2011

Keywords: corporate governance; performance; enviroment of control; Audit Commitee; Banking Ethics; incentives

The international financial crisis started in 2007 brought to the fore the fragility of the banking system, for which the axiom "When confidence was gone, the crisis arose", coupled with an acute need to rebuild public confidence in the banking system in general, refers directly to the commands of social responsibility and promotion of ethical values. Because they were too much concerned with the performance indicators, notably the profitability, but also with the level of their salaries, incentives, compensations, bonuses, special pension rights, the management of the banks with problems have ignored their obligations in terms of social responsibility, considered they are "too big to fail" and flagrantly violated ethical values.

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THE EURO ADOPTION – A RECENT CHALLENGE, BUT WITH A FARAWAY RESULT

Author(s): Ramona Andreea Teica / Language(s): English / Issue: _/2011

Keywords: euro adoption; convergence; criteria from Maastricht; inflation

This work has the purpose to analyse the level of Romanian preparation in the process of adoption of a sole European currency and to seek answers to three questions: ”Is Romania ready to adopt the euro?, What involves the adoption of the euro?, Which are de benefits and risks of euro adoption in Romania?”. Real convergent criteria are analysed and have the goal and the necessity to fulfil ex-ante criteria from Maastricht, inclusively through the durable tax consolidation, which can lead to the maximization of the probability that Romania could limit the duration of the participation to exchange rates ERM II to the 2 obligatory years. The ERM II is a newly introduced system to reduce the variation of exchange flow which has the purpose to obtain economic stability in Europe. The entrance in ERM II is the precedential step to adhere to the euro area, the step in which the national currency needs to fluctuate between an interval of 15 % from the euro. Romania did some important progress during the last years both in terms of nominal convergence, as well as real, yet they are necessary hereinafter for the economy to be up to a sole monetary area. Balancing the advantages and disadvantages for euro adoption, the work states out the fact that euro adoption does not need to be treated as a sole purpose, the moment of adherence being a Romanian decision according to the efforts which the country will consign to achieve the level of development which can allow the sole monetary adoption.

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SCIENTIFIC RESEARCH AND INNOVATION - DECISIVE FACTORS OF BUSINESS PERFORMANCE

Author(s): Cosmin Alexandru Spiridon / Language(s): English / Issue: _/2011

Keywords: knowledge; economy; performance; research; development; innovation; total expenditure

Knowledge, science and information have become powerful driving force that stimulates human and material potential. Therefore creating a society with an economy based on high performance knowledge and ensuring sustainable human development is inconceivable without the contribution of these important subsystems of human capital. Research and Development like autonomous activity, but interdependent with activities from society, represents a systematic and creative activity to increase the amount of knowledge, including knowledge of man, culture and use this knowledge for new applications. According to the methodology set out in the OECD Frascali Manual, performance areas of research and development activities are presented as follows: government performance area; higher education performance area and the non-profit performance area. It will be present an analysis of the: main indicators of research and development units in Romania in the period 1990-2009; total expenses of research and development, by areas of performance and funding sources and research and development expenditures from external sources.

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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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Financial Risk Management

Author(s): Mircea Laurenţiu Simion,Catalin-Florinel Stanescu / Language(s): English / Issue: _/2011

Keywords: management; financial risk; risk assessment; risk management.

Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

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THE SOCIAL PROTECTION SYSTEM HAVING IN MIND THE ECONOMIC- FINANCIAL CRISIS

Author(s): Mihaita Urseanu / Language(s): English / Issue: _/2011

Keywords: social security; welfare; deficit; crisis; labor

In this paper we tried to identified behavior related to contemporary social protection systems, taking into account the socio-demographic community in a time of economic- financial crisis. We analyzes each of the four identified social protection systems and we determined their positive and negative parts, proposing for the European social protection system a strategy which will increase workforce competitiveness in the world.

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Export credit insurance

Author(s): Mircea Laurenţiu Simion,Catalin-Florinel Stanescu / Language(s): English / Issue: _/2011

Keywords: credit; export credit; risk; insurance premium; bankruptcy; solvency.

The contemporary world economy is characterized by strong growth in the interdependence of countries in the world, which resulted in enhancing international trade in support of national economic development. These financial flows and trade oriented economic activity of most countries of the world by area internaţională.În trade negotiations, terms and conditions of payment are strengths on which to focus the attention of both Parties.

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SUCCESS FACTORS OF BUSINESS STRATEGY IN EMERGING COUNTRY MARKETS

Author(s): Alexandra Talpâu ,Gabriel Bratucu,Axinia Bianca Boitor,Dana Boșcor / Language(s): English / Issue: _/2011

Keywords: emerging markets; strategy; success factors ; multinational companies; networks

The paper presents the most important success factors that can be used by multinational companies in the international business strategy in emerging country markets. The most important factors are: the relationship with the government, with the customers, suppliers and the community, the entry strategy and the adaptation of the marketing mix elements.For the emerging markets new business models have to be developed, taking into account the problems of poverty and distorted income distribution.

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LEAN MANAGEMENT IN BANKING

Author(s): Alina-Maria Vaduva / Language(s): English / Issue: _/2011

Keywords: Lean; Lean Management; Lean Banking; business excellence; value for customers; just in time; quality programs.

The main objective of this study is to clarify the concept of Lean Management by describing the system and the key concepts and techniques that underline its implementation. The study shows what organizations, in particular commercial banks, can gain from Lean Management. To achieve this objective, it has been conceived a comparative study of Lean Management using available literature, critical analysis and professional experience of the author. The implementation of a Lean Management program in a bank will result in a Lean Organization (less waste, less bureaucracy, but more employee knowledge and empowerment, more productivity, more satisfied customers). As practical implications, the study shows how to address change, how to implement Lean in different parts of business. The originality and value of the study comes from the suggestions that are made regarding concepts and methods that would contribute a Lean Organization through an integrated program.

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THE QUALITY OF EMPLOYMENT, FACTOR OF ECONOMIC GROWTH

Author(s): Alin Ionut Ciurlau / Language(s): English / Issue: _/2011

Keywords: employment; social-economic development; labor resources; workforce; human resource.

The role of employment in ensuring economic growth, of social-economic development was demonstrated long time before economic science. Workforce is a dynamic element under all the three aspects mentioned. The training is achieved, preponderant, through the education system, through teaching. Human resource takes new content and valences, through education. At the current level of science, technique and technology, and in the perspective of the new economy, of informational economy, the quality of labor resources, the level of education and professional training gains an extraordinary importance. Training the workforce, is both an economic growth factor as well as it is a criterion of social development. The finality of human activity is incomplete without satisfying such needs. According to these requirements, the education and teaching sees a real explosion, and the improvement of this sector of activity joins among the basic problems of social-economic development in all the states of the world. Expenditure on learning represents an increasing share in public costs. The present study is focused, mainly, on the professional training of the workforce seen as determinant factor of economic growth and on a series of aspects on determining the professional training contribution of the workforce for the economic increase and of the economic efficiency of the qualification.

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