Speech on the Occasion of Being Awarded the Title of Dr. Honoris Causa by the University of Bucharest (12.05.2017)

Author(s): Manfred Nowak / Language(s): English Issue: 2/2017

Rector Magnificus Honourable colleagues, Excellencies, Ladies and Gentlemen, When I first came to Romania as a young student and tourist in 1969, travelling with my girlfriend and another young couple in a Volkswagen van, Romania was still a comparable liberal country compared to other Socialist States in Central and Eastern Europe. For us Westerners bringing foreign currency, crossing the border from Hungary to Romania was much easier than when we had crossed the Iron Curtain between Austria and Hungary, where we had to wait for many hours. In Hungary we had picked up a young East German couple hitchhiking through some of their Socialist brother countries. While we had passed the border control within a few minutes, we then had again to wait hours for the border guards to check every single item in the back-packs and on the bodies of these two young Communists, who had tried to convince us that Socialist societies were far advanced compared to our rotten Capitalist societies shortly before. This was our first impression of Romania. We Westerners were treated in a very friendly and welcoming manner whereas our colleagues from a Socialist brother country were body-searched for hours and finally prevented from entering the country. We travelled across Romania, from Oradea and Cluj in the North-West through beautiful mountains to Bucharest, at that time called the “Paris of the East” with its broad Boulevards, and finally spent some time in various tourist resorts at the Black Sea with beautiful names from Roman and Greek mythology, like Neptun, Venus, Jupiter and Saturn. Until we left the country in the South-East headed towards Bulgaria, we had only had positive experiences when dealing with the police or other State authorities under the rule of President Nicolae Ceaușescu, who had come to power only a few years earlier in 1965.

КОМПЛЕТНО ИЗДАЊЕ КЊИГА XXIII. БРОЈ 5. 1931

Author(s): Aleksej Jelačić,Bogdan Radica,Pavle Askočenski,Lazar Tomanović,Ernest Н. R. Collings,Ivo Kolbe,Ivo Belin,Aleksandar Donković,Aleksa Božić / Language(s): Croatian,Serbian Issue: 05/1931

United States's new enemy. China and the conquest for world influence. A comparative study of current Chinese and US approaches to foreign assistance, investments, and trade in Africa

Author(s): Roxana Hanganu / Language(s): English Issue: 2/2019

China’s new diplomacy has been a topic of heated discussions both within academic scholarship and political circles across the globe. Particularly controversial has been its economic development and its conquest for world influence, which created tensions with the US. The United States of America has been accusing China of borrowing and assisting foreign countries in order to gain more influence worldwide and especially over Africa. Both China and the US emphasise the centrality of economy in their domestic and external policies. Despite their common attachmentto economic development the US and China have diverged considerably in their respective promotion of economic and strategic interest abroad. This study compares current Chinese and US approaches to economic diplomacy, with an emphasis on their foreign assistance, investment and trade in Africa. To this end, the research outlines the intricacies behind US and China’s implication in Africa, and delves into the specificities of their current economic diplomacy. Moreover, it measures their efficiency in engaging with the African continent through FDI, foreign assistance and trade.

The import of used cars to Poland after EU accession

Author(s): Bartłomiej Kołsut / Language(s): English Issue: 2/2020

The purpose of the article is to identify the volume and spatial structure of imports of used cars to Poland during the first 15 years of membership in the European Union, using data from the Central Register of Vehicles. The article attempts to answer three key research questions: (1) What was the volume of imports of used cars to Poland in the period 2004-2018 against the background of the volume of imports into other selected countries and in relation to the level of sales of new cars? (2) From where (which countries) to where (which regions of Poland) were used cars imported? (3) How does the import of used cars affect the age structure of passenger cars in Poland? The conclusions of the study are as follows. In the period 2004-2018, nearly 12 million used cars were imported to Poland, which makes Poland the world leader in this field. The changes in the volume of imports were mainly influenced by the economic slowdown and lowering of consumers' income levels, vehicle scrapping programs in Western Europe (which reduced the supply of older cars in these countries) and the value of the zloty against the euro. Most cars were imported from Germany, and the main gateways for imported cars were the so-called "car crescent”, located mainly in the Wielkopolska region. The average age of imported cars varied from around 8.5 to around 11 years and increased the average age of cars in Poland.

Effects of media on cryptocurrencies prices

Author(s): Ana Todorovska,Hristijan Peshov,Eva Spirovska,Ivan Rusevski,Irena Vodenska,Lubomir Chitkushev,Dimitar Trajanov / Language(s): English Issue: 1/2021

Cryptocurrencies present a novel medium of exchange that enables secure financial transactions without a central clearing authority. Billions of dollars are traded on the cryptocurrency market, contributing to the increased importance of cryptocurrencies within the global financial system. The cryptocurrency market is highly volatile and influenced by different social media and other media outlets. This study aims to investigate media influence, assessing the degree and nature of influence. We analyze historical cryptocurrency prices and utilize an NLP model to extract sentiments from the data obtained by social media and other media outlets. We use Time Series Forecasting and Explainable AI models to depict best the influence of media outlets over the cryptocurrency market. We compare the results for the different social media and other media outlets and present the findings that can be used in future research and cryptocurrency price forecasting.

DIRECTIONS AND TRENDS FOR THE ADJUSTMENT OF FISCAL- BUDGET SYSTEMS IN THE EUROPEAN UNION AS A RESULT OF THE COVID 19 CRISIS

Author(s): Nicoleta Mihăilă / Language(s): English Issue: 32/2023

The aim of the paper is to analyze the trends of reconfiguration of post-COVID-19 tax policies, at a global level, in order to increase the revenues of the states, the impact of the crisis being felt more strongly, and the countries being in a position to identify sources / bases of taxation through which to ensure the resources necessary for the restoration, but also for the short and medium term support of its economic, social and equity objectives/functions. We thus take into consideration the tax revenues recorded in the EU in 2020, the main challenges of tax policy in the current economic context, as well as ways of adapting/orienting it to achieve the established economic objectives. In our approach, we used a descriptive methodology, by calling on various bibliographic sources and statistical data belonging to specialized institutions at the European and international level.

MIRROR, MIRROR ON THE WALL, IN THE EU27, WHO’S LIVING WORST OF ALL?

Author(s): Alina Georgeta Ailincă / Language(s): English Issue: 32/2023

As we know, poverty and wealth are relative concepts, depending on the social, political, economic, cultural benchmarks of those who evaluate these states. However, in the objectives of sustainable development and in the policies and strategic programs of the EU, there are a series of indicators that can measure, in a relatively appropriate manner, the state of poverty or wealth of the population. Thus, the article does not aim to point fingers, it does not analyse the paradox of resources - the conflict between the wealth of resources and the poverty of the population, but rather tries to investigate why some states are unable to provide sufficient social protection compared to others at the level EU27. The pandemic crisis of COVID-19 seriously hit all the economies of the world, as well as the economies of the EU27, but some recovered faster, others more difficult, the social transposition of the recovery being practically non-existent within the social parameters in certain EU countries. Thus, the article tries to investigate why and proposes a series of solutions for fixing this state of affairs.

INFLATION DYNAMICS IN UGANDA DURING THE POST-INDEPENDENCE ERA

Author(s): Deogratius Wenceslaus KIMOLO,Nicholaus M. Odhiambo,Sheilla Nyasha / Language(s): English Issue: 3/2023

This article provides a comprehensive chronological analysis of Uganda's inflation performance and policy reforms aimed at reducing inflation and stabilising the economy from 1970 to 2021. The impetus for this article lies in the growing interest in Uganda as a prototype for other developing countries grappling with high inflation rates. To achieve the objective, the study adopts a rigorous methodology involving a detailed analysis of selected statistical and academic literature. Uganda faced persistent hyperinflation for much of the 1970s and 1980s and early 1990s. In response, the Ugandan government implemented a series of inflation policy reforms aimed at reducing inflation and stabilizing the economy. The policy reforms in Uganda can be analysed episodically through five distinct periods, starting with the first 10 years after independence (1962-1971), followed by 15 years of political instability (1971- 1985), 10 years of recovery (1986-1995), 10 years of economic growth and poverty reduction (1996-2006), and the most recent episode of reforms consolidation (2007-2021). The impact of these reforms has been significant, with inflation rates falling to single digits and the economy experiencing sustained growth. The decline in inflation has helped to stabilize the economy, reduce the cost of living for Ugandans, and attract foreign investment. The study underscores the importance of implementing sound macroeconomic policies, strong political will and leadership, investing in infrastructure, diversifying the economies, communicating effectively with the public, and cooperating regionally to build a robust and sustainable economy that benefits all its citizens.

POST - COVID RECOVERY POWER AT EU LEVEL

Author(s): Georgiana Chiţiga / Language(s): English Issue: 34/2023

The starting point of the article is highlighting the situation in which we are positioned following the Covid-19 pandemic. Supporting a coherent recovery at the EU level, of major importance, will boost the strengthening of resistance to the shocks produced, competitiveness, as well as Europe's position as world leader. In order to obtain a positive response, addressed to all EU citizens as well as global partners, a whole range of recovery instruments have been mobilized, these stand out as a historic and unique proposal, which reflects the scale of the challenge we face. Europe's recovery and building a future for generations to come will not be easy to achieve and cannot be achieved if everyone acts alone. The recovery process would be uneven, incomplete and inequitable. It is necessary to support the whole society because we have a common good for our future. Europe that is in a unique position to invest in a common recovery and a better future for generations to come.

FINANCIAL EDUCATION – THE PATH TO ECONOMIC WELL-BEING

Author(s): Ioana-Raluca Diaconu,Bogdan Andrei Tiliuță / Language(s): English Issue: 34/2023

Financial education plays a particularly important role in an education-based society and involves having a set of skills and knowledge that enable people to make informed and effective decisions with all their financial resources. This concept is based on understanding the phrases "saving", "investment", "credit" or "interest", terms that can generate a feeling of financial well-being and self-confidence. BNR specialists reveal to us that, in Romania, a large part of people lacks financial education, an aspect confirmed by the latest studies ("Financial well-being and financial literacy in Romania" - 2022 - conducted by the World Institute within the Romanian Academy or "Eurobarometer" - 2023 - representative survey at the European Union level requested by the European Commission). In our research we aim to identify the purpose of financial education, present the latest statistics and studies on the degree of financial inclusion and determine the main advantages as well as the importance of financial education. Therefore, on April 11, 2022, the law establishing Financial Education Day in Romania is promulgated. Financial inclusion has an important role in increasing the quality of life, and for this, financial education programs are needed regarding the facilitation of access to basic financial products and services - internet banking, lending, saving or investments.

A Balkan Neofunctional Success Story or the Curious Case of Bosnia’s Central Bank

Author(s): Eoin Lazaridis Power,John Branch / Language(s): English Issue: 04/2023

Bosnians show little faith in their state-level institutions, and with good reason, as the country ranks poorly on measures of corruption, regulatory quality, and government efficacy. However, the Central Bank of Bosnia and Herzegovina (CBBH) is a notable exception. In a country where the state is still often paralyzed by ethnically aligned obstructionism, the Central Bank is widely lauded as an effective state-level institution, and it backstops, and oversees, a stable, trusted, pan-Bosnian banking system. To explain the Bank’s success, we draw on rational choice and institutionalist literature to propose and test a theory of the “CBBH as referee” in its three main functional areas: currency board maintenance, payment system operation, and the coordination of banking supervision. We find evidence for this mechanism in the context of currency board operations, and we also document a Haas-ian neofunctional process, in which the Bank has interacted cyclically with foreign banks to unintentionally de-ethnicize the Bosnian financial sector. Initial Bank reforms facilitated foreign banks’ market entry, and their subsequent lack of interest in hewing to prior ethnic divisions served to cement a unified Bosnian financial space. We substantiate this argument with data drawn from interactive interviews with Bosnian policymakers, financial sector experts, and banking sector participants, and in so doing, also show how the commercial behavior of transnational actors can have unexpected policy impacts.

ФИНАНСОВА АДМИНИСТРАЦИЯ В ДОЛНА МИЗИЯ: ОПИТ ЗА ИЗЯСНЯВАНЕ НА ГЕНЕЗИСА И РАЗВИТИЕТО

Author(s): Kalin Stoev / Language(s): Bulgarian Issue: 1/2023

The article discusses the role and function of the Moesian provincial official of the Emperor – the procurator. The sources about the Roman provincial history generally indicate that the procurators were equestrian officers charged with the care of the Emperor's property. The epigraphic data from the province of Lower Moesia (Moesia inferior) do not conclusively show that there was a procurator here who was responsible specifically for the imperial domains. The investigation of the known monuments that mention procuratores leads to the conclusion that the procurator of the vectigalis Illyrici assumed in Lower Moesia the functions of supplying the Roman troops in that part of the Empire, the provinces of Lower Moesia, and some periods mainly the neighbouring lands, as Upper Moesia and Dacia. In Lower Moesia, where strategic territories belonging to the "defense" of the province were available, the transitional period of early Roman power in these lands led to the imposition there of a military administration, which was more it was later merged with the Illyrian vectigalis. Thus, around the time of the Severi, when the vectigal was subordinated to an equestrian procuratoral office, put the end of the short period of economic development in the province of Lower Moesia, understood as the enrichment of some northern Italian families from the border commercial location of the lower Danube lands. By the 3rd century AD this frontier arrangement goes back to the early Roman development, which was entirely subordinated to the army and military affairs.

МАРКЕТИНГ ОБРАЗОТВОРЧОГО МИСТЕЦТВА: ВІД АНТИЧНИХ ЧАСІВ ДО АРТРИНКУ ХХІ СТОЛІТТЯ

Author(s): Dmytro Igorevich Akimov / Language(s): Ukrainian Issue: 2/2023

The purpose of the study is to study and analyse the history of the development of marketing technologies in the fine arts market throughout human history from ancient times to the beginning of the XXI century. The research methodology is based on the use of comparative, empirical, and theoretical methods. This methodological approach allows to analyse the process of formation and history of development of fine art marketing, to conduct a study of marketing processes in the promotion of works of art in the art market at different times of human history. The scientific novelty is to expand the understanding of the fine art market. The article examines marketing processes in the art market at different historical times. The article analyses the problems that have been formed and overcome throughout the history of the emergence and formation of marketing in the field of culture and art. The article also analyses the theoretical foundations of fine art marketing and the ways of their practical implementation in different periods of art market formation. Conclusions. The conducted analysis allowed to determine that even before the emergence of the modern art market as an element of the general capitalist market, the movement of works of fine art thousands of years ago, in ancient times, contained elements of marketing approaches and technologies, which was entirely due to the processes of selling and buying works of art, exchanging them and collecting them. In particular, we are talking about the forerunners of marketing approaches and technologies aimed at satisfying the public demand for works of fine art; organising the collection, classification and collecting of works of fine art; conducting an examination of their quality and originality; determining the methods of promoting works in society that were already available at that time. Thus, before the emergence of the modern art market, there was a so-called "wild market" that in a certain way "regulated" the processes of movement of works of art in society.

EFFECT OF AUTOMATED TELLER MACHINES AND BANK BRANCHES ON THE PROFITABILITY OF BANKING BUSINESSES: EVIDENCE FROM KOSOVO AND NORTH MACEDONIA

Author(s): Erëza A. Arifi / Language(s): English Issue: 3/2023

The core objective of this study is to explore whether the installation of automated teller machines (ATM) and commercial bank branches (CBB) affects the profitability of the banking systems in Kosovo and North Macedonia. Additionally, several influential variables, such as bank capital-to-assets (BCA), inflation (INF), and GDP growth (GDP_G), were used in the research. More specifically, the research deals with secondary data from 2010 to 2022 using the dynamic data analysis technique generalized method of moments (GMM). The evidence indicates that ATM adoption has a substantial positive influence on bank profitability. Similarly, BCA and GDP_G have a positive influence on bank profitability. Nevertheless, CBB and inflation have had a substantial negative influence on both metrics. The research’s scientific merit and novelty are derived from features unique to earlier studies. The study claims to open up new avenues of debate involving scholars and legislative authorities about identifying influencing components of profitability in the banking business.

EXPLORING THE CORRELATION BETWEEN HRM PRACTICES AND TQM IN PRIVATE COMPANIES: AN EMPIRICAL INVESTIGATION IN KOSOVO

Author(s): Faruk Ahmeti,Nazmi Zeqiri / Language(s): English Issue: 3/2023

The research aims to broaden the current discussion surrounding the intricate relationship between Human Resource Management (HRM) and Total Quality Management (TQM) within the realm of private enterprises in Kosovo. The paper suggests that the arrangement and presence of HRM practices influence the successful implementation of TQM. Data was collected from a diverse range of companies, with 171 employees participating in the study, to explore this relationship. The collected data underwent analysis using Partial Least Squares Structural Equation Modelling (PLS-SEM) via path analysis, enabling a thorough examination of the causal connections between the variables. Investigation delves into the overall impact of HRM on TQM, with a specific focus on enhancing quality orientation and criteria related to individuals within the selected companies. The findings highlight the substantial and positive influence of teamwork, staffing, performance appraisals, and compensation on TQM. Conversely, training and development exhibit a noteworthy negative impact on TQM. Furthermore, the research demonstrates the significant and favorable effect of TQM on HRM practices within organizations. Additionally, performance outcomes exhibit positive and significant correlations with HRM. These outcomes underscore the fundamental significance of TQM as an integral component of HRM within the realm of private enterprises.

THE IMPACT OF DIGITAL PAYMENTS ON THE GROWTH OF CASHLESS PAYMENTS AND THE FACTORS LIMITING ACCESS TO FINANCIAL SERVICES

Author(s): Zakir Zeynalov / Language(s): English Issue: 2/2023

Most countries worldwide are undergoing digitalization, with the adoption of non-cash payment methods accelerating. In recent years, the population and economic entities in our country have readily embraced the use of digital technologies. Organizing new methods of innovation is a key priority in the pursuit of strengthening the financial stability of the banking system. The introduction of new technologies serves as an effective tool for improving production potential, providing financial support, and stimulating entrepreneurship. Ensuring the reliability and security of the payment system, enhancing the efficiency and speed of payment operations, expanding financial inclusion by providing the population with access to payment services, minimizing the volume of cash circulation, and organizing and promoting new methods of innovation in the payment market. The application of financial technologies, especially in payment services, enables market participants to conduct their payments conveniently, safely, and at low cost. It allows for a broader involvement of economic cycles in the banking sector, limits the informal economy, and increases banks' credit resources and financial intermediation.

WHY WE HAVE UNEMPLOYMENT?

Author(s): Titu-Marius I. Băjenescu / Language(s): English Issue: 1/2022

The article examines the issue of unemployment, which affects the quality of life in all countries, regardless of their level of development. In some countries, many people have to earn a living through long hours of hard and tiring physical work, perhaps even through dangerous and poorly paid work. Until recently, many people in other countries were sure that once they joined a large company or a state-owned enterprise, they would have a job until retirement. Today, however, it seems that there are too few companies or corporations that can provide a convenient and safe job for employees. The causes of the problem, its magnitude for different social categories, the magnitude and some ways of combating the phenomenon of unemployment are elucidated.

AN ANALYSIS OF THE COUNTIES REVENUES AND EXPENDITURES OF ROMANIA IN THE PERIOD 1999-2022

Author(s): Alina Georgeta Ailincă / Language(s): English Issue: 36/2024

In the context of the increasingly poor budgetary performance in recent years, questions have been raised more and more frequently in the public space regarding the role of decentralization for improving the budgetary balance, starting from the local system. Decentralization is considered to improve local cohesion and development, make local spending more accountable and efficient, but equally it can fail in ineffective planning of local resources, including insufficient funds for reducing social inequalities between regions, can make more difficult budgetary coordination, and may not take into account the negative externalities on other counties and may strengthen local corruption. Thus, the article aims to analyze certain elements of the structure of public revenues and expenses at the county level, to reveal the strong points but especially the weak ones at the level of county administrations in Romania. Thus, the article aims to contribute to improving the understanding of the functioning of local administrations in Romania and to outline some proposals for improving fiscal-budgetary performance.

WORLD TRADE LIBERALISATION SINCE THE XIXTH CENTURY UP TO DATE

Author(s): Cristian Spiridon / Language(s): English Issue: 9/2012

The present paper aims to disseminate how liberalisation processes were conducted around the globe and especially in Europe since the XIXth century up to date. The research objective is to review the liberalisation of trade dynamics and create an image of the architecture of the most important trading blocs. Analysis will be conducted considering the three major regional blocs: Europe, North America and East Asia. The main findings will show that, despite the few mutations that occurred in international trade as a result of the emergence of developing nations as major trade partners, the European Union and the United States remain the economic and trade hegemons.

Factors Influencing Customers’ Bank Selection Decision in Azerbaijan

Author(s): Teymur Akhundov / Language(s): English Issue: 1/2024

Background: This research investigates the determinants of bank selection criteria and their linkage to the common satisfaction level of the banks in Azerbaijan.Aim: The study is motivated to investigate the current situation, find critical points and main related factors, inform bank executives and appropriate staff about real tendencies during the crisis and pandemic period.Methods: It is based on 2 surveys of 162 and 352 respondents respectively of different private and state-owned commercial banks. 13 main different factors for bank selection and 16 factors for credit cards usage were selected for better and proper analysis.Results: The findings of the study reveal that speed and quality of service, proven and strong shareholders, innovativeness and variety of services (credit cards), ATM network and accessibility, respect and friendliness staff, brand name at the market, and low interest rate on loans are the most important influencing factors for customers during the bank selection decision, while the other factors received the less rating, however, this does not mean that they are not important at all. The research found some similarities with the other research in different countries. The study could be used by banks and as the starting point for the next similar studies in the country. The findings of the second survey reveal that Risk and Security group has significant impact to the usage of credit cards while the other parameters don’t have such evidence.