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Financial Behaviour of Romanian Guaranteed Minimum Income Beneficiaries

Author(s): Silvia Cojanu / Language(s): English Publication Year: 0

The aim of this paper is to explore the financial behaviour of guaranteed minimum income beneficiaries in Romania, based on their responses in a survey with national representativity for this target group. The main themes of analysis are: perception of their financial situation and satisfaction with the standard of living, perceived financially induced limitations, as well as financial behavior, considering income sources, savings and debt. The results are consistent with the reviewed literature on savings and debt under the poverty context: most respondents don’t have access to mainstream credit and they financially depend on their social network of family and friends in times of need. Yet, in spite of the financial support of their social networks and of affirmed temperance in spending habits, they are faced with health endangering financial limitations - through lack of food or necessary medical treatments.

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Ex-Ante Assessment of the Activation Component Insertion within the Guaranteed Minimum Income on the Incidence of Poverty in Romania

Author(s): Cristina Stroe,Silvia Cojanu / Language(s): English Publication Year: 0

The paper analyzes simultaneously two important aspects related to the adequacy of the guaranteed minimum income to reduce poverty among the vulnerable, as its main purpose and the adequacy to the size of activation among its beneficiaries to take up a job. Introducing a real pro-active element within the guaranteed minimum income, which will provide, besides the financial support for the poorest people, also a real activation of its beneficiaries, would be an important direction for improvement and modernization of this important social benefit. We also estimate that this new activation element included in the guaranteed minimum income could also have an impact on poverty reduction. The new insertion of this pro-active conditionality was simulated by swapping techniques, which allowed the introduction of this activation element within the guaranteed minimum income, meant to stimulate for work and also to reduce poverty. In this ex-ante evaluation exercise, we simulate the scenario with a 50% threshold applied to the work income (the new legislative conditionality with the 50% threshold will come into force next year); we analyze if the relative poverty will be reduced in this simulation exercise. For the ex-ante evaluation of the impact on the poverty incidence of this new activation incentive included in the guaranteed minimum income program, the classic simulation model was used. Thus, we focus concurrently on two essential aspects of this social benefit, namely poverty reduction, and increasing the social and occupational inclusion.

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The Model of Iceberg of Costs

Author(s): Mirela Dogaru,Valentina Zaharia / Language(s): English Publication Year: 0

Many of the quality costs are hidden and difficult to identify by the usual assessment systems. The model of the iceberg of costs is very often used to illustrate this issue: only part of the costs of higher and lower quality are the obvious - those drawn in the face above the water level. Identification and improving these costs will significantly reduce the total cost of activities. In the triology, according to the planning phase, once the operations are launched, most of the time, 20% of the activities must be resumed due to the deficiencies of quality. Even in this situation, the process may be out of control (supposedly the activity will be resumed in a proportion of 40%) and must be brought back within the limits of control by taking appropriate measures. After a period of time, by implementing the improvements of quality (the third step of the trilogy), chronic loss may be reduced to a much lower level. Thus, quality control ends to be regarded as a component element of all phases of the production process, from the detection of market requirements, design, design, achievement, and until the product's product to the customer. Improving quality must be continuous and progressive, focus on long - term objectives trying to reach the progress of quality so that the firm will pass on a new level of performance.

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GP Method for Calculating Production Costs in the Furniture Industry

Author(s): Ion Cucui,Aurelia Gheorghe (Damian),Dorian Florin Damian / Language(s): English Publication Year: 0

In the current context of economic practice, a qualitative diversification of information is required, which draws attention to systems of calculating the performances of the economic entity. This process of continued development in the economy has produced profound mutations from the perspective of the place and role of scientific research, the word "performance" dominating the whole economy. The selection of methods and techniques with practical applicability in the furniture industry depends on the organizational character and the way the activity of the analysed entity is performed. The GP (Georges Perrin) method involves knowledge of the categories of expenditures related to the production process and involves the passing of clearly defined stages and based on the list of stages of the manufacturing process, it is determined which of the costs involved are attributable to their allocation keys and are not attributable. By applying the GP (Georges Perrin) method and going through the steps in a concrete case of an economic entity in the furniture industry, the present scientific approach seeks to highlight the advantages and disadvantages of applying the GP (Georges Perrin) method, and to study the viability of its implementation at the level of the economic entities in furniture industry.

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Behavior of Premium Wheat Varieties in the Southern Area of Romania and Improvement of the Technological Management of their Implementation

Author(s): Sorina Cernat,Rodica Sturzu,Cezarina Necula / Language(s): English Publication Year: 0

The aim of the study was to determine the various ways of fertilization of wheat, in accordance with characteristics of the chosen varieties, pre-plant and the pedo-climatic conditions specific to the Burnas Plain. Through the research, the quantitative and qualitative increase of the wheat production, the differentiation according to the biological material used (variety) was pursued, all based on the use of 5 variants of fertilization, emphasizing also the costs involved by each of them - parallel input-output for the economic efficiency of culture. The results obtained from the experiments carried out during this period offer, as a novelty element, multi-level comparisons between the Romanian wheat varieties and the Austrian premium varieties provided by SC Probstdorfer Saatzucht Romania SRL [1]. The researches took place in the Burnasului Plain, within the S.C.D.A. Teleorman (Drăgăneşti-Vlaşca), on soils of the molisoluri type, cernoziom cambic type, with medium, clay-claytexture..The research that led to the production of production results is extremely different, depending on the environmental conditions (among which the climatic ones had the greates timpact) on the influence of the fertilizers and the wheat varieties used in the study. Production results show that any of the fertilization variants yields significant wheat yields. With the exception of the Biovin 150kg treatment only, when production increases by 15.48-23.31% compared to the untreated control (maximum 896 kg / ha in 2014-2015), all other fattening systems (N80, P80 and complex - N80 + P80 + Biovin 150) are statistically assured in the favorable years (2014-2015, 2015-2016.) with increases of 40-75% - 2373.33 kg / ha at N80, 2863.33 kg / ha at P80 and 2869.33 kg / ha at the complex in .2014-2015. The data showed that, as a whole, Romanian varieties .are better responding to this differentiated fattening (N80, P80, Biovin 150) compared to premium varieties. Regarding the application of the NPB (N80 + P80. + Biovin 150) complex, both Romanian and premium varieties offer similar production incrases.

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Bank Delinquency in Romania

Author(s): Andreea Anton / Language(s): English Publication Year: 0

Romania has gone through a period of economic expansion in terms of the banking system. Although over the last 15 years, banks have been hit by a strong economic crisis, with numerous laws aimed at helping the population on the grounds that there is a partnership between it and banks, the Romanian banking system looks like an efficient banking system, having all performing banking system indicators with a high level of capitalization. The high levels of non-performing loans are subject to global approaches because, although the banks and the states concerned are mainly responsible for addressing this problem, bank delinquency has a fairly clear European dimension. There is a possibility of spreading the effects of non-performing loans from Member States facing this problem, so it has been decided to extend an action plan.

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The Relationship between Tax Evasion and Corruption. A Cross-country Examination

Author(s): Cristina Timofte (Coca),Dorel Mateş,Dan-Andrei Coca,Simona-Maria Tanasă (Brînzaru) / Language(s): English Publication Year: 0

This article investigates the relationship between tax evasion and corruption, in order to determine if there can be found a significant connection between the two, and in order to test previous research results that found tax evasion as being positively related to corruption. Moreover, the research examines if tax evasion could be predicted based on data regarding corruption. To this extent, theoretical hypothesis on how corruption influences tax evasion were developed and empirically tested. The research was carried on a cross-country data for the 28 European Union’s Member States for the period 2012 - 2017 and it used IBM SPSS Statistics 20 in order to analyze and interpret the results. The main finding is that corruption is statistically significantly related to tax evasion and that such relationship is a positive one, as highly corrupt countries also register high levels of tax evasion – as measured by the proxy values used. These findings could be of great use for policymakers all around the world, as a policy against corruption could have major implications on tax evasion and vice versa.

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Analysis of the Correlation Managerial Decisions - Interim Financial Statements

Author(s): Claudia-Elena Grigoras-Ichim,Lucia Moroşan-Dănila / Language(s): English Publication Year: 0

The specialized economic literature has debated and analysed from an empirical point of view the importance of the content of the interim financial reports made by companies for their management. The economic reality shows us the disability of the business environment to cope to further legal changes related to taxes, financial and accounting field, correlated with their desire to understand and use the information generated by the financial-accounting reporting. The present article analyses the existence of the link among the data reviled in the interim financial reports and the process of the decision making by the management of these companies for investment and development purposes. This correlation was analysed using statistical tools, such as: logistic regression equation, Varimax rotation method, Wald test, which focused on identifying significant factors to reflect the actual position of a company and factors for substantiating investment and development of decisions, based on a research made on 290 economic operators from the commune cross-border area of Romania, Ukraine and Republic of Moldova. The results of the research are presenting companies futures concerning the results of the company in terms of profitability, decision making and the possibility to reflect the company’s position in the interim financial reports.

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Implementation of the Integrated Management System for Quality – Food Safety – Development Strategy for the Dobrogea Tourism Service

Author(s): Valentina Irena Tudoran (Niculiţă),Oana Oprişan,Ana-Maria Dumitrache (Serbanescu) / Language(s): English Publication Year: 0

Dobrogea is a place filled with beauty, tradition, and history, a place filled with significant potential regarding touristic services, potential which unfortunately is currently far from being reached. In order to be competitive on the national and international level, the tourism entrepreneurs in Dobrogea (the Constanta and Tulcea counties) should set as their main objectives the improvement of the quality of their touristic services, and the diversification of their offering. When referring to the quality of the touristic services, we focus on the quality of the services delivered by the touristic hospitality structures with lodgings, the quality of food services, and the quality of the services offered by all the other structures within this sector of the economy (travel agents, museums, transportation companies, commercial locations, etc.). At the same time, we note that tourism in Dobrogea is mainly seasonal, which leads to most investors hiring relatively low-skilled personnel, resulting in low quality services. Given the above, we aim to present and highlight several avenues for improvement of the touristic services’ quality, several development opportunities for the sector, focusing on ensuring the customers’ satisfaction.

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Importance of Stakeholders for Balanced Executive Compensation and Shareholder Value Maximization

Author(s): Ivana Marinović Matović,Danijela Pavlović,Jana Cvijic Rodic / Language(s): English Publication Year: 0

Designing of executive compensation is undergoing significant changes in contemporary business conditions. Stakeholders directly influence, with varying but strong intensity, the design and administration of compensation models. Each group of stakeholders has different, sometimes conflicting, goals. In order to achieve the right balance of interests, in terms of rewarding the highest managerial levels, shareholders, the Board of Directors, other stakeholders and managers need to clearly define goals. The paper analyzes the importance of stakeholders in the process of designing balanced executive compensations, which leads to an increase in shareholder value. The aim of this paper is to explain the importance of balancing the different stakeholders’ interests in the process of designing executive compensations, in order to achieve shareholder value maximization.

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КАКВО ГУБИМ И КАКВО ПЕЧЕЛИМ ОТ ПРИЕМАНЕТО НА ЕВРОТО В БЪЛГАРИЯ: УРОЦИТЕ ОТ ДЪЛГИЯ ПЪТ НА БЪЛГАРИЯ КЪМ ЕВРОТО

Author(s): Daniela Bobeva / Language(s): Bulgarian Publication Year: 0

Bulgaria has made a lot of efforts to start the euro adoption process for fifteen years. Despite the stability of the national currency provided by the successfully functioning currency board regime for more than twenty years the BGN is still not allowed in the ERM II.The purpose of this article is to explore the experience of Bulgaria with the adoption of the euro. A dynamic approach is applied by analysing the effects of the process at each stage at three levels: macroeconomic framework, non-financial sector and households. Capitalising on the experience of countries with similar monetary regime the article concludes that nominal convergence is not sufficient to achieve real convergence, and the postponement of the euro adoption ensures a smoother transition of the economy, but deprives it of further incentives for growth and convergence.

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ВЪЗМОЖНОСТИ ЗА ДИГИТАЛИЗАЦИЯ ПРИ ОЦЕНКА НА КРЕДИТОСПОСОБНОСТТА

Author(s): Dimitar Rafailov / Language(s): Bulgarian Publication Year: 0

Creditworthiness assessment is an important element of financial management not only for credit institutions but also for many other “players” in the financial and the real sector of economy. Digitalization has the potential to increase the efficiency of this process by improving the collection, processing and analysis of information about borrowers. In this respect, big data, artificial intelligence and cloud services make possible to work with unstructured data and take into account non-financial parameters, including related to digital "life" and the psychological characteristics of credit seekers. Since the use of new financial technologies has some drawbacks, digitalization does not completely eliminate the need for human intervention in assessing the borrowers‟ creditworthiness.

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СИМБИОЗАТА „ФИНТЕХ-РЕГТЕХ-СУПТЕХ“ ИЛИ ВИЗИЯ ЗА ВИСОКОТЕХНОЛОГИЧНОТО ФИНАНСОВО РЕГУЛИРАНЕ

Author(s): Nedyalko Valkanov / Language(s): Bulgarian Publication Year: 0

Today digital transformation in financial sector is fully accepted and regular process. Introduction of platform solutions, emergence of virtual networks for peer-to peer lending and crowdfunding, neobanks and online payment systems are examples for the need of rapid adaptation by financial regulators. A number of initiatives in this regard have already been observed. Constantly growing are different high-tech initiatives undertaken by supervisory agencies. The report highlights some current trends related to the digitalisation of financial industry and corresponding regulatory activities. Subject of the analysis is the concept for decentralization of regulatory related activities by their "sharing" between supervisory agencies and regulated entities. The focus is on the potential of blockchain technology, artificial intelligence and the processing of big data, and their integration in different compliance related activities.

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КАК БЛОКЧЕЙН И КРИПТОВАЛУТИТЕ РЕМОДЕЛИРАТ БИЗНЕСА

Author(s): Svetoslav Borisov / Language(s): Bulgarian Publication Year: 0

Blockchain, as a core technology of bitcoin, is expected to create a new economic system by reconstructing how we communicate on the Internet. This technology reduces transaction costs, generates trust in distribution, and enables decentralized platforms that potentially become the new basis for decentralized business models. Blockchain improves information security and transparency by sharing encrypted data between peerto-peer networks. Because its emphasis on security and trust there is an increased demand for blockchain applications in more and more business sectors. This report examines how the joint development of blockchain technology and cryptocurrencies create a token economy through various business models. Blockchain is expected to be a key technology that enables new protocols to create a token economy in the future. This leads to a new economic paradigm.

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ПРИЛОЖИМОСТ НА КРИПТОВАЛУТИТЕ В СВЕТОВЕН МАЩАБ

Author(s): Mariya Yaneva / Language(s): Bulgarian Publication Year: 0

Cryptocurrencies are a new phenomenon in the global economy, which are attracting the interest of society, which is increasing their popularity. This new kind of digital market for goods and services is constantly growing and growing. The main objective of this science paper is to analyze how far this phenomenon is perspective for the development of the world economy and what is the effect after the introduction of digital money into the daily life of economic entities. The scientific report will present both the analysis of cryptocurrencies as a means of payment and trade, as well as analyzes of their applicability at supranational level, tracing the effects of the applicability of cryptocurrencies globally.

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BULGARIAN INVESTMENT FUNDS RETURN PROFILE – FUND TYPE, ASSET MANAGER, FUND’S SIZE AND MANAGEMENT FEES

Author(s): Jordan Jordanov / Language(s): English Publication Year: 0

This paper estimates the average returns, earned by the Bulgarian investment funds from December 31, 2014 to December 31, 2019, i.e., a total of 5 years. The period is divided to 2 sub periods – the first, consisting of 2 years (2015, 2016) and the second, consisting of 3 years (2017, 2018 and 2019). Then it contrasts and compares the returns of the Bulgarian Investment funds based on their investment philosophy, asset manager, fund‟s size and management fees. In addition, realized fund returns are compared to the returns of SOFIX (The Bulgarian Stock Exchange Index) and interest rates of bank de posits.

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В КАПАНА НА НИСКИТЕ ЛИХВИ

Author(s): Krasimira Naydenova / Language(s): Bulgarian Publication Year: 0

Interest rates with a value of zero or around zero do not automatically lead to improvement of financial conditions in Bulgaria. Low interest rates on loans are delayed by years compared to Europe and the United States, further reducing competitiveness. The high uncertainty stemming from zero interest rates keeps savings in cash and far from the much needed investment by the economy. Risk-free return is de facto negative and undermines the return realized by financial intermediaries. The capital market in Bulgaria remains far from pre-crisis levels and its unattractiveness is a factor limiting investment activity by both savers and companies

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„РИСКОВА ПРЕМИЯ“ ИЛИ „ПРЕМИЯ НА НАСТРОЕНИЕТО“

Author(s): Georgi Hristov / Language(s): Bulgarian Publication Year: 0

The intersection between the interests, expectations and disappointments of all participants in the investment process stems from their diverse motivation and too volatile perception, which is the basis for causing errors in statistical judgment, for social stereotyping and for predictable deviations from rational decision-making. We investigate the reactions and behavior of retail, “smart money” and politicians in the current market crash within the opposition rational/irrational.

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Интеграция на капиталовите пазари на страните-кандидатки за ЕС в Югоизточна Европа - проблеми и предизвикателства

Author(s): Julia Stefanova,Kalina Dimitrova / Language(s): Bulgarian Publication Year: 0

The purpose of the report is to analyse the present situation and the main obstacles in the capital market integration among the candidate countries for EU membership from South East Europe (SEE). We conduct a comparative analysis between countries from Central and Eastern Europe (CEE) and Bulgaria. During the comparative analysis we define main problematic aspects and challenges that these countries should overcome with a view to their future integration into the EU capital markets.

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Новата криза и финансовият сектор. Помагат ли ни предишните уроци?

Author(s): Kaloyan Simeonov / Language(s): Bulgarian Publication Year: 0

The economic and financial crisis that started in the period 2007-2009 provoked substantial changes in the financial services landscape. The crisis started from the financial sector and caused other crises as debt and confidence crisis. However, after that crisis significant reforms were made in the EU in order to overcome its effects and to prepare the Union, its financial sector and economy for possible future crises. The current crises after the COVID-19 outbreak is a different one. It started as a health crises and moves to an economic crisis with significant economic recession, higher unemployment, increase in social challenges in Europe and emerging of new ones. In these extremely difficult and unpredicted times with loss of businesses and jobs, the attention is to the financial sector that shall stimulate the economy and the follow-up recovery. However, is the financial stability also threatened? Is it possible the health and economic crisis to turn to a financial one again or the financial sector will be part of the solution of the problems and not part of the problem itself? Does the financial sector learned the lessons from the previous crises and is it possible those lessons to help this sector to perform its functions in the current situation? These are some of the questions that the current paper will discuss. It will end with some recommendations and conclusions.

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