Pandemic Challenges for European Finance, Business and Regulation. Proceedings of the International Conference  EUFIRE 2021

A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY?

A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY?
(A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY?)

Author(s):Ioana Buhac
Language:English
Subject(s):Politics / Political Sciences, Politics, Economy, Economic policy
Page Range:12-20
No. of Pages:9
Keywords:Euro; convergence criteria; monetary integration; Maastricht;
Summary/Abstract:The Eurozone was conceived by the founders as the center of the European integration process, bringing many economic benefits to trade, eliminating currency risk, transaction costs, and avoiding shocks in financial markets. But with these benefits, there are risks, often underestimated, but highlighted only after the financial crisis. A decision on accession must therefore be carefully examined.Inadequate mechanisms and policies are closely linked to the Eurozone crisis. The desire for the Euro to be a force with relentless action for real convergence has proved too optimistic. Weak domestic institutions, insufficient productivity growth, and structural rigidities are some of the reasons why less developed countries cannot have real sustainable convergence provided by the Eurozone.During the crisis, structural and institutional weaknesses of some EMU countries, including Greece, Spain and Portugal, were highlighted. The same states that in the post- crisis period registered high rates of economic growth, but which paradoxically with the onset of the crisis faced significant falls in real GDP / capita. Thus, the competitiveness gaps between Member States illustrated relevant imbalances in the Eurozone.The need for real sustainable convergence, based on solid and non-cyclical foundations, is one of the most significant issues to be considered by every state wishing to be part of the Eurozone.The report of the 5 presidents talks about "a sequence of short-term and longer-term steps" that will help the political union. In the short term, the main priority is to regain confidence in the European project so that citizens can believe in solving the problems related to migration, the Schengen area, cybersecurity, the de-escalation of relations with Turkey, Syria, Ukraine, and the Transatlantic Partnership Trade and Investment. In the longer term, the crisis has underlined the fact that EMU cannot resist without deeper integration. The European project needs much better political coordination and policies. Restoring confidence and renewing solidarity for the continuity of the European Project are preconditions that require special attention from politicians in the event of another crisis. After all these challenges there is one more question: the countries outside the Eurozone are ready to make the zone complete?

CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS

CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS
(CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS)

Author(s):Aliona Cara-Rusnac
Language:English
Subject(s):Economy, Health and medicine and law, Economic development
Page Range:21-33
No. of Pages:13
Keywords:financial crisis; Greek crisis; banking activity; health crisis; pandemic; Moldovan banking activity;
Summary/Abstract:The article will analyze the impact of different waves of crisis on the Moldovan banking activity. There will be presented the Moldovan banking activity and its resistance to the crisis during different waves of crisis: big world crisis 2007-2009, Moldovan banking crisis 2014, the Greek sovereign debt crisis in the spring of 2010 and finally health crisis (2020-present). In conclusion, the author will come up with recommendations referring mitigating regulatory risks of the banking activity in particular emphasizing its relations to the customers, regarding improving the regulatory banking framework during crisis based on the best strategies implemented by the developed countries. It will be argued that there is a need to tackle solutions to banks problems at the European, International level that the national level, and will be considered the role of the International, European and national monitoring institutions to provide appropriate solutions and if necessary to adopt restrictions. The crisis periods have shown that past and/or current legislative framework is inadequate to face the financial and/or health crisis, also the banking crisis that took place in Moldova and 2014 and the collapse of three banks showed the gaps in the national legislation and weak cross border cooperation in investigating financial crimes. Another issue is that the banks played a crucial role during crisis in supporting and/or no supporting client as the first impact of the crisis is the hit on the economy and in particular on the small and medium enterprises, though it is in state’s duty to support small and medium enterprises, by subventions, cooperation with banks to wave penalties and/or interests, pay rents and other facilities. Currently countries are struggling with health crisis, banks are experiencing clients’ resistance and impossibility in paying the debts, in these case the banks had to change their strategies this is particularly the case for cross- border banks, where many assets from a variety of countries may be held by founders from different countries, thus applying different jurisdiction. By April 2020, about half of the world’s population was under lockdown, the banks have switched from classic to electronic payments.

THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC

THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC
(THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC)

Author(s):Răzvan-Ionuţ Drugă
Language:English
Subject(s):Social Sciences, Economy, Sociology, Social development
Page Range:34-45
No. of Pages:12
Keywords:banks; COVID-19 pandemic; SMEs; social responsibility;
Summary/Abstract:The COVID-19 pandemic is one of the most difficult periods faced by many Small and Medium-sized Enterprises (SMEs) in Romania, but also around the world. Some of them were no longer able to carry out their activity, due to the restrictions imposed. This was supported either by the specifics of the sector of activity or by the financial problems faced by the organizations. In response to the challenges, the authorities carried out social responsibility actions to reduce the negative impact of the pandemic. Certain measures concerned the relationship that SMEs have with banking units. Thus, the paper aims to analyze, through a survey, how the relationship between SMEs in Romania and the banking units with which they collaborate was affected, because of the COVID-19 pandemic. Also, the behavioural intentions of the representatives of SMEs regarding the previously mentioned collaboration were analyzed. The conclusions of the paper highlight that the relationships between most SMEs, included in this study, and the banking units with which they collaborate were not affected.

INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS

INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS
(INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS)

Author(s):Bogdan Firtescu, Mihaela Onofrei, Claudia Boghicevici, Gina-Simona Firtescu
Language:English
Subject(s):Economy
Page Range:46-57
No. of Pages:12
Keywords:ARDL; public debt; capital formation; OECD Countries;
Summary/Abstract:The paper empirically investigates the short and long-run relationship between investments and capital formation, public debt and economic growth in the EU and OECD countries, using data in a timespan from 1995 to 2018. For investments, the authors have used as proxy the gross fixed capital formation, which measures as the acquisition of produced assets, while for the economic growth we have used as proxy Gross Domestic Product per capita. In this study, we implied several econometric methods related to ARDL (auto regressive distributed lag models) such as pooled mean group (PMG), mean group (MG) and dynamic fixed effects (DFE). The usual stationarity tests and cointegration tests have been performed, to support the usage of the proposed methodology. The empirical results sustain the necessity of using the public policy for increasing the investments (capital formation), as a premise for economic growth and the use with caution of the public debt.

THE INFLUENCE OF THE COURT OF JUSTICE OF THE EUROPEAN UNION RULING ON THE MONETARY POLICY. RECENT CASE LAW ANALISYS

THE INFLUENCE OF THE COURT OF JUSTICE OF THE EUROPEAN UNION RULING ON THE MONETARY POLICY. RECENT CASE LAW ANALISYS
(THE INFLUENCE OF THE COURT OF JUSTICE OF THE EUROPEAN UNION RULING ON THE MONETARY POLICY. RECENT CASE LAW ANALISYS)

Author(s):Mihaela Tofan
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:58-74
No. of Pages:17
Keywords:monetary policy; European regulations; relevant case law;
Summary/Abstract:In the context of the European integration, the monetary project is considered both a success and a vulnerability action of cooperation among the Member States, its legal framework feature designing one of the most innovative area of the European law. The balance between the independence of the monetary institutions and the supremacy of the regulation included in the European Union treaties requires legitimate and specialized intervention.The paper presents the competence of the Court of Justice of the European Union (CJEU) to verify the conformity of the European monetary policy with the European primary sources of law, analyzing recent jurisprudence (case Dietrich C-422/19, case Weiss C- 493/17 and case Gauweiler (C-62/14). The research focuses on the arguments used by the CJEU when presenting its rulings, investigating its influence on the monetary policy within the European Union (EU), both in the case of the European Central Bank and for national central banks.It is the relation between the legislatives institutions and monetary actors that is analyzed and detailed, assessing the role of the jurisprudence in extending the effect of the European monetary policy outside the limits for the euro-area, for all the EU territory.

UNPACKING THE CONCEPT OF SOCIETAL RESILIENCE IN THE EU’S POLICY TOWARDS ITS EASTERN NEIGHBOURHOOD

UNPACKING THE CONCEPT OF SOCIETAL RESILIENCE IN THE EU’S POLICY TOWARDS ITS EASTERN NEIGHBOURHOOD
(UNPACKING THE CONCEPT OF SOCIETAL RESILIENCE IN THE EU’S POLICY TOWARDS ITS EASTERN NEIGHBOURHOOD)

Author(s):Anatolie Cărbune, Roxana-Mihaela Chiriac
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence
Page Range:76-90
No. of Pages:15
Keywords:societal resilience; Eastern Neighbourhood; local ownership;
Summary/Abstract:The main aim of this paper is to analyse the conceptualisation of ‘societal resilience’ within European Neighbourhood Policy (ENP) since its review in 2015. In particular, the paper seeks to identify the main components which underpin the concept of societal resilience. The research is based on content analysis of the main EU official documents, since the publication of the ENP review (2015) and until the publication of the Joint Communication on Eastern Partnership Policy on Reinforcing Resilience (2020). The research shows that the need for dialogue and cooperation appear as the most dominant ideas as part of the broader objective of building societal resilience. As such, it is argued that – at least conceptually – societal resilience clearly acts as a bridge between international dimension (EU, Union, Member States) and the societal one (local actors, citizens). The concept of societal resilience is based on a multitude of components, including resilience drivers, risks, opportunities and actors involved; however, dialogue seems to be the most common component.

LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES

LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES
(LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES)

Author(s):Lenuta Cojocariu, Arina-Emilia Gogu, Florin Oprea
Language:English
Subject(s):Public Finances
Page Range:91-103
No. of Pages:13
Keywords:direct taxation; indirect taxation; local budgets; social justice; income distribution;
Summary/Abstract:In the context of fiscal federalism, local authorities have expanded their administrative powers, being nowadays involved in the efforts of macroeconomic stabilisation or ensuring a better income distribution within society. Local budgets have become in this context important tools of influencing progress in a society at both the microeconomic and macroeconomic levels. In this paper, we analyse particularly the potential connection between local fiscal systems and social equity, measured by income distribution and Social Justice Index, on a comparative approach between two groups of countries in Europe: North-West as developed countries and South-East as developing countries. As expected, strong local fiscal systems are associated with low level of social inequity in North-West countries, while weak local fiscal systems are associated with high levels of social inequity in South-East countries, showing that significant increases of the share of indirect taxes promote equity imbalances between various social categories within a society. Based on these findings, we formulated some concluding remarks as useful recommendations for improving the structure of local fiscal systems and thus, enhancing the role of local budgets in stimulating the progress of a society.

PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION

PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION
(PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION)

Author(s):Violeta Cojocaru, Iulian MORARU
Language:English
Subject(s):Economy
Page Range:104-112
No. of Pages:9
Keywords:competition; unfair competition; objective; consumer; consumer protection;
Summary/Abstract:Consumer protection is one of the fundamental aims and objectives of competition law. Moreover, according to the provisions of art. 1 para. (2) of the Law no. 183 of 11.07.2012 on competition, the purpose of the normative act in question consists in regulating the relations related to the protection, maintenance and stimulation of competition in order to promote the legitimate interests of consumers. Contextually, it is worth mentioning the fact that in the definition of the term “competition” in the text of art. 4 in the Law on competition, there also prefigures the term “consumer”, or competition is defined as an economic rivalry, existing or potential, between two or more independent undertakings on a relevant market, when their actions effectively limit the possibilities of each of them to unilaterally influence the general conditions of circulation of the products on the respective market, stimulates the technical-scientific progress and the increase of the well- being of the consumers. At the same time, in accordance with the provisions of art. 3 para. (2) of the same normative act, “It is forbidden for companies to exercise their rights in order to restrict competition and harm the legitimate interests of the consumer”. One of the competition forms is unfair competition, which involves any action taken by companies in the competition process, which is contrary to honest practices in economic activity. In that regard, the question that arises is whether the protection of consumers in unfair competition is a direct objective or whether that protection is subsequently achieved as a result of the protection of undertakings whose legitimate interests are harmed by unfair competitors in the course of their economic activity. At the same time, regardless of the identified answer, it is also interesting how the rights of consumers affected by unfair competition actions can be protected.

EUROPEAN POLICY ON ENERGY DEVELOPMENT ASSISTANCE PROJECTS

EUROPEAN POLICY ON ENERGY DEVELOPMENT ASSISTANCE PROJECTS
(EUROPEAN POLICY ON ENERGY DEVELOPMENT ASSISTANCE PROJECTS)

Author(s):Mihaela Iarmenco, Olesea Plotnic, Evlampie Donos
Language:English
Subject(s):Politics / Political Sciences, Economy
Page Range:113-119
No. of Pages:7
Keywords:energy; capitalization; promotion; project; assistance;
Summary/Abstract:In the context of the development of the energy sector, the prioritization of energy efficiency has become a basic principle in the context of the future evolution of the Energy Union. This principle aims to bring Europe to the forefront of climate policy and to meeting the goals of the transition to clean energy, set out in the Paris Agreement. In this context, the European Union supports energy development assistance projects in all its Member States, including projects implemented in the Eastern Partnership countries. The overall objective is to support sectorial policies to reform energy sector by ensuring the supply of electricity, streamlining the energy sector, and reducing the effects of carbon dioxide by harnessing renewable energy sources. To achieve these goals, the European Commission supports local, European, and global initiatives that provide viable solutions to protect the environment. Offering new opportunities to finance energy projects and responding to the needs of private investors to unlock their investments in support of green energy, the success of European energy efficiency policy remains to be guaranteed.

THE ACCESS OF THIRD COUNTRY BIDDERS IN THE EUROPEAN UNION PROCUREMENT MARKET

THE ACCESS OF THIRD COUNTRY BIDDERS IN THE EUROPEAN UNION PROCUREMENT MARKET
(THE ACCESS OF THIRD COUNTRY BIDDERS IN THE EUROPEAN UNION PROCUREMENT MARKET)

Author(s):Andra Catalina Iftemie
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:120-127
No. of Pages:8
Keywords:Third country bidders; EU procurement market;
Summary/Abstract:The new Emergence ordinance no. 25/2021 amending and supplementing normative acts in the field of public procurement brings to our discussion the access of third country bidders in the European Union procurement market. Stating article 25 of Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement, the national legislator redefines the notion of „economic operator” in a manner that shall ensure equal treatment between third country bidders and European Union bidders.The national legislator approach is not new in the European Union. The European Commission previously offered guidance on the matter, presenting the instruments a contracting authority can use to avoid distortion created by third country bidders on the EU procurement market. Further, the European Commission emphasises a regulatory gap on the foreign subsidies granted to participants in a procurement procedure, by White Paper COM(2020) 253 - final on levelling the playing field as regards foreign subsidies. Although the vision of the European Commission appears to be a case by case analysis, the national legislation provides the solution of excluding de plano certain categories of economic operators.The scope of this article is to present the European regulation on the access of the third country bidders in the EU public procurement market and to analyse the new national legal provision with respect to this matter.

PUBLIC CORPORATIONS IN EASTERN EUROPE

PUBLIC CORPORATIONS IN EASTERN EUROPE
(PUBLIC CORPORATIONS IN EASTERN EUROPE)

Author(s):Dan Lupu
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence, Law on Economics, EU-Legislation
Page Range:128-134
No. of Pages:7
Keywords:public corporation; Eastern European countries; financial stability;
Summary/Abstract:The role of the state in the economy, especially after the transition to a market economy, has been reconfigured in Eastern European countries. The mass privatization of state- owned enterprises has not always led to the expected results. Many sectors considered important by the rulers (energy, transport, water, electricity) remained the property of the state. These state-owned companies, true giants in terms of the market, often do not behave according to the rules of the economy. Under these conditions, it is normal to ask ourselves whether state-owned enterprises contribute to economic growth or are real black holes for state finances. This article aims to analyse the contribution of public enterprises to the economy, for three Eastern European countries (Bulgaria, Hungary and Romania) compared to France. The results of the analysis show that the profitability and efficiency of state-owned companies in Eastern countries is much lower than in Western ones. Sometimes these state-owned companies become real cornerstones for the economies of those states, endangering the public finances and financial stability of those states. As policies to be implemented for the efficiency of these public companies, the actions should be focused on the following directions: corporate governance, professionalization of the boards, financial strictness.

CRITICAL CONSIDERATIONS REGARDING THE REGULATION OF ADMINISTRATIVE-PATRIMONIAL LIABILITY

CRITICAL CONSIDERATIONS REGARDING THE REGULATION OF ADMINISTRATIVE-PATRIMONIAL LIABILITY
(CRITICAL CONSIDERATIONS REGARDING THE REGULATION OF ADMINISTRATIVE-PATRIMONIAL LIABILITY)

Author(s):Dan Constantin Mâţă
Language:English
Subject(s):Law, Constitution, Jurisprudence, Administrative Law
Page Range:135-142
No. of Pages:8
Keywords:administrative liability; patrimonial liability; administrative act; public service; fault;
Summary/Abstract:Administrative-patrimonial liability is one of the forms of administrative liability, along with administrative-disciplinary liability and administrative-contraventional liability. Under the conditions of administrative-patrimonial liability, the state and the administrative-territorial units undertake to repair the damage caused to an individual by a specific wrongdoing: a judicial error, the improper provision of a public service, the issue of an illegal administrative act. It can have both a subjective character, when the fault of the responsible public authority must be proved, as well as an objective character, when the liability is committed without the condition of proving the fault. The administrative-patrimonial responsibility is characterized by a remedial sanction. The Administrative Code is the first Romanian normative act that provides a general regulation of the administrative-patrimonial responsibility. The normative text defines this form of liability and establishes the main conditions for its existence. In addition to liability for judicial errors and illegal administrative acts, which previously benefited from regulation, the Administrative Code provides for the first time expressly the liability for deficiencies in the public service. Beyond these beneficial aspects, the current regulation is very brief and contains some contradictory elements.The article analyses the general regulation of the administrative-patrimonial responsibility in the Romanian law with the highlighting of the specific elements and of the implications of theoretical and practical nature.

EUROPEAN GUIDELINES FOR IMPROVING THE EFFICIENCY OF THE FINANCIAL SERVICES MARKET OF UKRAINE

EUROPEAN GUIDELINES FOR IMPROVING THE EFFICIENCY OF THE FINANCIAL SERVICES MARKET OF UKRAINE
(EUROPEAN GUIDELINES FOR IMPROVING THE EFFICIENCY OF THE FINANCIAL SERVICES MARKET OF UKRAINE)

Author(s):Mykola MYKOLAICHUK, Tetiana DROZDOVA
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence
Page Range:143-160
No. of Pages:18
Keywords:financial services; efficiency; evaluation criteria; government regulation;
Summary/Abstract:The efficiency of the country's financial services market significantly affects the development and competitiveness of its economy. This article has determined that the low level of financial markets development harms Ukraine's position in countries' overall competitiveness rating.Ukraine has chosen integration into the European community as the primary vector of its development. For achieving this task, it is necessary to bring the achievements in socio- economic development closer to the European level and fulfil the conditions for implementing the Association Agreement with the EU, which entered into force in 2017. For the purpose to determine the directions of improving the efficiency of the financial services market of Ukraine, a comparative description of the structure and quality characteristics of the financial services market of the most developed countries, European countries and Ukraine has made. Based on a systematic approach to assessing the attributes of socio-economic development of Ukraine, favourable conditions for the formation of various models of the financial market, the desire for European integration, the most acceptable model was selected and identified priority areas for specific financial systems.Evaluation criteria and strategic guidelines for improving various financial services' efficiency to European countries' norms have identified. As quantitative benchmarks that will characterize the desired achievements in the medium and long term selected a score of financial markets in the overall ranking of global competitiveness. In the next five years, the benchmarks may be the neighbouring EU countries' indicators (Romania, Hungary, Slovak Republic, and Poland). In the long run, they can be a benchmark for Germany, which ranks high in the competitiveness rankings.

PRESENTATION OF THE CORRUPTION PHENOMENON IN THE ROMANIAN PRESS

PRESENTATION OF THE CORRUPTION PHENOMENON IN THE ROMANIAN PRESS
(PRESENTATION OF THE CORRUPTION PHENOMENON IN THE ROMANIAN PRESS)

Author(s):Iuliana Ungureanu
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence
Page Range:161-172
No. of Pages:12
Keywords:corruption; news; mass media;
Summary/Abstract:In democratic states, mass media is an important instrument in monitoring the behavior of public officials, companies and implicitly corruption. For this reason, newspaper publications refer to a multitude of important events, including those related to corruption. In this context, the paper aims to study news published in newspapers with an economic profile, which are about corruption, in order to identify how to present the phenomenon of corruption in Romania. To achieve the objective, the qualitative method of analysing the content of corruption publications presented in Ziarul Financiar from January 2019 to March 2021 was addressed. The analysis carried out shows that the phenomenon of corruption is very often brought to the attention of the Romanian people and that the subjects vary greatly because are presented articles related to: corruption investigations, combating corruption, the consequences of corruption, political corruption, COVID-19 and corruption, legislative changes on corruption, opinions on corruption and statistics. The results indicate that during the period under review there have been many cases of corruption that have been investigated, the subject of legislative changes on corruption has been hotly debated and there has been an interest and a need to inform the public about the fight against corruption, the political corruption and general views on corruption. Although the COVID-19 pandemic has caused a stir among the entire population, this topic related to corruption has been less debated.

NATIONAL STRATEGY FOR THE RESEARCH, DEVELOPMENT AND INNOVATION OF ROMANIAN HIGHER EDUCATION IN A EUROPEAN CONTEXT

NATIONAL STRATEGY FOR THE RESEARCH, DEVELOPMENT AND INNOVATION OF ROMANIAN HIGHER EDUCATION IN A EUROPEAN CONTEXT
(NATIONAL STRATEGY FOR THE RESEARCH, DEVELOPMENT AND INNOVATION OF ROMANIAN HIGHER EDUCATION IN A EUROPEAN CONTEXT)

Author(s):Diana Vicol
Language:English
Subject(s):Social Sciences, Economy, Education, Higher Education
Page Range:173-182
No. of Pages:10
Keywords:RDI Strategy; higher education; researcher;
Summary/Abstract:Higher education plays a key role in achieving the objectives of the European Strategy 2014 - 2020, as it is presented at the level of strategic directions and indicators. The principles considered with regards to the development strategy of higher education have, as a main idea, the increase of long-term economic competitiveness. This is possible through the gradual transition to a knowledge-based economy and a growing demand for highly skilled jobs. In order to accomplish the central objective, there must be a highly qualified workforce of tertiary education graduates who can guarantee in all areas an increase in efficiency processes as well as quality of the resulting products. So as to achieve the focal purpose, the Europe 2020 strategy proposes to improve three support requirements: the funding model, governance and public accountability and the institutionalization of the evidence-based policy-making process.Based on the recommendations, the National Research, Development and Innovation Strategy 2014- 2020 for Romania, as an integral part of the Europe 2020 strategy, sets its general objectives helped by the experience of the previous strategic cycle which showed that the program results depend on building and maintaining a wide partnership for innovation. With innovation as its central theme, a pillar of the RDI Strategy 2014 - 2020, we want the analysis proposed in this document, even if not exhaustive, to capture various relevant aspects regarding the stimulation of research/ innovation in Romania and boost the visibility of our country in a European context. A study on the evolution of the number of PhD students and researchers in the last 10 years, as well as the level of funding, can provide useful information on the phenomenon studied. This type of analysis can help the organization and exploration of higher education decision-makers in choosing the best research development strategy at European level.

CERTAINTY OF TAX SYSTEM AND QUALITY OF TAX LAW

CERTAINTY OF TAX SYSTEM AND QUALITY OF TAX LAW
(CERTAINTY OF TAX SYSTEM AND QUALITY OF TAX LAW)

Author(s):Emil Bălan, Marilena Ene
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:184-191
No. of Pages:8
Keywords:tax system; good governance; good administration; certainty principle; quality of law;
Summary/Abstract:The principle of certainty has governed the tax system since the eighteenth century when Adam Smith in his "Wealth of Nations" mentioned the four basic rules applicable to the tax system. The same principles, including certainty, are resumed by the OECD in 2014. In this article is included an analysis of this principle from a theoretical point of view but also in terms of national jurisprudence in the field of tax regulations.Closely related to the principle of certainty, there is also the obligation of the legislator, both primary and secondary, to elaborate normative acts that follow the national requirements regarding the quality of the law. This aspect, of the quality of the law, is particularly important in tax matters since the tax legislation generate pecuniary obligations on the persons. Imperfect drafting of a normative act, found by the courts after a number of years, causes significant damage initially to the taxpayer, and subsequently, after the publication of the court decision, to the state budget forced to reimburse the unlawful tax.

THE IMPACT OF THE CAPITAL STRUCTURE ON THE ENTERPRISE VALUE AT DIFFERENT STAGES OF THE LIFE CYCLE. CASE OF INDUSTRIAL ENTERPRISES IN THE REPUBLIC OF MOLDOVA

THE IMPACT OF THE CAPITAL STRUCTURE ON THE ENTERPRISE VALUE AT DIFFERENT STAGES OF THE LIFE CYCLE. CASE OF INDUSTRIAL ENTERPRISES IN THE REPUBLIC OF MOLDOVA
(THE IMPACT OF THE CAPITAL STRUCTURE ON THE ENTERPRISE VALUE AT DIFFERENT STAGES OF THE LIFE CYCLE. CASE OF INDUSTRIAL ENTERPRISES IN THE REPUBLIC OF MOLDOVA)

Author(s):Iurie Besliu, Oleg Petelca, Veronica Carbuz
Language:English
Subject(s):Economy
Page Range:192-210
No. of Pages:19
Keywords:capital structure; financing sources; the value of the company; risk indicators Republic of Moldova;
Summary/Abstract:This paper summarizes the arguments and counter-arguments in the scientific discussion on the topic of the optimal structure of capital and the multitude of micro and macro-level factors that influences the decisions of the company's management regarding the choice of financing sources. The main purpose of the research is to determine how changing the structure of capital influences the value of the company. The quantitative models provide only an approximate assessment of the ratio between debts and equity. In the real situation, the structure of capital is formed under the influence of many factors, many of which are difficult to analyze. Among them can be the attractiveness of different sources of funding for company management, information asymmetry, the stage of the life cycle of the company, the need to maintain financial flexibility and questions of shareholder control over the enterprise, the influence of stakeholders. The proposed model for estimating the influence of the capital structure on the company's value is based on the establishment of risk indicators, which may be applicable in the conditions of the economy of the Republic of Moldova, namely risk-free rate of return, risk margin associated with indebtedness, cost of borrowed capital, risk premium, Beta Unlevered, rate of income tax, Beta Levered, cost of equity. The object of the research is joint-stock companies, the most representative for the industrial sector of the Republic of Moldova. The results received confirm that the proposed capital structure optimization model can be used in capital structure planning and assess the impact of capital structure decisions on maximizing the value of the enterprise.

NON-FINANCIAL REPORTING, VECTOR FOR PROMOTING SUSTAINABLE DEVELOPMENT GOALS

NON-FINANCIAL REPORTING, VECTOR FOR PROMOTING SUSTAINABLE DEVELOPMENT GOALS
(NON-FINANCIAL REPORTING, VECTOR FOR PROMOTING SUSTAINABLE DEVELOPMENT GOALS)

Author(s):Margareta Bocancia, Daniela Gabriela COZMA
Language:English
Subject(s):Economy
Page Range:211-226
No. of Pages:16
Keywords:Sustainable Development Goals; non-financial reporting; stakeholders;
Summary/Abstract:The pandemic phenomenon COVID-19 has induced at the level of stakeholders additional financial and non-financial information needs from economic entities, which in turn are faced with the need to build confidence in the sustainability of their business. As forms of revealing sustainability under the effect of the pandemic, non-financial reports seem to have lost their relevance, becoming dependent on the reflection of past events only. Faced with the limitations of its non-financial reporting regulations, the European Commission intends to change the regulatory framework for sustainability reporting in Europe, considering the creation of a single reporting standard that includes the 17 Sustainable Development Goals set out in the 2030 Agenda of the United Nations (UN) as appropriate. In this context, through their study, the authors aim to identify the way in which, in anticipation, economic entities include in their reports the objectives of sustainable development. In our approach we use content analysis as a qualitative method combined with descriptive and inferential statistics as quantitative methods for the processing of non-financial reports.

TAXABLE PERSONS IN VAT MATTERS: THE VAT GROUP BETWEEN CONSOLIDATION AND AUTONOMY

TAXABLE PERSONS IN VAT MATTERS: THE VAT GROUP BETWEEN CONSOLIDATION AND AUTONOMY
(TAXABLE PERSONS IN VAT MATTERS: THE VAT GROUP BETWEEN CONSOLIDATION AND AUTONOMY)

Author(s):Ioana Maria Costea, Despina-Martha Ilucă
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:227-236
No. of Pages:10
Keywords:VAT group; taxable person; VAT Directive; financial, economic and organizational link;
Summary/Abstract:The VAT Directive provides a flexible regulatory framework for the treatment as single taxable persons of any persons who, while legally independent, are closely bound to one another by financial, economic and organizational links. Therefore, formal or informal groups can become single taxable persons, as long as the criterion of a close bond between composing entities is proven. The present study aims at analyzing the concept of “VAT group” by putting under the magnifying glass the financial, economic or organizational link and the flexibility of this binder. The issue becomes relevant especially when it comes to operations taking place within the group, reason for which our study also analyzes the VAT regime applicable to these operations.

STUDY ON THE QUALITY REVIEW OF THE FINANCIAL AUDIT ACTIVITY IN ROMANIA

STUDY ON THE QUALITY REVIEW OF THE FINANCIAL AUDIT ACTIVITY IN ROMANIA
(STUDY ON THE QUALITY REVIEW OF THE FINANCIAL AUDIT ACTIVITY IN ROMANIA)

Author(s):Maria Grosu, Camelia Cătălina Mihalciuc
Language:English
Subject(s):Economy
Page Range:237-251
No. of Pages:15
Keywords:financial audi; statutory audit; APSSAA;
Summary/Abstract:The periodic ratings given by the inspection teams to the financial auditors are influenced by how the auditors meet the requirements of the relevant International Standards on Auditing (ISA). In recent years, in Romania, as a result of inspections, it has been concluded that the degree of compliance with the objectives selected from the procedures for reviewing the quality of financial audit activity is medium. Moreover, there have been even regress compared to previous periods, although, recently, preventive measures have been issued by the competent bodies in order to increase the quality of financial audit, in general, and the statutory audit, in particular, but also to improve the professionalism of auditors, individual and legal persons. The present study highlights the issues identified as unsatisfactory and requiring remediation related to financial audit missions, both at the procedural level and at the level of reporting in the last 3 years. Specifically, based on the Reports published by the Authority for Public Supervision of the Statutory Audit Activity (APSSAA), our study presents the classification of more than 1,000 unsatisfactory aspects identified in recent years by stages of the audit to highlight the area most affected, thus contributing to a possible improvement of prevention measures.

DIVERGENT EVOLUTIONS IN THE ACCOUNTING FIGURES OF SOME ROMANIAN LISTED COMPANIES, IN THE CONTEXT OF THE COVID-19 HEALTH CRISIS

DIVERGENT EVOLUTIONS IN THE ACCOUNTING FIGURES OF SOME ROMANIAN LISTED COMPANIES, IN THE CONTEXT OF THE COVID-19 HEALTH CRISIS
(DIVERGENT EVOLUTIONS IN THE ACCOUNTING FIGURES OF SOME ROMANIAN LISTED COMPANIES, IN THE CONTEXT OF THE COVID-19 HEALTH CRISIS)

Author(s):Costel Istrate
Language:English
Subject(s):Accounting - Business Administration
Page Range:252-263
No. of Pages:12
Keywords:COVID-19; Romania listed companies; revenues; net income;
Summary/Abstract:COVID-19 has significant effects on the economic activities, including on the financial indicators reported by the Romanian listed companies for the financial year 2020. We expect that the tourism sector to be very negatively influenced by the pandemic situation and, on the contrary, the pharma/medical sector to be positively influenced. Analysing some indicators reported by four listed companies in each sector, we found that the tourism sector was severely affected, but the pharma/medical sector providing good indicators, but not in very big proportions.

AN ANALYSIS OF THE EVOLUTION OF THE VAT RATES IN ROMANIA, IN RELATION TO THE EFFICIENCY OF THIS TAX

AN ANALYSIS OF THE EVOLUTION OF THE VAT RATES IN ROMANIA, IN RELATION TO THE EFFICIENCY OF THIS TAX
(AN ANALYSIS OF THE EVOLUTION OF THE VAT RATES IN ROMANIA, IN RELATION TO THE EFFICIENCY OF THIS TAX)

Author(s):Costel Istrate
Language:English
Subject(s):Accounting - Business Administration
Page Range:264-282
No. of Pages:19
Keywords:VAT efficiency; VAT rates; fiscal revenues; Romanian fiscal system;
Summary/Abstract:Value added tax (VAT) is the tax with the largest contribution to the realization of revenues of the state budget of Romania, currently reaching over 6% of GDP, but also going through percentages that have often exceeded 8%, a situation comparable to that of most former communist states in Eastern Europe. However, unlike these other states, Romania seems more dependent on VAT. VAT is a tax that has undergone many legislative changes, especially in the last decade. The two increases in the standard rate, which occurred during periods of financial crisis (1998 and 2010), immediately increased the share of VAT revenues in GDP, but did not contribute significantly to the change in the efficiency of collection, calculated by indicators such as VAT C- efficiency or VAT Revenue Ratio. On the contrary, the first decrease in the standard rate (from 22% to 19%) immediately led to an increase in collection efficiency, without a decrease in the share of VAT in GDP. The second decrease in the VAT rate (2016) does not change the efficiency of collection at all, but leads to a decrease in the share of VAT in GDP. Comparing the situation of Romania with that of some former communist states in Central and Eastern Europe, we find that we have a rather low collection efficiency, in this case, below average.

PROFIT MAXIMIZATION AND/OR ANIMUS DONANDI: DODGE V. FORD REVISITED

PROFIT MAXIMIZATION AND/OR ANIMUS DONANDI: DODGE V. FORD REVISITED
(PROFIT MAXIMIZATION AND/OR ANIMUS DONANDI: DODGE V. FORD REVISITED)

Author(s):Codrin Macovei
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:283-296
No. of Pages:14
Keywords:corporate law and practice; donation; profit maximization;
Summary/Abstract:The activity of companies presents nowadays complex problems generated by the specificity of modern economic activity, the changes in mentality, the way in which technology influences the way in which legal acts are concluded, in which new products and services are created or obligations are executed. More and more, the role, conscience and social responsibility of societies is being talked about. In the well-known Case Dodge v. Ford Motor Co. - 204 Mich. 459, 170 N.W. 668 (1919) - the court wanted to make clear why a corporation exists: `There should be no confusion... A business corporation is organized and carried on primarily for the profit of the stockholders. The powers of the directors are to be employed for that end. The discretion of the directors is to be exercised in the choice of means to attain that end and does not extend to... other purposes`. Our article wishes to ascertain the present relevance of this particular Case to corporate law and practice and to the question whether companies can have `animus donandi`.

IMPACT OF PARTIAL COST ANALYSIS ON THE ENTIRE DECISION-MAKING PROCESS

IMPACT OF PARTIAL COST ANALYSIS ON THE ENTIRE DECISION-MAKING PROCESS
(IMPACT OF PARTIAL COST ANALYSIS ON THE ENTIRE DECISION-MAKING PROCESS)

Author(s):Camelia Cătălina Mihalciuc, Maria Grosu
Language:English
Subject(s):Accounting - Business Administration
Page Range:297-316
No. of Pages:20
Keywords:managerial accounting; cost; partial costs;
Summary/Abstract:The financial information that managers receive in their internal reports mainly refers to costs and this relevant information is important in the decisional alternatives. Within these internal reports intended for direct beneficiaries who are managers, there are presented methods and approaches related to the calculation and delimitation of costs, this calculation considered by the managerial accounting. This cost information is used by managers to exercise managerial functions, namely planning, control, decision-making and administrative responsibility. As regards the calculation of costs, in terms of costing, it is very important the purpose for which a cost element should be determined, in which it is necessary to choose different approaches and calculation methods. Starting from these aspects, the overall objective of this paper focuses on knowing the behavior of costs and cost calculation by using the specific procedures and methods, based on the application of certain stages, which separates the total expenses that form a cost element into fixed and variable ones. Another important point to be highlighted is that these procedures are useful tools in the predictive calculation. The information on costs represents the resource regarding the database related to the productive process, thus forming the support of the decision-making system.

FOCUS OF THE NATIONAL PLAN FOR RECOVERY AND RESILIENCE (NPRR) ON DIGITALIZATION: FINANCIAL EFFORT AND EXPECTED RESULTS

FOCUS OF THE NATIONAL PLAN FOR RECOVERY AND RESILIENCE (NPRR) ON DIGITALIZATION: FINANCIAL EFFORT AND EXPECTED RESULTS
(FOCUS OF THE NATIONAL PLAN FOR RECOVERY AND RESILIENCE (NPRR) ON DIGITALIZATION: FINANCIAL EFFORT AND EXPECTED RESULTS)

Author(s):Vasile Nita
Language:English
Subject(s):Economy
Page Range:317-329
No. of Pages:13
Keywords:recovery and resilience; public services; digitalization;
Summary/Abstract:Today, digital transformation has become a key element of human life in all areas. Public administration has been competing with other systems to win specific competitive advantages due to globalization, pressure from citizens and digitalization.According to Digital Economy and Society Index (DESI-2020), which measures digital competitiveness using five subcomponents, Romania ranks 26 out of 27 EU member states, mainly due to insufficient development of electronic public services and a limited range of such services.Considering the recently discovered setbacks regarding NPRR, the following measures should be implemented: governmental cloud and interconnected digital systems in public administration, electronic signature and identity, promotion of ICT investments with high added value; Digitalization of education; Broadband and 5G.This study discusses the importance of accelerating the digitalization measures, and the continuation of budget allocations for a wide range of purposes. To conduct the study, we have examined the most relevant articles in the field, the content of NPRR itself, the financial provisions included in the multiannual plan for the 2021-2027 period (CFM), as well as the reports published on the websites of important national, European, and international public institutions.

GREENHOUSE GAS EMISSION CERTIFICATES - FINANCIAL INSTRUMENTS FOR IMPLEMENTING ENVIRONMENTAL POLICIES IN ROMANIA

GREENHOUSE GAS EMISSION CERTIFICATES - FINANCIAL INSTRUMENTS FOR IMPLEMENTING ENVIRONMENTAL POLICIES IN ROMANIA
(GREENHOUSE GAS EMISSION CERTIFICATES - FINANCIAL INSTRUMENTS FOR IMPLEMENTING ENVIRONMENTAL POLICIES IN ROMANIA)

Author(s):Cristina Oneţ
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence
Page Range:330-348
No. of Pages:19
Keywords:greenhouse; gas emissions; certificates; carbon credit;
Summary/Abstract:This paper aims to present and analyse how Romania succeeds in implementing a flexible and innovative European legislation on green finance, designed to support one of the most challenging environmental objectives, namely, reducing greenhouse gas emissions, until their complete elimination.The EU Emissions Trading System (EU ETS) covers emissions from around 11000 power plants and factories, as well as from air transport within and between participating countries.Romania has transposed the European legislation in this matter by adopting GEO no. 115/2011 regarding institutional framework and Governmental authorization, through Ministry of Public Finance, to auction greenhouse gas emission certificates attributed to Romania at the level of the European Union and GD no. 780/2006 regarding the establishment of the greenhouse gas emission allowance trading scheme, with subsequent amendments.Romania has opted for the solution that the amounts resulting from these financial operations be distributed to the treasury accounts of certain public authorities with competences in promoting environmental policies, following that they initiate and financially support various projects to reduce pollution by greenhouse gas emissions.

A SAMPLE OF MENTALITY IN TAX RETRAINING

A SAMPLE OF MENTALITY IN TAX RETRAINING
(A SAMPLE OF MENTALITY IN TAX RETRAINING)

Author(s):Septimiu Ioan Puţ
Language:English
Subject(s):Law, Constitution, Jurisprudence, Public Finances
Page Range:349-357
No. of Pages:9
Keywords:profit tax; tax requalification; prescription; dividends'
Summary/Abstract:he requalification of the transactions or operations covered by the fiscal inspection must be done with the careful observation of the positive tax and non-tax legislation. Exceeding the common or special normative limits places the fiscal requalification and the administrative act generated by it in the annulable area of “anti- abuse”. At the same time, the fiscal body must pay more attention to the fiscal fact from which it starts and to which the whole mechanism of recalibration of fiscal obligations returns, but also to the relationship between the subjective element and its transposition in an objective plan. The solution of reconsidering the fiscal reality must be motivated and substantiated in order to ensure a subsequent judicial control.

THE REGULATION OF EU MEMBER STATES ON THE TAX TREATMENT FOR INVESTMENT INCOME AND ITS INFLUENCE ON HOUSEHOLD SAVINGS

THE REGULATION OF EU MEMBER STATES ON THE TAX TREATMENT FOR INVESTMENT INCOME AND ITS INFLUENCE ON HOUSEHOLD SAVINGS
(THE REGULATION OF EU MEMBER STATES ON THE TAX TREATMENT FOR INVESTMENT INCOME AND ITS INFLUENCE ON HOUSEHOLD SAVINGS)

Author(s):Mihaela Tofan
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:358-374
No. of Pages:17
Keywords:EU taxation; investments income; Member States;
Summary/Abstract:Taxation is a relatively new field and disputed area of integration for European legislation, yet there are aspects of similarity and harmonization in the field of tax regulation of investment income. The paper analyzes the national legal framework of the European Union Member States for the tax treatment of investment income. The era of exclusive unilateral regulation of the tax system has been overtaken by the need to build assistance mechanisms in the context of globalization and digitalisation of trade. The international dimension of private investments has stimulated cooperation projects between governments and legislative actors in different states and has paved the way for multilateral agreements in this particular area of law.There is a delicate balance between the autonomous right of states to regulate taxation and the need for common regulation in order to have an effective response in the rule of law to the reality of the global taxation. This effect is presented in connection with the influence on household saving behavior.

THE IMPACT OF COVID-19 ON SMEs ECONOMIC AND ENTREPRENEURIAL OUTCOMES AND EXPECTATIONS. CASE OF ROMANIA AND UNITED KINGDOM

THE IMPACT OF COVID-19 ON SMEs ECONOMIC AND ENTREPRENEURIAL OUTCOMES AND EXPECTATIONS. CASE OF ROMANIA AND UNITED KINGDOM
(THE IMPACT OF COVID-19 ON SMEs ECONOMIC AND ENTREPRENEURIAL OUTCOMES AND EXPECTATIONS. CASE OF ROMANIA AND UNITED KINGDOM)

Author(s):Elena Cigu Rusu, Denis Hyams-Ssekasi, Anca Florentina Vatamanu (Gavriluță)
Language:English
Subject(s):Economy
Page Range:376-389
No. of Pages:14
Keywords:entrepreneurship; pandemic crisis; SME; recession;
Summary/Abstract:In the context of the COVID-19 pandemic, all countries are facing an inevitable economic recession where SMEs have been severely affected. This paper focuses on the impact of COVID-19 on SMEs economic outcomes and expectations based on the context of Romania and United Kingdom. Firstly, the paper will present economic strategies and model in recession times from the perspective of the literature. The second objective, based on descriptive analysis methodology, is to analyze the status of small and medium enterprises (SMEs) in Romania and United Kingdom.

HUMAN CAPITAL STOCK IN TIME OF CORONAVIRUS PANDEMIC. EMPIRICAL INVESTIGATION

HUMAN CAPITAL STOCK IN TIME OF CORONAVIRUS PANDEMIC. EMPIRICAL INVESTIGATION
(HUMAN CAPITAL STOCK IN TIME OF CORONAVIRUS PANDEMIC. EMPIRICAL INVESTIGATION)

Author(s):Laura Diaconu (Maxim)
Language:English
Subject(s):Economy
Page Range:390-400
No. of Pages:11
Keywords:Coronavirus pandemic; healthcare system; human capital stock; Romania;
Summary/Abstract:The rapid spread of the COVID-19 pandemic throughout the globe highlighted the strengths and weaknesses of the healthcare systems, political institutions and of the economies themselves. Considering the visible short term costs of this crisis, among which can be mentioned the tremendous losses of human life, business failures and job losses, governments began to impose restrictive measures concerning the activities and movements of population. Yet, in the beginning of 2020, a major concern was related to the fact that low and middle income states would be hit much harder than advanced economies, both on the public health and economic fronts. From the point of view of the public health, these countries have a lower capacity of the healthcare system, proxied by the number of hospital beds, medical equipment and medical personnel. The main economic concern regarding these states was that they are more susceptible to economic contraction after the health crisis. Considering all these aspects, the purpose of this study is to investigate the effects of Coronavirus pandemic on the human capital stock of Romania and the potential recovery pathways. Using an empirical approach based on the secondary data investigation, we started our research by underlying the medium and long- run effects on health status, as major pillar of human capital, of historical pandemics and recessions. Afterwards, we highlighted the particular challenges faced by Romania in the attempt to manage the spread and limit the impact of COVID-19 disease, which revealed valuable insights into areas that are in need of major improvements in order to avoid a human capital stock’s reduction and, consequently, a diminishing economic prosperity.

THE EVOLUTION OF GREEN FINANCE IN THE CONTEXT OF COVID-19 PANDEMIC. FOCUS ON EU-27

THE EVOLUTION OF GREEN FINANCE IN THE CONTEXT OF COVID-19 PANDEMIC. FOCUS ON EU-27
(THE EVOLUTION OF GREEN FINANCE IN THE CONTEXT OF COVID-19 PANDEMIC. FOCUS ON EU-27)

Author(s):Adina Dornean, Ada-Iuliana Popescu
Language:English
Subject(s):Economy
Page Range:401-415
No. of Pages:15
Keywords:reen finance; COVID-19; sustainable development; European Union;
Summary/Abstract:The present paper carries on with our previous research on green finance and sustainable development, highlighting the evolution of green finance during COVID-19 pandemic. A challenge such as sustainable development in times of pandemic is something that humankind did not face in modern era, if ever. Mixed signals from the global market and lack of data during these couple of years had generated fear, confusion and indecision in taking major economic steps in order to surpass the problems created by the social and, in some respect, economic lock-down. But, in spite of all of these shortcomings, maybe this is the time when we need to be bold and move towards a sustainable economy that relies much more than before on green finance.The article is focusing on the potential link between the pandemic and the economic decline of the EU-27 common market and on the evolution of green finance instruments, such as bonds, in the same context, in order to prove the necessity of a renewed sustainable financial strategy meant to bring a much needed environmental protection boost to our planet and our lives.

THE ECONOMIC CONSEQUENCES OF ORGANISED CRIME: AN OVERVIEW

THE ECONOMIC CONSEQUENCES OF ORGANISED CRIME: AN OVERVIEW
(THE ECONOMIC CONSEQUENCES OF ORGANISED CRIME: AN OVERVIEW)

Author(s):Elena Ancuta Franţ
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:416-426
No. of Pages:11
Keywords:economic effects; organised crime; transnational organised crime;
Summary/Abstract:This paper consists in an overview of the economic effects of organised crime. The topic, although of an importance largely acknowledged, has received little detailed attention. Organised crime is a phenomenon which severely affects our present-day society. Despite the efforts made to reduce it, organised crime remains at high levels. It is without doubt that the economic effects of organised crime are significant. However, quantifying these effects is not an easy task, as organised crime has multiple forms and performs a great variety of illegal activities. Also, when analysing the costs of organised crime, we must refer to the costs generated by crime control activities, carried out at national level and, also, at international scale. These crime control actions include activities aimed at preventing, prosecuting, and sanctioning the members of organised crime. Overall, the costs of organised crime, be it national or transnational, are hard to estimate. Given the situation, experts argue that it is better to estimate, if possible, the minimum costs, related to specific crimes (for example, drug trafficking, human trafficking, corruption within certain categories of public offices). An important issue which we intend to analyse is whether there is a difference between the costs generated by the Mafia-type organised criminal structures and organised criminal groups which consist mainly of networks, structured. Also, we assess that it is necessary to determine how states should cooperate, to quantify (at least approximately) the effects of transnational organised crime, as this implies a systematic international cooperation. All these evaluation processes are needed, because knowing the economic effects of organised crime, in all its forms, helps authorities to identify the most vulnerable areas and, therefore, choose the best methods to fight and to sanction organised crime, and, maybe the most important, to prevent organised crime. Keywords: economic effects; organised crime; transnational organised crime.

THE CORPORATE DIPLOMACY INSTRUMENTS FOR AN IT LEADER. A GENERAL ASESSMENT

THE CORPORATE DIPLOMACY INSTRUMENTS FOR AN IT LEADER. A GENERAL ASESSMENT
(THE CORPORATE DIPLOMACY INSTRUMENTS FOR AN IT LEADER. A GENERAL ASESSMENT)

Author(s):Ioana Gutu
Language:English
Subject(s):Economy
Page Range:427-436
No. of Pages:10
Keywords:leadership; diplomacy; innovation;
Summary/Abstract:When taking into consideration the IT industry, everyone is a leader, its own leaders, leaning towards the best result of his mind, the ultimate innovation. The post-modern national environment becomes the host of the new fragments of the traditional state-to- state diplomacy, where the converted new actors are not only government and ministries, but also non-state entities that uphold the supraterritorial relations, and so conducting the new international economic play scene. IT industry is one of the new market players that govern the world business reality, and when faced with globalization and international standards, it favors a set of new diplomatic rules that are being undertaken by leaders within large conglomerates, by setting new rules and changing traditional diplomatic behaviors. Inside the IT companies, the face of economic diplomats is widely known and recognized under the shape of leaders, mainly transformational leaders that have the ultimate task of favoring innovation among followers by setting and conducting tradition. Corporate diplomacy therefore is being undertaken piece by piece by every leader inside each IT company, as part of a greater plan, of surviving international threats and create precedent among products and services. The paperwork is set for developing a study that reveals the leadership and innovation attitudes and behaviors within the software development companies in Iasi, Romania; the research instrument is a 44 questions questionnaire that analyses the internal workplace innovation atmosphere that might be a result of the transformational leadership specific methods. Research reveals the fact that the software development as part of the IT industry from Iasi shows a general homogeneous distribution when considering age, gender, management position and education, in both areas, innovation and leadership, sustaining the hypothesis where corporate diplomacy favors international homogeneity among specific industries across the world.

BRAND ASSOCIATIONS IN RELATION TO CONTENT MARKETING

BRAND ASSOCIATIONS IN RELATION TO CONTENT MARKETING
(BRAND ASSOCIATIONS IN RELATION TO CONTENT MARKETING)

Author(s):Alexandra Raluca Jelea, Mircea Alexandru Rosu
Language:English
Subject(s):Marketing / Advertising
Page Range:437-456
No. of Pages:20
Keywords:brand association; brand; content marketing;
Summary/Abstract:This paper aims to find the brand associations that are formed when being exposed to the brands Volvo and Apple. The focus is on whether the respondents have positive or negative emotions regarding these two brands. The second part of the article looks at how the two companies promote their products in the online environment and whether their messages are aligned with the public’s perceptions. The study aims to analyse the marketing strategies for both businesses, focusing on content marketing. Our study aimed to see if huge, well-known corporations like Apple and Volvo pay attention to how they are viewed by the general population. We wanted to check if their online presence is focused on reinforcing some of their brand features, as well as how they promote the changes in their particular industries. By conducting qualitative research, we observed that there are differences in people’s perceptions of brands. Some unfavourable brand connotations were discovered in our study; for example, both brands were considered as pricey, and some survey participants stated that Apple products are overvalued. Both Apple and Volvo decided not to address this, according to their content marketing analysis.

THE INTERDEPENDENCE BETWEEN CORRUPTION AND DIGITAL PROGRESS WITHIN EU COUNTRIES

THE INTERDEPENDENCE BETWEEN CORRUPTION AND DIGITAL PROGRESS WITHIN EU COUNTRIES
(THE INTERDEPENDENCE BETWEEN CORRUPTION AND DIGITAL PROGRESS WITHIN EU COUNTRIES)

Author(s):Anca Elena Lungu, Ioana Andreea Bogoslov
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence
Page Range:457-467
No. of Pages:11
Keywords:he Corruption Perceptions Index (CPI); DESI Index; Digitalization;
Summary/Abstract:Nowadays, the rapid evolution and overall complexity of the phenomena facing society brings to the fore the need for digitalization. As a matter of fact, the digital progress represents one of the main concerns of the EU Member States, as achieving good results in this area can provide the foundations for undeniable competitive advantages. On the other hand, corruption became an intensified problem in many countries, and the effects it has on all processes are certainly negative. Most of the time, states with a high level of corruption face the inability to overcome their own condition, while change seems impossible. Such a situation can also be found in terms of digitization.Based on the previously mentioned aspects, the present article aims to identify the existence of potential influences that corruption could exert on the digitalization progress, considering the current context of the EU Member States. To achieve the established purpose, the research involved reviewing existing literature on the considered topic, correlating data and developing a statistical regression model.The statistical analysis was performed based on the most recent available information on the Corruption Perceptions Index (CPI) and the Digital Economy and Society Index (DESI), so that the reference year was 2020. The results obtained reveal possible associations between the variables of interest, which can be materialized in the existence of corruption influences on the digital evolution.

PUBLIC PROCUREMENT AND CORRUPTION IN EASTERN EUROPE

PUBLIC PROCUREMENT AND CORRUPTION IN EASTERN EUROPE
(PUBLIC PROCUREMENT AND CORRUPTION IN EASTERN EUROPE)

Author(s):Dan Lupu
Language:English
Subject(s):Economy, Law, Constitution, Jurisprudence
Page Range:468-475
No. of Pages:8
Keywords:public procurement; corruption; Eastern Europe;
Summary/Abstract:The Europe 2020 strategy incorporates public procurement as having an extremely important role in areas such as transport, health, and energy. Consequently, the public procurement market has a major role in the efficient spending of public money and in promoting economic competitiveness. At the same time, this market varies between 8 and 12 percent of GDP in Eastern Europe. Corruption, especially in Eastern Europe, is a negative phenomenon, which strongly affects the public procurement market. This article analyses the phenomenon of corruption in connection with the public procurement market for three Eastern European countries: Hungary, Poland, and Romania. After presenting the main features of public procurement systems, the article analyses their main advantages and disadvantages and the negative impact of corruption. As policy implications, to limit corruption in public procurement, it is necessary to highlight the increase of the role of transparency, the professionalization of civil servants, and last, but not least, the depoliticization of public institutions.

FISCAL IMPLICATION OF POPULATION AGEING AND SOCIAL SECTOR EXPENDITURE IN ROMANIA

FISCAL IMPLICATION OF POPULATION AGEING AND SOCIAL SECTOR EXPENDITURE IN ROMANIA
(FISCAL IMPLICATION OF POPULATION AGEING AND SOCIAL SECTOR EXPENDITURE IN ROMANIA)

Author(s):Mihaela Onofrei, Anca Florentina Vatamanu (Gavriluță), Elena Cigu Rusu, Gigel Paraschiv
Language:English
Subject(s):Public Finances
Page Range:476-486
No. of Pages:11
Keywords:public finance sustainability; healthcare expenditure; population ageing; sources of vulnerabilities;
Summary/Abstract:The entire context of economic turmoil has significantly overload public finances, increased deficits, and debt levels but most important, highlighted the value of understanding the sources of vulnerabilities that can lead to a systemic financial crisis. Even if the early identification of the sources of vulnerability is extremely important because this would allow the introduction of proactive policies, with direct implications on the consolidation of a sustainable way to act, the emphasis falls on the long-term implications, with presumption, on two primary variables: the demographic one (which takes into account the aging of the population) and globalization, which through the international competition, will increase mobility and exposure to external shocks. The research aimed to analysing the relationship between public finance challenges and the costs of population ageing (measured by healthcare expenditure) and invokes an element of novelty related to the international literature, more exactly, the importance of the mechanisms of management and control of the fiscal risk. Based on retrospective and prospective analyses, the study attempts to suggest mechanisms of management and control capable to manage some major concerns for fiscal sustainability, such as population ageing and the growing healthcare expenditure. The usefulness of the results concerns both the institutional levels and the decision-makers, stressing the priority ofconsolidating the fiscal responsibility goals and the importance to follow policies that safeguard the well-being of nation.The entire context of economic turmoil has significantly overload public finances, increased deficits, and debt levels but most important, highlighted the value of understanding the sources of vulnerabilities that can lead to a systemic financial crisis. Even if the early identification of the sources of vulnerability is extremely important because this would allow the introduction of proactive policies, with direct implications on the consolidation of a sustainable way to act, the emphasis falls on the long-term implications, with presumption, on two primary variables: the demographic one (which takes into account the aging of the population) and globalization, which through the international competition, will increase mobility and exposure to external shocks. The research aimed to analysing the relationship between public finance challenges and the costs of population ageing (measured by healthcare expenditure) and invokes an element of novelty related to the international literature, more exactly, the importance of the mechanisms of management and control of the fiscal risk. Based on retrospective and prospective analyses, the study attempts to suggest mechanisms of management and control capable to manage some major concerns for fiscal sustainability, such as population ageing and the growing healthcare expenditure. The usefulness of the results concerns both the institutional levels and the decision-makers, stressing the priority of consolidating the fiscal responsibility goals and the importance to follow policies that safeguard the well-being of nation.

REORGANIZATION OF THE LEGAL PERSON – A SOLUTION IN THE CONTEXT OF THE COVID-19 PANDEMIC

REORGANIZATION OF THE LEGAL PERSON – A SOLUTION IN THE CONTEXT OF THE COVID-19 PANDEMIC
(REORGANIZATION OF THE LEGAL PERSON – A SOLUTION IN THE CONTEXT OF THE COVID-19 PANDEMIC)

Author(s):Olga Andreea Urda, Ionut Alexandru Toader
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:487-494
No. of Pages:8
Keywords:entrepreneurship; competition; reorganization; competition; commercial Law;
Summary/Abstract:The reorganization of the legal person represents, without a doubt, a solution for the entrepreneurs with the aim to restructure and optimize thir activity. In the specific context of COVID-19 pandemic, effective solutions are required in the sensitive and so severely afflicted domain of entrepreneurship.Merger and division as forms of reorganization of companies are regulated by Law no. 31/1990 and they represent for many entrepreneurs the last resort, which would respect concomitantly the strict stipulations regarding loyal competition on one hand, as well as those related to fulfilling their contracted obligations with respect to social creditors, on the other. The legislator is solicited to make effective legal solutions available for the entrepreneurs, which would answer to the necessity to reorganize their activity, solutions meant to protect shareholders as well as social creditors.The law 31/1990 was modified within the context of COVID-19 pandemic, more efficient solutions being conceived for entrepreneurs and the aim of this paper is to illustrate the manner in which the specific solution of the reorganization of the legal person is regulated, on one hand from the perspective of the Civil Code, and on the other hand from the perspective of Law 31/1990.

ORGANIZATIONAL VALUES AND COMMUNICATION AS LEVERS OF SUPPORT AND INTEGRATION OF THE EXPERTISE OF REMOTE WORKERS DURING THE COVID-19 CRISIS

ORGANIZATIONAL VALUES AND COMMUNICATION AS LEVERS OF SUPPORT AND INTEGRATION OF THE EXPERTISE OF REMOTE WORKERS DURING THE COVID-19 CRISIS
(ORGANIZATIONAL VALUES AND COMMUNICATION AS LEVERS OF SUPPORT AND INTEGRATION OF THE EXPERTISE OF REMOTE WORKERS DURING THE COVID-19 CRISIS)

Author(s):Andreia Gabriela Andrei, Magdalena Danilet, Adriana Zait, Ana Maria Andrei
Language:English
Subject(s):Economy
Page Range:496-507
No. of Pages:12
Keywords:working from home during COVID-19 crisis; internal communication; organizational values and culture; KIBS; Romania;
Summary/Abstract:The paper reports the results of a qualitative investigation conducted with participants holding full-time positions in knowledge-intensive business services (KIBS) operating in Romania. It discusses the impact of the first year of massive adoption of the remote work imposed by the ongoing COVID-19 crisis. Focusing on remote worker’s perceptions regarding their own efficiency, creativity, ability to cooperate, coordinate with others and integrate their expertise with the working group in fulfilling their daily tasks or delivering the projects, the study analyses the role of organizational values and transparent communication in supporting individuals to face the current difficulties and keeping the work-teams united. The paper brings to the fore the importance of the organizational culture. It shows that the shared values, the transparent, honest, and informal communication help KIBS to harness the expertise of the remote workers, supporting them to collaborate and perform well during the COVID-19 crisis.

THE COVID-19 PANDEMIC AND THE FAMILY PHYSICIANS’ STRATEGIC ROLE

THE COVID-19 PANDEMIC AND THE FAMILY PHYSICIANS’ STRATEGIC ROLE
(THE COVID-19 PANDEMIC AND THE FAMILY PHYSICIANS’ STRATEGIC ROLE)

Author(s):Ana-Maria Bercu, Liliana Barbacariu
Language:English
Subject(s):Politics / Political Sciences
Page Range:508-518
No. of Pages:11
Keywords:COVID-19; family physicians; strategy; public health;
Summary/Abstract:The COVID-19 pandemic reveals the role played by the doctors at all levels of health care system and the necessity to have a coherent public strategy to address the prevention, screening and preventive intervention, diagnosis, and intervention to fight against the disease. The role of family physicians increases in these pandemic times, they are becoming the interface between patients and health system.Using the literature approach, analysing the governmental rules established for fighting against SAR-CoV-2 disease, our investigation proposes to examine the strategic role played by the family physicians, also to underline the most appropriate practices that increase the quality of the medical act.

THE INFLUENCE OF THE COVID-19 PANDEMIC ON THE ECONOMIC ACTIVITES

THE INFLUENCE OF THE COVID-19 PANDEMIC ON THE ECONOMIC ACTIVITES
(THE INFLUENCE OF THE COVID-19 PANDEMIC ON THE ECONOMIC ACTIVITES)

Author(s):Gabriela Boldureanu, Teodora Roman, Ana-Maria Bercu, Daniel Boldureanu
Language:English
Subject(s):Economy
Page Range:519-529
No. of Pages:11
Keywords:economic activities; COVID-19 pandemic; macroeconomic indicators; entrepreneurship;
Summary/Abstract:The economic impact of the coronavirus crisis varies from one industrial sector to another and from one enterprise to another. It depends on several factors, including the ability to adapt to supply chain disruptions, the existence of stocks or dependence on just-in-time production processes. The impact of the COVID-19 pandemic on the activity of Romanian economic agents is, in fact, reflected in macroeconomic indicators: gross domestic product, inflation, unemployment, industrial production index, retail volume index and tourism sector-specific indices.Through a process of induction, deduction, critical and comparative interpretation of studies and reports prepared at national and international level, we investigate the influence of the COVID-19 pandemic on economic activities in Romania compared to the European Union to identify measures to relaunch economic activities, both nationally and internationally.

DETERMINANTS OF R&D INVESTMENT IN PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES

DETERMINANTS OF R&D INVESTMENT IN PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES
(DETERMINANTS OF R&D INVESTMENT IN PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES)

Author(s):Mihaela Curea, Marilena Mironiuc
Language:English
Subject(s):Economy
Page Range:530-544
No. of Pages:15
Keywords:R&D expenditures; R&D investment; innovation; pharmaceutical industry; biotechnology;
Summary/Abstract:Corporate research and development (R&D) investment is typically portrayed as the main engine for long-term economic growth. In this context, it comes as no surprise that academic interest in the driving factors of R&D is on the rise. However, the results remain unclear. This paper empirically scrutinizes some of the potential determinants of R&D behaviour in European pharmaceutical and biotechnology companies. We focus on the internal factors that may shape R&D decisions, namely firm size, profitability, leverage and current loss. In addition, we seek to disentangle the puzzling relation between foreign direct investment (FDI) inflows and R&D investment. The analysis is based on a longitudinal dataset comprising European listed firms over a time span of 10 years (2010- 2019). Secondary data concerning FDI and firm-level variables were extracted from the World Development Indicators (WDI) database and Refinitiv Eikon database. We employ a fixed effects model (FEM) where R&D investment is seen as a function of several firm- specific factors and FDI. Collectively, our findings indicate that firm size, leverage, current loss and profitability affect the R&D decision of pharmaceutical and biotechnology companies. In line with our expectations, profitability and leverage are negatively associated with R&D expenditures. Evidence also shows that large companies and loss companies are more prone to undertake R&D activities as such projects are risky, and their impact is time-lagged. Regarding FDI, we fail to provide a clear picture since no significant influence on R&D is found. Various robustness checks lend further support to our findings. As pharmaceutical and biotechnology firms are traditionally replete with R&D, our study can complement the extant literature and deepen our understanding of the factors that are likely to drive R&D. Therefore, this research could be a useful aid for decision-makers at both national and company level.

SOCIO-ECONOMIC TENDENCIES ON THE BACKGROUND OF THE COVID 19 PANDEMIC CRISIS

SOCIO-ECONOMIC TENDENCIES ON THE BACKGROUND OF THE COVID 19 PANDEMIC CRISIS
(SOCIO-ECONOMIC TENDENCIES ON THE BACKGROUND OF THE COVID 19 PANDEMIC CRISIS)

Author(s):Bogdan Florin Filip
Language:English
Subject(s):Economy
Page Range:545-558
No. of Pages:14
Keywords:Covid 19; crisis; GDP; inflation; unemployment;
Summary/Abstract:The appearance of the Covid 19 pandemic crisis two years ago determined major negative impacts on the life of the citizens and, as consequence, it has significantly impacted the functioning of the economies all over the world, rising serious concerns for all governments and forcing them to take actions against this global threat. However, while the global pandemic crisis seems to be still far from being overcome, the author of this research paper considers it should be worth to take a retrospective look over the evolution of the society on the past period of the pandemic crisis. Therefore, the study included in this study is intended to make an analysis on the socio-economic tendencies revealed during the year 2020 in several specific countries from different continents, in order to observe the differences between them and use these results as base of taking future actions towards counteracting the impacts of the pandemic crisis.

PUBLIC SPENDING ON LABOR MARKET POLICIES AND UNEMPLOYMENT IN THE EUROPEAN UNION. A GENDER ANALYSIS

PUBLIC SPENDING ON LABOR MARKET POLICIES AND UNEMPLOYMENT IN THE EUROPEAN UNION. A GENDER ANALYSIS
(PUBLIC SPENDING ON LABOR MARKET POLICIES AND UNEMPLOYMENT IN THE EUROPEAN UNION. A GENDER ANALYSIS)

Author(s):Adriana Nastas, Irina Bilan
Language:English
Subject(s):Economy
Page Range:559-579
No. of Pages:21
Keywords:unemployment rate; female unemployment rate; male unemployment rate; ALMPs; PLMPs; European Union countries;
Summary/Abstract:All around the world, governments are implementing policies designed to fight unemployment and diminish its negative economic and social effects. While passive labor market policies (PLMPs) are aimed at providing unemployed individuals with income support during their search for a job, active measures (ALMPs) aim to increase employment opportunities and cut down unemployment. Our paper seeks to investigate the impact of public expenditure with these policies on unemployment rates in the European Union countries, during 2006-2018. In addition, we want to assess whether there are substantial differences in their effects on unemployment rates among women and men. The results show that higher unemployment benefits are detrimental to employment because unemployed people lessen their efforts to search for a job, and active measures may be an efficient tool in reducing unemployment, although further analysis is needed in this respect. Moreover, we found evidence for important differences among the two genders, especially regarding the passive labor market measures. The side-effects of generous unemployment benefits on unemployment are found to be more important among men compared to women.

THE IMPACT OF COVID19 PANDEMIC ON THE SUSTAINABILITY OF SMALL AND MEDIUM ENTREPRISES

THE IMPACT OF COVID19 PANDEMIC ON THE SUSTAINABILITY OF SMALL AND MEDIUM ENTREPRISES
(THE IMPACT OF COVID19 PANDEMIC ON THE SUSTAINABILITY OF SMALL AND MEDIUM ENTREPRISES)

Author(s):Otilia Oprea
Language:English
Subject(s):Economy
Page Range:580-591
No. of Pages:12
Keywords:pandemic; sustainability; SMEs; crisis; economy;
Summary/Abstract:The coronavirus crisis has affected Member States in a sudden and dramatic way, with a potentially major impact on their societies and economies. This has led to a sharp decline in economic activity, which may be exacerbated by liquidity constraints as companies struggle to pay their suppliers and employees. The purpose of this paper is to investigate the impact of Covid19 pandemic on the sustainability of the SMEs. . We used fixed effects methodology for times series data for the EU 28 countries during 2018-2020. We find that the main factors through which the pandemic contribute significantly and positively to SMEs are per capita income financial transactions and value added, and the variables which has a significant but negative influence are the number of Covid19 cases and labor productivity.

MISLEADING AND COMPARATIVE ADVERTISING IN CONSUMER RELATIONSHIPS

MISLEADING AND COMPARATIVE ADVERTISING IN CONSUMER RELATIONSHIPS
(MISLEADING AND COMPARATIVE ADVERTISING IN CONSUMER RELATIONSHIPS)

Author(s):Olesea Plotnic, Rodica Crudu, Pascari Roman
Language:English
Subject(s):Law, Constitution, Jurisprudence
Page Range:592-603
No. of Pages:12
Keywords:consumer; misleading advertising; regulations; comparative advertising;
Summary/Abstract:Misleading and comparative advertising, in fact like other unfair consumer practices, has become increasingly diverse in recent years, including with the application of information technology. But the countermeasures have also become more effective, largely due to the aspirations of European integration and the signing of the Association Agreement of the Republic of Moldova with the European Union (Association Agreement of 27.06.2014). These important processes have brought significant results, and finding that consumer protection in the field of misleading and comparative advertising in the Republic of Moldova was regulated below European standards, and essential regulations to ensure consumer interests were lacking, efforts were made to significantly improve legislation. through a broad process of harmonizing it with European Union legislation.The most important regulations in the field of misleading and comparative advertising can be found both in the national legislation, such as the Law on Advertising no. 1227 of 27.06.1997, the Law on Consumer Protection no. 105 of 13.03.2003 and the Competition Law no. 183 of 11.07.2012, as well as in the legislation of the European Union, the Directive of the European Parliament and of the Council on misleading and comparative advertising no. 2006 / 114 / EEC of 12.12.2006.An essential role in regulating misleading and comparative advertising is also represented by the adoption of Law no. 133 of 15 November 2018 on the modernization of the CivilCode and the amendment of some legislative acts, which entered into force on March 1, 2019.The aim of the study is to analyze both national regulations and European Union legislation, as well as unfair practices used by economic agents in misleading and comparative advertising.

IMPACT OF DEFENSE INDUSTRY PRODUCTION FROM ROMANIA TO GDP

IMPACT OF DEFENSE INDUSTRY PRODUCTION FROM ROMANIA TO GDP
(IMPACT OF DEFENSE INDUSTRY PRODUCTION FROM ROMANIA TO GDP)

Author(s):Florin Şuhan
Language:English
Subject(s):Economy
Page Range:604-612
No. of Pages:9
Keywords:defense industry; GDP; assets; capital; profit;
Summary/Abstract:The defense industry is a component of the national industry having, like the other branches of industry, the purpose of making a relevant contribution to the constitution of the gross domestic product. The more efficient a field of activity in the national economy is, the more it generates gross domestic product. In order to know and quantify the performance of the defense industry, we ask ourselves the question: how does the activity of defense contractors influence the gross domestic product? For this purpose, we carry out an investigation through the scientific method, using a database consisting of economic and financial information of economic operators in the field of defense industry in Romania. The working methods used are documentary research and the quantitative component materialized by a multiple linear regression model. The quantitative component is applied on a database corresponding to the period 2008 - 2018, being statistically processed by specialized software. Based on the interpretation of the links identified between the selected variables, we appreciate that the development of a multiple linear regression model with 5 variables in order to investigate the relationship between the results of defense contractors and the gross domestic product led to knowledge and reasonable quantification of defense industry performance. The correlation of the gross domestic product with the economic-financial indicators of capital and profit shows the significance of the field and the importance of supporting the production activity.

FINTECH AS FINANCIAL INNOVATION – CHALLENGES AND IMPLEMENTATION IN THE PANDEMIC PERIOD

FINTECH AS FINANCIAL INNOVATION – CHALLENGES AND IMPLEMENTATION IN THE PANDEMIC PERIOD
(FINTECH AS FINANCIAL INNOVATION – CHALLENGES AND IMPLEMENTATION IN THE PANDEMIC PERIOD)

Author(s):Carmen Toderascu Sandu, Vlad-Gabriel Nicolăescu
Language:English
Subject(s):Economy
Page Range:613-620
No. of Pages:8
Keywords:FinTech; InsurTech; financial innovation; financial stability; financial services;
Summary/Abstract:This paper aims to investigate the changes encountered on the financial market related to FinTech technology in the pandemic period that we are all going through. In these conditions, we consider that this technology has more attention compared to the traditional innovation. In our opinion, the implementation of this technology in the pandemic period has to do with the ability to adapt, with the proven potential in economic practice to change financial services. Of course, these changes will produce immediate effects in the market, effects that could affect the financial stability of a country. The insurance industry is significantly influenced by the rise of FinTech, changing consumer behavior and advanced technologies, and also InsurTechs and technology startups stimulate the customer experience through innovations such as risk-free underwriting, on- site procurement, activation and damage processing. Through this article we aim to see what is the impact of FinTech on the economy, especially on the insurance market, and what would be the beneficial measures to counteract the potential negative effects.

THE IMPACT OF FINANCIAL INNOVATION IN THE CONTEXT OF THE COVID-19 CRISIS IN EMERGING ECONOMIES

THE IMPACT OF FINANCIAL INNOVATION IN THE CONTEXT OF THE COVID-19 CRISIS IN EMERGING ECONOMIES
(THE IMPACT OF FINANCIAL INNOVATION IN THE CONTEXT OF THE COVID-19 CRISIS IN EMERGING ECONOMIES)

Author(s):Carmen Toderascu Sandu, Otilia Oprea
Language:English
Subject(s):Economy
Page Range:621-628
No. of Pages:8
Keywords:Covid-19 crisis; innovation; FinTech; financial policy;
Summary/Abstract:The impact of the COVID-19 pandemic is global. In order to combat the uncontrollable spread of the virus and the transformation of the COVID-19 crisis into a humanitarian crisis, developing countries and emerging economies have implemented extremely strict blocking measures. This study aims to review the literature in this area to show the effects of financial innovation in the context of the pandemic and to find the best policy recommendation in order to save the economy.

FINANCING OF THE HEALTHCARE SYSTEM - AN ASPECT THAT INFLUENCES THE PERFORMANCE OF HOSPITAL UNITS. ROMANIA IN THE EUROPEAN CONTEXT

FINANCING OF THE HEALTHCARE SYSTEM - AN ASPECT THAT INFLUENCES THE PERFORMANCE OF HOSPITAL UNITS. ROMANIA IN THE EUROPEAN CONTEXT
(FINANCING OF THE HEALTHCARE SYSTEM - AN ASPECT THAT INFLUENCES THE PERFORMANCE OF HOSPITAL UNITS. ROMANIA IN THE EUROPEAN CONTEXT)

Author(s):Mihaela Tomaziu-Todosia, Iuliana - Claudia Mihalache, Felicia-Cătălina Apetroi (Răcoare)
Language:English
Subject(s):Economy
Page Range:629-638
No. of Pages:10
Keywords:inancing; economy; management; performance; healthcare system;
Summary/Abstract:In the context of the dynamics of the evolution of health services, the evaluation of the performance of the healthcare units raises problems, in terms of size, the complexity of these services, the specialization, as well as the observance of certain European norms. Taking into account the fact that the performance of health institutions contributes to a great extent to the health of the population, this article aims at identifying, from the point of view of the performance of sanitary institutions regarding the number of beds in hospitals, the place of Romania in context. As well as the correlation between the percentage of GDP allocated to the health sector and the performance level of the hospital units. Knowing performance indicators in hospital units can trigger a wide range of improvement activities. In this respect, regarding the performance of the Romanian health system in the European context, referring to hospital performance indicators regarding the number of hospitals beds, Romania is positively positioned, the ranking made by the authors places Romania on a middle position regarding these indicators. During the analyzed period, the influence of the percentage of GDP allocated to the health sector on the performance of the hospital units is observed. Thus, in most cases, an increase in the percentage of GDP allocated to this sector determines, to a large extent, also an increase of the three performance indicators analyzed.

Pandemic Challenges for European Finance, Business and Regulation. Proceedings of the International Conference EUFIRE 2021 Pandemic Challenges for European Finance, Business and Regulation. Proceedings of the International Conference EUFIRE 2021

A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY?

A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY? (A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY?)

CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS

CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS (CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS)

THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC

THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC (THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC)

INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS

INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS (INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS)

THE INFLUENCE OF THE COURT OF JUSTICE OF THE EUROPEAN UNION RULING ON THE MONETARY POLICY. RECENT CASE LAW ANALISYS

THE INFLUENCE OF THE COURT OF JUSTICE OF THE EUROPEAN UNION RULING ON THE MONETARY POLICY. RECENT CASE LAW ANALISYS (THE INFLUENCE OF THE COURT OF JUSTICE OF THE EUROPEAN UNION RULING ON THE MONETARY POLICY. RECENT CASE LAW ANALISYS)

UNPACKING THE CONCEPT OF SOCIETAL RESILIENCE IN THE EU’S POLICY TOWARDS ITS EASTERN NEIGHBOURHOOD

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LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES

LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES (LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES)

PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION

PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION (PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION)

EUROPEAN POLICY ON ENERGY DEVELOPMENT ASSISTANCE PROJECTS

EUROPEAN POLICY ON ENERGY DEVELOPMENT ASSISTANCE PROJECTS (EUROPEAN POLICY ON ENERGY DEVELOPMENT ASSISTANCE PROJECTS)

THE ACCESS OF THIRD COUNTRY BIDDERS IN THE EUROPEAN UNION PROCUREMENT MARKET

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PUBLIC CORPORATIONS IN EASTERN EUROPE

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CRITICAL CONSIDERATIONS REGARDING THE REGULATION OF ADMINISTRATIVE-PATRIMONIAL LIABILITY

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EUROPEAN GUIDELINES FOR IMPROVING THE EFFICIENCY OF THE FINANCIAL SERVICES MARKET OF UKRAINE

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PRESENTATION OF THE CORRUPTION PHENOMENON IN THE ROMANIAN PRESS

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NATIONAL STRATEGY FOR THE RESEARCH, DEVELOPMENT AND INNOVATION OF ROMANIAN HIGHER EDUCATION IN A EUROPEAN CONTEXT

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CERTAINTY OF TAX SYSTEM AND QUALITY OF TAX LAW

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THE IMPACT OF THE CAPITAL STRUCTURE ON THE ENTERPRISE VALUE AT DIFFERENT STAGES OF THE LIFE CYCLE. CASE OF INDUSTRIAL ENTERPRISES IN THE REPUBLIC OF MOLDOVA

NON-FINANCIAL REPORTING, VECTOR FOR PROMOTING SUSTAINABLE DEVELOPMENT GOALS

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TAXABLE PERSONS IN VAT MATTERS: THE VAT GROUP BETWEEN CONSOLIDATION AND AUTONOMY

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STUDY ON THE QUALITY REVIEW OF THE FINANCIAL AUDIT ACTIVITY IN ROMANIA

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DIVERGENT EVOLUTIONS IN THE ACCOUNTING FIGURES OF SOME ROMANIAN LISTED COMPANIES, IN THE CONTEXT OF THE COVID-19 HEALTH CRISIS

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AN ANALYSIS OF THE EVOLUTION OF THE VAT RATES IN ROMANIA, IN RELATION TO THE EFFICIENCY OF THIS TAX

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PROFIT MAXIMIZATION AND/OR ANIMUS DONANDI: DODGE V. FORD REVISITED

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IMPACT OF PARTIAL COST ANALYSIS ON THE ENTIRE DECISION-MAKING PROCESS

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FOCUS OF THE NATIONAL PLAN FOR RECOVERY AND RESILIENCE (NPRR) ON DIGITALIZATION: FINANCIAL EFFORT AND EXPECTED RESULTS

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GREENHOUSE GAS EMISSION CERTIFICATES - FINANCIAL INSTRUMENTS FOR IMPLEMENTING ENVIRONMENTAL POLICIES IN ROMANIA

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A SAMPLE OF MENTALITY IN TAX RETRAINING

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THE REGULATION OF EU MEMBER STATES ON THE TAX TREATMENT FOR INVESTMENT INCOME AND ITS INFLUENCE ON HOUSEHOLD SAVINGS

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THE IMPACT OF COVID-19 ON SMEs ECONOMIC AND ENTREPRENEURIAL OUTCOMES AND EXPECTATIONS. CASE OF ROMANIA AND UNITED KINGDOM

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HUMAN CAPITAL STOCK IN TIME OF CORONAVIRUS PANDEMIC. EMPIRICAL INVESTIGATION

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THE EVOLUTION OF GREEN FINANCE IN THE CONTEXT OF COVID-19 PANDEMIC. FOCUS ON EU-27

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THE ECONOMIC CONSEQUENCES OF ORGANISED CRIME: AN OVERVIEW

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THE CORPORATE DIPLOMACY INSTRUMENTS FOR AN IT LEADER. A GENERAL ASESSMENT

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BRAND ASSOCIATIONS IN RELATION TO CONTENT MARKETING

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THE INTERDEPENDENCE BETWEEN CORRUPTION AND DIGITAL PROGRESS WITHIN EU COUNTRIES

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PUBLIC PROCUREMENT AND CORRUPTION IN EASTERN EUROPE

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FISCAL IMPLICATION OF POPULATION AGEING AND SOCIAL SECTOR EXPENDITURE IN ROMANIA

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REORGANIZATION OF THE LEGAL PERSON – A SOLUTION IN THE CONTEXT OF THE COVID-19 PANDEMIC

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ORGANIZATIONAL VALUES AND COMMUNICATION AS LEVERS OF SUPPORT AND INTEGRATION OF THE EXPERTISE OF REMOTE WORKERS DURING THE COVID-19 CRISIS

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THE COVID-19 PANDEMIC AND THE FAMILY PHYSICIANS’ STRATEGIC ROLE

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Pandemic Challenges for European Finance, Business and Regulation. Proceedings of the International Conference EUFIRE 2021
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A COMPLETED EURO ZONE– A DREAM OR A FUTURE REALITY?
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CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS
(CROSS-BORDER BANKING REGULATIONS IN THE EVENT OF CRISIS)

THE RELATIONSHIP BETWEEN ROMANIAN SMEs AND BANKING UNITS DURING THE COVID-19 PANDEMIC
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INVESTMENT, DEBT AND ECONOMIC GROWTH - AN ARDL PANEL COINTEGRATION ANALYSIS
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(LOCAL FISCAL SYSTEMS AND SOCIAL JUSTICE ACROSS EUROPEAN UNION COUNTRIES)

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(PROTECTION OF CONSUMERS’ INTERESTS IN THE CONTEXT OF UNFAIR COMPETITION)

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(PRESENTATION OF THE CORRUPTION PHENOMENON IN THE ROMANIAN PRESS)

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(NATIONAL STRATEGY FOR THE RESEARCH, DEVELOPMENT AND INNOVATION OF ROMANIAN HIGHER EDUCATION IN A EUROPEAN CONTEXT)

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(TAXABLE PERSONS IN VAT MATTERS: THE VAT GROUP BETWEEN CONSOLIDATION AND AUTONOMY)

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(THE IMPACT OF COVID-19 ON SMEs ECONOMIC AND ENTREPRENEURIAL OUTCOMES AND EXPECTATIONS. CASE OF ROMANIA AND UNITED KINGDOM)

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(THE INFLUENCE OF THE COVID-19 PANDEMIC ON THE ECONOMIC ACTIVITES)

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