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INFORMAL ECONOMY IN RURAL AREAS IN ROMANIA

Author(s): Bui Thanh Hang,Ana Maria Bercu / Language(s): English Issue: 21/2015

Before 1990, during the communist regime, informal economy which operates outside the formal sector was recognized. Moreover, since the early 90s the informal economy has become a problem for Romania including strictly economic activities that take place outside the legal framework, regarding to legislation. From 1999 to 2010, the size of informal economy contributes a high value in GDP of Romania which is around 34%- 37%. The informal economy in rural area has the largest labor force in agriculture which registers the instable and low income. Our paper uses statistical method and econometrics with linear model with Durbin- Watson test by software SPSS to observe the role of rural administration in informal economy in Romania. Public policies are implemented by administration should outline a model to transform informality to formality in the long-term objectives; furthermore, in building a competitive and strong local government involved the rural level.

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SHAPING FACTORS OF POST-EMPLOYMENT BENEFITS IN ROMANIA AND SERBIA

Author(s): Grațiela Georgiana Noja,Margareta Caran / Language(s): English Issue: 21/2015

The research aims to identify and analyze the main shaping factors of employee benefits focusing on post-employment advantages, respectively on pension systems in Romania in Serbia during 2005-2013. Employee benefits comprise all types of incentives given within the framework of a job, various multinational companies focusing on pension plans along with other advantages granted mainly to increase labor productivity. The empirical analysis is based on developing various double log macro econometric models, focusing on GLS (Generalized Least Squares) and MLE (Maximum Likelihood) estimations and a complex set of indicators. Pension beneficiaries in Romania and Serbia are influenced by the economic activity and living conditions, labor market stability and by the level of net earnings, according to the results obtained, each being discussed in various ways and presented within the paper.

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MULTILEVEL GOVERNANCE - OPENING FOR SUSTAINABLE DEVELOPMENT

Author(s): Gheorghe Crişan,Lia Ioana Crişan / Language(s): English Issue: 21/2015

This paper derives from a constant concern of the authors to define and analyze the Multilevel Governance model, in the context of sustainable development of economic regions of Romania and its financial support through the intervention of European funds. The investigation analyzes the chances of implementing the MLG model in Romania, appreciating the existence of a set of objective and subjective factors - economic, social, political, historical, etc. - of increased complexity, which complicates and brings to discussion the prospect of its adoption, and implicitly the disadvantages arising from this situation, especially as regards of accessing European funds at regional level.

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ANALYZE THE PROFIT TAX VALUE EVOLUTION OF MEDIUM TAXPAYER ENTITIES IN COVASNA COUNTY BETWEEN 2011 - 2013

Author(s): Csongor Csősz / Language(s): English Issue: 21/2015

Depending on fund and form characteristics the taxes are grouped into:direct taxes and indirect taxes. Within the direct taxes one of the most important for the state budget is the profit tax. We can mention that the evaluation procedures / methods which the entity consistently uses, have influente over the registered profit tax. The study contains an analysis of the profit tax value registered by medium taxpayers entities in Covasna county, in relation with the net turnover, operating revenues, total revenues and operating results, respectively with the field of activity.

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INSOLVENCY OF THE TERRITORIAL ADMINISTRATIVE UNITS IN ROMANIA

Author(s): Lavinia Iancu / Language(s): English Issue: 21/2015

The insolvency of the territorial administrative units is a recent concern of the Romanian Parliament; the normative act concerning that subject has been passed in year 2013. It entered in force as consequence of the pressure of the International Monetary Fund, which imposed a series of conditions to Romania in view of concluding a new Framework Agreement. That law stands out given its incoherence and certain aspects that will lead to implementation difficulties. Beginning with the model of Law no. 85/ 2006, a possibility of restructuring the territorial administrative units that face financial difficulties was created.

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An Investigation of Spatial Contiguity for Provinces in Turkey Using Nomenclature of Territorial Units for Statistics Level 3 Data

Author(s): Ceren Yaman Yilmaz,Murat Atan / Language(s): English Issue: 40/2016

Using NUTS Level 3 data, this study examines whether provinces in Turkey exhibit spatial contiguity. Output-oriented BCC and CCR model forms of PCA and DEA were used in the data preparation phase. While a total of 72 models were obtained using findings resulting from PCA, CCR and BCC, those models having econometric complications and models not exhibiting spatial autocorrelation based on Moran’s I test, were excluded. For the remaining 13 models, SAR and SEM estimates were performed, and component-based spatial contiguities were determined for the provinces. The contiguities were confirmed visually through spatial mapping.

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Market Segmentation in Developing Markets Evidence from Thai Non-Voting Depository Receipts

Author(s): Tanakorn Likitapiwat,William F. Johnson / Language(s): English Issue: 40/2016

The introduction of Non-Voting Depository Receipts (NVDR) in the Stock Exchange Thailand allows for nearly ideal natural experiment to investigate the differences between three segments of traders; local, foreign and NVDR trades. We hypothesize NVDR traders who forgo any rights of control, must be compensated in some way for giving up this valuable aspect of equity ownership. We find that NVDR traders exhibit a higher probability of informed trades, NVDR order imbalances are significant in predicting daily returns and naive traders can use information from NVDR trades to generate trading profits. The implications of this study are of great interest to caretakers of emerging markets who must balance the desires of local constituents while maintaining a market that is liquid and attractive to foreign investors.

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Disrupting shocks in postwar global economic expansion

Author(s): Dumitru Filipeanu,Florin-Alexandru Luca / Language(s): Romanian Issue: 35/2016

The coherence of the global economic system, created by its upswing in the first postwar decades, started to crumble in the ’70s. The destabilizing shocks affected the entire world, but in an uneven manner, in different geographical areas and at different times, being felt most acutely, with devastating economic and social effects, in Third World countries. Although the developed countries were affected as well, they always had means to combat or to diminish the adverse effects of the crises, leading to "gentler" consequences. This paper focuses on four main aspects in postwar global economic expansion, namely: the ’70s – the international monetary crisis and the oil shocks; the foreign debt crisis; the Latin American debt crisis, the Asian financial crises and the current global crisis.

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Assesing the determinants of bank liquidity. Case study Romanian banking system

Author(s): Florin Alexandru Luca,Irina Raluca Busuioc Witowschi / Language(s): Romanian Issue: 35/2016

The financial crisis has highlighted the importance of liquidity risk for the banking system. Therefore, this study focuses on identifying the determinants of liquidity of Romanian banks. The data cover the period from 2006 to 2013 and take into account only bank-specific factors. The empirical study was applied on 16 Romanian banks and based on previous studies and uses different liquidity ratios, encompassing different points of view on liquidity. Regarding the explanatory variables considered in this analysis, they include various items of internal character concerning: capital adequacy, asset quality, profitability, efficiency of financial intermediation and the size of the banks. The results of our regression analysis indicate that bank liquidity is positively related to capital adequacy of banks and bank profitability and negatively related to the rate of non-performing loans, net interest margin and the size of the bank.

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Monetary Policy Dynamics and the Stock Market Movements: Empirical Evidence from Nigeria

Author(s): Babajide Abiola Ayopo,Lawal Adedoyin Isola,Somoye Russel Olukayode / Language(s): English Issue: 38/2015

The contributions of the stock market to economic growth can never be over- emphasized. In this paper, we used the Autoregressive Distributed Lag bound testing estimation techniques to examine the existence of any relationship between monetary policy instruments and the stock market in Nigeria based on the data sourced from 1985 to 2013. From the results obtained, it can be deduced that monetary policy instruments significantly exerts on stock market behaviour in Nigeria. We recommends that policy makers should put in place policies that aimed at adjusting the interest rate upward, reduce or at best keep at constant the money supply growth rate, increase the net credit to the private sector and manipulate the exchange rate regime so as to boost stock market.

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Dependency and Predictability of Stock Market Returns. An Empirical Study of German Capital Market

Author(s): Lucia Fabiánová,Jozef Glova / Language(s): English Issue: 37/2015

The paper examines the predictability of German stock market, and provides evidence that several economic factors have predictive power for the market return. The basic idea is that German stock market development is determining and enormously significant factor for the Visegrad Group countries because of their vital dependency on the German economy, where development in the stock market is a significant parameter of the state of the economy. Going out from this perspective we present an overview on current research on the stock market predictability, we formulate a research problem and using time series models as well as linear regression models we estimate and in detail describe important parameters of the German stock market development. We came to conclusion that four macroeconomic variables are specifically important and significant for the development of German stock market index DAX, namely Euro Area government bonds with AAA rating, German net trade in goods with all the countries of the world, net financial assets of German households and non- profit organizations serving households, and the exchange rate for Russian ruble to Euro.

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Attractivite territoriale: l’impact de la difference culturelle. Comparaison entre les territoires de Iasi (Roumanie) et de Grenoble (France)

Author(s): Alain Spalanzani,Dumitru Zaiţ / Language(s): French Issue: 33/2015

Cet article cherche à comprendre si la culture, plus particulièrement économique, a un impact sur la capacité d’attractivité des activités économiques d’un territoire. Les territoires comparés sont les métropoles ou régions urbaines de Iasi1 en Roumanie et de Grenoble en France. Ces territoires sont sensiblement de taille comparable : 840 000 habitants pour Iasi, 750 000 pour Grenoble. Après avoir recueilli les perceptions d’acteurs économiques, une hiérarchisation de plus de 71 critères considérés comme importants dans la localisation des activités économiques est établie pour chacune des deux régions. La comparaison de l’importance accordée aux critères montre à la fois une certaine convergence des perceptions mais aussi de réelles divergences, en particulier au niveau des critères financiers. La vision lowcost et de sous-traitance des yèchennï, liée à un positionnement de l’industrie roumaine sur les marchés de biens intermédiaires, n’est absolument pas partagée par les grenoblois qui semblent orientés vers des stratégies plus offensives, en direction des marchés finaux.

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Real Exchange Rates, Current Accounts and Competitiveness Issues in the Euro Area

Author(s): Rajmund Mirdala / Language(s): English Issue: 37/2015

The lack of nominal exchange rate flexibility in the monetary union induced the growing divergence of trade performance among the member countries. Intra- Eurozone current account imbalances among countries with different income levels per capita fuel discussions on competitiveness channels under common currency. Asynchronous current account trends between North and South of the Euro Area were accompanied by significant appreciations of real exchange rate in the periphery economies originating in the strong shifts in consumer prices and unit labor costs in these countries relative to the countries of the Euro Area core. The issue is whether the real exchange rate is a significant driver of persisting current account imbalances in the Euro Area considering than, according to some authors, differences in domestic demand are more important than is often realized. In the paper we analyze main aspects of current account adjustments in the Euro Area member countries. From estimated VAR model we calculateimpulse- response function of the current account to the real exchange rate (REER calculated on CPI and ULC base) and domestic demand shocks and variance decomposition to examine the relative importance of both shocks. Our results indicate that while the prices and costs related determinants of external competitiveness affected imports more significantly than exports, demand drivers shaped current account balances mainly during the crisis period.

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Economical Exclusion and Indebtedness as a Financial Strategy of Poor Roma Households in Slovakia

Author(s): Jurina Rusnáková / Language(s): English Issue: 37/2015

According to the empirical findings and experience of social workers working with Roma, the problem of high indebtedness of Roma families in Slovakia is becoming bigger and bigger and it is an obstacle in achieving the goals of the programs for social inclusion. The decision making process is limited by the situation in life as well as the other aspects of life in extremely poor and socially excluded areas and it is incomprehensible by people that are not confronted with a situation like this. The aim of this research is to help people understand the problems, because understanding is essential to finding a good solution. Our qualitative study provides some room for casting more light on the life experience of people, therefore the authors of the project VEGA 1/0206/13 have chosen the combination of qualitative and quantitative methods to study social support and social networks of poor Roma. The work provides an interpretation of the main findings from the two in- depth studies and its aim is to give an insight into experience of respondents- members of the homes involved in the study, related to the loan- taking process and to give a realistic picture of the consequences.

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Network Industries Economics. A Comparison of Rail Infrastructures Output in Key European Countries

Author(s): Giacomo Di Foggia,Ugo Arrigo / Language(s): English Issue: 36/2015

Infrastructure is widely recognized as a key ingredient in a country’s economic success. However many issues surrounding infrastructure management are not well analysed. This paper assesses the performance of rail infrastructures management. Focusing on key European countries this study monitors the factors directly related to the effective allocation of resources. Results suggest that the outperforming system is the Swedish, characterised by reduced cost, and the German, marked by significant scale economics. The Italian case follows these two. The expenses for running the Spanish infrastructure are relatively low but this advantage is outweighed by weak traffic. If on one hand the cost of the British network appears to be above the average, on the other hand it is compensated by the intensive use of the network. The French infrastructure presents an average production cost along with moderate productivity; a remarkable average loading makes up for this performance gap. Main limitations stem from the fact that the railway industries and their development greatly differ across European countries since the infrastructure were built on national bases. This study serves as an entry point to further assessments and evaluation of the efficacy of policies regarding the management of rail infrastructures in Europe.

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Mechanism of Use of Public and Private Partnership in Order to Develop Innovative Economy

Author(s): Mikhail Yakovlevich Veselovsky,Julia Vladimirovna Gnezdova,Margarita Arkadevna Menshikova,Marina Alekseevna Izmailova,Julia Alexandrovna Romanova / Language(s): English Issue: 35/2015

The article presents the fundamental and effective tool to achieve strategic goals of the innovation economy under today's conditions – this is the use of the mechanism of public and private partnership (PPP). Nowadays, the place of a country is determined by a set of macro-technologies, which it is able to update and maintain using the huge flow of innovations and the continuous technological upgrading of the advanced sectors of the economy. It is noted that unlike the West, where the PPP is used to attract private investments in the major infrastructure projects, in Russia, this model addresses not only the economic, but also the political and social challenges. For this reason, a simple imitation of a positive or negative experience is impossible without taking into account the Russian specifics. Today, in Russia, the PPP development is hindered not only by the legislative gaps. There is an acute problem of absence of the efficient financing mechanisms even in those cases when the sufficient funds are available. The overall situation in the country does not contribute to the implementation of the long- term projects, which are not supported by the political component. Such situation mainly occurs not due to the high value of the borrowed money and the reluctance of banks to lend for long periods, but due to the general ambiance of the private business being afraid for the successful implementation of the complex long- term projects. The authors propose a model of the integrated assessment of the government and business interactions within the PPP projects, as well as the approaches to assessing the integral effect of the PPP projects implementation, which includes the project’s effects not only for the private businesses and public investors directly involved in the project, but also for the regional population and other commercial structures operating in the given region.

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Exchange Rate Pass-Through in the Euro Area

Author(s): Rajmund Mirdala / Language(s): English Issue: 35/2015

Time- varying exchange rate pass-through effects to domestic prices under fixed euro exchange rate perspective represent one of the most challenging implications of the common currency. The problem is even more crucial when examining crisis related redistributive effects associated with relative price changes. The degree of the exchange rate pass through to domestic prices reveals its role as the external price shocks absorber especially in the situation when the leading path of exchange rates is less vulnerable to the changes in the foreign prices. Adjustments in domestic prices followed by exchange rate shifts induced by sudden external price shocks are associated with changes in the relative competitiveness among member countries of the currency area. In the paper we examine exchange rate pass through to domestic prices in the Euro Area member countries to examine crucial implications of the nominal exchange rate rigidity. Our results indicate that absorption capabilities of nominal effective exchange rates clearly differ in individual countries. As a result, an increased exposure of domestic prices to the external price shocks in some countries represents a substantial trade-off of the nominal exchange rate stability.

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The relationship between inflation and the main macroeconomic variables in Romania

Author(s): Ionut - Cristian Baciu / Language(s): English Issue: 04/2014

The inflation is considered an important economic phenomenon that adversely afects the economy of a state. The purpose of this study is to highlight he signifcant statistical conections betwen the inflation rate and the main macroeconomic variables influencing the inflationary phenomenon (money suply, the monthly net average nominal wage, exchange rate, reference interest rate), depending on the monetary policy strategy adopted by the National Bank of Romania. The research is conducted using monthly data for the period June 197 – December 2013, with the explorative method of Principal Components Analysis. The results indicate the fact that for the period June 197 – July 205, the inflation rate is strongly corelated with the growth rate of monthly net average nominal wage, while for the period after the adoption of the direct argeting regime in August 205, it is observed a strong link betwen the inflation rate and the reference interest rate.

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Oscillations in a Multi-Country Free Trade Model with Endogenous Wealth and Environment

Author(s): Wei-Bin Zhang / Language(s): English Issue: 34/2015

This study shows economic oscillations due to periodic changes in some parameters in the multi-country economy with endogenous physical capital and wealth accumulation and environmental change proposed by Zhang (2014). The Zhang’s model analyses not only inequalities in income, wealth and economic structures among countries, but also differences in environmental changes between countries. The main difference of this study from Zhang’s model is that this study treats all the time-independent parameters as time-dependent. This study is interested in time-dependent shocks on the evolution of the economic system. After showing that the dynamics of J - country world economy is controlled by 2J differential equations, we simulate the motion of the model with three countries and carry out comparative dynamic analysis with regard to different time-dependent shocks. In association with different fluctuations in parameters, different economies experience different oscillations.

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The new keynesian theory and its associated model

Author(s): Oana Simona Hudea (Caraman) / Language(s): English Issue: 08/2016

The basic new Keynesian model rendered in this paper, as well as the analysis of the reaction of economic variables to the occurrence of a structural, monetary policy shock, strengthen the hypothesis exposed at pure theoretical level, namely the active role of Central Banks in economy, the classical dichotomy between the nominal and the real economic factors being abandoned. As reflected by the impulse-response function graphs, the model endogenous variables: output, output gap, labour hours, inflation rate, nominal interest rate and real interest rate, clearly react to the exogenous variables of the same, represented by structural shocks, returning afterwards, more or less quickly, to their initial steady state. In compliance with the literature in the matter, the monetary entity policies, although having a lower impact than the one generated by the technological changes, manifest obvious influences on the model variables, therefore affecting both the decisions of the representative agents, at microeconomic level, and the aggregate economy, as a whole.

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