146 research outputs found

    Remarks on Romanian Capital Market Volatility in the Framework of an Power ARCH (PARCH) Model

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    The recent evolution of the Romanian capital market is characterized by an increase in the market volatility as an expression of investors’ uncertainty about the global financial instability. Thus, the objective of this study is to provide an analytical framework for the analysis of the market volatility and to derive some empirical evidences base on such framework. The main results support the thesis of some recent structural changes in the market’ volatility pattern which had occurred as a direct effect of the financial and real crisis.capital market, volatility, Power Arch Model, Bucharest Stock Exchange

    POLITICS AND INTERJURISDICTIONAL TRANSFERS: THE ROMANIAN CASE

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    this paper represents a continuation of a previous paper where we demonstrated the “abnormal” behavior that local authority from Romania is manifesting regarding the subventions received from the central budget. In accord with public choice theory, exist an “affinity” of a social group - local communities in this case - for a certain political party or political coalition, in which case can expect that the distribution of public funds, having the nature of transfers given by the central budget to local budgets, to be impregnated with a considerable “political color”. This paper is trying to establish, in Romania, quantitative and qualitative, the modality of distributing the central public funds to local authorities under the political impact.politics, regional communities, interjurisdictional transfers

    THE FISCAL POLICY AND THE STABILITY OF THE NOMINAL SECTOR: THE ROMANIAN CASE

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    The fiscal policies in the contemporaneous economic systems heavy influence both the real and nominal sectors. These effects could be located at the primary distribution of the social resources as will as at level their redistribution one. The aims of this paper are: (1) to review the literature of the main conceptual frameworks which link the fiscal policy and the dynamic of real sector, especially on the inflation side (2) to advance an empirical analyze of these link for the Romanian case and (3) to draw some conclusion about desirable framework of the fiscal policy for the current period in the perspective of Romanian access to European Union.Impact, inflation, fiscal policy, econometric analyze, fiscal deficit, budgetary sold

    The Fiscal Policy and the Stability of the nominal Sector: The Romanian Case (revisited version)

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    The fiscal policies in the contemporaneous economic systems heavy influence both the real and nominal sectors. These effects could be located at the primary distribution of the social resources as will as at level their redistribution one. The aims of this paper are: (1) to review the literature of the main conceptual frameworks which link the fiscal policy and the dynamic of real sector, especially on the inflation side (2) to advance an empirical analyze of these link for the Romanian case and (3) to draw some conclusion about desirable framework of the fiscal policy for the current period in the perspective of Romanian access to European Union.Impact, inflation, fiscal policy, econometric analyze, fiscal deficit, budgetary sold

    CULTURAL DETERMINANTS OF ECONOMIC GROWTH: THE CASE OF EUROPEAN COUNTRIES

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    The economic growth is based on a complex set of determinants, inside which the “pure” economic variables plays an important but not unique role. The “soft” factors like information and social institutions, rules and behaviours, as well as the elements of the dominant cultural paradigm could not be easily included in the “and others” category. Thus, the aim of this paper is to provide a possible framework for the analysis of this type of determinants, able to deal especially with the interactions between culture and growths. Part I deals with the theoretical foundation by argue that “in long run” the social dynamic is not influenced only by resources and technology but also by the way in which the social actors interact in the primary distribution of the resources and in their social reallocation taking into account the cultural restrictions and requirements. Part II is an attempt to examine some empirical evidences in the favour of some results derived from this foundation. The main conclusion of the paper could be resumed by the thesis that the process of the sustainable growth could not be comparer with a linear voyage in a modern train “from here to eternity”. Rather is a trip into unknown with a colour and noisy caravan.Sustainable growth, “soft determinants”, cultural paradigm

    Empirical Evidencies for the Budget Deficits Co-Integration in the Old European Union Members: Are there any Interlinkages in Fiscal Policies?

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    In the last years, the fiscal harmonization among the European Union members has become a pillar of economic integration and of fiscal and financial stability in the European area. The institutional changes, the semi-failure of the “old” Stability and Growth Pact as well as the recent waves of enlargements all these were put a greater emphasis on this issue inducing a higher pressure for fiscal discipline. In this context, the objective of the paper is to examines recent empirical evidences for bilateral and multilateral integration between fiscal policies, as this are synthesised by budget deficits, of old European Union members in the framework of the Johansen co-integration procedure with a preliminary appliance of the principal component analysis. The study finds that the dynamic of European fiscal policies takes place under the impact of some common driving forces which leads to a differentiate behaviour of two sub regional-groups individualized by the budget deficit series evolutionary patterns. Overall, it concludes that there could be find empirical evidences to support the thesis that a process of fiscal integration is currently running at least at the level of old European Union countries.Fiscal policies in E.U., budget deficits, co-integration, Johansen Test

    A NEW APPROACH OF THE BUDGET DEFICIT: AN EMPIRICAL ANALYSIS

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    Economic policies and, particularly, fiscal policies are not designed and implemented in an “empty space”: the structural characteristics of the economic systems, the institutional architecture of societies, the cultural paradigm and the power relations between different social groups, define the borders of these policies. This paper tries to deal with these borders, to describe their nature and the implications of their existence to the fiscal policies’ quality and impact at a theoretical level as well as at an empirical one. The main results of the proposed analysis support the ideas that the mentioned variables matters both for the social mandate entrusted by the society to the state and thus to role and functions of the state and for the economic growth as a support of the resources collected at distributed by the public authorities.budget deficit, structural characteristics, economic freedom, institutions, cultural paradigm, political freedom

    THE CONNECTION BETWEEN RESOURCES AND ALLOCATIONS. THE BEHAVIOUR OF PUBLIC CENTRAL ADMINISTRATION: THE ROUMANIAN CASE

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    The aim of this paper is to emphasize how the correlations between public resources flows and their allocations are manifesting. The results obtained suggest the existence of some “fast” adjustment processes between them, inducted by the intrinsic characteristics of the fiscal policy, and also by the specific behaviour of Romanian public authorities, particularities traced by the way of adoption and application of the public decision.public revenues, public expenditures, public decision, impulse function

    A cultural model of performance at the central government level

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    The paper intends to draw a possible framework for evaluating the performance of the administration at the central government level. We propose a simple pool-data model in which we tried to make a connection between main macroeconomic variables that are in part the result of government actions in the pursuit of its social end economic objectives and some variables that are reflecting the social-cultural-political dimensions of government decisions.Performance, efficiency, government, culture, politics
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