Autoregressive models for analysis of foreign investment in Romania

On the base of significant fluctuations of the international financial markets, the international investment position of Romania has an increasing importance in assuring the financial stability. The Romanian National Bank reserves are increasing as a result of exchanging the minimum reserves into foreign currencies made by banks and of the privatization revenues. The international reserve has been negatively influenced by the payments made in the foreign debt service account and by the foreign payment forms redeemed by the Public Finance Ministry. This paper offers to analyze the evolution and impact of the foreign investments in any form whatsoever, on the Romanian economy with the help of autoregressive econometrical models. These models shall refer to all foreign investments elements: direct investments of non-residents, portfolio investment and other categories of foreign investments as well as bank deposits or external short-term, medium and long-term credits.econometric analysis, foreign investment, autoregressive models

A multiple regression model for inflation rate in Romania in the enlarged EU

The main goal of Romanian monetary authorities at this point is to maintain the inflation rate in the proposed target. In that respect, the process of disinflation was due to considerably slower raises in administered and volatile prices, whose effects ran counter to the inflationary impact of the newly introduced indirect tax on alcohol and tobacco products. The persistence of inflationary risk associated with the current macroeconomic context, largely as a result of the increasing of some indirect taxes and of fast expansion in domestic demand, prompted the monetary authorities to continue the gradually tighten policy. Those facts makes necessary to elaborate a model that studies the trend of inflationary process due to most important influence factors. A very important factorial variable is the average interest rate on credit institutions with direct implications in the evolution of the domestic demand. Another variable used by authorities is the minimum reserve requirements on Romanian Leu denominated liabilities. It was increased in the last period to slowing down the speed of growth of credit in domestic currency. All these conditions are considered in the process of elaboration of the multiple regression models for Romania in the enlarged EU. A very important result of analysis of this model is that the inflation rate in Romania is slowing down, even with the negative impact of price adjustments after integration. Also, the model underlines the National Bank of Romania’s significant tools for apply its monetary policy with the constraints of the EU. Final conclusions of the analysis of the multiple regression models relieve the necessity to have stronger links of the Romanian economy with the countries from the EU. In the perspective of complete integration, all domains have to connect stronger than now with the European standards. In the same time Romanian people have to understand all the benefits and all the constraints of integration in the enlarged EU.inflation rate; econometric model; EU integration

Autoregressive models for analysis of foreign investment in Romania

On the base of significant fluctuations of the international financial markets, the international investment position of Romania has an increasing importance in assuring the financial stability. The Romanian National Bank reserves are increasing as a result of exchanging the minimum reserves into foreign currencies made by banks and of the privatization revenues. The international reserve has been negatively influenced by the payments made in the foreign debt service account and by the foreign payment forms redeemed by the Public Finance Ministry. This paper offers to analyze the evolution and impact of the foreign investments in any form whatsoever, on the Romanian economy with the help of autoregressive econometrical models. These models shall refer to all foreign investments elements: direct investments of non-residents, portfolio investment and other categories of foreign investments as well as bank deposits or external short-term, medium and long-term credits

A multiple regression model for inflation rate in Romania in the enlarged EU

The main goal of Romanian monetary authorities at this point is to maintain the inflation rate in the proposed target. In that respect, the process of disinflation was due to considerably slower raises in administered and volatile prices, whose effects ran counter to the inflationary impact of the newly introduced indirect tax on alcohol and tobacco products. The persistence of inflationary risk associated with the current macroeconomic context, largely as a result of the increasing of some indirect taxes and of fast expansion in domestic demand, prompted the monetary authorities to continue the gradually tighten policy. Those facts makes necessary to elaborate a model that studies the trend of inflationary process due to most important influence factors. A very important factorial variable is the average interest rate on credit institutions with direct implications in the evolution of the domestic demand. Another variable used by authorities is the minimum reserve requirements on Romanian Leu denominated liabilities. It was increased in the last period to slowing down the speed of growth of credit in domestic currency. All these conditions are considered in the process of elaboration of the multiple regression models for Romania in the enlarged EU. A very important result of analysis of this model is that the inflation rate in Romania is slowing down, even with the negative impact of price adjustments after integration. Also, the model underlines the National Bank of Romania’s significant tools for apply its monetary policy with the constraints of the EU. Final conclusions of the analysis of the multiple regression models relieve the necessity to have stronger links of the Romanian economy with the countries from the EU. In the perspective of complete integration, all domains have to connect stronger than now with the European standards. In the same time Romanian people have to understand all the benefits and all the constraints of integration in the enlarged EU

Autoregressive models for analysis of foreign investment in Romania

On the base of significant fluctuations of the international financial markets, the international investment position of Romania has an increasing importance in assuring the financial stability. The Romanian National Bank reserves are increasing as a result of exchanging the minimum reserves into foreign currencies made by banks and of the privatization revenues. The international reserve has been negatively influenced by the payments made in the foreign debt service account and by the foreign payment forms redeemed by the Public Finance Ministry. This paper offers to analyze the evolution and impact of the foreign investments in any form whatsoever, on the Romanian economy with the help of autoregressive econometrical models. These models shall refer to all foreign investments elements: direct investments of non-residents, portfolio investment and other categories of foreign investments as well as bank deposits or external short-term, medium and long-term credits

Enhancing portfolio management using artificial intelligence: literature review

Building an investment portfolio is a problem that numerous researchers have addressed for many years. The key goal has always been to balance risk and reward by optimally allocating assets such as stocks, bonds, and cash. In general, the portfolio management process is based on three steps: planning, execution, and feedback, each of which has its objectives and methods to be employed. Starting from Markowitz's mean-variance portfolio theory, different frameworks have been widely accepted, which considerably renewed how asset allocation is being solved. Recent advances in artificial intelligence provide methodological and technological capabilities to solve highly complex problems, and investment portfolio is no exception. For this reason, the paper reviews the current state-of-the-art approaches by answering the core question of how artificial intelligence is transforming portfolio management steps. Moreover, as the use of artificial intelligence in finance is challenged by transparency, fairness and explainability requirements, the case study of post-hoc explanations for asset allocation is demonstrated. Finally, we discuss recent regulatory developments in the European investment business and highlight specific aspects of this business where explainable artificial intelligence could advance transparency of the investment process

A Comparative Analysis Of Property Taxation Within European Union

The correct settlement of a property taxation system is a topic of interest at the moment, which draws attention in economic or academic debates. One of the most convenient alternatives and easier to implement in order to raise revenues to the state budgetis the taxation of property. The comparative analysis of property tax systems in the European Union reveals the need to develop and modernize the property tax system in the new member countries. The tax paid by taxpayers who own property is considered thetax with the fewest negative effects on economic growth, given the immobility of the subject of taxation. This reduces the behavioural effects of this type of tax and minimizes economic distortions. For this reason, is considered necessary to be presented the recent European perspective regarding the taxation of property, be it buildings for housing or special purpose, owned by individuals or corporate. In these conditions, the paper aims to analyze the correlation between the purchasing power of citizens of EU28 countries and the level of property taxes and to perform a grouping of European Union countries according to these indicators. The findings can help governments of the new member countries of European Union to develop a property tax system that would lead to the economic development

The Labour Mobility in the European Union: Economic and Social Determinants

East and Central European countries are, most of them, migration countries for 18 years now and controversies on this subject are constantly emerging in the context of European Union enlargements. This paper aims to analyze some of the determinants of intra-European mobility and which are the interest destination countries for the migrant workers. The analysis is based upon a factorial model witch includes variables concerning the differential of labour cost and life and work conditions between European receiving and origin countries, in the decision of moving abroad

The Labour Mobility in the European Union: Economic and Social Determinants

East and Central European countries are, most of them, migration countries for 18 years now and controversies on this subject are constantly emerging in the context of European Union enlargements. This paper aims to analyze some of the determinants of intra-European mobility and which are the interest destination countries for the migrant workers. The analysis is based upon a factorial model witch includes variables concerning the differential of labour cost and life and work conditions between European receiving and origin countries, in the decision of moving abroad.international mobility; European labour markets; migration determinants.