Considerations regarding the role and the importance of the financial stability in the context of th european banking integration

The work is part of a complex research theme approached by the author which follows the knowledge development with favourable implications on the increase of the role and of the importance of the financial stability, having as objective to identify the best methods and institutional structures for the financial stability assurance in an European banking system which slowly surpasses the barriers imposed by the national and economical frontiers. The importance of the financial stability assurance is crucial not only for the general economical evolution, but also for the efficiency of the monetary politics of the central bank. As far as the banks (especially in Romania) represent the key element for the financial system, the state of the economy and the structure of the banking system are closely connected to the financial stability assurance and the macroeconomical evolutions.financial stability, banking globalization, efficiency, macroeconomic evolution

About the US trade deficit and the US “easy money” policy

As the US economy continues to be the largest in the world and – despite the recent troubles – continues to remain the most valuable in terms of competitiveness, the US Dollar is likely to continue to keep its world reserve currency status.In this kind of respect, there are a lot of discussions (most of them contradictory) taking place.trade deficit, monetary policy, financial crisis

The analysis of the monetary policy dynamics in Romania using a Structural Vector Autoregressive model

The present study aims at an econometric investigation oriented toward the estimation of the monetary policy dynamics in Romania, using a model based on the Autoregressive Structural Vector, imposing some restrictions on short term for knowing the response functions of the main macroeconomic variables at various economic shocks. Section I contains an argumentation of using the SVAR model. Sections 2 and 3 present the elaboration conditions of the SVAR model for the economy of Romania and the obtained results, and the last section comprises the conclusions.monetary policy dynamics, Romanian SVAR model, econometric investigation

Strengthening Romanian banks' role in the European funds absorption

This paper has like objective to present the main aspects concerning strengthening romanian banks' role in the european funds absorption. So, we organized our paper in two sections: the role of banks in the absorption of EU funds and the impact of the current financial crisis on the proces of absorption of structural funds.banks, European funds, financial crisis

Analysis of structural and cohesion funds absorption in Romania

The present research aims at depicting the main drivers and bottlenecks in the process of structural and cohesion funds absorption in Romania. As these funds are important inflows for the Romanian economy it is highly important to have a clear picture of the current situation, by analyzing the number of projects and corresponding amounts that have been submitted, contracted and reimbursed, respctively. Main conclusions of the study can be used by researchers and practitioners in the field of structural and cohesion funds.structural funds, cohesion funds, funds absorption

Efficiency and productivity in banks developed through Data Envelopment Analysis: a cross country-perspective

The paper analyzes the efficiency and productivity of the most important banking system from 2006-08 and tries to address the long-term challenges posed by the global financial crisis. A non-parametric frontier analysis (DEA) is applied to estimate the relative efficiency of banks segments in six industrial countries. A Malmquist decomposition is then carried out in order to separate efficiency change from technical change. Based on a large sample of banks, our findings reveal that banking efficiency has decreased since 2007. If in 2006 eight of the 13 banking sectors included in the study were situated on the efficiency frontier, in 2008 only three of them succeeded in reaching this frontier. In what concerns the productivity we observe an obvious tendency of aggravation. Therefore this index knew a decrease of 9.1% in 2007 in comparison with 2006 and it also continued to decrease in 2008.bank performance, cost efficiency, productivity, data envelopment analysis, Malmquist Index

Some remarks of the recent "quantitative easing" action take by FED

On March 18th 2009, FED has made a move it haven’t done since 1960 (the so-called Operation Trust conceived by the Kennedy administration): it steped into the market in order to buy long term securities for an amount of some 1.25 trillion dollars. FED also announced a program to restart consumer and small businesses lending. FED also said this program could be expanded to include a lot of other financial assets. The key issue here is the money resulting from this quantitative easing action taken by FED has not US economy as main destination, but, throw IMF, US are due to become the main creditor of the world.market, consumer, small businesses, lending

Sustainable Investing Based on Momentum Strategies in Emerging Stock Markets: A Case Study for Bombay Stock Exchange (BSE) of India

This research article examines the profitability on the momentum portfolios in the case of the emerging stock market of India, i.e. Bombay Stock Exchange (BSE). Sustainable investing integrates environmental, social and governance (ESG) characteristics into investment decisions. Risk management is one of the most significant ranking factors determining the adoption of corporate strategies based on sustainable investing. A sustainable stock market provides a transparent and effective solution to inherent challenges related to environmental, social, economic and corporate governance issues. The theoretical and empirical analysis conducted in this research article reveals the status of BSE of India in this regard. A company's sustainable market orientation is very important for future developments. The practical significance of this research paper is to investigate the profitability of momentum strategies in Bombay Stock Exchange of India, which is an emergent market. Moreover, the presence of short term momentum effect on Indian stock market is basically an anomaly caused by behavioral and risk-based portfolio construction factors. On the other hand, momentum strategies is a reliable alternative with strong empirical evidence to both fundamental approaches of classical finance, namely efficient market hypothesis (EMH) and behavioral finance paradigm.JEL Codes - C22; G11; G17; O16; Q0

FED’S “QUANTITAVE EASING ACTION”– MORE THAN A MOVE FOR US ECONOMY REVITALIZATION?*

On March 18th 2009, FED has made a move it hasn’t done since 1960 (the so-called Operation Trust conceived by the Kennedy administration): it stepped into the market in order to buy long term securities for an amount of some 1.25 trillion dollars. FED also said this program could be expanded to include a lot of other financial assets. The key issue here is the money resulting from this quantitative easing action taken by FED has not US economy as main destination, but, throw IMF, US are due to become the main creditor of the world.FED, long term bonds, quantitative easing measure, open market action

JOINING EURO VERY RAPIDLY – A STEP FORWARD FOR NON-EURO EU MEMBERS ?*

Just before the last G20 meeting in London and following the quantitative easing measures taken by FED it has broken into the news that, during an internal discussion, IMF raised a really provocative issue: should the non-Euro EU members join the Euro very rapidly?! Considering the developing international economic situation we plead that adopting the Euro at a fast pace will be benefic for both sides of Europe: the Western developed countries and the Eastern emerging economies.European currency, convergence, budget deficit, current account deficit