RISK MANAGEMENT - THE FUNDAMENTAL REQUIREMENT OF THE PERFORMANCE AT THE LEVEL OF ECONOMIC OPERATORS FROM ROMANIA

The existence of the risk and uncertainty cannot be challenged. Extremely diverse typology of risks, the difficulties in their assessment and of the effects generated makes necessary a proactive management so as to ensure a high level of performance, corresponding of the objectives assumed by fixed strategy. In the paper is realised a brief presentation of structure of the risk management process at the level of the economic operators, the determinants factors of risks manifestation in the formation and use of capital as well as an analysis of the results of the action by the risk of bankruptcy at the level of economic operators in Romania in the period 2006-2012. Also, are formulated suggestions for avoiding, reducing or controlling risks, so as to record an improvement in business performance, at the level of economic organizations

THE PROFITABILITY AND LIQUIDITY UNDER THE INFLUENCE OF THE FINANCING POLICY IN THE METALLURGICAL INDUSTRY OF EU 28

In the context of the problems of the economic system, the use of the capital and his structure represent important elements in the process of the financial decisions. The aim of this paper is to identify the influence of funding policy on rentability in metallurgical industry, dimensioned with the help of a set of relevant indicators, determined on the base of some aggregated data for a significant sample of very large firms from EU 28. Also, the paper present the situation of liquidity, reflected through the cash- flow and liquidity ratio, in the metallurgical industry of EU 28, being used dates for the period 2004 – 2013, for the mentioned sample. The conclusion of the realised study is that a funding policy well-founded, correlated with the efficient management of expenses and proactive risk management can positively influence the profitability and liquidity

The Fiscal Pressure in the EU Member States

The development of an economy is determined in a significant proportion by the tax system structure, by how it exercises its functions and ensures the collection of state resources. A high tax efficiency, due to the acceptability of tax provisions are the ideal conditions of any tax system. In this context, it is obvious that most tax systems have undergone significant changes under the impact of the action of a complex system of factors. Increased need for resources in various countries was reflected in attempts to identify the relationship that allows both the securing of the necessary funds and their economic and social development. The quantification of the fiscal pressure on the EU member states show a wide range of tax rates. This paper makes a comparative analysis of the degree of taxation in the EU member states.fiscal pressure, direct taxes, indirect taxes

Analysis of tax and extra taxes pressure in Romania and European Union

The fiscal pressure requires certain limits of affordability for taxpayers. These limits are imposed by the reactions of taxpayers who can resist to compulsory levies increase, reacting with evasion, fraud, reduce productive activity or even riots. If by a certain time, the tax pay is made voluntarily by the honest taxpayer, at a time when taxes exceed certain limits of endurance events occur that bring serious damages to state's desire to collect these revenues. Taxpayer behavior becomes abnormal in any way always trying to avoid paying tax, hoping for a reduction in tax burden. In this work paper we propose to approach a distinction between the concept of actual tax burden and the extra fiscal pressure, also a comparative analysis of the taxation level in member states of the European Union based on indicators that allow knowledge of the tax burden of the structure.tax and duties, social contribution, tax burden

IMPLICATIONS OF THE EVOLUTION OF BUDGET REVENUES AND EXPENDITURES ON ECONOMIC GROWTH

These challenging economic times put most countries in a position to stimulate and strengthen economic growth through fiscal policy measures. We all know that fiscal policy aims to raise as much revenue as possible for the state budget in order to stimulate economic growth. As a result, Romania adopts fiscal policy measures such as: stimulating investments, stimulating consumption, controlling inflation, reducing the budget deficit, etc. Economists (Musgrave Richard & Musgrave Paggy, 1984) identified three functions of fiscal policy which are inter conditioned and related to the state economy: allocation, distribution and stabilization.[13] The paper aims to address in a suggestive manner the impact of fiscal policy on economic growth, and the main objective of the article is to highlight the evolution of economic growth in Romania in the last 10 years as a result of the application and implementation of fiscal policy measures in order to maximize the positive impact on economic growth. Fiscal policy is the basis for a state's economic actions, interacting with all other policies, i.e. monetary policy, social policy, development policy, budgetary policy, etc. This interaction must be translated into a set of economic growth measure

THE EFFECTS OF DIRECT TAXATION OVER THE ECONOMIC AGENTS FROM ROMANIA

In Romania, in the context of enrolling the national economy on the path of the market economy, the policy makers had taken a series of measures that had affected, on one side, the establishment of excises and taxes, and on the other side, its future adjustment. These actions, most of the times have not reached their planned purpose or even in some situations they had effects contrary to those expected. At company level the implications of the direct taxes imply: the number and configuration of economic agents, their legal structure, the territorial dispersion and their size, but also the economic- financial performances (turnover, gross investments, value added). The analysis performed in this sense in Romania, on the time horizon 1995-2009, tries to evaluate quantitatively and qualitatively the effects generated by the direct taxation over different macro and microeconomic measures

IMPLICATIONS OF FISCAL STIMULI IN MACROECONOMIC PLANE AT THE LEVEL OF SOME DEVELOPED AND EMERGING COUNTRIES

Determining an optimal tax system is one of the main goals of fiscal policy applied in countries looking for sustainable economic development. Acknowledging that tax deductions affect a country's entire economic activity, in the research carried out, there were highlighted the correlations between tax revenues and mainmacroeconomic indicators, in order to highlight how developed and emerging countries are acting on changes as a result of fiscal stimuli. The study is based on data collected for a sample of 10 countries, systematized over a period of 18 years. The model was built using tax revenues as a dependent variable and six other macroeconomic indicators as factorial variables. For data analysis, the Statistical Package for Social Science (SPSS) software was used, using the prospective method (Forward). This research has revealed the gap between developed and emerging countries in terms of the link between the business environment and the economic development of the whole state in the context of the application of different tax policies

Do Fiscal Rules Constrain Fiscal Policy in Romania?

At both macroeconomic and national level, in recent decades, European tax policies have shown a particular interest in addressing the spectrum of risk issues in terms of maturing the business environment and the lack of sustainable development of the economy. In Romania there has been a significant increase in public debt, which is increasingly threatening fiscal sustainability. This is due to fiscal rules that restrict the applicability of fiscal policy to balancing the national economy. However, fiscal policy did not act in the direction of economic recovery during the crisis that started in the last quarter of 2008, which had a negative impact on the Romanian business environment. Objectively, fiscal policy should manifest itself as a general framework of the economy on the basis of which to develop fiscal rules that act in the direction of sustainable development of the business environment and implicitly, of socio-economic life. The research carried out referred to identify how fiscal rules in Romania restrict the application of fiscal policy as well as whether there is an explicit concordance between them. The research methodology aimed to use the ARDL model to apply the Granger causality test, using quarterly data for a set of four indicators, being identified that Romanian fiscal rules restrict fiscal policy. The achieved results highlighted the fact that fiscal rules restrict fiscal policy, being identified a long-run relationship between the analyzed variables and implicitly, a state of instability of the fiscal system in Romania. Keywords: fiscal policy, autoregressive distributed-lagged model, Granger causality test