The Impact of the National Bank of Romania's Monetary Policy on the Banking Credits, the Domestic Savings and Investments (As Compared to the Other Central and Eastern European Countries)

After the centrally-planned economy ceased to exist, the process of post-socialist transformations has advanced significantly. The countries of the Central and Eastern Europe (CEE), Southern and Eastern Europe (SEE) and the Commonwealth of Independent States (CIS) have been involved since in vast systematic changes. Undoubtedly, these changes have been leading to fully-fledged market economies, although the precise outcome of transformation was not going to be the same for all the countries involved. The main objective of the restructuring of the banking systems was to create some modern such systems, according to the international standards, which could directly support the development and the stability of the economies. This objective could be achieved by tight efforts of both the central banks and commercial banks. In the current economic environment, where the most important goal is globalization and openness to the international trends, where the competition becomes sounder every day and the rise in the quality is necessary, the firms face an important need for capital and for short-term and long-term funds, and the role of the banks in supporting this development and in ensuring and sustaining the macroeconomic balance becomes crucial. The paper investigates the role of the monetary policy in the area of the banking credits of the commercial banks, in the savings area and in the investments area and their implications on the macroeconomic balance (current account balance, budget balance and private balance). The analysis is based more on the Romanian case as compared to the other countries in the Central and Eastern European region.monetary policy, minimum reserves, discount rate, banking system, banking credit, domestic savings, investments, current account balance.

The Impact of Foreign Direct Investment on the Economic Growth and Countries’ Export Potential

Most of the FDI specialists think that FDI had a positive impact upon the economic growth in the receiving countries. They showed that it was a direct relation between the FDI flows (as percent of the GDP) and the growth of GDP per capita not just for the developed countries, but also for most of the developing countries. In this way, the countries that had attracted an important FDI volume had the highest economic growth rates. Since the early '60s of the 20th century, the times with the most intense foreign investment activities had coincided with a sudden increase in the macroeconomic indicators (especially the GDP). Because the economic science proved that there was a direct connection between the FDI volume and economic growth rates, the IMF and the World Bank started to recommend to all countries (recommendation that they make currently) to create favorable conditions to attract FDI for ensuring, in this way, high development rates. The countries in transition need FDI not just to produce more goods and a higher quality. Foreign capital investments are the most efficient and safe way to integrate into the world economy. Concluding, only direct foreign investments would allow the re-specialization of the economy to surpass the situation of maintaining on the world markets only with food products and raw materials. Indeed, the acquired experience shows that FDI substantially enhanced the national economies’ re-specialization processes all over the world. The authors share the opinion of those specialists who affirm that FDI plays a determinant role in respecializing the transition economies and in increasing the export potential. Also, FDI growth leads to increase in the manufactured production quantity. Further, we shall examine some structural changes which occurred under the influence of FDI in the economies of new European Union member states (the Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Slovakia, and Slovenia) and in South-East Europe, drawing also the attention upon the changes in the export potential of those countries.foreign direct investment, exports competitiveness, multinational companies, economic growth

BUSINESS INTELLIGENCE INSTRUMENTS FOR HR MONITORING

Business Intelligence is the combination of the information from several sources, and presenting results in a form that can be used in taking business decisions. Processed and presented in an intelligent way, this information gives the company the advantahuman resouce, business intelligence, QlikView, monitoring, analysis

THE IMPACT OF THE BASEL III AGREEMENT ON THE BANKING SYSTEMS

In the light of the current financial crisis, some deficiencies of the financial supervision system were highlighted. The former Basel II Agreement needed to be reformulated to achieve more stability of the banking systems. The new Basel III launched tight regulation regarding both banking solvency and liquidity and the leverage ratio. These regulations imply more costs for banks. Many bankers didn’t agree because of the decrease of the profitability of banks. Still, even the current crisis wasn’t surpassed yet, the financial authorities have already claimed another improved agreement Basel IV

THE DEVELOPMENT OF THE ACTIVITY OF BANKS WITH FOREIGN CAPITAL IN CENTRAL AND EASTERN EUROPE

The privatization has as purpose to reestablish the functionality of a type of property under the public agreement. The privatization of banks brings both positive and beneficial aspects, but also some notions with a negative impact that influence the capital markets and banking system. Among the benefits we can include: the increase of the effectiveness and performance of the banking operations, the implementation of some effective structures that lead to the gradual integration of the banking system into the greatly developed economies, the improvement and perfecting of the bank services. In Romania, the privatization of banks started rather late and in some cases it turned up to be very difficult. Romanian banking system is dominated by the Austrian and Greek investors. The Romanian banking system is very concentrated, but the intermediation level is still lower than in other European or Eastern European countries

ANALYSIS OF THE CONSUMERS’ SATISFACTION FOR QUALITY DACIA’ CARS

Measuring customer satisfaction can be considered a tool for monitoring, evaluation and quality improvement processes and internal activities, to reflect the degree to which organizations achieve their objectives and goals. The quality of management and the quality of various products have become critical coordinates of the competitiveness, so that the firms are determined to use the methods and techniques of quality management as their economic development engines. Customer’ satisfaction has become one of the most important goals for companies operating in the Romanian market. It is also a necessary tool for providing information about customer’s needs and behavior. Talking of satisfaction, the consumer always seeks to compare the performance of the product, with certain standards and they have required to inform themselves and to reflect upon purchasing the product. To a better analyze of the degree of satisfaction, we implemented a model based on a questionnaire that allows us to detect and evaluatee the reasons for the satisfaction / dissatisfaction of the consumers in terms of quality regarding Dacia cars on the Romanian market

FDIs IN SPAIN AFTER ITS EU ACCESSION. SPANISH INVESTMENTS IN ROMANIA AND HOW CAN BE USED SPANISH EXPERIENCE FOR ROMANIA’S DEVELOPMENT

It is an open question to what extent the accession countries will be able to benefit from an increase in the quality of FDI that they receive due to EU membership. The point here is that the benefits that accrued from EU membership to the countries that joined earlier are substantially attenuated for later entrants to the EU because of globalization. This paper will discuss the similarities between the economic structures of those two countries, the Spanish investments in Romania and how the Spanish experience after its EU accession could be used for Romania after 2007 when it acceded to EU, too

FDIs and investment policy in some European countries after their EU accession. Challenges during the crisis

The aim of this paper is to find out to what extent the accession countries will be able to benefit from an increase in the quality of foreign direct investments (FDIs) that they receive due to EU membership. Although there will be some investment in new affiliates resulting in greenfield subsidiaries, transnational companies (TNCs) may divest their operations in response to better location advantages elsewhere in the EU (as Spain and Portugal are experiencing because their low-cost advantages are eroded). In many Central and Eastern European (CEE) countries, the share of foreign ownership in total capital stock is already typically much higher than in older EU member states, but we can already observe a trend of relocating TNCs’ subsidiaries to other emerging countries in order to diminish the costs, in the context of the present crisis and we believe that this trend will continue in the future, especially in the crisis context when the inceptive burden is heavy for governments. The conclusion of this paper is that the CEE countries haven’t faced quite similar conditions as the Southern European countries that acceded to the EU in the ‘80s. So, their benefits have considerably diminished and the present crisis didn’t help them at all to reduce their economic gaps comparing to the developed European countries

Monetary Transmission Channels in Romania – the Credit Channel

The theoretical – intuitive analysis applied to the segment of monetary transmission evidences the fact that forming the traditional monetary impulses transmission channels are in a starting phase due to the long financial non – intermediary process which Romanian economy had known. In these conditions, the exchange rate channel, and also NBR currency purchases was, for a long time, an important way through which monetary authorities actions influenced macro economical behaviors. But starting with 2000, it is observed a credit channel reactivation and, especially, interest rate channel. Anyhow, the credit channel continues to be undermined by the existence of liquidity surplus within the system, by the phenomena of substitution of national currency credit with currency credits, and also moral hazardous displays. Albeit some of these phenomena also affect the interest rate channel, its role in sending monetary policy impulses is in a continuous progress. Apparently, it acts by way of nominal interest rates, their real level seeming less relevant. Once with remaking the two traditional channels, the companies and households balance is configured and consolidated, which shall potentate in the future the efficiency of the monetary policy. This paper analyses the credit channel in Romania, through an unrestricted VAR analysis.. It shows the responses of exchange rate, inflation rate, GDP, interest rate, imports and exports to a shock on non-governmental credit.credit, interest rate, monetary policy, exchange rate.

Forecasting public expenditure by using feed-forward neural networks

In this paper, we analyse the correlation of the public expenses by functions with real GDP growth, elaborating a model of estimating and forecasting the main public expenses in some selected Central and Eastern European (CEE) countries: Hungary, Poland, the Czech Republic, Bulgaria and Romania. These countries have not adopted the euro yet. This paper presents several forecasting models for the CEE countries public expenditures, during 2015–2016. The models offer a base for the analysis of the potential budgetary implications of the government policies for the target countries. A short- and mid-term forecast for public expenditure is an important part of the modern methods of governmental management for the Central and Eastern European countries. This involves taking into account a wide range of factors, from GDP, inflation, demographic evolution and age share, to public expenditure type correlation. Such a forecast can be obtained with the help of artificial neural networks (ANNs), using the application GMDH Shell, which proved its ability to create complex and accurate forecasts for the economic, social and financial domains