SUSTAINABILITY OF LOCAL DECISIONS DURING FINANCIAL CRISIS

Defined by its administrative and financial content, local autonomy is expressed throughout local financial decisions thus, involving the financial management of local communities. These apparent unconditioned decisions are in fact deeply influenced by a complex of political, legal, economic, social and psychological factors. This paper aims to reveal how these very factors are influencing the optimal administration of local public finance that essentially supports „ the good governance” of local communities. Based on these ideas, our paper tries to bring to light the most important premises and conditions that are influencing the involvement of local actors and local budgets in the management of local affairs, insisting on their importance in the context of the present crisis.local governments, financial management, good governance, financial crises.

THE LISBON TREATY- LINK BETWEEN PARTICIPATIVE DEMOCRACY AND ADMINISTRATIVE MODERNIZATION

This paperwork examines briefly, the implications it carries on the Lisbon Treaty, the organizational, institutional and decision-making level in the current context of the European Union, included in the reform process. It is important to mention that the European Union\'s desire is to assign a new role, upwards of national parliaments it is materialized with the new regulation of the Lisbon Treaty. This creates premises to develop a common foreign policy, providing Member States and Community institutions the chance to creatively use new opportunities. The Treaty encourages participative democracy and citizen participation with implications in decision-making efficiency gains.subsidiarity, the Lisbon Treaty, national parliaments, reform

CONSEQUENCES OF THE INSTABILITY OF THE LEGAL FRAMEWORK REGARDING PUBLIC SERVANTS ON THE ADMINISTRATIVE CAPACITY

This paper proposes a careful analysis of current changes occurring in the field of legislation concerning public office. Analyzing the provisions of the Government’s Emergency Ordinance no. 37/2009 and also of the Government’s Emergency Ordinance no. 105/2009, both of them modifying the Law no.188/1999 regarding the public servants statute, we observed that an obvious politically direction of decentralized public institutions has been promoted. By declaring these acts unconstitutional, the category of coordinator directors was eliminated, currently being applied the settlements of Law no.188/1999. In this legal framework, has been proposed a new law amending the regulations on the Status of civil servants. However, these successive changes may only have a negative impact on public administrative reform and the incentive of the activity of civil services is far from being reached.public servant, decentralization, public institution, unconstitutionality

The role of the macroeconomic environment in shaping capital market co-movement in C.E.E. countries

This article revisits the relationship between the contagion and co-movement of 10 Central and Eastern European (C.E.E.) financial markets in relation to two major Western European capital markets using wavelet-based methodology. Based upon an A.R.D.L. panel model we found that foreign monetary policy, national exchange rate and economic cycle play a key role in both short and long-term co-movement between capital markets. While a stable economic environment coupled with a strong national currency can reduce the degree of short-term co-movement between capital markets, changes in foreign monetary policy could increase the effect of external shocks. Furthermore, we find that inflation, foreign exchange rate and foreign economic cycle play an important role after longer periods. By ensuring a stable economic environment national authorities can help mitigate the effects of external shocks on national capital markets

The modelling of forecasting the bankruptcy in Romania

Bankruptcy prediction and the understanding of the causes for economic failure have a financial utility. The purpose of this study is to compare the predictive power, on the Romanian market, of the most popular bankruptcy models considering the firms listed on the BSE during 2007-2011. Using the principal component analysis, the best bankruptcy predictors of the established financial indicators were determined for Romanian companies

The modelling of forecasting the bankruptcy in Romania

Bankruptcy prediction and the understanding of the causes for economic failure have a financial utility. The purpose of this study is to compare the predictive power, on the Romanian market, of the most popular bankruptcy models considering the firms listed on the BSE during 2007-2011. Using the principal component analysis, the best bankruptcy predictors of the established financial indicators were determined for Romanian companies

The dimension of public administration in Central and Eastern European countries in the current financial crisis

The article analyzes from a comparative perspective the main characteristics of the public function in countries from Central and Eastern Europe. The article analyzes the evolution of public administration in Romania between 1990 and 2009; the impact of financial crisis on it; and finally yet importantly, through an econometric model, it determines the relationship among the main factors of influence, GDP, public expenditure and the number of civil servants

CONTROVERSIES REGARDING THE UTILIZATION OF ALTMAN MODEL IN ROMANIA

Altman model was built for U.S. companies, based on the characteristics of that economy. Promising results were obtained in other countries such as Britain, Australia, Canada, Finland, Germany, Israel, Norway, India, South Korea; the percentage is over 80% predictability. However, as can be seen, they have an Anglo-Saxon legal system and also the economic environment is highly developed. While there is no reason why this model can be applied to companies in the whole world, we recognize that each has its own peculiarities economic environment, therefore, local models forecast could be better than American models, at least in their testing phase. But the utilization of Altman model is suitable for the Romanian economy? Taking this into account, the purpose of this paper is to test the Altman model on the Romanian market

The Impact of Environmental Effects of Sustainable Development on Direct Investments

On the background of the exponential decrease of natural resources and the continuous and accentuated degradation of the quality of the environment, ensuring the sustainability of economic and social processes has become a reality of everyday life. However, the primary focus is on the degradation of the quality of the environment, which has the main effect of global warming. The idea of sustainable development is based on 3 fundamental pillars, namely the economic, the social and last but not least the environmental. In contemporary society, direct investment is often seen as a vital source for development and even sustainable development. Thus, the desire for development must go hand in hand with sustainable development, implicitly with the quality of the surrounding environment. At the level of the European Union, it is important that all member countries implement common measures on sustainable development. This is the generous context in which the paper aims to analyse the impact of environmental effects in the volume of direct investments. We will analyse the countries of European country in the period 2004-2020, and we will use the Stata program. Thus, following the running of the multiple regression equation, we found that in attracting direct investments in European country in the period 2004-2020, the environmental effects have a positive influence