The Impact of the European Financial Integration Process and Other International Tendencies on the Romanian Stock Market

The study presents in a comprehensive way the effects that deregulation, internationalisation, integration, financial innovation and the development of the institutional investors have had on the Romanian stock market. Using dates provided by several relevant sources on the field, like the Bucharest Stock Exchange or Intercapital, we have established in which extent these tendencies emerged on the Romanian stock market and if our stock market has already reached the point where it will be able to fully integrate itself in the European financial system

EU NEW MEMBER STATES HOUSEHOLDS‘ BANKING INDEBTEDNESS AND IT‘S IMPLICATIONS: AN OVERVIEW

During the period previous to the crisis, most of the EU new member states fromour research (especially Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania,Poland and Romania) have registered a fast growth of the households indebtedness, whichhas lead to the extension of the vulnerabilities of this sector in front of some macroeconomicshocks. In this context, our research aim to especially comparatively underline the stylisedfacts about the indebtedness degree of the households from the analysed countries and themain effects generated by the fast growth of the banking debts of this sector. Through theundertaken analysis in our research we aim at underling the major importance which theinsurance of a sustainable household‘s indebtedness level has for the macroeconomic andfinancial stability of a country.households‘ indebtedness, new EU member countries, vulnerabilities, loans to households,global crisis

A Cross-Country Analysis Regarding the Impact of the Recent Global Crisis on the Banking Sector

The current global crisis has had tremendous effects on the banking sectors from the new EU member countries. In this context it becomes important to analyse how the crisis has affected these banking systems and also how the monetary authorities from these countries have reacted in such an adverse situation in order to ensure the macro-stability and the re-launch of the lending process. In order to achieve this, firstly we have reviewed the academic literature on this subject, in order to avoid any overlap in our research and to ensure the originality of our undertaking. Secondly, using a quantitative approach, we have comparatively analysed the effects of the economic and financial crisis on the banking systems from our panel

The Influence of Climate on Critically Ill Pregnant COVID-19 Patients, as Revealed by the Inflammation Indexes, in Spring versus Autumn 2021 Infection

(1) Background: Seasonality is an important environmental factor that influences immune re-sponses (2) Methods: In a retrospective study, we included all pregnant patients admitted to the Elena Doamna Obstetrics and Gynecology Hospital with a critical form of COVID-19 infection between 1 January and 1 December 2021. The blood counts collected on the specific A, H and E Brixia score- collection days, or the ones collected closest to those days, were considered in our study. We also studied the differences between the two groups regarding the inflammation in-dexes exhibited on those specific days: A (admittance), H (highest Brixia score), and E (end of hospitalization). (3) Results: The values of NLR, dNLR, SII, and AISI are significantly higher and IIC is significantly lower for the spring group versus the autumn group, especially on the H and E Brixia score-collection days. (4) Conclusions: These results suggest that severe-COVID-19 in-flammation was significantly higher in the spring of 2021 in Romania than in autumn 2021, in regard to pregnant patients

The Impact of the European Financial Integration Process and Other International Tendencies on the Romanian Stock Market

The study presents in a comprehensive way the effects that deregulation, internationalisation, integration, financial innovation and the development of the institutional investors have had on the Romanian stock market. Using dates provided by several relevant sources on the field, like the Bucharest Stock Exchange or Intercapital, we have established in which extent these tendencies emerged on the Romanian stock market and if our stock market has already reached the point where it will be able to fully integrate itself in the European financial system.Financial integration, deregulation, internationalisation, financial innovation, institutional investors

Controversies Regarding the Necessity of an Integrated Supervision for the EU-27 Financial Markets

As the European financial markets suffered substantial structural changes in the least decades, under the influence of the financial innovation process, the question regarding the efficiency of an integrated supervision model rather than a specialised one becomes more challenging. The aim of this paper is to provide an overview of the different models used by each European Union member states, underlining in this way the current state of the supervision integration in the EU-27 and the controversies regarding the necessity of an integrated supervision system for the national financial markets. Thus, the paper compares the pros and cons arguments regarding the adoption of an integrated model for financial supervision. Overall the study highlights that although, in general, a specific model for financial supervision is adopted taking into consideration the political, historical and structural aspects of the financial systems, in recent years a trend for integration has become very visible.Integrated financial supervision model, specialised financial supervision model, European financial markets

The Impact of the Global Economic Crisis on the Business Environment:Recent European Experience and Support Measures

The aim of our paper is to underline the main characteristics of the business and economical environment and emphasise the negative implications of the recent economic crisis on a panel of EU member countries, namely:Bulgaria, Hungary, Latvia, Lithuania and Romania. The results of our research are pointing out the challenges and difficulties that the business environment from the panel countries is facing and also the need for the decision and policy makers to intensify their preoccupations and efforts in order to help and stimulate the enhancement of the business environment and thus achieve a sustainable long term economic growth

A CROSS-COUNTRY ANALYSIS OF THE BANKS’ FINANCIAL SOUNDNESS: THE CASE OF THE CEE-3 COUNTRIES

The European integration process has a direct impact on all the components of the macroeconomic environment. The existence of a well functioning and sound banking sector becomes of great importance for the integration process as the European Union economy is financed especially through this channel. The banking sectors of the new EU member countries have undergone through tremendous changes in the last decade, both from an ownership and also from a business strategy point of view, these changes having a direct impact on their financial soundness. Thus, the aim of our research is to empirically examine the financial soundness of the banks operating in Bulgaria, Czech Republic and Romania, three EU members countries from Central and Eastern Europe (CEE-3). In order to achieve this we have employed a combine quantitative analysis based on the CAMELS framework (namely Capital Adequacy, Asset quality, Management soundness, Earnings, Liquidity, Sensitivity to market risk) and the Z-score, thus being able to underline simultaneously the financial soundness and the possibility of default for the banks from our sample. The analysed period is 2004-2011 providing us with an evaluation of the impact that the EU ascension and also the global financial crisis had on the financial soundness of the analysed banks. Our sample is composed from 40 commercial banks that operate in Bulgaria, the Czech Republic and Romania, that overall own over 75% of the total banking assets, making this study one of the most comprehensive undertaken to this date. The data that we have employed in our research is obtained from the Bureau Van Dijk Bankscope database and the annual financial statements of the banks from our sample. The paper through its original dual approach contributes to the academic debate by providing not only insight into the financial soundness of the banks operating in the CEE-3 countries but also underling their financial strength through the usage of the Z-score. Thus, the topic of the paper is focused on a subject of great importance for the European integration process