THE LEVEL OF THE EXCHANGE RATE AND THE BALANCE OF PAYMENTS, RELATIONS AND INFLUENCES

The level of the exchange rate depends not only on the internal or externalpurchasing power, but also on other factors, and the element that synthesizes best theinfluence of these factors is the balance of payments, more precisely it’s position, because themain influential factors of the exchange rate can be found synthesized in the balance ofpayments ââ¬â evolution of imports and exports, capital flows under the form of directinvestments or portfolio investments, etc. Because of the conception form of the balance ofpayments, it offers an easy way of reporting the economic course.balance of payments, current account, capital account, exchange rate.

LINKING MONEY SUPPLY WITH THE GROSS DOMESTIC PRODUCT IN ROMANIA

Evolution of money supply and gross domestic product are in a close relationship, inthis paper we analysis this relationship in order to construct a function which will explicit thisconnection for Romania. Evolution of gross domestic product is one with a seasonal component sofrom the data series we will be eliminating seasonality with the X-12 ARIMA method. Analyzing thedata of money supply (M3) and of GDP over ten years through the Augmented Dickey-Fuller weobtained that both series are non-stationary. Applying the co-integration analysis method Engle-Granger we conclude that the two series have a cointegration relationship between them. We willpropose a model explanation of the link between the two sets of data type, a DVAR model.money supply (M3), GDP, seasonality, stationarity, cointegration, DVAR.

An Econometric model for the evolution of the Romanian Interbank Bid Rate (ROBID) in the context of the international financial crisis

The paper presents the econometric modeling of overnight inter-banking interest rates (ROBID) in our country, the analyzed period is between 1999-2010. The international financial crises had a great impact on the level of inter-banking interest rates after 2007 and it reflects the new level of risk for the Romanian system banking. The econometric model used in modeling the interest rates is an autoregressive moving average (ARMA) model, the ARMA model is typically applied to time series data; the paper propose several ARMA models, applies econometric tests and based on them the analyzed series (the inter-banking interest rates) forecast will be made.ROBID, ARIMA model, financial crisis, forecast.

THE PERFORMANCE OF INVESTMENT FUNDS IN ROMANIA IN THE CONTEXT OF CRISIS

Romania as an emergent country has an less develop stock markets which is strongly connected with the markets from Western Europe and the USA, so the Romanian Stock Market was one of the first market touch by the wave of financial crises. We analize thstock market, EMH , investment fond, active investment, passive investment

THE LIMITS OF BASEL II ACCORD

Even though the actual Basel II Settlement has many advantages like: more transparent and detailed bank information, the rating systems, the internal models of evaluation for risks, the three pillars which represent a whole, an equitable bank competition,limits of Basel II, financial crisis, framework, risks evaluation

THE CORPORATE GOVERNANCE OF PUBLIC ENTITIES IN ROMANIA

The paper aims to examine the application of principles of corporate governance fortransparency and efficiency of decision and control at the level of local public entities. We intend toargue the importance of these principles of governance in the public entities to determineresponsibility and management decision-making bodies in achieving the objectives in terms ofreliability of financial reporting, effectiveness and efficiency of operations, compliance withapplicable legislation.corporate governance, public efficiency, public governance.

APPLYNG THE PRINCIPLES OF CORPORATE GOVERNANCE IN CENTRAL AND EASTERN EUROPEAN COUNTRIES, THE NATIONAL CHARACTERISTICS AND PARTICULARITIES OF CORPORATE GOVERNING IN THE ROMANIAN ECONOMY

With direct support of the OECD and the World Bank the East-Central European stateshave been encouraged to adopt and implement codes of conduct and corporate governance principlesto minimize risk, boost performance, improve business access on stock markets, strengthening themarket position of firms, professional management, demonstrating transparency and socialresponsibility.corporate governance, governance principles, stakeholders, Romanian companies

Backtesting value at risk models in the presence of structural breaks on the Romanian and Hungarian stock

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NEW INTERNATIONAL FINANCIAL REGULATION: NECESSITY OR REQUIRED BY CRISIS

The global economic and financial crisis showed the limits faced by the international financial system. International financial regulations in general, and especially the banking sector regulations, should be refined and adapted to build a stronger and stable international financial system. We analyze the main trends in international regulations: the proposed amendments on capital requirements, the introduction of a global standard for liquidity and indebtedness, the winding-up directive, as well as their impact on the Romanian financial system.international regulations, global standard, winding-up directive

CHALLENGES FOR BANKS IN ROMANIA IN THE INTERNATIONAL ECONOMIC CRISIS

In this paper we are analyzing the current state of the Romanian banking system which is facing different challenges due to the economic crisis. Identifying the main channels of crisis transmission, we can notice that the banking system has played a major role due to its structure, and the change of the banking behavior on the Romanian market. Analyzing the main indicators reflecting the health of the banking system, hence of the economy, generally speaking, the paper is trying to identify the measures which should have been taken and we still believe should be taken in order to obtain the economic recovery, the premise of a healthy economic growth.financial crisis, channel of transmission, Romanian banking system