THE ROLE AND IMPORTANCE OF ECONOMIC AND FINANCIAL INFORMATION IN CORPORATE GOVERNANCE

The evolution and globalization of the markets, the financial scandals that havecrashed in different ways the American and European economical systems and the raise of thepressure on behalf of the investors over the economical performance have fueled serious debatesregarding the critical role of the economical and financial communication and regarding theindisputable relevance that, in the actual context, covers the corporative government systems andstructures.The fundamental characteristic of the financial market is, in fact, to have as main target the so-called virtual richness : at the moment where a financial product is offered to the public,substantially it is offered the inherent information of the richness . In this paper, the authors aretrying to show the importance of the content, quality and time of such information, and also theefficacy of the systems to which the control is destined, consisting the base in guaranteeing theoptimal allocation of the resources on the market and therefore must be the object of the priorattention of the legislative organizations in regulating their own markets.financial product, financial scandals, globalization, financial markets, stock exchanges

Contribution of Balance Scorecard Model in Efficiency of Managerial Control

able to guarantee the performance that creates a value superior to that of the competitors, so that this might be sustainable in time. For such an improvement of the performance and of the competitiveness in a dynamic and complex environment we can reveal as fundamental the implementation of the most efficient and most participative management audit systems, able to clarify its objectives and necessary methods in order to attain the objectives, as well as the connection between the defining processes of the strategies and the current operational activities. These controlling systems must be able to assess the performance, not only as regards the quantity but also the quality, based on the evolution of these results, as well. Thus, the 21st century companies, currently undergoing the market globalization process, need strategies that would allow them to face the continuous transformations of the world economy in order to succeed. Therefore, in order to take advantage of positive trends, markets need to be confronted with winning strategies, with instruments that create a valid orientation in the implementation of long-term objectives. The new economic reality is highly complex, thus triggering an equal development of the management techniques and control practices not to lose sight of a significant feature of the monitoring of the economic evolution and management decisions of companies. This is why the second part of the paper focuses on creating a BSC model for the Alfa Group in order to underline the applicative use of the new instrument for measuring the economic-financial performance, as well as to highlight its importance as means of communication with all categories of stakeholders.Balance Scorecard, Key Performance Indicators, decisional processes, managerial control, efficient method

General Equilibrium Dynamic Models and the Doha Round Impact on Underdeveloped Economies

The authors have focused on the provision of a general outlook on global multiregional models that enable the study of the effects of commercial policies, and have particularly analysed the models that can be applied to underdeveloped economies. Starting from a simple model, the hypotheses introduced into general equilibrium models are analysed, focusing on the study of commercial policies. Following a synthetic description of the main Walrasian global multiregional models, selected according to the possibility of applying these instruments to the analysis of commercial policies in underdeveloped countries, attention is particularly given to the main limitations entailed by these models, thus emphasizing their disagreement with the characteristics of the underdeveloped economies. Moreover, the study underlines the hypotheses according to which these models would not be suitable for the economies of those states. The authors also insist on the impact of the possible scenarios derived from the Doha Round, which have caused significant assessment differences.general equilibrium models, trade policies, trade predictions, Doha Round scenario

GOLD COINAGE. CASE STUDY: ROMANIA AND REPUBLIC OF MOLDOVA

This paper is a qualitative study in which we aim to show the role of the National Bank of Romania (NBR) in precious metal currency issuance, both during the modern period, when gold was a monetary standard, and in the contemporary one, when the issuance of such currency only carries a numismatic and commemorative role. We have carried out an evaluation of such currency issuances after 1990, trying to highlight the commercial interest that they have initiated. In the case of the Republic of Moldova, obviously, we take into consideration the period after the year 1991, when this country became independent. The data that we have used comes from NBR statistics and from National Bank of Moldova (NBM), as well as from other monographic studies and documents.