INTERNATIONAL FINANCING ALTERNATIVES FOR ROMANIAN CENTRAL GOVERNMENT

At present all world countries are seeking to attract the cheapest way of public resources needed to cover budget deficits. This paper aims to review the five alternatives for external funding of countries faced with insufficient public funds to the state budget. It focuses on the possibilities of financing with borrowed resources. The financing alternatives are presented from the perspective of Romania's access to them, with comparative references to other European Union member states. International funding alternatives are: loans from the International Monetary Fund, World Bank, European Commission, European Bank for Reconstruction and Development, European Investment Bank.external financing, EFSM, EFSF, IMF – EU – World Bank financing package

CONSIDERATIONS ON THE ISSUANCE OF MUNICIPAL BONDS IN ROMANIA

The global financial crisis raised the price of the access to bank loans, a viable solution for financing is represented by issuing municipal bonds. This paper presents the current situation of municipal bons issues in Romania focusing on destination, on costs, on loans’ guarantees and their impact on indebtedness of local government. Local municipal bond market in Romania has a relatively short history, tailored after 2001, knowing that a considerable advance in recent years. The most common reasons for which public authorities are calling for loans are: either in need of cash or in need to balance the budget.municipal bonds, interest rate, maturity, grace period

GLOBAL FINANCIAL CRISIS AND REVERBERATIONS ON CAPITAL MARKET

Crises can be defined as situations characterized by a pronounced instability, therefore they are accompanied by volatility and a growing incertitude. The stock market is the barometer of the economy and it trades businesses of different sizes and from different sectors. The main purpose of this paper is to identify what reverberations has the current financial crisis on the financial market, especially on the stock market. The approach of this topic is done by tree perspectives (effects on financial institutions, effects on the stock volume and quotes, effects on the invertors’ behavior on the market, effects on capital market regulation) matching Romanian financial reality with international issues. What are the lessons that Romanian investors would have to learn from experiencing this global economic crisis?economic crisis, effects of financial crisis, capital market

WAGES TAXATION – A CONTEMPORARY ECONOMIC PROBLEM

There is variability in equity within and between the states. Policy makers must be cognizant of fiscal disparities within states and between states and take the appropriate action to ensure that each taxpayer is equal with the other one. With a history of over 18 years in labor taxation, Romania is characterized by a multitude of changes in wages tax laws. They are summarized in three steps: wages taxation by monthly progressive tax, wages taxation by overall annual progressive tax and wages taxation by flat rate of 16%.Efficiency of one or another taxation system has been and will be discussed further by different researchers trying to answer to the question: "who is the best solution, based on the progressive taxation of wages or the flat tax?" Progressive income tax help achieving fiscal equity through tax, while a flat tax contribute to equity before tax. We consider that it is not important the type of tax matter, but it is important its level, ultimately the tax is an assault on the taxpayer.income tax, wages taxation, flat tax, progressive tax

WHAT TAX HAVENS ARE?

Everyone has heard about countries such as Antigua and Barbuda, Bahamas, Costa Rica, Guernsey, Cayman, Isle of Man, Vanuatu, Liechtenstein, Switzerland being tax heavens. Who would not want to pay lower taxes, if not at all? Probably it’s a dream for any person or company to take part from a jurisdiction which does not impose taxes or impose it low. They are not a recent invention of globalization, tax free zones appeared in the same time as commerce, but nowadays they play a much more important role than in the past for finance and commerce worldwide. Tax havens are not necessarily island territories. While many tax paradises are situated in the tiny islands spread in the Caribbean or Pacific, others are in the middle of or near the richest regions of the world, in Europe or Asia.tax, tax haven, fiscal paradise, offshore companies

SOME CONSIDERATIONS ON THE RELATIONSHIP BETWEEN UNIVERSITY STRATEGIES AND FINANCIAL INDICATORS

A very important role in establishment and foundation the activities of a university is strategies and policies developed by management authorities. Through this article we identify the relationship between the components of university strategy and financial indicators, taking into account that financial projections are those that can affirm or overturn the objectives. In this respect, the article is structured in such a way that could provide answer to questions like: What kind of university strategy must be adopted to insure academic success? What is the premises development strategy, as requirements for success in university management? What financial indicators can influence the components of the strategic plan?strategy, the university strategic plan, financial indicators in higher education, income from higher education institutions, expenditure from higher education institutions

ISSUES ON FISCAL POLICY OBJECTIVES IN ROMANIA AFTER 2000

Financial policy differs from one country to another depending on the country's economic potential, the level of economic development, natural resources, national or international conditions, methods of managing the national economy, the interests of political parties and other factors. But, we should not overlook the fact that economic and financial experience of countries can provide models to be applied in other countries. In terms of financial policy, budgetary policy and fiscal policy are the most important. This paper aims to compare the objectives of fiscal policy in Romania during the last three programs of government in the period 2001-2012 and, under the Romanian fiscal responsibility law, to underline the principles they are based on.fiscal policy, fiscal responsability law, fiscal policy objectives, budgetary policy