Theoretical Aspects of the Economic Transition: The Case of Romania

For Romania, as for all other ex-communist countries from Eastern Europe, the transition from the rigid centrally planned economic system to the free-market economy, fair competition based, was an amazing experience. From the academic standpoint, the economic reform was a huge research opportunity, as well as having extremely important practical consequences. Based on the case of Romania, the authors have developed an original, bi-dimensional matrix model of this transition process (Scarlat Model), emphasizing the typology of four basic economic systems. Managerial aspects are underlined – both for economic systems and transition process – as well as some stability considerations. Two features of the transition strategy are presented: the transition path and duration of the process. Special attention was paid to assessing the moment by when the economic transition ends. Analysis of the transition path – based on the theory of deterministic chaos (i.e. short-run predictability) – has led to interesting results: a comprehensive research on the evolution of the Romanian currency exchange over a period of sixteen years (1990–2005) revealed three intervals in the Romanian recent history of economic transition and confirmed the diagnostic of transition end. The general model is applied in the case of Romania and some interesting findings are presented, but it is also fully applicable to all Eastern European countries and not only Romania. The EU accessing process is a different type of transition – rigorously planned, regulated and monitored.economy model, economic transition, transition path, deterministic chaos, EU accession

Monetary Policies and the Economic Growth

Talking about the economic growth, is to be stressed the essential contribution of the investment to a country economic development, role which is unanimously recognized and accepted. It is well-known that even the most developed market economies were built up with notable investment efforts, in order to enable a high efficiency of the fixed assets and to ensure a rational use of the natural resources and of the labour force. The investment process is mainly conditioned by the imprevisible action of certain elements, both immanent to the economic system and exogenous to it, as well, such as: technology, politics, optimistic and pessimistic forecasting, population confidence, taxes and government expenditures, monetary base fluctuation etc.economic growth, investment, high efficiency, taxes and government expenditures, monetary policy

Highlights of today’s scientific research and its funding

On 18 December 2006, the Council adopted decisions establishing the Seventh Framework Programme of the European Community (EC) for research and technological development for the period 2007 to 2013, and the FP7 for nuclear research activities (Euratom) for 2007 to 2011. The Council also adopted a regulation laying down the rules for the participation of undertakings, research centres and universities in actions under FP7-EC and for the dissemination of research results. The programme places greater emphasis than in the past on research that is relevant to the needs of European industry, to help it compete internationally, and develop its role as a world leader in certain sectors. The programme will also for the first time provide support for the best in European investigator-driven research, with the creation of a European Research Council. Focus will be on excellence throughout the programme, a requirement if it is to play its role in developing Europe's global competitiveness. Another priority will be to make participation in the programme simpler and easier, through measures addressing the procedures, plus a rationalisation of instruments.knowledge based society; scientific research; dissemination of research results; excellence centres, global competitiveness

Employment and Social Cohesion

The EU is striving to create growth and jobs through a multilateral approach. In particular, measures improving the competitiveness of our economies, stimulating innovation and productivity and strengthening the marginal incentives to work are considered. At the same time, EU energy policies are a sustainable way of creating jobs and enhancing growth and are hence a part of the solution to the current economic crisis. However, is to be stressed, the longer-term goal remains the building of Europe’s future prosperity on the basis of a knowledge (cognition) economy.knowledge based society; social cohesion; employment; quality of life, European Social Fund (ESF)

Tax-Free Savings Accounts - Shifting Opportunity

In 2009, Canada's federal government introduced a new saving instrument for individuals – the Tax-Free Savings Account (TFSA). This paper reviews the TFSA focusing on how it may benefit individuals at different income levels. To that end, the paper presents advantages and disadvantages of the TFSA and considers international experience in introducing TFSA-like instruments. The paper also discusses the challenges and opportunities offered by TFSA to such groups as individuals, employers and the government. The analysis shows that introduction of TFSA necessitates greater decision-making attention of Canadians in choosing among different tax-proffered saving options. The shift away from using Registered Retirement Savings Plans (RRSP) in favour of using TFSA may, in turn, result in some revenues foregone by the government.household savings, household finance, tax incentives

KNOWEDGE DEVELOPMENT WITHIN COMMUNITIES OF PRACTICE USING ORGANIZATIONAL LEARNING

Knowledge assets are a critical resource that can generate a competitive advantage for organizations. Generally, knowledge can be divided in explicit knowledge and tacit knowledge. Organizations focus on managing the explicit knowledge and also on capturing the tacit knowledge embedded in the individuals’ experiences. Knowledge development represents the main purpose of the knowledge management domain, in both research and applications. Through the interactions in social networks, community-based knowledge development and sharing have become very effective tools. In this context, more and more organizations are developing communities of practice as strategic tools for knowledge development and sharing within the organization and across organizational boundaries.communities of practice, knowledge development, knowledge sharing, organizational learning

Using combined prediction models to quantify and visualize stormwater runoff in an urban watershed

Stormwater runoff can transport nutrients, sediments, chemicals, and pathogens to surface waterbodies. Managing runoff is crucial to preserving water quality in rapidly developing urban watersheds like those in Northwest Arkansas. A watershed containing the majority of the University of Arkansas campus was designated as the study area because stormwater from it drains into the West Fork of the White River, designated as an impaired waterbody due to siltation. The project objective was to develop methodology to test existing stormwater drainage infrastructure, identify potential areas of improvement, and estimate potentially contaminated runoff by combining two widely used prediction models. The U.S. Department of Agriculture’s Natural Resource Conservation Service’s curve number (CN) method was used to estimate runoff depths and volumes, while a flow-direction model was created that integrated topography, land use, and stormwater drainage infrastructure in a geographic information system. This study combined the CN and flow-direction models in a single geodatabase to develop flow direction/quantity models. Models were developed for 5-, 10-, 25-, 50-, and 100-year floods and varied by the antecedent moisture content. These models predicted flow directions within existing drainage infrastructure and runoff volumes for each flood, and served as a hypothetical flood analysis model. Results showed that between 24,000 m3 (5-year flood) and 60,000 m3 (100-year flood) of runoff would be transported to the West Fork of the White River. The methodology developed and results generated will help stormwater planners visualize localized runoff, and potentially adapt existing drainage networks to accommodate runoff, prevent flooding and erosion, and improve the quality of runoff entering nearby surface waterbodies

ESTABLISHING THE MOST INFLUENCING CAUSES OF COMPANIES’ FINANCIAL HEALTH AND PERFORMANCE – A GREY FUZZY APPROACH

The core of our paperwork consists in construction of a model for determining a hierarchy of qualitative and quantitative causes that are influencing service companies’ financial health. While the quantitative causes are objectively measurable, the qualitative causes are mainly subjectively measurable, quantified based on some experts’ opinion. In order to reduce the degree of subjectivity, we took advantage of methods offered by fuzzy systems, mainly in construction of the expertons. Expertons are in fact intervals built using the ϕ-fuzzy sub-set and the opinion of several experts over a certain problem. Furthermore, after constructing the expertons, we use the methods offered by grey systems theory and fuzzy sub-sets arithmetic to determine the degree of influence of each qualitative and quantitative cause on company’s performance. By classifying the causes and acting on the most important of them, the activity of the analyst can be really improved and the company’s performance will rise.service companies; fuzzy sets; grey systems theory; fuzzy sub-sets arithmetic; financial health