Fiscal Policy and its role in ensuring economic stability

The State, irrespective of its institutional nature and contents throughout history, has been the most important answer or, better said, the best-structured solution of society members to the issues of their world’s complexity. Processes such as globalization and integration, individuals’ increasing reliance upon technology, limited vital resources in order to ensure normal life, social polarization growth, poverty augmentation, migrating flows, occurrence of diseases that can rapidly spread at world level – all the above increase the complexity of our world and make the State’s economic involvement compulsory. In this respect, an important role is held by the fiscal system, originally created to meet strictly financial goals of the State but subsequently enriched by various economic and social objectives due to the development of human society. Fiscality can be viewed as a prerequisite to compensate gaps and for a genuine European policy of economic growth. The impact of fiscality upon society members in every economy is significant, with tax payers’ acceptance or refusal having a major effect upon the State’s intervention by typical means in the entire activity of a society. The paper suggests a analysis of fiscality in Romania. Romania suffers from the lack of ”self-image” and the factors generating it are also to be found in the present paper.Fiscality, fiscal policy, economic stability

THE IMPORTANCE OF THE JURIST AND ECONOMIST GHEORGHE N. LEON IN THE EVOLUTION OF FINANCIAL SCIENCE

The economical-financial problems have always constituted a challenge far all the decisional factors at the state level and not only, thus the financial sciences - which also aim to regulate the relationships to create, assign and use the financial funds of the state and of the public institutions, destined to satisfy the social-economical needs of the society - recorded a great doctrinal interest. Thus, a series of jurists and economists had understand the necessity and opportunity of knowledge in the domain of financial science, of the financial law, taking into consideration the fact that the difficulties which they have met at those times obliged them to take the responsibility to make every simple citizen and every person with political or administrative responsibility by the state understand the problems of public administration. In approaching the given subject I have chosen to use some of the methods of scientific research, respectively: the historical method (financial science being presented succinct through the process of its evolution along the years), interpretation methods and a combination of quality and quantity approach, namely the method of analyzing archive documents and the studies of professor Gheorghe N. Leon. In these contexts have asserted and developed himself in the university and political environment, Gheorghe N. Leon, having a rich activity of intellectual creation, approaching in his works the complex aspects of the science of financial law. Thus, starting with the rules and principles of this domain, Gheorghe N. Leon had realized a veritable incursion in the history of finances and in the theory of taxation, public and budgetary credit. Analyzing a part of his scientific works, we can affirm that a personality with such a complex structure, like Gheorghe N. Leon is hard to define, but surely, through the prism of his works and through his long-lasting and rich scientific activity, his name can be mentioned among the personalities of the academic education in the domain of financial science. At the same time we can affirm that in this actual period, when public finances represent an essential component of social-economical life of any nation, the scientific process of the most economists, the process of approaching notions and concepts specific to this domain was and remains fully justified.financial science, economical-financial politics, inter-war period, legislation, financial problematic

STOCK EXCHANGE MARKETS INTEGRATION – A CAUSE OF QUASI-SIMULTANEOUS TRANSMISSION OF FINANCIAL CRISIS

Financial mondialization designate the enlargement movement and the opening of capital markets at a global level which began at the beginning of the ´70s. Because of the capital markets integration, the economies are more and more exposed to the common imstock exchange indexes, stock exchange markets integration, contagion phenomenon, financial crisis

LABOUR TAXATION IN THE EUROPEAN UNION

This article proposes an analysis, which we consider extremely useful in the current economic context, of the evolution of labour income fiscality, more precisely, the effect of the public debt growth on the tax wedge for the labour income. The share of fiscal revenues from direct taxes, indirect taxes and social contributions is relatively close in the old member states of the European Union in comparison with the new member states, which register a lower level of income from direct taxes. The low level of income from direct taxes is compensated by more significant shares of the social contributions or indirect taxes. The main motivations of cross-border migration are: a successful career in a multinational corporation, high variations of the tax rate, of the salary income between states and, last but not least, the level of the net salary. To this day, there are no plans to harmonize across the European Union the legislation regarding the taxes wages and the social security contributions. Still, the European Union had in view the coordination of the national tax systems to make sure that the employees and the employers do not pay several times the social contributions in their movement across the community space. Despite the fact that some states tax the labour income at a low level, the labour fiscality remains high in the European Union in comparison with other industrialized economies, probably also due to the fact that the majority of the member states have social market economies. The increase of the fiscality level for the labour income determines the decrease of the employment rate and the raise of the unemployement rate. The solution to guarantee a higher employment rate, which is a target of the European Union Strategy "Europe 2020" could be the relaxation of the labour income fiscality by transferring the tax wedge on the labour income towards property or energy taxation.labour income, social contributions, tax quotas, taxes

CONSIDERATIONS ABOUT THE FORMS OF JUDICIAL RESPONSIBILITY IN THE MATTER OF BUDGETARY EXECUTION

The social life is developing in an organized way based on some social norms and regulations which are necessary for the good development of human activities in any domain, these norms establishing a certain way in which the subjects of social relations mbudgetary execution, judicial responsibility, contravention, infraction

CONSIDERATIONS REGARDING TO THE LAW OF FISCAL-BUDGETARY RESPONSIBILITY

A law of fiscal-budgetary responsibility which is firmly based and structured can outline the general parameters which can constitute the basis of creation of some decisions in sustainable fiscal politics through stipulating fiscal principles, rules concerning with budgetary incomes, public debts, deficits, expenses and risk management.objectives, principles, legal definitions, fiscal council

BUDGETARY CONSOLIDATIONS IN EU-12

This article treats on the behaviour of fiscal autorities of the twelve new state members of the EU during the post-adhesion period. We analyze the factors which determined the fiscal consolidations of the new member states, identifying two groups of stastability pact, budgetary deficit, excessive deficit procedure

Romania's public debts and their consequences upon the economy

In June 2009, Romania’s public debts rose by 12.6% more than late last year, that is up to 123.61 billion Lei (29.4 billion Euros), meaning 23.27% of the gross domestic product originally estimated for this year. Foreign loans are not a new phenomenon. Yet, in the current economic context, it is the consequences which might occur that bother most of us as a result of the (significant) increase of public debts. Concluding a loan agreement with the International Monetary Fund is « necessary evil » because it has both advantages and disadvantages. This paper aims at analyzing aspects regarding the benefits, direct and indirect costs, and social effects of such a loan.public debts, elbows, benefits, economy

Doha Round: the endless beginning

This paper aims to research existing literature on the collapse of the Doha Round and its causes. The first part is a review of significant paper in the vast literature on the history of international trade from the end of the Second World War until the present, focusing especially, on the beginning of the Doha Ministerial Conference as part of World Trade Organization, but also, the results of the negotiations that followed it. The second part illustrated, briefly, some of the causes that led to this impasse, along with the diametrically opposed perceptions of developed countries and developing ones. The main conclusion is that although it would complete the negotiations within the Doha Development Agenda (DDA), on the contrary, the round is underway and can’t be set a fixed date for completing it. The methology used is based on reasoning deductive.International Trade, WTO, Doha Round, trade liberalization, failure.