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

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

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 st

THE EVOLUTION OF FISCAL INDICATORS IN THE LAST YEARSIN ROMANIA

Tax revenues are an important part of budget revenues, and their structure represent the mirror of government\'s fiscal policy. Also their level and structure reflects the evolution of the economy in general. The evolution of tax revenues has been influenced by the financial crisis of this period. The tax revenue structure in Romania is characterized by relatively high share of indirect taxes revenues in comparison with another European Union states, where the share of revenues from direct, indirect taxes and social contribution is relatively close. Government expenditure is vital for the economy especially if they are focused on productive areas. They are the engine of economic developments and plays an important role in raising the standard of living of population in a state. In the last years, the growth rate of public expenditure was higher than the trend of tax revenues increase. Sizing revenue and public expenditure is essential for achieving the budget balance target and to meet the criterion stipulated in the Stability and Growth Pact. According to the Pact, the budget deficit may not exceed 3% of GDP. This development asymmetric led to increased deficits in the last years. The high level of structural deficit has canceled an initiative to tax relaxation in this recession period. The need for fiscal consolidation has been paramount in the context of chronic deficit and difficulties faced in financing it. The opportune solution to finance the high public deficit and to achieve the objective of financial stability of the economy was contracting of public debt from International Monetary Fund. Other measures to reduce the deficit were the reduction of public expenditure and increasing tax revenues. We propose in this paper to analyze the evolution of fiscal indicators in comparison with the evolution of macroeconomic indicators to capture the reaction of taxpayers and economic environment at measures adopted.fiscal, tax, fiscal revenues, budget, financial crisis

The evolution of fiscal indicators in the last years in Romania

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The Eurozone Debt Crisis. Causes and possible solutions. The case of Greece

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Stochastic Fuzzy Algorithms for Impairment of Assets Management

The present paper aims to analyze the impairment of tangible assets with the help of artificial intelligence. Stochastic fuzzy numbers have been introduced with a dual purpose: on one hand to estimate the cash flows generated by tangible assets exploitation and, on the other hand, to ensure the value ranges stratifications that define these cash flows. Estimation of cash flows using stochastic fuzzy numbers was based on cash flows generated by tangible assets in previous periods of operation. Also, based on the Lagrange multipliers, were introduced: the objective function of minimizing the standard deviations from the recorded value of the cash flows generated by the tangible assets, as well as the constraints caused by the impairment of tangible assets identification according to which the cash flows values must be equal to the annual value of the invested capital. Within the determination of the impairment value and stratification of the value ranges determined by the cash flows using stochastic fuzzy numbers, the impairment of assets risk was identified. Information provided by impairment of assets but also the impairment risks, is the basis of the decision-making measures taken to mitigate the impact of accumulated impairment losses on company’s financial performance

Performance evaluation model of Romanian manufacturing listed companies by fuzzy AHP and TOPSIS

We are interested in the hierarchy of the main Romanian companies in the manufacturing industry by considering eight financial and seven non-financial indicators. Thirty three listed companies, that are non-financial institutions, were selected for the study and in order to control the reliability of the data we used the Bucharest Stock Exchange database, official data published by the Romanian Ministry of Public Finance, and the annual reports released by the companies on their websites, collecting information for the years 2011–2015. Because the human thinking is subjective and ambiguous we prefer linguistic variables, converted afterwards in triangular fuzzy numbers, to represent the importance of indicators. Our method involves the calculation of the weights of individual or categories of indicators based on Fuzzy Analytic Hierarchy Process. Then, the level of performance for each company, separately for financial, non-financial and all indicators is obtained by TOPSIS method. We deduce an objective hierarchy of the companies on a rigorous basis, which is however dependent from the choice of indicators and the conversion scale of linguistic variables into triangular fuzzy numbers. Also, following the obtained results we concluded that the overall performance of companies for the analyzed period is significantly influenced by non-financial indicators. First published online 16 April 202

THE EUROPEAN FISCAL UNION. A SOLUTION TO SAVE THE EURO?

A monetary union with strong connections among banking systems but without a fiscal union may pose problems because the national governments may be tempted to increase inneficiently their public debts, which, in case of contagion, may have serious repercussions on other economies. One of the most widespread ideas among the political decision makers as well as among specialists is that in order to overcome the sovereign debts crisis, the Euro Area needs a fiscal integration which should double the monetary one. This article analyses the idea of fiscal integration in the Euro Area as a solution to overcome the sovereign debt crisis and save the euro. The situation has become critical for countries such as Greece, Portugal, Ireland, Spain. It will present as well the implications of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union signed on the 2nd of March 2012 by 25 EU member states

THE ECONOMIC CRISIS IMPACT ON PUBLIC EXPENDITURES IN EU NEW MEMBER STATES

This article analyzes the main trends of public expenditures in the New Member States 12 in the last decade. We develop a synthetic analysis of the total public expenditures and also an analytical inquiry of major categories of public expenditures according to COFOG. Based on data provided by Eurostat from 2000 to 2010 we try to capture the impact of global financial crisis on the major trends of the public expenditures for new member states. Our purpose is to reveal a global view of the state of public expenditures in this group of EU countries and also we try to make a comparison between Romania and these countries considering that the stance of public finance is quite similar to the new member states. The major findings of this study are the high increase of the public expenditures for all the countries especially in 2009, due to a huge increase of the social protection expenditures. In this context we underline some correlations between the public expenditures evolution and economic growth