HOW TO SUSTAIN ECONOMIC PERFORMANCE? ECONOMIC GROWTH AND ITS IMPACT FACTORS

This paper intends to render several important factors of impact on economic growth and to describe the particular types of relationships of the latter with each one of its influencing elements. In order to correctly determine such issue, we have resorted to three carefully selected models that have been estimated and compared so as to identify the most adequate and representative regression. For this purpose we have performed an analysis based on cross-section annual data for 105 countries spread all over the world. After having tested and rejected certain exogenous variables initially considered, such as imports or exports, we have finally retained the external debt and foreign direct investments as explanatory items of the dependent variable. The results revealed that both of them positively affect the gross domestic product of the analysed countries, this one being inelastic in relation to the exogenous variables considered. Even if the relationship between the economic growth and the external debt of a country is usually negative, as the money exit out of the country due to the debt service causes non-achieved potential investments, yet, there is an inflexion point up to which the external debt has a positive influence on economic growth by the increase of the investments funds acquired as result of the external credit contracting, this being the case reflected by our study. As for the relationship existing between foreign direct investments and GDP, the economic theory confirms that FDI and economic growth are directly correlated, the former contributing to technical progress, production increase and, finally, to the improvement of the living standard

DISCLOSING THE PROMISING POWER OF SOCIAL MEDIA – AN IMPORTANT DIGITAL MARKETING TOOL

The newest channels for communicating and selling to consumers are electronic. The Internet provides consumers and marketers with more opportunities than ever in achieving a greater interaction and individualization of services. Companies can send tailored messages that engage consumers by reflecting their special interests and behavior. Nowadays, very few marketing programs are considered complete without some type of prominent online component, which is gaining ground at the expense of traditional marketing. Attaining a successful marketing program compels companies to fully connect with their targeted customers. Thus, a holistic marketing approach must be adopted in order to comprehend the potential clients, by gaining a perspective of their daily lives, their customs of purchase and consumption, their plans for the future and the changes that actually occur in their lifetimes, so that the appropriate products are marketed to the right customers in the appropriate manner. The social media represents such a major cost effective opportunity for marketers to enter into dialogue with their customers and get an insight into their lives. Social network services such as Facebook, MySpace and Twitter aggregate an abundance of information about their members that marketers find highly valuable, and they have paved the way for new forms of communication and collaboration between marketers and consumers. These new communications platforms are already making an impact as businesses use them as a means to connect with their audiences, find out more about their likes and dislikes related to their market offerings, and spread brand messages virally.social media, customer empowerment, digital marketing, interactive marketing

CAUSE RELATED MARKETING – TRUE HEART-FELT CORPORATE BENEVOLENCE?

Nowadays, globally, consumers’ expectations have reached a new high, as they expect companies to act responsibly in changing the world. More than often these expectations are not met solely out of the kindness and generosity of corporations, but they are mixed in with corporate social responsibility programs and cause-related marketing. Consumers want more of the products and services they buy to support worthy social and environmental issues.Cause Related Marketing, Corporate Social Responsibility, Consumption Philanthropy, Corporate Philanthropy

PURSUING A CUSTOMER-DRIVEN APPROACH FOR INNOVATION AND MARKETING EXCELLENCE

Nowadays, innovation goes so much further than merely products. In order to thrive in this extremely competitive business environment a company needs to innovate its technologies, its business strategies, its business models, and by innovating in research. It is also about reinventing or building new markets in order to meet, satisfy and delight untapped consumer needs, wants, and desires. However, considering the new opportunities and threats that Internet, globalization, and hypercompetition have on an organization’s activity regarding selecting and executing the right ideas, right products, and delivering them through the right channels in record time, at the right prices, while promoting them through all the relevant and right communication channels to the target market.marketing research, innovation, disruptive technology, customer-driven approach, customer value

The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model

This paper aims to reveal the dynamic behaviour of the Romanian economy over a period of 14 and a half years, from 2000Q1 to 2014Q2, considering the stochastic action of 20 structural shocks. The study is based on a well-known dynamic stochastic general equilibrium model developed for the Swedish economy, which is adjusted to allow the author to capture the essential characteristics of the target country. Subsequent to the selection of the equations to be implemented for the effective estimation, the calibration of several parameters and the setting of the prior distributions for others, a Monte Carlo Markov Chains method is used, namely the Metropolis–Hastings algorithm, in order to reveal the overall results of the estimation process, thereafter properly construed considering their manifestation context

THE WAY OF PROCESSING DATA IN APPROACHING ECONOMIC APPLICATIONS

Economic Informatics originates in the industry economy and the electronic processing of information. A clear distinction is made between IT and economic informatics, and further between general and particular economic informatics (the particular economic informatics meaning administration, industrial informatics etc). Economic informatics is deemed to be an applicative science relating to the conception, working modality and representation of IT and communication systems, oriented towards companies which are using electronic computers. This paper pursues to integrate applications allowing the information systems to interconnect at informational level, by information sharing, and at service level, considering the control of the related processes in real time

Beyond the implementation of a dynamic stochastic general equilibrium model

The present paper is structured as a brief guide focused on the rendering of the output generated by Dynare, a specific tool of Matlab, when implementing a Dynamic Stochastic General Equilibrium model for impulse-response function analysis purpose. After a concise description of a standard Real Business Cycle model, the steady state of variables, the eigenvalues, the matrix of covariance of exogenous shocks, the policy and transition functions, the theoretical moments, the variance decomposition, the matrix of correlations and the coefficient of autocorrelation of simulated variables, as well as the graphical representation of the impulse-response functions are displayed and construed accordingly

World economic crisis and its effects on the Romanian economy

Artykuł przedstawia negatywne efekty obecnego globalnego kryzysu, podkreślając jego wpływ na gospodarkę Rumunii. Powyższe konsekwencje są analizowane na licznych poziomach: handlowym, finansowym, kursów wymiany walut, inwestycji zagranicznych, jak również problemów bogactwa i równowagi. Ukazane zostały konkretne wyniki, bazujące na adekwatnych wskaźnikach ukazujących ich ewolucję w czasie. Podkreślono też przyczyny i konsekwencje zmian. Na zakończenie rozważono współczesną trajektorię rozwoju kraju, której punktem wyjścia jest kryzysThis paper presents the negative effects of the recent global crisis over all the countries of the world, emphasising its impact on the Romanian economy. Such unfavourable consequences are analysed at multiple levels: commercially, financially, the exchange rate, foreign direct investments or the wealth and balance issues. Concrete results are submitted, based on relevant indicators studied according to their evolution in time, stressing the causes and consequences that generated the related changes. Finally, a brief view of the subsequent trajectory of our country from the perspective of the crisis is considere