Volume 27 / 2008
Abstract: Market reforms in the post-socialist countries have brought into sharp focus the problem of interconnection and interaction between the economy and the social environment. The economy is inseparable from politics and the operation of the political system, from the state of the social consciousness, the moral and cultural level of the population and from many other aspects of human life and behavior, in short, from everything that can be described by the concept of social environment. Society in every country is a single organism with closely interconnected and interacting parts and systems. Their conjugation and mutual influence are not always apparent and are often overlooked. It is quite easy to see how changes in policy affect the economy and then trace the feedback effect of the economy on policy. It is more difficult to discern the direct and feedback relationship of the economy with administrative relations, with the state of culture, science, morals and public opinion. Meanwhile, an underestimation of these mutual influences is a frequent cause of failures in socio-economic transformation. It is to be regretted that the reforms in Russia were accompanied by a dangerous disruption not only of the economy, but also of the entire system of social relations. What was primary here and what was secondary? In order to answer this question the paper takes a theoretical look at the problem of interaction between the economy and the social environment.
Keywords: Development Planning and Policy; Economic Development.
JEL Classification: P20.
Valentina VASILE, Valeriu IOAN-FRANC
Abstract: In consideration of the Lisbon Agenda, the Romanian Government drew up the National Programme for Reform for 2007-2010, which established national priorities, and ways and tools to achieve economic reform and growth. Transition in Romania implied a complex and extensive system of regulations and institutions for stimulating employment and creating a flexible system of social protection. The new regulations were focused on harmonisation with the Community labour law. Increasing investment in human capital is essential for a competitive and dynamic economy. Besides, labour market policies were formulated for correcting labour market imbalances.
Keywords: Demographic Economics; Labour Standards; Labour-Management Relations; Welfare and Poverty; Quality of Life.
JEL classification: J8; J5; J1; I3; I31.
Constantin CIUTACU, Luminita CHIVU, Mark CARLEY
Résumé: Le secteur agricole est un pilier central de la construction européenne et il occupe, dès lors, une place prépondérante dans les politiques européennes. L'agriculture doit faire face à des défis importants, résultant de l'internationalisation et de la mondialisation des politiques et marchés agricoles. La cohésion sociale et économique tout comme la compétitivité économique donnent une nouvelle dimension européenne aux politiques agricoles communes et il y a lieu de les considérer en rapport avec les politiques en matière de développement rural ainsi qu'avec les nécessités de développement durable. Un large éventail de problèmes affecte actuellement le secteur, par exemple la surpopulation et le dépeuplement agricole, le vieillissement démographique, le niveau et la sécurité des revenus, l'ESB et la fièvre aphteuse, les organismes génétiquement modifiés, la biodiversité, le changement climatique, la protection de l'environnement, l'opposition entre agriculture organique et agriculture productive, le bien-être des animaux, l'érosion du sol et la gestion de l'eau. Les actuels problèmes structurels ont des conséquences considérables, particulièrement dans les nouveaux et les futurs États membres de l'UE.
Mots clé: emploi agricole, structures agricoles, productivité, développement et croissance durable.
JEL Classification: F15; J21; E23; E24.
Abstract: Globalization - the growing integration of economies and societies around the world - has been one of the most hotly-debated topics in international economics over the past few years. Rapid growth and poverty reduction in some countries that were poor 20 years ago have been positive aspects of globalization. But globalization has also generated significant international opposition to concerns about increased inequality and environmental degradation.
There are many definitions of globalization. One of them could be: globalization is an ecosystem in which economic potential is no longer defined or contained by political and geographic boundaries. Economic activity has no bounds in a globalized economy. A globalized world is one where goods, services, financial capital, machinery, money, workers and ideas migrate to wherever they are most valued and can work together most efficiently, flexibly and securely. Where does economic policy come into play in this world?
This paper presents some aspects of globalization and the impact on the new strategy of macroeconomics policy.
Keywords: globalisation; economic trends; macroeconomic policy.
JEL classification: E 60.
Abstract. The question of economic cycles' origin is still one of the most actual problems. In inorganic nature the wave process appears as a form of system's existence and as reaction of environment against outside disturbance.
Socium as an environment, a separate element of which is a human being, possesses two basic characteristics. It is different values of capability of every separate human being, on one hand, and organization of scarce resources for production and level of consumption of limited benefits, on the other hand. These two characteristics create two opposite trends of production and consumption in condition of growth of population and scarceness of resources during long period of time. These two mentioned trends of opposite directions initiate stationary wave process, which economics defines as economic cycle. Therefore, the property of organic system to initiate wave processes under the influence of outside environment is a necessary condition for supporting dynamic stability of the system in the process of its development, i.e. supporting homeostasis.
Keywords: economic cycle; non-linear economic dynamics; population growth; economic wave process .
JEL classification: N1; A12; E3; E32.
INTERDEPENDENCIES BETWEEN GROSS CAPITAL FORMATION, ECONOMIC GROWTH AND EXTERNAL EQUILIBRIUM IN THE CONTEXT OF THE EUROPEAN UNION ENLARGEMENT
Abstract. In this paper, having in view the hypothesis that the synthetic indicator of accumulation regime is the gross capital formation/GDP ratio, an improved analysis methodology of correlation between the above-mentioned indicators is proposed. The proposed methodology is applied for the 1999-2006 periods in case of 27 countries that now are belonging to European Union. It is revealed that in most of EU member states the main factor of correlation was the investment propensity growth, in conditions of external commercial balance worsening. Also, there are identified some asymmetries between the old (EU-15) and new (NMS) member countries of the European Union. In EU-15 the gross capital formation has a more reduced weight in GDP and domestic demand in comparison with NMS. Also, the foreign commercial balance register as a rule a surplus in EU-15 and deficits in NMS. On this base, it is concluded that for Romania, like the majority of new members-states, it is very important to adopt measures favouring a high growth rate of GDP at the same time with the decrease in foreign commercial deficits.
Keywords: gross capital formation; main factor of the correlation between gross capital formation and GDP; investments propensity; absorbative economic growth.
JEL Classification: B41; C19; E22; O47.
UNESCO Classification: 5302.02; 5302.05; 5304.01; 5307.02; 5307.13; 5307.17.
Abstract: The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk that is related to delivery risk generated by the suppliers. The present article offers a method that uses portfolio management theory to choose the suppliers.
Keywords: Corporate liquidity; firm value; delivery risk.
JEL Classifications: G39; G32; G11; M11; D81.
ASPECTS OF LOCAL GOVERNMENT EFFICIENCY IN ROMANIA. EXPORTS INCREASE AND DEVELOPMENT OF BUSINESS ENVIRONMENT AT LOCAL AND REGIONAL LEVEL
Abstract. The amelioration of the local government efficiency in Romania as prerequisite of economy's sustainable growth largely depends on increasing exports and improving the business environment at regional and local level, factors that can help reducing the development gap. For Romania, several policies and instruments to improve local governance are proposed, firstly by increasing the absorption capacity of structural funds, which could lead to develop business and exports, implicitly to alleviate regional disparities. Nevertheless, on short and medium term, given the under-size of funds (both from the EU and national sources) major changes in improving the local government efficiency are not foreseeable and, under the circumstances of international imbalances (turbulences on financial markets, uncertainties in crude oil prices), which could adversely affect the Romanian economy, attaining the objective of reducing development disparities may be jeopardized in the long run.
Keywords: regional development, local government, foreign trade; foreign direct investment; central and local budget.
JEL classification: H70; O18; R10; R50.
THE BOLOGNA PROCESS AND THE DYNAMICS OF ACADEMIC MOBILITY: A COMPARATIVE APPROACH TO ROMANIA AND TURKEY
Monica ROMAN, Fatma MIZIKACI, Zizi GOSCHIN
Abstract. Recent changes that have occurred in the European higher education system are grounded on the options of continental countries, expressed in the Bologna Declaration, to achieve a single European space in this field by the year 2010.
The purpose of this paper is to develop a better understanding of student mobility in the process of internationalization of higher education in a South European context.
The rationale of the study is that student mobility has long been the most important dimension of the process of internationalization of higher education. At the moment there is increasing demand for higher education, as a consequence of demographic trends and the need for new degrees and diploma programs.
The article focuses on two countries from South-Eastern Europe, Romania and Turkey. Both countries have a very dynamic higher education system, in terms of number of students and stuff, integrating in Bologna process. They also are primarily perceived as sending students countries. The key findings are linked to obstacles and solutions to overcome this obstacle. It also stresses the necessity of the two higher education systems to be more involved in attracting European students.
Keywords: Bologna process; higher education; international student mobility; Romania; Turkey
JEL Classification: I23; I21.
Abstract: Capital market in Romania is in a slow process of development, because the performances of the Bucharest Stock Exchange (BSE) are ranking it among the last ones in Europe. The causes of slow development of capital market and remain behind compared to other Eastern European markets are numerous and consist of: late establishment of the two parts of the capital market - stock exchange and OTC market, modest use of capital market in the privatization process of state-owned companies; compromise of investment funds after scandals with SAFI and FNI; delay reform of the pension system, withdrawal from Bucharest Stock Exchange of major companies such as Dacia Piteşti, Arctic Găieşti or Terapia Cluj Napoca, using bank credit as financing method of Romanian companies. Products lunched by BSE must satisfy the requirements of local and foreign investors who were already accustomed to derivatives launched by the Financial and Commodities Exchange from Sibiu. In addition, Bucharest Stock Exchange should use the experience of major European and American ones that run large financial processes of innovation and launched contracts on weather, volatility indices, price indexes for real estate, etc.
Keywords: securities, derivatives; capital markets; development; integration; and financial innovation.
JEL Classification: G15; G34
Claudiu C. CONSTANTINESCU
Abstract. This article briefly describes the premises for the application of the standard direct cost calculation method in industry, the standard single cost calculation method, the stages of standard cost calculation per product and the calculation methods of standards per product.
It also briefly underlines the possibilities of cost calculation and monitoring of deviation of the costs of raw materials and other materials as compared to the pre-established standard costs.
Keywords: Calculation method; standard direct cost method, accounting organisation, calculation of deviation.
JEL Classification: 5303.01; 5303.02; 5311.02.
Abstract. This paper investigates some general issues related to the opportunity of regionalization, involving the aggregation of several towns for the provision of drinking water and wastewater services, as well as some particular features and challenges of the process in Romania. The main driver for the aggregation/regionalization of utilities is usually the potential to realize economies of scale by providing services to a larger customer base and at a lower cost, also increasing the size and efficiency of new investments by sharing infrastructure projects and accessing international funding.
Keywords: Regionalization; aggregation; water supply and wastewater services.
JEL Classification: L95; L25; H54.