Volume 35 / 2012
CHALLENGES AND REQUIREMENTS FOR SUSTAINABLE DEVELOPMENT OF ROMANIA'S AGRICULTURE BASED ON THE INPUT-OUTPUT ANALYSIS
Abstract: The paper analyzes economic interconnection generated by Romanian agriculture as supplier and producer in the context of inputoutput tables compiled for the national economy in 2003, 2004 and 2009 with 34 industries, in producer current prices. The purpose of study is to outline the number of industries with which agriculture is interrelated as output supplier and input consumer (technical coefficients aij), the structure of final consumption and gross value added, the importance of exports, imports and gross fixed capital formation. The main conclusions reveal the necessity of recovering and expanding the diversification potential of products and services in agriculture, increasing investments in high tech and more efficient activities processing raw materials offered by agriculture.
Keywords: intermediate output; inputs; final consumption; technical coefficients; export; import; gross fixed capital formation; backward and forward dependencies.
Classification-JEL: C67; D58; O13; Q13; Q16.
Abstract: Nowadays Corporate Governance is one of the most interesting and controversial matters of research and study. Undoubtedly, the economic developments of the last decade have made the need for detailed analysis about the processes of Governance and its impact on corporate choices even more fascinating and relevant. This should be done through an interdisciplinary approach, because in fact, the term Governance cannot and must not be exclusively linked to economic and company aspects only. Indeed, the present economic conditions demonstrate the large correlation between social, economic and political factors. Because of this interconnectedness, the importance of the Italian Credit Institutions is highlighted because of their active and decisive part in private and corporate choices. Over the centuries, Italian Savings Banks in particular have been a clear example of such interdependence amongst the public and the private. They were first simple Charity Institutions and then they evolved to play an increasingly important role amongst the Credit Institutions. Their quickness in spreading across the Italian territory and their need to take care of their own clients' several necessities, induced the Banking Foundations to adopt a precise and rigorous Governance structure which we intend to analyse in this work. It is necessary, therefore, for a complete comprehension, to address the issues concerning the Credit and Savings Institutions' regularity, current nature and goals. Here, it is also relevant to mention perhaps the most controversial issue about the Banking Foundations, that is, their dual public and private goals and, consequently, the different interests which follow.In conclusion, through this work, we want to give a framework in order to comprehend the Italian Institution of Savings Banks, and particularly, their metamorphosis into Foundations of Banking origin, their role and their particular importance for enterprises development.
Keywords: Corporate Governance, Foundations of Banking Origin; Savings Banks; Economic History; Italian Banking System.
Classification-JEL: G21; G30; L30; N20.
Abstract: In modern society the income distribution is one of the major problems. Usually, it is considered that a severe polarisation in matter of income per capita could have a major negative impact on the general process of economic development. This study is focussing on estimating dynamics of some concentration indicators in Romania for the last period. We are using available data at two levels, namely income distribution by deciles and by regions, respectively (NUTS 2, according to the EU classification). The results show different trends in the two cases. Moreover, the impact of the crisis on the income distribution is evaluated and some conclusions are derived from the study.
Keywords: income distribution; Lorenz curve; Gini coefficient; lognormal distribution.
Classification-JEL: C82; E25; O15.
CHANGE IN ECONOMIC STRUCTURE, EXPANSION OF UNIVERSITY TRAINING AND DEVELOPMENT OF NON-WAGE EMPLOYMENT
Florin-Marius PAVELESCU, Valentina VASILE
Abstract: The present paper investigates the development of nonwage employment (NWE) in the context of sensible changes in economic structure, by increasing the relative importance of the services' sector and labour force supply due to an expansion of higher education. We identify factors which favour the expansion of NWE in the context of transition to knowledge-based economy in the countries with solid market economy. A comparative analysis is made about the relative importance of employment in European Union member countries and a series of correlations performed with other structural indicators of the labour force market. On this basis, the conclusion is that the NWE physiognomy is dependent to a significant extent on the development degree and sectoral structure of the economy in various countries. The analysis of the NWE development is deepened in the case of Romania by paying special attention to the case of higher educated individuals. It is found that the increases in the number of self-employed persons with higher education is mainly a forced choice for avoiding entering unemployment and only at secondary level the expression of a new type of entrepreneurial spirit, as in the case of countries with consolidated market economy.
Keywords: higher education; multicriterial analysis, employment model; entrepreneurship; labour market flexibility; economic sectors.
Classification-JEL: E24; I25; J16; J21; J24; L26.
LA MICRO-ENTREPRISE, MOYEN DE LUTTE CONTRE LA PAUVRETÉ: MISE EN ÉVIDENCE PAR L'APPLICATION AU NIVEAU DES RÉGIONS TUNISIENNES
GAALICHE Makram, HAMMAS Mohamed Amine
Abstract: In Tunisia, the contribution of the microentreprises sector, in the fight against poverty, has appeared so that, every increasing in the number of the microentreprises involves a reduction of the poverty rate. In addition, it proved that the participation of these small unities in the fight against poverty varies from one area to another, according to the activity sectors. The detection of such sectoral specialization on the level of the fight against poverty, allows the adoption of targeted regional policies, intended to encourage the creation of microentreprises, in the most relevant activity sectors.
Keywords: micro-entreprise; objectif millénaire de développement; pauvreté; région, spécialisation sectorielle; Tunisie.
Classification-JEL: C13; I32; O18; O17.
FLUCTUATION OF ECONOMIC ACTIVITY, SECTORAL DISTRIBUTION OF GROSS VALUE ADDED AND THE SIZE OF BACKWARD MULTIPLIERS IN ROMANIA DURING THE PERIOD 1989-2009
Abstract: In this paper it is adopted the assumption that the analysis of the features of the sectoral structure of a country's economy shall have in view not only the sectoral distribution of value-added, but also the sectoral ratios of the effective production to the value added, and the sectoral multipliers of the input-output table. In this context, having in view some algebrical properties of the backward multipliers of the input-output table, demonstrated in F. M. Pavelescu (1997), an improved methodology is proposed for the analysis and interpretation of the economic significance of the above-mentioned indicator both in absolute and relative values. The analytical framework mentioned above is applied in the case of Romania and permits to show that in Romania, during the period 1989-2009, the transformation process and the integration into the European Union generated not only important fluctuations of the gross domestic product (GDP) and the growth of the role of the service sector, but also important changes in the sectoral ratio of the effective production to the value added and in the size of the input-output multipliers.
Keywords: main sense of structural change; effective production/gross value added ratio; harmonical weighted mean; types of relative backward multiplier.
Classification-JEL: C67; D57; E01; E32; N14.
A STRATEGY TO IMPROVE THE GDP INDEX FORCASTS IN ROMANIA USING MOVING AVERAGE MODELS OF HISTORICAL ERRORS OF THE DOBRESCU MACROMODEL
Mihaela BRATU (SIMIONESCU)
Abstract: In this paper article, two strategies based on the econometric approach are proposed in order to improve the forecast accuracy of GDP index in Romania. First, the index is predicted starting from an econometric model that reflects the relationship between the GDP index and the GDP deflator. Then, the errors of these forecasts are computed. On the other hand, the errors result directly from an econometric model that shows the relationship between the GDP index forecast errors and the GDP deflator prediction errors. The data series are historical errors of forecasts based on the Dobrescu macromodel. The forecasts errors of the GDP index based on the Dobrescu macromodel historical errors for 2009-2011 are lower than the errors taken directly from the proposed econometric model. However, the Dobrescu macromodel provided a better accuracy for the GDP index. If the historical errors are predicted using updated MA(1 )models, the one-step-ahead forecasts are the most accurate, this being a suitable strategy to improve the prediction accuracy.
Keywords: accuracy; econometric models; forecasts; predictions; errors.
Classification-JEL: E21; E27; C51; C53.
Abstract:The pattern of international trade flows has witnessed significant changes under the global crisis impact. In the case of Romania, paradoxically for an emerging country, in terms of product composition during 2007-2010, the share of capital goods decreased in total imports and increased in total exports, while the share of intermediate goods recorded an opposite development. In terms of competitiveness, no evidence of significant changes has been found, the most important export chapters having comparative advantages related to processing trade operations. The lack of an export strategy and of appropriate policies able to sustain Romanian exporters on foreign markets, mainly extra-EU, has become obvious.
Keywords: Global Crisis; International Trade; International Competitiveness; Processing Trade; Export Strategy.
Classification-JEL: F10; F15; F40; G01; G28.
Abstract: The purpose of this article is to investigate the causality relationship between renewable energy consumption and economic growth on long run and short run in the West of Europe countries in the period 1995-2010. Pedroni (2000) test reveals that there is a long run relationship between our variables and Hausman (1978) test shows that we should apply fixed effects model. The results for causality test show that there is a bidirectional relationship in long run and short run between economic growth and renewable energy consumption. Therefore, these countries can replace this energy instead of oil for decreasing of dependence at abroad.
Keywords: energy consumption; renewable energy; West of Europe; economic growth; panel data.
Classification-JEL: C23; Q43.
Ionela GAVRILA-PAVEN, Seid FIJULJANIN
Abstract: Entrepreneurial orientation is becoming one of the objectives of the future development strategy for the European Union. This alternative is very important for young people especially considering the high unemployment rates of the present situation for majority of the countries. We have to consider also the population that has no alternative and sees entrepreneurship as a possibility of assuring their incomes and also as an opportunity to support the community to which they belong. In this article, we try to present general characteristics of the entrepreneurs that are acting in Romania, their motivations and a general overview upon the entrepreneurs' weight in the occupied population considered on economy's sectors. In the second part of the article we try to present three models of entrepreneurs in different areas of activity and with different approach to the entrepreneurship characteristics.
Keywords: entrepreneurship; motivation; social and demographic characteristics.
Classification-JEL: D01; D03.
Ildikó Réka CARDOS, Stefan PETE, Vasile Daniel CARDOS
Abstract: In recent years activity - based costing has attracted the interest of both academics and management accountants since its emergence. Researchers and academics believe that activity - based costing (ABC) is a new managerial accounting technique which could enhance the business orientation of managerial accounting and help business decisions and taking control in an increasingly sophisticated way (Jarvenpaa, 2007). Despite the great interest coming from researchers, companies seem to be reluctant to adopt ABC. A great number of surveys show that the dissemination of ABC has not been as intense as expected. The objective of this paper is to examine how ABC was adopted and implemented worldwide and within Romanian companies; what were the major challenges identified when adopting and implementing ABC; what are the main advantages and disadvantages of such a cost system. To achieve this objective we begin with the analysis of the existing literature in the field and previous studies made at international level, followed by a questionnaire - based empirical study and analysis of ABC implementation within Romanian companies.
Keywords: managerial accounting; activity - based costing; adoption and implementation; survey; Romania.
Classification-JEL: M41; M19.
THE BEHAVIOR OF PRICES AS A RESPONSE TO STRUCTURAL CHANGES - THE ROLE OF THE ECONOMIC TRANSMISSION MECHANISMS IN EXPLAINING THE OBSERVED BEHAVIOR
Andrei Silviu DOSPINESCU
Abstract: The paper analyzes the impact of structural variables on prices by building a model based on a system of difference equations. The main contribution of the paper is the formulation and testing of a hypothesis regarding the relation between the changes in the trajectories of prices as a result of the changes in the structural variables and the pattern of the economic transmission mechanisms. The hypothesis was verified, indicating that there are unique characteristics of the transmission mechanisms and of the relations between them that differentiate the high volatility behavior of prices from the low volatility behavior.
Keywords: transmission mechanisms; system of difference equations; Pearson and Spearman correlations; structural variables.
Classification-JEL: C15; C63.
Valeriu IOAN-FRANC, Napoleon POP
Abstract: Globalisation requires a transition based on an agenda of national priorities consistent at a world level, and the new international order should take over projects related to the planet. Since the lessons of history are always forgotten, no matter how much they are being debated in times of tensions just like now, one should take from the past at least the propensity of political leaders of the past for accuracy in any reasonable approach.
Keywords: Macroeconomics and Monetary Economics General; Monetary Policy; Central Banking and the Supply of Money; Central Banks and their Policies; Economic Integration; Macroeconomics and Monetary Economics.
Classification-JEL: EO; ES; E58; F15; N1.