volume 37 / 2013

SMES’ CONTRIBUTION TO EMPLOYMENT IN THE REPUBLIC OF MOLDOVA:QUANTITATIVE AND QUALITATIVE ASSESSMENT

Authors:Alexandru STRATAN, Elena ACULAI

Abstract:The problem of employment has been the issue of concern to European governments in recent years. An important role in job creation belongs to SMEs. The purpose of this article is the analysis and evaluation of quantitative and qualitative characteristics of employment in SMEs in the Republic of Moldova. In particular, the dynamics of the number of employees in Moldovan SMEs in the pre- and post-crisis periods was revealed.
The estimation of the contribution of certain groups of enterprises (micro, small and medium) to job creation is given. Aspects of employment related to female entrepreneurship are considered. Business issues related to personnel are identified.
Classification-JEL:E24, J21, J48.
Keywords:transition countries, small and medium enterprises, job creation, contribution of SMEs to employment growth.
 

EVOLUTIA DEZECHILIBRELOR TERITORIALE DIN ROMÂNIA ÎN CONTEXTUL CRIZEI ECONOMICE

Gheorghe ZAMAN, Zizi Goschin, Valentina Vasile

Abstract: In context of increased concerns regarding the territorial inequalities, the research aims to outline a comprehensive picture of the level and dynamics of regional disparities in Romania, both at county and regional level, in light of the recent economic crisis. The main novelty of our research is the application of a diversified methodology for estimating territorial disparities taking a long-term view, including the recent economic crisis. Results of various methods applied indicate the same tendency of increasing regional inequalities over the long-run, despite some deviations from this trend on certain sub-periods, depending on the evolution of the national economy as a whole.
Classification-JEL:R11, R12, O47.
Keywords:inequality, economic crisis, regions, Romania.

CURRENT ACCOUNT BALANCE, PRIVATE DEBT AND EURO AREA SOVEREIGN DEBT CRISIS: A COMPARISON OF NORTH AND SOUTH

Isadora LAZAR, Madalina Ecaterina ANDREICA

Abstract:The objective of this paper is to determine the difference, if any, between North and South in the Euro Area, by testing the influence of current account and private sector debt on the general government debt. We used panel data analysis for the period 2000 - 2011 and the results showed that current account and private sector debt influenced the dynamics of public debt both in Northern and Southern countries, but the dependence proved to be higher in the latter. Monte Carlo simulations were subsequently used in order to
predict the variation in public debt for both Northern and Southern country groups.
Classification-JEL: C23, F32, H63.
Keywords: general government debt, current account, private debt, Euro Area, Monte Carlo simulation.
 

ANALYSIS ON THE ONGOING CRISIS. HISTORICAL ECONOMIC, FINANCIAL AND CORPORATE GOVERNANCE MOTIVATIONS (PART 2) 

Adalberto RANGONE

Abstract: If politicians and economists who have so much lavished to “open” China to the Western Area should only had paid more attention to the historical and economic analysis brought to completion by scholars such as Carlo Maria Cipolla, Fernand Braudel, Immanuel Wallerstein and others, most likely they would have used more caution when making their decisions, and the crisis would have been strongly reduced. Hereby we intend to clear the reason for these beliefs. By a historical way of approach, we will be able to identify two different types of roots considered basis for the current crisis: the economic one and the other one being consequent that has its own roots purely in the financial sector. Actually, we make reference to the two faces of the crisis that combinig gave life to a depression time, so heavy and not easy to be solved to be simply defined by some as a systemic crisis. In the final analysis, as a further support to our hypothesis, we will take into appropriate consideration also the influence that the crisis has had on European companies and therefore had negative influences on corporate governance.
Classification-JEL:G01;G24;G38;N00.
Keywords: Corporate Governance, Banking System, Economic Histor, International Financial Markets
 

A COMPARISON IN TERMS OF CARBON EMISSIONS, COST AND PRODUCTIVITY OF THE MOST USED TECHNOLOGIES IN THE
YOUNG THINNED STANDS - THE CASE OF ROMANIA

Florin DINULICA, Valentina CIOBANU, Ilie OPREA, Gheorghe IGNEA, Stelian Alexandru BORZ

Abstract:Reduction of Green House Gases (GHG) emissions represents a challenge for today’s industries (as it is stated by the Kyoto Protocol) as a prerequisite for the sustainable development and environment protection. Usually, the latter are regarded as complementary strategies in attaining the overall goal.Timber harvesting represents one of the most technical components of the overall timber production process. In most cases it is realized using heavy machinery which is deployed in mature stands to be harvested. The participation level of the machinery tends to increase in the case of stands from which the primary production results. Due to the increased densities of the stands (in thinning), animal means are used, frequently, for timber logging, which can be associated with increased capacity mechanized means. This paper presents an evaluation of production efficiency, fuel consumption, costs and carbon emissions using comparisons between animal logging and mechanized logging means. As resulted from the study, the utilization of animal logging is less efficient from the productive and cost point of view but it is cleaner (no carbon emissions). Data presented in this paper may provide the necessary tools for developing policies related to timber harvesting and carbon emissions.
Classification-JEL:
Keywords: animal logging, thinning, evaluation, efficiency, carbon emissions
 

TURNOVER AND MARKET VALUE IN CAPITAL MARKETS IN THE EUROPEAN UNION

Monica Ioana POP SILAGHI, Diana MURESAN

Abstract: This paper seeks to see if there is a relationship between market liquidity, proxied by turnover and size, measured by market capitalization and the number of listed companies for European Union countries. We employ a panel data structure with unobserved characteristics for each country modeled as fixed effects for all 27 European Union (EU) countries over the period 2001-2011. Our results prove that market capitalization, as a size variable is significant for capital market liquidity. As policy recommendation, we suggest for these countries to enhance their market capitalization in order to attain a greater liquidity.
Classification-JEL: G15, G30
Keywords: capital market, turnover, market capitalization, EU
 

MONITORING COSTS WITH ELECTRICITY PRODUCTION FROM RENEWABLE SOURCES BY MEANS OF ECONOMETRIC TOOLS

S.C. TEIUSAN, L.M. ROF

Abstract: This paper presents the need for capitalization of electricity production from renewable sources, as an alternative for the future, and the need to know and trace costs generated by this type of production. The paper follows three main objectives: to present general aspects of the theme in literature, to determine the extent to which our country has complied with the specifications on the promotion of renewable energy sources under the Official Journal of the European Union, and to use to econometric tools for tracking and forecasting costs with electricity production from renewable sources. The statistical assumptions and results obtained from the study will be presented and validated. The study will be made at SC Hidroelectra SA (Corporation), a strategic hydropower producer from our country. Personal contribution is reflected in the investigation of a segment of unexploited energy production and in the presentation of appropriate conclusions drawn from the case study on the importance of exploiting the hydropower potential of our country and ensuring operational control of costs in the production of hydropower.
Keywords: renewable energy, hydropower potential, energy costs, econometric model.
 

MONITORING AND CONTROL OF RISKS FOR THE EXECUTION PROCESS OF FOREST ROADS

Sristian SLINCU, Valentina Doina CIOBANU, Adela-Eliza DUMITRASCU, Stelian Alexandru BORZ

Abstract: In the context of sustainable forest management, full forest accessibility by a permanent network of forest roads, represents an imperative of our time, because the forest mechanization and use of modern working processes, both in tending and cultural interventions, as well as in timber harvesting. Most forest roads are primarily industrial roads but many are also a public benefit by providing access for recreation activities, to utilities and facilities. The case study details a probabilistic approach to risk management implementation for the construction of forest roads that provide efficient and effective management regarding risks and opportunities associated with planning,identification, assessment, quantification, response, monitoring and control of potential risks. Also, implementing the cause-effect analysis and identifying the root cause of risk, the potential risks can be minimized or eliminated.
Keywords: forest roads execution, risk assessment, risk score, monitoring and control, sustainability.
 

THE ASSESSMENT OF PARAMETER UNCERTAINTY IN A VECTOR ERROR CORRECTION MODEL FOR ROMANIA

Mihaela SIMIONESCU

Abstract: The assessment of uncertainty that characterizes the econometric model parameters is an important input for policymakers that have to establish more alternative policies to protect against persistent shocks of the economy. The objective of this useful research for policymakers is to evaluate the parameter uncertainty in the behavioural equations of a vector error correction model for Romania. A positive impact of the foreign direct investment and exports on GDP real rate was measured on the horizon Q1:2000-Q4:2012. A permanent shock was observed in parameters. The error correction vector explains quarterly around 10.6% of the desequilibrium. The necessary period for reducing the gap between the value of GDP in the last quarter of 2012 and that in the steady-state is 14 quarters, till the second quarter of 2016.
Keywords: parameters uncertainty, vector error correction model, behavioural equations, steady-state, GDP rate, foreign direct investments, exports
 

VOLATILITY OF INTERNATIONAL FINANCIAL MARKETS AND PUBLIC DEBT SUSTAINABILITY

George GEORGESCU

Abstract: Under the circumstances of markets volatility persistence, the global financial balances deteriorated during the post-crisis period. In the case of advanced countries, the bailout of the private banking system by public or multilateral financial intervention, instead of leading to financial rebalancing has transferred a systemic risk to the sovereign level. Bringing high public debts back to sustainable levels by budgetary constraints of austerity programs has proved to hamper the economic growth that increased, in fact, the risk of sovereign default. Romania witnessed an excessive rise in the public indebtedness during 2007-2013 to unsustainable levels, which needs to be addressed by improving the public debt management and achieving surpluses in the primary balance.
Keywords: global financial balance, financial crisis, markets volatility, sovereign risk, public debt sustainability, primary balance
 

DIMENSIONS OF SUSTAINABLE DEVELOPMENT IN ROMANIA - A DATA ENVELOPMENT ANALYSIS

Camelia BURJA, Vasile BURJA

Abstract: The efficiency registered by a country in the economic, social and ecological areas determines the growth pattern to achieve sustainable development. The contribution of each system component of sustainable
development can be appreciated by various indicators. The main goal of this work is to present a possibility to evaluate the performance of new EU Member States related on the three important directions of sustainable development, using information from international databases. The paper used a Data Envelopment Analysis method for investigating the efficiency levels of sustainable development in the selected group of countries. These efficiency levels depend on each countrys specific conditions in resources management. The application of the method led to obtaining an efficiency frontier, and the possibility of ranking the countries in accordance with their relative scores of sustainable performance. The results obtained highlight that Romania did not register enough efficiency in using its economic, social and ecological resources, since consistent possibilities to improve the sustainable performance existed. Some measures are identified for reducing the gaps between the Romanian economy and the other EU countries, which could lead to a better harmonization of the three sustainable development components and could increase their favourable effects.
Keywords: sustainable development, sustainable performance, DEA model, assessment
 

ENVIRONMENTAL MANAGEMENT ACCOUNTING (EMA) IMPLEMENTATION: MOTIVATION AND EXPECTED RESULTS FROM A BUSINESS PERSPECTIVE

Adina Roxana MUNTEANU

Abstract: Environmental Management Accounting (EMA) is concerned with physical and monetary information, therefore enabling a new type of analysis that supports decision making while considering the environmental dimension. However, for an organization to apply EMA is necessary to meet business requirements and therefore the potential benefits and likely costs of the implementation should be assessed in the first place. The
first objective of this paper is to highlight the reasons for implementation of EMA referring to eco-efficiency, cost-effectiveness, investment appraisal, strategic positioning and compliance. The second is to presents a high-level blueprint for EMA implementation for a theoretical company and highlight the factors that influence the success of the implementation. The conclusions suggest that given the multitude of EMA methodologies, comparative studies might shed more light for practitioners.
Keywords: environmental management accounting (EMA); environmental costs