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Modelling Central Bank Independence and Inflation: Deus Ex Machina?

Abstract

Central bank independence represents the core element of assessing the complex relationship between government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independence is a multilevel concept within some social, economic and behavioral implications both for the central banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its’ instruments, objectives, techniques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Consequently the central bank must have a high degree of accountability and responsibility vis - á - vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study regarding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship established in a heterodox manner.

Open access
Retro-Innovation and Corporate Social Responsibility

Abstract

The paper deals with the retro-innovation and their importance to corporate social responsibility (CSR). Corporate social responsibility is a process with the aim to encourage a positive impact through activities on the environment, consumers, employees, communities, and all other stakeholders of the public sphere. The accelerated rate of technological and social change influences on the society. The main social problems are symptoms of future shock. Retro-innovation trend is emerging against an accelerating backdrop of “datafication”. New products are designed to connect customers with the past in ways that are nostalgic, interactive and environmental. CSR thanks to the retroinnovation encourages has a positive impact on the all stakeholders and eliminates the future shock.

Open access
Study on the Operational Programs in Romania During 2007-2014

Abstract

The article is based on a study of the structural funds used in Romania during 2007-2014. The analysis examines all the programs carried out in the mentioned period in Romania. The study focuses on several indicators personally elaborated, which are meant to reveal the major differences between the operational programs and in each operational program by itself by comparing the ratios resulted. This research can be considered as an objective summarized examination of the first stage of EU funding in Romania.

Open access
What Drives Private Equity Investments in Romania?

Abstract

This paper aims at presenting the determinants of private equity investments in Romania over the period 2000 - 2013. Additionally, this paper presents the main highlights in terms of evolution, source of funding and activities in which the private equity funds invested during the crisis. Starting from the existing literature, this paper extends the analysis of private equity drivers to Romanian market by including variables such as: economic growth, market capitalization, interest rate, unemployment rate and public R&D expenditure which were already tested in previous papers. In addition, this paper introduces new variables such us productivity and corruption index which we consider important factors in explaining the evolution of private equity investments in Romania.

The results of our empirical model confirmed existing hypothesis regarding the importance of some determinants such as: unemployment rate, economic growth, market capitalization and corruption. Based on our empirical results, we have pointed several strategic directions that are meant to support the development of the private equity market in Romania. Keywords: private equity; economic growth; market capitalization; unemployment rate; corruption; private equity determinants; Romania.

Open access
Application of Disciplinary Penalties

Abstract

Each branch of law acknowledges a specific form of liability. Therefore there are several forms of liability: disciplinary, civil, criminal, etc. These forms of legal liability are characterized by specific conditions of substance and form (way of establishment, embodiments, etc.). Therefore, the commission of an infringement determines the intervention of legal liability and the application of penalties. The penalty is a means to materialize liability and it will take its shape. In this scientific approach we intend to analyze the application of disciplinary penalties to civil servants.

Open access
Aspects Regarding the Workforce Resources in Bihor County

Abstract

The purpose of this paper is to analyze labor resources in Bihor County and to highlight some of aspects that characterize the current condition of this population category. In this respect, the paper reveals that the population is found in a process of demographic aging, with negative implications upon the utilization of workforce. Based on analysis of statistical data provided by the statistical yearbook, the paper result show that the workforce renewal rate in Bihor County is in deficit, respectively 100 individuals turned inactive, are replaced by only 79 individuals, who come under the category of the active population. Furthermore, the fact that the active civilian population represents only 66,9 % of the overall potential active population, emphasizes a relatively feeble use of the workforce. Finally, the paper reveals a significant numeric decrease, during the past years, of the individuals activating within the healthcare and social work departments. Thus, this decrease has a negative consequence upon the health condition of the population

Open access
Female Versus Male Entrepreneurship within Europe

Abstract

Entrepreneurship is a topic much debated and analyzed by many research institutions and organizations. In recent years, the total number of entrepreneurs has been increasing significantly, female entrepreneurship being the one that has increased a lot. In this study, we are going to present and analyze the results of studies conducted at European level regarding the comparative evolution of male versus female entrepreneurship. The main conclusion that emerges from the analysis of the results obtained is that the number of women entrepreneurs is almost equal to that of men entrepreneurs in many European countries.

Open access
Human Capital - The Effects of Education on Economic Growth Within the European Union

Abstract

Human capital has an impact on economic growth by several channels. This study presents a conceptual research model that we built starting from the economic increase models which explain the way in which the revenue per inhabitant was created taking into account mechanisms, channels and influence factors. I applied this model to the member states of the European Union and the results obtained confirmed the existence of some positive effects of human capital - expressed through education - on economic growth.

Open access
A Qualitative Research Regarding the Online Advertising Formats Used by Romanian Companies

Abstract

The present paper offers an in-depth view about the online advertising formats that are used by Romanian companies or digital advertising agencies. The qualitative research based on semi-structured detailed interviews with 12 professionals, took place in Bucharest, in February-March 2015. From the online advertising formats defined by IAB, the Romanian representatives mentioned to promote their organizations or to develop campaigns for their clients by using: search, display, social media, video advertising, affiliate marketing and sponsorship advertising format (advertorials and content sponsorship). The specialists argued about the most relevant and efficient online advertising format that they use. From their personal experience, the professionals were asked to mention which are the elements / attributes that have a significant impact on: search, display, video, social media and mobile advertising campaigns. All the respondents mentioned that their companies use remarketing campaigns. The budget of an online advertising campaign is settled differently among the formats used. The purpose of the paper is to analyze the views of professionals regarding the Romanian online advertising market and this study precedes a quantitative research among Romanian consumers exposed to online advertising campaigns in order to make a comparison between the results obtained in both studies and propose a model of online advertising campaign as close to consumers‟ wants.

Open access
Risk Management in Future Romanian E-Government 2.0 Projects

Abstract

E-government public services in Romania must follow unitary procedures considering the new requirements of the European Union from the Digital Agenda for Europe Strategy 2020. E-government 2.0 has to be implemented because of the cultural and behavioral transformations in the interaction between governments and users of e-services. E-government 2.0 projects use tools and techniques of social media to accomplish their goals. This article examines the possible risk categories and the risk management procedures needed to mitigate risks in future Romanian e-government projects, according to the strategic lines of development for the Digital Agenda. We propose a risk management plan for the e-government lines of action within the strategic lines of development that includes identifying, assessing, and mitigating the risks. New and modernized government services through e-government 2.0 projects that apply risk management will bring a significant improvement in how citizens and businesses relate to government and will increase the use of e-government services.

Open access