Annals of Spiru Haret University
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Useful crises
Get PDFThe autumn of 2008 has produced, starting from the American and European mortgage credits crisis, the most powerful and deep financial, monetary and economic crisis, which last phases the most advanced states of the planet seemed to be experienced in the first half of 2009. As anything that happened in the life of humans, the economic crises have not only bad, negative sides, but they also have good, positive sides.
The impact of the financial crisis on the currency and the monetary system
Get PDFThe present-day economic and financial crisis (depression) appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR.Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties.On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries.Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis.NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.
Development of the green economy and increase of its impact on employment
Get PDFThe world economic recession caused the loss of jobs for 34 million people between the years 2008 and 2009, thus finding viable alternatives for job creation is a global priority. In this context, our work’s objective is to study the effects of green economy development on job creation at global level for the next decades. Based on a detailed documentary analysis, our paper will analyze the estimations regarding the number of jobs that will be created in one sector of the green economy, namely the renewable energy sector. Data prove that the renewable energy sector has a remarkable potential for job creation, the estimations showing that by carrying out smart policies for its support, massive investments would immediately follow and the number of jobs created in renewable energy sector could double in the next ten years and even triple in the next twenty years.
Leadership and management of change during a crisis time
Get PDFChange is now perceived as a condition of normality, a situation that doesn’t frighten anymore to such extent as it did few years ago. Moreover, it really feels today as a normal process through which people and organizations have to go through. What is important represents the finality of such process.The present crisis clearly demonstrated that many organizations had problems, not because of the changes in their environment, but in themselves. Their managers, their leaders failed in some moments to take those decisions that could provide a stable and healthy development of the organizations. But, instead, they got into some situations that outdid their expertise and, quite often, the pride or the lack of confidence in their co-workers hampered them to get the right support in due time. The paper investigates some relationships among leadership, management of change and crisis issues, emphasizing some interdependencies among these phenomena
Distributed systems and numeric calculation
Get PDFMany software applications are considered as being failures, due to the fact that they cannot deal with certain issues. Thus the application and the investment are not justified. This situation is named implementation trap [1]. The resolution of a false problem can damage the whole project: it can be abandoned, so one can lose time and money. The architecture offers different but complementary points of view over the soft.
Modern approaches in the management and knowledge society
Get PDFThe study analyses the determining role that the knowledge-based management has in the modern society. In this context, an analysis is conducted with regard to the decisive role of knowledge in the foundation of the new management system. Finally, assessments are made with regard to the conception and practice of the knowledge-based management in the organizational environment.
Considerations regarding the general rule provided by the article 4 of the Rome II regulation
Get PDFThis article addresses certain issues related to the enforcement of the Rome II Regulation. The mentioned Regulation was adopted in order to unify, within the European Union, the rules regarding choice of law concerning non-contractual obligations. The application of the Regulation has caused some controversies in jurisprudence, regarding the implications on the national laws and international treaties or conventions. Almost two years after its prescribed date of application, a rigorous analysis of the Regulation’s impact over the case law, both on national and European level is necessary. The purpose of this study is to briefly describe, the research of the two authors regarding the practical effects of the aforementioned Regulation, as well as some judicial problems arisen from its application, mainly relating to the general rule of law, expressed in the fourth Article of the Regulation.
Investment decision in human capital and macroeconomic implications
Get PDFTo emphasize the importance and influence of human capital on economic growth of a country and also to base decisions on the need to invest in such type of capital, studies have been conducted and different models for analysis macroeconomic and demographic indicators have been used.We present the main indicators and dynamics of human capital, placed in the economic context of Romania, with reference, in bringing out statistics data, to an average period of time (between 1994-2008) characterized at macroeconomic level, both by recession and economic growth periods. There were also highlighted indicators and dynamics, both at national and individual level.
BASEL III – A new approach to improve international financial stability
Get PDFIn its first part, the article highlights the factors standing at the basis of the modification of the general framework of development of the banking activity in the last decades and the main trends that manifested on the international banking market until the global financial crisis. Thenceforth, the main lessons learned from the global financial crisis for the regulation and supervision authorities are presented. The final part of the article concerns the Basel Committee answer to the global financial crisis, concretised in a reform programme regarding the regulatory framework of the banking activity. The improvements and news brought by the Basel III reform programme take into account the flaws revealed by the global financial crisis and have the purpose to strengthen the stability of the international financial system.
The profile of Romanian consumer and how the economic crisis impacts the consumer mentality
Get PDFThe paper deals with the Romanian consumer’s profile, analyzed in terms of household expenditure structure, by main destinations for food, non-food, services and taxes components, and household’s consumption, in terms of size and structure of food consumption.Synthetic images of quantitative parameters were made using national and international statistical data, between 1991 and 2009. We took into account the total expenditure of households, total consumption expenditure, the structure of monetary consumption expenditure, the average consumption of main food products, in structure and dynamics.Diagnostic analyses were performed by multi-annual approach of these indicators, important warning signals in the evolution of the household consumption. The multi-country and multi-annual benchmarking contributes to the highlighting of the national consumer profile, compared to those of the other 30-40 countries. These issues underline the extent of the economic crisis seen by the national households like an influence in shaping the consumer’s mentality