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The profound negative effects of the current pandemic crisis on firms, especially small and medium-sized ones, have forced them to rethink their business models. In order to survive and compete, many businesses have focused on adopting and using digital technologies. Several studies have shown that digital technologies could facilitate business continuity and increase their resilience to shocks. Starting from the fact that SMEs are an important source of innovation and the predominant form of business organization, the European Commission has repeatedly emphasized the importance of digital business transformation and the need to support the digitalisation of SMEs. Our study aims to analyse the degree of digitalisation of SMEs in EU countries and the obstacles they face in digitizing their business. In addition, we aim to examine the extent to which the use of various forms of digital technology could stimulate the growth of SME performance. The analysis covers the 27 EU member states and is mainly based on data provided by the European Commission and the OECD, as well as information provided by European Investment Bank surveys. Our paper complements the literature focused on the digitization of SMEs, especially by highlighting the gaps between EU countries in terms of digitization of the SME sector, but also by empirically examining the impact of digital technologies on the performance of SMEs in EU countries. Through its content, our study emphasizes the crucial importance of digitizing SMEs so that these companies are drivers of economic growth and development of countries. The results of our research may be of interest to both researchers concerned with business digitalisation and decision-makers at various levels, who should prioritize the identification of appropriate measures to stimulate digital innovation and investment in information and communication technology infrastructure.

Entrepreneurship is recognized as one of the factors stimulating economic growth and increasing economic competitiveness. In addition, the Europe 2020 Strategy has focused its attention on entrepreneurship as a key factor of economic growth, social progress, and employment. In this context, our study examines the role of entrepreneurial performance for sustaining the development of countries, focusing on a sample of European countries. We attempt to reveal if increasing entrepreneurial performance would have significant influence on improving the economic position of countries and their future economic development. Starting from the OECD-Eurostat Entrepreneurship Indicators Programme we use a set of entrepreneurial performance indicators as independent variables and examine to what extent they can influence competitiveness and economic growth, seen as dependent variables of the models. We focus on a period of 10 years (2008–2017) and we apply panel-data estimation techniques. Because the period considered includes the period of the last international financial crisis, we also include in our analysis a dummy variable. Our results emphasize that the changes in entrepreneurial performance play a significant role in enhancing national competitiveness and economic growth. Our findings contribute to the expansion of literature in the field by providing evidence on the correlation of indicators that measure entrepreneurial performance with national competitiveness and economic growth. Moreover, our findings point out the need of the policy makers to adopt measures and policies that help and stimulate entrepreneurs to become more performant because they can generate positive effects to the economy as a whole. [ABSTRACT FROM AUTHOR]

The European integration process has a direct impact on all the components of the macroeconomic environment. The existence of a well functioning and sound banking sector becomes of great importance for the integration process as the European Union economy is financed especially through this channel. The banking sectors of the new EU member countries have undergone through tremendous changes in the last decade, both from an ownership and also from a business strategy point of view, these changes having a direct impact on their financial soundness. Thus, the aim of our research is to empirically examine the financial soundness of the banks operating in Bulgaria, Czech Republic and Romania, three EU members countries from Central and Eastern Europe (CEE-3). In order to achieve this we have employed a combine quantitative analysis based on the CAMELS framework (namely Capital Adequacy, Asset quality, Management soundness, Earnings, Liquidity, Sensitivity to market risk) and the Z-score, thus being able to underline simultaneously the financial soundness and the possibility of default for the banks from our sample. The analysed period is 2004-2011 providing us with an evaluation of the impact that the EU ascension and also the global financial crisis had on the financial soundness of the analysed banks. Our sample is composed from 40 commercial banks that operate in Bulgaria, the Czech Republic and Romania, that overall own over 75% of the total banking assets, making this study one of the most comprehensive undertaken to this date. The data that we have employed in our research is obtained from the Bureau Van Dijk Bankscope database and the annual financial statements of the banks from our sample. The paper through its original dual approach contributes to the academic debate by providing not only insight into the financial soundness of the banks operating in the CEE-3 countries but also underling their financial strength through the usage of the Z-score. Thus, the topic of the paper is focused on a subject of great importance for the European integration process.

In recent years, most countries in Central and Eastern Europe, Member States of the EU, that we selected for the analysis (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania) have recorded a significant expansion of lending in foreign currency, which was one of the major factors of the accelerated growth of loans to economy. Such developments have led to an increase of indebtedness in foreign currency of the non-financial private sector, especially of the households and of the accumulation of major macroeconomics and financial imbalances. The issue of lending in foreign currency, the determinants of increasing the share of loans in foreign currency and the risks generated at the level of financial stability are the subject of numerous studies, including: Basso, Calvo-Gonzales and Jurgilas (2007); Rosenberg and Tirpak (2008); Csajbók-Andras et al. (2010); Zettelmeyer, Nagy and Jeffrey (2010). Another significant issue addressed in the specialized literature regarding foreign currency loans refers to the role of monetary policy in limiting growth of these loans. Thus, in addition to those noted studies we remark other studies, such as: Kiss et al. (2006); Sirtaine and Skamnelos (2007); Hilbers et al. (2006); Brzoza-Brzezina et al. (2010). Our paper complements the specialized literature on the approached subject, in particular, by highlighting and discussing current issues of high interest for policymakers, both at national and European level regarding lending in foreign currency. The extremely negative implications of lending in foreign currency on financial stability in most countries under review, outlined clearly in the context of the current crisis, determined the focus of the policymakers concern, both at European and national level, regarding the issue of foreign currency loans, which became one of the most discussed issues on the agenda of the monetary-financial authorities. The aim of our research is to comparatively underline, based on the example of the panel countries, a few stylized facts about lending in foreign currency, and also the main factors which determined the growing share of loans in foreign currency, the risks for financial stability generated by the loans denominated in foreign currencies and the challenges that arise for the monetary-financial authorities, both at national and European level, in the current context and in the post crisis period. The methodology used in our paper starts with an extensive literature review in order to underline the importance of the research theme approached. The analysis is based on information and statistical data provided mainly by the official statistics of the ECB, IMF, EBRD, Raiffeisen Research, different reports, studies and researches. Through the content of our research we want to underline the crucial importance of a rigorous monitoring of the foreign lending activities undertaken by the central banks and the supervisory authorities in order to limit the risks and to ensure the financial stability at EU level.

Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs) have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited availability and even lack of statistical data regarding the SMEs financing situation from various countries, including Romania, impose certain limits to the researches in the field, which can be overcome as policy makers realize the vital importance of developing and monitoring specific indicators regarding the financing of this type of enterprises, such as the share of loans granted to SMEs, based on their size, experience and sectors of activity, that would be useful for public authorities, creditors and investors.

The process of transmitting monetary policy impulses to the real economy presents o series of particularities from one country to another, mainly because of the diversity of financial systems. Thereby, the functionality of various monetary policy transmission channels is significantly influenced by the specific features of each country's financial system. The objective of this paper is to highlight some of the key features of the monetary policy transmission mechanism in Romania, taking into consideration the dominant role of the banking sector in the national financial system.

The short- and long-term effects of public debt on economic growth in EU countries is analyzed in this paper, using data that covers a period of 25 years (1995–2019). For public debt, we used a proxy general government gross debt (as a percentage of GDP), while for economic growth, we used the real GDP per capita growth rate. In addition, our models include a set of control variables to highlight the impact of other determinants on economic growth. We utilized several econometric methodologies related to ARDL (autoregressive distributed lag models), such as the pooled mean group (PMG), the mean group (MG), and the dynamic fixed effects (DFE) models. The results of the study show that in both the short and long term, an increase in public debt is negatively and significantly associated with economic growth. Specifically, in both the short- and long-term analyses, the estimated coefficients of public debt were statistically significant and negative, while the magnitude of the negative impact on economic growth differed. In view of these findings, we consider both the rigorous monitoring of the level of public debt and the control of public allocation to support economic growth to be of major importance. [ABSTRACT FROM AUTHOR]

The increase in [O.sub.2] tension after birth is a major factor stimulating ductus arteriosus (DA) constriction and closure. Here we studied the role of the mitochondrial electron transport chain (ETC) as sensor, [H.sub.2][O.sub.2] as mediator, and voltage-gated potassium ([K.sub.v]) channels and Rho kinase as effectors of [O.sub.2]-induced contraction in the chicken DA during fetal development. Switching from 0% to 21% [O.sub.2] contracted the pulmonary side of the mature DA (mature pDA) but had no effect in immature pDA and relaxed the aortic side of the mature DA (mature aDA). This contraction of the pDA was attenuated by inhibitors of the mitochondrial ETC and by the [H.sub.2][O.sub.2] scavenger polyethylene glycol (PEG)-catalase. Moreover, [O.sub.2] increased reactive oxygen species (ROS) production, measured with the fluorescent probes dihydroethidium and 2',7'-dichlorofluorescein, only in mature pDA. The [H.sub.2][O.sub.2] analog t-butyl-hydroperoxide mimicked the responses to 02 in the three vessels. In contrast to immature pDA cells, mature pDA cells exhibited high-amplitude [O.sub.2]-sensitive potassium currents. The Kv channel blocker 4-aminopyridine prevented the current inhibition elicited by [O.sub.2]. The L-type [Ca.sup.2+] ([Ca.sub.L]) channel blocker nifedipine and the Rho kinase inhibitors Y-27632 and hydroxyfasudil induced a similar relaxation when mature pDA were stimulated with [O.sub.2] or [H.sub.2][O.sub.2]. Moreover, the sensitivity to these drugs increased with maturation. Our results indicate the presence of a common mechanism for [O.sub.2] sensing/signaling in mammalian and nonmammalian DA and favor the idea that, rather than a single mechanism, a parallel maturation of the sensor and effectors is critical for [O.sub.2] sensitivity appearance during development. oxygen sensing; potassium channels; hydrogen peroxide doi:10.1152/ajplung.00092.2009.

Theory and practice suggest that entrepreneurship is the engine of economic growth. The speed with which a nation moves from economic growth to economic development depends on the performance of entrepreneurial initiatives. Given the role played by entrepreneurship for the development of an economy, increasing its performance can help the development of national markets and the increase in national competitiveness. The main objective of our paper is to investigate the link between entrepreneurial performance and economic development of countries. The research was carried out on a sample of 27 European Union countries in a period of twelve years. We used panel data regression models. As dependent variables for expressing the economic development, we considered the global competitiveness index and the gross domestic product per capita growth. As independent variables, we used a set of indicators measuring entrepreneurial performance. Our findings highlight the significant role played by increased entrepreneurial performance for enhancing the economic development of EU countries. We also find that some indicators expressing entrepreneurial performance might have different effects on the economy depending on the stage of economic development of countries. Our research provides empirical evidence regarding the need for performant entrepreneurial activities for enhancing economic development. [ABSTRACT FROM AUTHOR]

The economic situation determined by the effects of the financial crisis in 2008-2010 has determined the governments of the countries worldwide to take into account the implementation of New Public Management (NPM). Even if for many years the proponents of this concept pointed out its ability to improve the public administration performance, most of the studies on this subject highlight the features regarding the quintessence of the concept and theoretical backgrounds with some anecdotal evidence and insights, by using different indicators to measure the results. This study provides a more comprehensive and metaanalytical analysis of EU countries' public sector performance and tests the long-term implications and specific context of the economic cycle. By using factor analysis, we summarize the opportunity indicators and Musgrave standard indicators and we calculate the public performance index during the period 2000- 2014. The need for an innovative and performant public sector is generally recognized. The empirical results show that EU countries have some uninspired mechanisms to conduct the reform in the public sector and show preference for pro-cyclical policies; consequently, the wagering political stakes hamper the implementation of NPM-related mechanisms and result in poor performance at the EU level. The study reveals the limitation of the proactive governments in 2009, when the financial crisis worsened and only a few governments showed a positive directional indicator of public performance (Malta, Poland and Luxemburg, with very low results). [ABSTRACT FROM AUTHOR]

The significant role played by youth entrepreneurship for the economic growth of countries has shift the attention of researchers to the potential entrepreneurs, and how to stimulate the enter on the market of new and innovative individuals which might have positive effects on economic development. The present research is conducted to identify the influence of some characteristics of business environment and of access to financial resources on entrepreneurial intentions of faculty students from one of the largest universities of Romania. We conducted the study on a sample of undergraduate and master students, by applying a questionnaire. The main objectives of this paper are to analyze how the young potential entrepreneurs perceive the access to finance for start-ups and if this factor would be a significant predictor of the decision to become entrepreneurs of the students. In addition, our study discusses how policy makers could provide support for young people to create innovative businesses, from a financial perspective. Our findings show a high level of entrepreneurial intentions among the interviewed students, but also that easy access to financial resources is the most important obstacle identified by the students with entrepreneurial intentions. Young entrepreneurs encounter significant obstacles in trying to obtain the necessary financial resources, because they do not have a market history or sufficient guarantees. Access to information and fewer business regulations were also identified as factors with a significant contribution on entrepreneurial orientation of youth. The implications of the study are significant for potential policy intervention, because emphasize the need of the policy makers to stimulate young entrepreneurs by promoting policies that allow young entrepreneurs greater access to finance. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper analyses the main economic factors that are influencing the competitiveness of Central and Eastern European (C.E.E.) countries. The research was carried out on a sample of ten countries (Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovenia and Slovakia), over the period 2004-2016. These countries were grouped by their stage of economic development, respectively: efficiency driven economies, in transition between efficiency and innovation and innovation driven economies. An econometric analysis on panel data was used, considering as a dependent variable the competitiveness of a country, quantified by the Global Competitiveness Index. As independent variables, we took into account a set of seven macroeconomic and business environment indicators which could have an impact on a country's competitiveness. The results obtained show important differences between countries, but also some resemblance. Although all the considered countries are emerging ones, the factors that have a significant influence on the competitiveness differ significantly. Thereby, if for efficiency-driven countries, G.D.P., inflation rate, trade, labour productivity and costs are important determinants of competitiveness, for innovation-driven countries the determinants of competitiveness are: G.D.P., inflation rate, tax rate, F.D.I., trade and costs. As regards the C.E.E. countries in transition only G.D.P., inflation rate and labour productivity are determinants of competitiveness. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Entrepreneurship is considered a significant determinant for the economic development of a country but is also important for new job creation and innovation. Understanding and examining the factors which affect the decision of individuals to become entrepreneurs play a significant role for the decision makers in order to identify the adequate measures that can support and develop the entrepreneurial activity. The main purpose of this paper is to identify the key factors that determine entrepreneurial motivations of individuals, but also to analyze empirically the impact of these factors for a sample of 18 countries members of the European Union, for a period between 2002 and 2015. We performed our empirical analysis using data offered by the Global Entrepreneurship Monitor and the World Bank. We used panel data regression models. As dependent variables for our econometric models, we used, alternatively, total entrepreneurial activity rate, necessity driven entrepreneurial activity, and opportunity-driven entrepreneurial activity. As regards the independent variables considered, we took into account six macroeconomic indicators and four indicators which measure the perceptions and attitudes regarding entrepreneurship. The results of the panel data regression models show that the entrepreneurial motivations are influenced by the level of economic development of a country and total tax rate (only necessity entrepreneurs), unemployment rates, inflation rates and access to financial resources. Also, all the considered perceptual indicators (fear of failure, entrepreneurial intentions, perceived capabilities, and opportunities) have a significant effect on entrepreneurship according to its motivation, but these effects differ according to the motivation of individuals. Overall, this paper emphasizes that the economic conditions from an EU country but also the perception of entrepreneurs are important determinants of entrepreneurial motivation. [ABSTRACT FROM AUTHOR]

Climate change is a major threat for our planet, with major negative impacts on economies and populations. International and regional organizations, nongovernmental organizations, and governments have joined forces to take meaningful action against it. The European Union has also prioritised the fight against climate change, creating and implementing economic measures as part of its evolving environmental policy. The aim of our paper is to empirically evaluate the effects of environmental taxes on greenhouse gas (GHG) emissions in 20 European countries, in the time frame between 1994 and 2012. Our research is based on data collected from the OECD database, using panel data estimation techniques. In our paper, we analyze the direct effect of environmental taxes on GHG emissions, as well as the indirect effect resulting from environmental expenditures, which are used as control variables. The empirical results we obtained, based on fixed-effect estimates, show that the direct effect of environmental taxes (energy taxes and other taxes) on GHG emissions is negative and statistically significant. Moreover, our findings show that environmental expenditures do not have a significant impact on greenhouse gas (GHG) emissions. Overall, our paper underlines that environmental taxes are extremely important in order to reduce pollution and improve environmental quality in European countries. [ABSTRACT FROM AUTHOR]

Entrepreneurship plays a major role in national economies, being considered one of the main engines of economic growth, and an important contributor to creating new jobs and innovations. Identifying the main determinants of entrepreneurial activity is important for helping the decision makers in adopting adequate measures to support the creation and development of new businesses. The turbulent economic environment in recent years dominated by economic and financial crises, resulting in a reduction in economic growth but also in an increase in unemployment, has led decision makers to turn their attention again to the determinant factors of entrepreneurship. Starting from those stated above, through this paper we aim to investigate the impact of some macroeconomic, individual and business environment-related factors on the dynamics of entrepreneurial activity in 18 European Union (EU) countries for a period of 14 years (2002-2015). We use three regression models and we apply panel data fixed effect model approach. The results of our study highlight that inflation rate, foreign direct investments, access to finance and total tax rate are the main macroeconomic determinants of entrepreneurship. Also, we find that all individual business-related factors considered in the analysis have a significant impact on total entrepreneurship rate. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Small and medium enterprises are an important part of a country's economy and are a significant source for creating value added, employment, innovation and economic growth. Because of this improving their performance is a major concern of the specialists in the field. Through this paper we intend to evaluate the evolution of the SMEs performance between 2008 and 2014, but also to determine the factors that are influencing the growth of the value added of SMEs in the Central and Eastern European countries. In order to achieve the objectives proposed we use as methods the comparison of indicators and multiple linear regression models. The results obtained show that a part of the considered macroeconomic performance indicators, such as: total tax rate, exports of goods and services and private final consumption are statistically significant and have a strong influence on the SMEs performance. Also we observe important differences according to firm size. [ABSTRACT FROM AUTHOR]

Improving SME's performance is a major concern because they are a significant source for creating value added, employment, innovation and economic growth. Through this paper we analyse the evolution of the SMEs performance in terms of employment in the last years, and we try to determine which of the macroeconomic performance indicators are influencing the growth of SME's employment in seven CEE countries. To achieve the objectives we use correlation and multiple linear regression models on panel data. The results show that GDP, total private final consumption, gross capital formation and wages have a strong influence on SMEs employment. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of our paper is to empirically investigate the impact of the changes in macroeconomic environment on the financial soundness of the banking sector (as measured by bank Z-score) in 11 Central and Eastern European countries, over the period 2000-2014. The results of our empirical study indicate that the financial soundness of the banking sector in our sample countries is heavily influenced by unemployment and inflation rates, foreign exchange rate, current account balance, public debt, and financial depth. Overall, our study underlines the crucial importance of ensuring a healthy and sound macroeconomic environment for the financial soundness of banks. Also, our research highlights that, out of all the macroeconomic factors analyzed, the dynamics of bank credit to the private sector is the main risk factor for the soundness of the banking sector in CEE countries, which calls for its rigorous monitoring. [ABSTRACT FROM AUTHOR]

The Central and Eastern European countries have experienced significant imbalances starting with 2008 that have affected their business environment profoundly. Thus, the firms operating in the region have faced, and continue to face, difficulties and major challenges. Through this paper we aim at analyzing the key indicators that characterize the business environment of a country, and by analyzing their values through time, we want to compare the situation from ten countries from CEE. We analyzed the indicators for a period of eight years, between 2007 and 2014. This period presents interest because it comprises the period of the recent financial crisis. By using indicators characterizing the business environment we analyze the ease of doing business, but also the ease of getting credit, domestic credit to private sector and reforms adopted in order to improve the access to credit by the CEE countries. We also analyze the time needed to start a business and the regulations regarding start-ups, which may encourage or discourage the new firms to enter the market. The results obtained show that the CEE countries are starting to recover from the current financial crisis, but are still lagging behind the developed countries of the European Union. However, the business environment has registered a series of improvements in the majority of the analyzed countries in the last two years, improving especially the areas of starting a business, getting a credit and paying taxes. [ABSTRACT FROM AUTHOR]

The aim of our paper is to identify the main determinants of entrepreneurial motivations and to empirically evaluate their impact in 18 EU member states, over the period 2002-2014. The empirical analysis is performed based on data from the Global Entrepreneurship Monitor and the World Bank. In the econometric model, we considered as dependent variables, alternatively, opportunity-driven entrepreneurial activity and necessity-driven entrepreneurial activity. As independent variables we took into account 11 factors that could have an impact on the motivations of entrepreneurs. The empirical results indicate that the motivation of entrepreneurial activity is influenced by unemployment rates, inflation rates, tax rates, domestic credit to private sector, fear of failure, entrepreneurial intentions and perceived capabilities. Overall, our study highlights that macroeconomic conditions and the perception of the entrepreneurs about entrepreneurial activity are affecting significantly and with opposite signs the entrepreneurial activity depending on the motivation of entrepreneurs (opportunity or necessity). [ABSTRACT FROM AUTHOR]

The relation between the level of implementation of environmental practices and corporate financial performance (CFP) becomes important, especially when environmental policies, with corresponding standards and regulations, are adopted by the company on a voluntary basis and when companies' economic activities affect stakeholders. In our research, we relate environmental practices with CFP by designing a way of measuring a particular environmental rating for which we didn't found any similar approach in the bibliographical references. Our results show that there is a significant difference in CFP between companies adopting environmental policies and those which are not adopting environmental policies. We used as financial measures Return on Assets (ROA), Return on Equity (ROE), and Price to Book Value (PBV) on a sample of 21 companies from the manufacturing industry listed on the Bucharest Stock Exchange (BSE), over the period of 2011-2013. [ABSTRACT FROM AUTHOR]

In this paper we analyze whether the Romanian economic context confirms the Armey model, and present the relationship between public spending and economic growth that may offer a suitable basis for decision makers. The analysis is based on both annual and quarterly data regarding public spending and economic growth in Romania. After investigating the correlation validity, the analytic results did not confirm the premises related to the Armey Curve for the Romanian context during 1990-2011. However the time interval is marked by unpredictable phenomena such as the transition from the state economy to the market economy and the world financial crisis, both is altering the results. The fact determines us to search the coordinates for developing a new model that describes better the connections and the period characteristics. [ABSTRACT FROM AUTHOR]

Improving access to finance for SMEs by promoting the development of alternative non-banking financing channels represents in the current context a highly debated topic by European and national authorities, and academics. This paper discusses the possibility of EU28 SMEs financing through the capital markets, highlighting the difficulties faced by SMEs when seeking to obtain finance in these markets, but also the funding opportunities based on the market that have emerged in recent years. Furthermore, our study highlights the main recent EU initiatives used to develop alternative sources for SMEs financing, which are intended to complement bank lending. By its content, our paper emphasizes the need to promote and develop of market-based financing instruments in order to reduce excessive dependence of SMEs by banks, but also to strengthen the resilience of real economy to shocks and banking crises. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)