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This paper examines the influence of the capital flows on the real exchange rate of the Romanian leu against euro. Many studies which are analysing the fundamental determinants of the exchange rate of the leu, show that the appreciation of the currency, before the financial crises from the last years, was due to the real convergence of the Romanian economy. In our study we have showed that the capital account contributed to the appreciation of the leu, rather than the influence of the Harrod-Balassa-Samuelson effect. We found a long-run relationship among the real exchange rate, foreign direct investments and workers remittances from abroad

The global financial and economic crisis has revealed that the missing pillar of financial stability architecture was the macroprudential approach of the financial supervision and designing of the prudential policy is considered one of the key elements of the post-crisis reforms. The micro-and macro-prudential regulation framework is currently going through a sustained process of revision, both at EU level and at national level. With the new financial supervisory architecture, due to the recent crisis, the area of macro-prudential instruments became much wider. The purpose of our article is to highlight the challenges and perspectives respectively, regarding the implementation of the macroprudential regulatory tools at European level, with reference to the national level.

In this paper we aim to study the effects of interest spending on public debt on the quality of a country’s public finances, in Romania and other developed and developing countries. Two different approaches have been taken into consideration. On the one hand, we showed that, when public indebtedness fails to promote economic growth and no compensatory measures are taken by governments, as budgetary expenditures raise and no additional ordinary revenue are available, government budget balances deteriorate and public debt further accumulates. On the other hand, it resulted that, when compensatory consolidation measures are undertaken in order to keep budget deficits and public debt under control, taxes are raised or public expenditures are reduced. As public capital expenditure is most often sacrificed, this alters the quality of public spending, due to the lower share of growth-enhancing expenditures.

Microfinance in general and the microcredit especially has a major role in the economic growth of a country and an important social impact, supporting the social inclusion. Moreover, its role becomes more vital, if we take into account the major negative effects of the recent financial crisis, because it can significantly contribute to the creation of new jobs and new added-value generating activities. Such considerations make the development of the microfinance sector to be a priority on the working agenda of the European decision makers. On this background our research aims at underlining and discusses the recent evolutions but also the major characteristics of the European microfinance landscape. Through its content, our research seeks to highlight the vital necessity for supporting the development of the microfinance sector in the EU member countries for the recovery of the national economies

Verslininkystės vaidmens svarba ekonomikos augimui, naujų darbo vietų kūrimui ir inovacijoms, taip pat socialinės nelygybės mažinimui skatina akademikus ir įvairaus lygio politikos formuotojus vis labiau domėtis įvairių šalių verslininkystės dinamikos tyrimais. Siekiama nustatyti tuos segmentus, kuriems reikia viešosios valdžios institucijų paramos. Šio straipsnio tikslas - ištirti verslininkystės dinamiką 26 Europos Sąjungos šalyse narėse, priklausomai nuo tam tikros įmonės gyvavimo ciklo, atsižvelgus į pagrindinius mokslinėje literatūroje nurodytus rodiklius. Tyrime taikyta 2008-2015 m. laikotarpio metinių duomenų, gautų iš Pasaulio verslo stebėjimo (angl. Global Entrepreneurship Monitor) ataskaitų, aprašomoji analizė. Atsižvelgus į verslininkystės dinamiką, gauti rezultatai parodė įvairius skirtumus tarp šalių, ypač tų, kurių ekonomika išsivysčiusi panašiai. Pastebėta stipri koreliacija tarp šalių ekonomikos vystymosi lygio ir verslininkystės veiklos. Siekiant nustatyti verslininkystės skatinimui ir paramai tinkamas priemones, atlikta analizė turėtų būti naudinga tiek Europos, tiek nacionalinio lygio sprendimų priėmėjams. The important role of entrepreneurship in the economic growth, creation of new jobs and innovation as well as the reduction of social inequalities has led to an increasing interest of academics and policy makers at various levels in examining the dynamics of entrepreneurship in different countries, in order to identify the segments that require the utmost support of public authorities. Thus, the main aim of the paper is to investigate the dynamics of entrepreneurship depending on the lifecycle of business in 26 EU Member States with regard to the key indicators established in the literature. The research uses descriptive analysis techniques applied to the annual data provided by the Global Entrepreneurship Monitor for the period of 2008-2015. With regard to the dynamics of entrepreneurship the results of our research highlight the existence of major disparities among countries, especially those with similar levels of economic development, and a strong correlation of the level of the economic development of countries and the entrepreneurial activity. The analysis conducted in our study may prove useful to the decision makers at both European and national level, in order to identify appropriate measures to promote and support entrepreneurship.

Recent international financial crisis has highlighted the crucial importance of financial stability and showed clearly that ensuring price stability as an objective of monetary policy is a necessary but not a sufficient condition to ensure financial stability. In this context, there have been intensified debate among researchers and policy makers on how monetary policy can bring a major contribution to financial stability and even on the award of a clear mandate for financial stability. Our paper aims to highlight the challenges that arise for central banks and their monetary policy when they try to ensure the financial stability. Also, our study highlights the vital need for price stability on medium to long term to remain the primary objective of the monetary policy and that the financial stability to be the primary responsibility of macro-prudential policies that can prevent and limit the buildup of vulnerabilities in the financial system.

In the last two decades the usage of innovative financial instruments has increased in the European banking sector. Traditional instruments like loans sales have been complemented by new ones like the credit derivatives instruments. In this context, the aim of our research is to test if and how the usage of the credit derivatives instruments and the loans sales operations can be influenced by a series of banks characteristics. In order to achieve this we have used a multiple linear regression analysis, where the independent variables were represented by a series of banks characteristics, like banks size, their profitability or capitalisation ratio and the dependent variables were represented by the estimations made regarding the major European banks presence on credit derivatives and loans sales markets. The sample used was comprised from the major 20 banking groups located in the European Union and the analysed period was 2007-2009. The obtained results suggest that larger banks, well capitalised and strongly geographically diversified tend to be the most active in credit derivatives instruments operations, while loans sales operations tend to be dominated by the banks well diversified, highly capitalise and that have very good loaning opportunities.

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.

Over the past few decades, many financial innovations have ensured a more efficient allocation of resources, being thus considered an engine of economic growth, but at the same time, their rapid development complicated the environment in which central bank implements its policies. In this context, the aim of our research is to analyse the impact of financial innovation on the monetary transmission mechanism, highlighting how financial innovation affects these mechanisms both by altering the channels through which monetary policy operates and by changing the overall impact of monetary policy decisions. The results of our paper underline the fact that an appropriate knowledge of the mechanisms through which monetary policy affects the economy, especially in times of stress, is of crucial importance in order for the central bank to stabilise the economy and promote long-term economic growth. Hospitality industry development quidelines that concern the implementation of clean technologies, diversification of services and customer loyalty are influenced by the same global economic condition. Therefore, development and expansion plans of large global hotel groups are taken, mostly on short and medium time horizon.

Taking into consideration the necessity of stabilising the inflation rate at a level consistent with an economic policy strategy that assumes Romania will join the euro-zone at the earliest date possible the paper aims to underline the main aspects related to the implementation of the inflation targeting strategy in Romania by realising a comparatively analysis with the experience of other former socialist countries, like the Czech Republic, Hungary and Poland, which have successfully implemented this strategy, with good results in the disinflation process. The results of our paper highlight that the medium-term perspective of the monetary policy based on a direct inflation target lead to the enhancement of the flexibility of Romanian monetary policy in response to unexpected events and supported the preservation of low inflationary expectations, thus building up favourable foundations for high economic growth, despite the fact that the inflation rate hasn’t been yet stabilised at a low level in order to fulfil the inflation criterion, which is one of the conditions for euro-zone membership, this still representing a challenge for the Romanian authorities.

On the background of the current international financial crisis, the central banks of major developed countries took unprecedented action aimed at restoring the confidence in financial systems and at ensuring the normal functioning of the monetary policy transmission mechanism on the real economy. This paper aims to highlight the reactions of these central banks during the current crisis, especially analyzing the implementation of exceptional monetary policy measures aimed at correcting financial markets failures and at supporting the flows of credit to the real economy.

Ce mémoire propose d'analyser la représentation des femmes brésiliennes dans la presse féminine française au cours de l'Année du Brésil en France (mars-décembre 2005). L'un des objectifs de l'Année du Brésil était d'en présenter, au-delà des clichés, la richesse et diversité de ce pays qui occupe une place privilégiée dans l'imaginaire français. À travers l'étude d'un corpus constitué de 127 textes concernant ou mentionnant les Brésiliennes et recueillis dans 130 éditions de 16 titres de la presse féminine française, nous avons analysé si les magazines féminins avaient réussi à offrir à leurs lectrices une image plurielle des femmes brésiliennes. Appuyés sur des concepts tels que stéréotype, exotisme et sexisme, notre analyse a montré que la représentation des Brésiliennes dans les pages des féminins est très simplistes et chargée de clichés. En tant que diffuseur de représentations réductrices des femmes brésiliennes, la presse féminine française contribue au renforcement d'une image stéréotypée et sexiste des femmes en général.

The European integration process has had a great impact on the macroeconomic environment of the new member states, some effects being more visible than other. In this context it becomes interesting to analyse if the EU ascension has triggered an increase of the banks efficiency from a series of CEE countries (two from the first wave and one from the second wave of EU expansion). The analysed period is between 2003 and 2010, covering the first years after the EU ascension of these countries. In order to estimate the efficiency of the banks from our sample we have used a non-parametric technique, namely the Data Envelopment Analysis. The overall results are suggesting that there is a slight increase of the banks operating in these countries estimated efficiency between 2007 and 2010.

The aim of the present paper is to underline the international financial crisis implications on the monetary policy transmission mechanism at the European level. Our study illustrates the main features of the pass-through process in the light of recent financial tensions and the general impact of Eurosystem’s non-standard measures on the functioning of monetary transmission channels. Our results outline that pass-through process remained operational during the crisis and that unconventional measures ensured a proper functioning of transmission of monetary policy impulses to real economy. The extent to which this mechanism has been irreversibly damaged by the credit crunch is premature to determine and thus it would be misleading to draw definitive conclusions, especially when some non-standard measures are still in place and financial tensions persist.

In the last decades, financial innovation has been in the fore front of all the major changes which have affected the financial system, both at national and international level. Thus, the research of this subject has become a major field of research, its importance growing since the start of the current financial and economic crisis. In this context, the aim of this paper is to underline the impact of financial innovation on the stability and efficiency of the financial system while also taking into account the implications over the systemic stability of an economy. The results of our study highlight the need for a cautionary approach regarding the usage of financial innovations, as new financial instruments used excessively or in an inappropriate meaner, without proper regulations and supervision, can lead to financial instability and the accumulation of major systemic risks.

SME sector has an important role in national economies through its significant contribution to the creation of GDP and to increasing labour employment. The current crisis has seriously affected a substantial part of the SME sector in Romania, as in other world countries. Such an assessment can be explained by the fact that unlike large firms, SMEs are generally more vulnerable in times of crisis for several reasons, among which we mention: they can not reduce their size because they are already small, individually they are less diversified in terms of economic activities, have a weaker financial structure, they depend significantly on credit, have a lower credit rating, have fewer financing options due to limited access to financial markets. This paper aims to highlight the main effects of the current crisis on SMEs sector in Romania, the main problems it faces, and some anti-crisis measures taken by national authorities and some international institutions.

Le mémoire analyse la représentation des femmes brésiliennes dans la presse féminine française au cours de l'Année du Brésil en France (mars-décembre 2005). L'un des objectifs de l'Année du Brésil était de présenter, au-delà des clichés, la richesse et la diversité de ce pays qui occupe une place privilégiée dans l'imaginaire français. À travers l'étude d'un corpus constitué de 127 textes concernant ou mentionnant les Brésiliennes et recueillis dans 130 éditions de 16 titres de la presse fémi...

The major negative implications of the recent financial crisis, including those of the sovereign debt crisis, especially in the case of the euro zone, on the financial integration process have determined the adoption at the EU level of some significant measures, without precedent, aimed at enhancing the resilience of the European financial system and the consolidation of the financial stability. In this context, our research aims to underline on the one hand, some major implications of the international financial crisis on the financial integration and intermediation process, the adopted measures and on the other hand the debate regarding the content of the main proposals for the creation of the new institutional framework represented by the European Banking Union.

Bank loans are a vital resource for SMEs financing because of the reducedpossibilities of these firms to find alternative sources of financing. In the context of the currentcrisis, the access to loans for SMEs has deteriorated significantly due to lower availability of bankloans, that can hamper the exit from the crisis of these firms and the relaunch of the nationaleconomies. Moreover, the adoption of the new banking regulations by Basel III Accord raisesconcerns about their possible negative impact on bank financing of SMEs. In this context, our paperaims to highlight a few features of bank financing of SMEs in EU member states and to bring intoquestion the impact of new banking regulations on loans flow to SMEs.