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The hastened rhythm of Romania’s economic development achieved at the beginning of the XXth century, has made our country appealing for some foreigner citizens both from the nearby countries and the Western and Central Europe: Germany, Austria, France, Swiss, Italy, Czechoslovakia. Many of them have chosen to live in our country because they found here an affordable and easy living but also a broad field of activity. Together with Romanians, foreign citizens who developed businesses in Craiova, have played an important role in the economic development of the town, lots of them owning different affairs. Furthermore the ethnical minorities benefited in Romania from rights and liberties that allowed them to preserve and promote their ethnical and cultural specific

In this study I present a few commercial units owned by Jews and other foreigners, and those units in which they had legal status as counterpart or associate and how they developed their activity in Craiova, in the first three decades of the XXth century, the chronologic upper line being the world economic crisis (1929–1933). For this purpose I used the information found in archive funds as well as those published in the Official Monitor in the above mentioned period. My object is to identify less popular merchants, reason for I left out those who stood out in the history as a significant presence in the social-economic dynamic of town: Samitca, Benvenusti, Eschenasy, Mendel, Baruch, Nachmanson, etc.

En este trabajo utilizamos datos de la muestra PITEC para analizar la cooperación (fuera del grupo) para la innovación realizada en España por las industrias manufactureras TIC (CNAE 30, 32 y 33; unas 2.000 observaciones para 2004-2008). Buscamos detectar los aspectos con más incidencia en la probabilidad de cooperar o no así como la posible existencia de diferencias por dinamismo tecnológico internacional o por características de la empresa. Centramos nuestra atención en la intensidad (respecto a la media de la industria CNAE en que opera la empresa) en gastos y actividades innovadoras, en personal dedicado a la I+D, en esfuerzo interno (fondos propios destinados a actividades innovadoras e importancia de las fuentes internas como recurso para la innovación) y controlamos por ciertos aspectos estructurales como el tamaño (cifra de ventas), el mercado objetivo, las exportaciones y el resultado innovador (porcentaje de productos nuevos en la cifra de ventas). Encontramos mayor propensión a cooperar entre empresas con esfuerzos en actividades de innovación y personal en I+D por encima de la media de la industria. Las empresas individuales cooperan más si intentan acceder al mercado europeo y son capaces de complementar la cooperación con el recurso a fuentes internas para la cooperación. También hay efecto favorable de la intensidad innovadora sobre la cooperación en grupos nacionales en sectores tecnológicamente dinámicos (vinculados a la informática, CNAE 30 y 32); en estas industrias la cooperación por parte de filiales de EMN depende favorablemente de los fondos propios. En la industria de instrumentos ópticos (menos dinámica tecnológicamente) cobra especial atención la vocación innovadora y la dimensión de mercado de las empresas; además, la cooperación es una forma de superar las dificultades económicas para la innovación. Los fondos propios son complementarios a la cooperación en industrias dinámicas y sustitutivos en las no dinámicas We use data from PITEC sample to analyse domestic cooperation (outside the business group) for innovation performed by ICT manufacturing industries (CNAE 30, 32 and 33, around 2,000 obs. for 2004-2008). We focus on factors that impact on the probability to cooperate or not and on the possible existence of differences by international technological dynamism. Our interest variables are intensity (as compared with CNAE industry average in which firm operates) in expenses and innovative activities, personnel dedicated to R & D, internal effort (own funds for innovative activities and importance of internal sources as a resource for innovation) and certain structural aspects such as size (sales), target market, exports and innovative output (percentage of new products over sales). Overall, we found that domestic cooperation is more likely among companies that maintain both an effort in innovation activities and R&D personnel above the average for the industry in which they operate. Individual companies cooperate more if they try to enter the European market and if they are able to complement cooperation with the use of internal sources for innovation). There also is a positive effect of innovative intensity on cooperation for national groups in technologically dynamic sectors (related to information technology, NACE 30 and 32); in these industries cooperation by subsidiaries of MNEs depends positively on the existence of own resources devoted to innovation. In the optical industry (less technologically dynamic) the innovative vocation of firms and the size of their market target is particularly relevant; on the other hand, cooperation is a way to overcome economic difficulties for innovation. Own resources are complementary to cooperation in technologically dynamic sectors and substitutive in non-dynamics

The Central America region is a small market. The region contains around 43 million inhabitants (0.6 percent of total world population) who generate around 0.25 percent of the world's Gross Domestic Product (GDP). While the region has successfully embarked on a regional integration agenda and has strong commercial links with the US, extra-regional trade-mainly with large fast-growing emerging economies-remains a challenge. Export performance is analyzed along three dimensions that, together, give a fairly comprehensive picture of competitiveness: 1) the composition, orientation and growth of the export basket; 2) the degree of export diversification across products and markets; and 3) the level of sophistication and quality of their main exports. This analysis allows exports dynamics at the different margins of trade (intensive, extensive, and quality) to be evaluated and individual countries' to be benchmarked with peers in the Central American region. The results of this report allow policy makers to identify key areas to explore in the overall discussion of export competitiveness in the Central American region. This paper relates to the literature on challenges and opportunities that trade liberalization can bring to the Central American region. Much of the recent literature focuses on the role of the free trade agreement negotiated by Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua, with the US.

What do we know about the links between economic development and corporate governance in emerging markets? Stijn Claessens and Burcin Yurtoglu have sifted through scores of academic studies on various countries, sectors, and business organizations - from state-owned enterprises to publicly listed companies - to determine how corporate governance can influence economic development and well being, and what is needed to promote good practices. The Focus 10 draws on new evidence that has become available since Focus 1: Corporate Governance and Development was published in 2003. While the paper reviews research literature, it is written to be accessible to the nonacademic audience: board members, investors, government regulators, development professionals, and other CG practitioners. Research findings sited in the Focus include: 1) improved corporate governance practices increase firm share prices; 2) operational performance is higher in better corporate governance countries; 3) well governed companies have less volatile stock prices in times of crisis; 4) companies with boards composed of a higher fraction of outsider or independent directors usually have a higher market valuation; 5) improvements in corporate governance quality lead to higher GDP growth, productivity growth, and the increased ratio of investment to GDP; 6) when a country's overall corporate governance and property rights systems are weak, voluntary and market corporate governance mechanisms have limited effectiveness; 7) large, more concentrated ownership can be beneficial, unless there is a disparity of control and cash flow rights; 8) the quality of shareholder protection positively correlates with the development of countries' capital markets; and 9) better corporate governance leads to a better developed financial system. The paper concludes by identifying several main policy and research issues that require further study. For example, more research is needed on family-owned, state-owned or controlled firms that predominate in many sectors and economies. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.

The recovery of global growth that started in 2010 began to weaken in 2011. During the first half the falloff was linked to the Tohoku nuclear disaster in Japan and high oil prices, but by the end of July, temporary effects from Tohoku were starting to fade and global industrial production was rising. However, since August the global economy has come under increasing stress from the sovereign debt problems in Europe, anemic growth in the US, and a slowdown in China and other main emerging markets. The latest leading indicators and forecasts point to a further slowdown in growth in Europe. Meanwhile, risks remain of a double-dip recession in the US and sharper slowdown in the large emerging economies. Near term developments depend critically on factors that are largely beyond the control of governments. As this is being written, leaders of the major European Union (EU) countries are still seeking to implement a set of credible policies to establish an orderly process for managing sovereign debt in Greece, to prevent risks from spreading to other economies in the euro zone, to recapitalize banks affected by likely sovereign debt write downs, and to establish a more unified and effective fiscal framework for euro zone (EZ) states. Uncertainty over their ability to successfully conclude this process, as well a series of ratings downgrades, stock market volatility and uncertainty over US deficit policies have shaken investor and business confidence and kept consumers wary. Most forecasters have already reduced their projections for global growth in the US and the EU by a percent or more.

This paper attempts to use network theory, drawn from recent work in sociology, engineering, and biological systems, to suggest that the current crisis should be viewed as a network crisis. The author surveys the concepts of networks, their defining characteristics, applications to financial markets, and the need for supervision and implications for national and global governance. Then, author briefly examines the current financial crisis in the light of the network analysis and surveys the recent reforms in financial regulation and architecture. The paper concludes with an analysis of the policy implications of network analysis.

Real Gross Domestic Product (GDP) growth rate was 9.9 percent in 2007. Economic growth has been primarily driven by agriculture (which contributed 3.4 percentage points to economic growth), and services (which contributed 4.3 percentage points). In the agriculture sector, the December 2007 annual livestock census reported an increase of 15 percent of livestock from 34.8 to 40.3 mln livestock, with the number of goats, sheep and cattle increasing by 18, 15 and 14 percent respectively. While most of the foreign direct investment (FDI) coming into Mongolia continues to go to mining, its value-added only grew by only 1.7 percent this year (mainly came from coal extraction). On the non-bank side, the financial regulatory commission has been making efforts to improve the legal and regulatory framework, however, its weak institutional capacity and resource constraints continue to be a major impediment in effective supervision. Several key laws relating to the financial sector need to be finalized. Efforts have been made towards resolving immediate issues relating to the closed savings and credit cooperatives, developing the insurance industry and developing a framework and institutions to develop the mortgage market. However, several laws and enabling regulation still need to put in place before benefits of increase in financial sector efficiency (lower cost of financing) can be fully realized.

Over the past four decades Africa has diverged from other developing regions and is now the poorest region in the world. This paper offers an explanation of Africa's slow growth in terms of its distinctive economic and human geography: its high dependence upon natural resource exports, the many landlocked countries, and the high ethnic diversity of the typical state. It discusses how key economic policy choices, especially trade and fiscal policy, and assistance from the international community, need to tailored specifically to these distinctive circumstances. Part one of this paper sets out an explanation for why this happened and whether it is likely to recur, using the building blocks of economic geography. Africa is distinctive both in its physical geography and its human geography and these have shaped its opportunities. Part one has three sections. Section two considers the implications of Africa's distinctive physical geography. It accounts for some of Africa's slow growth and suggests how strategies will need to differ radically among Africa's countries. In section three author turn to its distinctive human geography and the political problems that this has created. To a considerable extent these problems recently have been surmounted: Africa's human geography may explain delayed take-off rather than predict persistent stagnation. Finally, in section four, author consider three interactions between physical geography and human geography that generate intractable problems that are likely to require both regional action and international assistance in various forms. Part two uses the analysis of part one to consider policy options. Section five discusses options for African governments. Section six focuses on the supporting actions that can be taken by governments outside Africa and by international agencies. Section seven offers a brief conclusion.

More than regulations, laws on the books, or voluntary codes, enforcement is a key to creating an effective business environment and good corporate governance, at least in developing countries and transition economies. A framework is presented to help explain enforcement, the impact on corporate governance when rules are not enforced, and what can be done to improve corporate governance in weak enforcement environments. The limited empirical evidence suggests that private enforcement tools are often more effective than public tools. However, some public enforcement is necessary, and private enforcement mechanisms often require public laws to function. Private initiatives are often also taken under the threat of legislation or regulation, although in some countries bottom-up, private-led initiatives preceded and even shaped public laws. Concentrated ownership aligns incentives and encourages monitoring, but it weakens other corporate governance mechanisms and can impose significant costs. Various steps can be taken to reduce these costs and reinforce other corporate governance mechanisms. But political economy constraints, resulting from the intermingling of business and politics, often prevent improvements in the enforcement environment and the adoption and implementation of public laws.

After decades of high trade restrictions, fiscal distortions, and currency overvaluation, Cameroon implemented important commercial and fiscal policy reforms in 1994. Almost simultaneously, a major devaluation cut the international price of Cameroon's currency in half. This article examines the effects of those reforms on the incentive structure faced by manufacturing firms. Did the reforms create a coherent new set of signals? Did they reduce dispersion in tax burdens? Was the net effect to stimulate the production of tradable goods? The results of applying a cost function decomposition to detailed firm-level panel data suggest that the reforms created clear new signals for manufacturers, as effective protection rates fell by 80 to 120 percentage points. In contrast, neither the tax reforms nor the devaluation had a major systematic effect on profit margins. The devaluation did shift relative prices dramatically in favor of exportable goods, causing exporters to grow relatively rapidly.