Volume 21/2012

The relationship between economic development and fertility in Romania

Authors: Dănuţ Vasile JEMNA, Elena CIGU

Abstract: The economic, social and the demographic evolution of Romania is part of a larger picture that includes a number of Eastern European countries of the former communist bloc. Typical for them is not only economic and social transition process caused by the fall of communism, but also a process of demographic transition that is characterized by a negative natural growth, decreased fertility, demographic ageing. Studies have tried to highlight different explanatory theories for this decline, and the nature of the relationship between evolution of economic development and demographic evolution. In this study we intend to analyze causality relationship between economic growth and fertility in the last 22 years in Romania. The empirical study aims to study the existence of a long run relationship between the two phenomena, and using the Granger method to highlight the type of causality between economic growth and fertility. In addition, if we add the unemployment rate, we want to analyze the existence of cointegration relationships for all three variables, to test the hypothesis that the economic and social transition has an impact on fertility. The empirical results show a relationship between fertility and economic output and between unemployment and fertility also, and support the hypothesis of demographic developments in Romania in accord with the theory of demographic transition, which however takes into account the socio-economic context of a country in the transition process.

Keywords: fertility; economic growth; cointegration; causality

Pages: 5-15 | Full text (PDF)

Models for ascertaining the effects of religiosity upon consumer’s behaviour

Author: Radu Ionel URSANU

Abstract: The influence of the religion on the consumer behavior is a subject that is extensively studied. Religion is a significant cultural element which should certainly be investigated, because it represents one of the largest, universal and social institutions, with a powerful influence, which hall-marks in various ways the attitudes of individuals, their values and behaviours, on the personal, and the social, level as well. Our article is an overview of the models that contribute to measuring religiosity on consumer behavior. Based on these patterns we propose our own model.

Keywords: religion; consumer behavior; religiosity measurement model

Pages: 17-23 | Full text (PDF)

General characterization of rare earth elements

Author: Emilian M. DOBRESCU

Abstract: For the first time in economics use this phrase “rare earth economics” as a border discipline, which is holding up the subject of the Economy as General Science, to the subject of this new frontier scientific disciplines – rare earth economics – studying production, distribution, circulation and consumption of earth rare. This border is a science derived from Economics, whose object of study is rare earth production and use economy. On the Planet, over a quarter of new production technologies using rare earth economic goods, which are also called critical minerals and industries that rely on precious items worth an estimated nearly 5 trillion dollars, or 5 percent of world GDP. In the near future, competition will increase and local economic competition for control of rare earth minerals embedded in high-tech products. Rare minerals are in the twenty-first century what oil accounted for the twentieth century and coal XIX century: the engine of a new industrial revolution. In the periodic table, created by Russian scientist Mendeleev, you can see the position of rare earth – they occupy places from 57 to 71 of Table. Rare earth metals are a group of similar properties that include scandium (21Sc), yttrium (39Y) and 15 lanthanides, all chemicals are not rare, but highly reactive.

Keywords: critical metal; permanent magnet; rare earth; rare mineral; rare earth deposit; rare earth economy

Pages: 25-32 | Full text (PDF)

Verbriefung von Forderungen: Abgrenzung der ABS zu traditionellen Finanzierungsformen (Asset securitization: Difference of asset-backed securities to traditional financing methods)

Author: Andreea ALEXANDRU

Abstract: Financing through securitization can be seen, most probably as one of the most important financial innovation in the second part of the last century. Explained in simple words, securitization allows depository institutions, finance companies and other non – financial institutions to obtain liquidity from non – tradable assets they own, that otherwise could not be sold in liquid markets but would remain on their balance sheet until their maturity. Within the securitization process, a company partially “deconstructs” itself by separating certain types of illiquid assets from the risks generally associated with the owning company and is able to obtain funds by using these in the capital markets at a lower cost, than if it could have raised the funds directly by issuing more debt or equity. This technic allows for credit to be provided directly to market rather than through financial intermediation. This article shall emphasize from theoretical perspectives the major differences of asset securitization to other similar traditional financing technics, especially to factoring, forfaiting and Pfandbrief. Factoring, traditionally used in the textile industries, and forfaiting, just like securitization involves a sale of receivables in order to generate cash. However, given the superficial similarities between these financing methods it is very useful to compare them and understand when each applies. In certain circumstances, the principles used in securitization and factoring may be even combined in order to obtain even lower capital than through either the innovating securitization or old line factoring.

Keywords: securitization; liquidity; ABS; factoring; finance; forfaiting

Pages: 33-39 | Full text (PDF)

Emergences in the management of health services from Romania: Co-production and health in all collaboration in the treatment and rehabilitation of persons with substance addiction


Abstract: In the last period one can notice a high incidence of substance abuse (substance addiction) cases both in Romania and in other countries, becoming a problem to the modern society. Persons with substance abuse require long and expensive medical treatments, which are not always effective and do not guarantee the success. The new tools specific to the New Public Management and already functional in the US and Western countries must be implemented also in providing the social and medical services in Romania: co-production in public service and “health in all” collaboration. This article provides a brief overview of the importance of these new tools in the health system and points out the possibility of the adoption of the co-production through virtual communities of students process on the post-treatment services for people with substance addiction from our country.

Keywords: substance addiction; health service co-production; health in all collaboration; student virtual community

Pages: 41-49 | Full text (PDF)

Brain drain and competitive advantage in the context of globalization

Authors: Cătălina COZMEI, Margareta RUSU

Abstract: Technological innovation, lower and lower costs of transport and communication, and enlargement of trade and financial interdependence of countries have helped to mitigate the borders of nation states and more free and cheaper movements of goods, money, people. Thus, economic actors such as multinationals are forced, in order to survive on the market, to expand their activities beyond the national borders, a trend that is now supported by the migration of individuals who possess superior knowledge and training. Moreover, in the context of the new economy, power is held by those who own information, acquisition, possession and appropriate use of knowledge being the cornerstone of this new type of economy. In this economic ecosystem have emerged “cognitive domains” in which ideas are worth billions, while products cost less.

Keywords: brain drain; migration; competitive advantage; knowledge; human capital

Pages: 51-58 | Full text (PDF)

Institutional quality: Criteria, determinants and benefits

Author: Ioan POPESCU

Abstract: Understanding human behavior and institutions mutuality, the economic and political implications of this interdependence, increased the importance of institutions and institutional analysis in economic theory. The institutional quality of the economic and political system is paramount to the welfare of nations. In the absence of appropriate institutions, individuals do not always have the ability to recognize what is socially beneficial. A central question in social sciences and history is, therefore, why societies evolve along different paths of institutional development and prosperity and why others do not adopt institutions that generate economic and social benefits.

Keywords: economic development; institution; institutional quality

Pages: 59-65 | Full text (PDF)

Unemployment: A multidimensional dilemma of Romanian economy in transition

Author: Diana Andreea MÂNDRICEL

Abstract: Unemployment is a macro-economic and social imbalance state that occurs in a state economy, and adversely affect the available working population, they could not ensure a job. According to the findings of the International Labour Organization (ILO) is defined as unemployed anyone who has more than 15 years, is able to work, not work, is able to perform an employee or otherwise and is looking for a job. With contemporary unemployment is considered a major national labor market imbalance between global demand and global supply of labor. Types and causes of unemployment are currently highly controversial. As macro-social phenomenon of the Romanian economy, the most widely accepted causes of unemployment generators are grouped by specialists, in causes of balance and causes of imbalance. Measuring unemployment involves taking into account the intensity and evaluation of its duration. After level reached, unemployment can be expressed in absolute figures by a number of unemployed and by the unemployment rate, relatively. Current statistics considers it’s possible to decrease the unemployment figure from 6.6% in 2011 to 5.8% in 2012. The cost of unemployment in the economy and society is very complex and comprehensive, because it leads to a significant waste of labor resources, it reduces the intensity of economic development and decreases state revenues by increasing spending on social protection and maintenance of the unemployed population, so unemployment population is demoralized. Therefore, to reduce unemployment steady state will have to apply a policy of protection and rational employment of workers by introducing measures for effective management of human resources aimed at the overall economic recovery. Only in this way, it may provide labor flexibility through the adoption of proactive programs, medium and long term prospective. Relevant analysis of the problem of unemployment through the existing economic imbalances leads us to conclude that balanced economic and social development can not necessarily be accompanied by doing away with unemployment, but that it could create the favorable conditions under control.

Keywords: unemployment; imbalance; cause; effect; action; cost

Pages: 67-75 | Full text (PDF)

Romanian system of private pensions in the European context

Author: Oana Claudia IONESCU

Abstract: The concept of “private pension” aapeared as a financial planning measure, necessary for maintaining a decent way of living at the age when we prepare to become “consumers” again, due to the detrimental economical, social and demographic perspectives. Only a few years after its release, the private pensions in Romania, especially the optional ones, become one of the most favorable and secure ways of saving on a medium and long term, thanks to some fiscal measures and the existence of the Guarantee Fund.

Keywords: public pension sustainability; pension system reform; privately administrated pension fund; security–risk profile; complete deductibility; performance; efficiency

Pages: 77-88 | Full text (PDF)

An econometric efficiency analysis for Romania’s trade partnerships with the EU member states

Author: Elena Daniela VIORICĂ

Abstract: The objective of this paper is to conduct a study on the effectiveness of international trade between Romania and its EU partners. The approach on efficiency is an econometric one, by estimating a stochastic frontier of efficiency, frontier that results from decomposing the modeling error of a gravity model. The analysis results will highlight the most effective and ineffective partnerships in foreign trade for Romania, among the EU members. To estimate the stochastic frontier efficiency for the trade partnerships we used as endogenous variable the ratio between imports and exports, weighted by the size of trade flows with the partner country in Romania’s total trade flows. As exogenous variables we used the classical gravitational variables, GDP of the partner country and the square of the distance between the capitals of the two partner countries. Efficiency scores are calculated for each partnerships using a cost function that aims at assessing trade efficiency by minimizing imports compared to exports. Partnerships have been ranked according to the obtained efficiency scores. The most effective partnerships as ratio between imports and exports are those with Hungary and Austria.

Keywords: gravity variable; external trade efficiency; stochastic frontier analysis; econometric efficiency

Pages: 89-94 | Full text (PDF)

Knowledge and the stimulation of young learners’ creative abilities

Author: Maria Claudia CUC

Abstract: Knowledge and the stimulation of the young learner’s creativity is one of the most important directions of development and modernization of the educational process. The development of students’ creativity can lead in time to the progress of the societal progress, emphasizing every person’s creative potential. The study aims at presenting aspects related to the knowledge and the stimulation of the young learner’ s creative capacity, by creating a positive learning environment that will nurture the students’ curiosity, developing the creative skills that are essential for learning.

Keywords: education process; young learner; creative ability

Pages: 95-102 | Full text (PDF)

Renewable energies and the present day energy economics

Author: Virgiliu NICULA

Abstract: Once all available energy resources of Romania are inventoried, the scientific and business communities must support each other in attaining their common goals to raise the living condition for both themselves, and for the indigenous population, by making the catchment, production and supply of all energy types, needed for a wealthy and facile life, more efficient.

Keywords: solar energy; aeolian energy; geothermal energy; biomass with biogas; hydrogen; electric energy; natural nutrient recycling; employment

Pages: 103-110 | Full text (PDF)

Considerations on the development of qualitative techniques in management processes by using triangular nuanced numbers

Author: Ciprian Ionel ALECU

Abstract: The knowledge-based society needs new methods and instruments for a superior processing of the increased amount of data. In the case of qualitative methods based on reasoning that are used in management in knowledge-based society, the accent is put on the experience and professional quality of top managers to be able to anticipate economic, social and technological events that impact the organization We consider the utilization of elementary nuanced numbers would represent a major step forward in the development methods for the evaluation of attributive characteristics. A new mathematics is needed based on fuzzy number classes, with complex presentations and specific operations. A special advantage for the knowledge-based society could be the development of decision assisting software with fuzzy numbers.

Keywords: uncertainty; decision-making; nuanced/fuzzy number; Delphi technique

Pages: 111-120 | Full text (PDF)