Volume 27/2018

Romanian economic sciences celebrating the centenary

Author: Emilian M. DOBRESCU

Pages: 3-12 | Full text (PDF)

Industrial ecosystems as a catalyst of economic development and growth in the frame of industrial revolution 4.0


Abstract: The industrial revolutions have generated a lot of progress in production, distribution and service systems. New developments in sales, service, and manufacturing have been achieved due to the significant changes in the information technologies and the synergy brought by European integration. These advances have increased productivity and have greatly improved the industrial background. In recent years, production companies and service structures have faced significant encounters because of the need to coordinate and implement innovative models such as social networks, the Industrial Internet, Integrated Systems (Cyber-Physical Systems), robotics, cybersecurity, data analysis, artificial intelligence, and cloud computing. These new technologies, fused in the term Industry 4.0, declared by the German government as one of the basic advantages for the economic growth strategy, have led to the expansion of the revolution in production and information technology. In consequence, Industry 4.0 is characterized by superior production systems, new communication, sales, and service models. On the other hand, the principles for assessing the transformations in Industry 4.0 are still unreliable, and the structured and systemic application of these technologies in national economies for many countries is not fully achieved. In this study, we propose to examine the conceptual framework of industrial ecosystems as a new concept of development and economic growth within the Industry 4.0’ achievements.

Keywords: artificial intelligence; entrepreneurial ecosystem; Industry 4.0; industrial ecosystem; operational ecosystem; technological ecosystem; people ecosystem

Pages: 13-26 | Full text (PDF)

Features of tourism development at the present stage

Authors: Tatiana SĂNDUȚA, Elena FUIOR

Abstract: The relevance of this topic is determined by the fact that today, in many countries of the world, the tourism industry, which includes a number of industries such as transport, communications, hotels, banks and other areas and has a high investment multiplier, is developing rapidly. The tourism business, being the leading direction of the socio-economic, cultural and political activities of the Republic of Moldova, is becoming a sector of the economy, allowing to receive high incomes. The main economic functions of the tourism industry are expressed in the additional demand for investment, new strategies and technologies for managing financial resources. In addition, the creation of infrastructure, new jobs, an increase in government revenues, and the inflow of foreign currency are being stimulated. It is based on a complex system of relations between suppliers and consumers of relevant services, between travel agencies and their competitors, as well as between business partners. The organization of activities of travel companies provide for the sequence of such stages as: the choice of a market niche; development of a tourist product; determination of the volume of services provided; improving pricing; expanding advertising and research; attraction of investments; interaction with other companies and government agencies. The importance of tourism for the economy of any country is analyzed from the standpoint of its relative share in the global volume, as well as the importance of tourist activities for the economy of each individual direction. At the same time, despite the significant potential, Moldova belongs to the region with untapped opportunities for the development of tourism. In this regard, the article discusses the problems of the growing role of tourism in the country’s economy, the possibilities and prospects for the development of tourism in the country, the key importance of the area of accommodation, as well as incentives from the state to develop this sphere.

Keywords: globalization; strategy; tourism; tourism industry; tourist services

Pages: 27-42 | Full text (PDF)

Circular economy, a new model of the European Union: New measures and objectives in recycling

Author: Edith Mihaela DOBRESCU

Abstract: This article presents cosiderations on the concept and model of circular economy, starting from the positive approach of the European Commission according to which the circular economy represents a fundamental transformation to the current consumerist model that prevails in the European Union and in most other developed economies. In the mean time presented are the measures and rules proposed by the European Commission in 2018 to achieve the new waste recycling and waste management objectives in the circular economy that implicitly change the behavior of businesses and consumers. For the first time, the Member States of the European Union will be obliged to follow a single and common legislative framework. The European Commission estimates that the full adoption of a circular economy model could save 1,800 billion euros for the European Union economy by 2030.

Keywords: European Union; new objective; measure; circular economy

Pages: 43-48 | Full text (PDF)

The drawbacks of the anti-crisis measures implemented in the Republic of Armenia and the ways to avoid mistakes in the future possible crises

Author: Karen SARGSYAN

Abstract: The effectiveness of the anti-crisis measures implemented in Armenis is estimated rather low in terms of the anti-crisis measures implemented to ensure strategic and long-term economic growth. Taking this into account, in order to effectively handle future crises, it is necessary to develop a set of specific criteria and guidelines for the selection of the core directions of anti-crisis measures that can be applied in the development of policies aimed at overcoming crises.

Keywords: state anti-crisis policy; economic crisis; financial assistance; sustainable economic growth

Pages: 49-54 | Full text (PDF)

Strategic management of special forms of tourism in the Republic of Croatia

Authors: Tatjana GREDIČAK, Damir DEMONJA

Abstract: Republic of Croatia daily seeks to reform the entire socio-economic system according to the criteria and achievements of highly developed countries and it is impossible to ignore their achievements in the field of tourism as well. The transition to a market economy implies a thorough restructuring of the overall macroeconomic environment. The development of tourism in the Republic of Croatia should enable revitalization and long-term improvement of the competitive advantages of the entire country/state. The issues of this scientific work is to determine the specificity of effective strategic management for developing special forms of tourism on the continent of the Republic of Croatia. The aim of this paper is to present reference points based on which the scientific knowledge in practical terms will contribute to the concrete improvement of tourism resource management in the tourism insufficiently developed areas of the Republic of Croatia, and thus the intensification of the overall social and economic development. The paper discusses the approach to effective strategic management of special forms of tourism aimed at sustainable tourism development as well as the overall and equitable economic and social development.

Keywords: strategy; management; tourism; continent; efficiency; sustainable development

Pages: 55-66 | Full text (PDF)

Microfinance, financial network and globalization

Author: Otilia MANTA

Abstract: Microfinance is increasingly the most accessible form of financing for those in need of funding (over 95% of small and medium-sized firms at European level). Microfinance to reach direct beneficiaries must use financial networks. Network risk, (RRT), takes on concrete forms of action, manifestation, forms usually determined by network characteristics that are affected by decoupling, distortion, phasing out, distortion, debilitating the strength of a financial network feature. Obviously, these forms refer to the radiant impact of the institutional characteristic of the network, embodied in norms, bodies, rules, structures, etc. on the interactive features of the network. The institutional grid of the network is the force, the ability of the network’s interactive feature to negatively influence the performance of the components. Based on these considerations, the global financial network risk must be assessed in the current context of the financial networking functionality challenges.

Keywords: microfinance; financial network; currency; sustainability

Pages: 67-78 | Full text (PDF)

Long-term migration from Republic of Moldova and Romania

Author: Tatiana TABAC

Abstract: This article analyses the main trends and dimensions of long-term migration in the Republic of Moldova and Romania over the past three decades. The main destination for both the population of the Republic of Moldova and the population of Romania are Germany, Italy, Spain, Portugal, France, Great Britain, Canada and the USA. At the same time, very important migratory flows from the Republic of Moldova were directed to the Russian Federation, Ukraine and Czech Republic, while the population of Romania migrated with higher intensity to Hungary, Austria and Belgium. The comparative study shows that the largest flow of migrants in Romania was in 2007, the year of joining to the UE. The number of migrants was over 550 thousand and the emigration rate was 26‰. In the case of the Republic of Moldova, the emigration intensity was particularly high during 2007–2011, the emigration rate being of 15‰–18‰. Specifically to both countries are the negative net rate during the analyzed period. The results of the study show that the population loss for Republic of Moldova are higher than for Romania.

Keywords: migration flow; long-term migration; net migration rate; migration rate; Republic of Moldova; Romania

Pages: 79-90 | Full text (PDF)

Economic growth modeling under government policy uncertainty

Author: Elvira NAVAL

Abstract: In this paper a stochastic approach to the economic growth modeling, influenced by government expenditure, is proposed. Economic growth optimal control problem formulation in a stochastic form is concerned. Equilibrium growth rate was obtained using the stochastic maximum principle following new approach to the optimal control stochastic problem solution, in which the stochastic dynamic programming formulation takes the form of the maximum principle. This approach was applied to the solution of the stochastic optimal growth problem of how government policy, especially as far as corruption is concerned, influences economic growth.

Keywords: economic growth; stochastic modeling; stochastic maximum principle; Itô process; Itô’s lemma; Hamilton-Jacobi-Bellman equation; government expenditure; government policy; corruption

Pages: 91-96 | Full text (PDF)

Causes that led to an inadequate implementation rate of the urban development projects in the North-West Region of Romania between 2007–2013 and the objectives set for 2014–2020

Authors: Gabriel RUS, Alina POP

Abstract: Starting from local and urban development concepts, cities become competitive through the implementation of large-scale projects that are financially supported by regional operational programs. The present study proposes an analysis of the inadequate implementation rate of urban development projects, highlighting the main problems encountered with the implementation and development of these types of regional projects for the Regional Operational Program 2007–2013, taking into account the data provided by the regional bodies regarding some counties in the NorthWest region of Romania. Thus, the problems identified during the implementation of the projects are highlighted, problems generating the main effects on the inadequate pace of adoption of the projects, for which, for the period 2014–2020, the authors, as recommendations, propose solutions to accelerate the rate of implementation of future regional projects.

Keywords: local development; urban development; competitiveness; sectoral operational program

Pages: 97-108 | Full text (PDF)

Romania’s business environment from the viewpoint of the entrepreneurs in SMEs

Author: Simona Maria STĂNESCU

Abstract: The comparative analyses from the Eurobarometer 2000–2012 data bases dedicated to entrepreneurship at the level of the European Union member states and of the United States of America highlight that the three main obstacles in starting up a new business are the lack of financial support, the complexity of administrative procedures and the lack of information. But which is the situation for Romania? The purpose of the paper is to investigate the perceptions of the entrepreneurs from small- and medium-sized enterprises (SMEs) from Romania regarding the business environment. From the methodological viewpoint, the paper is based on secondary analyses of data provided by the databases of the White Charter of SMEs 2004–2018 published by the National Council of Small- and Medium-Sized Enterprises from Romania. The paper consists of four parts: perceptions about the evolution of the business environment in Romania, business opportunities accessible to SMEs from Romania for the current year, major difficulties faced by the SMEs in Romania, and the main contextual developments with negative influence on the activity of SMEs. The business environment 2004–2018 was evaluated by managers from SMEs as preponderantly hindering for business development. The economic environment evolved during the current year also hampering regarding businesses’ support. The evolution of the economic environment in the subsequent year is preponderantly neutral. The first three business opportunities available to SMEs in the current year were: the increase of demand on the domestic market, the assimilation of new products and the penetration on new markets. The first three major difficulties faced by the SMEs in our country are: excessive taxation, red tape, and the decrease in domestic demand. The first three elements of contextual evolution with negative influences on SMEs are: the evolution of the legal framework, excessive bureaucracy and the world economic crisis.

Keywords: entrepreneurship; entrepreneur; SMEs; business environment; entrepreneurial perception

Pages: 109-123 | Full text (PDF)