The aim of the paper is the taxation system in Romania and European Union. The first part is conc... more The aim of the paper is the taxation system in Romania and European Union. The first part is concentrated on the theoretical and general aspects regarding the European fiscal policies with a focus on the conditions that member states should respect. Our research continues with the comparison between the share of indirect taxes and direct taxes at the EU level. We discovered that there are some fiscal connections between countries with similar economies. At the end, we emphasized the conclusions obtained with our article.
Proceedings of the International Conference on Economics and Social Sciences
This paper investigates the relationship between profitability, cost of debt, liquidity, cash con... more This paper investigates the relationship between profitability, cost of debt, liquidity, cash conversion cycle, and leverage over time, for companies that mainly operate in wholesale trade of motor vehicle parts and accessories. The bigger a company is, the higher the proportion of bank loans into the total liabilities, and this might be due to banks assessing the larger firms as being more eligible for a loan. Due to the large volumes, they purchase, the bigger companies have also bargain power and can negotiate better payment terms and prices with the trade creditors, which enables them to better manage their cash.
Proceedings of the International Conference on Business Excellence
In times when the national economy needs increased financial support from governments, the fiscal... more In times when the national economy needs increased financial support from governments, the fiscal space they have and the determinants of public debt come to the fore. Sudden increases in public spending or significant decreases in public revenue represent fiscal risks, and the level of sovereign debt is a measure to quantify fiscal risk. At international level, banking crises, government guarantees, publicprivate partnerships, companies with majority state capital, and non-performing loans are revealed by history as the main sources of financial crises and fiscal risk. This study aims to identify whether social assistance expenditures, government guarantees, public-private partnerships, non-performing loans, or tax revenues influence the evolution of the government debt of the Member States of the European Union. The data used were taken from Eurostat and were organised as panel data, the analysed period is 2010-2018. To estimate the regressions, we used the Eviews software, and th...
“Liberte, egalite, fiscalite” was and is still considered a motto of the conception of the econom... more “Liberte, egalite, fiscalite” was and is still considered a motto of the conception of the economic and fiscal environment in France. This was also the subtitle of Michael Kwass’s book “Privilege and the politics of taxation in eighteenth-century France”, which offers a lucid interpretation of the most ambitious plan of the 18th century French monarchy, namely the attempt to impose direct taxes to the privileged elites which were formerly exempt. It is well known that France has a rich history that extends to the level of taxation. Being a country with a rather tumultuous fiscal stance throughout its history, France offers a wide range of study themes in this field. This paper aims to analyse the fiscal framework in France and to identify the links between certain fiscal variables and the economic growth of the country. Thus, the impact of certain fiscal components on the economic growth of France (highlighted by the GDP growth rate) is analysed by elaborating descriptive graphical analyses, as well as by elaborating an econometric model (using the multiple regression analysis). The analyses will show the importance and the significant influence of the fiscal variables included on the French economy and the results of the econometric model will highlight the negative relations between GDP growth rate and taxes on wages and VAT, respectively the positive relationship between GDP growth rate and taxes on corporates. In this sense, the analyses performed provide an overview of the relationships between the mentioned fiscal variables in case of France and may also constitute points of interest in the event of expanding and elaborating a more advanced statistical/econometric model.
Amid the globalization and centralization of treasury operations, establishing the principles for... more Amid the globalization and centralization of treasury operations, establishing the principles for their optimal management is the instrument by means of which economic stability, market dynamics and standards of living can be ensured. The directions of these principles, as well as their flexibility, depend on correctly identifying the objectives of the financial management planning of treasury operations, in compliance with European and international policies related to this area.
The paper presents the European tax sistem refering to evolution of VAT and VAT gap. In the first... more The paper presents the European tax sistem refering to evolution of VAT and VAT gap. In the first part, we present the position of the indirect taxes in European Union, refering to VAT rates. In the second part, we analyzed the VAT gap and its determinants. We chose variables such increased VAT rates, the complexity of the tax system ,the types of the VAT rates applied or the budget deffict and we found direct connection between them and the grew of the gap. In the last part, we emphasized the conclusions obtain with this paper.
The paper presents the European tax system referring to the evolution of fiscal pressure in two d... more The paper presents the European tax system referring to the evolution of fiscal pressure in two different periods of time. In the first part, we present general directives of European Union regarding fiscal policies applied in the member states, highlighting the general European priorities. In the second part, we analyze de evolution of tax revenues in EU countries and we correlate them with the rate of budget deficit. We chose the first period of time (2008- 2010) to observe how the crisis influenced the analyzed indicators and then we compared the situation with the second period (2011-2013), when European Commission started to send signals in order to recover fiscal stability. In the last part, we presented the main requirements of the European Commission for 2015 and we emphasized the conclusions obtain with this paper.
Journal of Business Economics and Management, 2019
The purpose of this paper is to make a quantitative and qualitative critical analyse regarding th... more The purpose of this paper is to make a quantitative and qualitative critical analyse regarding the three important aspects of stock market evolution. First, the forecasting problems are presented and analyse in order to establish the main problems and the potential solutions. Second, the valuation problems are tackled in order to observe different trends and directions of solving these issues. Third, the portfolio return forecasts are mandatory in order to establish the results of the titles/market evolutions. The methods used in this research reveal the importance of adopting some important econometric tools in order to test the robustness of different main theories of the stock market and some important practices used among investors. The scope of the research was to give a quid pro quo in order to confer potential solutions regarding problems, paradoxes and efficient information of the stock market. The empirical results reveal that besides the critical side of the theories this ...
Abstract: This study brings up the problems of the various questionnaires type applied in the stu... more Abstract: This study brings up the problems of the various questionnaires type applied in the study of market phenomena and processes and it shows the relevance of the possibilities the elaboration of the questionnaires brings in the process of achieving many category of information as well as the exigencies that should be considered when a certain type of questionnaire is selected. All these considerations should be put, of course, in the methodological and organizational general context of the planned statistical survey, in accordance with the recommendations of the theory and practice of specialty. In the methodology of statistical surveys applicable in the marketing researches, the questionnaire holds an important place representing the key for a successful market survey next to the problems of sample and sampling. 1. Elaboration of questionnaires In strong correlation with the problems of choosing the words and writing the questions, the elaboration of questionnaires needs the ...
The purpose of this paper is to present the direct taxation system and its development in the Eur... more The purpose of this paper is to present the direct taxation system and its development in the European Union and Romania. In the first part, we presented theoretical issues related to European tax policy and tables that include EU Member States tax revenues as per 2004 - 2013 period average and charts based on these data. In the second part we built an econometric model based on a simple linear regression, the dependent variable is the budget deficit and the direct tax revenues expressed as a percentage of GDP as independent variable.
This study analyses the consolidated financial indicators evolution for all active companies in t... more This study analyses the consolidated financial indicators evolution for all active companies in the following sectors: maintenance and repair of motor vehicles (NACE 4520), retail trade of motor vehicle parts and accessories (NACE 4532). The companies' classification in this sector is made on the basis of the main declared NACE code, according to financial statements submitted to the Ministry of Public Finance for the 2013-2017 period (the last five financial years available at the date of this study). The appendix at the end of the study includes the formulas used for each indicator, as well as their interpretation. For calculating the financial indicators evolution, the two effects that can influence the final results have been eliminated: the survival effect - which generates the tendency for average indicators improvement due to the removal of companies that have entered into insolvency or have interrupted their activity (most of them having financial difficulties); the rege...
ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Mar 17, 2021
The types of taxation, the comparisons between them, as well as the implications of taxation on v... more The types of taxation, the comparisons between them, as well as the implications of taxation on various elements of the economy have been, are and will be topics of interest for the academic environment and among the decision makers. Nevertheless, we further wondered how we could measure the impact of taxation on economic growth, in fact on the well-being of the population. The most relevant indicator in this regard is GDP per capita. But, how can we measure this impact? Our answer to this question is given by an econometric analysis with panel data. Why did we focus on the progressive taxation system? Due to its majority application among EU28 countries. What are our expectations for the results? We expect the results of the econometric analysis to indicate positive direct relations between the tax elements (revenues from direct and indirect taxes) and the economic growth represented by GDP per capita.
According to the well-known statement of the American scientist Benjamin Franklin, the Polymath, ... more According to the well-known statement of the American scientist Benjamin Franklin, the Polymath, in a letter to Jean-Baptiste Leroy in 1789: "Nothing is certain in this world, excepting death and taxes". This article provides an overview of theoretical concepts existing in the specialized literature regarding VAT rates. The present paper summarizes the current VAT rates applied by member states inEUand the definition of the concept. Generally speaking, the VAT systems in place across the European Union are still quite heterogeneous, despite the common legal framework and guidelines in place. In addition to the reduced rates, some Member States also have super-reduced rates, parking rates and zero rates. Also, I highlight the evolution of the VAT Revenue in 2017-2018. Besides these, I underlined the image of the emergent states regarding the percentage in GDP of the indirect, direct and social contributions and VAT average rate, in comparison with the developed countries.
Informational efficiency of capital markets has been the subject of numerous empirical studies. I... more Informational efficiency of capital markets has been the subject of numerous empirical studies. Intensive research of the field is justified by the important implications of the knowledge of the of informational efficiency level in the financial practice. Empirical studies that have tested the efficient markets hypothesis on the Romanian capital market revealed mostly that this market is not characterised by the weak form of the efficient markets hypothesis. However, recent empirical studies have obtained results for the weak form of the efficient markets hypothesis. The present decline period of the Romanian capital market, recorded on the background of adverse economic developments internally and externally, will be an important test for the continuation of recent positive developments, manifested the level of informational efficiency too.
The aim of this paper is to analyze several definitions of the concept of fiscal risk, in order t... more The aim of this paper is to analyze several definitions of the concept of fiscal risk, in order to understand its macroeconomic impact. States that have ignored or dealt superficially with fiscal risks have registered increases in public debt or fiscal crises (Bova et al.,2016), hence the importance of studying this concept. To understand the amplitude of the phenomenon, we note that there was a situation where the materialization of a fiscal risk attracted huge costs for a country, at the maximum level of 56.8% of its GDP (Indonesia). This overwhelming ratio sounds an alarm signal regarding the management of the situations that imply fiscal risks within the economy of each country, but for the beginning it is necessary to reveal the meaning of this notion.
Transylvanian Review of Administrative Sciences, 2014
This study adds to the field of public administration by focusing on the nexus between government... more This study adds to the field of public administration by focusing on the nexus between government decision and bank performance scores highlighting the administrative regulatory dimensions of improvements. To this end, this research paper covers a unique database comprising all listed banks that operate on emerging European markets in the period 2005-2011. Country specific characteristics are presented in the light of public administration quality which includes the dimension of governance quality on the one side, andthe quality and administrative burden on business environment on the other.Bank performance is defined under two different approaches (accounting vs. market based) taking into account different stakeholders interest (state and central bank authority vs. investors).We account for profit persistency by using a Prais-Winsten regression that allows for both autocorrelation and heteroskedasticity in data. The results call attention to the fact that in emerging European markets regulatory glitches have a positive impact upon bank performance. Market imperfections are a source of profitability as they generate a reliable supply of market share appropriation and thus monopoly power. Also, administrative commitment towards increasing the quality of public services and policies endorsed by diminishing the level of corruption will accelerate private development and thus banking profitability.
The transition from a payment system on paper support to an electronic one in Romania was determi... more The transition from a payment system on paper support to an electronic one in Romania was determined, on the one hand, by the development of the financial markets and the significant increase of the activity performed by means of payment systems, and on the other hand, by the need to move to a predominantly cashless society and to streamline cashless payments, as well as by the requests of the final customers for payment services that are safe, effective and low cost.
The article treats European fiscal policy and the taxes harmonization evolution process. The stud... more The article treats European fiscal policy and the taxes harmonization evolution process. The study is divided into three chapters: the first one makes a synthesis of European taxation, Member States fiscal behavior and a division of the countries according to the category of taxes which are these based; the second chapter go into details of "tax harmonization" concept as European objective and analyzes its implementation status referring to direct and indirect taxes, and the last part refers to tax competitiveness and its interference with harmonized taxes. Finally, the main conclusions of the article are extracted.
Annals of the University of Petrosani: Economics, 2012
The main objective of this study is to establish the relationship between traditional measures of... more The main objective of this study is to establish the relationship between traditional measures of performance (ROE, ROA and NIM) and EVA in order to gain some insight about the relevance of using more sophisticated performance measurements tools. Towards this end the study uses two acknowledged statistical measures: Kendall's Tau and Spearman rank correlation Index. Using data from 12 Romanian banking institutions that report under IFRS for the period 2006-2010 the results suggest that generally EVA is highly correlated with Residual Income in the years that present positive operational profits whereas for the years with negative outcome the correlation is low. ROA and ROE are the measure that best correlates with EVA for the entire period and thus -applying Occam's razor- could be used as a substitute for more complex shareholder earnings measures.
Annals of the University of Petrosani: Economics, 2013
This chapter describes an optimum regulation model for the public expenditures system in Romania.... more This chapter describes an optimum regulation model for the public expenditures system in Romania. The aim of this work is to design an optimal control system of public expenditures in Romania. It contains an offline identification of the total public expenditures system in Romania for a timespan of 15 years. The total public expenditures system is a MISO type one (Multiple Input – Single Output) and is identified by the use of the lowest foursquare applied on an OE (Output Error) type model.
The aim of the paper is the taxation system in Romania and European Union. The first part is conc... more The aim of the paper is the taxation system in Romania and European Union. The first part is concentrated on the theoretical and general aspects regarding the European fiscal policies with a focus on the conditions that member states should respect. Our research continues with the comparison between the share of indirect taxes and direct taxes at the EU level. We discovered that there are some fiscal connections between countries with similar economies. At the end, we emphasized the conclusions obtained with our article.
Proceedings of the International Conference on Economics and Social Sciences
This paper investigates the relationship between profitability, cost of debt, liquidity, cash con... more This paper investigates the relationship between profitability, cost of debt, liquidity, cash conversion cycle, and leverage over time, for companies that mainly operate in wholesale trade of motor vehicle parts and accessories. The bigger a company is, the higher the proportion of bank loans into the total liabilities, and this might be due to banks assessing the larger firms as being more eligible for a loan. Due to the large volumes, they purchase, the bigger companies have also bargain power and can negotiate better payment terms and prices with the trade creditors, which enables them to better manage their cash.
Proceedings of the International Conference on Business Excellence
In times when the national economy needs increased financial support from governments, the fiscal... more In times when the national economy needs increased financial support from governments, the fiscal space they have and the determinants of public debt come to the fore. Sudden increases in public spending or significant decreases in public revenue represent fiscal risks, and the level of sovereign debt is a measure to quantify fiscal risk. At international level, banking crises, government guarantees, publicprivate partnerships, companies with majority state capital, and non-performing loans are revealed by history as the main sources of financial crises and fiscal risk. This study aims to identify whether social assistance expenditures, government guarantees, public-private partnerships, non-performing loans, or tax revenues influence the evolution of the government debt of the Member States of the European Union. The data used were taken from Eurostat and were organised as panel data, the analysed period is 2010-2018. To estimate the regressions, we used the Eviews software, and th...
“Liberte, egalite, fiscalite” was and is still considered a motto of the conception of the econom... more “Liberte, egalite, fiscalite” was and is still considered a motto of the conception of the economic and fiscal environment in France. This was also the subtitle of Michael Kwass’s book “Privilege and the politics of taxation in eighteenth-century France”, which offers a lucid interpretation of the most ambitious plan of the 18th century French monarchy, namely the attempt to impose direct taxes to the privileged elites which were formerly exempt. It is well known that France has a rich history that extends to the level of taxation. Being a country with a rather tumultuous fiscal stance throughout its history, France offers a wide range of study themes in this field. This paper aims to analyse the fiscal framework in France and to identify the links between certain fiscal variables and the economic growth of the country. Thus, the impact of certain fiscal components on the economic growth of France (highlighted by the GDP growth rate) is analysed by elaborating descriptive graphical analyses, as well as by elaborating an econometric model (using the multiple regression analysis). The analyses will show the importance and the significant influence of the fiscal variables included on the French economy and the results of the econometric model will highlight the negative relations between GDP growth rate and taxes on wages and VAT, respectively the positive relationship between GDP growth rate and taxes on corporates. In this sense, the analyses performed provide an overview of the relationships between the mentioned fiscal variables in case of France and may also constitute points of interest in the event of expanding and elaborating a more advanced statistical/econometric model.
Amid the globalization and centralization of treasury operations, establishing the principles for... more Amid the globalization and centralization of treasury operations, establishing the principles for their optimal management is the instrument by means of which economic stability, market dynamics and standards of living can be ensured. The directions of these principles, as well as their flexibility, depend on correctly identifying the objectives of the financial management planning of treasury operations, in compliance with European and international policies related to this area.
The paper presents the European tax sistem refering to evolution of VAT and VAT gap. In the first... more The paper presents the European tax sistem refering to evolution of VAT and VAT gap. In the first part, we present the position of the indirect taxes in European Union, refering to VAT rates. In the second part, we analyzed the VAT gap and its determinants. We chose variables such increased VAT rates, the complexity of the tax system ,the types of the VAT rates applied or the budget deffict and we found direct connection between them and the grew of the gap. In the last part, we emphasized the conclusions obtain with this paper.
The paper presents the European tax system referring to the evolution of fiscal pressure in two d... more The paper presents the European tax system referring to the evolution of fiscal pressure in two different periods of time. In the first part, we present general directives of European Union regarding fiscal policies applied in the member states, highlighting the general European priorities. In the second part, we analyze de evolution of tax revenues in EU countries and we correlate them with the rate of budget deficit. We chose the first period of time (2008- 2010) to observe how the crisis influenced the analyzed indicators and then we compared the situation with the second period (2011-2013), when European Commission started to send signals in order to recover fiscal stability. In the last part, we presented the main requirements of the European Commission for 2015 and we emphasized the conclusions obtain with this paper.
Journal of Business Economics and Management, 2019
The purpose of this paper is to make a quantitative and qualitative critical analyse regarding th... more The purpose of this paper is to make a quantitative and qualitative critical analyse regarding the three important aspects of stock market evolution. First, the forecasting problems are presented and analyse in order to establish the main problems and the potential solutions. Second, the valuation problems are tackled in order to observe different trends and directions of solving these issues. Third, the portfolio return forecasts are mandatory in order to establish the results of the titles/market evolutions. The methods used in this research reveal the importance of adopting some important econometric tools in order to test the robustness of different main theories of the stock market and some important practices used among investors. The scope of the research was to give a quid pro quo in order to confer potential solutions regarding problems, paradoxes and efficient information of the stock market. The empirical results reveal that besides the critical side of the theories this ...
Abstract: This study brings up the problems of the various questionnaires type applied in the stu... more Abstract: This study brings up the problems of the various questionnaires type applied in the study of market phenomena and processes and it shows the relevance of the possibilities the elaboration of the questionnaires brings in the process of achieving many category of information as well as the exigencies that should be considered when a certain type of questionnaire is selected. All these considerations should be put, of course, in the methodological and organizational general context of the planned statistical survey, in accordance with the recommendations of the theory and practice of specialty. In the methodology of statistical surveys applicable in the marketing researches, the questionnaire holds an important place representing the key for a successful market survey next to the problems of sample and sampling. 1. Elaboration of questionnaires In strong correlation with the problems of choosing the words and writing the questions, the elaboration of questionnaires needs the ...
The purpose of this paper is to present the direct taxation system and its development in the Eur... more The purpose of this paper is to present the direct taxation system and its development in the European Union and Romania. In the first part, we presented theoretical issues related to European tax policy and tables that include EU Member States tax revenues as per 2004 - 2013 period average and charts based on these data. In the second part we built an econometric model based on a simple linear regression, the dependent variable is the budget deficit and the direct tax revenues expressed as a percentage of GDP as independent variable.
This study analyses the consolidated financial indicators evolution for all active companies in t... more This study analyses the consolidated financial indicators evolution for all active companies in the following sectors: maintenance and repair of motor vehicles (NACE 4520), retail trade of motor vehicle parts and accessories (NACE 4532). The companies' classification in this sector is made on the basis of the main declared NACE code, according to financial statements submitted to the Ministry of Public Finance for the 2013-2017 period (the last five financial years available at the date of this study). The appendix at the end of the study includes the formulas used for each indicator, as well as their interpretation. For calculating the financial indicators evolution, the two effects that can influence the final results have been eliminated: the survival effect - which generates the tendency for average indicators improvement due to the removal of companies that have entered into insolvency or have interrupted their activity (most of them having financial difficulties); the rege...
ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Mar 17, 2021
The types of taxation, the comparisons between them, as well as the implications of taxation on v... more The types of taxation, the comparisons between them, as well as the implications of taxation on various elements of the economy have been, are and will be topics of interest for the academic environment and among the decision makers. Nevertheless, we further wondered how we could measure the impact of taxation on economic growth, in fact on the well-being of the population. The most relevant indicator in this regard is GDP per capita. But, how can we measure this impact? Our answer to this question is given by an econometric analysis with panel data. Why did we focus on the progressive taxation system? Due to its majority application among EU28 countries. What are our expectations for the results? We expect the results of the econometric analysis to indicate positive direct relations between the tax elements (revenues from direct and indirect taxes) and the economic growth represented by GDP per capita.
According to the well-known statement of the American scientist Benjamin Franklin, the Polymath, ... more According to the well-known statement of the American scientist Benjamin Franklin, the Polymath, in a letter to Jean-Baptiste Leroy in 1789: "Nothing is certain in this world, excepting death and taxes". This article provides an overview of theoretical concepts existing in the specialized literature regarding VAT rates. The present paper summarizes the current VAT rates applied by member states inEUand the definition of the concept. Generally speaking, the VAT systems in place across the European Union are still quite heterogeneous, despite the common legal framework and guidelines in place. In addition to the reduced rates, some Member States also have super-reduced rates, parking rates and zero rates. Also, I highlight the evolution of the VAT Revenue in 2017-2018. Besides these, I underlined the image of the emergent states regarding the percentage in GDP of the indirect, direct and social contributions and VAT average rate, in comparison with the developed countries.
Informational efficiency of capital markets has been the subject of numerous empirical studies. I... more Informational efficiency of capital markets has been the subject of numerous empirical studies. Intensive research of the field is justified by the important implications of the knowledge of the of informational efficiency level in the financial practice. Empirical studies that have tested the efficient markets hypothesis on the Romanian capital market revealed mostly that this market is not characterised by the weak form of the efficient markets hypothesis. However, recent empirical studies have obtained results for the weak form of the efficient markets hypothesis. The present decline period of the Romanian capital market, recorded on the background of adverse economic developments internally and externally, will be an important test for the continuation of recent positive developments, manifested the level of informational efficiency too.
The aim of this paper is to analyze several definitions of the concept of fiscal risk, in order t... more The aim of this paper is to analyze several definitions of the concept of fiscal risk, in order to understand its macroeconomic impact. States that have ignored or dealt superficially with fiscal risks have registered increases in public debt or fiscal crises (Bova et al.,2016), hence the importance of studying this concept. To understand the amplitude of the phenomenon, we note that there was a situation where the materialization of a fiscal risk attracted huge costs for a country, at the maximum level of 56.8% of its GDP (Indonesia). This overwhelming ratio sounds an alarm signal regarding the management of the situations that imply fiscal risks within the economy of each country, but for the beginning it is necessary to reveal the meaning of this notion.
Transylvanian Review of Administrative Sciences, 2014
This study adds to the field of public administration by focusing on the nexus between government... more This study adds to the field of public administration by focusing on the nexus between government decision and bank performance scores highlighting the administrative regulatory dimensions of improvements. To this end, this research paper covers a unique database comprising all listed banks that operate on emerging European markets in the period 2005-2011. Country specific characteristics are presented in the light of public administration quality which includes the dimension of governance quality on the one side, andthe quality and administrative burden on business environment on the other.Bank performance is defined under two different approaches (accounting vs. market based) taking into account different stakeholders interest (state and central bank authority vs. investors).We account for profit persistency by using a Prais-Winsten regression that allows for both autocorrelation and heteroskedasticity in data. The results call attention to the fact that in emerging European markets regulatory glitches have a positive impact upon bank performance. Market imperfections are a source of profitability as they generate a reliable supply of market share appropriation and thus monopoly power. Also, administrative commitment towards increasing the quality of public services and policies endorsed by diminishing the level of corruption will accelerate private development and thus banking profitability.
The transition from a payment system on paper support to an electronic one in Romania was determi... more The transition from a payment system on paper support to an electronic one in Romania was determined, on the one hand, by the development of the financial markets and the significant increase of the activity performed by means of payment systems, and on the other hand, by the need to move to a predominantly cashless society and to streamline cashless payments, as well as by the requests of the final customers for payment services that are safe, effective and low cost.
The article treats European fiscal policy and the taxes harmonization evolution process. The stud... more The article treats European fiscal policy and the taxes harmonization evolution process. The study is divided into three chapters: the first one makes a synthesis of European taxation, Member States fiscal behavior and a division of the countries according to the category of taxes which are these based; the second chapter go into details of "tax harmonization" concept as European objective and analyzes its implementation status referring to direct and indirect taxes, and the last part refers to tax competitiveness and its interference with harmonized taxes. Finally, the main conclusions of the article are extracted.
Annals of the University of Petrosani: Economics, 2012
The main objective of this study is to establish the relationship between traditional measures of... more The main objective of this study is to establish the relationship between traditional measures of performance (ROE, ROA and NIM) and EVA in order to gain some insight about the relevance of using more sophisticated performance measurements tools. Towards this end the study uses two acknowledged statistical measures: Kendall's Tau and Spearman rank correlation Index. Using data from 12 Romanian banking institutions that report under IFRS for the period 2006-2010 the results suggest that generally EVA is highly correlated with Residual Income in the years that present positive operational profits whereas for the years with negative outcome the correlation is low. ROA and ROE are the measure that best correlates with EVA for the entire period and thus -applying Occam's razor- could be used as a substitute for more complex shareholder earnings measures.
Annals of the University of Petrosani: Economics, 2013
This chapter describes an optimum regulation model for the public expenditures system in Romania.... more This chapter describes an optimum regulation model for the public expenditures system in Romania. The aim of this work is to design an optimal control system of public expenditures in Romania. It contains an offline identification of the total public expenditures system in Romania for a timespan of 15 years. The total public expenditures system is a MISO type one (Multiple Input – Single Output) and is identified by the use of the lowest foursquare applied on an OE (Output Error) type model.
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