0000000000027820
AUTHOR
Nicolae Balteș
Considerations Regarding the Public Budget in Romania
The paper presents the etymology, the legal and economic significance, and the structure of the Romanian budgetary system. At the same time, the evolution of the main indicators from 2006-2018 is presented. It is presented, how the budget flows are generated and used, but also the results obtained in the budget years from the aforementioned period. The paper presents the evolution of macroeconomic indicators, which reflect the level, dynamics and structure of budgetary expenditures and revenues. Mostly the objectives of the paper consist of monitoring the evolution of the general consolidated budget and analysing the way of framing the deficit within the maximum limits allowed during the re…
Trends Regarding the Evolution of the Romanian Pension System
Abstract The pension system, together with the social assistance services form the social security system is recognized worldwide throughout the adoption of the Universal Declaration of Human Rights for the purpose of insured person compensation for damages regarding some inherent risks as: permanent or temporary inability of work, old age or unemployment. The main objectives of a pension system are decreasing poverty regarding the lower income persons throughout the conditions of limitation of the working capacity which are financially vulnerable. In this article we provide a qualitative and quantitative overview regarding the Romanian pension system structure and mechanism. The conclusion…
Study on the Influence of Economic and Social Factors on the Financing of National Defense
In the Romanian literature and current research, the financing of national defense is a less debated topic. Most studies are conducted mainly for developed countries, which also have the most advanced military systems and focus only on the correlation between military spending and the economy. The objective of the paper is to investigate the correlation between the evolution of military spending in Romania during 1919-2012 on the one hand, and economic, political and social factors, on the other. The empirical study performed used the linear regression model, estimated by the least squares method (OLS), using the statistical software EViews 10. The results of the study showed that the level…
Financial Performance of Mandatory Private Pension Funds in Countries of Central and Eastern Europe. A Comparative Study Between Romania and Slovakia
Decreased birth rate and aging population represent a treat to PAYG public pension systems implemented in countries of Central and Eastern Europe, due to the fact that the financing is direct dependent of the social contributions payed by the taxpayers active on labor market. As solution, World Bank promotes the diversification of funding sources for pension systems and a multi-pillar structure that includes privately managed pension funds. The purpose of this paper is to present how the multi-pillar structure was implemented in Romania and Slovakia, focusing on the evolution and performance of mandatory private pension funds. The main conclusion of this article highlights that in the curre…
Social Inequalities and the Reform of Romanian Public Pension System by Law no. 127/2019
Social protection system had developed in order to ensure the protection of the citizens, but also to maintain the economic growth of the country. The importance of the pension system is given by its social purpose, which is poverty alleviation, adequacy of income and consumption smoothing at retirement. In countries of Central and Eastern Europe, the income inequalities – main cause of poverty, had increased with the economic development. The aim of this paper is to show the changes brought to Romanian public pension system by the Law no. 127/2019 regarding the provided benefits vis-à-vis of social inequalities existing among elderly people.
Empirical Approaches Upon Pension Systems in Central and Eastern European Countries. Triangle Assessment: Free Movement of People, Labor Market and Population Health Features
Abstract Nowadays, around the world, it can be noticed an important trend towards the pension system reforms. The creation of the European fiscal space, the effects of globalization and the movement of the labour force are important vectors towards creating a new type of social economy. The labour force is constantly moving around the countries that gathered important amounts of capital, especially in industrialized countries. Moreover, the lower levels of the birth rate combined with the increasing level of death rate unbalance the labour market. The entire European continent undergoes a demographical transition period, highlighted by aging and intensive migration. This phenomenon is regis…
Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence from Central and Eastern European Countries
Abstract The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of this paper is to investigate the macroeconomic effects of pension systems from an investment perspective in five Central and Eastern European countries. The analyzing process regarding several underlying macroeconomic effects of pension systems started from the premises that there is a strong connection between the structure of pension systems, the national economy and the development of the financial sector. The econometric tests were processed and applied by using pool data regression models and the method Pooled Instrumental …
Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange
Abstract The present study presents, from the theoretical and pragmatic point of view, 6 of the established score models regarding the assessment of the insolvency risk, belonging to the Anglo-Saxon, Continental and Romanian schools. The research sample is made up of 26 companies belonging to the hotel industry and restaurants, listed on the Bucharest Stock Exchange. The research was carried out over a period of 11 years (2007-2017). Following the application of the score models, it was found that during the period covered by the research, a number of 14 companies had a relatively high insolvency risk and 12 of them had a relatively low insolvency risk.
The risk assessment of the investments in the companies belonging to the manufacturing industry in Romania, listed on the Bucharest Stock Exchange
VaR represents an advanced model of risk management, appropriate for estimating the financial risk of a financial title taken individually or of a portfolio of titles. The research aims to quantify the maximum loss of the securities value, based on their daily closing prices, at a 5% relevance level, using the historical simulation method. The research sample consists of a number of 33 companies belonging to the manufacturing industry in Romania, listed on the Bucharest Stock Exchange, at standard and premium categories. Based on a number of 260 statistical observations, corresponding to the working days from the period 01.01.2016 - 31.12.2016, it was determined the maximum loss of value fo…
Study on the Correlation Between Working Capital and Economic Value Added for the Companies Relating to the Hotel and Restaurant Industry Listed on the Bucharest Stock Exchange
In the present study was determined the influence of the value change of the working capital on the variation of the economic value added indicator on a sample consisting of a number of 26 companies (2007-2017) belonging to the hotel and restaurant industry, listed on the Bucharest Stock Exchange. The correlation between the indicators was achieved by using the multiple linear regression method. The study showed that there is a strong link between the two economic indicators, over 80% of the change in economic value being explained by the change in working capital. It was found that a 1% increase in working capital, for the period 2007-2017, had the effect of increasing the economic value a…