Search results for "jel:G0"
showing 6 items of 16 documents
The challenges brought by the Euro
2013
Due to the crises we all go through, crises which was felt simultaneously in all the States of The European Union, the globalization being even more present, a possible improvement of the economy could not be but a unitary solution, as well as the adoption of the Euro as a unique currency. Though, the solution is to create a Fiscal Union within the member states, taking into account the economical characteristics of each country, in general and according to their resources and expenses available on every economical branch. The purpose of this article is to analyse the issues concerned with the Fiscal Union for the Euro zone.
THE STABILITY, RISK AND PERFORMANCE OF COOPERATIVE BANKS
2013
In a market economy, tradition, stability and performance of cooperative banks, namely science and art of leadership, management, organization and their administration become major facets in promoting and improving cooperative banks, at the microeconomic level, to which we provide a coherent set of concepts, principles, methods and management techniques, their knowledge contributing to the viability and practical implementation, modernization and development of cooperative banks to increase their profitability and competitiveness in heightened risk conditions on local, national and even global markets. In the context of major changes in Romanian society, the action of the forces inside the …
Long-term memories of developed and emerging markets: Using the scaling analysis to characterize their stage of development
2005
The scaling properties encompass in a simple analysis many of the volatility characteristics of financial markets. That is why we use them to probe the different degree of markets development. We empirically study the scaling properties of daily Foreign Exchange rates, Stock Market indices and fixed income instruments by using the generalized Hurst approach. We show that the scaling exponents are associated with characteristics of the specific markets and can be used to differentiate markets in their stage of development. The robustness of the results is tested by both Monte-Carlo studies and a computation of the scaling in the frequency-domain.
Testing the financial market informational efficiency in emerging states
2012
The Efficient Markets Hypothesis (EMH) has been one of the most influential ideas in the past years and highlights that assets prices incorporate all information rationally and instantaneously. The last financial crisis has led to criticism of this hypothesis. Many practical observations concerning the reaction of investors, but also the mechanisms for the information encompassing in the price of stocks, come to highlight the aspects of 'market inefficiency'. Despite its simplicity, the EMH is surprisingly difficult to test and considerable care has to be exercised in empirical tests. It has attracted a considerable number of studies in empirical finance, particularly in determining the mar…
How viable are spanish credit cooperatives after recent bank capitalization and restructuring regulations?
2011
Over the past three years, major reforms have been approved in Spain in order to restructure the banking sector. The purpose of these reforms has been to reinforce the solvency of credit institutions through recapitalization and integration into larger organizations. The credit cooperatives have not presented any solvency problems which would justify these measures being applied to them. The problem that the financial authorities see in their case is their limited size. As a result, the credit cooperatives are immersed in an integration process which is not revolving around the Banco Cooperativo Español (BCE) or the Spanish Association of Rural Savings Banks, as might be expected, but is ta…
CAUSES AND CONSEQUENCES OF THE 2008-2009 INTERNATIONAL FINANCIAL CRISIS
2012
The paper investigates the current crisis and its major consequences in a shifting world. Originated from the USA, the crisis spread in the world and disturbed its power distribution. The emerging countries development of the last two decades illustrates the catching-up process. The findings also confirm the increased role of the Chinese economy today. The Chinese growth in comparison with the USA economic path is a mirror for the future world architecture. The consequences of the international financial crisis are focused on the fact that the developed countries will lose gradually their privileges in the shifting of economic power.