This paper discusses and evaluates the associated cost with the future integration of Romania into EMU, namely the loss of seignorage. The author shows that most of the transitional period the National Bank of Romania has conducted its monetary policy in a hostile economic environment, which did...

In this paper we derived the optimal conditions which allow for a comparison between private and social levels of the interchange fees (IFs). We expand the model developed by Rochet and Tirole (2002) by allowing for several extensions which lead to a more accurate understanding of the...

On its way to the accession to the European Union, Romanian could decide upon adopting the strategy of direct targeting the inflation, abandoning thus the intermediary targets after 2003. Therefore, the estimation of the monetary condition index would have only informative value since it is an...

The present paper presents the implications of the CAP adoption on production, demand and trade of the agricultural products in Romania. The analysis is based on three scenarios. The first scenario has in view the present CAP regime adoption in the next period (tomorrow). The second scenario has...

This paper empirically analyzes the liquidity characteristics of asset price boom-busts and the implicit information of asset prices in China during the period 1998-2011. The results indicate that liquidity plays an important role in asset price cycles and asset prices contain specific...

This paper looks at policy dilemmas the National Bank of Romania has faced over the years, with the analysis framed in a European and historical context. Some of these dilemmas are of an older vintage, such as how to deal with massive capital flows, how to combat high inflation when resource...

This article examines how the interdependence of three Central and Eastern European (CEE) stock markets, represented by the stock indices LJSEX (Slovenia), PX (Czech Republic) and BUX (Hungary), and some developed European stock markets (Austria, represented by the ATX; France, represented by...

This study focuses on the implications of current account deficit upon the external debt increase in Romania, revealing higher risks for the sustainability of its international financial position. Considering the trade deficit as a main cause of current account balance deterioration, several...

The paper examines the long-term dynamics of four Central and Eastern European countries, namely the Czech Republic, Hungary, Poland and Romania between 2002 and 2012. The structure of the paper is twofold. In the first part, it examines the relationship between a set of macro financial...