The world economy is facing the worst crisis since the Great Depression. All the regions are addressing enormous challenges emanating from the growth slowdown in developed countries as well as the global credit crunch. Shared impacts across regions are slowdown in exports, fall in asset markets,...

During the last few decades, mutual funds have passed through a period of significant development regarding the managed assets volume and number of funds, as well as regarding the investment strategies and financial instruments used. The present paper wants to analyze the main evolutions on the...

Recent international financial crisis has highlighted the crucial importance of financial stability and showed clearly that ensuring price stability as an objective of monetary policy is a necessary but not a sufficient condition to ensure financial stability. In this context, there have been...

SMEs are outnumbering other types of firms in the Romanian economy. For this reason, the importance given to this type of enterprises must increase. In order to gain competitive advantage, the Romanian SMEs must choose the type of competitive advantage that it is trying to obtain and the field...

Financial markets turmoil, the collapse of the U.S. housing market, Lehman Brothers’ bankruptcy, the lack of liquidity that followed, decreasing confidence of both population and private sector, have brought a severe financial crisis in mid 2007, which quickly turned into a economic recession....

Corporate governance weaknesses within the structure of the companies and banks led to the assuming of higher risks, offering unjustified incentives for managers, and board directors got the tendency to value short-term benefits despite on-going performances in the long run. The crisis arrived...

Financial innovations, as process innovations, next to product innovations are vectors of the financial liberalization. The expected effect of the financial innovation is the economic growth, through the diversification of the possibilities of investments in the global real economy. The present...

In the last 200 years financial crises have succeeded themselves at more or less equal time intervals. The 25 years after the second world war have been one the least affected periods by crises because of intense state control in banking activities through regulations in this area. A single...

Central Bank is one of the most important actors of economic life. The policy that this institution leads is important both in relation to achieving different economic policy objectives (economic growth, unemployment rate, price stability, balance of payment equilibrium) and in relation to the...

The recent international economic and financial crisis has led to a sharp tightening of lending activity. For the banking system the shock was so strong that its ability to lend to the real economy played and still plays a major role in exacerbating the current crisis, which in turn undermines...