The present paper argues that if the production factors are mobile, then the countries engaged in fiscal competition are less able to choose fully autonomously a taxation regime, since they have to prevent capital and labor migration. One significant consequence is that changes in neighbor...

Many financial studies are based on the efficient capital markets hypothesis. In this context, testing the existence of this concept becomes an interesting field of study for the emerging capital market. The aim of this paper is to enlighten the difficulties of portfolio construction in a...

The financial sector of the Bucharest Stock Exchange, reflected in the BET-FI index, has gone through important changes during the last few years, becoming very attractive for the individual and institutional investors. This paper’s aim is to offer an analysis of the static proprieties of the...

Integration has become a second nature of Europeans.. Day-in, day-out, we experience more worldwide integration of markets and this will further develop as –in the end – it will mean real tangible benefits for all stakeholders involved. One of the most important parts of the integration...

The Romanian financial market has passed in the last years through a large “maturating” and consolidation process which has created an unfinished architecture, harmonising step by step with the capital markets from European Union. One possible way to analyse the empirical characteristics of...

The evolution of the investment funds market is influenced by a number of factors that have a more or less significant impact upon the trend this market follows. The implementing of stimulating policies in what concerns the development of the investment funds market, strictly connected to the...

No country can develop without an active financial market, able to offer the conditions for financing national economy and also, an advantageous way of investing the temporary available resources. Having in mind this idea, the objective of this paper is to reveal the main coordinates of Romanian...

The investment policy of the voluntary pension funds is crucial in achieving a superior performance as their competitors. The investment duration, the target and the taxpayers’ typology have an impact on the structure of the selected portfolios and the levels of accepted risk. In this context,...

No country can develop without an active capital market, which has to be capable to meet the mobilization requests of the assets for financing the national economy. On the other hand, it has to be a profitable instrument for placing the available financing resources. The existence of a potential...

Le travail se propose d’analyser les premises de la démarration de la reforme du système de pensions de retraite en Roumanie et présente l’architecture projetée de celui-ci. La modification du cadre législatif a déterminé des mutations dans la méthodologie de calcul des prestations...