India and China are without doubt two superpowers in becoming, as they jointly own 40% of the world’s population and about 20% from the global economy. Their accelerated growth paces (8 – 9 % in the last decade) put to hard trials the scenarios of world’s development for a larger time...

Even if one could not say that governments and international organizations took the most appropriate rescue and/or stimulus packages, the worst effects of the financial crisis seem to be overcome. Signs of recovery occurred in the developed countries by the end of 2009, but the question of...

Many European countries, especially during the early post-accession years, have faced difficulties in absorbing the structural funds from the EU budget, the most cited reasons being generated by the lack of a coherent long-term vision of the authorities, insufficient resources to co-finance...

The study is focusing on the Romanian foreign trade by approaching distinctly its two components, i.e. the final goods under definitive custom regime and the intermediate goods imported under temporary custom regime, which are subject to processing (IPT-Inward Processing Trade), followed by...

The paper focuses on the sharp increase in the external debt level, both sovereign and private, threatening Romania’s financial stability, associated with weaknesses and risks arising from an unpredictable business environment and an unfavourable global and regional context. The study...

The study found that, during the early post-accession years, Romania failed toattract European funds, at least to the same extent to the national contribution at thecommunity budget, registering a net expenditure as an EU member. The determinants ofincreasing EU funds absorption rate are...

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the...

This paper reports data from a laboratory experiment on two-period moral hazard problems. The findings corroborate the contract-theoretic insight that even though the periods are technologically unrelated, due to incentive considerations principals can benefit from offering long-term contracts...

We study a continuous-time game of strategic experimentation in which the players try to assess the failure rate of some new equipment or technology. Breakdowns occur at the jump times of a Poisson process whose unknown intensity is either high or low. In marked contrast to existing models, we...