The european model is confronted with a potential crise. Economic convergence concerns the gaps in living standards between countries: are they closing or widening, and at what speed? Are relatively poor economies to remain poor for many generations? Are the rich countries of next century to be...

As it encountered a fiscal event (budget liquidity crisis) in 2009, Romania should have proceeded to one of the most ambitious fiscal correction in the last 30 years in EU. Nevertheless, the absence of vision regarding the increase in quality of the fiscal adjustment is obvious. The fiscal...

This paper deals with the problem of the public pension system’s sustainability in Romania and its impact upon the sustainability of the public finance. Thus, the public pension deficit increased in the last three years, caused by the unsustainable increase of pensions during expansionary...

This paper evaluates the determinants of growth in GDP per capita in industrialized countries and the lessons for the Romanian economy. How can Romanian economy grow faster? The neoclassical model show that the important determinants of growth are technical progress, increased labor supply and...

In this study, we show the effects which the measures to implement welfare state have to labour market. All knows that the employment represents the most important component of the welfare state, as it supports the fulfillment of the objectives for the economic and social policies. The argument...

The world economy is under recession. The strong financial turbulences, the collapses of the main stock exchanges with global extension, the global real estate crises and alimentary problems represent the signs of a fundamental correction within the global economy. How did the global financial...

This paper evaluates the trade-off between output volatility and the variability of the inflation rate around its target (Romanian case). The optimal choice for National Bank of Romania (NBR), in our opinion, is the flexible inflation targeting. For this purpose, NBR must explain the loss...

This paper analyses Romanian economy facing with European integration process at 2007. The Romanian economy advanced the development prudent macroeconomics policies and implement structural reforms in the market for goods, labor and financial products. We identify in this study the principal...

In this study we analyzed the trade, financial and structural asymmetries between the core and periphery of the Euro Area, and between these countries and seven CEE economies, respectively. The study includes an investigation of the trade, financial integration and sectoral specialization...

This paper provides arguments for the need to improve the fiscal rule proposed by the European Commission within the Fiscal Compact, considering the implementation of an augmented growth-based balance rule optimum for Romania. The first part of the paper presents the proposal for the...