Volume 29 / 2009

UNLEARNED LESSONS

R.S. GRINBERG

Abstract: This paper deals with the cultural premises of the socialeconomic dynamics in Russia. This involves cultural traditions, value reference points and moral aims accepted in the society. There seems to be substantial grounds to suppose that the appearance of radical reformers on the Russian political stage is a result of traditional and, as always, unjustified impatience of the Westernizing wing of the Russian intellectual elite that turned out to be at the helm in the country in the early 1990s. A great responsibility for the actualization and intensification of cultural enlightment is laid upon the intelligentsia.
Keywords: cultural premises of economic dynamics; market institutions; social-cultural premises of economic dynamics; market institutions; social solidarity loss; social dissociation; social price; radical liberalism.
JEL Classification: D6; Ho; P1; P2; P3; P5.

CHINA AT THE CROSSROAD: CREATING THE ASIAN SINGLE CURRENCY OR INTERNATIONALIZING

Zhang YUYAN

Abstract: I am going to concentrate my concern on the discussion of the diversification of the existing world currency system, because in the view of the majority of Chinese economists it is closely linked to the future directions and destinations of China's domestic financial reform, to China's policies regarding Asia's financial collaborations, and to the positioning of RMB in the world in the coming years. It is almost commonly accepted among Chinese economists that China is on the way to form its international financial strategies that contain three objectives: properly re-visiting the Bretton Woods system in today's context, actively pushing foreward the region-wide financial cooperation of an Asian single currency as a core, and gradually internalizing RMB.
Keywords: international financial crisis; financial system reform; RMB internationalization; international financial crisis; financial system reform; RMB internationalization; exchange rate.
JEL Classification: F3; F31; G29.

A PROPOS DES QUELQUES DILEMMES DE LA THEORIE DE CROISSANCE ECONOMIQUE ET DE L'ECONOMIE

Krzysztof MALAGA

Résumé. Dans cet article nous allons envisager quelques dilemmes méthodologiques importants en ce qui concernent la théorie de la croissance économique et de l'économie. En particulier nous allons essayer trouver la réponse aux questions suivantes: qu'est-ce que c'est la croissance économique et comment la mesurer? Quels sont les rapports entre la croissance et le développement économique? Quelle rôle joue le temps et l'espace dans la théorie de la croissance économique moderne? Quels types des languages on utilise pour la description des sources, des mécanismes et des processus de la croissance économique? Quels sont les courants de la théorie moderne de la croissance économique? Quelles sont les caractéristiques de la théorie moderne de la croissance économique? En quoi consiste la dichotomie d'analyse dynamique en économie? Quelles sont les frontières d'analyse quantitative et qualitative de la croissance économique? Est-ce que l'économie appartient aux sciences nomologiques (nomothétiques) ou idiographiques? Quels sont les dilemmes principaux des économistes qui essayent trouver les lois économiques et les traiter comme les lois scientifiques?
Mots-clef: Croissance économique, développement économique, théorie Croissance économique, développement économique, théorie moderne de la croissance économique, méthodologie des sciences sociales et de l'économie.
JEL Classification: B4; A2; O1.

LIBERTIES AND CONSTRAINTS DURING THE TRANSITION PROCESS OF THE ROMANIAN CULTURAL

Octavian ŞTIREANU 

Abstract. The study analyses main economic, social and political problems The study analyses main economic, social and political problems concerning the transformation process of the editing, printing and publishing sector in Romania, as an important part of CORE copyrightbased industries during the transition to market mechanisms. A series of economic, financial, institutional, social and political aspects of this sector are presented from the viewpoint of its well-functioning in a democratic society, in accordance with EU standards and sustainable development needs. It points out the way of optimal combination between economic contribution of the sector and its sound educational role for the whole society, trying to answer the question if free market does generate genuine free publishing activities.
Keywords: economic contribution of copyright-based industries; free market of economic contribution of copyright-based industries; free market of publishing activities; technological and professional changes; relationship between publishing sector, ownership and political power.
JEL Classification: K11; O34; Z1; L82.

SAVINGS-INVESTMENTS RELATIONSHIP IN AN OPEN ECONOMY 

Florin-Marius PAVELESCU

Abstract. This paper reviews the conceptual-theoretical framework related to the analysis of the savings-investments relationship in an open economy and reveals the main trends of the respective relationship in the consolidated market economies and emerging countries during the second part of the 20-th century and first decade of the 21-st century. In this context, the author proposes some improvements in the savings-investments relationship analysis methodology, emphasizing the role of the foreign trade balance stock on the values of discrepancy between the savings and investments and of the Feldstein-Horioka econometric model estimated parameters. The respective methodological improvements are applied in the case of Romania for the period 1990-2007. At the end of the paper some guidelines for the savings-investments relationship modeling are presented in order to avoid recession and assure the premises for a sustainable economic growth.
Keywords: state budget deficit; external trade balance stock; Grubel-Lloyd state budget deficit; external trade balance stock; Grubel-Lloyd Index generalized form; Feldstein-Horioka model; error-correction model.
JEL Classification: B23; C13; C20; C22; O16.

REDUCING THE POLLUTING EMISSIONS. A SOURCE FOR DIMISHING THE CLIMATE CHANGES

Emilian M. DOBRESCU

Abstract. The USA and the Western Europe are responsible for 2/3 of the CO2 emissions accumulated until today. On the other hand, Africa has produced only 3% of polluting emission since 1900 until today, by burning mineral fuels. Since 1992, the most industrialized countries have promised to help "the most vulnerable nations face the adverse consequences of climate changes" by supporting the costs of adaptation. The commitment was included in the convention frame that gave birth to the Kyoto Treaty, which was rejected by the George W. Bush Administration, even though the initial document, issued in 1992, had been signed by George Bush. The industrialized countries that signed the Kyoto Treaty have decided to create a special fund for "climate adaptation". Hundreds of millions of dollars had to be used in order to diminish the impact of the global warming in the most exposed areas.
Lately, maybe because the CO2 emissions increase due to human activities, the planet climate has changed for worse. 2007 was a key year in evaluating the reply the planet would give to the global overheating, mainly caused by the green-house effect and worsen by El Nino oceanic stream. This superposition of climate factors made 2007 to be one of the warmest years ever registered.
Keywords: diminution of polluting emissions; climate changes.
JEL classification: O13; Q00; Q27; Q54; Q57.

TIME ALLOCATION IN ECONOMICS AND THE IMPLICATIONS FOR ECONOMIC DEVELOPMENT 

Nicoleta CARAGEA

Abstract: In a modern and more complex society, in which there are not borders between the professional family and social life of individuals, time should be viewed as an economic resource and it has to be optimized, rationalized and controlled.
In this paper, I will try to identify the main coordinates and the dominant points of view of economic thinking focused on time allocation, at both national and international level. The paper also presents an analysis of the correlation between time use and economic development, on the basis of some regression models.
Keywords: time allocation; working time; economic development time allocation; working time; economic development.
JEL Classification: J22.

THE ECONOMIC IMPACT OF TOURISM. AN INPUT-OUTPUT ANALYSIS

Camelia SURUGIU

Abstract. The paper presents an Input-Output Analysis for Romania, an important source of information for the investigation of the inter-relations existing among different industries. The Input-Output Analysis is used to determine the role and importance of different economic value added, incomes and employment and it analyses the existing connection in an economy. This paper is focused on tourism and the input-output analysis is finished for the Hotels and Restaurants Sector.
Keywords: input-output; analysis; tourism; multiplier; Romania input-output; analysis; tourism; multiplier; Romania.
JEL Classification: C67; D57; L8.

EFFICIENCY IN THE ROUMANIAN BANKING SYSTEM: AN APLICATION OF DATA ENVELOPMENT ANALYSIS

Mihai NIŢOI

Abstract: The paper analyzes the efficiency and productivity of the Romanian banks from 2006-08. It uses a non-parametric approach, the data envelopment analysis (DEA) to analyze banks' efficiency. Based on a sample of 15 commercial banks, our findings reveal that although the efficiency of the Romanian commercial banks improved since 2006, the cost efficiency scores are relatively low. Also, even if in 2007 the total factor productivity increased, in 2008 this score of the average productivity of banks decreased.
Keywords: bank performance; cost efficiency; productivity; data envelopment analysis; Malmquist Index.
JEL Classification: C23; D24; G21; L25.