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1 Table of contents 1. Daniela-Luminita CONSTANTIN, Zizi GOSCHIN - Principles, criteria and indicators used in multi-criteria analysis as a tool for municipal property management 2. Mădălina Ecaterina ANDREICA, Ion DOBRE - Applying an Interval Data Algorithm for Solving Stock Portfolio Selection Problem 3. Ileana ANASTASE (BĂDULESCU) - Factors with impact on the future of the enterprise 4. Emilia CALEFARIU, Gabriela PRELIPCEAN,Mircea BOSCOIANU - The role of innovation in modern architectures of collaborative networks 5. Victor Adrian BADESCU, Radu Nicolae CRISTEA - Considerations for evaluating portfolios with high systematic risk 6. Raluca Brandabur - Pharmaceutical market during the economic crisis 7. Georgiana BRINZA - Decision-making models for managing end-ofuse products 8. Iuliana CHERBELEATA - Mergers, Acquisitions and Game Theory 9. Adrian COPIE - Cloud Computing - the IT response to the economic crisis 10. Radu SERBAN, Mihaela COVRIG, Iulian MIRCEA - The algorithm of the tangent hiperbola for one dimensional optimization numerical results 11. Raluca DIMITRIU Hesitations of the Romanian «flexicurity». A legal approach 12. Alina HALAUCA (UDREA), Crişan ALBU -Consumer behavior characterization using cluster analysis 13. Catalin HUIDUMAC, Alexandru Catalin POPA - Monetary policies role in overcoming the financial crisis 14. Cristian IONESCU - Structural approach to financial instability 15. Iulian MIRCEA, Mihaela COVRIG, Radu SERBAN - The ruin probabilities at discrete-time insurance models 16. Ioana MANAFI, Daniela MARINESCU - On Optimal Trainings and Employee Preferences 17. Daniela Elena MARINESCU, Ioana MANAFI, Dumitru MARIN The Influence of Private Information on the Optimal Insurance Contracts 18. Nora CHIRIŢĂ, Ioana-Alexandra BRADEA - Using Computer for Enterprise Risk Management 19. Ion PARTACHI, Olga PANIS - Diagnosis and estimation of monetary policy shocks in the context of interest rate channel operation in the Republic of Moldova 20. Daniel Traian PELE, Miruna MAZURENCU MARINESCU, Cristian PĂUN - Modelling the impact of investment in reserach-development-

2 inovation, a way to relaunch the Romanian economy 21. Marcel PETRE Analysis of the Periods of Growth / Decrease of FTSE Index and the Estimation of Value at Risk 22. Stelian STANCU Alexandra Maria CONSTANTIN, Oana Madalina PREDESCU (POPESCU), Violeta Steliana STANCU (POPA ) - Analysis on adjustment of the Romanian macroeconomic system using multidimensional statistical analysis techniques 23. Stelian STANCU Alexandra Maria CONSTANTIN, Oana Madalina PREDESCU (POPESCU), Violeta Steliana STANCU (POPA ) - Sovereign debt crisis in Romania 24. Gheorghe RUXANDA, Cristina - Alexandra TOADER - Exchange Rates Forecasting with BVAR Models 25. Gheorghe RUXANDA, Cristina - Alexandra TOADER - Forecasting Exchange Rates with TVP-VAR S 26. Adina UTA, Iulian INTORSUREANU - Experiments with an evolutionary algorithm for solving the single machine scheduling problem 27. Constantin BELU - Merger reviews and post-merger evaluation with DEA 28. Monica ROMAN, Bogdan ILEANU, Elena PRADA - A comparative analysis of remittance behaviour between East European and North African migrants 29. Constantin Catalin DUMITRESCU, Bogdan CHIRIACESCU, Mariana Olivia DESPA (DUMITRESCU), Ana-Maria BANCU - Methods to assess the linkage between real economy and financial sector 30. Bogdan CHIRIACESCU, Ana-Maria BANCU, Mariana Olivia DESPA (DUMITRESCU), Constantin Catalin DUMITRESCU - Credit Risk of the Corporate Sector 31. Maria Denisa VASILESCU (ANTONIE) - A review of labour supply models 32. Magdalena Lucica TALVAN, Georgiana-Alice NICHITA Game theory elements used in teaching approach 33. Ileana NICULESCU-ARON, Constanta MIHAESCU - Savings of the Romanian Households Recent Aspects in the Context of the World Financial Crisis 34. Elisabeta JABA, Ioan-Bogdan ROBU, Christiana Brigitte BALAN, Mihaela-Alina ROBU - The Use of Panel Data Analysis for Fraud Risk Assessment in Financial Auditing 35. Ana ANDREI, Professor Antonio IMPERATO - Inequality and Economic Growth: Some Theoretical and Empirical Aspects 36. Elena Adriana ANDREI - Challenges of European real growth after the financial crisis 37. Mihai ROMAN - A search model on labor market. Study case on Romania 2

3 38. Mioara BANCESCU, Emil SCARLAT - Description of the national energetic system from the perspective of a complex adaptive system 39. Ágnes HEGYI-KÉRI - Industrial depression areas migration processes from the view point of structural changes 40. Zsuzsanna DABASI HALÁSZ, Kinga FEKSZI - Catapult The impact of the deepening labour market of the emigration 41. Catalin HUIDUMAC, Radu Marcel JOIA - Economic recovery premises in Romania 42. Klara Szita TOTH - The green world economy a dream or reality? 43. Mihai ROMAN, Ioan Eugen TIGANESCU - Social inequality and income distribution in Romania 3

4 Principles, criteria and indicators used in multi-criteria analysis as a tool for municipal property management Authors: Professor Daniela-Luminita CONSTANTIN, PhD. 1, Professor Zizi GOSCHIN, PhD. 2 The Bucharest University of Economics, Bucharest, Romania In most decision making situations more than one criterion is involved and, as a consequence, confusion can arise if there is no logical and well structured decision-making process in place. The multi-criteria analysis (MCA) constitutes a tool that can help evaluate the relative importance of all criteria involved and reflect on their importance during project management and decision making. MCA is a management tool aiming at supporting decision makers faced with making numerous and conflicting evaluations by deriving a way to come to a compromise. This paper discusses the possibilities of applying MCA in the field of municipal property management, where the decision-makers have to find the most convenient destinations of municipal assets that can be used for various purposes such as: governmental, business, social use. Based on the principles that lay the foundations for applying MCA, it focuses on the specific criteria and indicators employed in each case in the ranking and rating process, so as to get the corresponding weighted score. The paper is drawn on the research carried out for the project entitled Municipal Property Management in South- Eastern Cities (PROMISE), funded by the ERDF within the South-East Territorial Co-operation Programme. Keywords: multi-criteria analysis, principles, criteria, indicators, ranking, municipal assets, management JEL Classification: C61, R

5 Applying an Interval Data Algorithm for Solving Stock Portfolio Selection Problem Authors: Assist. Mădălina Ecaterina ANDREICA 3 PhD, Professor Ion DOBRE 4 PhD, The Bucharest University of Economics, Bucharest, Romania In this paper a stock portfolio selection problem is solved by applying a particular portfolio selection algorithm for interval data, which allows reaching different optimal portfolio solutions based on the decision maker risk. Keywords: Stock Portfolio Selection, Interval Data, Multi-Attribute Decision Making JEL Classification: G11, D

6 Utilizarea unui algoritm cu date cu intervale de variaţie pentru problema selecţiei portofoliului optim de acţiuni Autori: Asist. dr. Mădălina Ecaterina ANDREICA, Prof. univ. dr. Ion DOBRE Rezumat În cadrul acestei lucrări se rezolvă problema de selecţie a unui portofoliu de acţiuni prin aplicarea unui algoritm particular de selecţie a portofoliului optim pentru cazul datelor descrise prin intervale de variaţie. Acest algoritm permite identificarea unor soluţii diferenţiate, în funcţie de tipul de aversiune la risc a decidentului. Cuvinte cheie: selecţia portofoliului de acţiuni, date cu intervale de variaţie, metode de decizii multi-atribut Clasificare JEL: G11, D81 6

7 Factors with impact on the future of the enterprise Author: Lecturer Ileana ANASTASE (BĂDULESCU),PhD 5 Tomis University, Constanta, Romania This paper approaches aspects pertaining to the operation of the enterprise in the country determining the principles and external environment of the company. The same enterprise, operating in the globalized environment, considerably modifies the behavior, operation rules, business principles and environment. The estimate of the development potential of the enterprise assumes its successful operation, that is the imaginary existence of this company with other possibilities for production, sale, with another structure of the final product, with another efficiency. It is natural to admit that the manager of the company will position the increasing potential of the company. However, in dependence with the impact of the technical-scientific and exogenous factors progress, the enterprise could reduce its productive potential. In this context, to ensure the development of the enterprise, the financial level of the company should be taken into account. The companies with considerable financial level are relatively more flexible, they can change economic partners, make attempts to implement the technical-scientific success, accept more easily the productive and organizational structure changes. The enterprise is viable if it can align the final products structure to the global structures; it modernizes its economic and partnership business inside the company, systemic appears in the agenda the problem of renovations and implementation of innovations. Keywords: enterprise, modernization, economic potential, company of the future JEL Classification: D24 5 7

8 Factori de impact asupra întreprinderii viitorului Autor: Lect. Dr. Ileana ANASTASE (BĂDULESCU), Rezumat Lucrarea abordează aspecte ce tin de functionarea întreprinderii în interiorul ţării care determină principiile şi mediul exterior al firmei. Aceeaşi întreprindere, funcţionând în mediul globalizat, considerabil îşi modifică comportamentul, regulile de funcţionare, principiile şi mediul de afaceri. Estimarea potenţialului de dezvoltare al întreprinderii presupune funcţionarea cu succes a acesteia, adică existenţa imaginară a acestei firme cu alte posibilităţi de producere, de desfacere, cu o altă structură a produsului final, cu o altă eficienţă. Firesc e să admitem că managerul firmei va poziţiona potenţialul întreprinderii în creştere. Însă, în dependenţă de impactul progresului tehnico-ştiinţific, al factorilor exogeni, întreprinderea ar putea să-şi reducă potenţialul productiv. În acest context, pentru asigurarea dezvoltării întreprinderii trebuie de ţinut cont de nivelul financiar al firmei. Firmele cu un potenţial financiar considerabil, sunt relativ mai flexibile, îşi pot schimba partenerii economici, fac încercări de a implementa succesele tehnico-ştiinţifice, acceptă mai uşor schimbările de structură productivă, organizatorică. Întreprinderea este viabilă dacă îşi poate alinia structura produselor finale la structurile globale; îşi modernizează afacerile economice, de parteneriat, în interiorul întreprinderii, sistemic la ordinea zilei apare problema renovărilor, implementării inovaţiilor. Cuvinte cheie: întrepindere, modrnizare, potențial economic, firma viitorului Clasificare JEL: D24 8

9 The role of innovation in modern architectures of collaborative networks Authors: Emilia CALEFARIU PhD. 6, Professor Gabriela PRELIPCEAN PhD. 7, Professor Mircea BOSCOIANU PhD. 8 Transilvania University of Brasov, Romania Stefan cel Mare University of Suceava, Romania Henri Coanda Air Force Academy of Brasov, Romania The role of innovation in the processes of building and development of new architectures of collaborative networks is essential in the actual context because it supports a robust development of the innovation capacity, competitiveness and wealth creation. The modern literature on strategic/ value networks is more focused on the analysis at the net level in order to build effective strategies for networks. The sociological perspective should be revised in order to include the actual mechanisms and preferences. There are only few case studies for emerging markets and the interest of this paper is also to develop this kind of researches in Romania. Keywords: innovation, opportunity, architectures of collaborative networks JEL classification: D

10 Rolul inovării în arhitectura modernă a reţelelor colaborative Autori: Dr. Emilia CALEFARIU, Profesor dr. Gabriela PRELIPCEAN, Profesor dr. Mircea BOSCOIANU Rezumat Rolul inovării în procesele de construcţie şi dezvoltare a noilor arhitecturi ale reţelelor colaborative este esenţial în contextul actual deoarece presupune o dezvoltare robustă a capacităţii de inovare a competitivităţii şi a puterii de creaţie. Literatura modernă din domeniul reţelelor strategice este orientată pe analize la nivel de reţea în vederea construirii de strategii. Perspectiva sociologică va trebui revizuită astfel încât să includă preferinţele şi mecanismele actuale. În acest context, pe pieţele emergente există doar câteva studii iar prin acest articol ne propunem să dezvoltăm astfel de cercetări în România. Cuvinte cheie: inovare, oportunitate, arhitectură a reţelelor colaborative Clasificare JEL: D85 10

11 Considerations for evaluating portfolios with high systematic risk Authors: Professor Victor Adrian BADESCU, PhD. 9, Radu Nicolae CRISTEA, PhD. 10 The Bucharest University of Economics, Bucharest, Romania It is well known that realistic assessment of the phenomena taken into account in formulating any capital investment decisions is one of the factors that caused the last economic crisis, whose repercussions are still being felt throughout the economic environment. This paper proposes a new approach to the methods for selecting the optimal value as an integral part of decision-making algorithm by using fuzzy sets theory. The approach makes use of concepts and procedures found in fuzzy mathematics to bring more flexibility and thus an increase in research detail. Based on these concepts, the paper uses fuzzy logic theory to assist the behaviour of a investor on the stock market, managing to capture, in great detail its dynamic nature. Further on, the model proposed in the paper distinguishes between the behaviour of an investor and its competition therefore providing necessary mathematical support in order to simulate the stock market. At the end of the paper, we illustrate its effectiveness by integrating the model into a decision-making procedure. Then, we compare the results obtained by the proposed model with those obtained by conventional methodologies. We achieve an increase in portfolio profitability well above the minimum threshold of any capital investment decision, i.e. bank interest. Keywords: Fuzzy theory, portfolio decisions, fuzzy logic JEL Classification: G

12 Considerente privind evaluarea portofoliilor în situaţii de risc sistematic ridicat Autori: Prof.. Dr. Victor Adrian BADESCU, Dr. Radu Nicolae CRISTEA Rezumat Este bine cunoscut faptul că evaluarea nerealistă a fenomenelor luate în considerare la formularea oricărei decizii de plasament de capital reprezintă unul dintre factorii care au generat recenta criză economică, ale cărei repercusiuni încă se fac simţite în mediul economic. Prezenta lucrare propune o nouă abordare a metodelor de selecţie a portofoliilor, ca parte integrată a algoritmului decizional, utilizând teoria mulţimilor vagi. Abordarea face apel la concepte şi proceduri din matematica fuzzy, pentru a aduce un plus de flexibilitate şi implicit un spor de detaliu în cercetare. Pornind de la aceste concepte, lucrarea apelează la teoria logicii fuzzy pentru a asista comportamentul unui investitor pe piaţa de capital, reuşind să surprindă, în detaliu, caracterul dinamic al acestuia. Modelul propus în lucrare face distincţie între comportamentul unui investitor şi cel al concurenţei, asigurând suportul matematic necesar simulării dinamice a pieţei de capital. În finalul lucrării, pentru exemplificarea utilităţii acesteia, integrăm modelul într-o procedură decizională şi comparăm rezultatele obţinute prin exemplificarea practică a modelului propus cu cele obţinute prin metodologiile clasice. Relevăm o creştere a rentabilităţii portofoliului peste pragul minim al oricărei decizii de plasare de capital, furnizat de dobânda bancară. Cuvinte cheie: teoria fuzzy, decizii de portofoliu, logică fuzzy Classificare JEL: G11 12

13 Pharmaceutical market during the economic crisis Author: Raluca E. Brandabur, PhD 11, The Bucharest University of Economics, Bucharest, Romania Despite the global economic crisis, the pharmaceutical industry remains one of the most active and dynamic domain, registering a continuously annual growths, although their growth rate is declining. Beyond having a meritory contribution to the medical progress and improvement of the population s health, the European and worldwide pharmaceutical industry is one of the most valuable industries. It is an highly developed and technologized industry, with a large number of high qualified employees, which creates in the same time a large number of other jobs, upstream and downstream. Sectors like packaging, wholesale distribution or pharmacies sales are strictly dependent by the changes in this area. Even if the progress of civilization led to improved health conditions, affections alleviation and the biological incapacities from one generation to another, they didn t satisfy the health. This paper aims to examine, in the context of the global economic crisis, the situation and perspectives of the pharmaceutical market. Keywords: pharmaceutical industry, crisis, prognosis JEL Classification: L

14 Piaţa farmaceutică în perioada crizei economice Autor: Raluca E. Brandabur Rezumat In pofida crizei economice mondiale, industria farmaceutica ramane unul dintre cele mai active si dinamice domenii, inregistrand cresteri anuale, chiar daca ritmul acestora este in scadere. Dincolo de a avea meritul contribuţiei la progresul medical şi îmbunătăţirea stării de sănătate a populaţiei, atât în Europa cât şi la nivel mondial, industria farmaceutică este una dintre cel mai valoroase industrii. Este o industrie dezvoltată şi tehnologizată, cu un mare număr de angajaţi superior calificaţi, şi totodată creează o serie de alte locuri de muncă în amonte şi în aval. Sectoare cum sunt: ambalarea, distribuţia en-gross sau prin farmacii, sunt strict dependente de schimbările survenite în acest domeniu. Chiar dacǎ progresele civilizaţiei, au condus la ameliorarea afecţiunilor, la micşorarea disabilitǎţilor şi a incapacitǎţii biologice, de la o generaţie la alta, acestea nu au acoperit satisfacerea stǎrii de sǎnǎtate şi ca directă şi firească urmare industria farmaceutică este în continuă expansiune. Prezenta lucrare isi propune sa analizeze, in contextul crizei economice globale, situatia si perspectivele pietei farmaceutice. Cuvinte cheie: industrie farmaceutica, criză, perspective Classificare JEL: L65 14

15 Decision-making models for managing end-of-use products Author: Georgiana BRINZA, PhD Student. 12 The Bucharest University of Economics, Bucharest, Romania At present the interest in environmental aspects of the activities that our society undertakes is quite low and threatens the welfare and quality of life of all living beings from this planet. Consumption growth has immediate effects on increasing consumption of raw materials and energy, which leads to depletion of natural resources of the world. In order to eliminate / reduce environmental impacts that human activities produce, the concept of environmentally conscious manufacturing (ECM) was created. This involves planning, developing and implementing the manufacturing processes and technologies that reduce or eliminate losses and minimize waste. The benefits of this method are not limited only to the above, but include: reduced waste disposal costs, reduced environmental and health risks, increased productivity and quality etc. One of the most important elements of a traditional and reversible supply chain is the strategic planning. In core aspect of the strategic planning is that only certain end-of-use products need to be purchased and from the most suitable suppliers in order to achieve profitability and environmental objectives. This paper addresses the following two problems related to supply, for each of them being developed a quantitative decisionmaking model: what end-of-use products should be chosen to be reprocessed? and from which suppliers will these end-of-use products be purchased? We answer to the first question with a Linear Physical Programming (LPP) model and for the second problem we build a model based on Analytical Network Process (ANP) and Goal Programming. Keywords: reverse supply chain, strategic planning, physical programming, end-of-use products, Analytical Network Process (ANP) JEL Classification: C44, C61, M11, Q01, Q

16 Modele de decizie pentru gestionarea produselor end-of-use Autor: Drd. Georgiana BRINZA Rezumat In prezent interesul pentru aspectele ecologice ale activitatilor pe care societatea in care traim le intreprinde este destul de scazut si ameninta bunastarea si calitatea vietii tuturor vietuitoarelor planetei. Cresterea consumului are ca effect imediat cresterea consumului de materii prime si de energie, ceea ce conduce la diminuarea resurselor natural ale globului. In scopul eliminarii/ reducerii efectelor negative asupra mediului pe care activitatile umane le produc, a fost creat conceptul de Productie ecologic-constienta (ECM). Aceasta presupune activitati de planificare, dezvoltare si implementare a proceselor de fabricatie si a tehnologiilor care sa reduca sau sa elimine pierderile si sa minimizeze resturile/ rebuturile. Beneficiile acestei metode nu se reduc doar la cele de mai sus, ci includ si: costuri reduse de eliminare a deseurilor, riscuri reduse de mediu si sanatate, productivitate si calitate marita si nu numai. Unul dintre cele mai importante elemente ale unui lant de distributie traditional si reversibil in acelasi timp il reprezinta planificarea strategica. In cadrul acesteia doar anumite produse end-of-use trebuie achizitionate, dar de la furnizorii cei mai potriviti, cu scopul de a atinge obiectivele de profitabilitate si de mediu. Lucrarea de fata dezvolta urmatoarele doua probleme legate de aprovizionare, pentru care sunt construite cate un model cantitativ de luare a deciziilor: ce produse end-of-use ar trebui alese pentru a fi reprocesate? si de la ce furnizori se vor achizitiona prodesele end-of-use? La prima intrebare vom raspunde cu un model de programare liniara fizica, iar pentru a doua problema vom construi un model bazat pe Procesul de Analiza a Retelei si pe Programarea Scopurilor. Cuvinte cheie: lant de distributie reversibil, planificare strategica, programarea fizica, produse end-of-use, Procesul de Analiza a Retelei Clasificare JEL: C44, C61, M11, Q01, Q56 16

17 Mergers, Acquisitions and Game Theory Author: Iuliana Cherbeleață, PhD Student 13 The Bucharest University of Economics, Bucharest, Romania This paper provides an overview on Merger and Acquisition concepts from the game theory point of view. The caution, the need for certainty and economic based decisions increase in the context of global economic instability. As an alternative for corporate finance theory and as a support for decision making, game theory provides new approaches to Merger and Acquisition studies. Decision frameworks of major companies understood the effectiveness of methods, theories and models of game theory and began to develop studies and researches, being a tool that they want to hold. The purpose of this paper is to present a series of models used in analyzing transactions through game theory modeling. The companies involved in these transactions are viewed as players of complex games, games that any decision maker can use for a detailed analysis of various market entry opportunities through mergers or acquisitions, for choosing the takeover of a company or determine the price that the players can offer to complete transactions. Keywords: mergers, acquisition, game theory. JEL Classification: C

18 Cloud Computing - the IT response to the economic crisis Author: Professor Adrian COPIE, PhD 14 West University of Timisoara, Faculty of Informatics, Timisoara, Romania The international economic crisis is an issue that has not spared any domain or activity field. Economic theory identifies as the main solution to exit the crisis the development of techniques and technologies that allow the activity optimization. It becomes then natural that the dynamic IT industry was forced to focus its efforts primarily towards the development and implementation of specific applications in order to find economical alternatives for different areas of activity. Nowadays, Cloud Computing related technologies can offer viable alternatives for most areas of activity due to the economic advantages mainly related to IT infrastructure and drastically reducing technical personnel expenses. Equally, Cloud Computing promise reconfiguration opportunities for the IT market itself, Small and Medium Enterprises being able to associate in virtual enterprise and becoming competitive with major service providers in the market. The paper aims to analyze the advantages of Cloud Computing technologies for the Small and Medium Enterprises form the IT industry as well as aspects related to Cloud Governance. Keywords: IT industry, Cloud computing, SME JEL Classification: L86, L

19 Cloud computing răspunsul IT la criza economică Autor: Profesor dr. Adrian COPIE Rezumat Criza economica internationala reprezinta un fenomen care nu a ocolit niciun domeniu de activitate. Teoria economica identifica ca principala solutie a iesirii din criza dezvoltarea unor tehnici si tehnologii care sa permita optimizari ale activitatii. Devine astfel natural ca dinamicul domeniu IT a fost fortat sa-si orienteze eforturile primordial in directia dezvoltarii si implementarii unor aplicatii specifice fiecarui domeniu, in scopul de a gasi alternative economice pentru diferite arii de activitate. Tehnologiile legate de Cloud Computing pot oferi in acest moment solutii viabile pentru majoritatea domeniilor de activitate datorita avantajelor economice legate in principal de infrastructura IT precum si de reducerea drastica a cheltuielilor cu personalul tehnic. In aceeasi masura, tehnologiile Cloud Computing determina oportunitati de reconfigurare pentru insasi piata IT, firmele mici si mijlocii putind sa se asocieze in intreprinderi virtuale, devenind astfel competitive in raport cu marii furnizori de servicii de pe piata. Lucrarea isi propune sa analizeze beneficii ale tehnologiilor Cloud Computing pentru firmele mici si mijlocii din industria IT in contextul crizei economice mondiale precum si aspecte referitoare la guvernanta in Cloud. Cuvinte cheie: Indistrie IT, cloud computing, întreprinderi mici şii mijlocii Clasificare JEL: L86, L25 19

20 The algorithm of the tangent hiperbola for one dimensional optimization numerical results Authors: Radu SERBAN PhD., Iulian MIRCEA, PhD 15, PhD.Mihaela COVRIG PhD 16, The Spiru Haret University, Bucharest, Romania The Bucharest University of Economics, Bucharest, Romania The Bucharest University of Economics, Bucharest, Romania The paper presents a new one-dimensional optimization algorithm. The algorithm is based on the tangent hiperbola method, method for solving a large class of equations without divergence points.numerical results are given. Keywords: nonlinear optimization, penalty functions method, multidimensional optimization, one-dimensional optimization. JEL Classification: C

21 Algoritm al hiperbolei tangente pentru optimizare unidimensionala Autori: Conf. dr. Radu SERBAN, Lect. Dr. Iulian MIRCEA, Lect. Dr. Mihaela COVRIG, Rezumat In lucrare este prezentat un nou algoritm de optimizare unidimensionala.algoritmul se bazeaza pe metoda hiperbolei tangente pentru rezolvzrea unei largi clase de ecuatii fara puncte de divergenta.sunt prezentate rezultate numerice. Cuvinte cheie: optimizare neliniara, metoda functiilor de penalizare, optimizare multidimensionala, optimizare unidimensionala. Classificare JEL: C020 21

22 Hesitations of the Romanian «flexicurity». A legal approach Author: Professor Raluca DIMITRIU PhD. 17 The Bucharest University of Economics, Bucharest, Romania Even the most protectionist European legislations seem to give up the traditional policies and, under the impact of the economic crisis, and of the new legal theories in the field, they tend to adopt solutions that favour the flexibilization of the labour relations. The changes made in 2011 in the Romanian Labour Code brought about a new paradigm of the force relations between employers and employees, and collectively, between the entrepreneurs associations and the unions. Triggered by the modification of the Law of Social Dialogue, the changes made in the Labour Code aimed at the flexibilization of the labour market and at simplified agreement-related procedures. This led to simplified procedures to hire and dismiss, to more non-standard employment and to an obviously diminished power of the unions. Like other East and Central European countries, Romania has attempted a practical implementation of the flexicurity theory, which has been more theoretical so far. What are the chances of this undertaking? One year after the implementation of the changes, the effects are already visible. This paper presents the concrete consequences on the labour market of each of the recent changes in the labour legislation in order to analyse whether flexicurity, in its original understanding, has found its place among the Romanian social policies, or whether this undertaking has been rather a form without contents. Keywords: Labour Code, flexicurity, Fixed term contracts JEL Classification: J23, J

23 Ezitările «flexicurităţii» româneşti. O abordare juridică Autor: Profesor dr. Raluca DIMITRIU Rezumat Chiar şi cele mai protecţioniste legislaţii europene ale muncii par a renunţa la politicile tradiţionale, îndreptându-se sub impactul crizei economice, dar şi al noilor teorii juridice în materie către soluţii favorabile flexibilizării raporturilor de muncă. Şi în România, modificarea Codului muncii, intervenită în 2011, a adus cu sine o schimbare de paradigmă în înţelegerea raportului de forţe angajator salariat, ca şi, în plan colectiv, al celui dintre patronate şi sindicat. Pandant al modificării Legii dialogului social, modificarea Codului muncii a avut ca obiectiv declarat flexibilizarea pieţei muncii şi simplificarea procedurilor contractuale. Aceasta a condus la o anume simplificare a modalităţilor de angajare şi concediere, la multiplicarea modalităţilor non-standard de angajare şi la o diminuare vizibilă a puterii sindicatelor. Alături de alte ţări est şi central europene, România a căutat astfel o transpunere practică a teoriei flexicurităţii, până acum avansată mai mult în plan conceptual. Care sunt însă şansele unui atare demers? La un an de la implementarea modificărilor, acesta îşi relevă deja efectele. Lucrarea propusă urmăreşte consecinţele concrete, pe piaţa muncii, a fiecăreia dintre recentele modificări ale legislaţiei muncii cu scopul de a răspunde la întrebarea dacă flexicuritatea, în înţelesul său originar, şi-a găsit într-adevăr loc în peisajul politicilor sociale româneşti, sau dacă demersul ar putea avea caracterul unei forme fără fond. Cuvinte cheie: codul muncii, flexicuritate, contracte la termen Clasificare JEL: J23, J88 23

24 Consumer behavior characterization using cluster analysis Author: Alina HALAUCA (UDREA) PhD Student 18, Crişan ALBU, PhD 19. The Bucharest University of Economics, Bucharest, Romania Based on Romanians banking sector negative profitability (-0.1% at June 2012, according to monthly NBR report) and on an estimation of a difficult macroeconomic environment (reducing the economic growing rate for Romania for 2012), banks are cautious in managing costs. So, developing communication programs based on the results of cluster analysis applied on bank s clients date base may reduce marketing activity costs. Filtering consumer groups witch best fit to banks strategy by applying hierarchical and non hierarchical cluster analysis methods determined, on our study, reduction of costs and of period of time implied to create targeted consumer profile and an increase of the respond rate in comparison to standard institution procedure. Keywords: cluster analysis, consumer behavior JEL Classification: C23, D

25 Utilizarea analizei cluster în caracterizarea comportamentului consumatorului Autori: Doctorand Alina HALAUCA (UDREA), Profesor dr. Crişan ALBU Rezumat În contextul unei profitabilităţi negative la nivelul sectorului bancar românesc (-0,1% la iunie 2012, conform buletinului lunar publicat de către BNR) şi a menţinerii estimărilor privind conjuctura macroeconomică dificilă (revizuirea ţintei de creştere economică a României pentru 2012, în scădere), băncile rămân precaute în gestionarea costurilor. Astfel, dezvoltarea de programe de comunicare pornind de la rezultatele aplicării unei analize cluster pe baza de clienţi a instituţiei poate duce la o diminuare a costurilor activităţii de marketing. Filtrarea grupurilor de consumatori care să corespundă cât mai bine strategiei băncii prin aplicarea atât a metodelor ierarhice cât şi nonierhice a analizei cluster, au dus, în studiul de caz dezvoltat, la o diminuare a cheltuielilor și a perioadelor de timp necesare dezvoltării profilului targetat şi la o creştere a ratei de răspuns comparativ cu aplicarea procedurii standard a instituţiei. Cuvinte cheie: analiza cluster, comportamentul consumatorului Classificare JEL: C23, D11 25

26 Monetary policies role in overcoming the financial crisis Authors: Professor Catalin HUIDUMAC, PhD. 20, Alexandru Catalin POPA, PhD. Student 21 The Bucharest University of Economics, Bucharest, Romania The current financial crisis has changed a lot of what we thought we knew about how should an adequate monetary policy be like. This article aims to present a brief analysis of the response of world's major central banks to the crisis, both from a short term perspective, related to the financial system stability and from a somewhat longer perspective related to the effects on prices stability and the confidence in the future actions of these institutions. Keywords: central bank, monetary policy, financial crisis, financial stability, prices stability JEL Classification: E02, E52, E

27 Rolul politicilor monetare în depăşirea crizei financiare Autori: Prof.. Dr. Catalin HUIDUMAC, Drd. Alexandru Catalin POPA Rezumat Actuala criză financiară a schimbat multe din ceea ce credeam că ştim despre cum ar trebui să fie o politică monetară adecvată. Articolul îşi propune să prezinte o scurtă analiza a reacţiei celor mai importante bănci centrale din lume la această criză, atât dintr-o perspectivă pe termen scurt, legată de stabilitatea sistemului financiar, cât şi dintr-o perspectivă pe un termen lung, legată de stabilitatea preţurilor şi de efectele asupra încrederii în acţiunile acestor instituţii. Cuvinte cheie: bancă centrală, politică monetară, criză financiară, stabilitate financiară, stabilitatea preţurilor Classificare JEL: E02, E52, E58 27

28 Structural approach to financial instability Author: Cristian IONESCU, PhD. Student 22 The Bucharest University of Economics, Bucharest, Romania The paper analyzes the complex dynamics of a sophisticated monetary economy and the role of financial instability. Thus, instability is specified in terms of structural instability, rather than in terms of ordinary dynamic instability. This different view of the instability represents a new approach to the analysis of the dynamic behavior of the economic system and of the structural changes. Qualitative changes in economic behavior economic system are not considered as purely exogenous, but endogenous. Interaction between current financial constraints and inter-temporal financial constraints of the economic units is related to irregular fluctuations at micro and macro level. Beyond certain instability thresholds, qualitative characteristics of the dynamic behavior changes radically in such a way as to produce irregular cyclical fluctuations. The interaction between these microeconomic fluctuations is sufficient to produce macroeconomic cyclical fluctuations. Through qualitative dynamic analysis and numerical simulations, we can study the interaction between financial fragility, modeled in terms of structural instability, and unstable dynamic financial fluctuations. Keywords: financial instability, structural instability, economic fluctuations, economic shocks, monetary economy JEL Classification: D12, D14, E21, E

29 Abordarea structurală a instabilităţii financiare Autor: Drd. Ionescu Cristian Rezumat Lucrarea analizează dinamica complexă a unei economii monetare sofisticate şi rolul instabilităţii financiare. Astfel, instabilitatea este specificată în termeni de instabilitate structurală, mai degrabă decât în termenii obişnuiţi de instabilitate dinamică. Această viziune diferită a instabilităţii reprezintă o altă abordare a analizei comportamentului dinamic al sistemului economic şi a schimbărilor structurale. Schimbările calitative în comportamentul economic al sistemului economic nu sunt considerate ca fiind pur exogene, ci endogene. Interacţiunea dintre constrângerile financiare curente şi intertemporale ale unităţilor economice are legătură cu fluctuaţiile neregulate la nivel microeconomic şi la nivel macroeconomic. Dincolo de anumite praguri ale instabiliăţii, caracteristicile calitative ale comportamentului dinamic se schimbă radical într-un astfel de mod încât se produc fluctuaţii ciclice neregulate. Interacţiunea dintre aceste fluctuaţii microeconomice este suficientă pentru a produce fluctuaţii ciclice macroeconomice. Prin intermediul analizei dinamice calitative şi a simulărilor numerice, se poate studia interacţiunea dintre fragilitatea financiară, modelată în termeni de instabilitate structurală, şi fluctuaţiile financiare dinamice instabile. Cuvinte cheie: instabilitate financiară, instabilitate structurală, fluctuaţii economice, şocuri economice, economie monetară Clasificare JEL: D12, D14, E21, E32 29

30 The ruin probabilities at discrete-time insurance models Authors: Iulian MIRCEA, PhD 23, Mihaela COVRIG PhD 24, Radu SERBAN, PhD. The Bucharest University of Economics, Bucharest, Romania An important issue in risk theory is to study the ruin probability of an insurance company when the management has the possibility of investing in the financial market. In the classical risk models, the premium rate is a fixed constant that satisfies a positive security loading condition. The assumption that the premium rate keeps constant is very restrictive in practice. Recently, several new risk models have been proposed in the literature, in which the premium income of an insurer is uncertain and depends on some random components in the surplus of an insurer. Closed form expressions for ruin probability are available only in few cases, therefore actuaries search the best approximations. In this paper, we consider risk models with dependence between the premium rate, the claim size and the income from investing of the surplus. We focus on discrete-time models and we evaluate the ruin probabilities using convolutions and independent and identical distributed claims over time. Also, we consider corrected diffusion approximation for the maximum of a random walk. We give a numerical illustration and graphic of ruin probabilities on some risk models. Keywords: surplus process, ruin probability, corrected difusion approximation, random walk, perturbed risk model. JEL Classification: C020, G220, G

31 Probabilităţile de ruinare în asigurări cu timp discret Autori: Lect. Dr. Iulian MIRCEA, Asist. Dr. Mihaela COVRIG, Prof. dr. Radu SERBAN Rezumat O chestiune importantă în teoria riscului este studierea probabilităţii de ruinare a unei companii de asigurare atunci când managementul companiei are posibilitatea să investească surplusul. În modelele clasice de risc, rata primei este constantă şi satisface o condiţie de încărcare de siguranţă. Ipoteza că rata primei rămâne constantă este foarte restrictivă în practică. Recent, în literatură, au fost propuse câteva noi modele de risk, în care venitul din prime al asigurătorului este incert şi depinde de nişte componente aleatoare din surplusul asigurătorului. În puţine cazuri există expresii pentru probabilitatea de ruinare, de aceea actuarii caută cele mai bune aproximări ale ei. În această lucrare, noi considerăm modele de risc având dependenţă între rata primei, mărimea cererii şi venitul din investirea surplusului. Noi ne axăm pe modele cu timp discret şi evaluăm probabilităţile de ruinare utilizând convoluţiile şi cererile independente şi identic distribuite în timp. De asemenea, considerăm aproximarea difuzie corectată pentru modelul mersului aleatoriu. Pentru câteva modele de risc dăm rezultate numerice şi grafice. Cuvinte cheie: procesul surplusului, probabilitatea de ruinare, aproximarea difuzie corectată, mers aleator, model de risc perturbat. Classificare JEL: C020, G220, G320 31

32 On Optimal Trainings and Employee Preferences Authors: Assistant Ioana MANAFI, PhD. 25, Professor Assistant Daniela MARINESCU, PhDt 26 Romanian Academy, Iasi Branch, Iasi Romania The Bucharest University of Economics, Bucharest, Romania A common practice to increase the productivity of a firm is to offer training programs, such as seminars, workshops and technical skills development opportunities. We will consider a company/department where the employer offers specific training programs to increase the productivity of the employees effort or general trainings to encourage the employees to do new tasks. In this context we will analyze which employees should attend trainings and what kind of the trainings. The aim of the paper is to determine the optimal solution for the employer in order to minimize the cost function. Keywords: training, preferences, cost function JEL Classification: D01, D

33 Preferinţele angajaţilor şi determinarea soluţiei optimale în cazul cursurilor de formare profesională Autori: Asistent dr. Ioana MANAFI,, Conferentiar dr. Daniela MARINESCU Pentru a creşte productivitatea unei firme, o practică des întâlnită este de a oferi programe de training, cum ar fi seminarii, workshop-uri şi oportunităţi de dezvoltare a abilităţilor tehnice. În lucrare vom considera un departament/ companie pentru care angajaţii trebuie să urmeze cursuri de formare profesională specifice firmei pentru a putea creşte productivitatea sau cursuri de formare profesională generale pentru realizarea de noi activităţi. În acest context vom determina ce angajaţi trebuie să urmeze cursuri de formare profesională, precum şi tipul acestora. Scopul lucrării este de a determina soluţia optimă, astfel încât funcţia de cost să fie minimă. Cuvinte cheie: cursuri de formare profesională, preferinţe, funcţie de cost. Clasificare JEL D01, D11 33

34 The Influence of Private Information on the Optimal Insurance Contracts Authors: Daniela Elena MARINESCU PhD. 27, Ioana MANAFI PhD. 28, Dumitru MARIN, PhD. The Bucharest University of Economics, Bucharest, Romania It is well known in the literature that the insurance markets are strongly affected by private information of the potential insurees. In order to solve the informational problem, either adverse selection (the insurer does not know how risky the Agent is) or moral hazard (the need to induce the optimal level of care safety from the Agent), the insurance companies must design optimal incentive insurance contracts. In the paper we use a standard adverse selection model with the Agent s reservation utility being type dependent. We also are in the presence of a model with common values, the Principal s utility function being directly affected by the Agent s type. The main goal of the paper is to derive the optimal incentive insurance contracts in the case where the Agents are grouped into two risk classes. We show that the first best solution can not be implemented in the presence of asymmetric information and in the final part we present and comment the characteristics of the new optimal solution in asymmetric information. Keywords: adverse selection, insurance contracts, second best solution JEL Classification: L21, D

35 Influenţa informaţiei private asupra contractelor optime de asigurări Autori: Conf. Dr. Daniela Elena MARINESCU, Asist. Dr. Ioana MANAFI, Profesor dr. Dumitru MARIN Rezumat Este bine cunoscut faptul că pieţele de asigurări sunt foarte vulnerabile faţă de informaţia privată a potenţialilor asiguraţi. Pentru a rezolva problema informaţională, fie de selecţie adversă (asiguratorul nu cunoaşte gradul de risc al asiguratului) sau de hazard moral (nevoia de a induce nivelul optimal de siguranţă pentru agent) societăţile de asigurări trebuie să conceapă contracte de asigurare incitative. În lucrare utilizăm un model de selecţie adversă standard în care nivelul de utilitate rezervată a agentului este dependent de tipul acestuia. Suntem în prezenţa unui model cu valori comune, funcţia obiectiv a principalului fiind direct afectată de tipul agentului. Scopul principal al lucrării este determinarea contractelor de asigurări optimale în cazul în care agenţii sunt grupaţi în două clase de risc. Vom arăta că soluţia de rang I nu poate fi implementată în prezenţa informaţiei asimetrice, iar, în final, vom prezenta şi comenta caracteristicile soluţiei de rang II. Cuvinte cheie: selecţia adversă, contracte de asigurare, soluţie de rang II Clasificare JEL: L21, D82 35

36 Using Computer for Enterprise Risk Management Authors: Professor Nora CHIRITA PhD 29, Ioana Alexandra BRADEA PhD. Student 30 The Bucharest University of Economics, Bucharest, Romania The main objective of the paper is to discuss how computer can be used for managing the risks of an enterprise. In introduction is presented the actual stage of the techniques which are used to monitor, measure and mitigate risks. In Section 1 and 2 it is described the management system of an enterprise and its links with computer and software products. In Section 3, will be presented the most common methodologies which are used for analysis and assessment of risks and Section 4 presents how to build a dashboard using Excel. This paper will end with some conclusions regarding the topic. Keywords: Risk, dashboard, key risk indicators, management JEL Classification: Z

37 Utilizarea calculatorului pentru managementul riscului la nivel de întreprindere Autori: Profesor dr. Nora CHIRITA, Drd. Ioana Alexandra BRADEA Rezumat Obiectivul principal al lucrării este de a discuta modul în care computerul poate fi folosit pentru gestionarea riscurilor unei întreprinderi. În introducere este prezentat stadiul actual al tehnicilor care sunt folosite pentru a monitoriza, măsura şi reduce riscurile. În secţiunile 1 şi 2 sunt descrise sistemul de management al unei întreprinderi şi legăturile sale cu diferite produse software. În secţiunea 3, vor fi prezentate metodologiile cele mai comune, care sunt utilizate pentru analiza şi evaluarea riscurilor, iar Secţiunea 4 prezintă modalitatea de construire a unui tablou de bord cu ajutorul programului Excel. Această lucrare se va încheia cu câteva concluzii. Cuvinte cheie: risc, dashboard, indicatori cheie de risc, management Classificare JEL: Z00 37

38 Diagnosis and estimation of monetary policy shocks in the context of interest rate channel operation in the Republic of Moldova Authors: Professor Ion PARTACHI, PhD 31, Olga PANIS, PhD. Student Academy of Economic Studies, Chisinau, Moldova The present work is proposed to analyze some transmission effects of monetary policy shocks in the context of interest rate channel operation and the variables in the Taylor s rule, which are main operational attributes of modern inflation targeting. The analysis and the main conclusions were made based on the implementation of the Granger tests, the regression analysis, VAR models, cointegration and VECM. Keywords: inflation targeting, aggregate demand, monetary transmission, interest rate channel, GDP potential, GAP-GDP, GAP-INFLATION, lag, autoregression, impulseresponse, cointegration, vector error correction. JEL Classification: E31, P24, C

39 Modelling the impact of investment in reserach-development-inovation, a way to relaunch the Romanian economy Authors: Daniel Traian PELE, PhD., Miruna MAZURENCU MARINESCU, PhD, 32 Cristian PĂUN, PhD. The Bucharest University of Economics, Bucharest, Romania On the long term, research, development and innovation (R&D) is an important driver of economic growth. In this paper, firstly, we estimate economic growth elasticity in relation to private sector R&D intensity, defined as the ratio of total spending on R&D and GDP. R & D expenditures on GDP impact was further evaluated by using various particular forms of the general Cobb-Douglas model. Following heuristic analysis, the best model showed that the effect of R&D expenditures financed from private funds and public funds occurs after one year, and for foreign-funded R&D activities, the effect is instantaneous. Subsequently, the estimation of the impact of R&D spending on economic growth was achieved in two steps by using the stock of R&D. It turned out that the elasticity of the R&D stock differs depending on the source of funding of R & D, higher elasticities were recorded for public funds and for the funds from abroad. Keywords: Investments, R&D, model, economic growth JEL Classification: D92, E

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