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Galati, Romania

The paper deals with the analysis of negative effects of the inflation which, in the current global crisis, represents major challenges for the monetary policy. The objectives of the paper are to analyse the paradigm changes of the conventional thinking framework internationally, the monetary policy by abandoning the anti-inflationary anchors and adopting the direct inflatin targeting as a monetary policy strategy. The paper analysis by comparison the advantages and limitations of the strategies adopted in the monetary policy in the 70's. Statistical databases and information are provided by the central bank websites and the international institutions. Source

Gheorghe S.,Danubius University
11th International Multidisciplinary Scientific Geoconference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2011

Corporations regarded as socially responsible can benefit from a large satisfied clientage while the public image of social irresponsibility can end up with a boycott or any other hostile actions from costumers. Positive contributions to social development can be considered by companies as long term investments in the consolidation of a safer community life, better educated and much more equitable which corporations can benefit from by unfolding their activities in a more dynamic, stable and resourceful environment. These are serious economic reasons which can be in the advantage of economic agents who can commit towards different social groups. Companies' social implication has become a frequently approached subject due to a set of factors like: economic globalization, depletion tendency of resources, alarming increase of pollution and the diminishing role of the public sector. Consequently, corporate social responsibility becomes a component more and more significant of the business environment's interaction with the society where organizations unfold their activities. This term is of interest to both those who apply it in their current activities and also to the academic environment which, in order to create future managers, gets involved in its study. © SGEM2011 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM. Source

Ionescu R.V.,Danubius University
Journal of Food, Agriculture and Environment

CAP represents an "old" European policy with high impact on the socio-economic sustainable development. The paper is focused on the following goals: to realize a comparative analysis between the Member States using some representative indicators; to implement the idea of grouping the states into clusters; to forecast the agricultural indicators during 2014 - 2020. The analysis covers three steps: comparative dynamic analysis, regression and cluster analysis. All analysis' steps and conclusions are based on the latest official statistic data and are supported by pertinent diagrams. In order to obtain adequate results, we used long data series and dedicated software SPSS. The main conclusion of the paper is the existence of three speeds European agriculture, which supports the increase of the agricultural disparities. Moreover, the new financial perspective will be not able to solve the agriculture's problems, especially in the latest Member States. The problem becomes more difficult because some of these states have large agricultural surfaces. Source

Nicolau M.,Danubius University | Palomba G.,Marche Polytechnic University
Resources Policy

According to the most common financial theories, the price of a futures contract is always influenced by the spot price of its underlying asset (the cost-of-carry model) or by the expected future spot price conditional on information set (the asset-pricing theory). The aim of this paper is to analyze the dynamic relationship between spot and futures prices, and to establish if there is the possibility of a valid "period by period" prediction of the futures price conditional on the prediction of the spot price, and vice-versa. The empirical analysis is conducted on the two most important energy commodities, crude oil and natural gas, and on gold, the most important commodity used for risk hedging and investment during financial turmoil, paying particular attention to the exogeneity issue. We estimate a battery of recursive bivariate VAR models over a sample of daily spot and futures prices, ranging from January 1997 to May 2014. Our results show that some interactions between spot and futures prices clearly exist and they mainly depend on commodity type and futures contracts maturity. Thus, a strong exogeneity operates in the case of the natural gas, while this is not the case for the crude oil, where the exogeneity generally is weak and depends on the contract maturity. On the gold market the results show no possibility of a valid forecasting between spot and futures prices. © 2015 Elsevier Ltd. Source

Andronic B.,Danubius University
Metalurgia International

In the cybernetic approach the company- system is defined as a result of the connections between an internal subsystem - the production subsystem, and an external subsystem- the subsystem of the company market. The cybernetic nature of the two systems is given by their adjustment elements. Designing of some diagrams reflecting causal relationships between the components of the two subsystems, would improve the understanding of the overall frame of the of companies operation. Source

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