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Bogdan Boldea

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Papers by Bogdan Boldea

Disfuncţionalităţi ale procesului de aderare la Uniunea Europeană

Revista OEconomica, 2005

După decade de dominare politică şi economică sovietică, ţările din Europa Centrală şi de Est pri... more După decade de dominare politică şi economică sovietică, ţările din Europa Centrală şi de Est privesc procesul accesiunii la Uniunea Europeană (UE) ca pe un simbol al libertăţii şi prosperităţii; însăşi Comisia Europeană afirmă "UE a fost realizată pe baza principiului utilizării pârghiilor economice în vederea realizării păcii, stabilităţii şi prosperităţii. În momentul actual oferim şi noilor parteneri europeni oportunitatea beneficierii de acest model de integrare." 1 Totuşi pot exista consecinţe ale procesului de aderare a noilor membrii care reprezintă ameninţări serioase pentru o dezvoltare regională sustenabilă. Dorinţa de întoarcere la Europa a fost unul dintre leit-motivurile dominante ale ţărilor din Europa Centrală şi de Est din ultimele două decade. Perspectiva calităţii de membru cu drepturi depline al UE, precum şi de parte instituţională componentă a unei zone politice şi economice unice, este principală diferenţiere dintre aceste state şi tranziţiile post-comunism din afara Europei.

Sustainability of the Financial Transaction Tax: Decision and Uncertainty

Annals of University of Craiova - Economic Sciences Series, 2012

Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Soci... more Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Social Security) and a tax on financial transactions - which would simultaneously raise money and would discourage another crisis - should be part of the discussion. We explore whether a Financial Transactions Tax (TTF) is likely to correct the market failures that have contributed to the financial crisis, to what extent FTT succeeds in raising revenues, and how the FTT compares to alternative taxes in terms of efficiency. Taxing of transactions is not well targeted at behaviour that leads to excessive risk and systemic risk creation. The empirical evidence does not suggest that the introduction of an FTT reduces volatility or asset price bubbles. When compared to alternative forms of taxation of the financial sector, the FTT is likely less efficient given the amount of revenues. In particular, taxes that more directly address existing distortions, such as the current VAT exemption for banks, and the bias towards debt financing, provide more efficient alternatives.

Unemployment Trends and Sustainability after the Economic Crises

European Review Of Applied Sociology, Oct 9, 2012

A quasi-cyclical regressive model of the pandemic impact on Romanian e-market

Journal of Financial Studies, Nov 15, 2021

The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Ma... more The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Market, manifested by the explosion of sales of basic products. We propose in this paper a non-linear model of growth of e-Commerce observed in the Romanian retail sector that consider the economic and socials effects of the two pandemic Waves in 2020. Starting from the hypothesis, statistically verified, that the effect of a Pandemic crisis can be strongly related to the global increase of sales in e-Market and the accentuation of seasonal variation of this sector, we obtained a first nonlinear model that can simulate with a high level of confidence (95%) the chaotically effects of a pandemic crisis on the very volatile sector of digital retailing and allows a prediction of the general behaviour of Romanian e-Market for 2021 and 2022.

An evolutionary adaptative method for short term forecasting of the exchanges rate

Lucrări Științifice, Universitatea de Științe Agricole Și Medicină Veterinară a Banatului, Timisoara, Seria I, Management Agricol, May 26, 2016

The paper presents a new method to forecast the variation of the exchange rate Euro-RON on a shor... more

Human Capital Contracts as Investment Portfolio

Lucrări Științifice, Universitatea de Științe Agricole Și Medicină Veterinară a Banatului, Timisoara, Seria I, Management Agricol, May 26, 2016

Given the importance of education for a country's development, most governments have subsidized h... more Given the importance of education for a country's development, most governments have subsidized higher education. This solution, however, is not sustainable in the light of the fiscal constrains faced by governments and the rising demand for tertiary education. This article makes an economic case for Human Capital Contracts (HCCs), an equity-like approach to financing education, first proposed by Milton Friedman. To achieve this we approach the problem using human capital theory, particularly from Gary Becker's and Jacob Mincer's work. The resulting equations permit an analysis of the role the different variables play in the valuation of HCCs. In the end we use date from The Financial Times' "European Business School Ranking 2014" to illustrate how parameters in HCCs can be designed such that they become financially successful.

An Adaptative Evolutionary Model Of Financial Investors

Annals of Faculty of Economics, 2009

The main purpose of the paper is to determine a general behavior of a multi-agent model capable o... more The main purpose of the paper is to determine a general behavior of a multi-agent model capable of describing the process of deliberation of an investors group witch may repeatedly decide whether to buy or sell an asset. Each adaptive agent was modeled as a collection of strategies which is optimized by an evolutionary algorithm (EA). The paper investigates the implications and the effect of the learning process for the information strategies used by the agents in the process of deliberation of buy and sells order.

The Pandemic Waves’ Impact on the Crude Oil Price and the Rise of Consumer Price Index: Case Study for Six European Countries

Sustainability, Apr 12, 2023

This article is an open access article distributed under the terms and conditions of the Creative... more

An Evolutive Model of Knowledge-Based Organizational Populations

DOAJ (DOAJ: Directory of Open Access Journals), 2008

In this paper we develop an evolutionary agent-based simulation model derived from a knowledge-ba... more In this paper we develop an evolutionary agent-based simulation model derived from a knowledge-based theoretical framework and use it to explore the effect of knowledge management strategies on the evolution of a group of knowledge-intensive organizations located in a given geographical area. We then present the results of different runs of the simulation model.

The Pandemic Waves’ Impact on Romanian E-Market: A Non-Linear Regression Model

Facta Universitatis. Series: Economics and Organization, Dec 24, 2021

The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by t... more The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by the explosive increase in online sales, especially at the beginning of the two waves of epidemic, in spring and autumn. Using a statistical regressive analysis of monthly change in the volume of online sales in Romania, we propose a non-linear regression model of growth of this commercial sector that take into account the economic and socials effects of the three pandemic waves in 2020-2021, combining logistic equations of growth with attenuated quasi-periodical variations of market. The model allows a prediction of the overall behavior of online buyers for 2021 and 2022, similar to last year, but with annual growth peaks slightly less pronounced than in 2020.

Sustainability of Economic Growth and Inequality in Incomes Distribution

Annals of Faculty of Economics, Jul 1, 2012

The problem of inequality in incomes distribution is a present one, much discussed. Economic grow... more The problem of inequality in incomes distribution is a present one, much discussed. Economic growth is considered an essential force to reduce the level of poverty by increasing the labor demand and finally the wages within the economy. But the extent to which poverty is reduced as a result of economic growth depends mostly on the initial inequalities in income and on how the distribution of income changes with economic growth. A lot of researches are focused on studying the evolution of inequality in incomes distribution and others have attempted to explore the relationship between income inequality and economic growth. There are also studies which try to identify the main factors which have impact on inequality in incomes distribution. The objective of this study is to put in discussion another possible factor that affects the variability on inequality of incomes distribution-economic growth variability. As background research, until now, we did not find any studies which are investigating this possible relation between inequality of incomes distribution and economic growth variability. To provide some empirical evidences for a positive impact of social output volatility on inequality of incomes' distribution we are involving a small sample of 27 developing countries for an observation time span between 1995 and 2006. The values of the Gini coefficient reported in World Income Inequality Database are used as dependent variable. As a first step in testing our research hypothesis, we are involving a static panel data model with pooled ordinary least squares (OLS), fixed effects (FE) and random effects (RE) estimators. The F statistics tests the null hypothesis of same specific effects for all countries. If we accept the null hypothesis, we could use the OLS estimator. The Hausman test can decide which model is better: random effects (RE) versus fixed effects (FE). The FE model was selected because it avoids the inconsistency due to correlation between the explanatory variables and the country-specific effects. For a robustness assessment, we also apply the socalled GMM-System estimation. According to our results, an increase in the volatility of the social output (a decrease in the sustainability of the growth processes) leads to a greater inequality in incomes distribution. Such outcome appears to be robust to the changes in estimation methodology.

Modeling the Prices Variation of Agricultural Products on the Stock Market Using Evolutionary Approach

Smart innovation, systems and technologies, 2023

Unemployment Trends and Sustainability after the Economic Crises

European Review Of Applied Sociology, Oct 9, 2012

A quasi-cyclical regressive model of the pandemic impact on Romanian e-market

Journal of Financial Studies, 2021

The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Ma... more The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Market, manifested by the explosion of sales of basic products. We propose in this paper a non-linear model of growth of e-Commerce observed in the Romanian retail sector that consider the economic and socials effects of the two pandemic Waves in 2020. Starting from the hypothesis, statistically verified, that the effect of a Pandemic crisis can be strongly related to the global increase of sales in e-Market and the accentuation of seasonal variation of this sector, we obtained a first nonlinear model that can simulate with a high level of confidence (95%) the chaotically effects of a pandemic crisis on the very volatile sector of digital retailing and allows a prediction of the general behaviour of Romanian e-Market for 2021 and 2022.

Sustainability of the Financial Transaction Tax: Decision and Uncertainty

Annals of University of Craiova Economic Sciences Series, 2012

Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Soci... more Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Social Security) and a tax on financial transactions - which would simultaneously raise money and would discourage another crisis - should be part of the discussion. We explore whether a Financial Transactions Tax (TTF) is likely to correct the market failures that have contributed to the financial crisis, to what extent FTT succeeds in raising revenues, and how the FTT compares to alternative taxes in terms of efficiency. Taxing of transactions is not well targeted at behaviour that leads to excessive risk and systemic risk creation. The empirical evidence does not suggest that the introduction of an FTT reduces volatility or asset price bubbles. When compared to alternative forms of taxation of the financial sector, the FTT is likely less efficient given the amount of revenues. In particular, taxes that more directly address existing distortions, such as the current VAT exemption for banks, and the bias towards debt financing, provide more efficient alternatives.

The Pandemic Waves’ Impact on Romanian E-Market: A Non-Linear Regression Model

Facta Universitatis, Series: Economics and Organization, 2021

The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by t... more The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by the explosive increase in online sales, especially at the beginning of the two waves of epidemic, in spring and autumn. Using a statistical regressive analysis of monthly change in the volume of online sales in Romania, we propose a non-linear regression model of growth of this commercial sector that take into account the economic and socials effects of the three pandemic waves in 2020-2021, combining logistic equations of growth with attenuated quasi-periodical variations of market. The model allows a prediction of the overall behavior of online buyers for 2021 and 2022, similar to last year, but with annual growth peaks slightly less pronounced than in 2020.

Les Finances Des Institutions Publiques Au Coeur De La Reforme Democratique De L'Etat

Journal of Applied Economic Sciences (JAES), 2008

... Mots cle: politique financière publique, finance, institution publique JEL Classification: H7... more ... Mots cle: politique financière publique, finance, institution publique JEL Classification: H72, H83 1. Introduction L'efficience, l'efficacité, l'économie ... Par ailleurs, elle est encouragée par les gouvernements, car elle confère une nouvelle dimension à la légitimité de leurs actions. ...

Human Capital Contracts as investment portfolio

Given the importance of education for a country’s development, most governments have subsidized h... more Given the importance of education for a country’s development, most governments have subsidized higher education. This solution, however, is not sustainable in the light of the fiscal constrains faced by governments and the rising demand for tertiary education. This article makes an economic case for Human Capital Contracts (HCCs), an equity-like approach to financing education, first proposed by Milton Friedman. To achieve this we approach the problem using human capital theory, particularly from Gary Becker’s and Jacob Mincer’s work. The resulting equations permit an analysis of the role the different variables play in the valuation of HCCs. In the end we use date from The Financial Times’ “European Business School Ranking 2014” to illustrate how parameters in HCCs can be designed such that they become financially successful.

Sustainability of Economic Growth and Inequality in Incomes Distribution

Annals of Faculty of Economics, 2012

The problem of inequality in incomes distribution is a present one, much discussed. Economic grow... more The problem of inequality in incomes distribution is a present one, much discussed. Economic growth is considered an essential force to reduce the level of poverty by increasing the labor demand and finally the wages within the economy. But the extent to which poverty is reduced as a result of economic growth depends mostly on the initial inequalities in income and on how the distribution of income changes with economic growth. A lot of researches are focused on studying the evolution of inequality in incomes distribution and others have attempted to explore the relationship between income inequality and economic growth. There are also studies which try to identify the main factors which have impact on inequality in incomes distribution. The objective of this study is to put in discussion another possible factor that affects the variability on inequality of incomes distribution -economic growth variability. As background research, until now, we did not find any studies which are inv...

Monetary Stability Versus Financial Stability In Adjusting The Real Economy

Annals of Faculty of Economics, 2010

Nowadays, in the economic theory and practice, there's commonly held idea that the primary ob... more Nowadays, in the economic theory and practice, there's commonly held idea that the primary objective of monetary policy should be price stability. However, the possibility of achieving this goal depends on the development and stability of the financial system. Even though financial stability represents a prerequisite for reaching the objective of price stability, the relationship manifests itself in reverse also. In the long term, the two objectives support and reinforce each other, but in the short term, there may occur certain incompatibilities, thus resulting in the central bank's dilemma of abandoning one in favor of the other. This paper aims to investigate precisely the circumstances in which the policies pursued to ensure price stability can cause or worsen financial stability.

Disfuncţionalităţi ale procesului de aderare la Uniunea Europeană

Revista OEconomica, 2005

După decade de dominare politică şi economică sovietică, ţările din Europa Centrală şi de Est pri... more După decade de dominare politică şi economică sovietică, ţările din Europa Centrală şi de Est privesc procesul accesiunii la Uniunea Europeană (UE) ca pe un simbol al libertăţii şi prosperităţii; însăşi Comisia Europeană afirmă "UE a fost realizată pe baza principiului utilizării pârghiilor economice în vederea realizării păcii, stabilităţii şi prosperităţii. În momentul actual oferim şi noilor parteneri europeni oportunitatea beneficierii de acest model de integrare." 1 Totuşi pot exista consecinţe ale procesului de aderare a noilor membrii care reprezintă ameninţări serioase pentru o dezvoltare regională sustenabilă. Dorinţa de întoarcere la Europa a fost unul dintre leit-motivurile dominante ale ţărilor din Europa Centrală şi de Est din ultimele două decade. Perspectiva calităţii de membru cu drepturi depline al UE, precum şi de parte instituţională componentă a unei zone politice şi economice unice, este principală diferenţiere dintre aceste state şi tranziţiile post-comunism din afara Europei.

Sustainability of the Financial Transaction Tax: Decision and Uncertainty

Annals of University of Craiova - Economic Sciences Series, 2012

Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Soci... more Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Social Security) and a tax on financial transactions - which would simultaneously raise money and would discourage another crisis - should be part of the discussion. We explore whether a Financial Transactions Tax (TTF) is likely to correct the market failures that have contributed to the financial crisis, to what extent FTT succeeds in raising revenues, and how the FTT compares to alternative taxes in terms of efficiency. Taxing of transactions is not well targeted at behaviour that leads to excessive risk and systemic risk creation. The empirical evidence does not suggest that the introduction of an FTT reduces volatility or asset price bubbles. When compared to alternative forms of taxation of the financial sector, the FTT is likely less efficient given the amount of revenues. In particular, taxes that more directly address existing distortions, such as the current VAT exemption for banks, and the bias towards debt financing, provide more efficient alternatives.

Unemployment Trends and Sustainability after the Economic Crises

European Review Of Applied Sociology, Oct 9, 2012

A quasi-cyclical regressive model of the pandemic impact on Romanian e-market

Journal of Financial Studies, Nov 15, 2021

The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Ma... more The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Market, manifested by the explosion of sales of basic products. We propose in this paper a non-linear model of growth of e-Commerce observed in the Romanian retail sector that consider the economic and socials effects of the two pandemic Waves in 2020. Starting from the hypothesis, statistically verified, that the effect of a Pandemic crisis can be strongly related to the global increase of sales in e-Market and the accentuation of seasonal variation of this sector, we obtained a first nonlinear model that can simulate with a high level of confidence (95%) the chaotically effects of a pandemic crisis on the very volatile sector of digital retailing and allows a prediction of the general behaviour of Romanian e-Market for 2021 and 2022.

An evolutionary adaptative method for short term forecasting of the exchanges rate

Lucrări Științifice, Universitatea de Științe Agricole Și Medicină Veterinară a Banatului, Timisoara, Seria I, Management Agricol, May 26, 2016

The paper presents a new method to forecast the variation of the exchange rate Euro-RON on a shor... more

Human Capital Contracts as Investment Portfolio

Lucrări Științifice, Universitatea de Științe Agricole Și Medicină Veterinară a Banatului, Timisoara, Seria I, Management Agricol, May 26, 2016

Given the importance of education for a country's development, most governments have subsidized h... more Given the importance of education for a country's development, most governments have subsidized higher education. This solution, however, is not sustainable in the light of the fiscal constrains faced by governments and the rising demand for tertiary education. This article makes an economic case for Human Capital Contracts (HCCs), an equity-like approach to financing education, first proposed by Milton Friedman. To achieve this we approach the problem using human capital theory, particularly from Gary Becker's and Jacob Mincer's work. The resulting equations permit an analysis of the role the different variables play in the valuation of HCCs. In the end we use date from The Financial Times' "European Business School Ranking 2014" to illustrate how parameters in HCCs can be designed such that they become financially successful.

An Adaptative Evolutionary Model Of Financial Investors

Annals of Faculty of Economics, 2009

The main purpose of the paper is to determine a general behavior of a multi-agent model capable o... more The main purpose of the paper is to determine a general behavior of a multi-agent model capable of describing the process of deliberation of an investors group witch may repeatedly decide whether to buy or sell an asset. Each adaptive agent was modeled as a collection of strategies which is optimized by an evolutionary algorithm (EA). The paper investigates the implications and the effect of the learning process for the information strategies used by the agents in the process of deliberation of buy and sells order.

The Pandemic Waves’ Impact on the Crude Oil Price and the Rise of Consumer Price Index: Case Study for Six European Countries

Sustainability, Apr 12, 2023

This article is an open access article distributed under the terms and conditions of the Creative... more

An Evolutive Model of Knowledge-Based Organizational Populations

DOAJ (DOAJ: Directory of Open Access Journals), 2008

In this paper we develop an evolutionary agent-based simulation model derived from a knowledge-ba... more In this paper we develop an evolutionary agent-based simulation model derived from a knowledge-based theoretical framework and use it to explore the effect of knowledge management strategies on the evolution of a group of knowledge-intensive organizations located in a given geographical area. We then present the results of different runs of the simulation model.

The Pandemic Waves’ Impact on Romanian E-Market: A Non-Linear Regression Model

Facta Universitatis. Series: Economics and Organization, Dec 24, 2021

The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by t... more The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by the explosive increase in online sales, especially at the beginning of the two waves of epidemic, in spring and autumn. Using a statistical regressive analysis of monthly change in the volume of online sales in Romania, we propose a non-linear regression model of growth of this commercial sector that take into account the economic and socials effects of the three pandemic waves in 2020-2021, combining logistic equations of growth with attenuated quasi-periodical variations of market. The model allows a prediction of the overall behavior of online buyers for 2021 and 2022, similar to last year, but with annual growth peaks slightly less pronounced than in 2020.

Sustainability of Economic Growth and Inequality in Incomes Distribution

Annals of Faculty of Economics, Jul 1, 2012

The problem of inequality in incomes distribution is a present one, much discussed. Economic grow... more The problem of inequality in incomes distribution is a present one, much discussed. Economic growth is considered an essential force to reduce the level of poverty by increasing the labor demand and finally the wages within the economy. But the extent to which poverty is reduced as a result of economic growth depends mostly on the initial inequalities in income and on how the distribution of income changes with economic growth. A lot of researches are focused on studying the evolution of inequality in incomes distribution and others have attempted to explore the relationship between income inequality and economic growth. There are also studies which try to identify the main factors which have impact on inequality in incomes distribution. The objective of this study is to put in discussion another possible factor that affects the variability on inequality of incomes distribution-economic growth variability. As background research, until now, we did not find any studies which are investigating this possible relation between inequality of incomes distribution and economic growth variability. To provide some empirical evidences for a positive impact of social output volatility on inequality of incomes' distribution we are involving a small sample of 27 developing countries for an observation time span between 1995 and 2006. The values of the Gini coefficient reported in World Income Inequality Database are used as dependent variable. As a first step in testing our research hypothesis, we are involving a static panel data model with pooled ordinary least squares (OLS), fixed effects (FE) and random effects (RE) estimators. The F statistics tests the null hypothesis of same specific effects for all countries. If we accept the null hypothesis, we could use the OLS estimator. The Hausman test can decide which model is better: random effects (RE) versus fixed effects (FE). The FE model was selected because it avoids the inconsistency due to correlation between the explanatory variables and the country-specific effects. For a robustness assessment, we also apply the socalled GMM-System estimation. According to our results, an increase in the volatility of the social output (a decrease in the sustainability of the growth processes) leads to a greater inequality in incomes distribution. Such outcome appears to be robust to the changes in estimation methodology.

Modeling the Prices Variation of Agricultural Products on the Stock Market Using Evolutionary Approach

Smart innovation, systems and technologies, 2023

Unemployment Trends and Sustainability after the Economic Crises

European Review Of Applied Sociology, Oct 9, 2012

A quasi-cyclical regressive model of the pandemic impact on Romanian e-market

Journal of Financial Studies, 2021

The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Ma... more The emergence and accelerated spread of COVID-19 has severely affected Romanian and European e-Market, manifested by the explosion of sales of basic products. We propose in this paper a non-linear model of growth of e-Commerce observed in the Romanian retail sector that consider the economic and socials effects of the two pandemic Waves in 2020. Starting from the hypothesis, statistically verified, that the effect of a Pandemic crisis can be strongly related to the global increase of sales in e-Market and the accentuation of seasonal variation of this sector, we obtained a first nonlinear model that can simulate with a high level of confidence (95%) the chaotically effects of a pandemic crisis on the very volatile sector of digital retailing and allows a prediction of the general behaviour of Romanian e-Market for 2021 and 2022.

Sustainability of the Financial Transaction Tax: Decision and Uncertainty

Annals of University of Craiova Economic Sciences Series, 2012

Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Soci... more Opinion leaders and other policymakers want profound changes in rights (such as Medicare and Social Security) and a tax on financial transactions - which would simultaneously raise money and would discourage another crisis - should be part of the discussion. We explore whether a Financial Transactions Tax (TTF) is likely to correct the market failures that have contributed to the financial crisis, to what extent FTT succeeds in raising revenues, and how the FTT compares to alternative taxes in terms of efficiency. Taxing of transactions is not well targeted at behaviour that leads to excessive risk and systemic risk creation. The empirical evidence does not suggest that the introduction of an FTT reduces volatility or asset price bubbles. When compared to alternative forms of taxation of the financial sector, the FTT is likely less efficient given the amount of revenues. In particular, taxes that more directly address existing distortions, such as the current VAT exemption for banks, and the bias towards debt financing, provide more efficient alternatives.

The Pandemic Waves’ Impact on Romanian E-Market: A Non-Linear Regression Model

Facta Universitatis, Series: Economics and Organization, 2021

The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by t... more The SARS-COV2 pandemic had a strong impact on the Romanian and European e-Market, manifested by the explosive increase in online sales, especially at the beginning of the two waves of epidemic, in spring and autumn. Using a statistical regressive analysis of monthly change in the volume of online sales in Romania, we propose a non-linear regression model of growth of this commercial sector that take into account the economic and socials effects of the three pandemic waves in 2020-2021, combining logistic equations of growth with attenuated quasi-periodical variations of market. The model allows a prediction of the overall behavior of online buyers for 2021 and 2022, similar to last year, but with annual growth peaks slightly less pronounced than in 2020.

Les Finances Des Institutions Publiques Au Coeur De La Reforme Democratique De L'Etat

Journal of Applied Economic Sciences (JAES), 2008

... Mots cle: politique financière publique, finance, institution publique JEL Classification: H7... more ... Mots cle: politique financière publique, finance, institution publique JEL Classification: H72, H83 1. Introduction L'efficience, l'efficacité, l'économie ... Par ailleurs, elle est encouragée par les gouvernements, car elle confère une nouvelle dimension à la légitimité de leurs actions. ...

Human Capital Contracts as investment portfolio

Given the importance of education for a country’s development, most governments have subsidized h... more Given the importance of education for a country’s development, most governments have subsidized higher education. This solution, however, is not sustainable in the light of the fiscal constrains faced by governments and the rising demand for tertiary education. This article makes an economic case for Human Capital Contracts (HCCs), an equity-like approach to financing education, first proposed by Milton Friedman. To achieve this we approach the problem using human capital theory, particularly from Gary Becker’s and Jacob Mincer’s work. The resulting equations permit an analysis of the role the different variables play in the valuation of HCCs. In the end we use date from The Financial Times’ “European Business School Ranking 2014” to illustrate how parameters in HCCs can be designed such that they become financially successful.

Sustainability of Economic Growth and Inequality in Incomes Distribution

Annals of Faculty of Economics, 2012

The problem of inequality in incomes distribution is a present one, much discussed. Economic grow... more The problem of inequality in incomes distribution is a present one, much discussed. Economic growth is considered an essential force to reduce the level of poverty by increasing the labor demand and finally the wages within the economy. But the extent to which poverty is reduced as a result of economic growth depends mostly on the initial inequalities in income and on how the distribution of income changes with economic growth. A lot of researches are focused on studying the evolution of inequality in incomes distribution and others have attempted to explore the relationship between income inequality and economic growth. There are also studies which try to identify the main factors which have impact on inequality in incomes distribution. The objective of this study is to put in discussion another possible factor that affects the variability on inequality of incomes distribution -economic growth variability. As background research, until now, we did not find any studies which are inv...

Monetary Stability Versus Financial Stability In Adjusting The Real Economy

Annals of Faculty of Economics, 2010

Nowadays, in the economic theory and practice, there's commonly held idea that the primary ob... more Nowadays, in the economic theory and practice, there's commonly held idea that the primary objective of monetary policy should be price stability. However, the possibility of achieving this goal depends on the development and stability of the financial system. Even though financial stability represents a prerequisite for reaching the objective of price stability, the relationship manifests itself in reverse also. In the long term, the two objectives support and reinforce each other, but in the short term, there may occur certain incompatibilities, thus resulting in the central bank's dilemma of abandoning one in favor of the other. This paper aims to investigate precisely the circumstances in which the policies pursued to ensure price stability can cause or worsen financial stability.