Academic Journal of Economic Studies

11–19

Authors: Cristina Balaceanu, Diana Apostol, Valentina Zaharia

As a consequence of the economic and financial crisis started in mid-2007, which created conditions for the resurgence in the state economy on the positions of direct players, reveals not only the increased role of the state, but also the shift towards the national state, protecting national interests complementary to the globalization process, revitalization of national elites, as exponents of local culture, perfected through direct access to universal values, thanks to globalization. In this context, orientation towards economic and social consensus becomes a catalyst for changes inherent in the behaviour of markets and also of economic agents.

32–42

Authors: Mirela Catalina Turkes

This article is analyzing the evolution of real earnings obtained by the credit institutions in Romania and Turkey during the period 2011-2015 based on the reports submitted by the credit institutions according to the legal provisions in each country. The results of this analysis pointed out an increase of 12.87% of the real earnings coming from the term deposits granted to the residents in Turkey during the period 2011-2015 following a national policy of encouraging the process of savings in national currency. During the same period, the real earnings coming from term deposits granted to the residents had a slow increase of 8.12% due to the using by the credit institutions in Romania of an extremely low interest rate.

59–75

Authors: Sorin Adrian Ciupitu

Modernization of the fiscal administration was necessary for the growth of consumers' trust in this institution. This trust can be won only when the population, who pays taxes and fees in this country, will remark that an institution as ANAF spends less every year regarding tax collection and cuts tax evasion. Both natural persons and legal entities desire to see transparency regarding income administration, service development and simplification of the means to file fiscal statements. The services offered to tax payers have to be of high quality and professionalism with equal and indiscriminate treatment.

88–99

Authors: Andreea Marin-Pantelescu

The globalization process involves the liberalization of the services and the air transportation industry is responsive to this reality. There is a developing tendency for global alliances and strategies in major airline companies. The globalization implies extending service networks in the whole world. Currently we are witnessing lower prices for domestic and foreign airline flights with benefits for the tourists’ business and leisure activities. The last minute offers and early booking prices provide a win-win situation, for the airline companies on one side and for the customers on the other side. The positive online reviews influence people buying decision because customers are more sensitive than ever to the services prices. Under this condition it is very interesting to see the evolution of pricing in the air transportation industry and the implication for the Romanian tourism sector.

114-133

Authors: Todd J. Barry

The “gold standard” is frequently mentioned in text books, but few without an economics background can fully understand it. This paper thus begins in 1896, when U.S. Presidential candidate William Jennings Bryan declared, “You shall not crucify mankind on a cross of gold.” Since going back to the middle ages, the world has had numerous monetary systems, which are here explained in comprehensible terms. A modern reoccurring idea is to return to some form of the gold standard, while some argue for switching to the Chinese yuan or another international reserve currency, which the International Monetary Fund (IMF) will adopt in their Special Drawing Rights starting in October, 2016. This paper is normative in that it comments on the current international structure, but uses economic principles to support its argument in favor of an internationally strong dollar. It thus traces the history of a topically contentious subject, with a basic regression indicating important predictive factors for the future. It offers that a new gold standard would not be in the world’s interest, interfering with monetary policy, while emerging market countries would be best to import more and financially deepen, which the regression shows was why the Chinese yuan was adopted by the IMF, then looking ahead to other parts of Asia and towards bitcoins.

147-168

Authors: Khatai Aliyev, Ceyhun Mikayilov

This study investigates the role of budget expenditure composition over Azerbaijan’s non-oil economic growth in the long-run by classifying public spending as capital, social and other expenditures. Authors’ employ ARDLBT approach to co-integration for the period of 2000Q1-2014Q4 to estimate long-run contribution of each spending category before-and-after the oil boom while controlling for oilrelated factors. Empirical results endorse the validity of long-run association among variables. Results concluded insignificant negative impact of capital expenditures, and significant negative impact of other expenditures. However, social spending has statistically and economically strong positive impact over the non-oil output growth. Therefore, research findings confirm that public expenditure composition significantly matters for long-run non-oil economic growth, and social expenditures have the greater positive impact in a resource-rich economy,Azerbaijan. Research results are highly useful for the government officials to consider while planning the expenditures in order to minimize negative response of non-oil sector to the fiscal contraction.