Revista de Economie Mondiala/ Journal of Global Economics

1-28

Authors: Agnes Ghibuțiu, Iulia Monica Oehler Șincai

This paper aims to highlight some of the recent developments in global trade in services. It sets out three main objectives. Firstly, to analyse the increasing interdependence between global trade flows in goods and services against the background of rapid expansion of global production networks (GPN) managed by transnational corporations (TNCs) - the dominant form of organization of global production and trade. It also points out that when international trade is measured in terms of value added instead by means of conventional statistics based on gross flows, services play a far more important role in global trade. Secondly, the paper aims to capture the dynamics of international trade flows in services at the regional level and emphasize the power shift from developed countries towards the developing and emerging ones. Thirdly, it intends to shed light on the important changes that have occurred in the structure of global trade in services under the impact of GPN, pointing to the rapid increase in modern services at the expense of traditional services, such as tourism and transport. The last part of the paper concludes.

57-65

Authors: Mariana Papatulica

The international crude oil prices started the year 2014 within parameters comparable to those of the precedent year: WTI (USA) recorded 92 $/barrel, on the American spot market, considered a minimum value for the last 5 weeks, while Brent (Great Britain) had a more stable evolution, on the spot Rotterdam market, staying around a value of 107,50 $/barrel. Despite analysts’ forecasts, which during the last 3 years staked on a lower oil price, as a consequence of the spectacular increase in non-OPEC oil production, namely of shale oil, the international oil price, namely that of Brent, closed each of the last 3 years around the same level, of 108 $/barrel. As for 2014, the great majority of oil analysts estimates again a decline of oil prices, as a result of a significant rise of oil offer globally, which will greatly surpass the demand rise.

66-76

Authors: Andreea Drăgoi

The emergence of global financial and economic crisis in 2007 and its effects on the real economies of the member states, since 2009, have led to a series of reforms and new developments in all EU common policies, which aimed to provide tools and solutions to boost economic growth and financial stability in EU. One of the most reformed common policy was undoubtedly state aid policy that became one of the main tools to support the banking and financial sector in all member states. Our analysis aims to highlight the impact of the international financial and economic crisis on the different types of aid granted by Member States to respond to exceptional conditions and systemic risks brought by the crisis in the banking sector, highlighting also the economic implications on the EU budget.