Revista de Economie Mondiala/ Journal of Global Economics

26-47

Authors: George Cornel Dumitrescu, Simona Moagăr-Poladian, Andreea Drăgoi

In the current global environment shaped by the international economic crisis consequences and by the geostrategic tensions between the Russian Federation, USA and China, the countries from Central Asia have an increasing relevance for these Great Economic Powers. Being landlocked, rich in energy resources, but lacking infrastructure, these countries are open to international initiatives, but somehow reluctant towards any project that could endanger their newly gained independence. Analysing the literature, statistical data and the national strategies of the countries involved, our paper assesses the various interests of Russian Federation, China and USA towards the Central Asian countries, focusing on multilateral trade, memberships to international organizations and border issues. In this regard, our analysis is centred on the economic impact of three main economic integrating projects focusing on the Central Asian Countries, namely: the Silk Road Economic Belt (China), the New Silk Road Strategy (USA) and Eurasian Union (Russian Federation) and tries to identify the success rate of each project on the basis of scoring method.

60-81

Authors: Alina Ligia Dumitrescu

The main objective of this research is to find out whether integration of the non-euro states in the banking union, with its strengths and its weaknesses, is the right solution for those Member States. According to the opinions of many experts, banking union will strengthen the economic integration process. In addition, Member States outside the euro area have doubts about "equal rights and obligations for all Member States" within the banking union. With all the pros and cons of related banking union (the legal right to exit, making decisions, the degree of responsibility of supervisory convergence, coverage), most experts are in favor of joining the union banking by the non-euro area Member States.

104-125

Authors: Iskra Christova-Balkanska

The present paper provides new insights into the transformation process of the EU industry which remains the most important sector of EU economies, in spite of its decreasing share in EU GDP and the loss of jobs in many industrial sectors. During the last 15 years, the structural changes were induced by various factors, including the so-called “servitisation of manufacturing”, outsourcing and delocalization of production, especially in labour intensive industries, implementation of new technologies and more recently the effects of the world financial and economic crisis. The crisis has changed expectations regarding the EU industry development both at national and EU level and new questions arise about the necessity of structural changes in manufacturing, based on higher competition. Consequently, taking into consideration all these challenges, the main goal of our paper is to reveal the stance, the development, and the priorities of the EU industry. After a short introduction, in the first section we analyze the main factors which marked the changes in EU industries, as well as the causes and the development of the conception of deindustrialization. In the second section, we deal with peculiarities of the Bulgarian industrial sector, as well as its recent performance despite the overall downturn of the Bulgarian economy after the crisis. Finally, we emphasize the main conclusions.

143-156

Authors: Ecaterina Stănculescu

The present paper concisely analyzes the Chinese foreign trade, during the last 14 years and its impact on China’s economic growth and on the global economy, especially during the 2008-2010 crisis. The paper looks at the main characteristics of Chinese foreign trade: its importance for the country’s economic growth, its evolution, structure, geographic covering (considering the most important commercial partners, the EU included), the trade surplus issue. Equally, the article refers to the deficiencies which have been revealed in recent years concerning the export and investment-driven Chinese growth model and the need to place this country’s economy on a healthier foundation, focussed on domestic consumption.

177-200

Authors: Iulia Monica Oehler-Șincai

Investments and exports represented the main growth engines of the Chinese economy for more than three decades. China’s rise has been, and continues to be, one of the most noticeable transformations in the global economy. Nevertheless, as large internal imbalances have emerged and economies worldwide are unlikely to come back to growth rates similar to those prior to the financial and economic crisis, the need for the Chinese growth model to move towards a new stage is obvious. The current phase is dubbed by the Chinese authorities the “New Normal”. In this new stage, growth is supported mainly by domestic consumption. In spite of this major change, investments and trade will continue to be important drivers of China’s growth, going in parallel with the evolution of the standard of living and the increasing role of domestic consumption, as investment, trade and consumption are rather complementary. This paper aims to highlight: (1) the transition of the Chinese economy from a model based on export and investment towards a more balanced growth model supported by domestic consumption; (2) the drawbacks but also the advantages of the former development model based on investments, with a focus on recent developments in the real estate sector; (3) the importance of investments in infrastructure and the revival of the “Silk Road”. Hence, our research is structured around three sections, preceded by a short introduction and followed by some conclusions.