Economica

11

Authors: Roman LIVANDOVSCHI

The article deals with the study of the evolution and tendencies of tourist circulation in the Republic of Moldova during 2010-2015. It is pointed out the importance of the statistics in measuring the tourist indicators. It analyzes the number of departures of the visitors from the country, the number of arrivals of foreign visitors in the county, the number of domestic tourists and sameday visitors (excursionists), and the total number of visitors, and their tourist motivations. There are given data on tourist accommodation and the countries of origin of the visitors too.

12

Authors: Eugenia FEURAS

The article below focuses on the EU experience in enhancing competitiveness. It emphasizes the obstacles that the European companies, mainly small and medium-sized, have to overcome. The measures undertaken to reduce these impediments are considered through the EU Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) for 2014-2020 and various initiatives, networks, and portals. The information submitted in this article is a valuable tool to implement the stipulations of the Roadmap designed to enhance competitiveness in the Republic of Moldova during 2014-2020.

15

Authors: Maria GRIGORAS

Intensive development, recorded by global markets and correlated with modern consumer’s demands, has led to the formation of a new, more complex approach, related to the food sector and to its main determinants. Old theories about the mechanism of market trading came into disuse. The consumer is no longer unsuspecting, he is rather very active, and whose requirements must be taken into account by the manufacturer and by technological schemes of production. The age of “caveat emptor” turns into the era of “caveat vendor”. So, the challenge launched by the consumer to the manufacturer, is a simplistic one, namely: ensuring and guaranteeing product quality. But this goal is not a goal in itself; it is part of a trinomial term: the natural environment, the economic environment and the social -human environment. Today, an agro-alimentary product must guarantee not only safety of consumption but it also must have an ecological footprint as reduced as possible; it must meet producer’s expectations and contribute to social and human development. This research aims to emphasize the directive that must be supported by manufacturers and sellers in order to ensure quality agro-alimentary products through the implementation of standardized production methods and through the correct, complete and comprehensible consumer’s informing. Identifying the current position of the management of food quality from the suggestions of the researched segment a design of “an agroalimentary good” was proposed, that is perfectly adaptable to the requirements of consumer, to the environmental challenges, to the expectations of producers and to the sustainable development of the society.

16

Authors: Andreea-Cristina PETRICA, Stelian STANCU, Ion PARTACHI

The goal of this paper is to investigate cointegration between Bucharest Stock Exchange and three European Stock Markets: Germany, France and Poland, respectively. The choice of the European markets is based on the net assets investment of the Romanian mandatory private pension funds. On June 30, 2016, according to the Romanian Financial Supervisory Authority 91.28% of all investments in shares of private pension funds have been performed in Romanian shares, while the rest of 8.72% (0.44 billion lei) have been performed in shares issued by Germany (2.34%), France (2.23%), Poland (0.89%) and other countries. Having the intention of achieving maximizing returns by managing risk, and also to capture the co-movements in the above markets, we perform the cointegration analysis to examine portfolio diversification of the Romanian mandatory private pension funds. The empirical analysis is based on daily closing prices of the BET Index, DAX 30 Index, CAC 40 Index and WIG 20 Index and covers the period from 30 January 2006 to 27 September 2016 (2713 observations).