Revista de Economie Mondiala/ Journal of Global Economics

Number 3, 2013

1-22
Romania’s Trade in Services. Recent Trends and Prospects

Authors: Agnes Ghibuțiu

Abstract

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Romania's trade in services has been severely hit by the global financial and economic crisis, and the negative consequences were still felt in 2012. This article aims to analyse the recent trends in Romania's services trade and assess its prospects. Relying on balance of payments statistics provided by the National Bank of Romania, it gives an overall picture on the dynamics, volume, composition and performance of the country’s trade in services over the crisis and post-crisis years. The analysis highlights a number of peculiarities of Romania's services trade, that seem to detache the country from the developments prevailing at the global and European level. The article concludes that: (1) along with a dramatic crisis-induced decline in the volume of services trade, Romania witnessed a sharp reversal of those favourable trends that have spurred the remarkable growth of its services flows in the pre-crisis period, contributing to rapid structural adjustment and improved performance; (2) the recovery of services trade is significantly delayed compared both to the country’s trade in goods and the trends shaping services flows globally and in the EU; (3) hence, Romania's traditional gap in the area of services trade has widened not only in relation to the old and new EU member states, but also to numerous developing countries.

1-10
The Conflict in Syria: Key Issues and Consequences on the International Market of Crude Oil

Authors: Mariana Papatulică

Abstract

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Number of views: 455

At the end of August 2013, the international prices of Brent crude rose to a 17-month high ($ 117.8 /barrel) as Western powers, mainly USA, readied a military strike against Syria, and traders and analysts cited concerns over stability in the Middle East. The main concern was the risk that Western intervention in Syria could prompt a wider regional conflict, given the support that Iran has provided to the regime of Syria. The attack failed to materialize, because U.S. and Russia reached an agreement with the goal of disarming Syria’s chemical weapon arsenal, and consequently the prices declined, but the risk of geopolitical and social unrest movementsAlpha is still high, so that a reactivation of geopolitical tensions in the extended area of Middle East and north Africa is anytime possible with the afferent disruptive effects on the international oil market. We tried to answer to some questions in order to clear up the background of the problem: 1) What was the real stake of the U.S. plan to intervene in Syria: the concern generated by chemical weapons or U.S. geostrategic interests in the wider Middle East? 2) Why Syria matters to oil market, given that it is not a major oil producer (as was Libya), nor is it a major transit point for oil and gas exports (as is Egypt)? 3) The aftermath of a serious military action targeted against the Middle Eastern country and “qui prodest”? 4) Will Iran’s possible return to the world oil market send oil prices down, and how much?

1-16
Four Superpowers in the International Trade with High-Tech Products

Authors: Ecaterina Stănculescu

Abstract

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This article is an analysis of the four world superpowers (China, EU-27, USA and Japan) trade with the high-technology products (HT), in the period of the last disposable five years (2007-2011), period that encompasses also the global economic crisis. Fortunately, the crisis had no major impact on this commerce, as it is very easy to see from the text below. The article is structured in three parts: 1- methodological considerations for the scientific approach understanding, 2- the trade evolution of the four participants to the international trade with HT products, in 2007-2011 period that constitutes the main part of the analysis and 3- some dominant conclusions of the undertaken analysis. The selected subject is one of great interest having in view the technological course which takes place nowadays in the global economy and the efforts of the leading international countries (or states’ unions) for the domination of the HT international market.

1-9
State Aid Policy Contribution to the Financial and Banking Sector Stability in The European Union Member States

Authors: Andreea Drăgoi, Cristina Bâlgăr

Abstract

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Number of views: 302

In our paper, the role of the state aids is analyzed in the context of the international economic and financial crisis, reviewing the new community regulations regarding the state aid measures in order to support the access to financing and the stability of banking sector in the member states. The performed analysis pursues to prove that, in the conditions of the international economic crisis, the control of the state aids is necessary as the member states are tempted to grant aids that could affect the free competition in the community space. The control of the state aids contributes to the avoidance of a race of the subventions that could affect the smaller member states, whose budgetary funds are limited.