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hypothesis in the Romanian financial market case; 2) a critical distinction between the concept of "risk" and the concept of … "incertitude"; 3) the use of the individual yield/risk ratio versus the market one as a selection variable; 4) the renouncement at … disfunctions, there is a possibility to build an "optimal" portfolio based on a yield-risk arbitrage inside an efficiency frontier …
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This paper focuses on the role of institutions in enhancing economic growth. Attention to the institutional environment has become increasingly common in economic history and it has deeply enriched our understanding of how economies develop through time. Economic development is no longer...
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The main objective of the present approach is, first of all, to analyse the "transaction costs" concept and then to prove scientifically the relation transaction costs – institutions.
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The study defines the three types of convergence – institutional, nominal and real ones –, the connection among them and their main measurement indicators. 
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