This paper aims to analyze the process of financial integration in the EU-27 area, from 2000 to 2013, using nonparametric methods. Besides a set of other nonparametric measures (e.g. Hartigen and Hartigen test, Kernel density estimation), the stochastic kernel indicates the presence of two or...

This paper studies the dynamics and determinants of financial well-being in the EU-27 area, by comparatively examining its objective and subjective dimensions, based on Eurostat aggregated data. A common set of socio-economic drivers, including economic growth, has been explained in relation...

The paper interprets the dynamics of the underground economy in a transforming environment by highlighting the role of institutions in enforcing the rules of the game and the phenomenon of strain. A basic idea is that the underground economy emerges as a means for the system to diffuse its...

The connection between the macroeconomic development on one hand and the stock market dynamics on the other hand is the focus of many research initiatives. We are trying to apply the methodology used in the field of macroeconomic convergence to the dynamics of market capitalization for European...

A main problem for macroeconomic studies continues to be the estimation of capital stock and some derived indicators like coefficient of capital, depreciation rate, etc. In this way we are proposing a simple and intuitively model in order to estimate such basic macroeconomic indicators but...

Lawrence Robert Klein played a fundamental role in the genesis and development of econometric applications and forecasting. The work dedicated to forecasting earned him the 1980 Nobel Prize in Economic Sciences "for the creation of econometric models and their application to the analysis of...

In this paper we analyze the impact of quantitative easing policies issued by the European Central Bank, the Bank of England, the Federal Reserve and the Bank of Japan on credit risk, in nine states belonging mainly to the Central and Eastern European area. We use an ARMA-GARCH model to obtain...

The aim of the paper is to assess the determinants of foreign direct investment (FDI) inflow for the recent members of the EU (CEEC-41) using panel data methods. Our analysis is important because FDI is considered as a main contributor to economic development, modernization, income growth,...

The paper presents some results revealing the existence of the Balassa-Samuelson effect in Romania as well as some estimates of its impact on inflation, appreciation of the real exchange rate and rising competitiveness of the Romanian economy. * Study published in PAIS III; Studiul nr. 2/2005;...

Equilibrium real exchange rate provides useful information on the harmonisation of convergence criteria with exchange rate stability criteria; a requirement for accession to the European Monetary Union. This study applies econometric procedures for identifying the equilibrium real exchange rate...