Tag Archive | "economic crisis"

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Insolvency in Romania – Solution for Avoiding Company Bankruptcy in the Context of Economic Crisis

The lack of a propitious economic environment made the number of companies in Romania that became insolvent to progressively grow from one year to another, even though average sales registered in the year of starting the procedure were larger than the ones in previous years.
The performed study presents on one side the evolution of companies in insolvency in Romania in the crisis period and on another side determining factors of their activity’s continuity. The companies surviving the crisis are the ones that managed to reinvent themselves and identify new sales niches for their products and services, but one of the greatest disadvantages of these companies in insolvency remains the negative image outlined around them.
The insolvency procedure represents only one confirming instrument of a factual situation, respectively the one of Romanian companies’ powerlessness in paying their increasingly higher debts. The year of 2008 had a prominent evolution in the number of bankruptcies in Romania, especially after the instauration of the economic crisis, many creditors abusively using this insolvency procedure that in the current economic conditions is opened too easily, affecting the economic performance, even the companies’ survival.
In conclusion, the recovery must be thought as a process that begins before the respective company reaches insolvency, exactly to avoid this, and the choice of solutions must take into consideration the multitude of factors influencing the respective company.

  Insolvency in Romania – Solution for Avoiding Company Bankruptcy in the Context of Economic Crisis (661.1 KiB, 308 hits)

Posted in Economics, Information Technology, Knowledge Management, Volume V, Issue no. 6

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The Impact of the Economic Crisis upon Fiscal System from Romania and EU Member States

Fiscal policies must ensure the stability of taxes and duties and to propose an optimal level of taxation that does not stop economic activity and do not aggravate the financial situation of the population. Measures concerning taxation system should have the effect of training on tax payers and coordinate proper location and collection of taxes. In the study we aim to achieve reform radiography incomplete and to highlight the challenges raised by taxpayers in Romania by presenting major deficiencies that offset the competitive advantages of the Romanian fiscal system.
Tax legislation should establish legal rules on imposing taxes and penalties for non-compliance with fiscal discipline and conduct training activities in the field of tax payers.
The uncertainty caused by frequency of legislative changes and quality of the relationship with the revenue authorities, including transparency, preparedness and availability are concerns that are found in the current study.
In conclusion, in Romania the share of revenues in GDP is low, although the number of tax administrations is comparable to that of countries with a population twice as large, which confirms once again that the Romanian tax system needs further reform. Its success will be ensured through indirect stimulation of a more sustainable model of economic growth by increasing tax collection to accommodate any potential adjustments of tax system directed specifically towards the incentive to work.

 

 

  The Impact of the Economic Crisis upon Fiscal System from Romania and EU Member States (876.3 KiB, 286 hits)

Posted in Economics, Information Technology, Knowledge Management, Volume V, Issue no. 6

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The Influence of the Business Environment on Small and Medium Enterprises

The Small and Medium Enterprise sector in Romania has been significantly affected by the global recession in the years 2008-2009; currently it is making efforts to revive it, thanks to important role it occupies in the economy of any country. SMEs raise wide debates, especially on fiscal measures. In Romania, SMEs represent 99.7% of all businesses, generating two-thirds of jobs in the business and half of gross value added. This paper focuses on the development of SMEs and hence on business environment in Romania. The purpose of this paper is to present the influence which regulations and evolution of businesses environment have on the SME sector.

  The Influence of the Business Environment on Small and Medium Enterprises (415.5 KiB, 2,603 hits)

Posted in Economics, Knowledge Management, Volume IV, Issue no. 2

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The Corporate Insolvency’s Evolution in the EU and India in the Period 2007-2012

This article’s goal is to compare the impact of the global economic crisis on the corporate insolvency’s evolution in the EU and India in the period 2007- 2012. We want to highlight India’s position compared to the European Union in terms of time, cost of insolvency and recovery rate and to propose specific measures to improve its situation.

  The Corporate Insolvency’s Evolution in the EU and India in the Period 2007-2012 (908.9 KiB, 1,446 hits)

Posted in Economics, Volume III, Issue no. 6

The Financing of Public – Private Partnership (PPP) Projects in Romania – An Evaluation of the Awareness and Know-How among Romanian Organizations

In many countries, anti-crisis public measures focus on higher public investment or investment in public objectives, like investment in infrastructure projects, as an important mean to maintain economic activity during the crisis and support a rapid return to sustained economic growth. An instrument to realize these investments is the Public-Private Partnership (hereinafter PPP).
Nevertheless, PPP’s are vulnerable to the economic impact of the crisis. Although the final consequences and duration of the crisis are not yet known, the effects on PPP’s can already be identified and estimated. The crisis has made the conditions for this instrument more difficult. Despite some signs of recovery, the volumes and values of the PPP projects currently closing is still significantly below the level reached before the crisis.

The topic of PPP financing has never been more important than under the current crisis. Alternative innovative solutions are being sought, new markets need to be opened in order to enable the further development of PPP, the stakeholder organizations have to increase their level of understanding regarding the new environment for PPP.

  The Financing of Public - Private Partnership (Ppp) Projects in Romania - An Evaluation of the Awareness and Know- How among Romanian Organizations (844.9 KiB, 3,353 hits)

Posted in Economics, Issue no. 4, Knowledge Management

Unemployment in Romania during the crisis

Unemployment in Romania during the crisis has increased significantly from 7.2% in March 2008 to 10.1% in March 2010. To cover the debt caused by the economic crisis in Romania, the Government has fired over 100,000 employees, but also in the private sector have been fired over 150,000 workers. To combat unemployment there are 3 methods, but in many cases, these measures do have the effect of increasing the number and intensity of labor market barriers, increasing unemployment.

  Unemployment in Romania during the crisis (233.2 KiB, 2,135 hits)

Posted in Economics, Issue no. 2