Cristian Popescu

The Influence of the Social and Political Environment on the Human Capital Share in Romania. A Historical Overview

Abstract The social political environment has a strong impact on the human capital stock. Therefore, the major political changes that occurred in Romania during the 20th century significantly contributed to the disturbance of the normal forming cycle of human capital, both quantitatively and qualitatively. This paper aims at following, by means of a comparative study and qualitative analysis, the evolution and dynamics of the human capital stock under the two elements of influence, education and healthcare. The objective is to carry out an analysis on the changes occurred at the level of the human capital stock in different social political contexts, by means of the available statistical data and for the purpose of providing a database to be used in taking the right political decisions for its protection.

THE VALUE RELEVANCE OF FINANCIAL INFORMATION UNDER THE INFLUENCE OF COUNTRY RISKS. THE CASE OF THE INDIAN LISTED COMPANIES

Abstract In the decision-making process investors need quality financial information based on reported accounting numbers. Such numbers are present in financial statements and must meet a series of fundamental characteristics, such as relevance and faithful representation. The present paper aims to analyse and assess the value relevance of financial information on the financial market in India under the influence of the main country risk components (i.e. economic risk and freedom to set up businesses, corruption control, financial, fiscal, monetary and investment freedom). The research was carried out on a sample of companies listed on the regulated market in India between 2006 and 2014. The results of applying general linear models have shown that, over time, the country risk can have a significant influence on the value relevance of the financial statements reported at the financial market level.

IDENTIFYING AND EXPLAINING THE EFFICIENCY OF THE PUBLIC HEALTH SYSTEMS IN EUROPEAN COUNTRIES

Abstract The purpose of this study was to identify the efficient European healthcare systems. The study differs from other similar researches in that it uses different variables in assessing the efficiency of the healthcare systems, and also in that it uses a two-stage approach in the analysis. In order to identify the efficient healthcare systems, we used a non-parametric method, Data Envelopment Analysis, which allows the evaluation of the countries against an efficiency frontier. Furthermore, we explain the efficiency by analysing several factors which influence the efficiency of the healthcare systems, using the censored regression analysis. The findings indicate that there are significant efficiency disparities both among the developed states and among the developing ones. Finally, we suggest several directions for the public policy, in order to increase the efficiency of the public healthcare systems in the European countries.

The market economy in transition and the accuracy of the economic results. A theoretical approach (first part)

The way the results of the human activity are measured has been and still is a major theoretical and practical concernof the economic world. In this article we are particularly interested in analyzing the circumstances that provide a realimage for the economic results at macroeconomic level. We keep as our main interest the technology of valuemaking process in market economy and the relationship between real and nominal economy in this process. Weapply the theoretical aspects on Romania in order to analyze the way macroeconomic indicators are reflected in thepopulation living standards.

Correlation Between the Structure of Education and the Development Level - A Short Review

The present paper underlines the fact that the resources allocated to education and the structure of the educational act must be correlated to the level of development of a country, at a certain moment. For Romania, the conclusions impose a reallocation of resources towards the secondary education and a reorganization of the tertiary education. The developing countries need medium skilled labor force because the emerging markets do not have the financial and technological capacity to sustain innovative fields with highly skilled workers. Romania is in this last situation. Yet, the educational system has continued producing university graduates that the economy could not absorb. Consequently, a large part of them have emigrated, looking for a proper compensation of their contribution to the production system. So, the main challenges for Romania would be to match the specializations to the market demand and to substantially reduce the public spending for the tertiary education.

Formal Education in Romania and Economic Growth

The present paper analyzes the way in which the formal education, acquired especially through the learning system, can influence the Romanias stock of human capital. Unfortunately, in our country this type of education is free of charge at almost all the levels, fact that diminishes the marginal utility and the value that a person gives to each additional school year. Moreover, the resource allocation is made according to principles hard to identify. The primary and the secondary education has been neglected long time because it was wrongly considered that a greater importance given to the tertiary education would increase the human capital stock.

Romanian Human Capital

Human capital, defined as a sum of knowledge, abilities and skills that may be used in a productive way, plays an important role at the growth and development of a country. For this reason, the purpose of this article is to analyze the way in which its five determinants - formal education, professional experience at the workplace, informal life style, the countrys specific and the level of health - are influencing the Romanian stock of human capital. In order to fulfill this objective we used the information existent in the specialized literature and the results obtained in a research conducted by us on a representative sample of 300 persons from the North-Eastern part of the country.

The Market Economy in Transition and the Accuracy of the Economic Results: Is the Economic Growth of Romania in the Last Years a Real One?

The way the results of the human activity are measured has been and still is a major theoretical and practical concern of the economic world. In this article we are particularly interested in analyzing the circumstances that provide a real image for the economic results at macroeconomic level. We keep as our main interest the technology of value making process in market economy and the relationship between real and nominal economy in this process. We apply the theoretical aspects on Romania in order to analyze the way macroeconomic indicators are reflected in the population living standards. The way the results of the human activity are measured has been and still is a major theoretical and practical concern of the economic world. Reasons of statistic evidence or comparative analysis, or simply the human curiosity to find out how the human effort is rated in certain fields or historic periods fully explain such concerns.We know today, retrospectively judging things, the methodology that has been at the foundation of the rating of created values has defined the aspect and philosophy of two great schools: the classic and neo-classic school. They have essentially marked the evolution of economic thought. The first school has operated with the absolute value criterion; the second one, with the relative value criterion. Having in common the fact that both schools agree that work is the main source of value, interference areas disappear when it comes to the issue of the technology of value.