forms the centerpiece of EU climate change policy. Within the new trading system, the right to em... more forms the centerpiece of EU climate change policy. Within the new trading system, the right to emit a particular amount of CO2 becomes a tradable commodity-called EU Allowances. We test the AR(1)-GARCH(1,1) model on these young markets and analyze the impact of National Allocation Plans announcements on carbon prices, by applying an event study methodology using daily carbon futures returns. We find that markets are not efficient as far as the correlation test is concerned; nonetheless, the event study proves that, even if past returns reacted to VER announcements, the expectation building has been functioning correctly since investors were able to predict the market dynamics.
European economies are undergoing dramatic changes, determined by the rise in knowledge-intensity... more European economies are undergoing dramatic changes, determined by the rise in knowledge-intensity of economic activities, as an effect of the escalating pace of technological change, on one hand, and by the increasing globalization of economic ...
The purpose of the article is to illustrate the main characteristics of the corporate governance ... more The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of South-Eastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulations in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation. We then focus on the actual analysis of the quality of corporate governance codes, as well as of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper concludes by emphasizing the corporate governance enforcement gap and by identifying research issues that require further ...
Abstract—International competitiveness receives much attention nowadays, but up to now its assess... more Abstract—International competitiveness receives much attention nowadays, but up to now its assessment has been heavily based on manufacturing industry statistics. This paper addresses the need for competitiveness indicators that cover the service sector and sets out a multilevel framework for measuring international services trade competitiveness. The approach undertaken here aims at comparatively examining the international competitiveness of the EU-25 (the twenty-five European Union member states before the 1 st of January 2007), Romanian and Bulgarian services trade, as well as the last two countries ’ structure of specialization on the EU-25 services market. The primary changes in the international competitiveness of three major services sectors – transportation, travel and other services- are analyzed. This research attempts to determine the ability of the two recent European Union (EU) member states to contend with the challenges that might arise from the hard competition with...
The purpose of the article is to illustrate the main characteristics of the corporate governance ... more The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of South-Eastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulation in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation, as defined by the EBRD and a discussion on aspects related to corporate governance development, the quality of corporate governance codes and of the filaw on the booksfl. We then focus on the actual analysis of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper concludes b...
This paper uses the structural models methodology to estimate the credit risk for the Romanian co... more This paper uses the structural models methodology to estimate the credit risk for the Romanian companies that are listed at the Bucharest Stock Exchange. Under the new Basel Capital Accord that is also spreading to the capital markets, financial institutions are allowed to report using internal ratings. We present a methodology for computing the probabilities of default on the Romanian capital, which constitutes the first part of the development of a rating system based on market values. Cuvinte cheie: Expected Default Frequencies, Structured Credit Risk Model, Romanian Capital Market,Credit Rating
A gravity model is used to assess the effects of currency unions on international trade. The pane... more A gravity model is used to assess the effects of currency unions on international trade. The panel data set used includes bilateral observations for eight years spanning 1980 through 2013 for 186 countries. In this data set, there are 477 observations in which both countries use the same currency. We find a decreasing positive effect of currency union on international trade when using different estimation techniques. Even though the results are much more reliable than those obtained by Rose (2000), we still find a series of issues and have reservations in association with the related techniques and the results should be treated accordingly. 1. Introduction The quest to separate out the effect of currency unions on trade (henceforth the Rose effect) will take its point of departure in the first paper that was ever written on the topic, Rose (2000). We should immediately point out that the econometric techniques as well as the data itself used in the paper can easily be shown to conta...
The paper indicates that, on one hand the EU was used by Romania more as a commitment device for ... more The paper indicates that, on one hand the EU was used by Romania more as a commitment device for service sector policy reform then the WTO agreement (GATS) and, on the other hand, that even if Romania has attained a high degree of services trade liberalization, as well as a significant degree of integration with the European market - illustrated on the case of banking services, it still has to undertake some efforts towards dismantling impediments to the supply of services and towards good governance of service markets.
The paper proposes a test of the extent to which the financial indicators of the companies listed... more The paper proposes a test of the extent to which the financial indicators of the companies listed on the stock exchanges in Romania, Poland, Hungary and Czech Republic and representing four sectors of activity - Food, Chemistry, Energy and Farmaceuticals - influence the debt ratios of these companies. We use linear regression and principal components analysis in order to test
The topic of energy security has become an issue of high salience over the last few years. As fea... more The topic of energy security has become an issue of high salience over the last few years. As fears about the stability of the world’s energy resources grow, policymakers tend to merge the security concerns into the climate change policies that they are considering. There are currently three major challenges of the global energy policy: the oil shock and higher
This paper aims at evaluating the positioning of Central and Eastern European countries (CEECs), ... more This paper aims at evaluating the positioning of Central and Eastern European countries (CEECs), and especially that of Romania, in the transformation process of their economic structure and organization towards a knowledge-based economy. In order to determine ...
The main purpose of the paper is to examine the structure of Romania�s international specializa... more The main purpose of the paper is to examine the structure of Romania�s international specialization in services trade on the EU-25 services market. To this end, the paper addresses the need for competitiveness indicators that cover the service sector and attempts to suggest a framework for assessing the international competitiveness of Romania�s services trade. Against this background, the structure of the paper is as follows. The first part starts by introducing the concept of international competitiveness and by presenting, evaluating and systematizing key issues of the complex analysis on international competitiveness. The second part includes an overview of the services sector, focusing specifically on its importance to the economy. The third part of the paper sets out in detail the framework for calculating the proposed measures of competitiveness. It also illustrates Romania�s competitive position on the European services market, based on an integrated measure of interna...
The main purpose of this paper is to comparatively examine the international competitiveness of s... more The main purpose of this paper is to comparatively examine the international competitiveness of services trade, by determining its pattern and structure of specialization for Romania and Bulgaria, on the EU-25 services market. In other words, the research attempts to identify Romania's and Bulgaria’s ability to overcome difficulties and challenges that might arise from the hard competition within the enlarged
The purpose of the article is to illustrate the main characteristics of the corporate governance ... more The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of SouthEastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulation in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation, as defined by the EBRD and a discussion on aspects related to corporate governance development, the quality of corporate governance codes and of the "law on the books". We then focus on the actual analysis of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper co...
forms the centerpiece of EU climate change policy. Within the new trading system, the right to em... more forms the centerpiece of EU climate change policy. Within the new trading system, the right to emit a particular amount of CO2 becomes a tradable commodity-called EU Allowances. We test the AR(1)-GARCH(1,1) model on these young markets and analyze the impact of National Allocation Plans announcements on carbon prices, by applying an event study methodology using daily carbon futures returns. We find that markets are not efficient as far as the correlation test is concerned; nonetheless, the event study proves that, even if past returns reacted to VER announcements, the expectation building has been functioning correctly since investors were able to predict the market dynamics.
European economies are undergoing dramatic changes, determined by the rise in knowledge-intensity... more European economies are undergoing dramatic changes, determined by the rise in knowledge-intensity of economic activities, as an effect of the escalating pace of technological change, on one hand, and by the increasing globalization of economic ...
The purpose of the article is to illustrate the main characteristics of the corporate governance ... more The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of South-Eastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulations in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation. We then focus on the actual analysis of the quality of corporate governance codes, as well as of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper concludes by emphasizing the corporate governance enforcement gap and by identifying research issues that require further ...
Abstract—International competitiveness receives much attention nowadays, but up to now its assess... more Abstract—International competitiveness receives much attention nowadays, but up to now its assessment has been heavily based on manufacturing industry statistics. This paper addresses the need for competitiveness indicators that cover the service sector and sets out a multilevel framework for measuring international services trade competitiveness. The approach undertaken here aims at comparatively examining the international competitiveness of the EU-25 (the twenty-five European Union member states before the 1 st of January 2007), Romanian and Bulgarian services trade, as well as the last two countries ’ structure of specialization on the EU-25 services market. The primary changes in the international competitiveness of three major services sectors – transportation, travel and other services- are analyzed. This research attempts to determine the ability of the two recent European Union (EU) member states to contend with the challenges that might arise from the hard competition with...
The purpose of the article is to illustrate the main characteristics of the corporate governance ... more The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of South-Eastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulation in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation, as defined by the EBRD and a discussion on aspects related to corporate governance development, the quality of corporate governance codes and of the filaw on the booksfl. We then focus on the actual analysis of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper concludes b...
This paper uses the structural models methodology to estimate the credit risk for the Romanian co... more This paper uses the structural models methodology to estimate the credit risk for the Romanian companies that are listed at the Bucharest Stock Exchange. Under the new Basel Capital Accord that is also spreading to the capital markets, financial institutions are allowed to report using internal ratings. We present a methodology for computing the probabilities of default on the Romanian capital, which constitutes the first part of the development of a rating system based on market values. Cuvinte cheie: Expected Default Frequencies, Structured Credit Risk Model, Romanian Capital Market,Credit Rating
A gravity model is used to assess the effects of currency unions on international trade. The pane... more A gravity model is used to assess the effects of currency unions on international trade. The panel data set used includes bilateral observations for eight years spanning 1980 through 2013 for 186 countries. In this data set, there are 477 observations in which both countries use the same currency. We find a decreasing positive effect of currency union on international trade when using different estimation techniques. Even though the results are much more reliable than those obtained by Rose (2000), we still find a series of issues and have reservations in association with the related techniques and the results should be treated accordingly. 1. Introduction The quest to separate out the effect of currency unions on trade (henceforth the Rose effect) will take its point of departure in the first paper that was ever written on the topic, Rose (2000). We should immediately point out that the econometric techniques as well as the data itself used in the paper can easily be shown to conta...
The paper indicates that, on one hand the EU was used by Romania more as a commitment device for ... more The paper indicates that, on one hand the EU was used by Romania more as a commitment device for service sector policy reform then the WTO agreement (GATS) and, on the other hand, that even if Romania has attained a high degree of services trade liberalization, as well as a significant degree of integration with the European market - illustrated on the case of banking services, it still has to undertake some efforts towards dismantling impediments to the supply of services and towards good governance of service markets.
The paper proposes a test of the extent to which the financial indicators of the companies listed... more The paper proposes a test of the extent to which the financial indicators of the companies listed on the stock exchanges in Romania, Poland, Hungary and Czech Republic and representing four sectors of activity - Food, Chemistry, Energy and Farmaceuticals - influence the debt ratios of these companies. We use linear regression and principal components analysis in order to test
The topic of energy security has become an issue of high salience over the last few years. As fea... more The topic of energy security has become an issue of high salience over the last few years. As fears about the stability of the world’s energy resources grow, policymakers tend to merge the security concerns into the climate change policies that they are considering. There are currently three major challenges of the global energy policy: the oil shock and higher
This paper aims at evaluating the positioning of Central and Eastern European countries (CEECs), ... more This paper aims at evaluating the positioning of Central and Eastern European countries (CEECs), and especially that of Romania, in the transformation process of their economic structure and organization towards a knowledge-based economy. In order to determine ...
The main purpose of the paper is to examine the structure of Romania�s international specializa... more The main purpose of the paper is to examine the structure of Romania�s international specialization in services trade on the EU-25 services market. To this end, the paper addresses the need for competitiveness indicators that cover the service sector and attempts to suggest a framework for assessing the international competitiveness of Romania�s services trade. Against this background, the structure of the paper is as follows. The first part starts by introducing the concept of international competitiveness and by presenting, evaluating and systematizing key issues of the complex analysis on international competitiveness. The second part includes an overview of the services sector, focusing specifically on its importance to the economy. The third part of the paper sets out in detail the framework for calculating the proposed measures of competitiveness. It also illustrates Romania�s competitive position on the European services market, based on an integrated measure of interna...
The main purpose of this paper is to comparatively examine the international competitiveness of s... more The main purpose of this paper is to comparatively examine the international competitiveness of services trade, by determining its pattern and structure of specialization for Romania and Bulgaria, on the EU-25 services market. In other words, the research attempts to identify Romania's and Bulgaria’s ability to overcome difficulties and challenges that might arise from the hard competition within the enlarged
The purpose of the article is to illustrate the main characteristics of the corporate governance ... more The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of SouthEastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulation in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation, as defined by the EBRD and a discussion on aspects related to corporate governance development, the quality of corporate governance codes and of the "law on the books". We then focus on the actual analysis of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper co...
Uploads
Papers by Miclaus Paul-Gabriel