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In numerous sources of scientific literature it is clearly proved that the process of globalization in regions, countries, industries and even smallest economic subjects is inevitable. However, it is not only inevitable, but also rapidly changing in its forms and impacts. In 2012 the authors of this paper carried out a thorough analysis of economic globalization impact factors on Baltic countries business environments, which revealed high levels of impacts in the fields of: the liberalization of trade; integration of previously non-connected markets and overall productivity growth; the global value chains influence; the increased significance of outsourcing and services sector; the influence of FDI. The research carried out has revealed that the power and scope of globalization impacts in Baltic countries business environments (with the few exceptions) is gradually diminishing. The findings in general correspond with the trends in global markets that the process of globalization is gradually turning into functional regionalization. However, it is important to emphasize, that this new regionalization phenomenon is very different in forms, scope and origins than that of the sixties and seventies. The core conclusion of the research carried out is the following: the economic impacts of globalization process are progressively diminishing, however there are new unforeseen impacts evolving and there will be even more challenges for economic subjects to face in the future trying to stay competitive in volatile business environments. [ABSTRACT FROM AUTHOR] more...

The topic of financial markets stability has received greater attention after the occurrence of the crises from the 90s. The testing of econometric models as well as the econometric analyses regarding the financial stability is scarce, also determined by the fact that there is no complete definition for financial market stability. In this paper, we take into consideration the definition of financial stability proposed by Baur D.G. and Schulze N. (2008) and we analyze the stability of financial markets in European Union countries. We took into consideration the stock exchange indices which are computed based on 95% of the stocks listed on the respective markets. The quantile regression used offers the possibility to study the stock markets under normal and extreme conditions. The results obtained confirm the instability of financial markets under analysis. [ABSTRACT FROM AUTHOR] more...

More and more insolvency cases are opened in the eastern European countries lately and this is not a result of only the economic crisis. This paper aims to statistically analyze the evolution of the number of insolvent companies in eastern European countries and the evolution of the insolvency rate of the same countries. We will focus on identifying the differences between 11 eastern European countries related to the two indicators. The analysis will be made by considering the 2004-2010 periods. The results will indicate which are the eastern European countries that should consider modifying their proceedings in order to better adapt to the economic environment. [ABSTRACT FROM AUTHOR] more...

Summary: Albania’s radical farmland distribution is credited with averting an economic crisis and social unrest during the transition. But many believe it led to a holding structure too fragmented to be efficient, and that public efforts to consolidate plots are needed to lay the foundation for greater rural productivity. Farm-level data from the 2005 Albania LSMS allow us to explore this quantitatively. We find no support for the argument that fragmentation reduces productivity. However, producers fail to utilize about 10% of the country’s productive land, and this land has, in the majority of cases, been idle for at least 5years. Farmers quote inefficiently-small plots as the reason for this in very few cases, casting doubt on the scope for land consolidation to solve this issue. Instead, the data are consistent with the notion of land market imperfections, which can be traced to gaps in the legal and policy framework, as well as inefficiencies in registry operations, leading to land abandonment on a large scale. To maintain the productive potential of Albania’s rural economy and, if and when needed, the ability to conduct consolidation in a cost-effective and sustainable manner, it will be critical to complement the emphasis on consolidation with an effort to address those gaps and inefficiencies on a priority basis. [ABSTRACT FROM AUTHOR] more...