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In this paper we assess the determinants of total factor productivity (TFP) growth in a group of developed European countries, during the period 2000-2013. In this regard, starting from the existing literature, we considered as determinants of TFP, knowledge and technology, infrastructure development, education quality, health level, the intensity of capital use and the manifestation of the financial crisis. Our findings show that in the case of the analysed countries, accumulation and transmission of technology and knowledge, but also the infrastructure development have the most significant positive impacts on TFP growth. On the other hand, the manifestation of the financial crises and the low intensity of capital use have strong negative effects on TFP growth, while education quality and health play a small role in influencing productivity. [ABSTRACT FROM AUTHOR]

Real estate represents one of the most profitable and of interest areas of investment. In 2019, the year before the pandemic, real estate represented 3.1% of Europe's GDP, and investment in new constructions or in the renovation of old ones accounted for more than 10% of all investment products in the European economy. This paper analyses the evolution of the real estate industry in the post-pandemic period, the trend being a favourable one, of growth. Real estate constitutes the basis for the proper functioning and development of the other sectors of the economy, therefore it is important to analyse the reaction of the industry in relation to an economic crisis, such as the one caused by the Covid-19 pandemic. The crisis has been the subject of debate for the past two years, as it has caused unprecedented changes in Europe's economy and, of course, in residential markets. Currently, the geopolitical situation in Europe, represented by the conflict in Ukraine and the refugee crisis, has the effect of increasing energy costs, the price of building materials and labour costs. In the given context, we reflected how the real estate market in Europe evolved in the pre- and post-pandemic period, following a series of essential indicators in the field: the evolution of constructions, real property prices, mortgage rates, rents and purchasing power of investors. [ABSTRACT FROM AUTHOR]

The aim of this paper is to highlight the relation between financial integration and financial contagion, with the desire of financial stability. For this purpose we reviewed the literature in this field and then we did an analysis in order to draw relevant conclusions and to provide a clearer picture of the relationship between the two phenomena. For our analysis, we retrieved data from the Eurostat and World Development Indicators (World Bank) including the EU 28 member states over the time span 2000-2014. Our results show that is a significant relationship between the variables considered, and also financial integration and financial contagion are inversely proportional, financial contagion having a negative influence on the financial integration. It is consensual that a higher level of financial integration in partner economies can promote a process of strengthening the domestic markets involved, which is essential for the domestic corporate environment and also contributes to capital accumulation and technological innovation, key elements for economic growth, and the crisis contagion poses a systemic threat to the stability of the global financial system. For these reasons, studies about financial integration and contagion are relevant. [ABSTRACT FROM AUTHOR]

This paper addresses the most significant elements related to the direct enactment by the executive authority - following the most difficult moments of the financial crisis (2009-2010) - of some key measures in determining the economic recovery/growth. Special attention is given to the problem of growth strengthening and sustainable competitiveness of small and medium enterprises, as well as to the issue of stimulating the set up and development of micro enterprises by junior entrepreneurs. Considering things from the legal perspective, we also stop upon the legislative measures taken by the Government to support SME access to financial guarantees and credits. Obviously, in the context following the peak of the financial crisis, we took into consideration the regulation on stimulating the development of new jobs and the regime of state aids, as well. This latter issue includes, we believe, the most important references to State aid schemes on stimulating the investments with a major impact in the economy, the 'de minimis' aid for the investments made by small and medium-sized enterprises, and also to the issues arising from the implementation of a State aid scheme to support the investments which promote the regional development by creating jobs. [ABSTRACT FROM AUTHOR]

The economic crisis affects all financial system components, including insurance system, which is an important component. There are three types of financial crises: currency crises, banking crises and debt crises. The term insurance crisis is, in our opinion, different in its effects from economic crises in insurance industry. Economic crisis affects the insurance industry because of the insurance integration in financial system components and their interrelations. There was a delimitation between insurance, banking and financial markets, but we see nowadays, in the context of globalization, a major interaction between these fields (bank assurance and unit-linked insurance products are just a few examples). Actual paper wants to emphasize the evolution of the Romanian and some European countries' insurance market during the recent financial crises. In this approach, we consider that the situation that characterizes the entire economy and financial system, it is also valid for insurance market and insurance system. Our research refers goal to some comparisons with the evolution of the European insurance system and market and Romania focusing the analyse on some important indicators such Insurance Density, Insurance Penetration Rate, total Growth Premium, Gross Written Premium. The effects of crisis on insurance market (life section) are highlighted through a linear regression panel data (from EUROSTAT database 2002-2010). [ABSTRACT FROM AUTHOR]