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The purpose of this study is to investigate the reaction of the insolvency rate to the various shocks in the economies of Romania and Spain through a Structural Vector Autoregressive model. Departing from quarterly data for 2008-2016, it was found that the future values of the insolvency rate are explained by the past values of the interest rate and the retail trade index, more precisely macroeconomic risk factors cost of debt and changing in demand are main responsible for the health of non-financial corporations sector. In contrast, the influence of the investment rate on insolvency rate is not predictable. In addition, both in Romania and in Spain the interest rate is the main determinant of the insolvency rate variation, beyond its own innovations, in horizons of over 2 quarters. These results were obtained under the circumstances that the analysed period was characterized by the Great Recession and its recovery. In this situation, firms faced a lesser demand as well as a tightening on the possibilities of obtaining the external funds they needed, not only to finance their expansion projects but even their daily operations. Consequently, many firms faced a negative environment that forced them to go out of the market. [ABSTRACT FROM AUTHOR]

Treaty of Trianon, an international document of unquestionable political-legal value and, at the same time, of capital value for Romania, which certifies the full legitimacy of its existence inside its current borders - also including Transylvania -, is unconditionally fully valid and thus remains as such, having been applied for a century. It is for the Romanians to comply with the sacred duty to know its provisions as rigorously as possible and to ensure, at any cost and without any hesitation, the strict observance of its provisions. Under no circumstance it is admitted a hesitating or passive attitude, without reply when its validity is questioned. Thus, it is created the impression that Romania would agree that the Treaty of Trianon is no longer of interest to the Romanian State or that there would be some indifference to the regulations which it contains, favouring confusions and forming opinions that prejudice the value of this Treaty. This study presents the context in which the Treaty of Trianon was negotiated and reached the signing; the Paris Peace Conference (1918-1920) is described and the principles underlying it and the decisions adopted are mentioned. Similarly, the author makes a characterization of the treaties signed after the end of the First World War and it is mentioned that the principle of nationalities was laid at the foundation of the new order in Europe. The Paris Peace Conference put an end to the oppressive empires, and the liberated nations were constituted in sovereign national states, and, as the case may be, new states emerged, while others were reformed or reunited - this being also the case of the achievement of Greater Romania. In the final part of the study, it is described the series of irredentist attempts started since the Paris Peace Conference (1918-1920) and continued throughout the entire century, to revise or even repeal the Treaty of Trianon. The most brutal action in this regard was the Vienna Arbitration (30 August 1940), which fortunately was annulled by the Paris Peace Treaty (1947), which declared it null and void. The Treaty of Understanding, Cooperation and Good Neighbourliness between Romania and the Hungarian Republic (1996) - necessary, of course, and useful insofar as it would be applied in good faith by both parties - contains nevertheless a series of extreme concessions granted by the Romanian side, that a kind of condominium has been created in the area where a population of Hungarian ethnicity is located next to Romanians. It is especially surprising that, although there is a provision regarding the intangibility of the borders, in the Treaty of 1996 it is not mentioned the Treaty of Trianon under which they are established, which raises many questions. The author does not overlook that, given that the Romanian citizens of Transylvania - Hungarian or even Romanian - are granted Hungarian citizenship, an attempt is made to extend the jurisdiction of Hungary on the territory of Romania, and the massive acquisition of property in Transylvania by Hungarian citizens aims to create a situation favourable for Hungary and to the detriment of Romania. [ABSTRACT FROM AUTHOR]

The paper presents the result of economic-financial analysis on level of NACE 108x code -- Manufacture of other food products. The data include relevant information about the market of such products, being analysed the economic-financial situations of a sample of over 580 companies, representing over 90% of the companies in this industry. The analyses considered the period 2008-2016, being analysed: efficiency indicators, indicators of competition environment, indicators related to income quality. [ABSTRACT FROM AUTHOR]

Abstract: Emerging markets real estate performance is nowadays heavily affected by lack of investor confidence, risk perceptions, increasing cost of finance and finally market fundamentals. In turn, banks have looked away from real estate as their balance sheets are loaded with non-performing commercial real estate loans. While the blame for debt excesses is being placed on one party (banks) or another (investors) we take an in depth look at a real estate development company active in Romania in order to understand the effects of leverage. We are trying to answer basic questions in real estate investment, in a Romanian context: is there an intrinsic need for debt financing in real estate? What should be considered a sustainable level of debt in an emerging market such as Romania? What are the risks stemming from too much debt and how should they be managed? The conclusions are limited by the focus on a single company but the company is what could be called a representative case for the Romanian investment market. [Copyright &y& Elsevier]

In the present survey, the author assumed the difficult - because of its complexity - and delicate task, but at the same time, praiseworthy one, to give the appropriate answer to the question who is rightly the competent authority for representing a State in its international relations and even more precisely, who is the State representative in an international organization - the Head of State (President or Monarch) or the Government of this State? Searching for the right and legitimate solution in such a conflictual political competition (in Romania this issue being now highly debated), the author explored deeply and carefully, the approaches and the adopted solutions of the present practice in various countries and international organizations as well; on such a foundation, as a starting point, he explained the real meaning of the traditional saying "ius repraesentationis omnimodae" as a result of its evolution in the contemporary life: this miraculous but ambiguous formula changed its original connotation, its validity is uncertain and has to be taken into account more cautiously. No need to say that, in addition to Constitutional rules of the concerned country (its legislation), we have to take into consideration the rules of the respective international organization. Undertaking a thoroughly research on the general practice in this field, the author came at the Romanian case and examined carefully and in detail, the Constitutional rules. The article saying that "Romanian President represents the Romanian State" has to be interpreted in the light of art. 91, which states that Government is entitled to negotiate treaties on behalf of Romania and not the President. Consequently, the scope of representation conferred to the President is limited to the strict and pure representation and is not exceeding political representation. So that the Romanian Government must take part in the EU. Commission, any time that are adopted engaging decisions (as a result of multilateral negotiations), because these are matters within its powers. In our next Constitution, all these questions must be regulated in the most appropriate way, with clear and coherent Constitutional texts. [ABSTRACT FROM AUTHOR]

The present paper points the most essential dates of an important period of the history of Romanian people, which had a tremendous outcome for the legal field. It represents the final phase in the formation of the Romanian nation; gradual formation of feudal relations and the appearance of fairs and towns; political organization of the Romanian communities attested also in written sources in 9th century and which resisted hundreds of years, precisely because of migrations, on phase of principalities and local voivodships, brought together after 1300 in the central states of the Romanian Countries and Moldova Country. [ABSTRACT FROM AUTHOR]

A very important millennium for the existence of the Romanian people has an important meaning in the legal field. It represents the final phase in the formation of the Romanian nation; gradual formation of feudal relations and the appearance of fairs and towns; political organization of the Romanian communities attested also in written sources of 19th century and which has resisted for hundreds of years, precisely because of migrations, on phase of principalities and local voivodships, brought together after 1300 in the central states of the Romanian Countries and Moldova Country. [ABSTRACT FROM AUTHOR]

Beginning from the illustrations at conceptual level, this paper will analyse the use of land fund following the example of sugar beet processing factories in Romania. The research will be based on a case study of the sugar beet processing factories in Romania, namely S.C. AGRANA Romania S.A., S.C Zahărul Oradea, S.C. Zahărul S.A. Luduş and S.C. Bod S.A. Sugar Factory, being the only ones that still process sugar beet in Romania. Therefore we shall be analysing the land fund's quantitative ensurance, extensive use and use efficiency. We shall be subsequently suggesting a model for the land fund's use efficiency. [ABSTRACT FROM AUTHOR]