Cicero I. LIMBEREA
Abstract. This paper aims to prove that in countries with no inter-zonal real estate divergence caused by lack of uniform economic development, labor migration trends or other causes, the real estate price movements tend to be correlated with currency movements, thus a certain vulnerability to hot money exists however it may be manageable.
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Jean-Pierre BERDOT
Professor at the University of Poitiers,
Professor of Honour of the “Al. I. Cuza” University of Iasi
Abstract. This study intends to verify if, on the stock markets of the Euro zone, the integration as a process that lead to their unification is applied, even if several disparities exist among the national characteristics of the return-risk. We verify the pertinence of the consideration of third and fourth order moments in the comprehension of the arbitration mechanisms.
The first part focuses on establishing the situation of the integration of the stock markets from the Euro zone member countries on the basis of the main characteristics of the returns and the associated risk premiums. Starting with the apparent inadequacy in the traditional theory, the second part considers the usual responses to the main questions posed on the empirical plan: non-normality of the returns distributions and non-quadratic preferences of the investors. The third part solves the apparent contradiction among the risk’s characteristics and price, on one side, and the stronger and stronger correlations among the national markets and the European indexes, on the other side.
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Aurel IANCU
Romanian Academy
National Institute For Economic Research
Street Av. Radu Beller, No. 19, sect. 1, Bucharest, Romania
iancua1@yahoo.com
Abstract. The study is based on the critical observations that competitive market forces alone are not able to assure convergence with the developed countries. These observations are grounded on the results of the computation of the marginal rate of return to capital (which contradict the neoclassical model hypotheses), as well as on the real process of polarisation of the economic activities, taking place worldwide and in accordance with the law of competition. Unlike those who trust the perfect competitive market virtues, the EU’s economic policy is realistic as it is based on the harmonisation of the market forces with an economic policy based on the principle of cohesion, which supports, by means of economic levers, the less developed regions and member countries. This paper deals with the evolution of the EU cohesion funds, as well as with the results of convergence.
Key words: Neoclassical model, marginal rate of return on capital, polarisation, convergence, divergence, cohesion, cohesion funds, structural funds, variation coefficient.
JEL: F02, F15, O57, P37
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On behalf of the Managing Editors,
Ion Pohoaţă, Editor-in-chief
The foreword of the first issue of a publication usually marks out the main coordinates of the scientific content and tries to draw a general description of the methodologies employed. We take however the liberty of drifting from this editorial canon.
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