Articles on Issue Theme
Alina-Cristina VOEVOZEANU (SPIRIDON)
Academia de Studii Economice din Bucureşti
The world economic crisis brought on Romanian companies’ issues as exchange rate instability, increased financing costs and sopping of financing, reduction of income and consumption of goods and services, increased unemployment.
Romanian government has proposed anti-crisis measures for supporting the business environment, maintaining a manageable deficit, price stability, and acceptable levels of unemployment. Investments were allocated about 20% of budget expenditures în 2010. Measures for sustaining the business environment are as follows: increasing 5 times the public assistance for SMEs, delaying by 6 months the payment of fiscal debts, facilitating SMEs’ financing by granting collaterals to SMEs and to large companies up to 90% of the loan value, delaying the tax advance payment for 2010 to 2012, regulating technical unemployment. They encompassed also the simplification of the EU funds absorption procedure and the increase în the pre-financing quota from 15% to 20%, and from 20% to 30%.
Even the government promoted anti-crisis measures, companies have restructure the business, managing expenses for being present on the market, with the risk of a minimal profit. The immediate effects consist în reducing the number of registered companies, growth removals / liquidation, decreased number of profitable enterprises, total debt per company increase, decreased average turnover / profit / number of employees / investments per enterprise, low absorption of EU funds.
In order to better present the crises impact on Romanian business environment, I will develop econometric models based on G-cubed model of financial crises developed by McKibbin (2009), the model of crisis impact on SME from constructions developed by Shen, Wang and Yang (2009), and the quantitative model for investment strategy for SME of Prelipcean and Boscoianu (2010).
Romanian government has proposed anti-crisis measures for supporting the business environment, maintaining a manageable deficit, price stability, and acceptable levels of unemployment. Investments were allocated about 20% of budget expenditures în 2010. Measures for sustaining the business environment are as follows: increasing 5 times the public assistance for SMEs, delaying by 6 months the payment of fiscal debts, facilitating SMEs’ financing by granting collaterals to SMEs and to large companies up to 90% of the loan value, delaying the tax advance payment for 2010 to 2012, regulating technical unemployment. They encompassed also the simplification of the EU funds absorption procedure and the increase în the pre-financing quota from 15% to 20%, and from 20% to 30%.
Even the government promoted anti-crisis measures, companies have restructure the business, managing expenses for being present on the market, with the risk of a minimal profit. The immediate effects consist în reducing the number of registered companies, growth removals / liquidation, decreased number of profitable enterprises, total debt per company increase, decreased average turnover / profit / number of employees / investments per enterprise, low absorption of EU funds.
In order to better present the crises impact on Romanian business environment, I will develop econometric models based on G-cubed model of financial crises developed by McKibbin (2009), the model of crisis impact on SME from constructions developed by Shen, Wang and Yang (2009), and the quantitative model for investment strategy for SME of Prelipcean and Boscoianu (2010).
ŒCONOMICA no. 4/2010
Keywords: crisis effects, global economic crisis, budget deficit, investments, profitability
JEL: E62, G01, G18, L16, M21
Criza economică globală şi modelele de impact a acesteia asupra mediului de afaceri din România
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