Marusa Beca | The Bucharest Academy of Economic Studies (original) (raw)
Papers by Marusa Beca
The goal of this research paper is to empirically assess the potential effects of macroeconomic d... more The goal of this research paper is to empirically assess the potential effects of macroeconomic determinants of economic growth and to determine the impact of income inequality on economic growth in the long-run in ten former socialist countries from Central and Eastern Europe (CEE) which are members of the European Union (EU) during the period 2006-2014, using the System Generalized Method of Moments (GMM) as the research method. In order to achieve all the desired research objectives the following explanatory variables were used: income inequality (Gini Index), foreign direct investments (FDI), education, research and development expenditure, exports, population growth, labour productivity, tax rate, inflation rate and the Corruption Perception Index (CPI). The dependent variable employed in the empirical analysis, a proxy for the economic growth, is GDP per capita growth (annual %). The main finding of this paper's investigations is that income inequality has a positive and statistically significant impact on economic growth and a 1% increase in the Gini coefficient enhances the GDP by 0.68% in the ten former socialist Central and Eastern European (CEE) countries which are members of the European Union (EU) during the period 2006-2014.
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This paper investigates the relationship between the macroeconomic determinants and the observed ... more This paper investigates the relationship between the macroeconomic determinants and the observed SMEs' failures for the Romanian economy through the Autoregressive Distributed Lags Model (ADL). We performed a time series analysis that uses monthly data for the period January 2008 – December 2013 in order to establish the impact of the fiscal and monetary policy adopted by the Romanian government in times of financial crisis on the SME sector. The corporate failure rate is an endogenous variable in a linear function model with two exogenous macroeconomic variables such as the consumer price index and the loans ratio to GDP and the lags of the dependent variable. The main finding is that the variance of the SMEs' insolvency rate variable is positively correlated with the variance of CPI two months ago and with the variances of the loans rate one month ago, two months ago and four months ago and negatively correlated with the variance of the loans rate three months ago.
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This article’s goal is to analyze the relationship between macroeconomic determinants and the new... more This article’s goal is to analyze the relationship between
macroeconomic determinants and the new business entries for 24 EU
member states through a Panel Data Analysis during 2004-2012 in
order to establish the impact of the tax and monetary policy adopted
by the EU member states governments on the business births. The
new business density is the dependent variable in a model with five
independent macroeconomic variables such as the tax revenue,
inflation, the GDP per capita growth, long-term unemployment and the intern credit to private sector by banks.
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Analele Stiintifice ale Universitatii Ovidius Constanta, Seria Matematica
This article aims to study the tax measures taken by the Romanian authorities during the global e... more This article aims to study the tax measures taken by the Romanian authorities during the global economic crisis and their impact on the SME sector. The SMEs are essential to the economic recovery; the economic crisis had serious consequences on their number and performance. Global and SMEs' specific tax measures were taken by the Romanian government in the 2009-2011 period with the goal to countervail the negative effects of the economic crisis and to increase the budget receivables. The research method used is the quantitative analysis of documents and synthesis. The used variables refer to the SME sector dynamics, the evolution of labor productivity, indicators of corruption, tax evasion and underground economy.
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In this article, we studied the relationship between macroeconomic factors and the observed corpo... more In this article, we studied the relationship between macroeconomic factors and the observed corporate births for the Romanian economy through the Autoregressive Distributed Lags Model (ADL). We performed a time series analysis that uses monthly
data for the period January 2008 – December 2013 in order to establish the impact
of the fi scal and monetary policy adopted by the Romanian government in times of
economic crisis on the fi rms’ demography. The corporate birth rate is an endogenous
variable in a linear function model with fi ve exogenous macroeconomic variables such as the CPI, the loans ratio to GDP, the FDI, the long term interest rate, tax rate to GDP and the lags of the dependent variable. The main finding is that the variance of the corporate birth rate variable is negatively correlated with the variances of CPI in the current month and the interest rate two months lagged. We also determined that the variance of the dependent variable was positively correlated with the variances of the loans rate two months lagged, tax rate four months ago and FDI two months lagged and FDI in the current period.
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19th International Economic Conference – IECS 2012, Banking, Accounting and Financial Systems from the 21st Century Perspective, 2012
This article’s goal is to present the correlation between the firms’ turnover and the lump-sum ta... more This article’s goal is to present the correlation between the firms’ turnover and the lump-sum tax on the small and medium enterprises’ activity, introduced in Romania in May 2009 at the IMF's recommendation to increase budget revenue and cleanse the business sector of inactive firms. We have studied the data supplied by the Emergency Ordinance no. 34 from April 11th 2009, published in the Official Gazette no. 249 from April 14th 2009 and the literature in the field, in order to see what type of connection there is between the two variables, the turnover and the lump-sum tax, and measure the intensity of the relationship.
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2nd World Conference on Business, Economics and Management, Jan 8, 2014
This article aims to analyze the impact of the financial crisis on the corporate insolvency's evo... more This article aims to analyze the impact of the financial crisis on the corporate insolvency's evolution and the changes in the Romanian insolvency regime. The Romanian government was determined, as other European Union member states’ governments did, to improve its insolvency law in order to save the viable businesses and to stimulate the creation of new ones. We want to highlight Romania's position within the European Union in terms of time, cost of insolvency, recovery rate and dynamics of business insolvencies’ number and to propose specific measures to improve its situation.
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2nd World Conference on Business, Economics and Management, Jan 8, 2014
In this paper are examined the extent and composition of fiscal incentive policies which have bee... more In this paper are examined the extent and composition of fiscal incentive policies which have been adopted by some EU countries to cushion the effects of the lingering crisis that upended the whole economy since 2008. The research methodology is the comparative analysis between the Romanian, English, Italian and Greek SMEs’ tax policies in the period 2010 – 2012. The fiscal incentives are conditioned by a series of factors and they comprise: reductions in the statutory corporate income tax rate; accelerated depreciation allowances for capital expenditures; targeted investment tax credits etc. These stopgap fiscal policies are the limelight for reinvigorating or averting the consumption and investments’ retrenchment.
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International Conference Emerging Markets Queries in Finance and Business, Petru Maior University of Tîrgu-Mures, ROMANIA, 2013
This article’s goal is to present the main consequences of the lump-sum tax on the small and medi... more This article’s goal is to present the main consequences of the lump-sum tax on the small and medium enterprises’ activity, introduced in Romania in May 2009 at the IMF's recommendation to increase budget revenue and cleanse the business sector of inactive firms. The reviewing of data sources started in February 2012 and finished in March 2012 and determined setting inventory of the main sources capable to offer relevant data in order to review the SMEs’ sector from Romania. We have studied the data supplied by the Trade Register regarding the evolution of the number of dissolutions and suspensions of SMEs’ activity, the number of acts of procedure issued by insolvency practitioners and the evolution of the number of natural authorized individuals. The indices of the SMEs’ evolution, calculated by the National Council of SMEs in Romania helped us to find out the perception of the business environment.
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Ovidius University of Constanţa Annals. Series: Economic Sciences, 2013
This article’s goal is to highlight the main microeconomic and macroeconomic effects of the 2010 ... more This article’s goal is to highlight the main microeconomic and macroeconomic effects of the 2010 VAT hike in Romania and the Romanian firms’ response to it. At 1st July 2010, the Romanian Government raised the Value Added Tax from 19% to 24%, causing chain increases that delayed with nine months the Romania’s exit from recession. It intended to increase its receivables in a period in which the state budget had problems in collecting taxes. I have concluded that the main microeconomic effect was the plunge of the firms’ sales and the macroeconomic one was the decrease of the Gross Domestic Product (GDP). Regarding the Romanian firms’ reaction to the VAT increase, most of them have ignored the VAT hike and they did not have an important response to such a modification.
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Ovidius University of Constanţa Annals. Series: Economic Sciences, 2012
This article’s goal is to highlight the main reasons and effects of the adoption of the reverse c... more This article’s goal is to highlight the main reasons and effects of the adoption of the reverse change for the supply of cereals and industrial plants in Romania in May 2011 on the companies’ activity in our country. In an attempt to diminish the VAT evasion related to sale of crops and grains, the Romanian Government introduced simplification measures for the sale of crops and grains that should also provide a cash flow benefit especially for the Romanian firms involved in cereal trading, thanks to the earlier collection of the inputs’ VAT from the state
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Teaching Documents by Marusa Beca
Does the social class a person belongs in determine the level of confidence in banks and financia... more Does the social class a person belongs in determine the level of confidence in banks and financial institutions? I am a Financial Researcher so this question relates to my field of interest. I consider this a pertinent question because the financial institutions could develop a marketing strategy in order to improve the level of confidence in banks of certain persons belonging to a certain social class based on the results of this study.
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Learning tools that help students learn easier and faster
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Lending Club is an online financial community that brings together creditworthy borrowers and sav... more Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit financially [1]. It allows its members to directly invest in and borrow from each other and so avoid the cost and complexity of the banking system.
On the Lending Club site there are several files that contain complete loan data, including the current loan status and latest payment information. [2] The data used in this analysis represents a sample of 2,500 peer-to-peer loans issued by the Lending Club explained through 14 variables such as: monthly income, amount requested, FICO range (a range indicating the applicants FICO score) [3], inquiries in the last six months etc. The goal of this analysis is to establish if there is any correlation between the outcome variable – the interest rate of the loans – and the other variables especially considering the FICO score, which is a measure of the creditworthiness of the applicant.
In this project we performed an analysis to determine if there was a significant association between the interest rate and the FICO score. Using exploratory analysis and standard multiple regression techniques we show that there is a significant negative relationship between the interest rate and the FICO score, even after adjusting for important confounders such as the length of the loan, the amount funded by the investors and the amount requested by the borrowers.
Our analysis suggests that there is a significant, negative association between Interest Rate and FICO score. Our analysis estimates the relationship using a linear model relating one percent of interest rate to one unit of FICO score. There appears to be a strong inverse relationship between the two variables.
Our results suggest that there are other variables such as loan length, amount requested by the borrower and amount funded by the investors which are associated with both interest rate and FICO score. Including these variables in the regression model relating interest rate to FICO score improves the model fit, but does not remove the significant positive relationship between the variables.
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The goal of this research paper is to empirically assess the potential effects of macroeconomic d... more The goal of this research paper is to empirically assess the potential effects of macroeconomic determinants of economic growth and to determine the impact of income inequality on economic growth in the long-run in ten former socialist countries from Central and Eastern Europe (CEE) which are members of the European Union (EU) during the period 2006-2014, using the System Generalized Method of Moments (GMM) as the research method. In order to achieve all the desired research objectives the following explanatory variables were used: income inequality (Gini Index), foreign direct investments (FDI), education, research and development expenditure, exports, population growth, labour productivity, tax rate, inflation rate and the Corruption Perception Index (CPI). The dependent variable employed in the empirical analysis, a proxy for the economic growth, is GDP per capita growth (annual %). The main finding of this paper's investigations is that income inequality has a positive and statistically significant impact on economic growth and a 1% increase in the Gini coefficient enhances the GDP by 0.68% in the ten former socialist Central and Eastern European (CEE) countries which are members of the European Union (EU) during the period 2006-2014.
Bookmarks Related papers MentionsView impact
This paper investigates the relationship between the macroeconomic determinants and the observed ... more This paper investigates the relationship between the macroeconomic determinants and the observed SMEs' failures for the Romanian economy through the Autoregressive Distributed Lags Model (ADL). We performed a time series analysis that uses monthly data for the period January 2008 – December 2013 in order to establish the impact of the fiscal and monetary policy adopted by the Romanian government in times of financial crisis on the SME sector. The corporate failure rate is an endogenous variable in a linear function model with two exogenous macroeconomic variables such as the consumer price index and the loans ratio to GDP and the lags of the dependent variable. The main finding is that the variance of the SMEs' insolvency rate variable is positively correlated with the variance of CPI two months ago and with the variances of the loans rate one month ago, two months ago and four months ago and negatively correlated with the variance of the loans rate three months ago.
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This article’s goal is to analyze the relationship between macroeconomic determinants and the new... more This article’s goal is to analyze the relationship between
macroeconomic determinants and the new business entries for 24 EU
member states through a Panel Data Analysis during 2004-2012 in
order to establish the impact of the tax and monetary policy adopted
by the EU member states governments on the business births. The
new business density is the dependent variable in a model with five
independent macroeconomic variables such as the tax revenue,
inflation, the GDP per capita growth, long-term unemployment and the intern credit to private sector by banks.
Bookmarks Related papers MentionsView impact
Analele Stiintifice ale Universitatii Ovidius Constanta, Seria Matematica
This article aims to study the tax measures taken by the Romanian authorities during the global e... more This article aims to study the tax measures taken by the Romanian authorities during the global economic crisis and their impact on the SME sector. The SMEs are essential to the economic recovery; the economic crisis had serious consequences on their number and performance. Global and SMEs' specific tax measures were taken by the Romanian government in the 2009-2011 period with the goal to countervail the negative effects of the economic crisis and to increase the budget receivables. The research method used is the quantitative analysis of documents and synthesis. The used variables refer to the SME sector dynamics, the evolution of labor productivity, indicators of corruption, tax evasion and underground economy.
Bookmarks Related papers MentionsView impact
In this article, we studied the relationship between macroeconomic factors and the observed corpo... more In this article, we studied the relationship between macroeconomic factors and the observed corporate births for the Romanian economy through the Autoregressive Distributed Lags Model (ADL). We performed a time series analysis that uses monthly
data for the period January 2008 – December 2013 in order to establish the impact
of the fi scal and monetary policy adopted by the Romanian government in times of
economic crisis on the fi rms’ demography. The corporate birth rate is an endogenous
variable in a linear function model with fi ve exogenous macroeconomic variables such as the CPI, the loans ratio to GDP, the FDI, the long term interest rate, tax rate to GDP and the lags of the dependent variable. The main finding is that the variance of the corporate birth rate variable is negatively correlated with the variances of CPI in the current month and the interest rate two months lagged. We also determined that the variance of the dependent variable was positively correlated with the variances of the loans rate two months lagged, tax rate four months ago and FDI two months lagged and FDI in the current period.
Bookmarks Related papers MentionsView impact
19th International Economic Conference – IECS 2012, Banking, Accounting and Financial Systems from the 21st Century Perspective, 2012
This article’s goal is to present the correlation between the firms’ turnover and the lump-sum ta... more This article’s goal is to present the correlation between the firms’ turnover and the lump-sum tax on the small and medium enterprises’ activity, introduced in Romania in May 2009 at the IMF's recommendation to increase budget revenue and cleanse the business sector of inactive firms. We have studied the data supplied by the Emergency Ordinance no. 34 from April 11th 2009, published in the Official Gazette no. 249 from April 14th 2009 and the literature in the field, in order to see what type of connection there is between the two variables, the turnover and the lump-sum tax, and measure the intensity of the relationship.
Bookmarks Related papers MentionsView impact
2nd World Conference on Business, Economics and Management, Jan 8, 2014
This article aims to analyze the impact of the financial crisis on the corporate insolvency's evo... more This article aims to analyze the impact of the financial crisis on the corporate insolvency's evolution and the changes in the Romanian insolvency regime. The Romanian government was determined, as other European Union member states’ governments did, to improve its insolvency law in order to save the viable businesses and to stimulate the creation of new ones. We want to highlight Romania's position within the European Union in terms of time, cost of insolvency, recovery rate and dynamics of business insolvencies’ number and to propose specific measures to improve its situation.
Bookmarks Related papers MentionsView impact
2nd World Conference on Business, Economics and Management, Jan 8, 2014
In this paper are examined the extent and composition of fiscal incentive policies which have bee... more In this paper are examined the extent and composition of fiscal incentive policies which have been adopted by some EU countries to cushion the effects of the lingering crisis that upended the whole economy since 2008. The research methodology is the comparative analysis between the Romanian, English, Italian and Greek SMEs’ tax policies in the period 2010 – 2012. The fiscal incentives are conditioned by a series of factors and they comprise: reductions in the statutory corporate income tax rate; accelerated depreciation allowances for capital expenditures; targeted investment tax credits etc. These stopgap fiscal policies are the limelight for reinvigorating or averting the consumption and investments’ retrenchment.
Bookmarks Related papers MentionsView impact
International Conference Emerging Markets Queries in Finance and Business, Petru Maior University of Tîrgu-Mures, ROMANIA, 2013
This article’s goal is to present the main consequences of the lump-sum tax on the small and medi... more This article’s goal is to present the main consequences of the lump-sum tax on the small and medium enterprises’ activity, introduced in Romania in May 2009 at the IMF's recommendation to increase budget revenue and cleanse the business sector of inactive firms. The reviewing of data sources started in February 2012 and finished in March 2012 and determined setting inventory of the main sources capable to offer relevant data in order to review the SMEs’ sector from Romania. We have studied the data supplied by the Trade Register regarding the evolution of the number of dissolutions and suspensions of SMEs’ activity, the number of acts of procedure issued by insolvency practitioners and the evolution of the number of natural authorized individuals. The indices of the SMEs’ evolution, calculated by the National Council of SMEs in Romania helped us to find out the perception of the business environment.
Bookmarks Related papers MentionsView impact
Ovidius University of Constanţa Annals. Series: Economic Sciences, 2013
This article’s goal is to highlight the main microeconomic and macroeconomic effects of the 2010 ... more This article’s goal is to highlight the main microeconomic and macroeconomic effects of the 2010 VAT hike in Romania and the Romanian firms’ response to it. At 1st July 2010, the Romanian Government raised the Value Added Tax from 19% to 24%, causing chain increases that delayed with nine months the Romania’s exit from recession. It intended to increase its receivables in a period in which the state budget had problems in collecting taxes. I have concluded that the main microeconomic effect was the plunge of the firms’ sales and the macroeconomic one was the decrease of the Gross Domestic Product (GDP). Regarding the Romanian firms’ reaction to the VAT increase, most of them have ignored the VAT hike and they did not have an important response to such a modification.
Bookmarks Related papers MentionsView impact
Ovidius University of Constanţa Annals. Series: Economic Sciences, 2012
This article’s goal is to highlight the main reasons and effects of the adoption of the reverse c... more This article’s goal is to highlight the main reasons and effects of the adoption of the reverse change for the supply of cereals and industrial plants in Romania in May 2011 on the companies’ activity in our country. In an attempt to diminish the VAT evasion related to sale of crops and grains, the Romanian Government introduced simplification measures for the sale of crops and grains that should also provide a cash flow benefit especially for the Romanian firms involved in cereal trading, thanks to the earlier collection of the inputs’ VAT from the state
Bookmarks Related papers MentionsView impact
Does the social class a person belongs in determine the level of confidence in banks and financia... more Does the social class a person belongs in determine the level of confidence in banks and financial institutions? I am a Financial Researcher so this question relates to my field of interest. I consider this a pertinent question because the financial institutions could develop a marketing strategy in order to improve the level of confidence in banks of certain persons belonging to a certain social class based on the results of this study.
Bookmarks Related papers MentionsView impact
Learning tools that help students learn easier and faster
Bookmarks Related papers MentionsView impact
Lending Club is an online financial community that brings together creditworthy borrowers and sav... more Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit financially [1]. It allows its members to directly invest in and borrow from each other and so avoid the cost and complexity of the banking system.
On the Lending Club site there are several files that contain complete loan data, including the current loan status and latest payment information. [2] The data used in this analysis represents a sample of 2,500 peer-to-peer loans issued by the Lending Club explained through 14 variables such as: monthly income, amount requested, FICO range (a range indicating the applicants FICO score) [3], inquiries in the last six months etc. The goal of this analysis is to establish if there is any correlation between the outcome variable – the interest rate of the loans – and the other variables especially considering the FICO score, which is a measure of the creditworthiness of the applicant.
In this project we performed an analysis to determine if there was a significant association between the interest rate and the FICO score. Using exploratory analysis and standard multiple regression techniques we show that there is a significant negative relationship between the interest rate and the FICO score, even after adjusting for important confounders such as the length of the loan, the amount funded by the investors and the amount requested by the borrowers.
Our analysis suggests that there is a significant, negative association between Interest Rate and FICO score. Our analysis estimates the relationship using a linear model relating one percent of interest rate to one unit of FICO score. There appears to be a strong inverse relationship between the two variables.
Our results suggest that there are other variables such as loan length, amount requested by the borrower and amount funded by the investors which are associated with both interest rate and FICO score. Including these variables in the regression model relating interest rate to FICO score improves the model fit, but does not remove the significant positive relationship between the variables.
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