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Peer-reviewed articles in economics, finance, public policy, and sustainable development.

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Theoretical and Applied Economics
No. 3 / 2015 (604), Autumn

A new beginning for SMEs development?

Dan Costin NIȚESCU
Bucharest University of Economic Studies, Romania

Abstract. In the first part of our paper we emphasize the role of SMEs in achieving sustainable economical, social and environmental goals, in both emerging and developed economies. In the second part of the paper we briefly present the macroeconomic trends and business climate for SMEs during crisis and post-crisis, while further are presented the most common conventional and alternative financing solutions for SMEs. The fifth part of the paper represents an inquiry about the government authorities’ role in supporting SMEs. The paper concludes with the recent changing paradigm related to SMEs financing, from a passive intervention of authorities towards a closer approach to real economy, providing the paths towards a robust and sustainable growth.

Keywords: financial gap, business angels, mezzanine financing, credit guarantee, SMEs, financing solutions, financial crisis, government policies, structural funds.

Contents

1

A Structural VAR analysis of Fiscal shocks on current accounts in Greece

Aviral Kumar TIWARI · Suresh K G · Mihai MUTAȘCU

2

Is CPI a suitable tool for inflation targeting? A critical view

Selim KAYHAN · Muhsin KAR · Ahmet ŞAHBAZ

3

A new beginning for SMEs development?

Dan Costin NIȚESCU

4

About the conceptualization of social innovation

Cornel IONESCU

5

Economic models of voting: an empirical study on the electoral behavior in Romanian 2012 parliamentary elections

Mihai UNGUREANU · Andra ROESCU

6

Revisit Export and GDP Nexus in China and Taiwan: A Rolling Window Granger Causality Test

Ming-Hsien YANG · Chih-She WU

7

Sustainability of balancing item of balance of payment for OECD countries: evidence from Fourier Unit Root Tests

Serkan TAŞTAN

8

The European Union brand and its appeal to young Europeans – an in-depth perspective from Romanian student

Alina-Daniela MIHALCEA · Alexandra VIȚELAR

9

Analysis of final consumption and gross investment influence on GDP – multiple linear regression model

Constantin ANGHELACHE · Alexandru MANOLE · Mădălina Gabriela ANGHEL

10

A survey of the effect of trade openness size on inflation rate in Iran using ARDL

Mostafa SALIMIFAR · Mohammad Javd RAZMI · Zahra TAGHIZADEGAN

11

A labor utility index to measure worker welfare and labor market performance

David HUDGINS · Deniz GEVREK

12

Financial development and economic growth in emerging market: bootstrap panel causality analysis

Yusuf Ekrem AKBAS

13

Liquidity ratios. A structural and dynamic analysis, during 2006-2012, of the companies having the business line in industry and construction, listed and traded on the Bucharest Stock Exchange

Diana Elena VASIU · Nicolae BALTEȘ · Iulian Nicolae GHEORGHE

14

The Romanian banking sector restructuring and the economic recovery

Cătălin Emilian HUIDUMAC PETRESCU · Alina POP

15

Towards a sustainable economy

Silvia Elena IACOB · Constantin POPESCU

16

The role and influence of the political factor in establishing the financial and budgetary balance and on national stability

Tiberiu Valentin MAVRODIN

17

European integration, as an approximation of globalisation: a statistical analysis based on stratified entropy indexes of concentration

Olimpia NEAGU

18

The factors that affect on foreign direct investments in Turkey (sectoral comparisons)

Eren ÖĞRÜL · Mehmet ERYİĞİT

19

Legislative contributions to improving the economic efficiency of the medical laboratories in Romania

Răzvan Mihai POPA