Papers by CIPRIAN CHIRILĂ
Sustainability, 2020
The present study analyses the relationship between economic growth and tourism growth at the lev... more The present study analyses the relationship between economic growth and tourism growth at the level of Central and East European countries, using the spillover indices approach. Based on the monthly data obtained for the period 2000-2019, the analysis of this paper presents certain empirical results. Firstly, the relationship economic growth-international tourism grow is not stable over time, both from the point of view of its size and its direction, which suggests that the specific activities of international tourism contribute to the economic growth and hypotheses according to which international tourism growth causes economic growth are time-dependent. Secondly, the relationship economic growth-international tourism growth is dependent on certain major events, such as the economic and financial crisis that started in 2008 and the debt crises from 2010. The results obtained show that the impact of these events influences the direction of the relationship between international tourism and economic growth which becomes more accentuated during the economic growth periods.
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Sustainability, 2022
On the background of the exponential growth of the world’s population, doubled by the decrease of... more On the background of the exponential growth of the world’s population, doubled by the decrease of natural resources and the continuous, accentuated degradation of the quality of the environment, with global warming as its main effect, ensuring the sustainability of economic and social processes is becoming a growing concern. At the European Union level, it is important that all member countries adhere to and implement common measures on sustainable development, which involve, inter alia, ensuring the convergence of policies and their effects at EU level. The EU through detailed SDGs presents the structure of a system of indicators structured on 17 objectives, indicators taken over, implemented, and calculated by EUROSTAT. The study proposes, based on a Composite Index of Sustainable Development of EU Countries’ Economies (ISDE-EU), the analysis of the convergence of the sustainability of EU states’ economies, not so much at individual level, but at cluster level, each cluster containing EU countries with similar/close ISDE-EU levels and dynamics. The results of the analysis confirm the partial existence of the beta and sigma convergence of the sustainability of EU countries’ economies. Please note that, at the time when we processed data, the UK was an EU state, which is why it was included in the analysis.
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Journal of Business Economics and Management, 2022
The CEE stock markets are more and more integrated in the European financial markets. The growth ... more The CEE stock markets are more and more integrated in the European financial markets. The growth of the integration of financial markets favours the volatility and return spillover between them. The current study analyses the volatility spillover among the stock markets in the countries from Central and East Europe (CEE) and Germany and France with the aim to identify the possibilities of reduction of a portfolio risk. A special attention is granted to the analysis during the pandemic caused by COVID-19. The time-varying parameter vector autoregressive (TVP-VAR) model on which is based the methodology proposed by Antonakakis and Gabauer (2017) is used to estimate the evolution in time of volatility spillover. The empirical results obtained for the period January 2001-September 2021 highlight the increase in volatility spillover between the countries analysed when the pandemic caused by COVID-19 was confirmed. The lack of volatility integration of the markets analysed enables the making of arbitrages in order to reduce the risk of a portfolio. The results obtained are important in the management of financial asset portfolios.
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Sustainability
On the background of the exponential growth of the world’s population, doubled by the decrease of... more On the background of the exponential growth of the world’s population, doubled by the decrease of natural resources and the continuous, accentuated degradation of the quality of the environment, with global warming as its main effect, ensuring the sustainability of economic and social processes is becoming a growing concern. At the European Union level, it is important that all member countries adhere to and implement common measures on sustainable development, which involve, inter alia, ensuring the convergence of policies and their effects at EU level. The EU through detailed SDGs presents the structure of a system of indicators structured on 17 objectives, indicators taken over, implemented, and calculated by EUROSTAT. The study proposes, based on a Composite Index of Sustainable Development of EU Countries’ Economies (ISDE-EU), the analysis of the convergence of the sustainability of EU states’ economies, not so much at individual level, but at cluster level, each cluster contai...
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Annales Universitatis Apulensis Series Oeconomica, 2012
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The concept of sustainable development has determined a major change in the approach of economic ... more The concept of sustainable development has determined a major change in the approach of economic development issues by ensuring a dynamic balance between the components of the natural capital and the social-economic systems. The sustainable development deals with the concept of life quality in its complexity, from an economic, social and environmental aspect, promoting the balance among the economic development, the social equity, the efficient use and the conservation of the surrounding environment. As regards the business sector, the sustainable development implies the approach of some strategies and activities that could meet the needs of the companies and their owners but which, at the same time, protects the human resources they will need in the future. By means of the cooperation among the Dow Jones Indexes, STOXX Limited and SAM the first global indexes were born, reflecting the general tendency of the sustainably developed companies in Europe or in the Euro zone. The aim of ...
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Metalurgija -Sisak then Zagreb-
This paper presents the results obtained following the testing of five hypotheses regarding condi... more This paper presents the results obtained following the testing of five hypotheses regarding conditional return and volatility of the most listed European stocks in the steel & iron subsector. The following elements of the stocks are analysed: time variation of volatility, seasonality of return and volatility, relationship between return and volatility and volatility asymmetry. The results obtained confirm for all the analyzed stocks the existence of volatility variation in time, the lack of correlation between return and volatility, the existence of asymmetry phenomenon of volatility and the presence in some stocks of the seasonality effect both for return and volatility.
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Procedia Economics and Finance, 2015
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Modern Economy, 2012
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SSRN Electronic Journal, 2007
... According to the probability associated with the Jarque-Berra test the distributions of the p... more ... According to the probability associated with the Jarque-Berra test the distributions of the portfolios' returns do not follow normal distributions (the probability associated with the test is lower than the taken risk of 5%). The ... LRACT Schwartz 5.258136 5.237919 5.220188 ...
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Procedia - Social and Behavioral Sciences, 2013
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The economies of the capitalist countries are continuously facing fluctuations known as business ... more The economies of the capitalist countries are continuously facing fluctuations known as business cycles. The estimation of global business cycles as well as of business cycles of different macroeconomic variables expressing the state of the economy are of utter importance for the decision making process having as a final goal the reduction of recession periods. The unemployment rate is known as a lagging indicator for the business cycles and it can offer important information regarding the business cycles forecasting. Therefore, the purpose of this study is to analyze in a comparative manner the general business cycles and the business cycles of unemployment rate in the CEE countries. The results confirm the persistence of the business cycles under analysis and the existence of great differences by countries of the reaction of unemployment business cycles to general business cycles.
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Acta Universitatis Danubius Oeconomica, 2014
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The project goal is to realize a pragmatic and analytical study on the new economic governance re... more The project goal is to realize a pragmatic and analytical study on the new economic governance regarding the adoption of the single currency by the new member states of the European Union, while identifying the trends of major interest for Romania within the new post-crisis context. On these lines, the project proposes a dynamic analysis focusing on the trends reflected
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Sustainability, 2020
The present study analyses the relationship between economic growth and tourism growth at the lev... more The present study analyses the relationship between economic growth and tourism growth at the level of Central and East European countries, using the spillover indices approach. Based on the monthly data obtained for the period 2000–2019, the analysis of this paper presents certain empirical results. Firstly, the relationship economic growth-international tourism grow is not stable over time, both from the point of view of its size and its direction, which suggests that the specific activities of international tourism contribute to the economic growth and hypotheses according to which international tourism growth causes economic growth are time-dependent. Secondly, the relationship economic growth-international tourism growth is dependent on certain major events, such as the economic and financial crisis that started in 2008 and the debt crises from 2010. The results obtained show that the impact of these events influences the direction of the relationship between international tour...
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Papers by CIPRIAN CHIRILĂ