Research results

Book

I. Bilan and C.-M. Apostoaie (Eds.). European Financial and Monetary Policies. Past Experiences and Current Challenges. Alexandru Ioan Cuza University Publishing House, Iași.

Published papers

  • I. Bilan and C.-M. Apostoaie (2023). Unemployment benefits, entrepreneurship policies, and new business creation. Small Business Economics, https://doi.org/10.1007/s11187-023-00735-9.

    Abstract: Besides their common link with unemployment, unemployment benefits are also relevant to the decision to become an entrepreneur. We thoroughly explored this relationship for a panel of 23 EU countries over the period 2001–2019. Our results demonstrate that generous unemployment compensations hinder entrepreneurial initiative, and those opportunity entrepreneurs, who are more likely to create new jobs and innovation, are affected more. Contrary to common belief, we find an unequal pattern of effects, with higher benefits being more detrimental at the beginning of the unemployment spell. A favourable policy framework results in being relevant for entrepreneurial endeavours on its own; in addition, high-quality policies and programmes for entrepreneurs are found to temper the negative effects of large unemployment benefits on new business creation during long unemployment spells. Our results support the call for properly designed unemployment benefit systems (as both level and time pattern) that ensure an optimum balance between adequate income replacement and poverty prevention, on the one hand, and limited side effects on new venture creation, on the other hand. See the full paper here.

  • C.-M. Apostoaie, I. Bilan and S. Kabaivanov (2022). A bibliometric analysis of the scientific literature on sustainable finance: Europe’s contribution. In: Tofan, M., Bilan, I., Cigu, E. (eds.). European Finance, Business and Regulation. Challenges of Post-Pandemic Recovery (EUFIRE 2022). Alexandru Ioan Cuza University Publishing House, Iași, pp. 45-67.

    Abstract: Up until recently, the world got used to the idea that the most ardent issues to be solved are related to poverty, climate change, economic inequalities and pandemic threats. Yet again, the world faces new social, environmental, and economic challenges imposed by the conflict in Ukraine. Managing all these societal issues requires the use of the most important drivers of all economies, financial capital. The overall financial system needs to adapt by embracing sustainability principles and practices, and integrate them within all its processes. As the paper reveals, the topics related to ‘sustainable finance’ continue to grow in number and importance, clearly becoming an ardent subject in the agenda of numerous governments, regulators, private entities and, last but not least, financial institutions. The aim of this paper is to provide an overview on the scientific literature that conceptually and/or empirically addresses topics related to sustainable finance (highlighting, in the process, Europe’s contribution). Using a bibliometric approach and a dataset of 1915 research materials extracted from Scopus (covering 1991-2021), we identify key emerging research trends in sustainable finance and provide a platform for academics upon which they may build their own research on the topic. See the full paper here.

  • M. Tofan (2022). Actual challenge in international corporate taxation: shifting the obligation of conduct into obligation of result.  Journal of Liberty and International Affairs, 8(3), pp. 188-201.

    Abstract: The research answered whether cooperation in ruling corporate taxation, a traditional obligation of conduct of sovereign states, was undergoing profound transformation into the obligation of result. The analyzed topic was not whether the tax authorities want or should cooperate (which is answered per se), but rather how to appropriately respond to the international taxation requirements for strengthening the multilateral agreements. Tax authorities worldwide have expressed concerns about identifying efficient regulation, and the development of multilateral agreements to combat tax evasion was under long and often unproductive negotiation. The empirical analyses of relevant literature and jurisprudence helped formulate an opinion on the regulation’s efficiency in strengthening multilateral taxation. The need to change the nature of the state’s obligation to negotiate fiscal regulation was not mentioned explicitly in hard law. Still, it was indirectly supported by soft law instruments, such as state representatives’ continuous yet divergent dialogue and the approaches presented in the international courts’ jurisprudence. The consistent influence on the obligation to support developments in international law in corporate taxation was justified, given the limit when considering its conduct nature, compared to potential benefits generated by the obligation of result. See the full paper here.

  • A. Nastas and I. Bilan (2021). Public Spending on Labor Market Policies and Unemployment in the European Union. A Gender Analysis. In: Tofan, M., Bilan, I., Cigu, E. (eds.) EUFIRE 2021. Pandemic Challenges for European Finance, Business and Regulation. Alexandru Ioan Cuza University Publishing House, Iași, pp. 559-579.

    Abstract: All around the world, governments are implementing policies designed to fight unemployment and diminish its negative economic and social effects. While passive labor market policies (PLMPs) are aimed at providing unemployed individuals with income support during their search for a job, active measures (ALMPs) aim to increase employment opportunities and cut down unemployment. Our paper seeks to investigate the impact of public expenditure with these policies on unemployment rates in the European Union countries, during 2006-2018. In addition, we want to assess whether there are substantial differences in their effects on unemployment rates among women and men. The results show that higher unemployment benefits are detrimental to employment because unemployed people lessen their efforts to search for a job, and active measures may be an efficient tool in reducing unemployment, although further analysis is needed in this respect. Moreover, we found evidence for important differences among the two genders, especially regarding the passive labor market measures. The side-effects of generous unemployment benefits on unemployment are found to be more important among men compared to women. See the full paper here.

  • M. Mărian and C.-M. Apostoaie (2020). Fintechs in Romania – A risk analysis for the Romanian consumer. In: Roman, C.-T., Apostoaie, C.-M., Asandului, M., Bilan, I., Cigu, E., Georgescu, M. (eds.). Challenges of COVID-19 Pandemics for Economics and Business Administration. Conference Proceedings of the XIIth International Conference Globalization and Higher Education in Economics and Business Administration GEBA 2020. Alexandru Ioan Cuza University Publishing House, Iași, pp. 313-339.

    Abstract: In recent years, technological progress has led to a global, sometimes accelerated, increase in competitiveness in the financial-banking environment, driven, among others, by the entry of non-bank financial services providers. These are the building blocks for an emerging financial industry based on digitalization. Providing, most of the times, more accessible, cheaper and better personalized financial-banking products and services, these FinTech companies attract more and more clients (individuals and legal entities), many of them being loyal customers of the incumbent banking institutions. Differentiating themselves from the already established credit institutions through high-speed innovation and adaptability to customer needs, FinTechs succeed in integrating more and more in our increasingly digitalized society. However, FinTech companies may raise not only attractive opportunities but also a number of risks, which, if not properly addressed, can build-up in the non-banking sector (also known as the ‘shadow banking’ system) and can then be easily passed on to other components of the financial sector. In this paper, we aim to present how the new financial technology solutions may affect consumers. In other words, we aim to identify the most significant risks for the Romanian consumer coming from FinTech companies. See the full paper here.

Conference presentations

  • C. A. Aionițoaie and A. Roman. Credit risk in the European banking sector and macroprudential policy. International Conference “Challenges and dynamics of European Administrative Area”, 22-23 June 2023, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme
  • I. Bilan and C.-M. Apostoaie. Unemployment compensations and entrepreneurial initiative: Does entrepreneurial motivation matter? 12th International Conference on New Ideas in Management, Economics and Accounting, 10-12 August 2023, Berlin, Germany. Go to the conference website
  • C.-M. Apostoaie and I. Bilan. Monetary policy and non-bank financial intermediation – A focus on Central and Eastern European countries. EUconomics International Conference “Financial and Monetary Policies for Fostering European Integration”, 30 March – 1 April 2023, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • A. Roman and V. D. Rusu. Financial development and economic growth in EU countries: A panel data analysis. EUconomics International Conference “Financial and Monetary Policies for Fostering European Integration”, 30 March – 1 April 2023, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • S. Koubaa and I. Bilan. Corruption, public performance and trust in African countries. EUconomics International Conference “Financial and Monetary Policies for Fostering European Integration”, 30 March – 1 April 2023, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • C.-M. Apostoaie and I. Bilan. Generous unemployment benefits and new business creation: How relevant is entrepreneurial motivation? EconWorld – 14th International Conference on Economics, 17-19 November 2022, Athens, Greece. See the conference programme
  • C.-M. Apostoaie and I. Bilan. Non-bank financial intermediation and monetary policy during the COVID-19 pandemic? International Conference Globalization and Higher Education in Economics and Business Administration, GEBA 2022, 20-22 October 2022, Alexandru Ioan Cuza University of Iasi, Romania. Go to the conference website
  • F. E. Rafie, I. Bilan and M. Lekhal. Enhancing economic growth through international financial cooperation: could the foreign direct investment be a strategic alternative to sovereign external debt? International Conference Globalization and Higher Education in Economics and Business Administration, GEBA 2022, 20-22 October 2022, Alexandru Ioan Cuza University of Iasi, Romania. Go to the conference website
  • I. Bilan and C.-M. Apostoaie. Unemployment benefits and new business ventures in the European Union: the moderating role of entrepreneurship policies. International Scientific Conference Contemporary Challenges of Economic Growth and Sustainability of Businesses, 1 June 2022, Institute of Economics Skopje, SS. Cyril and Methodius University in Skopje, Skopje, Republic of North Macedonia. See the book of abstracts
  • I. Bilan.  Tax policy, corruption and firm entry: cross-country evidence.  39th EBES Conference, 6-8 April 2022, Rome, Italy. See the conference programme
  • I. Bilan, E. Cigu (Rusu) and D. Hyams-Ssekasi. Fiscal decentralisation and subnational disparities in the EU-28 countries. International Conference on “European Finance, Business and Regulation” EUFIRE 2022, 13 May 2022, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • V. D. Rusu and A. Roman. The resilience of SMEs and entrepreneurship in pandemic times: the case of Romania. International Conference on “European Finance, Business and Regulation” EUFIRE 2022, 13 May 2022, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • M. Tofan. The innovative character of the European tax law in the context of the actual international strains. International Conference on “European Finance, Business and Regulation” EUFIRE 2022, 13 May 2022, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • I. Bilan and C.-M. Apostoaie. Unemployment benefits and new business creation in the European Union countries.  38th EBES Conference, 12-14 January 2022, Warsaw, Poland. See the conference programme
  • I. Bilan and A. Roman. The nexus between tax policy, corruption and new business creation in emerging economies.  13th International ECEE Conference “Evolving Challenges in European Economies”, 16-17 August 2021, Tallinn University of Technology, Estonia. See the conference programme
  • I. Bilan and E. Cigu. Fiscal decentralization and regional income disparities.  International Conference on “European Finance, Business and Regulation” EUFIRE 2021, 14 May 2021, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • I. Bilan and C.-M. Apostoaie. Public unemployment-related benefits in the European Union countries.  International Conference on “European Finance, Business and Regulation” EUFIRE 2021, 14 May 2021, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme and abstract book
  • I. Bilan and C.-M. Apostoaie. Unemployment benefits and entrepreneurial initiative. International Conference “Modern Trends in Business, Hospitality and Tourism” EUFIRE 2021, 13-14 May 2021, Babeș-Bolyai University of Cluj-Napoca, Romania. See the conference programme
  • I. Bilan and A. Roman. The nexus between tax policies and new business registration in the European Union countries. 27th International Economic Conference – IECS 2020, 30 October 2020, Lucian Blaga University of Sibiu, Romania. See the conference programme
  • I. Bilan and A. Roman. Fiscal policy and new business entry in emerging European countries: the moderating role of corruption. 12th International Conference GLOBALIZATION AND HIGHER EDUCATION IN ECONOMICS AND BUSINESS ADMINISTRATION – GEBA 2020, 22-23 October 2020, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme
  • M. Mărian and C.-M. Apostoaie. Fintechs in Romania – A risk analysis for the Romanian consumer. 12th International Conference GLOBALIZATION AND HIGHER EDUCATION IN ECONOMICS AND BUSINESS ADMINISTRATION – GEBA 2020, 22-23 October 2020, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme