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Investment Process in Romania and Institutional Dysfunctionalities

Listed author(s):
  • Dan Marius VOICILAS


    (Romanian Academy, Institute of Agricultural Economics, Romania)

The concepts set out and the macroeconomic policies implemented during the past twenty years have been different and controversial. They have aimed at creating an economic environment conducive to the infusion of foreign capital and development of sectors considered as a priority at that time, which can ensure a sound macro-economic stability, taking into account the fact that there is not enough domestic capital to participate in achieving these objectives. In this paper we will focus on foreign direct investment (FDI) policies designed to promote them, their effects on national economy in general terms and features of investment in rural and agricultural sector, which we consider key elements of success in economic growth. Also, the institutional framework in which the investment process took place is thoroughly addressed given that most times the general investment climate of a certain market is influenced both by legislation and the institutions involved in economic life. The experience of transition and the experiences of other countries have shown how important are institutions created to coordinate, support and control of investment activity. We included in this analysis institutions and organizations in Romania with responsibilities in the investment field. Based on this analysis, and on the contributions of institutions to create the proper economic development, but also by investors' direct contribution to the creation of this framework by policy makers recommendations, it is obtained a profile of the business environment in Romania, including what is best but what is missing and it needs to be implemented. We consider that this approach is an important step in addressing the institutional investment process and it creates prerequisites of disseminating essential information and remedial implications to stakeholders.

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Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal ECONOMIA seria MANAGEMENT / ECONOMY - MANAGEMENT series.

Volume (Year): 14 (2011)
Issue (Month): 2 (December)
Pages: 359-370

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Handle: RePEc:rom:econmn:v:14:y:2011:i:2:p:359-370
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