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The Dissertation Papers shown below contain results obtained by their authors and have been presented to a Board of Examination comprising professors from the Academy of Economic Studies and from foreign partner universities.Opinions, results and conclusions in the papers below are those of their author(s) and do not represent those of the Doctoral School of Finance and Banking.

The dissertation papers are available for for the following academic years:
bullet Academic year 2009-2010
bullet Academic year 2008-2009

Academic year 2007-2008


Academic year 2006-2007


Academic year 2005-2006


Academic year 2003-2004


Academic year 2002-2003


Academic year 2001-2002


Academic year 2000-2001


Academic year 1999-2000

Dissertation papers for academic year 2009-2010



Bulete Cristian, Macroeconomic Effects of the Population Ageing Phenomenon

Ciobica Iulian, Inflation Dynamics Under the Sticky Information Phillips Curve

Ichimescu Constantin, Evaluating the Economic Capital of a Bank using CreditRisk+ Model

Alupoaiei Alexie, Analyzing Asymmetric Dependence in Exchange Rates using Copulas

Chiriacescu Bogdan, Credit Risk. A Macro Perspective

Sandica Ana-Maria, Credit Scoring Modeling: A Micro-Macro Approach

Grigoras Veaceslav, Estimation of an Open Economy DSGE Model for Romania . Do Nominal and Real Frictions Matter?

Cobiscan Dorina, The Role of Inflation Expectations in the New EU Member States

Leonte Alexandru, Assessing Structural Heterogeneity with a Simple DSGE Model

Boengiu Tudor, The External Debt Sustainability, the Case of Romanian Economy

Manu Simona, Estimating Equilibrium Exchange Rate FEER vs. BEER

Hirtan Mihai Alexandru, Short Term Interest Rate and Market Price of Risk Evolution

Tantaru Mihai, Volatility Spillovers and Financial Contagion in the CEE Stock Markets

Zmeu Oleg, Real Exchange Rate Misalignments and Trade Competitiveness. The Case of Romania

Filiuta Simon, Dating the Euro Area Business Cycle - Case of Romania

Popa Lacramioara, The Impact of External Shocks on Emerging Countries, the Case of Romania

Stan Ana-Maria, The Impact of Macroeconomic News on Exchange Rate Volatility

Cojocaru Daniela, The Impact on Trade of the Eurozone Enlargement in the Central and Eastern European Countries

Cosma Anita, Operational Risk in Banking System -modeling and advanced quantification methods-

Guda Iancu, Real Economic Convergence in the CEE Countries

Caraman Oana Simona, Foreign Direct Investments - A Force Driving to Economic Growth. Evidence from Eastern European Countries

Vlad Mihail-Razvan, Romania 's Exports Revealed. A Trade and Factor Analysis

Costeiu Adrian, Short-term Inflation Projections: A Dynamic Factor Model Approach

Nita Georgiana, Impact of Remittances on Financial Development and Economic Growthn

Tatarici Roxana, The Impact of Macroeconomic Factors on the Quality of Household Loans: An Empirical Approach for Some CEE Countries

Tocila Elena-Manuela, Interdependence between USA , Western European and CEE Stock markets
Bobic Ilie, GARCH Process and Value at Risk: An Empirical Analysis for Bucharest Stock Exchange Index- BET
Dragomir Ioana, Monetary Policy through the Credit-Cost Channel. A VECM Approach for Romania
Iacob Calina, Short-term Hedging with Futures Contracts

Dissertation papers for academic year 2008-2009



Manea Florentina, Exchange Rate Pass-Through into Romanian Price Indices. A VAR Approach

Gavril Ana-Maria, Exchange Rate Risk: Heads or Tails?

Varvaroi Maria, High Frequency Data in Modeling and Forecasting Volatility

Andreica Madalina Ecaterina, Predicting Romanian Financial Distressed Companies

Constantinescu George, The Need for High Frequency Data: Estimating Monthly GDP

Muntean Radu Liviu, Early Warning Models for Banking Supervision in Romania

Paduraru Cristina Camelia, Multifractality. Theory and Evidence. An Application to the Romanian Stock Market

Sandu Mihaela, Exploring Dual Long Memory in Returns and Volatility across the Central and Eastern European Stock Markets

Bucsa Paul Bogdan, Dynamic Relationship between Emerging Sovereign CDs and Bond Spreads and Co-movements of Credit Spreads

Dicu Petre, An Analysis of the Conditioning Role of Financial Development on the Impact of Exchange Rate Volatility on Economic Growth

Dumitru Daniel, New Member States of the European Union on the Road to Monetary Integration. The Case of Romania

Irimin Emanuel Florin, An Integrated EWS for Predicting Currency Vulnerabilities in CEE Countries

Stoica Maria-Magdalena, Macro-News Impact on Exchange Rates Evidence from High-Frequency EUR/RON and EUR/USD Dynamics

Birau Valeria, On the Empirics of Sudden Stops: The Relevance of Balance Sheet Effects. The Case of 12 Emerging Central and Eastern European Economies

Roteanu Cosmina Georgiana, Contagion Phenomenon among Central and Eastern European Currencies

Sabie Anca Mihaela, Another Piece in the Feldstein-Horioka Puzzle

Sebe-Vodislav Florian, Estimating Default Probabilities using Support Vector Machines

Turchina Georgiana Raluca, How do IMF Announcements Affect Financial Markets in Crisis: Evidence from Forward Exchange Markets versus Bond Spreads

Castravete-Balaita Anamaria, The Romanian Real Exchange Rate: Estimation of Responses to Real and Monetary Shocks

Nechita Laura, A Comparison of the Exchange Rate Volatility between Central-Eastern European Currencies and Euro

Merdescu Anca, Nonlinear Dynamics: Evidence for Bucharest Stock Exchange

Mircia Ana-Maria, Volatility and Long Term Relations in Equity Markets: Empirical Evidence from Romania, Germany and Poland

Raducanu Alina Mihaela, Romania's Quarterly Potential GDP and Natural Rate of Interest Estimation

Coman Mariana, Exchange Rate EUR/RON Analysis

Dissertation papers for academic year 2007-2008



Berbecaru Claudia, Determinants Of Spreads Of Romanian Sovereign Bonds. An application on the EMBIG spreads

Magyari Ildiko, Exploring the Correlation between Real Exchange Rate Misalignment and Economic Growth in the CEE Countries

Rusu Nora, Demand and supply shocks synchronization. Evidence from Romania in the context of European Integration

Iorgulescu Filip, Value at Risk: A Comparative Analysis

Tuca Mihaela, Calibration Of Libor Market Model. Comparison Between The Separated And The Approximate Approach

Streche Lucian, Lead – Lag Relationship between the Romanian Cash Market and Futures Market

Altar-Samuel Adam, Robust Monetary Policy

Popa Maria, Inflation persistence in New EU Member States : Is it different than in the Euro Area Members ?

Stefan Alina, On The Romanian Yield Curve: The Expectations Hypothesis And Connections To The Real Economy

Tudor Razvan, Evidence of the unspanned stochastic volatility in crude-oil market

Cristescu Lavinia, The Effect Of Capital Market Liberalization In Eastern Europe: Economic Growth Or Financial Crisis

Stanciu Florin, Asymmetric Conditional Volatility on the Romanian Stock Market

Belciuganu Cristina, Spillover effect: A study for major capital markets and Romania capital market

Alexe Ana, Does the Barro-Gordon Model Explain the Behavior of Inflation in Romania ?

Bardos Silvia, Long Memory in Stock Returns: Research over Markets

Bitan Diana, An application on exchange rate volatility using Component GARCH

Muscalu Vlad, Disentangling the unemployment rate in the Romanian economy

Pipirig Tiberiu, The Yield Curve in Predicting U.S. Recessions

Florea Adina, Understanding the Dynamic Effect of Government Spending on Foreign Trade

Stoian Adrian, The Relationship Between Foreign Direct Investment And Economic Growth In Romania

Gheorghe Laura, Information content of commodity futures prices for monetary policy

Chitu Irina, Causality in variance and volatility spillover effects between major European markets and East European countries

Matei Dan, Economic Growth, Fiscal Size And Volatility: A Panel Assessment For Eu Developing Economies

Stoica Sorin, The day of the week effect on stock market return and volatility. International evidence

Gheorghe Marius, Stock Returns Predictibility Using Markov Regime Switching Model

Condrache Catalin, Romania’s potential growth rates and Output gap

Savulescu Ion, Policy Mechanism Transmission Channels in Romania

Robu Anca, Study on the Romanian Capital Market Efficiency. A Filter Rule Technique Application

Apateanu Anca, Determinants of Current Account for Central and Eastern European Countries

Costescu Silvia, Uncovered interest parity and deviations from uncovered interest parity

Dragoi Ionut, Monetary policy: analysis of a SVAR model for Romania

Dissertation papers for academic year 2006-2007



Mircea Romulus, Credit risk of non-financial companies in the context of financial stability

Piciorea Alina Nicoleta, Forward Premium Puzzle: Futures Contracts Evidence and Speculation Strategies

Odangiu Andreea Raluca, Common Volatility Trends among Central and Eastern European Currencies

Sima Ionut Alin, Stylized Facts and Discrete Stochastic Volatility Models

Stanga Alexandru Leonard, Measuring market risk: a copula and extreme value approach

Stoianov Macar , The impact of the trade and financial openness on the economic growth in the countries from the Eastern Europe

Dumitrescu Bogdan Andrei, Equilibrium Real Exchange Rate and the Balassa-Samuleson Effect in Romania

Furtuna Dumitru, Order Flow Analysis and Exchange Rate Forecasting: Comparison of Neural Networks and Linear Regression

Lupa Oana Irina, Credit Risk Transfer and Systemic Risk. Study Case on Romania

Papurica Oana Elena, Determinants of non-government credit in Romania

Untea Catalin Marius, Estimating and Predicting Stock Returns Using Artificial Neural Networks

Secuesu Andrei Radu, Does money illusion explain house price movements?

Bidivenciu Irina Gabriela, Loan Loss Provisions Policy - Emerging vs. Developed Economies

Ghelmeci Razvan Marian, Forecasting BET Index Volatility

Dinu Teodor, Cash management service – Cash Pooling –

Gherman Galina, Determinants of current account: an intertemporal approach

Marsanu Marius-Liviu, The Relationship between Debt and Deficit: Empirical Evidence of Creative Accounting in EU25

Mantescu Dorin Emil, A Comparative Perspective on the Sustainability of Fiscal Policies in Romania, Hungary and Poland

Cretu Alina Lucia, Price and wage inflation in Romania

Toader Cristina-Alexandra, Pricing options with jumps in returns and volatilities

Haca Andreea Valentina, Analysing and Comparing Electricity Spot Prices

Anyanzwa James Omoto, Heat waves versus meteor showers: An Analysis of Volatility Spillovers in the Romanian Exchange Market

Firoiu Iulia-Nicoleta, Determinants of inflation in Romania

Lovin Horatiu, Liquidity indicator and liquidity risk pricing for Bucharest Stock Exchange

Popa Simona, US Macro Announcements and the Euro/Dollar Exchange Rate

Iosif Anaida, Integration of Center and Eastern European Stock Markets

Tita Marius Florian, The exchange rate pass through from market rates to commercial banking rates in Romania

Naftali Daniel, Determinant factors for the appreciation of the domestic real exchange rate

Dissertation papers for academic year 2005-2006



Ciurila Nicoleta, Exchange Rate Pass-Through into Inflation in Romania

Murarasu Bogdan, Monetary Policy Rules Evaluation Using a Forward Looking Model for Romania

Radu Razvan, Inflation Dynamics in Romania: A New Keynesian Phillips Curve Approach

Bojesteanu Elena, International Transmission of Monetary Policy Shocks – The Case of Romanian Economy

Stoica Andrei, Forecasting the BET-C Stock Index with Artificial Neural Networks

Suta Cornelia , Exchange Rate Risk

Stan Ramona, Monetary Condition Index (MCI) as a Summative Information Tool for Characterizing the Monetary Policy Stance in Romania

David Lavinia, Modelling and Forecasting Volatility Index Based on the Stochastic Volatility Models

Todirica Cornel, Determining the Equilibrium Exchange Rate in Romania

Hurmuz Manuela, Testing the Internal Rating System of a Commercial Bank – Discrete Choice Models

Dissertation papers for academic year 2003-2004




Bălan, Irina, Determinants of Inflation in Romania

Becar, Iuliana, Modelling and Forecasting the Volatility of the EUR/ROL Exchange Rate Using GARCH Models

Birman , Andrei, Some Aspects Regarding Monetary Policy Transmission Mechanism in Central and Eastern European Countries

Cicloşan , Anca, Long-Range Dependence in High Frequency Foreign Exchange Return Volatility

Ciotău, Otilia, NAIRU Estimation for Romania. A Comparison with Other Transition Countries

Grigorescu, Mădălina, Real Effective Exchange Rates and Their Influence on Romania’s Trade with European Union Countries

Penciu, Alexandru, Asset Pricing and Skewness

Popov, Elena, Nonparametric Modelling of the Cross-Market Feedback Effect

Rădulescu, Bogdan, Central Bank Intervention on the Romanian Foreign Exchange Market. Estimating a Reaction Function

Ruja, Cătălin, Forecasting with Bayesian Vector Autoregressive

Sinca, Florin, Eugen Output and Unemployment Dynamics in Romania

Sîrbu , Anca, Forward Discount Puzzle. An Application for the USD/GBP Exchange Rate

Ursuleasa, Ştefania, Measuring and Forecasting Portfolio Risk on the Romanian Capital Market

Dissertation papers for academic year 2002-2003




Birla, Marius, Forecasting ROL/USD exchange rate using artificial neural networks. A Comparison with an Econometric Model.

Bobeica, Gabriel, Long Memory in Volatility on the Romanian Stock Market.

Catanet, Dan, Determinants of Economic Growth in Transition Countries.

Cojocaru Adrian, The Empirical Testing of Capital Asset Pricing model and of Arbitrage Pricing Theory

Constantinescu, Catalina, Output convergence in EU and Accession Countries

Dascalu, Ciprian, Currency Substitution in Romania

Dumitru Delia, Contagious Currency Crises

Gaina Catalin, The Efficiency of Central Bank Intervention on the Foreign Exchange Rate Market in Romania. A Markov Switching Approach.

Iacob, Cristina Maria, The Equilibrium Real Exchange Rate (An Empirical Analysis on the USD/ROL Exchange Rate)

Margarit Angela Monica, Measuring Core Inflation in Romania

Mazararu, Emilia Elena, Modelling and Forecasting Stock Index Volatility. A Comparison between GARCH Models and the Stochastic Volatility Model

Pascalau, Razvan, Trade-Off between the Exchange Rate and Inflation

Petcu, Catalin, Estimating Equilibrium Exchange Rate

Virgil,  Savu, Long Memory and Structural Breaks in Romanian Inflation Rates

Serban Andra, Central Bank Reaction Function.

Stan, Anca Mihaela, The Efficient Conditional Value-at Risk/Expected Return Frontier

Stanescu, Valentin, Volume, Volatility and Stock Return on the Romanian Stock Market

Stoica, Mihai, The Bank Lending Channel in Romania -Solving the Supply versus Demand Puzzle-

Zara, Radu, Inflation and Economic Growth

Zoescu, Miha, Fiscal Policy and Economic Growth in European Union Countries.

Dissertation papers for academic year 2001-2002





Bucsa, Dan, Output Gap Estimation Using Unobserved Components Models.


Calavie, Alina , The Long-Run Determinants of the Real Exchange Rate in Transition Economies.


Ceanga, Ioana, Purchasing Power Parity A Survey on East European Countries (1995-2001).


Covrig, Nicolae, Determinants of Inflation in Romania.


Cozma, Razvan Gabriel, Testing For Romanian Capital Market Efficiency


Dumitru, Ionut, Money Demand in Romania


Handoreanu, Catalina, Current Account Deficit Determinants: an Empirical Analysis on Romania


Ionescu, Gabriel, Portfolio Construction Strategies Using Cointegration.


Moinescu, Bogdan, Determinants of the velocity of money, the case of Romanian economy.


Necula Ciprian, Modeling and Detecting Long Memory in Stock Returns.


Paunescu, Andreea, Determinants of Demand for Money in Romania.


Popescu, George, Ordered Mean Difference And Stochastic Dominance As Portfolio Performance Measures With An Approach To Cointegration.


Serban, Marius, Budget Deficit and Inflation.


State, Miruna, Predicting volatility: a comparative analysis between GARCH Models and Neural Network Models.


Stoian, Andreea, The Effects of Government Spending on Economic Growth.


Tanu, Monica, Current Account and its Determinants in Central and Eastern Europe.


Tarau, Mihai, Financial Development and Economic Growth in Romania.


Dissertation papers for academic year 2000-2001





Bolos-Victor, Agrigoroaie, The Turkish Currency Crisis.

Chidesciuc, Nicolae, Uncovered interest parity and deviation from uncovered interest parity.


Ciobanu, Mihai Antonio, Determinants of current account deficits in Central and East European Countries: Stylized Facts.


Damian, Oana, Real Options- An Investment Valuation Method.


Lapusneanu, Corina, Testing and Comparing VaR Models – an Approach to Measuring Foreign Exchange Exposure.


Matei, Sebastian, Exchange Market Pressure and Central Bank Intervention.


Mihaescu, Flaviu, Convergence Prospects for CEE Countries.


Pocan, Ovidiu, Forecasting the Return Volatility of the Exchange Rate.


Pop, Iulia, Currency Crises.


Potoceanu, Marius, Monetary policy analysis using Taylor rules.


Racaru, Irina, The Effects of Fiscal Policy on Economic Growth.


Sabau, Cristian, The Analysis of the Monetary Policy Stance In Romania Using MCI. The Case of Managed Floating Under MCI Targeting.


Stanca, Razvan, Testing for PPP and G-PPP : the case of Romania.


 Dissertation papers for academic year 1999-2000





Codirlasu, Adrian, Testing for Informational Efficiency on the Romanian Capital Market.

Cozmanca, Bogdan, The Transmission Mechanisms of Monetary Policy.


Dimitriu, Anca, Value at Risk Models-An Approach to Measuring Bank Foreign Exchange Exposure. Eng.


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