Model Lucrare de Licenta LMA

UNIVERSITY OF BUCHAREST FACULTY OF
FOREIGN LANGUAGES AND LITERATURES

DEPARTMENT OF APPLIED MODERN
LANGUAGES
Macroeconomics
English-Romanian Glossary
Superviser:
Associate professor Roxana- Cristina Petcu, PhD
Candidate:
Mihaela Dumitrașcu
February 2013
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TABLE OF CONTENTS
I. Introduction……………………………………………………………………...……...3
II. On macroeconomics……………………………………………………………...........5
III. Insights into terminology…………………………………………………….....…..15
III. 1. Definition…………………………………………………………….……......16
III. 2. Difference between a word and a term………………………………….….....16
III. 3. Criteria of term selection………………………………………………….…...16
III. 4. Terminology/Lexicology/Lexicography…………………………...…….…...16
III. 5. The distinction between a dictionary and a glossary…………………….…....18
III. 6. 1) The concept map……………………………………………………….…...20
III. 6. 2) How I created my concept map………………………………………….....21
III. 6. 3) Use of findings…………………………………………………………......26
IV. Glossary of key terms…………………………………………………………….....26
V. Etymology………………………………………………………………………..…270
V.1. Word formation (theory)………………………………………………….......273 V.2.
Word formation (in practice)……………………………………………….....276 V. 3.
The surface structure of the terms……………………………………..……..278
VI. General conclusions……………………………………………………………..…280
VII. Bibliography……………………………………………………………………....281
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I. Introduction
Besides being one of the most studied topics during university classes, economics in
general should represent a wide area of interest for us all. It connects all the dotted lines that exist
between all the people and it has a wide insight into social life, politics, behavioural studies,
mathematics and of course, ethics.
The main economic problems we are facing are related to the behaviour of total
household and national income, output, employment (or, worse, unemployment) and the general
price level given in the economy. All the above-mentioned variables are statistically measurable
thereby facilitating the possibilities of analyzing the effects on the state of the economy.
It is especially important to have some knowledge in macroeconomics. The fluctuations
that appear and are the object of macroeconomics are of crucial importance, because if they are
neglected, we would spend our money and know-how blindly, in a market defined by no rules.
So, we need to understand the relationships between certain aspects of businesses, especially
production cost, supply and demand, and price.
The understanding of such a complex subject is correlated with the understanding of its
principles and mechanisms. We can comprehend the decision of households, firms and
government if we have some insights into human behavior, natural constraints and human needs.
But probably, the most important thing pegged to this area of study is finding how to make
rational use of our scarce resources as world used more and more resources everyday in order to
meet up wit our unlimited and diversified wants.
The title of my work is “Macroeconomics”.
The first chapter is the presentation of the topic and the reasons I chose it as a subject of
my terminological research.
The second chapter is a general presentation of the topic, from theory to practice. To
compile my glossary I had to study a number of specialized books, which are listed in the
bibliography chapter at the end of the work.
The next chapter is “Terminology” which refers to the definition of:
III.1 Terminology;
 Term;
 Word;
III.2. The difference between a word and a term;

 How to distinguish between a word and a term;
III.3. Criteria of term selection;
III.4. The distinction between Terminology/Lexicology/Lexicography;
III.5.The distinction between a dictionary and a glossary:
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
requirements of a glossary;

how I created the glossary;

procedures followed in order to create a glossary;

purpose of the glossary

description of the semantic fields;
III.6. 1) The concept map:

o How I created the concept map;
o Use of findings;
o The map.
Chapter four is dedicated to the glossary itself. On about 300 pages I introduce
100 terms in alphabetical order, all of them correlated to the main topic of the work. The
way I approached the issue is presented in the concept map. The English terms are arranged
alphabetically and each term is followed by the description of its Romanian equivalent; the
description of each term is made according to the semantic fields.
Chapter five covers a “Comparative analysis of the terms in the two languages” and
it refers to the following:
V.1.. Etymology; Definition; Words origins (Latin, French, Greek etc.)
V.2. Word formation (theory)
1. General Morphological Processes Involved in the Formation of New Words
2. Non-morphological word-Formation Processes in English
3. Conclusions
V.3.: Word formation (in practice)
V.4. The surface structure of the terms
VI.General conclusions
Finally, the seventh chapter includes the reference books used throughour the paper and
the web references, under the section Bibliography.
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II. ON MACROECONOMICS
As some great teachers say, the study of economics should begin with a sense of wonder.
We use or consume tens of thousands of things every day, both tangible and intangible, from the
usual toothbrush, soap, watches, electricity, roads, subways and so on. But what we usually forget
is that somebody made all these things, thought about the concept, put together some materials
and resources forming a production and, last but not least, millions of ideas went into their
creations. But all this could have not exist if some of the key persons along the chain decided the
business was not profitable, or saw no fiscal stimulus to start up, or import duties set by national
or international forums were so high it could have rendered the business idea invalid.
An understanding by both government policy makers and non-specialised individuals of

the factors which determine the long-run growth of an economy and the short-run fluctuations
that constitute the business cycle is essential in order to design and implement economic policies
which have the potential vastly to improve economic welfare, and also makes it easier for the
people to understand certain decisions that were made and the implications on the everyday life.
1. The role of Economic Theory
Economics is one of the most interesting and applicable subjects that can are taught
nowadays. Macroeconomics focuses on the big picture – specifically how the global economies
perform, it focuses on big problems such as business cycles, inflation, in contrast to
microeconomics, which deals with the behaviour of individual markets, consumers and
producers. Macroeconomics is concerned with the structure, performance and behaviour of the
economy as a whole. The prime concern of macroeconomists is to analyse and attempt to
understand the underlying determinants of the main aggregate trends in the economy with respect
to the total output of goods and services (GDP), unemployment, inflation and international
transactions.
In particular, macroeconomic analysis seeks to explain the cause and impact of short-run
fluctuations in GDP (the business cycle), and the major determinants of the long-run path of GDP
(economic growth). Obviously the subject matter of macroeconomics is of crucial importance
because in one way or another macroeconomic events have an important influence on the lives
and welfare of all of us. It is difficult to overstate just how important satisfactory macroeconomic
performance is for the well-being of the citizens of any country. An economy that has successful
macroeconomic management should experience low unemployment and inflation, and steady and
sustained economic growth. In contrast, in a country where there is macroeconomic
mismanagement, we will observe an adverse impact on the living standards and employment
opportunities of the citizens of that country. In extreme circumstances the consequences of
macroeconomic instability have been devastating (for example, the dreadful consequences of
failing to maintain macroeconomic stability among the major industrial nations during the period
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1918–33 ignited a chain of events that contributed to the outbreak of the Second World War, with
disastrous consequences for both humanity and the world economy).
Source: Karl E. Case, Ray C. Fair, Sharon M. Oster., 2005 - Principles of Macroeconomics, 10th ed., Pearson Education
Because macroeconomic performance and policies are closely connected, the major
macroeconomic issues are also the subject of constant media attention and inevitably play a
central role in political debate. The influence of the economic performance of the economy on
political events is particularly important and pertinent in liberal democracies during election
campaigns. Research has confirmed that in the post-war period the outcome of elections has in
many cases been affected by the performance of the economy as measured by three main
macroeconomic indicators – inflation, unemployment and economic growth. While there are
obviously many non-economic factors that influence the ‘happiness’ of voters, it is certainly the
case that economic variables such as employment and income growth are an important
explanatory factor in voting behaviour, and this is still the case nowadays.
Of particular interest to macroeconomists is the influence that political factors have on

such issues as business cycles, inflation, unemployment, growth, budget deficits and the conduct
and implementation of stabilization policies.
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2. Business cycles
The evolution of the economical micro and macro indicators underline the alternation of
growth, stand-by or descent of the economic activities and even some critical crisis situation. The
cyclical evolution is a basic characteristic of the economic activity evolution. This activity hasn`t
got a linear evolution, but a swinging one. The swings are accidental and cyclic and determine
the swinging evolution of the offer. Cyclical fluctuations are determined by factors related to
either the functionality of economic activity or the interdependencies between the components of
the economic activity. They depend on the mechanisms through which the regulation and
correlation of some economic activity components are done.
The cyclical component of businesses:
 Reflects the repeatability in time of some similar economic conditions.

 In every phase, the condition and performances of the economic activity have certain
characteristics, that differ from one phase to another
The phases of this kind of evolution are related to each other and have a unitary character;
they prepare the conditions for continuity, quality changes and progress.
In line with the monetarist school, new classical economists believe that the economy is
inherently stable, unless disturbed by erratic monetary growth, and that when subjected to some
disturbance will quickly return to its natural level of output and employment. However, in the
new classical approach it is unanticipated monetary shocks that are the dominant cause of
business cycles.
There is a diversity of economic cycles, named after the researchers that proved their
existence:
 Short cycle (minor), KITCHIN (6 months – 3 years): the cycle of stock exchange
variations
 Business cycle ( 4-6 years and 10-12 years), JUGLAR
 Long cycles, KONDRATIEV
The Keynesian theory states that Business cycles represent fluctuations in output, which
are undesirable deviations below the full employment equilibrium trend path of output. Business
cycles are not symmetrical fluctuations around the trend.
On the other hand, Milton Friedman states that he don’t believe that there is a business
cycle and that it is a misleading concept. The notion of a business cycle is something of a
regularly recurring phenomenon that is internally driven by the mechanics of the system. He
believes that there is a system that has certain response mechanisms and that system is subject
over time to external random forces (some large, some small) that play on it and it adapts to those
forces. The adaptation process has certain regularities that in a way go back to the basic Slutsky
idea of an accumulation of random forces. Some of those forces are unquestionably real and in so
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far as the real business cycle people emphasize that the disturbances come from outside, that’s all
to the good. On the other hand, the mechanism that reacts to the real disturbances is largely
monetary, and by underplaying the monetary role in the process the so-called real business cycle
theory has not been very helpful.
No economic cycle looks like another one. They have different causes and intensities.
Every phase accomplishes a certain function in the overall evolution. The upward phase of the
cycle is distinguished by mainly long expansion phase. The economy hasn`t got the capacity to
tune itself and to assure the balance between economies and investments when the market of
manpower is full. The economic system contains unbalancing factors underlined especially by the
influence of the outside factors ( social, political and natural conditions).
Economists are scholars but they are going to be influenced by developments in the world
around them. There is no doubt that the great interest in business cycles was partly a consequence
of the phenomenon of the Great Depression. We have in the world today the most striking
phenomena: on the one hand there is the worldwide technological revolution, and on the other
hand there is the political revolution – the collapse of the Soviet Union and the independence of
its satellites. Both influences have had one common effect – what has been called the
globalization of the economy, a term wildly disputed.
3. Income, consumption, investments
Regarding the consumption function, the neo-classical analysis builds the consumption
function trough price - asked quantity relationship. On the other hand, Keynes proposes the
setting of a relationship between global consumption – income. The relationship between
consumption expenditure and disposable income, other things remaining the same, is called the
consumption function. The relationship between saving and disposable income, other things
remaining the same, is called the saving function.
The “effective demand” is determined by the level of the total national income, and from
that proportion of it that is spent or saved. If a strong bias occurs towards the consume
(consumption function), the patronages will consider profitable to employ additional manpower
and the extent of the production. Thus, the level of employment is determined by the total
demand of the economy, expressed by the demand of the economic agents.
The entrepreneur invests the resources available, meaning the other economic agents`
savings, because the savings come from the delay of consume. This delay affects the level of the
activity, if the investors are not interested in investing. So, any reduction of activity can lead to
depression and crisis. The low levels of activity and unemployment are due to a lack of demand
in the economy.
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In Keynes’s conception, the apparition of business cycles produces in the same time
poverty, unemployment or wealth. To erase the unemployment, one must reduce the savings and
encourage the expenses.
If the business world is not interested in investing, because they don`t see any profitability
degree, then only the government can and must influence the employment directly through
initiation of public working places.
4. Key problems: unemployment and inflation
A sustained high level of unemployment and piraling inflation are one of the biggest and
most vexing issues that occur and imply macroeconomic studies. The issue is especially relevant
nowadays, as the world is recovering from what is known as the biggest economic schock.
Multiple research has proven that a drop in aggregate demand driven by shocks to
household balance sheets is responsible for a large fraction of the decline in employment (there
are nujmerous examples for the American market, from 2007 to 2009). The aggregate demand
channel for unemployment predicts that employment losses in the non-tradable sector are higher
in high leverage U.S. counties that were most severely impacted by the balance sheet shock,
while losses in the tradable sector are distributed uniformly across all counties. Alternative
hypotheses for job losses based on uncertainty shocks or structural unemployment related to
construction do not explain our results.
Businessmen or investors are likely to hear the about GDP or inflation almost every day.
There is the general idea that one should study such index thoroughly, but chances are that even if
we have some concept of what they mean and how they interact, we (and even the best economic
minds) do not know when how much the economy should grow, or how much inflation is too
much for the financial markets to handle. What is necessary is to find a level of understanding
that supports the process of decision-making without inundating the mind in piles of data. The
relationship between GDP and inflation is a very delicate one.
The analysts have identified the importance for different sectors as follows: “For stock
market investors, annual growth in the GDP is vital. If overall economic output is declining or
merely holding steady, most companies will not be able to increase their profits, which is the
primary driver of stock performance. However, too much GDP growth is also dangerous, as it
will most likely come with an increase in inflation, which erodes stock market gains by making
our money (and future corporate profits) less valuable. Most economists today agree that 2.5-
3.5% GDP growth per year is the most that our economy can safely maintain without causing
negative side effects. But where do these numbers come from? In order to answer that question,
1
we need to bring a new variable, unemployment rate, into play.”
1Article: What You Should Know About Inflation (http://www.investopedia.com/articles/01/021401.asp#axzz2KaYd9avh)
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5. Economic growth and sustainable development:
The economic activities pass through successive states of growth, stand-by, and crisis.
The dynamics of the macro-economy is assessed in relation to specific concepts:
 Economic growth;
 Recession and expansion;
 Economic growth and economic and social underdevelopment;
 Economic progress and regress;
The economic growth is defined as the major purpose of the macroeconomic politics.
This phenomenon (economic growth) is described by several economic indicators : Potential
GDP, Real GDP, Potential Production. The economic growth can be classified into two types:
1. Quantity growth of the factors of production will determine the dimension of the
extensive economic growth.
2. Quality growth of the factors of production determine the intensive economic growth.
This is something specific for the developed countries with permanent technical progress.
Also, the economic growth`s factors are divided in 2 categories, direct and indirect
factors. The first group is formed by human and natural resources, technology and technical
stock. The second category is made of the migration of manpower, the fiscal and budgetary
politics of the state, the competitive aspect of the products, the efficiency of the financial and
banking system.
The sources of the economic growth are related to the structural dimensions of the
national economy system; the proportions in which the production factors combine depend on:
nature of the technologies, split up of the economic resources on activity sectors; the flexibility to
reallocate resources in order to adapt the offer to the market modifications.
The sustainable development is a phenomenon, which tracks the unification of the 4 basic
systems: economic, human, ambient and technologic so as to assure the present development
without affecting future generation`s normal development and evolution. For example, the
Brundtland report about sustainable development follows the reconciliation between economy
and surrounding environment on a new path of evolution, through which the human progress on a
long scale term for the whole planet to be assured.
The strategy of sustainable development follows the optimization of the resources/needs

ratio, starting from five factors: population, natural resources and environment, agricultural
production, industry and pollution.
The sustainable development is defined through two dimensions: natural or economic,

social – human, or national, regional and global. These 4 dimensions offer the sustainable
character of the development.
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The theories and models of the economic growth have evolved with the development of
the economy and economical thinking. The way of dealing bears the handprint of time and the
development of national economies.
The needs/resources ratio is recalculated under the impact of the newer realities of
economic developments. The ecological aspect is important in the main plan of building the new
planetary mentality and behaviour. The mass-media is focusing on building a complex
institutional system that follows the main ideas written on the sustainable development agenda.
The ecological era of sustainable development presumes maximum wealth with minimum
consume of resources. The new set of values on which the strategies of sustainable development
are based, follow the transition from the ideas of individual wealth to the common one.
The newest conception for the sustainable development is focusing on the man, not only
as a purpose but as an objective. The construction of new global institutions which purpose is to
respect, sustain and encourage the sustainable human development.
The neoclassical model became the dominant approach to the analysis of growth, at least
within academia. Between 1956 and 1970 economists refined ‘old growth theory’, better known
as the Solow neoclassical model of economic growth.
Robert Solow`s model, one of the neo-classic theory`s founders and Nobel Prize laureate,
was published in two articles from 1956-1957. The basic conclusions of this model were
surprising: investing in assets doesn`t yield economic growth on a long-term scale. The only
source of national income growth is represented by technological progress. In Solow`s model are
presented only 2 production factors: assets and labour.
Building on a neoclassical production function framework, the Solow model highlights

the impact on growth of saving, population growth and technolgic progress in a closed economy
setting without a government sector. Despite recent developments in endogenous growth theory,
the Solow model remains the essential starting point to any discussion of economic growth. As
Professor Mankiw notes, whenever practical macroeconomists have to answer questions about
long-run growth they usually begin with a simple neoclassical growth model.
In an economy, where the assets are rare and manpower is quite abundant, the initial
added asset is extremely productive and generates a high rate of growth for the per capita income,
but as the economy receives more investment, the productivity drops slowly until zero. The only
factor, that can limit the asset productivity descend is the technological progress that has the
effect of sparing manpower.
The key assumptions of the Solow model are: (i) for simplicity it is assumed that the
economy consists of one sector producing one type of commodity that can be used for either
investment or consumption purposes; (ii) the economy is closed to international transactions and
the government sector is ignored; (iii) all output that is saved is invested; that is, in the Solow
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model the absence of a separate investment function implies that Keynesian difficulties are
eliminated since ex-ante saving and ex-ante investment are always equivalent; (iv) since the
model is concerned with the long run there are no Keynesian stability problems; that is, the
assumptions of full price flexibility and monetary neutrality apply and the economy is always
producing its potential (natural) level of total output; (v) Solow abandons the Harrod–Domar
assumptions of a fixed capital–output ratio (K/Y) and fixed capital–labour ratio (K/L); (vi) the rate
of technological progress, population growth and the depreciation rate of the capital stock are all
determined exogenously.
Professor David Romer comments that the Solow model ‘takes as given the behaviour of
the variable that it identifies as the main driving force of growth’. Furthermore, although the
Solow model attributes no role to capital accumulation in achieving long-run sustainable growth,
it should be noted that productivity growth may not be independent of capital accumulation if
technical progress is embodied in new capital equipment. Unlike disembodied technical progress,
which can raise the productivity of the existing inputs, embodied technical progress does not
benefit older capital equipment.
Unfortunately Solow`s model can`t explain the differences of income and different growth
rates that create gaps in the development levels of the countries.
Remarkably, while economists have long recognized the crucial importance of

technological change as a major source of dynamism in capitalist economies (especially Karl
Marx and Joseph Schumpeter), the analysis of technological change and innovation by
economists has, until recently, been an area of relative neglect. Leaving aside these controversies
for the moment, it is important to note that the Solow model allows us to make several important
predictions about the growth process. The Solow model has also been used to provide a plausible
‘reconstruction’ account of the ‘miracles’ of Japanese and German post-1945 growth, and also the
relatively good growth performance of France and Italy, in terms of the transitional dynamics
towards a high income per capita steady state. It seems plausible that these economies grew
rapidly in the post-war period because they were ‘reconstructing’ their capital stock following the
destruction resulting from the Second World War.
6. The 1930 crisis and the actual macroeconomic context
In the US economy the cyclical peak of economic activity occurred in August 1929 and a
decline in GDP had already begun when the stock market crash ended the 1920s bull market.
Given that the crash came on top of an emerging recession, it was inevitable that a severe
contraction of output would take place in the 1929–30 period. But this early part of the
contraction was well within the range of previous business cycle experience. It was in the second
phase of the contraction, generally agreed to be between early 1931 and March 1933, that the
depression became ‘Great’.
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Therefore, the question which has captured the research interests of macroeconomists is
how did the severe recession of 1929–30 turn into the Great Depression of 1931–33. The vast
majority of economists now agree that the catastrophic collapse of output and employment after
1930 was in large part due to a series of policy errors made by the fiscal and monetary authorities
in a number of industrial economies, especially the USA, where the reduction in economic
activity was greater than elsewhere. The most severe downturn was in the USA, which
experienced nearly 50% decline in industrial production and nearly 30% decline in GDP.
Despite rapid growth after 1933, output remained substantially below normal quite some
time. The behaviour of unemployment in the USA during this period is consistent with the
movement of GDP, as forecasted bu the classic economists.
Events in Europe were also disastrous and closely connected to US developments. The
most severe recessions outside the USA were in Canada, Germany, France, Italy, the Netherlands,
Belgium, Czechoslovakia and Poland, with the Scandinavian countries, the UK and Japan less
severely affected. Accompanying the decline in economic activity was an alarming rise in
unemployment and a collapse of commodity and wholesale prices.
Since 2007, the world has been facing the most difficult economic crisis since 1929. This
crisis illustrates the consequences of globalization and the importance of macroeconomic
analysis. The focal point originated in the United States and it spread rapidly across the globe.
This demonstrates that the world economies are more interconnected than ever and capital travels
easily from one country to another in search for a higher return. The crisis we are in right now
started from the banks` low interests rates which led to people getting credits which they could
not pay back. All this money entered the economy boosting the prices while the productivity
lacked; it was entering the world economies spurred the housing prices which lead to the housing
bubble and also the creation of risky financial products in search for higher returns. But the low
interest rates were not the only thing to blame for the actual crisis. The lack of regulatory
measures and supervisory institutions lead in the end to the collapse of the prices.
At the present moment each economy is recovering the best it can. For example the
United States kept interest low and the FED printed huge amounts of money(they still print by
buying back mortgages) while the European Union tried to boost the financial regulations and
taxes. Here there is another problem because the EU is not a fully union as it does not have a
common economical policy and each state decides the level and amount of its taxes. Also , the
EU consists of different economies: for example, the North relies more on exports while the
South doesn’t have a very industrialized and competitive economy. In the EU, the crisis began
from the Southern countries. During the years of economic growth, money was pumped into
these countries having the purpose of helping infrastructure works, but that also increased
artificially their economies (in fact, the productivity didn’t grow) and now each country needs a
different economical policy according to its own problems.
13
Humanity is now facing a new arrangement of the world economy according to the real
demand. This forced governments to cut their spending in order to face the smaller collected
taxes and this left a mark on the private companies which found themselves with less activity.
Right now, the world economy is rearranging itself and getting ready for a new growth period, as
it is normal, based on the theory of business cycles.
Changes in the location of economic activity have always been a policy concern. The EU
Member States and the European Commission alike acknowledge advantages, such as gains from
trade through exploitation of comparative advantages, or increased productivity through
exploitation of agglomeration externalities. These advantages constitute the economic rationale of
the Single Market Program. Agglomeration economies appear to push the economic geography of
Europe towards a situation in which regions become less specialised and industries become less
concentrated. This is contrary to what one might expect on the basis of the results of country
studies. They tend to report that countries become more specialised and that industries become
more concentrated. This empirical paradox implies that the stylised facts that are to be explained
are more complex than a one-dimensional trend towards either specialisation and concentration,
or the reverse. A tentative account of the paradox is that European integration allows
specialisation and concentration forces to work between countries, where they had before been
confined to regions within countries.
While it remains to be seen what the next significant development will be in

macroeconomics, it is clear that macroeconomics will continue to change and progress by a
process of evolution and/or revolution. One thing we can be sure about, with regard to the future
direction of macroeconomics, is that it will continue to surprise us just as much as it has done in
the past.
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III. INSIGHTS INTO TERMINOLOGY
III.1. Definition
To begin with, terminology is the study of terms and their use. Terms are words and
compound words that in specific contexts are given specific meanings, meanings that may
deviate from the meaning the same words have in other contexts and in everyday language. The
discipline also studies, for example, how certain terms come to be and their relationships within a
culture.
The international standard ISO 1087: 1990 defines terminology both as a discipline (the
science of terminology is the scientifically study of the notions and the terms used in the
specialized languages) and as a set of terms (terminology is a set of terms which represents a
system of notions of a particular field). Thus, terminology is the sum of specialized terms used in
a discipline or another branch of activity.
Technically speaking, terminology (from M. Lat. terminus "word, expression" + Gk. –
logia) is a discipline whose object is the systematic study of the designating of concepts
particular to one or more fields or domains of human activity, through research and analysis of
terms in context, for the purpose of documenting and promoting correct usage. This study can be
2
limited to one language or can cover more than one language at the same time.
The discipline of terminology is based on its own theoretical principles and consists of the
following aspects:
 Analyzing the concepts and concept structures used in a field or domain
of activity;
 Identifying the terms assigned to the concepts;
 Establishing correspondences between terms in the various languages in case
of bilingual or multilingual terminology;
 Compiling the terminology on paper or in databases;
 Managing terminology data bases
As a discipline, terminology is related to translation. Large translation departments and

translation bureaus will often have a terminology section, or will require translators to do
terminology research.
A term is the linguistic expression of a concept, the designation by means of a linguistic
unit of a notion defined in a specialized language. A term can be composed of one or several
units.
Lexicology studies the words of a language both simple and complex. Lexicology also
analyses their meaning and their behavior in context. The word is the smallest significant unit
that may appear independently in a phrase.
2
Multilingual terminology, bilingual terminology
15
Terminology is interested only in terms, simple or complex words that belong to a
specialized language, it analyses networks of concepts, units of thought structured and linked
between them.
Technical terminology is the specialized vocabulary of a profession or of some other
activity to which a group of people dedicate significant parts of their lives. Sometimes technical
terminology is called jargon.
Technical terminology exists in a continuum of formality. Precise technical terms and
their definitions are formally recognized, documented and taught by educators in the field. Other
terms are more colloquial, coined and used by practitioners in the field, and are similar to slang.
The boundaries between formal and slang jargon, as in general English are quite fluid, with terms
sliding in and out of recognition.
Technical terminology evolves due to the need for experts in a field to communicate with
precision and brevity, but often has the undesired effect of excluding those who are unfamiliar
with the particular specialized language of the group.
III.2. Difference between a word and a term
1) A word is a set of letters that when modified and combined according to laws of
grammar (syntax) may constitute a sentence, an imperative or other aspect of language.
Most often words are terms, because they provide meaning (through representation) and
hence our understanding.
2) In terminology, the “term” or “terminological unit” is the meaning unit made up of one
single word (simple term) or several words (complex term) and represents a concept in an
univocal way in a specific semantic field. From this definition, we can understand that a term is a
specialized word in relation to its meaning and the field in which it is used. It is considered in that
way when used in a certain context in which it takes the function of a “term”.
A term is (in addition to being a word) a point of reference, whereas a word is only a
constituent of language. Hence, all terms are words, but only some words can be terms. A term
refers to something, either abstract or concrete.
Because a term refers to something (e.g. object, event, relation) it represents that
something. Terms can easily be spotted if they can be associated with other terms, hence forming
a set of terms - a terminology. Thus, to spot the difference between a term and a word requires
that the term represent something.
How to distinguish between them
The ability to distinguish for example "of"-as-a word from "of"-as-a-term is often
provided by the context of the context of occurrence of the word. Thus, "of" is a word when
reading "Napoleon of France" in a book on European history, whereas it is a term when
introduced in the context of a book on grammar: "the of-construction".
The border line between word and term is drawn by the use of the lexical unit in a
specialized field of knowledge with a specialized meaning or not. That is why a certain level of
16
specialized knowledge is needed to recognize a term. For example, we will only know what
“adjudication” means if we have the necessary legal knowledge.
III.3. Criteria of term selection
The terms included in this work as a whole and for all chapters were selected according to
the frequency they appear in the bibliography and the specialized works. Then, I tried to select
only those terms which are specific to the topic of the work.
Taking into account that in this field the terms originate in different languages, such as
French, Latin, Greek, the terms might show similarities both in English and Romanian.
III.4. Terminology/Lexicology/Lexicography
Terminology is interested only in terms, simple of complex words that belong to a

specialized language, it analyzes networks of concepts, units of thought structured and linked
between them.
Lexicology is the part of linguistics which studies words, their nature and meaning, words'
elements, relations between words (semantical relations), word groups and the whole lexicon.
The word "lexicology" derives from the Greek "λεξικόν" (lexicon)
Lexicography is divided into two related disciplines:

Practical lexicography is the art or craft of compiling, writing and editing
dictionaries.

Theoretical lexicography is the scholarly discipline of analyzing and
describing the semantic, syntagmatic and paradigmatic relationships within
the lexicon (vocabulary) of a language, developing theories of dictionary
components and structures linking the data in dictionaries, the needs for
information by users in specific types of situation, and how users may best
access the data incorporated in printed and electronic dictionaries.
Coined in English 1680, the word "lexicography" derives from the Greek "λεξικογράφος"
(lexikographos).
While lexicology is the study of words in general, terminology is the study of special-
language words or terms associated with particular areas of specialist knowledge. Neither
lexicology nor terminology is directly concerned with any particular application. Lexicography,
however, is the process of making dictionaries, most commonly of general-language words, but
occasionally of special-language words (i.e. terms). Most general-purpose dictionaries also
contain a number of specialist terms, often embedded within entries together with general-
17
language words.
A good example of lexicology at work, and one everyone is familiar with, is the
dictionary. As there are many types of dictionaries, there are many different types of
lexicologists. So, while terminology deals with glossaries, lexicology deals with dictionaries.
Terminology is based in the concept whereas lexicology is based on the linguistic representation.
Terminology has some aspects in common with Lexicography, although the differences
between the nature of the lexical objects studied caused the development of Terminology’s own
theories on the lexical elements of a language and Terminology’s own methodology based on
such theories. This allows considering Terminology as a science separated from Lexicography.
In lexicology the word is studied as a part of the system. In lexicography it is studied as
an individual unit in respect of its meaning and use from the practical point of its use by the
reader of the dictionary for learning the language or comprehending texts in it or for any other
purpose like checking correct spelling, pronunciation etc.
III.5.The distinction between a dictionary and a glossary
A dictionary is an inventory of the vocabulary of a particular language, as well as a tool

for communication in a particular language or in different languages. Dictionary comes from
M.Lat. dictionarium "collection of words and phrases.
A comprehensive general dictionary comprises all aspects of a given source language, i.e.
common words, colloquial words, dialectal varieties, archaic words, etymology of words, words
in literature, science, technology, slang, vulgar words, deprecated words, sexist words, taboo
words, etc.
The dictionary should contain enough information to allow the dictionary user to
3
successfully determine relevant information.
A glossary is a list of terms in a particular domain of knowledge with the definitions for
those terms. It comes from Latin glossarium, from “glossa” which means explanation of a
difficult word. Glossary is the term used for a dictionary that explains certain rare words from a
language or a literary work. A bilingual glossary is a list of terms in one language defined in a
second language or glossed by synonyms (or at least near-synonyms) in another language.
It is recommended that the glossary of terms should respect the following requirements:
 To represent the practical value of the documentation;

 To use the international terminology according to the international
organizations such as ISO, UNIPEDE;
 To include not only simple terms or words and short syntagms, but also longer
expressions.
Creating the glossary:
3 (Zgusta 1984).
18
When I created the glossary I followed the basic principles of terminology with regard to
terms, concepts, the relation between terms and between terms and concepts, the accuracy of
definitions, the structure of the conceptual maps, and the rules of association and establishment of
hierarchy. Taking these principles into account, a series of procedures were devised to create the
present glossary:
 Rigorous documentation with respect to the domain I have chosen in both English
and Romanian;
 Identifying and recording the key terms specific to the domain and the context in
which they appeared;
 Thorough analysis of terms and concepts and their structure taking into
consideration the principles of association and hierarchy;
 Identification of the Romanian equivalents for the English terms and of different
terms used to translate the English terms in Romanian specialized literature;
 Research for definitions, generic concepts, hyperonyms, antonyms, synonyms that
describe the terms selected in both English and Romanian documents;
 Compiling the information in a specialized glossary.
The purpose of this glossary is to provide a bilingual (English-Romanian) glossary on the

business field of macroeconomics with its multiple fields: econimic tools, inflation, fiscal policy,
monetary policy and so on. The terms in the glossary are analyzed both in English and Romanian,
containing as far as possible the same semantic fields.The glossary contains 100 key terms, each
English term with its Romanian equivalent. These key terms are concepts specific to the domain
of study.
The terms have been collected from specialized books of economy and business. Each
term is followed by a description made according to the semantic fields, in both Romanian and
English. The English terms are arranged alphabetically and each term is followed by the
description of its Romanian equivalent.
The description of each term is made according to the following semantic fields:
1. I.D. language: English/Romanian;
2. I.D. country: that presents the country where this term is very often used.
(Ex: U.K., U.S.A.);
3. The Source field describes the document from which the term was extracted;
4. The standard definition field: a definition is a description of the meaning of the
lexical unit; it has to replace the term it defines from a semantic and syntactic
point of view. The definition has to be complete in a very economic and concise
way;
5. The definition source field represents the document from which the definition
was extracted: this source can be a dictionary, a glossary, or different other
specific documents;
19
6. The nota bene field presents the origin of the term;
7. The grammatical category field: with the remark that most of the terms are
are nouns (nouns or noun phrases);
8. The generic concept field: presents the super ordinate concept in a
generic relationship. (extracted from the concept map);
9. The hypernym field: which is a linguistic term for a word whose meaning
includes the meanings of other words;
10. The antonym field: antonyms are terms opposite in meaning;
11. The synonym field: synonyms are different terms with similar or identical
meaning. In terminology there are a few cases of perfect synonymy, quasi-
synonyms are more frequent;
12. The context (1, 2) field: the contexts must be extracted from genuine
documents and they do not have to be translated. You need 2 contexts for
which you must indicate the sources;
13. The collocations field: the phrases in which the term makes use of its semantic
features. The collocations are expressions. (they are not widely used in the
field of economic studies);
14. The use area field: designates the domain in which the term defined in the
standard definition field is used, such as legal field, social sciences,
medical field, business studies;
15. The comments field in which other important information about the term
is added;
16. The designation status field: a term may be official, accepted, rejected
or obsolete.
These 16 semantic fields are more or less covered depending on the term.
III.6. 1) The concept map
A concept map is a diagram showing the relationships among concepts. It is a graphical

tool for organizing and representing knowledge. Concepts, usually represented as boxes or
circles, are connected with labeled arrows in a downward-branching hierarchical structure. The
technique for visualizing these relationships among different concepts is called "concept
mapping". The technique of concept mapping was developed by Joseph D. Novak and his
research team at Cornell University in the 1970s as a means of representing the emerging science
knowledge of students.
A concept map is a way of representing relationships between ideas, images, or words in
the same way that a sentence diagram represents the grammar of a sentence, a road map
represents the locations of highways and towns, and a circuit diagram represents the workings of
an electrical appliance. In a concept map, each word or phrase is connected to another and linked
back to the original idea, word or phrase. Concept maps are a way to develop logical thinking and
study skills by revealing connections and helping students see how individual ideas form a larger
20
whole.
In order to better understand the conceptual map, we have to understand what a “concept”
is: a concept is the basic notion in terminology. It represents a mental process, an element of
thought.
In a concept map the basic relation between terms are:
 relations of equivalence, expressed by synonyms and quasi-synonyms;
 hierarchic relations which can be generically and underlines the link between a
category and its elements, partitive when the mentioning of a part implies the
whole and individualistic which appears between a category of items and the
individual specimen;
 associative relations: terms don’t belong to the same class of equivalents or to
a hierarchic chain, but they are linked semantically.
III.6. 2) How I created my concept map
First, I started with the broad topic of my paper, then I divided the general topic into three
sub-topics, which are specialized domains: “Tools”, “Orientation” and “Policies”.
Secondly, I looked up for the concepts which are related to each specialized field.
Example: from my general topic “Macroeconomisc”, going on with the super ordinate level,
“Policies”, I found the basic levels (Fiscal and Monetary policies), each with the basic terms of
the domain, listed in the table below (Generic concept, English term and Romanian term). This
procedure was repeated for each major field, the result being a specialised concept map for the
domain under study.
Absolute advantage Avantaj absolut
Comparative advantage Avantaj comparativ
Aggregate demand Cerere agregata
Aggregate supply Oferta agregata
Gross National Product Venit national brut
Gross Domestic Product Produs intern brut
Nominal interest rate Rata nominala a dobanzii
Real interest rate Rata reala a dobanzii
Consumer price index Indicele preturilor de consum
21
Personal consumption expenditure Cheltuieli de consum personal
Generic concept: Output gap Decalaj de productie

ECONOMIC TOOLS Macroeconomic model Model macroeconomic
Robinson Crusoe economy Economia de tip robinson crusoe
Elasticity Elasticitate
Utility function Functii de utilitate
Indifference curve Curba de indiferenta
Economic forecast Previziune economica
Dynamic stochastic general Model stocastic de echilibru

equilibrium model general dinamic
Computable general equilibrium echilibrul general măsurabil
ECONOMIC GROWTH Crestere economica
Generic concept: Standard of living Nivel de trai
ECONOMIC Purchasing power parity Paritatea puterii de cumparare

GROWTH
Social welfare Bunastare sociala
Social contributions Cotizatii sociale
UNEMPLOYMENT Somaj
Employment Ocuparea fortei de munca
Labour force Forta de munca
Cyclical unemployment Somaj ciclic

Generic concept:
Frictional unemployment Somaj frictional
UNEMPLOYMENT
Structural unemployment Somaj structural
Technological unemployment Somaj tehnologic
Technical unemployment Somaj tehnic
Natural rate of unemployment Rata naturala a somajului
22
Unemployment compensation Indemnizatie de somaj
Minimum wage Salariu minim
Labour productivity Productivitatea muncii
INFLATION Inflatie
Deflation deflatie
Disinflation dezinflatie
Demand-pull inflation Inflatie prin cerere
Generic concept: Cost-push inflation Inflatie prin costuri

INFLATION stagflation Stagflatie
slumpflation Slumpflatie
hyperinflation Hiperinflatie
Phillips curve Curba Phillips
Inflationary spiral Spirala inflationista
BUSINESS CYCLE Ciclul afacerilor
Generic concept: Economic expansion Expansiune economica

BUSINESS CYCLE Economic contraction Contractie economica
Economic fluctuation Fluctuatie economica
Exchange rate Rata de schimb
Generic concept: Quotation Cotatie

EXCHANGE RATE Speculative demand for money Cerere speculativa pentru bani
Speculative attack Atac speculativ
Balance of trade Balanta comerciala
International trade Comert international
Trade deficit Deficit comercial
23
Import duties Taxe vamale
Customs declaration Declaratie vamala
Balance of payments Balanta de plati
External debt Datorie externa
Foreign direct investment Investitii straine directe
Generic concept: European Free Trade Association Asociatia Europeana a Liberului

Schimb
BALANCE OF
TRADE The Organization of Petroleum Organizatia tarilor exportatoare
Exporter Countries de petrol
Commonwealth of Independent States Comunitatea Statelor
Independente
Non-tariff barriers to trade Bariere comerciale netarifare
Subsidies on products Subventii pe produse
Voluntary Export Restraints Limitari voluntare la export
Import quota Contingente de import
FISCAL POLICY Politica fiscala
Fiscal consolidation Consolidare fiscala
Fiscal multiplier Multiplicator fiscal
Budget deficit Deficit bugetar
Budget surplus Surplus bugetar

Generic concept:
FISCAL POLICY Budget balance Echilibru bugetar
outlay cheltuiala
receipt incasare
Tax revenues Venituri provenite din taxe si

impozite
Fiscal stimulus Stimulent fiscal
24
Laffer curve Curba Laffer
Discretionary fiscal policy Politica fiscala discretionara
Structural deficit Deficit structural
Structural surplus Excedent structural
Goverment expenditure multiplier Multiplicatorul cheltuielilor

bugetare
Tax multiplier Multiplicator fiscal
MONETARY POLICY Politica monetara
Interest rate target Dobanda de referinta
Gold standard Etalonul aur
Inflation targeting Tintirea inflatiei
Price stability Stabilitatea preturilor
Currency drain Scurgere de capital
Desired reserved ratio Cota optima de rezerva
Money multiplier Multiplicatorul monetar
Fisher equation Ecuatia Fisher
Monetary aggregates Agregate monetare

Generic concept:
Velocity of circulation Viteza de tranzactie
MONETARY
POLICY Fiat money Moneda fiduciara
Devaluation Devalorizare
Broad money Masa monetara
International Monetary Fund Fondul Monetar International
Table 1: Generic Concept Field, with the English terms and the Romanian equivalents
25
III.6. 3) Use of findings
The primary value of using concept maps is that it helped me learn what needs
reviewing. They provide a means for detecting misconceptions and lack of knowledge of the
prerequisite concepts necessary for learning.
Picture 2: The concept map
IV. GLOSSARY OF KEY TERMS
The following part of the thesis is dedicated to the glossary itself. On about 230 pages I
introduce and analyse 100 terms correlated to the main topic of the work. The way I
approached the issue is presented in the concept map above. The English terms are arranged
alphabetically and each term is followed by the description of its Romanian equivalent, made
according to the given semantic fields.
26
ABSOLUTE ADVANTAGE
I.D. language: EN
I.D. country: U.K.
Source: Parkin M. (2012), “Macroeconomics”, tenth edition, Addison-Wesley, Ontario, p. 38
Standard definition: A business situation in which a provider of goods or services is more profitable
or efficient than all of its competitors, by having a smaller total input per unit of output.
Definition source: http://dictionary.reference.com/browse/absolute+advantage?s=t, 27.12.12,

18.00
Nota bene: absolute: from Lat. Absolutus and advantage: from Old Fr. avantage
Grammatical category: noun phrase, countable (A N)
Generic concept: Economic tools
Synonyms: Competitive advantage, one-upmanship, competitive edge
Context: 1: A country has an absolute advantage over another in producing a good, if it can
produce that good using fewer resources than another country. For example if one unit of labor in
India can produce 80 units of wool or 20 units of wine; while in Spain one unit of labor makes 50
units of wool or 75 units of wine, then India has an absolute advantage in producing wool and
Spain has an absolute advantage in producing wine. India can get more wine with its labor by
specializing in wool and trading the wool for Spanish wine, while Spain can benefit by trading
wine for wool. The benefits to nations from trading are the same as to individuals: trade permits
specialization, which allows resources to be used more productively.
(http://wiki.answers.com/Q/What_is_Adam_Smith's_Absolute_Advantage_Theory, 27.12.12,
18.16)
2: Although no one excels at everything, some people excel and can outperform
others in a large number of activities—perhaps even in all activities. A person who is more
productive than others has an absolute advantage. Absolute advantage involves comparing
productivities-production per hour—whereas comparative advantage involves comparing
opportunity costs. A person who has an absolute advantage does not have a comparative
advantage in every activity. John Grisham is a better lawyer and a better author of fastpaced
thrillers than most people. He has an absolute advantage in these two activities. But compared to
others, he is a better writer than lawyer, so his comparative advantage is in writing. (Parkin M.
(2012), “Macroeconomics”, tenth edition, Addison-Wesley, Ontario, p. 38)
Use area: business field and economics
27
Comments: Entities with absolute advantages can produce something using a smaller number of
inputs than another party producing the same product. As such, absolute advantage can reduce
costs and boost profits.
Designation status: accepted
RO Equivalent: avantaj absolut
Definition: Avantajul absolut reprezintă posibilitatea de a produce un bun cu o cantitate mai mică
de factori (input) decât oriunde altundeva în lume.
Definition source:
(http://feaa.ucv.ro/cm/images/stories/docs/Licenta2012/Manual%20Licenta%20EAI%202012.pdf
, 27.12.12, 19.00)
Nota bene: absolut: din Lat. absolutus și avantaj: din Fr. avantage
Grammatical category: grup nominal, – pl. Avantaje absolute, gen-dativ, sg – Avantajului

absolut, gen-dativ, pl – Avantajelor absolute. (N A)
Generic concept: Instrumente macroeconomice
Context: 1: Apare atunci cand o organizatie produce mai multe bunuri si servicii decat alta
organizatie din aceleasi resurse.Un spital A produce 50 de operatii de hernie si 100 de operatii de
cataracta.Un alt spital B, produce 70 de operatii de hernie si 120 de operatii de cataracta.Asadar
spitalul B are un avantaj absolut atat in operatiile de hernie cat si de cataracta.Produce mai mult
din ambele servicii.Acesta este avantajul absolut. (http://www.dictionar-
economic.com/index.php?do=view&id=229, 27.12.12, 18.33)
2: O ţară poate obţine avantaj absolut din comerţul internaţional – indiferent de

eficienţa activităţii sale interne – dacă preţul de import al mărfii este inferior costului său naţional
unitar. Mai departe, o ţară care încasează din exporturi mai mult decât plăteşte pe importuri,
deţine, în condiţii normale, un avantaj competitiv faţă de străinătate. Ţările cu avantaj competitiv
au un comerţ exterior rentabil. (Popescu G. (2001), “Modele de comert international”, Ed.
Corvin, Deva, p.50)
Use area: domeniul economic
Comments: Teoria avantajului absolut a fost fondată de Adam Smith în lucrarea “An Inquiry into
the Nature and Causes of Wealth of Nations” publicată în 1776; Smith a contestat bazele teoretice
ale mercantilismului demonstrând că această filosofie slăbeşte bazele dezvoltării de succes pentru
că împiedică actorii economici să elaboreze şi să practice strategii pe termen lung centrate pe
concurenţa liberă ceea ce va duce la alocarea ineficientă a factorilor de producţie.
Designation status: acceptat
28
AGGREGATE DEMAND
I.D. language: EN
I.D. country: U.K.
Standard definition: The total of intended or ex ante attempts to spend on final goods and
services produced in a country. In a closed economy, aggregate demand is the sum of
consumption, investment and government spending on goods and services. In an open economy,
in addition to this, it includes export demand and excludes imports. A rise in aggregate demand is
a necessary condition for an increase in real output. It is not a sufficient condition, however,
unless an economy has spare capacity to produce the goods and services demanded. If the goods
demanded are available only as imports, these rise; if the extra goods are not available at all,
inflationary pressure is created.
Definition source: Black J., Hashimzade N., Myles G., (2009), A Dictionary of Economics,
Third Edition, Oxford University Press, p.7
Nota bene: aggregate: from Lat. aggregatum and demand: from Lat. demandare
Context: 1: The total amount of goods and services demanded in the economy at a given overall
price level and in a given time period. It is represented by the aggregate-demand curve, which
describes the relationship between price levels and the quantity of output that firms are willing to
provide. Normally there is a negative relationship between aggregate demand and the
price level. It is also known as "total spending".
(http://www.econlib.org/library/Topics/HighSchool/AggregateDemand.html, 04.01.12, 15:48)
2: The collapse of the housing market was a significant shock to aggregate

demand. The dislocation in financial markets and the credit crunch were also negative shocks to
aggregate demand. This is because tighter lending standards and higher credit spreads made it
more expensive for firms and households to borrow for any given level of the interest rate set by
the Fed. These three shocks shifted the aggregate demand curve to the left. (Parkin M. (2012),
“Macroeconomics”, tenth edition, Addison-Wesley, Ontario, p. 130)
Comments: When prices are sticky, the relative price declines following a contraction in
aggregate demand when the level of uncertainty rises. The decline in the relative price further
29
reduces the value of a new match (relative to that in the exible price model), so that the
unemployment rate rises further.
RO Equivalent: cerere agregata
Definition: Valoarea totala a bunurilor si serviciilor cerute intr-o economie intr-un anumit
moment si la un anumit pret. Cererea agregata reprezinta cererea pentruprodusul intern brut (PIB)
al unei economii, avand urmatoarea formula de calcul: PIB=C+I+G+(X-M); unde C - consum
privat, I - investitiile companiilor in bunuri de capital, G - cheltuielile guvernamentale pentru
bunurile si serviciile publice, X - export, M - import.
Definition source: http://www.conso.ro/glosar/cerere-agregata/209/2, 04.01.13, 16:40
Nota bene: cerere: din Lat. quaerere și agregată: din Fr. agrégé.
Grammatical category: grup nominal, – pl. Cereri agregate, gen-dativ, sg – cererii agregate,
gen-dativ, pl – cererilor agregate. (N A)
Context: 1: Inflație prin cerere înseamnă excedentul de cerere agregată peste oferta agregată.
Apare datorită creșterii cererii agregate, în condițiile în care oferta agregată rămâne în urma
cererii sau se micșorează. Cererea agregată poate să crească și în condițiile în care masa monetară
nu se modifică, atunci când: sporesc veniturile bănești ale populației, ducând la mărirea puterii de
cumpărare a acesteia; are loc creșterea salariilor neînsoțită de sporirea productivitații muncii; se
extinde creditul de consum; se diminuează înclinația spre economisire.
(http://ro.wikipedia.org/wiki/Infla%C8%9Bie_prin_cerere,04.01.13, 16:48)
2: Analiza indicatorilor macroeconomici sugerează persistenţa deficitului de cerere

agregată în condiţiile unei creşteri modeste a investiţiilor şi a consumului privat, a declarat,
miercuri, într-o conferinţă de presă, Mugur Isărescu, guvernatorul Băncii Naţionale a României
(BNR). (http://www.financiarul.ro/2012/06/28/isarescu-persista-deficitul-de-cerere-agregata-in-
conditiile-unei-cresteri-modeste-a-investitiilor-si-a-consumului-privat/, 04.01.13, 16:50)
Comments: Pe termen scurt evoluţia preţurilor este supusă unor influenţe multiple, generate de
factori provenind din economia naţională şi din mediul extern, care acţionează asupra cererii şi
ofertei agregate. Pe termen mediu şi lung, însă, un rol fundamental în asigurarea stabilităţii
preţurilor îi revine conduitei politicii monetare.
30
AGGREGATE SUPPLY
I.D. language: EN
I.D. country: U.K.
Standard definition: The total amount of real goods and services that the enterprises in an
economy are willing to provide at any given ratio of prices to wages. This can be increased by
greater productivity due to increases in the volume of productive equipment or improvements in
technical knowledge or the quality of the labour force.
Nota bene: aggregate: from Lat. aggregatum and supply: from Lat. supplementum
Context: 1: Aggregate supply (AS) measures the volume of goods and services produced within
the economy at a given price level. AS represents the ability of an economy to deliver goods and
services to meet demand. The nature of this relationship will differ between the long run and the
short run. Short run aggregate supply (SRAS) shows total planned output when prices in the
economy can change but the prices and productivity of all factor inputs e.g. wage rates and the
state of technology are held constant. Long run aggregate supply (LRAS) shows total planned
output when both prices and average wage rates can change – it is a measure of a country’s
potential output and the concept is linked to the production possibility frontier. In the long run,
the LRAS curve is assumed to be vertical (i.e. it does not change when the general price level
changes). In the short run, the SRAS curve is assumed to be upward sloping (i.e. it is responsive
to a change in aggregate demand reflected in a change in the general price level).
(http://www.tutor2u.net/economics/revision-notes/as-macro-aggregate-supply.html, 04.01.12,
17:00)
2: Higher oil and commodity prices were a negative supply shock,which shifted
the aggregate supply curve to the left. The combination of these shocks brought an unusually
large decrease in real GDP and increase in unemployment. These shocks also severly disrupted
international trade and financial markets and triggered the largest ever fiscal and monetary
stimulus measures (Parkin M. (2012), “Macroeconomics”, tenth edition, Addison-Wesley,
Ontario, p. 130)
31
Comments: A shift in aggregate supply can be attributed to a number of variables. These include
changes in the size and quality of labor, technological innovations, increase in wages, increase in
production costs, changes in producer taxes and subsidies, and changes in inflation. In the short
run, aggregate supply responds to higher demand (and prices) by bringing more inputs into the
production process and increasing utilization of current inputs. In the long run, however,
aggregate supply is not affected by the price level and is driven only by improvements in
productivity and efficiency.
RO Equivalent: oferta agregata
Definition: Oferta agregată (globală) reprezintă ansamblul bunurilor şi serviciilor oferite pe piaţa
naţională de către toţi agenţii economici, autohtoni şi străini. Altfel spus, oferta agregată
reprezintă producţia totală internă de bunuri economice plus oferta străinătăţii (importurile).
Definition source: http://www.svedu.ro/curs/macroeconomie_dtoba.pdf, 04.01.13, 17:07
Nota bene: oferta: din It. offerta și agregată: din Fr. agrégé.
Grammatical category: grup nominal, – pl. Oferte agregate, gen-dativ, sg – ofertei agregate,
gen-dativ, pl – ofertelor agregate. (N A)
Context: 1: Curba IS ("Curba investițiilor egale cu economisirile") reprezintă toate combinațiile

posibile dintre venit și rata dobânzii care echilibrează piața bunurilor și serviciilor. Această piață
se află în stare de echilibru atunci când oferta agregată (volumul de producție fabricată într-o
perioadă) este egală cu cererea agregată (suma cheltuielilor tuturor agenților economici
planificate pentru această perioadă).
(http://ro.wikipedia.org/wiki/Modelul_IS-LM, 04.01.13, 17:12)
2: Oferta agregată are o capacitate de ajustare la nivelul cererii agregate limitată la

un orizont scurt de timp. Pe termen lung, oferta depinde în principal de dinamica factorilor
fundamentali precum capacităţile de producţie, forţa de muncă şi gradul de înzestrare tehnologică
şi prin urmare se ajustează mai lent şi pe termen mai îndelungat, neputând fi influenţată prin
intermediul politicii monetare. (http://www.bnro.ro/Mecanismul-de-transmisie-a-politicii-
monetare--712.aspx, 04.01.13, 17:14)
Comments: Cel mai important factor de influenţare a ofertei agregate este nivelul general al
preţurilor, care, după cum ştim, se află într-o relaţie direct proporţională cu mărimea acesteia.
Acest lucru este valabil însă, dacă nivelul preţurilor se referă la bunurile marfare care constituie
oferta agregată, fără a avea legătură cu costul acestora. Modificarea nivelului general al preţurilor
32
se reflectă însă în oferta agregată, şi prin intermediul costurilor cu factorii de producţie
achiziţionaţi. Astfel, o creştere a acestor costuri (preţuri ale factorilor) poate determina o reducere
a ofertei, iar o scădere a lor, mărirea ofertei agregate.
33
BALANCE OF PAYMENTS
I.D. language: EN
I.D. country: U.K.
Standard definition: An overall statement if a country’s economic transactions with the rest of
the world over some period, often a year. A table of the balance of payments shows amounts
recieved from the rest of the world and amounts spent abroad. The current account includes
exports and imports, that is, visible trade, and receipts from spending abroad on services such as
tourism. It also includes receipts of property incomes from abroad and remittances of property
income abroad, and receipts and payments of international transfers, that is, gifts. The capital
account of the balance of payments includes inward and outward foreign direct investment, and
sales and purchases of foreign securities by residents and of domestic securities by non-residents.
The third element in the balance of payments is changes in official foreign exchange reserves.
Nota bene: balance: from Old French balance; payment: from Old French paiement; from payer
"to pay"
Grammatical category: noun phrase, countable (N P N)
Generic concept: Balance of trade
Context: 1: On 9 March 2009, the European Commission (Commission) together with the Council
Presidency declared that the EU was ready to participate with the IMF in a coordinated financing
package to underpin the sustainability of Romania's balance of payments.
(http://ec.europa.eu/economy_finance/publications/occasional_paper/2011/pdf/ocp90_e n.pdf,
04.01.2012, 16.35)
2: Some newspaper columnists refer to a balance of payments deficit. As you know, the
balance of payments always balances (see the first Learn-It of this topic) so this term doesn't
really make any sense. What they mean when they use this term is that certain sections of the
balance of payments are in deficit, causing disequilibria. In particular, they tend to be referring to
current account deficits, or sometimes trade deficits. You need to read the context of the text in
questions carefully to make sure you understand what type of deficit is actually being referred to
when the term 'balance of payments deficit' is being used.
(http://www.s-cool.co.uk/a-level/economics/the-balance-of-payments/revise-it/problems-of-
balance-of-payments-disequilibria) 04.01.2012, 16.45
34
Comments: If there is any deficit in any individual account, it would be covered by a surplus in
other accounts, if there is any difference between total debits and total credits, it would be settled
under 'errors & omissions'. Hence in the accounting sense, the balance of payments of a country
always balances.
RO Equivalent: Balanta de plati
Definition: Contul care recapituleaza ansamblul tranzactiilor (comerciale, financiare, servicii)

unei tari cu celelalte.
Definition source: http://www.rubinian.com/dictionar_detalii.php?id=156
Nota bene: balanta: din Fr. Balance; plata: din Sl. plata
Grammatical category: grup nominal, - pl. Balanta de plati; gen-dativ sg – Balantei de plati,
gen-dativ, pl – Balantelor de plati (N P N)
Generic concept: Balanta comerciala
Context: 1: Balanta de plati externe cuprinde aspecte privind natura economica financiara,
oglindind gradul si sensul angrenarii economiei in diviziunea internationala a muncii, potentialul
valutar creat in perioada de referinta prin exporturi si alte operatiuni externe.
(http://store.ectap.ro/articole/75.pdf , 04.01.2013, 17.03)
p
2: În trimestrul I 2012 contul curent al balanţei de plăţi a înregistrat un deficit de 544
milioane euro, în scădere cu 43,7 la sută faţă de trimestrul I 2011, în principal pe fondul majorării
cu 52,2 la sută a excedentului transferurilor curente şi reducerii deficitului balanţei veniturilor cu
aproximativ o pătrime.(http://www.bnro.ro/page.aspx?prid=6636 , 04.01.2013, 17.09)
Comments: Balanta de plati a unei țări înregistrează în mod detaliat toate tranzacțiile care au loc
într-o anumită perioadă între rezidenții țării respective și rezidenții altor țări. Balanța de plăți
reliefează toate operațiunile pe care o țară le realizează cu exteriorul. Toate înregistrările au loc în
moneda națională
35
BALANCE OF TRADE
I.D. language: EN
I.D. country: U.K.
Standard definition: The excess of visible exports over visible imports. This is a major, but far
from the only, component of the balance of payments on current account.
Nota bene: balance: from Old French balance; trade: related to Old Saxon trada, Old High
German trata track
Grammatical category: noun phrase, countable (N N)
Synonyms: trade balance, visible balance, trade gap
Hypernym: balance
Context: 1: The United States recorded a trade deficit of 42240 USD Million in October of
2012. Balance of Trade in the United States is reported by the U.S. Census Bureau. Historically,
from 1992 until 2012, the United States Balance of Trade averaged -31796.3 USD Million
reaching an all time high of -831.0 USD Million in February of 1992 and a record low of -
67351.0 USD Million in August of 2006.
(http://www.tradingeconomics.com/united-states/balance-of-trade) 04.01.2012, 18.00
2: Since the balance of trade arises in the context of foreign trade, the balance of trade
surplus is also called the foreign trade surplus and the balance of trade deficit is also called the
foreign trade deficit. Also, since the balance of trade surplus or deficit is defined as the difference
between exports and imports, it as also called net exports.
(http://www.referenceforbusiness.com/encyclopedia/Assem-Braz/Balance-of-Trade.html,
04.01.2013, 18.05)
Comments: A balance of trade surplus is most favorable to domestic producers responsible for
the exports. However, this is also likely to be unfavorable to domestic consumers of the exports
who pay higher prices.

36
RO Equivalent: Balanta comerciala
Definition: Tablou statistico-economic in care se inscriu si prin care se compara importul si

exportul de marfuri ale unei tari, pe o perioada de timp determinata, de regula un an. Din punctul
de vedere al sferei de cuprindere, balanta comerciala poate fi: - generala, atunci cand cuprinde
ansamblul relatiilor comerciale externe ale unei tari, sau - partiala, daca se refera la relatiile de
import si export cu o alta tara sau un grup de tari. Din punctul de vedere al rezultatelor relatiilor
comerciale externe, poate fi: - activa (excedentara) daca exportul depaseste importul, - pasiva
(deficitara) daca importul depaseste exportul, si - echilibrata (soldata) cand acestea sunt egale.
Balanta comerciala constituie una dintre cele mai importante parti ale balantei de plati externe.
Definition source: http://www.contabilizat.ro/dictionar_economic_si_financiar~termen-

balanta_comerciala.html, 04.01.2013, 18.28
Nota bene: balanta: din Fr. balance; comerciala: din Fr. commercial, Lat. commercialis
Grammatical category: grup nominal, – pl. Balante comerciale; gen-dativ, sg – Balantei

comerciale, gen-dativ, pl –Balantelor comerciale. (N A)
Context 1: Balanta comerciala trebuie privita in contextul intregii pozitii economice

internationale a tarii respective. De exemplu, o tara poate avea o balanta comerciala nefavorabila
care este compensata de catre exporturile substantiale de servicii, caz in care se considera ca
aceasta tara are o pozitie economica internationala buna.
(http://www.euroavocatura.ro/dictionar/749/Balanta_comerciala, 04.01.2013, 18.30)
2: Deficitul balantei comerciale, care constituie cea mai importanta parte a deficitului de
cont curent, apare ca fiind mai degraba unul structural, alimentat de deficitul intern de capital,
tehnologie si echipamente. Este poate prea devreme pentru a spune daca evolutia cursului de
schimb a schimbat in mod favorabil structura exporturilor nete, insa datele statistice actuale nu
confirma decat o revigorare a unei parti prea putin importante a balantei comerciale.
(http://m.incomemagazine.ro/articol_8023/sustenabilitatea-cursului-si-deficitul-balantei-
comerciale.html ,04.01.2013, 18.40)
Comments: Atunci când apare un dezechilibru cronic la nivelul balanţei comerciale (exporturi
mai mici decâtimporturi), teoretic acesta poate fi redus printr -un pachet de măsuri de natură
fiscală (creştere detaxe vamale, facilităţi fiscale pentru investitorii străini, subvenţii, credite
preferenţiale) sau de natură comercială (promovarea şi stimularea exporturilor).
37
BROAD MONEY
I.D. language: EN
I.D. country: U.K.
Source: Nellis J., Parker D., (2004), “Principles of Macroeconomics”, FT Prentice Hall, Essex, p.
166
Standard definition: A relatively broad definition of money. This applies to definitions such as
M2, which includes building society deposits, or M3, which includes interest-bearing bank
deposits. It does not apply to M0 or M1. Broad money measures of the money supply tend to be
less stable relative to gross domestic product than more narrow measures.
Nota bene: broad: from Middle English brod, Old English brad; money: from Old French
moneie, Latin moneta
Grammatical category: noun phrase, uncountable (A N)
Generic concept: Monetary policy
Context: 1: Broad money was growing rapidly in most rich countries, with the exception of
Japan, until the crisis struck. Growth has since slowed markedly and is still declining in most rich
countries. In America growth has picked up once again, though it remains low. Broad money in
the euro area was lower in several recent months than a year earlier.
(http://www.economist.com/node/15868650, 04.01.2013, 18.55)
2: The growth of broad money in the UK economy has slowed dramatically since
the start of the recession. In part, that weakness reflects reduced borrowing by households and
companies during the recession. But money balances held by asset managers also fell as deposits
were used to purchase new equity and long-term debt issued by the banking sector in response to
the financial crisis.
(http://ideas.repec.org/a/boe/qbullt/0041.html, 04.01.2013, 19.30)
Comments: In addition to serving as a medium of exchange, broad money includes assets that
are slightly less liquid than narrow money and the assets tend to function as a "store of value" - a
means of holding wealth.
38
RO Equivalent: Masa monetara
Definition: Cantitatea de bani existenta intr-o economie.Bancile centrale au ca scop declarat

monitorizarea cantitatii de bani aflate pe piata, studiind cererea si controland inflatia prin oferta
de bani pe piata.Printre instrumentele la indemana Bancii Centrale, se afla si rata dobanzii oferite.
Definition source: http://www.dictionar-economic.com/index.php?do=view&id=54
Nota bene: masa: din Fr. Masse; monetar: din Fr. monétaire
Grammatical category: grup nominal, – pl. Mase monetare; gen-dativ, sg – Masei monetare,
gen-dativ, pl – Maselor monetare. (N A)
Generic concept: Politica monetara
Context: 1: Inflația din ultimii patru ani si evoluția masei monetare nu pot fi puse în legătură
directă, potrivit datelor publice ale Băncii Naționale. Teoria clasică recomanda, pe mai mulți ani
de zile, acomodarea între cantitatea de bani și majorarea prețurilor în expresie nominală, dar
modificările recente de activitate din sectorul financiar și modificarea vitezei de rotație a banilor
fac inoperantă o corelare a inflației cu masa monetară consemnată oficial.
(http://cursdeguvernare.ro/criza-cum-a-evoluat-masa-monetara-in-ultimii-patru-ani-si-
efectul-asupra-inflatiei.html , 04.01.2013, 19.55)
2: În cele din urmă, analiza masei monetare şi a creditului poate indica, în anumite
circumstanţe, informaţii preliminare cu privire la evoluţia instabilităţii financiare. Asemenea
informaţii prezintă relevanţă pentru politica monetară, deoarece apariţia dezechilibrelor
financiare sau a „bulei” preţurilor la active ar putea exercita un efect destabilizator asupra
activităţii economice şi, în ultimă instanţă, asupra preţurilor pe termen mediu.
(http://www.ecb.int/ecb/educational/facts/monpol/html/mp_006.ro.html , 04.01.2013, 20.00)
Comments: Pentru a determina nivelul masei monetare se iau in considerare mijloacele banesti
existente in conturile clientilor, plus numerarul in circulatie, respectiv, elementele din pasivul
bancilor comerciale si cele ale bancii centrale.
39
BUDGET BALANCE
I.D. language: EN
I.D. country: U.K.
312
Standard definition: A balanced budget is when there is neither a budget deficit or a budget
surplus – when revenues equal expenditure ("the accounts balance") – particularly by a
government. More generally, it refers to when there is no deficit, but possibly a surplus.
Definition source: http:// dictionary.babylon.com/budget%20balance/
Nota bene: budget: from Middle French bougette; balance: from Old French balance.
Grammatical category: noun phrase, countable ( N N)
Generic concept: Fiscal policy
Context: 1: The Audit, Budget and Finance Committee accepted two budget amendments for
fiscal year 2012-13 Tuesday to balance this fall’s $8 million budget deficit. The committee
unanimously approved recommending the amendments with no discussion. The full board will
have to vote on the recommendations for them to be official. District 9 trustee James Rindfuss,
board chair, said the budget deficit caused “accounting issues,” so the budget had to be adjusted.
The first amendment changes the budget to reflect the final Aug. 31 audited beginning fund
balances. The second amendment changes the budget to allow carryover balances for student
activity fees, scholarships and other accounts based on the Aug. 31 audited ending fund balances.
(http://www.theranger.org/committee-approves-amendments-to-stabilize-budget-1.2801941,
06.01.2013, 15.05)
2: The German government plans to undertake additional spending cuts in 2014 in

order to balance the government budget. Concretely, the regional daily Rheinische Post quoted
the deputy chief of the conservative CDU party, Michael Meister, as saying: "If we want to reach
the so-called structural zero in 2014, we must close a gap of around 5.0 billion euros. That can
only be achieved by spending cuts".
(http://www.neurope.eu/article/germany-plans-undertake-additional-spending-cuts-2014,
06.01.2013, 15.08)
Comments: A budget can be considered balanced in hindsight, after a full year's worth of
revenues and expenses have been incurred and recorded; a company's operating budget for an
upcoming year can also be called balanced based on predictions or estimates.
40
RO Equivalent: Echilibru bugetar
Definition: Stare a unui buget în care veniturile acoperă cheltuielile.
Definition source: http://dexonline.ro/definitie/echilibru
Nota bene: echilibru: din Fr. équilibre, Lat. aequilibrium; bugetar: din Fr. budgétaire
Grammatical category: grup nominal, – pl. Echilibre bugetare ; gen-dativ, sg – Echilibrului

bugetar Echilibrelor bugetare, gen-dativ, pl – Creşterilor economice. (N A.)
Generic concept: Politica fiscala
Context: 1: Tarile europene ar putea fi autorizate sa actioneze alte state in justitie daca apreciaza
ca acestea nu respecta "regula de aur" privind echilibrul bugetar. In cadrul ultimului summit al
liderilor europeni, s-a decis intarirea disciplinei bugetare a tarilor din Zona Euro si, in special,
impunerea unor reguli cu putere de constrangere legate de revenirea la echilibrul bugetar, cu un
mecanism automat de corectie in caz de derapaj: asa numita "regula de aur".
(http://economie.hotnews.ro/stiri-finante_banci-10960274-regula-aur-echilibrului-bugetar-tarile-
europene-vor-putea-actiona-judecata-proiect-pact.htm , 06.01.2013, 15.30)
2: Lista de măsuri şi verificarea prevăzută după şase luni sunt menite să

responsabilizeze ţările în a-şi respecta angajamentele, o recunoaştere a nemulţumirii din cadrul
FMI, dar şi din rândul multor economii de piaţă emergente faţă de răspunsul fragmentat la criză.
Şefa FMI Christine Lagarde a spus că statele membre au reuşit să-şi limiteze divergenţele în
privinţa aplicării strategiei, căutând să atenueze neînţelegerile între Fond şi Germania în privinţa
termenelor până la care ţări cu datorii mari, aşa cum este Grecia, trebuie să revină la echilibru
bugetar.
(http://www.financiarul.ro/2012/10/13/membrii-fmi-au-adoptat-agenda-de-politica-globala-si-au-
atras-atentia-asupra-incetinirii-cresterii-economice/ , 06.01.2013, 15.40)
Comments: Cerinta de baza a echilibrului bugetar o constituie acoperirea integrala a cheltuielilor

dis veniturile ordinare ale fiecarui an bugetar. Anualitatea si echilibrul bugetului sunt legate,
avand drept rezultat echilibrul anual al bugetului.
41
BUDGET DEFICIT
I.D. language: EN
I.D. country: U.K.
55
Standard definition: The amount by which government expenditure exceeds income from
taxation, customs duties, etc., in any one fiscal year.
Definition source: http://www.thefreedictionary.com/Budget+deficit
Nota bene: budget: from Middle French bougette; deficit: from French déficit
Grammatical category: noun phrase, countable ( N N)
Hypernym: deficit
Hyponym: federal deficit
Context: 1: The US Congressional Budget Office, the independent body which analyses the
effect of government decisions on the US economy, said the measures would add $4tn to US
budget deficits over the next decade. This projected increase means that an agreement on cuts is
crucial if the government is to bring down the deficit - the shortfall between what a government
spends and what it gets back through the likes of tax revenue.
(http://www.bbc.co.uk/news/business-20897566, 06.01.2013, 16.00)
2: The U.S. federal budget deficit continues to grow, as weak economic growth
and stagnant unemployment numbers decrease revenue. Although Congress is debating how to
create fiscal balance without slowing the economy further, a solution seems distant. Experts from
Brookings explore common ground in the effort to achieve greater fiscal responsibility.
(http://www.brookings.edu/research/topics/budget-deficit, 06.01.2013, 16.05)
Comments: Government budget deficits can be cured by cutting spending, raising taxes or a
combination of the two. Deficits must be financed by borrowing money. Interest must be paid on
borrowed funds, which worsens the deficit.
42
RO Equivalent: Deficit bugetar
Definition: Suma baneasca cu care cheltuielile (platile) depasesc veniturile (incasarile).

deficit.html
Nota bene: deficit: din Fr. deficit; bugetar: din Fr. budgétaire
Grammatical category: grup nominal, – pl. Deficite bugetare; gen-dativ, sg – deficitului

bugetar, gen-dativ, pl – Deficitelor bugetare. (N A.)
Context: 1: Deficitul bugetar consemnat la finele trimestrului al treilea din 2012 poate fi pus
exclusiv pe seama dezechilibrului cronicizat existent la bugetul asigurarilor sociale. Minusul de
7,17 miliarde lei la bugetul general consolidat a fost mai mic decat subventia de 9,19 milioane lei
care a trebuit adaugata la veniturile curente din plata contributiilor de asigurari sociale pentru a
asigura plata pensiilor.
(http://www.ziare.com/economie/deficit-bugetar/se-pregateste-bugetul-dezechilibrul-la-plata-
pensiilor-ne-inghite-tot-deficitul-bugetar-1199278, 06.01.2013, 16.30)
2: Execuţia bugetului general consolidat s-a încheiat după primele 10 luni din
2012 cu un deficit de 7,2 miliarde lei, respectiv 1,19% din Produsul Intern Brut /PIB/, comparativ
cu un deficit bugetar de 13,3 miliarde lei, respectiv 2,3% din PIB, la aceeaşi dată a anului
precedent, potrivit datelor publicate luni de Ministerul Finanţelor Publice /MFP/.
(http://www.financiarul.ro/2012/11/27/deficit-bugetar-de-119-din-pib-dupa-primele-10-luni-din-
2012/, 06.01.2013, 16.35)
Comments: Pentru ca UEM să funcţioneze fără probleme, statele membre trebuie să evite
deficitele bugetare excesive. În conformitate cu dispoziţiile Pactului de stabilitate şi creştere,
statele membre au fost de acord să respecte două criterii: un raport deficit-PIB de cel mult 3% şi
un raport datorie publică-PIB de maxim 60% .
43
BUDGET SURPLUS
I.D. language: EN
I.D. country: U.K.
Source: Mankiw G., (2003), Principles of Macroeconomics, Third Edition, South-Western

College Pub, p. 274
Standard definition: The excess of a government’s total income over its expenditure. This can
be used to repay government debt. Budget surpluses can be calculated for any level of
government -central, local, state in federal countries such as Germany or the US- or for general
government, which is all these levels combined.
Nota bene: budget: from Middle French bougette, and surplus: from Lat. Super "over" + plus
"more"
Synonyms: budget excess, budget overflow
Antonyms: necessary budget, lack of budget
Context: 1: The U.S. government posted a budget surplus in April, the first in more than three
years, as tax revenue climbed and spending dropped. Receipts topped outlays by $59.1 billion
compared with a deficit of $40.4 billion in April 2011, the Treasury Department said today.
Economists projected a $35 billion surplus, according to the median estimate in a Bloomberg
News survey. It was the first surplus since September 2008 and the biggest since April 2008.
(http://www.bloomberg.com/news/2012-05-10/u-s-posted-budget-surplus-of-59-1-billion-in-
april.html, 04.01.13, 20.25)
2: Labor has abandoned its election promise to return the budget to surplus this
financial year, saying changed economic circumstances mean it must now protect jobs. Wayne
Swan's announcement, just five days from Christmas, follows new financial figures showing a
$3.9 billion revenue slump in the first four months of 2012-13. “Dramatically lower tax revenue
now makes it unlikely that there will be a surplus in 2012-13,” the Treasurer told reporters today.
(http://www.theaustralian.com.au/national-affairs/revenue-slide-in-2012-13-makes-labors-
surplus-task-harder/story-fn59niix-1226541057969, 04.01.13, 20.38)
44
Comments: Generally, a government does not need to maintain a budget surplus. However, a
government has to be careful about running a budget deficit to make sure that the means of
financing the deficit do not cause too much of an interest burden. In general, economists become
worried when government debt, the most common way of financing a government deficit, rises
sharply as a proportion of Gross Domestic Product.
RO Equivalent: Surplus bugetar
Definition: Surplusul veniturilor peste cheltuielile bugetului public. Cresterea excedentului

bugetar si preponderenta lui pe termen lung favorizeaza nerecurgerea la imprumuturi sau
diminuarea datoriei publice (desi unele resurse financiare sunt neutilizate sau incomplet utilizate).

excedent_bugetar.html, 04.01.13, 20.38
Nota bene: surplus: din Fr. surplus și bugetar: din Fr. budgétaire.
Grammatical category: grup nominal, – pl. Surplusuri bugetare, gen-dativ, sg – surplusului

bugetar, gen-dativ, pl – surplusurilor bugetare. (N A)
Generic concept: Politica fiscală
Synonyms: excedent bugetar
Antonyms: deficit bugetar
Context: 1: Chiar dacă îndatorarea Spaniei raportată la PIB este redusă, mai mică decât cea a
Germaniei, ţara este departe de un surplus bugetar, iar datoria sectorului privat este
împovărătoare. Este o spirală a datoriei private, consolidării fiscale, creşterii lente şi solvabilităţii
băncilor care ameninţă ţările de la periferia zonei euro.
(http://www.mediafax.ro/economic/analiza-ft-spania-este-vazuta-de-analisti-ca-urmatoarea-
victima-a-crizei-datoriilor-8964743, 04.01.13, 20.50)
2: Judeţul Mureş se află pe locul 14 în topul întocmit de Econtext.ro în funcţie de

mărimea surplusului bugetar din 2010, cu 61,1 milioane de lei. Primele trei poziţii ale ierarhiei
sunt ocupate de Bucureşti (442,9 milioane de lei), Bacău (118,2 milioane de lei) şi Cluj (115,6
milioane de lei), în timp ce la polul opus se află Buzău (21,4 milioane de lei), Ialomiţa (15,7
milioane de lei) şi Caraş Severin (12,3 milioane de lei). (http://www.zi-de-zi.ro/economic/mures-
locul-14-la-surplus-bugetar , 04.01.13, 20.00)
45
Comments: Surplusul bugetar poate proveni din cresterea ponderii impozitelor indirecte, in
special TVA, in veniturile bugetare si totodata, ca rezultat al cheltuielilor mai mici si in urma
rectrificarii bugetare.
46
BUSINESS CYCLE
I.D. language: EN
I.D. country: U.K.
Standard definition: The term business cycle (or economic cycle) refers to economy-wide
fluctuations in production, trade and economic activity in general over several months or years in
an economy organized on free-entreprise principles. These fluctuations occur around a long-term
growth trend, and typically involve shifts over time between periods of relatively rapid economic
growth (an expansion or boom), and periods of relative stagnation or decline (a contraction or
recession). Business cycles are usually measured by considering the growth rate of real gross
domestic product. Despite being termed cycles, these fluctuations in economic activity do not
follow a mechanical or predictable periodic pattern.
Definition source: http://en.wikipedia.org/wiki/Business_cycle, 10.02.2013, 07.00
Nota bene: Business: Middle English businesse, from bisi, busy; Cycle: Middle English, from
Late Latin cyclus, from Greek kuklos, circle
Grammatical category: noun phrase, countable – business cycles (N N)
Generic concept: Business cycle
Synonyms: trade cycle
Context: 1: During long periods of economic expansion, conviction inevitably grows that the
business cycle is “obsolete,” because the economy has entered a “new era.” In the last century,
this happened in the U.S. during the Roaring Twenties, the late 1960s, as well as the late 1990s.
The recessions that followed dispelled such delusions - for a time.
(http://www.businesscycle.com/ecri-business-cycle-definition, 10.02.2013, 07.05)
2: Business cycles as we know them today were codified and analyzed by Arthur
Burns and Wesley Mitchell in their 1946 book Measuring Business Cycles. One of Burns and
Mitchell’s key insights was that many economic indicators move together. During an expansion,
not only does output rise, but also employment rises and unemployment falls. New construction
also typically increases, and inflation may rise if the expansion is particularly brisk.
(http://www.econlib.org/library/Enc/BusinessCycles.html, 10.02.2013, 07.09)
Comments: For this reason, the robustness and objectivity of ECRI's analytical framework is
essential to any informed decision-making process. The reality is that, as long as we have free-
47
market economies and human nature is prone to bouts of euphoria and depression, the business
cycle will endure.
RO Equivalent: Ciclul de afaceri
Definition: Ciclul de afaceri (business cycle) este o fluctuaţie periodică a ratei activităţii
economice, măsurată prin nivelul producţiei, preţurilor, gradului de ocupare etc.
Definition source: http://www.crispedia.ro/Ciclu_de_afaceri, 10.02.2013, 07.15
Nota bene: ciclu: din fr. cycle, lat. Cyclus; afacere: din fr. affaire
Grammatical category: grup nominal, – pl. Ciclurile afacerilor, gen-dativ, sg – ciclului

afacerilor, gen-dativ, pl – ciclurilor afacerilor (N P N)
Generic concept: Ciclul afacerilor
Context: 1: Ciclul de afaceri este reprezentat de valurile recurente de prosperitate si criză văzute
de-a lungul istoriei economice. Înainte de era modernă a industrialismului avansat prosperitatea
putea fi explicată prin vreme prielnică care produce recolte generoase sau prin pradele războiului
dintr-o victorie militară. La fel, criza putea fi explicată prin vreme neprielnică care produce
recolte sărace sau printr-o înfrângere militară. În fiecare din cazuri cauzele erau
destul de evidente. (http://www.economyworks.ro/sites/default/files/Jim%20Cox%20-%20Ciclul
%20de%20afaceri.pdf, 10.02.2013, 07.18)
2: Alesina, Barro şi Tenreyro (2002) susțin că cele mai reduse costuri aferente
renunțării la o politică monetară independentă sunt suportate de țările ale căror venituri şi prețuri
sunt puternic corelate cu cele ale statelor care formează uniunea monetară. Astfel, din punct de
vedere al asigurării echilibrului macroeconomic, este de preferat ca o țară care are un ciclu de
afaceri nesincronizat cu cel al țărilor care formează o uniune să îşi păstreze independența politicii
monetare, concretizată prin capacitatea de a modifica indicatorii monetari în mod adecvat
cerințelor economice interne. (http://mpra.ub.uni-muenchen.de/31295/1/
Business_cycle_synchronization.pdf, 10.02.2013, 07.23)
Comments: Ciclurile afacerilor reprezintă un tip de fluctuaţii a activităţii economice agregate a

unei ţări, în care agenţii economici sunt organizaţi preponderent în întreprinderi de afaceri. Un
ciclu al afacerilor constă în creşterea simultană a nivelului majorităţii activităţilor economice,
urmată de o scădere a acestor niveluri, după care urmează faza de expansiune a ciclului următor.
48
COMMONWEALTH OF INDEPENDENT STATES
I.D. language: EN
I.D. country: U.K.
Standard definition: The Commonwealth of Independent States is a regional

organization whose participating countries are former Soviet Republics, formed during
the breakup of the Soviet Union.
Definition source: http://en.wikipedia.org/wiki/Commonwealth_of_Independent_States,
10.02.2013, 21:04
Nota bene: commonwealth: from common (adj.) + wealth (n.); of: from Old En. Of;
independent: from Fr. independent; state: from Lat. status
Grammatical category: noun phrase, uncountable (N P A N)
Acronym: CIS
Context: 1: The CIS is a loose association of states and in no way comparable to a federation,
confederation or supranational union such as the European Union. It is more
comparable to the Commonwealth of Nations. Although the CIS has few supranational powers, it
is aimed at being more than a purely symbolic organization, nominally possessing coordinating
powers in the realm of trade, finance, lawmaking, and security. It has also promoted cooperation
on cross-border crime prevention. Some of the members of the CIS have established the Eurasian
Economic Community with the aim of creating a full-fledged common market.
(http://en.wikipedia.org/wiki/Commonwealth_of_Independent_States, 10.02.2013, 21:10)
2: The CIS’s functions are to coordinate its members’ policies regarding their
economies, foreign relations, defense, immigration policies, environmental protection, and law
enforcement. Its top governmental body is a council composed of the member republics’ heads of
state (i.e., presidents) and of government (prime ministers), who are assisted by committees of
republic cabinet ministers in key areas such as economics and defense. The CIS’s members
pledged to keep both their armed forces and the former Soviet nuclear weapons stationed on their
territories under a single unified command. In practice this proved difficult, however, as did the
members’ efforts to coordinate the introduction of market-type mechanisms and private
ownership into their respective economies.
(http://www.britannica.com/EBchecked/topic/128945/Commonwealth-of-Independent-States-
CIS, 10.02.2013, 21:16)
49
Use area: international trade
Comments: At present the CIS unites: Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan,
Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine.
RO Equivalent: Comunitatea Statelor Independente
Definition: Comunitatea Statelor Independente este o alianță formată din 11 din cele 15 foste
republici ale Uniunii Sovietice, excepțiile fiind cele trei țări baltice: Estonia, Letonia și Lituania,
precum și Georgia.
Definition source:
http://ro.wikipedia.org/wiki/Comunitatea_Statelor_Independente, 10.02.2013, 21:18
Nota bene: comunitate: din Lat. comunitas, -atis; stat: din Lat. status; independent: din Fr.
indépendant
Grammatical category: grup nominal, (N NGen A)
Acronym: CSI
Context: 1: Comunitatea Statelor Independente (CSI) a fost înființată la 8 decembrie 1991, de

către liderii Republicii Belarus, Federației Ruse și Ucrainei, care au semnat Acordul privind
înființarea acesteia. Două săptămâni mai târziu, pe 21 decembrie, 1991 la Alma-Ata, liderii a
unsprezece state suverane (cu excepția statelor baltice și a Georgiei, care a devenit membru al
CSI în 1993) au semnat Protocolul la Acord în care au subliniat că Republica Azerbaidjan,
Republica Armenia, Republica Belarus, Republica Kazahstan, Republica Kîrgîzstan, Republica
Moldova, Federația Rusă, Tadjikistan, Turkmenistan, Uzbekistan și Ucraina pe bază de drepturi
egale înființeaza Comunitatea Statelor Independente. (http://www.moldova.ms/?l=ro&a=65,
10.02.2013, 21:21)
2: În conformitate cu Statutul CSI obiectivele Comunității sunt urmatoarele: 1)

cooperarea în domeniile politic, economic, ecologic, umanitar, cultural și de altă natură; 2)
dezvoltarea globală și echilibrată în domeniul economic și social a statelor membre în cadrul unui
spațiu economic comun, cooperarea între state și integrare; 3) asigurarea drepturilor și a
libertăților fundamentale, în conformitate cu principiile general recunoscute și normele dreptului
internațional și a documentelor OSCE; 4) ooperarea între statele membre pentru menținerea păcii
și securității internaționale, punerea în aplicare a unor măsuri eficiente de reducere a înnarmărilor
și a cheltuielilor în domeniul militar, de eliminare a armelor nucleare și a altor arme de distrugere
în masă, realizarea dezarmării generale și complete; 5) asistența pentru cetățenii statelor membre
în comunicarea liberă, stabilirea contactelor și circulația în cadrul
Comunității.
50
(http://romanmihaes.wordpress.com/2009/10/01/comunitatea-statelor-independente-de-
democratie-si-prosperitate/., 10.02.2013, 21:27)
Use area: comert international
Comments: Astăzi CSI - este o formă de cooperare între statele independente egale în drepturi,
considerată de către comunitatea internațională ca o organizație regională interstatală.
Caracteristicile sale distinctive sunt organizarea de interacțiune în aproape toate sferele de
comunicare interstatală, asigurarea flexibilității mecanismelor și formatelor de cooperare
colectivă. Flexibilitatea mecanismului organizației interstatale și interguvernamentale permite să
se ia în considerare diferite grade de pregătire a țărilor pentru integrare și permite fiecăruia să
participe la procesele de integrare în măsura și în direcțiile care corespund intereselor lor
naționale.
51
COMPARATIVE ADVANTAGE
I.D. language: EN
I.D. country: U.K.
Source: : Nellis J., Parker D., (2004), “Principles of Macroeconomics”, FT Prentice Hall, Essex,
p. 307
Standard definition: The ability of an individual, company, or economy to conduct an activity

better than another for some fixed, almost unchangeable reason. Comparative advantage is
important in making decisions such as what products one should make or sell; if a company is
unable to make a product as well as another and that is unlikely to change, the company might be
well advised to make a different product.
Definition source: http://financial-dictionary.thefreedictionary.com/Comparative+advantage
Nota bene: comparative: from Middle French comparatif, Latin comparativus; advantage: from
Middle English avantage, avauntage, Old French avantage, Medieval Latin abante
Context: 1: When David Ricardo first illustrated the importance of comparative advantage in the
early 1800s, he solved a problem that had eluded even Adam Smith. Comparative advantage
explains why a country might produce and export something its citizens don't seem very skilled
at producing when compared directly to the citizens of another country! The explanation of the
apparent paradox is that the citizens of the importing country must be even better at producing
something else, making it worth it for them to pay to have work done by the exporting country.
Amazingly, the citizens of each country are better off specializing in producing only the goods at
which they have a comparative advantage, even if one country has an
absolute advantage at producing each item.
(http://www.econlib.org/library/Topics/Details/comparativeadvantage.html,06.01.2013, 17.20)
2: Economic theory suggests that, if countries apply the principle of comparative

advantage, combined output will be increased in comparison with the output that would be
produced if the two countries tried to become self-sufficient and allocate resources towards
production of both goods.
(http://www.economicsonline.co.uk/Global_economics/Comparative_advantage.html,
06.01.2013, 17.25)
52
Comments: The principle of comparative advantage clearly does ‘shape’ the pattern of world
trade, although most countries do try to spread their risks by diversifying into a range of goods
and services, even when they do not have a clear comparative advantage.
RO Equivalent: Avantaj comparativ
Definition: Stabilirea unei pozitii pe piata a firmei, care diferentiaza favorabil marcile sale de
cele ale concurentei.
Definition source: http://www.comunicatedepresa.ro/avantaj-competitiv/definitie/
Nota bene: avantaj: din Fr. avantage; comparative: din Fr. comparatif, Lat. comparativus
Grammatical category: grup nominal, – pl. Avantaje comparative; gen-dativ, sg – Avantaje

comparative, gen-dativ, pl – Avantajelor comparative. (N A.)
Context: 1: David Ricardo a identificat, în contextul epocii sale, ca fiind avantaje structurale ale
sectoarelor productive calitatea solului, condiţiile de climă şi calificarea unei forţe de muncă
omogene din punctul de vedere al sistemului de organizare a proprietăţii şi al valorificării
acesteia prin producţie-marfă. Evident, dezvoltarea ulterioară a societăţii a inclus în categoria
avantajelor comparative ale unei economii naţionale faţă de altă economie naţională sau faţă de
competitivitatea internaţională şi alţi factori de avantaj comparativ de natură mai mult marfară
decât naturală, cum ar fi costul muncii (nivelul salarizării) şi valoarea monedei (paritatea
monetară).
(http://www.economistul.ro/criza-si-factorii-de-avantaj-comparativ-a5209/,06.01.2013, 17.30)
2: Forta de munca ieftina existenta în economia României a creat un anumit

avantaj comparativ pentru produsele interne, în special pentru cele din industria usoara,
prelucrarea lemnului si încaltamintei. Activitatile intensive în capital sunt rezultatul structurii
industriale a economiei socialiste, în care ponderea combinatelor siderurgice si metalurgice era
considerabila. Intensitatea energetica reprezinta o caracteristica generala a tuturor bunurilor
produse în economie. (http://www.cerope.ro/pub/study16ro.htm, 06.01.2013, 17.40)
Comments: Tările dezvoltate au un avantaj comparativ atât în bunuri cât şi în servicii intensive,
în cunoaştere, în timp ce ţările în dezvoltare au avantaj în bunurile şi serviciile intensive în
muncă.
53
CONSUMER PRICE INDEX
I.D. language: EN
I.D. country: U.K.
Source: : Nellis J., Parker D., (2004), “Principles of Macroeconomics”, FT Prentice Hall, Essex,
p. 443
Standard definition: A measure of inflation in the United States that considers what people
spend on staple goods and services. It is calculated by taking the average of changes in price to a
basket of goods and services compiled by the U.S. Department of Labor. The goods and services
in the basket are weighted according to their perceived importance. The CPI is considered a
primary tool in determining how people are experiencing inflation.
Definition source: http://financial-dictionary.thefreedictionary.com/consumer+price+index
Nota bene: consumer: early 15c., "one who squanders or wastes," agent noun from consume;
price: from Old French pris, Late Latin precium, Latin pretium; index: from Latin index
Grammatical category: noun phrase, countable, (N N N)
Synonyms: CPI, cost-of-living index
Hypernym: price index, price level
Context: 1: The Current US Consumer Price Index - All Urban Consumers (CPI-U) is compiled
by the Bureau of Labor Statistics monthly and is based upon a 1984 base of 100. An Index of 185
indicates 85% inflation since 1984 (actually the average of 1982-1984). Since this is an index it
only tells you the total inflation since the base year.
(http://inflationdata.com/Inflation/Consumer_Price_Index/CPI.asp) 07.01.2012, 20.35
2: It is used to set and monitor the implementation of economic policy. The Bank of
Canada, for example, uses the CPI, and special aggregates of the CPI, to monitor its monetary
policies and to gauge their effectiveness in containing inflation within its target range. The CPI
and its component indexes may also be used to assess the effect of various public policies (e.g.,
agricultural policy and food prices).
(http://www23.statcan.gc.ca/imdb/p2SV.pl?Function=getSurvey&SDDS=2301&lang=en&db=im
db&adm=8&dis=2) 07.01.2012, 20.45)
54
Comments: If chained CPI is a more accurate inflation measure, benefit checks will be smaller
than they otherwise would have been. But the purchasing power of those benefits will remain the
same
RO Equivalent: Indicele preturilor de consum
Definition: Media ponderata a preturilor curente pentru un cos de bunuri si servicii,

reprezentative pentru consumul populatiei. Pretul fiecarui bun este ponderat in functie de
importanta sa. Indicele reflecta o imagine statica asupra preturilor la un anumit moment. In timp,
cresterea preturilor la bunuri si servicii face ca acest indice sa se majoreze. Acest indicator este
folosit pentru a calcula inflatia.
Definition source: http://www.conso.ro/glosar/indice-preturi-de-consum/226/1
Nota bene: indice: din It., Fr. indice, Lat. index, -dicis; pret: din Lat: pretium; consum: Fr.
consommer
Grammatical category: grup nominal, – pl. Indicii preturilor de consum; gen-dativ, sg –

Indicelui preturilor de consum, gen-dativ, pl – Indicilor preturilor de consum (N NGen P N.)
Context: 1: România a coborât cu indicele anual al preţurilor de consum la nivelul mediei UE.
Datele pentru luna ianuarie au arătat o inflaţie lunară de 0,36% şi un rezultat anual de 2,72%,
similar valorii de 2,7% consemnate pentru finalul anului pe ansamblul UE.
(http://cursdeguvernare.ro/inflatia-anuala-a-ajuns-la-media-ue.html, 07.01.2013, 21.00)
2: Indicele preturilor de consum masoara media ponderata a preturilor cosului de

consum. Schimbarile acestui indice sunt utilizate pentru a evalua modificarile de preturi asociate
cu costul de trai. Indicele este cel mai frecvent folosit pentru a identifica perioadele de inflatie si
deflatie. O crestere mare a indicelui intr-o perioada scurta de timp denota inflatie, in timp ce
scaderile abrupte ale acestuia intr-un interval redus marcheaza perioade de deflatie.
(http://www.wall-street.ro/top/Descopera-secretele-pietei-Forex/92274/Cei-mai-importanti-
indicatori-din-piata-Forex.html, 07.01.2013, 21.20)
Comments: Indicele preturilor de consum (IPC): masoara schimbarea de pret a unui cos de
produse care se presupune a fi achizitionat de catre consumatorul mediu urban, relevant din
perspectiva cheltuielilor efectuate de o gospodarie tipica.
55
COST-PUSH INFLATION
I.D. language: EN
I.D. country: U.K.
Standard definition: Inflation caused by rising costs of production. For example, if the price of
a barrel of oil rises significantly, this could cause fuel prices to increase which, in turn, increases
costs for transportation of food, tools, and other goods, which can cause some level of inflation
across an economy. Cost-push inflation contrasts with demand-pull inflation, which is caused by
a rise in demand on the part of consumers.
Definition source: http://financial-dictionary.thefreedictionary.com/cost-push+inflation
Nota bene: cost: from Middle English costen, Old French coster, Medieval Latin costare, Latin
constare; push: from Old French poulser, Latin pulsare; inflation: from Middle English, from
Latin īnflātiō (“expansion", "blowing up”), from īnflātus, the perfect passive participle of īnflō
(“blow into", "expand”), from in (“into”) + flō (“blow”).
Grammatical category: noun phrase, uncountable (N V N)
Generic concept: Inflation
Context: 1: . Economics is largely about comparing different schools of thought, and the
major proponent of the cost-push inflation model is a British economist named John Maynard
Keynes. Keynes believed that the health of a country's economy depending on a mix of
government and private controls. Under his economic model, cost-push inflation occurs
whenever the cost of production suddenly rises but the demand for the product or service remains
the same. This additional cost must be passed onto the consumer, which in turn increases the
retail price.
(http://www.wisegeek.com/what-is-cost-push-inflation.htm#slideshow, 08.01.2013, 14.20)
2: Cost push inflation occurs when firms increase prices to maintain or protect
profit margins after experiencing a rise in their costs of production. This can be shown by an
inward shift of the short run aggregate supply curve which leads to a contraction in aggregate
demand and a fall in real output, but an increase in the general price level.
(http://www.tutor2u.net/economics/content/topics/inflation/cost_push_inflation.htm, 08.01.2013,
14.20)
Comments: Cost-push inflation occurs when there is a shortage of supply of labor, raw materials
or capital. The demand remains the same, but since there are fewer goods or services, the supplier
56
can charge more per unit. However, this can only occur if demand for the end product or service
is inelastic. That means there is a high demand for the product even if the price goes up.
RO Equivalent: Inflatie prin costuri
Definition: Inflație prin costuri înseamnă creșterea costurilor de producție, independent de

cererea agregată. Mărirea costurilor nu stimulează producția iar oferta de bunuri și servicii scade
iar prețurile cresc. Costurile de producție cresc când remunerarea factorilor de producție crește
mai mult decât productivitatea lor. Un rol important îl ocupă sporirea cheltuielilor pentru salarii
neînsoțită de o creștere superioară a productivității muncii. În același sens, al creșterii costurilor,
acționează și mărirea prețurilor la materii prime, materiale, combustibil, energie, etc.
Definition source: http://ro.wikipedia.org/wiki/Infla%C8%9Bie_prin_costuri
Nota bene: inflatie: din Fr. inflation; costuri: din It. costo, Germ. Kostos
Grammatical category: grup nominal, – pl. Inflatii prin costuri ; gen-dativ, sg – Inflatiei prin
costuri, gen-dativ, pl – Inflatiilor prin costuri (N P N.)
Generic concept: Inflatie
Context: 1: Inflatia prin costuri se fundamenteaza pe legaturile care exista intre nivelul
costurilor, comportamentul agentilor economici si eficienta utilizarii factorilor de productie.
Ipoteza de la care porneste analiza o reprezinta faptul ca costurile unitare primesc un impuls de
crestere. Acest impuls de crestere poate fi generat de: deprecierea cursului de schimb al monedei
nationale; ceea ce duce la scumpirea factorilor de productie din import, favorizând cresterea IPC
si a bunurilor cu ajutorul factorilor de productie importati; pierderea sau restrângerea unor piete
de desfacere, ceea ce conduce la majorarea costului mediu fix; atragerea in circuitul economic a
unor factori de productie mai mari, ai caror preturi sunt superioare in raport cu productivitatea
marginala ca urmare a unor proaste alocari de resurse; existenta deja a unui proces inflationist
care determina revendicari din partea sindicatelor si patronatelor pentru a-si conserva veniturile
reale, ceea ce necesita cresterea veniturilor nominale (salarii, rente, dobânzi, impozite si taxe
etc), soldate cu majorarea costurilor unitare.
(http://www.scritube.com/economie/CAUZELE-APARITIEI-INFLATIEI25129810.php,
08.01.2013, 14.35)
2: În cadrul inflaţiei prin costuri o formă distinctă o constituie inflaţia importată.

Acest tip de inflaţie se manifestă într-o economie puternic dependentă de mediul extern datorită
creşterii preţurilor mondiale (de exemplu la combustibili, materii prime etc.). Creşterea preţurior
pe piaţa mondială va conduce la creşterea costurilor de producţie generate de bunurile şi
serviciile importate, şi de aici creşterea preţurilor interne.
57
(http://www.asecib.ase.ro/Roman/am/cap6.pdf, 08.01.2013, 14.40)
Comments: Inflatia prin costuri este generata de revendicarile grupurilor sindicale pentru
cresterea salariilor si în acele domenii de activitate unde nu se obtin cresteri de productivitate.
Consecinta majorarilor de salarii este majorarea costurilor bunurilor si serviciilor care sunt
produse, si ulterior, cresterea preturilor.Inflatia prin costuri se declanseaza pe piata factorilor de
productie, iar salariul, ca principala componenta a costului, antreneaza sporirea generala a
preturilor.
58
CURRENCY DRAIN
I.D. language: EN
I.D. country: U.K.
Standard definition: A currency drain is an increase in currency held outside the banks. A
currency draindecreases the amount of money that banks can create from a given increase in the
monetary base because currency drains from their reserves and decreases theexcess reserves
available.
Definition source:
http://www.mesacc.edu/~jzzjw00001/Lectures%2520111/ECN%2520111%2520Chapter%25201
2%2520Lecture%2520Notes.doc+%22currency+drain%22&hl=en&ct=clnk&cd=2&gl=us&clien
t=safari
Nota bene: currency: from Medieval Latin currentia, literally: a flowing, from Latin currere to
run, flow; drain: from Middle English dreinen (verb), Old English drēahnian (“to drain, strain,
filter”), from Proto-Germanic *draug- (“dry”), akin to Old English drūgian (“to dry up”),
drūgaþ (“dryness, drought”), Old English drȳge (“dry”).
Context: 1: . Economics is largely about comparing different schools of thought, and the
major proponent of the cost-push inflation model is a British economist named John Maynard
Keynes. Keynes believed that the health of a country's economy depending on a mix of
government and private controls. Under his economic model, cost-push inflation occurs
whenever the cost of production suddenly rises but the demand for the product or service remains
the same. This additional cost must be passed onto the consumer, which in turn increases the
retail price.
(http://www.wisegeek.com/what-is-cost-push-inflation.htm#slideshow, 08.01.2013, 14.20)
2: According to Melzer, the struggle did not wholly preclude agreement in times
of crisis; nevertheless, the well-known exhortations of Bagelot and Thornthon that a central bank
must act to counter a banking crisis and currency drain whithout regard for the gold reserve were
ignored. In Meltzer’s view, the System’s adherence to the real bills doctrine, combined with a
belief that purging of speculative excess was necessary to set the stage for price stability, led to
the failure of monetary policy to lessen the decline.
(http://books.google.ro/books?id=190xVQDRtHAC&pg=PA332&lpg=PA332&dq=currency+dra
in+effect&source=bl&ots=lY9I1nIBcg&sig=QWiwaj1KeTZYYFts_RLDxK9V7BI&hl=ro&sa=
59
X&ei=uRfsUPWbO4fFtAbT7oHQAw&ved=0CIEBEOgBMAk#v=onepage&q=currency%20dra in
%20effect&f=false, 08.01.2013, 15.20)
Comments: Previously the currency drain had been the fraction of money kept as currency. Now
it is defined as the fraction of deposits that is kept as money. This change alters the money
multiplier.
RO Equivalent: Scurgere de capital
Definition: Scurgerea de capital pe termen scurt cum ar fi bani investiti in mod speculativ in
monede straine si fonduri mutate de companii multinationale.Aceste scurgeri pe termen scurt pot
duce la schimbari bruste in rata de schimb valutara ce practic nu tin cont de masurile
fundamentale intre doua valute, cum ar fi paritatea puterii de cumparare.
Definition source: http://www.dictionar-economic.com/?do=view&id=73
Nota bene: scurgere: din in Lat. excurrere; capital: din Fr. capital, Germ. Kapital.
Grammatical category: grup nominal, – pl. Scurgeri de capital; gen-dativ, sg – Scurgerii de

capital, gen-dativ, pl. – Scurgeriilor de capital (N P N.)
Context: 1: Conform analiştilor ING, destramarea completă a zonei euro ar duce la o contracţie
economică de 9% la nivelul celor 17 state în primul an, în timp ce valoarea teoretică a fostei
monede euro s-ar prăbuşi la 0,85 dolari. În plus, ING estimează că revenirea va fi mai dificilă în
ţările puternice decât în statele de la periferie, din cauza pierderilor mai mari. UBS a identificat
patru trăsături-cheie în fragmentarea uniunilor monetare din trecut, inclusiv "scurgerea de capital
de la acele părţi ale uniunii care sunt considerate slabe, spre cele considerate a fi puternice".
(http://www.capital.ro/detalii-articole/stiri/o-destramare-a-monedei-euro-nu-s-ar-asemana-cu-
nicio-situatie-din-trecut-157513.html, 09.01.2013, 8.30)
2: Potrivit unei analize The Price of Offshore Revisited, pregăture de Tax Justice
Network, scurgerea de capital din Moldova prin zonele off-shore luând în calcul venitul din
contul investițiilor, a constituit, în ultimii 16 ani, circa 2 mlrd USD. Valoarea cumulată a
capitalului ieşit din Republica Moldova fără a fi înregistrat ar fi acoperit în anul 2010 circa 43 la
sută din datoria externă totală, care era evaluată la 4,6 miliarde de dolari SUA.
(http://tv7.md/ro/news/view?id=14288, 09.01.2013, 08.35)

60
Comments: Un factor declansator al crizei sunt scurgerile masive de capital. La nivelul UE se
discuta alternative de stopare avand in vedere ca unele scurgeri masive de capital se indreapta
spre paradisurile fiscale.
61
CUSTOMS DECLARATION
I.D. language: EN
I.D. country: U.K.
Standard definition: A document that traditionally accompanies exported goods bearing such
information as the nature of the goods, their value, the consignee and their ultimate destination.
Required for statistical purposes, it accompanies all controlled goods being exported under the
appropriate permit.
Definition source: http://www.tradecommissioner.gc.ca/eng/document.jsp?did=118737
Nota bene: custom: from Middle English custume, Latin cōnsuētūdinem; declaration: from Old
French declaration, Latin declarationem.
Context: 1: . In general the customs declaration is performed by the owner of the goods or a
person acting on his behalf (a representative). It may also be performed by the person having
control over the goods. These persons may be individuals or companies, as well as in certain
cases associations of persons. As a general rule these persons should be established in the
Community.
(http://ec.europa.eu/taxation_customs/customs/procedural_aspects/general/declaration/index_en.h tm,
09.01.2013, 14.00)
2: If the exit results message is not forthcoming within 90 days from the release of
the goods,the customs office of export may, at its own initiative, start an enquiry procedure. The
customs office of export may also, at the request of the person who lodged the customs
declaration, start the enquiry procedure - before the 90 days have elapsed This can occur where
the person who lodged the customs declaration has information that the goods have already left
the customs territory of the Community.
(http://ec.europa.eu/ecip/documents/procedures/export_exit_guidelines_en.pdf, 09.01.2013,
14.20)
Comments: Where the customs office of export has received satisfactory evidence, the customs
office of export closes the movement and informs the customs office of exit. The customs office
of export confirms the exit to the person wholodged the customs declaration. Where, within 150
days from the date of the release of the goods for export, the exit has not been confirmed, the
62
customs office of export may invalidate the export declaration and informs the person who
lodged the customs declaration.
RO Equivalent: Declaratie vamala
Definition: Actul cu caracter public, prin care o persoana manifesta, in formele si modalitatile
prevazute in reglementarile vamale, vointa de a plasa marfurile sub un anumit regim vamal.
Definition source: http://www.legislatie.3pedia.ro/termen_Declaratie-vamala_1959.html
Nota bene: declaratie: din Fr. déclaration, Lat. declaratio, -onis; vamala: vamă + suf. -al.
Grammatical category: grup nominal, – pl. Declaratii vamale; gen-dativ, sg –Declaratiei

vamale, gen-dativ, pl –Declaratiilor vamale. (N A)
Context: 1: Declaratia vamala completata si depusa la vama impreuna cu documentele prevazute

la art. 4 din Hotarirea nr. 1194/1990 se inregistreaza de organele vamale numai dupa verificarea
admisibilitatii ei. Cu ocazia acestei verificari organele vamale constata daca declaratia vamala
este corect intocmita, daca a fost depusa impreuna cu toate documentele prevazute de normele
legale si daca exista concordanta intre datele din declaratie si documentele prezentate. In cazul
importului, din momentul inregistrarii taxele vamale de import sunt datorate statului.
(http://www.cdep.ro/pls/legis/legis_pck.htp_act_text?idt=7868, 09.01.2013, 13.50)
2: Declaratia vamalã, cu respectarea conditiilor prevãzute la art. 31 si 32, poate fi

fãcutã de orice persoanã care este în mãsurã sã prezinte mãrfurile în cauzã sau sã facã posibilã
prezentarea acestora autoritãtii vamale competente, împreunã cu toate documentele prevãzute
pentru aplicarea dispozitiilor privind regimul vamal pentru care se declarã mãrfurile. Când
acceptarea unei declaratii vamale impune obligatii speciale unei anumite persoane, declaratia se
face de acea persoanã sau în numele acesteia.
(http://www.dsclex.ro/coduri/c_vam.htm, 09.01.2013, 13.55)
Comments: Brokerul vamal care depune declaraţia sumară este obligat să garanteze cuantumul
deplin al drepturilor de import, care sunt stabilite de legislaţia în vigoare pentru categoria dată de
marfă, iar în caz de apariţie a unei obligaţii vamale - plata acesteia.
63
CYCLICAL UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.
Standard definition: Unemployment that increases when economic growth decreases and vice
versa. Cyclical unemployment increases when demand for products is insufficient for businesses
to justify the expense of keeping so many employees on staff. Likewise, the unemployment
decreases when demand rises.
Definition source: http://financial-dictionary.thefreedictionary.com/cyclical+unemployment
Nota bene: cyclical: from Greek kyklikos; unemployment: from Middle English emploien
Generic concept: Unemployment
Context 1: But the main things I want to emphasize are that no matter how large the structural
problem is, cyclical unemployment is also a big problem, so the claim that government is
powerless because it's all structural doesn't hold. And the claim that the existence of a structural
problem means there's nothing the government can do is also incorrect. If nothing else, the
government can help workers during the transition. In addition, though the opportunities here are
more limited, there are also things the government can do to make the transition happen sooner
rather than later.
(http://www.cbsnews.com/8301-505123_162-39740744/is-the-unemployment-problem-cyclical-
or-structural/, 09.01.2013, 14.30)
2: It's probably not surprising that unemployment is higher during recessions and
depressions and lower during periods of high economic growth. Because of this, economists have
coined the term cyclical unemployment to describe the unemployment associated with business
cycles occuring in the economy. Cyclical unemployment occurs during recessions because, when
demand for goods and services in an economy falls, some companies respond by cutting
production and laying off workers rather than by reducing wages and prices. When this happens,
there are more workers in an economy than there are available jobs, and unemployment must
result.
(http://economics.about.com/od/unemployment-category/a/Types-Of-Unemployment.htm,
09.01.2013, 14.30)
64
Comments: As an economy recovers from a recession or depression, cyclical unemployment
tends to naturally disappear. As a result, economists usually focus on addressing the root causes
of the economic downturns themselves rather than think directly about how to correct cyclical
unemployment in and of itself.
RO Equivalent: Somaj ciclic
Definition: şomaj prin deficit de cerere pe termen scurt. Consecinţa este că în timpul anumitor
faze ale ciclului economic, nu există locuri de muncă suficiente pentru întreaga forţă de muncă,
indiferent de gradul său de instruire sau răspândire.
Definition source: http://www.capital.ro/definitie/termen/vezi/somaj-ciclic.html
Nota bene: somaj: din Fr. chômage; cyclic: din Fr. cyclique.
Grammatical category: grup nominal, gen-dativ, sg –somajului ciclic (N A)
Generic concept: Somaj
Context: 1: Nivelul somajului ciclic creste în perioadele de recesiune economică si scade în

perioadele de crestere economică. Economistii keynesieni sustin că acest tip de somaj apare ca
urmare a cererii agregate insuficiente si astfel este nevoie de o mai mare implicare a statului în
economie si de cresterea investitiilor guvernamentale.
(http://www.adrcentru.ro/document_files/adstudiiregionale/00000076/pqn30_somaj.pdf
09.01.2013, 14.35)
2: În cazul şomajului ciclic costurile pe care le suportă societatea sunt foarte mari
ca urmare a reducerilor de producţie sub nivelul de ocupare totală. Atunci când şomajul este
ridicat producţia este mai mică decât ar trebui să fie, iar această pierdere de producţie reprezintă o
pierdere pentru întreaga societate. Şomerul nu pierde numai pe plan material prin diminuarea
veniturilor sale dar şi pe plan moral.
(http://www.postdoctorat.ro/Documente/Biblioteca%20virtuala/Rezumate%20teze%20de%20doc
torat/Seria%20I/GRAMA%20Blanca/rezumat%20doctorat%20Grama%20Blanca.pdf,
09.01.2013, 15.15)
Comments: Cererea globală insuficientă pentru a absorbi oferta potenţială determina şomaj ciclic
(sau şomaj datorat insuficienţei cererii). Ca urmare, producţia reală devine mai mică decât
producţia potenţială, înregistrându-se un decalaj recesionist. In cazul in care nivelul şomajului
ciclic determinat ca diferenţă între numărul de persoane care ar putea fi angajate în condiţiile
65
venitului naţional potenţial şi numărul de persoane angajate curent. este zero, tot şomajul existent
este fricţional şi / sau structural , numit în literatura economică şi şomaj de echilibru.
66
DEFLATION
I.D. language: EN
I.D. country: U.K.
Standard definition: A situation in which a currency gains value, often resulting from a decrease
in prices. Many economists believe that deflation is the result a fall in demand for goods and
services, which causes producers to reduce prices. This reduces their profits and causes a
reduction in investment, which contributes to a further drop in demand. Because of this
deflationary spiral, deflation is often associated with recessions and depressions and has been
known to cause unemployment. It is also called negative inflation.
Definition source: http://financial-dictionary.thefreedictionary.com/deflation
Nota bene: deflation: from late 19th century (in the sense 'release of air from something
inflated'): from deflate; deflation (sense 3) via German from Latin deflat- 'blown away', from the
verb deflare
Grammatical category: noun, uncountable (N)
Antonym: inflation, rising prices
Hypernym: economic process
Derivation: deflate
Context: 1: Deflation, not inflation, is now the greatest concern for the world economy. Over the
past year, producer prices have fallen throughout the advanced world; consumer prices have been
falling for the last 6 months in France and Germany; in Japan wages have actually fallen 4
percent over the past year. Until the recent crisis prices were falling in Brazil; they continue to
fall in China and Hong Kong; they will probably soon be falling in a number of other developing
countries. (http://web.mit.edu/krugman/www/deflator.html, 10.01.2013, 08.55)
2: The psychology of deflation is reinforcing. Fearful consumers spend less. Banks

lend less. The economy contracts. Business profits fall. Job layoffs rise. Those out of work
tighten their purse strings. Merchants lower prices to attract customers. Lower prices mean lower
profits and more layoffs. You can see how the deflationary psychology can spiral out of control.
(http://www.deflation.com/press/how-the-psychology-of-deflation-becomes-entrenched-a-lesson-
from-japan/, 10.01.2013, 08.50)
67
Comments: The appearance of deflation as a widespread problem is disturbing, not only because
of its immediate economic implications, but because until recently most economists regarded
sustained deflation as a fundamentally implausible prospect, something that should not be a
concern.
RO Equivalent: Deflatie
Definition: Retragere din circulaţie a unei cantităţi de bancnote în timpul unei inflaţii, pentru a
face să crească puterea de cumpărare a banului.
Definition source: http://www.dexonline.news20.ro/cuvant/deflatie.html
Nota bene: deflatie: din Fr. déflation
Grammatical category: substantiv, - pl. Deflatii; gen-dativ, sg. – Deflatiei; gen-dativ, pl. –
Deflatiilor (N)
Context: 1: Una dintre temerile cele mai mari pe care le aduce criza este deflaţia. După ce înainte
de criză băncile centrale duduiau în a printa bani şi a inunda piaţa cu aceştia pe post de “capital”
pe care nimeni inițial nu l-a economisit prin sacrificarea de consumuri prezente, după ce băncilor
comerciale li s-a permis (tot de către băncile centrale) să participe din plin la această expansiune
monetară şi să extragă profituri substanţiale, preţurile umflate la active de orice tip – acţiuni la
bursă, terenuri, clădiri – ar fi trebuit să suporte corecţia normală de preţ.
(http://www.contributors.ro/economie/spaima-de-deflatie/, 10.01.2013, 8.40)
2: Deseori, deflația este cauzată de o reducere a ofertei de bani sau de o restrângere a

creditului. Deflația poate fi de asemenea cauzată de o restrângere a cheltuielilor, fie din partea
guvernului, fie din partea agenților economici, sau a investițiilor dintr-o economie. Deflația are
de multe ori ca efect creșterea numărului șomerilor, întrucât cererea de bunuri și servicii în
economie scade, pe fondul deficitului de lichidități.Deasemeni deflatia poate fi consecinta
consolidarii economoce,cresterii economice,cresterea ratigului de tara.
(http://ro.wikipedia.org/wiki/Defla%C8%9Bie, 10.01.2013, 08.45)
Comments: Deflatia este creata fie prin cresterea taxelor sau ratelor dobanzilor, fie prin
reducerea cheltuielilor guvernamentale. Efectele deflatiei sunt in general opuse celor ale inflatiei.
Totusi, in timp ce inflatia poate sa duca (sau nu) la un nivel mai ridicat al productiei si mai scazut
68
al somajului, deflatia intotdeauna va duce la un nivel mai scazut al productiei si o crestere a
somajului.
69
DEMAND-PULL INFLATION
I.D. language: EN
I.D. country: U.K.
Standard definition: In Keynesian economics, a significant increase in prices that occurs when
there is an increase in demand for goods and services such that the increase outpaces supply. The
equivalent of demand-pull inflation can occur for any one product, but the term refers to
situations where this happens throughout the economy. Demand may increase for a number of
reasons; one example is an increase in the money supply. If persons have more money, they are
more likely to buy goods and services which, in turn, drives up prices. One way to think of
demand-pull inflation is to conceptualize it as too many dollars chasing too few products.
Definition source: http://financial-dictionary.thefreedictionary.com/DEMAND-

PULL+INFLATION
Nota bene: demand: from Medieval Latin dēmandāre; pull: from Old English pullian "to pluck
or draw out," of unknown origin, perhaps related to Low German pulen "remove the shell or
husk"; inflation: from Latin īnflātiō (“expansion", "blowing up”).
Grammatical category: noun phrase, uncountable (N V N)
Hypernym: inflation, rising prices
Context: 1: . Demand-pull inflation occurs when there is an increase in aggregate demand,

categorized by the four sections of the macroeconomy: households, businesses, governments and
foreign buyers. When these four sectors concurrently want to purchase more output than the
economy can produce, they compete to purchase limited amounts of goods and services. Buyers
in essence “bid prices up”, again, causing inflation. This excessive demand, also referred to as
“too much money chasing too few goods”, usually occurs in an expanding economy.
(http://www.investopedia.com/articles/05/012005.asp#axzz2HYRkS2oZ, 10.01.2013, 09.20)
2: Sometimes, the money supply is increased by the easy availability of credit.

One of the best illustrations of demand-pull inflation occurred during 2003-2007, when real
estate prices exploded, because banks started giving loans to anyone who could breathe. The
mortgages were packaged into mortgage-backed securities, which the banks then sold to
investors, passing along the credit default risk of the mortgages to the investors. This took the
mortgages off the banks' balance sheet, allowing them to make even more loans, which they did
because they profited from the origination and servicing fees for the loans. This continual process
70
increased demand much faster than the supply could increase, so demand-pull inflation resulted.
(http://thismatter.com/economics/inflation.htm /, 10.01.2013, 09.30)
Comments: Generally, some demand-pull inflation is good because it indicates that the economy
is closer to full output and that the unemployment rate is at its natural rate. This increases both
economic growth and prosperity, which central banks try to maintain by allowing the money
supply to grow only as fast as the economy. This keeps demand-pull inflation in check.
RO Equivalent: Inflatie prin cerere
Definition: Inflație prin cerere înseamnă excedentul de cerere agregată peste oferta agregată.
Apare datorită creșterii cererii agregate, în condițiile în care oferta agregată rămâne în urma
cererii sau se micșorează. Cererea agregată poate să crească și în condițiile în care masa monetară
nu se modifică, atunci când: sporesc veniturile bănești ale populației, ducând la mărirea puterii de
cumpărare a acesteia; are loc creșterea salariilor neînsoțită de sporirea productivitații muncii; se
extinde creditul de consum; se diminuează înclinația spre economisire.
Definition source: http://ro.wikipedia.org/wiki/Infla%C8%9Bie_prin_cerere
Nota bene: inflatie: din Fr. inflation; cerere: Lat. quaerere.
Grammatical category: grup nominal, – pl. Inflatii prin cerere; gen-dativ, sg. Inflatiei prin
cerere, gen-dativ, pl –Inflatiilor prin cerere. (N P N)
Context: 1: Inflatia prin cerere are la baza cresterea cererii globale (sub forma unui soc sau in
mod treptat) in fata careia oferta este inelastica sau indiferenta. Pentru a avea loc procesul
inflationist este necesara atât cresterea generalizata a preturilor cât si cresterea in timp (de durata)
a acestora. Pentru a se realiza cresterea de durata a fenomenului inprejurarile sunt multiple. Ele
tin mai intâi de mecanisme intentionate de a crea in mod repetat mai multa moneda decât nevoile
circulatiei, gratie fluxului de metale pretioase, tiparirea unui volum exagerat de bancnote, politica
monetara expansiva a bancii centrale s.a.m.d., neinsotite de cresterea corespunzatoare a ofertei. In
toate situatiile mentionate este generata cerere salariala suplimentara, in exces, iar majorarea
preturilor este solutia imediata pentru echilibrarea pietelor.
(http://www.scritube.com/economie/CAUZELE-APARITIEI-INFLATIEI25129810.php,
10.01.2013, 09.05)
2: Emisiunea excesiva de moneda peste oferta reala de bunuri si servicii atrage

dupa sine un ”surplus de cerere” si, ca urmare, cresterea ansamblului preturilor. Marirea
preturilor are loc nu prin simpla sporire a cantitatii de bani, ci prin cresterea cererii pe care acesta
71
o face posibila. Cresterea masei monetare, insotita de cresterea productiei, poate conduce la
cresterea ratei dobanzii, de aici la cresterea cererii pentru investitii si implicit la cresterea
preturilor. Excedentul de cerere agregata (inflatie prin cerere) apare datorita cresterii cererii
agregate, in conditiile in care oferta agregata ramane in urma cererii sau se micsoreaza. Cererea
agregata poate sa creasca si in conditiile in care masa monetara nu se modifica.
(http://www.athenian-legacy.com/2009/01/inflatia-%E2%80%93-abordare-teoretica/,
10.01.2013, 09.10)
Comments: Efectul inflatiei asupra productiei nationale si asupra ocuparii difera in cazul inflatiei
prin costuri de cel al inflatiei prin cerere.Daca inflatia prin costuri antreneaza,de regula,scaderea
productiei si a ocuparii,cea prin cerere conduce,dimpotriva,la sporirea acestora.
72
DEVALUATION
I.D. language: EN
I.D. country: U.K.
Source: Parkin M. (2012), “Macroeconomics”, tenth edition, Addison-Wesley, Ontario, p. XVII
Standard definition: The active decision of a government to reduce the value of its own
currency vis a vis other currencies. Devaluation occurs exclusively in fixed currencies, when the
currency in question is pegged to another currency. Governments devalue their own currencies to
make their exports less expensive in foreign markets. If a company exports its products for the
same price in the local (devalued) currency, it is cheaper for consumers to buy those products in
their own currency.
Definition source: http://financial-dictionary.thefreedictionary.com/devaluation
Nota bene: devaluation: de- + valuation, specific application to currency is from 1914.
Grammatical category: nouns, countable (N)
Hypernym: regulation, regulating
Derivation: depreciate, undervalue, devaluate, devalue
Context: 1: The threat of a devaluation of Ukraine’s currency hangs over the country after
its central bank found itself temporarily unable earlier this month to defend the hryvnia’s peg to
the U.S. dollar. The threat comes despite the Ukraine government’s efforts to suppress evaluation
risks posed by dwindling foreign direct investment and swelling foreign debt until after the
parliamentary election scheduled for Oct. 28. The risk of a postelection devaluation remains high
in our view, though a currency adjustment doesn’t seem inevitable as yet.
(http://www.marketwatch.com/story/ukraine-devaluation-fears-on-the-rise-2012-09-18,
10.01.2013, 13.45)
2: There are two implications for a currency devaluation. First, devaluation makes
a country's exports relatively less expensive for foreigners and second, it makes foreign products
relatively more expensive for domestic consumers, discouraging imports. As a result, this may
help to reduce a country's trade deficit.
(http://www.investopedia.com/terms/d/devaluation.asp#axzz2HYRkS2oZ,08.01.2013, 15.20)
73
Comments: Some economists have argued that the peripheral countries implement “internal
devaluation”, the reduction in nominal wages to regain labour competitiveness. But history has
shown that the substantial reduction in nominal wages necessary to achieve this goal would be
extremely difficult to achieve and apt to worsen their current downtrends.
RO Equivalent: Devalorizare
Definition: Diminuare a valorii monedei nationale in raport cu una sau mai multe valute de
referinta sau cu pretul aurului. Devalorizarea poate ajuta o tara sa isi diminueze deficitul balantei
de plati prin cresterea cererii de export concomitent cu scaderea cererii interne de importuri.
Definition source:
http://www.money.ro/dictionar/dictionar-termeni-economici/devalorizare.html
Nota bene: devalorizare: din Fr. dévaloriser.
Grammatical category: substantiv, - pl. Devalorizari; gen-dativ, sg. – Devalorizarii; gen-dativ,

pl. – Devalorizariilor (N)
Context: 1: Ministrii de Finante din G20 au cazut de acord la intalnirea din Coreea de Sud sa
stimuleze cooperarea si sa reechilibreze economia mondiala astfel incat sa dezamorseze
tensiunile care au dus la aparitia unor declaratii privind un conflict comercial. Fiind fortati sa
imbratiseze o atitudine mai putin egoista in politicile lor, reprezentantii celor 20 de tari dezvoltate
au promis sa evite devalorizarile si sa reduca dezechilibrele comerciale si de cont curent.
(http://www.ziare.com/articole/devalorizare+yuan, 09.01.2013, 13.40)
2: Se poate recurge la devalorizare în vederea corectării deficitului BALANŢEI DE

PLĂŢI, dar numai ca remediu de ultim resort, deoarece repercusiunile asupra economiei interne pot
fi majore. De exemplu, cei care posedă monede străine plătesc preţuri mai mici pentru bunurile
locale; în schimb, preţurile mărfurilor importate pe piaţa internă cresc.
(http://www.capital.ro/definitie/termen/vezi/devalorizare.html, 10.01.2013, 13.50)
Comments: Odată intrată în zona euro, o ţară trebuie să fie foarte atentă la beneficiile pe care le
oferă populaţiei, pentru că acestea sunt foarte greu de luat înapoi, după cum a arătat practica.
Inflaţia trebuie păstrată undeva spre ţinta declarată , tinand totodata cont ca moneda comuna
scoate din calcul instrumentul devalorizarii.
74
DISCRETIONARY FISCAL POLICY
I.D. language: EN
I.D. country: U.K.
Standard definition: Non-mandatory changes in taxation, spending, or other fiscal activities by

a government in response to economic events or changes in economic conditions. Discretionary
fiscal policy implies government actions above and beyond existing fiscal policies, and often
occurs in periods of recession or economic turbulence.
Definition source: http://www.businessdictionary.com/definition/Discretionary-Fiscal-

Policy.html
Nota bene: discretionary: discretion + -ary ("pertaining to"), compare French discrétionnaire;
fiscal: from Latin fiscus "treasury"; policy: from Latin polītīa (in Cicero), Ancient Greek
πολιτεία (politeia, “citizenship; polis, (city) state; government”), πολίτης (“citizen”).
Grammatical category: noun phrase, countable (A A N)
Context: 1: . Discretionary fiscal policy is made more difficult due to lags in recognizing the
need for changed fiscal policy and the lags that occur with enacting the changed fiscal policy.
Implementing the modified fiscal policy usually requires legislative action, which takes a long
time to implement. There is a concern that fiscal policy changes may be ill-timed, however. For
example, an expansionary fiscal policy may be enacted when the economy is already recovering
from a recession. Fiscal policy does have an advantage over monetary policy in the sense that
increased government spending leads to an immediate increase in aggregate demand. The effects
of a tax cut may be more moderate and have more of a time lag because individuals may not
immediately spend their increases in disposable income that resulted from the tax cut.
(http://www.rejournal.eu/Portals/0/Arhiva/JE%2042/Herman.pdf, 16.01.2013, 14.00)
2: Proper timing of discretionary fiscal policy is both difficult to achieve and

crucially important. Given our limited ability to forecast ups and downs in the business cycle, and
the political delays that inevitably accompany a change in fiscal policy, the effectiveness of
discretionary fiscal policy as a stabilization tool is limited. In addition, the incentive structure
confronted by elected political officials reduces the likelihood that fiscal policy changes will
instituted in a stabilizing manner. Therefore, most macroeconomists now place less emphasis on
the use of fiscal policy as a stabilization tool. (http://books.google.ro/books?
id=yIbH4R77OtMC&pg=PA252&lpg=PA252&dq=discretionary+
fiscal+policy+will+stabilize+economy+most&source=bl&ots=Ph2FzSqc9j&sig=5waZqrKHmCZ
75
ofePYPXHH8UsdXWM&hl=ro&sa=X&ei=iJ72UPy1IIPQtAba44CwBg&ved=0CHYQ6AEwC
Q#v=onepage&q=discretionary%20fiscal%20policy%20will%20stabilize%20economy%20most
&f=false, 16.01.2013, 14.45)
Comments: Discretionary fiscal policy can also be implemented through changes in taxation.
When taxes are raised or new taxes are levied, that's contractionary fiscal policy. Higher taxes
reduce the amount of disposable income available for families or businesses to spend. This
decreases demand, slowing economic growth.
RO Equivalent: Politica fiscala discretionara
Definition: Care acţionează, se exercită asa cum consideră cineva, fără a fi prevăzut si îngăduit
de lege; care are prin lege întreaga libertate de acţiune.
Definition source:
http://discretionar.vocabular.ro/wordSearch.php?view=views/wordSearch.xsl&PHPSESSID=05b
70f3af9cffd2753a768ef06244414
Nota bene: politica: din Lat. politicus, Ngr. politikós, Fr. politique; fiscal: din Fr. fiscal;
discretionara: din Fr. discrétionnaire.
Grammatical category: grup nominal, – pl.Politici fiscale discretionare; gen-dativ, sg – Politicii

fiscale discretionare, gen-dativ, pl – Politicilor fiscale discretionare. (N A A.)
Context: 1: Noua limita pentru deficitul structural impusa de pactul fiscal european va impune
un control foarte strict asupra finantelor publice in Romania, acest lucru avand avantaje clare, dar
si dezavantaje. mania a avut in trecut o politica fiscala discretionara prociclica, indisciplinata,
accentuand dezechilibrele macroeconomice in loc sa le atenueze. Astfel, deficitul structural a
crescut in mod inutil cand PIB-ul era peste nivelul potential, anuland astfel actiunea
stabilizatorilor automati. Noua regula care limiteaza deficitul structural la 0.5% din PIB va
conduce aproape la imposibilitatea practicarii unor politici fiscale prociclice si la o disciplina
fiscala pronuntata, cea ce pentru o tara ca Romania, data fiind experienta istorica negativa, poate
fi un avantaj semnificativ.
(http://www.zf.ro/opinii/compactul-fiscal-european-implicatii-asupra-romaniei-9229259,
16.01.2013, 14.30)
2: Politica fiscală discreţionară trebuie să se utilizeze foarte rar pentru stabilizare,

fiind imposibil să se elimine deciziile eronate şi lipsa de sincronizare. Aceasta se datorează, în
76
general, întârzierilor în luarea deciziilor şi a gradului mare de incertitudine în ceea ce priveşte
şocurile care afectează economia. Mecanismele de transmisie (atât pe partea cererii, cât şi a
ofertei) trebuie considerate cu mare atenţie chiar şi în cazurile excepţionale în care se are în
vedere utilizarea politicii discreţionare.
(http://www.ier.ro/documente/spos_2009/volum_sinteze_SPOS_2009.pdf, 16.01.2013, 14.15)
Comments: Prin reguli fiscale definite asupra deficitului structural se limitează caracterul
discreţionar al politicii fiscale, stabilizarea realizânduse preponderent prin mecanismele
automate.
77
DISINFLATION
I.D. language: EN
I.D. country: U.K.
256
Standard definition: A situation in which the inflation rate decreases, but does not reverse. For
example, disinflation occurs when the inflation rate goes from 5% to 2%. Importantly, it is not
deflation when the inflation rate becomes negative. Disinflation is considered a normal and
healthy part of a business cycle.
Definition source: http://financial-dictionary.thefreedictionary.com/disinflation
Nota bene: disinflation: dis- + inflation, dis: from Middle English, Old French des-, Latin dis-;
inflation: from Middle English, Latin īnflātiō ("expansion", "blowing up"), īnflātus, the perfect
passive participle of īnflō ("blow into", "expand"), from in ("into") + flō ("blow").
Antonym: inflation, rising prices
Hypernym: economic process
Context: 1: Because disinflation is an endogenous phenomenon, it is necessary to go back to

those events which can reasonably be regarded as exogenous in order to quantify its ultimate
causes. This can best be done in the context of counter-factual, historical simulations with a
linked, multi-country macroeconometric model.
(http://www.oecd.org/eco/economicoutlookanalysisandforecasts/35260816.pdf, 10.01.2013,
14.40)
2: Disinflation is said to be caused by a slowdown in the rate of increase of a

country’s money supply. In some cases, it could also be caused by an economic recession. If, for
example, businesses decide to refrain from increasing their prices in the interest of gaining more
customers during a period of economic struggle, then disinflation is taking place. This is very bad
for business, because businesses are forced to absorb costs and compromise profit just to get their
products moving. In this case, disinflation is taken as a negative sign, but in cases of
hyperinflation, such an occurrence may be a welcome development.
(http://www.businesspundit.com/encyclopedia/economics/disinflation/,10.01.2013, 14.45)
78
Comments: When disinflation takes place, it means that the rate of inflation has gone down. In
more concrete terms, this means that the rate of increase in prices of commodities and services in
a country has gone down. Disinflation is sometimes mistakenly used interchangeably with
deflation.
RO Equivalent: Dezinflatie
Definition: Reducerea inflatiei intr-o economie prin cresterea fiscalitatii, reducerea emisiunii de
moneda etc.
Definition source: http://antreprenor.money.ro/dictionar/dezinflatie-348.html
Nota bene: dezinflatie: din lat. inflatio
Grammatical category: substantiv, - pl. Dezinflatii; gen-dativ, sg. – Dezinflatiei; gen-dativ, pl. –
Dezinflatiilor (N)
Context: 1: Perspectivele arata consolidarea procesului de dezinflatie, dar si mentinerea

incertitudinilor legate de evolutiile mediului extern, ale fluxurilor de capital, ale preturilor
administrate, precum si ale unor preturi volatile, potrivit Bancii Nationale a Romaniei (BNR),
transmite NewsIn.In consecinta, banca centrala va ajusta gradual conduita politicii monetare,
tinand cont de aceste evolutii si in contextul aplicarii angajamentelor asumate de autoritatile din
Romania in cadrul acordurilor de finantare convenite cu institutiile internationale, se arata intr-un
comunicat al BNR. Procesul de dezinflatie va continua in perioada imediat urmatoare, astfel incat
rata anuala a inflatiei se va apropia de tinta stabilita, sustine BNR.
(http://www.business24.ro/articole/dezinflatie, 10.01.2013, 14.30)
2: Preturile de consum au scazut cu 0,3% in iunie, fata de mai, pe fondul ieftinirii

produselor alimentare, astfel ca Romania a inregistrat dezinflatie pentru prima data in ultimii doi
ani, reiese din datele publicate luni de Institutul National de Statistica (INS). Cea mai recenta
scadere a preturilor de consum a avut loc in luna august 2009 , cand produsele s-au ieftinit cu
aproape 0,2% pe medie. (http://www.euractiv.ro/uniunea-europeana/articles
%7CdisplayArticle/articleID_23265/Romania_a_avut_dezinflatie_pentru_prim
a_data_in_ultimii_doi_ani._Afla_cu_cat_au_scazut_preturile_in_luna_iunie.html, 10.01.2013,
14.15)
Comments: Accelerarea dezinflatiei in conditiile mentinerii ratei dobanzii de politica monetara si

a unei volatilitati moderate a cursului de schimb al leului se traduce intr-o intarire a conditiilor
79
monetare reale in sens larg, de natura sa sprijine convergenta inflatiei catre obiectivele stabilite pe
termen mediu, potrivit comunicatului bancii centrale.
80
ECONOMIC CONTRACTION
I.D. language: EN
I.D. country: U.K.
Standard definition: An economic contraction is a reduction in goods and services for sale in
the market place. Typically it relates to a downturn in production caused by external factors such
as weather or a decline in exports, or by such internal factors as taxes, regulatory constraints or
other impacts on producer incentives.
Definition source: http://encyclopedia.thefreedictionary.com/Economic+contraction
Nota bene: economic: from Latin oeconomicus , Greek oikonomikos "practiced in the
management of a household or family”; contraction: from Latin contractionem (nom. contractio)
Context: 1: In Britain, Revised Figures Show a Smaller Economic Contraction. Britain’s

economy shrank less than previously thought in the second quarter, according to official data
released Thursday, strengthening hope that the country’s painful double-dip recession would soon
be at an end. But economists cautioned that the revised figures, while welcome, also indicated
that any recovery would be weak and that further stimulus measures could be needed to bring the
economy back to precrisis levels.
(http://www.nytimes.com/2012/09/28/business/global/british-recession-appears-to-be-near-an-
end.html?_r=0, 10.01.2013, 13.45)
2: I first speculate that IMF and World Bank conditionality may be less austere
when lending occurs during an economic contraction, while conditionality may require more
macro adjustment during an expansion. If macro adjustment disproportionately hurts the poor—
say because fiscal adjustment, for example, is implemented through increasing regressive taxes
like sales taxes or decreasing progressive spending like transfers—then we get the result that IMF
and World Bank adjustment lending lowers the growth elasticity of poverty.
(http://www.econstor.eu/bitstream/10419/52956/1/33665796X.pdf, 11.01.2013, 14.30)
Comments: For most people, a contraction in the economy can be source of economic hardship;
as the economy plunges into a contraction, people start losing their jobs. While no economic
contraction lasts forever, it is very difficult to assess just how long a downtrend will continue
before it reverses because history has shown that a contraction can last for many years.
81
RO Equivalent: Contractie economica
Definition: Intervalul de timp dintre două puncte echivalente, aflate în aceeaşi fază pe ciclu se
numeşte perioada ciclului. Amplitudinea ciclului este dată de distanţa dintre un punct de vârf şi
linia de trend sau dintre un punct de minim şi această linie. Un ciclul poate fi împărţit în două
FAZE: (i) faza de EXPANSIUNE şi (ii) faza de CONTRACŢIE. Aceasta din urmă este, de obicei,
mai scurtă decât faza de expansiune.
Definition source: http://www.capital.ro/definitie/termen/vezi/ciclu-economic.html
Nota bene: contractie: din Fr. contraction, Lat. contractio; economica: din Fr. économique
Grammatical category: grup nominal, – pl. Contractii economice; gen-dativ, sg –Contractiei

economice, gen-dativ, pl – Contractiilor econoomice. (N A)
Context: 1: Banca Centrala Europeana (BCE) a redus estimarile de crestere economica a zonei
euro pentru 2012 si 2013, in conditiile inrautatirii perspectivelor, a anuntat joi presedintele
institutiei, Mario Draghi, transmite MarketWatch. Pentru acest an, BCE anticipeaza o contractie
economica de 0,6-0,4% in zona euro. In 2013, banca centrala anticipeaza ca PIB-ul va evolua
intre o contractie de 0,9% si o crestere de 0,3%, iar in 2014 este asteptat un avans de 0,2%-2,2%,
noteaza Mediafax.
(http://www.wall-street.ro/tag/contractie-economica.html, 09.01.2013, 14.50)
2: Japonia sufera o noua contractie economica- Japonia este intr-o perioada

dificila, datorata mai ales pietelor principale de export. PIB-ul a coborat cu 0,9% in trimestrul al
treilea, si daca incetinirea se confirma in trimestrul al patrulea, tara ar putea fi deja in recesiune,
pentru a cincea oara in ultimii 15 ani. Disputele teritoriale cu China au dus la boicotarea
produselor japoneze, afectand companiile din arhipelag, care livreaza echipamente cu valoare
adaugata mare.
(http://www.xtb.ro/analiza/analiza-fundamentala/articles-directory/285724,20121112,120641,
10.01.2013,13.55)
Comments: Decizia de a metine stabil cursul de schimb si de a nu permite monedei nationale o

devalorizare puternica afecteaza mecanismele economiei la nivel de dobanda, de politica
monetara si rata a inflatiei, ca atare contractia economica din prima parte a anului este mai
puternica in Romania decat in alte tari din regiune.

82
ECONOMIC EXPANSION
I.D. language: EN
I.D. country: U.K.
Standard definition: An economic expansion is an increase in the level of economic activity,

and of the goods and services available in the market place. It is a period of economic growth as
measured by a rise in real GDP.
Definition source: http://encyclopedia.thefreedictionary.com/Economic+expansion
Nota bene: economic: from Latin oeconomicus "of domestic economy", Greek oikonomikos
"practiced in the management of a household or family", from oikonomia; expansion: from late
Latin expansio(n-), Latin expandere.
Context: 1: . The Turkish economy grew by 8.5 per cent in 2011, according to data released on
Monday, but the pace of economic expansion is beginning to slow. The figures, which were in
line with expectations, show that Turkey is no longer expanding at a rate second only to China,
and that the economy is beginning to rebalance from domestic to external demand. For the fourth
quarter of last year, growth compared to the same period a year before, was 5.2 per cent, a
marked fall from the level of 8.4 per cent chalked up in the third quarter. The 8.5 per cent rate for
the year as a whole compared with growth of 9 per cent in 2010.
(http://www.ft.com/intl/cms/s/0/2d9f863e-7ca0-11e1-8a27-00144feab49a.html#axzz2I2ReLJ7M,
15.01.2013, 12.25)
2: Changes to the Economic Expansion Incentives Act will soon make it easier for
companies to engage in high-value added activities. The act put into legal effect an income tax
change announced in the 2010 Budget Statement. The minimum tax relief period of five years for
the Pioneer Service Incentive scheme has now been removed. The scheme was introduced in
1984 to encourage companies to engage in high value-added activities such as consultancy and
R&D. Economic agencies will also have more flexibility in deciding who to award incentives to
better meet the needs of companies.
(http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1177611/1/.html,
15.01.2013, 12.45)
83
Comments: An economy is deemed to be in the expansion stage of the economic cycle when
gross domestic product (GDP) is rapidly increasing. During times of expansion, investors seek to
purchase companies in technology, capital goods and basic energy. During times of contraction,
investors will look to purchase companies such as utilities, financials and healthcare.
RO Equivalent: Expansiune economica
Definition: Procesul de sporire a rezultatelor economice, determinate în conditiile combinarii

rationale a factorilor de productie, care se concretizeaza în cresterea PNB si VN pe ansamblu si
pe locuitor.
Definition source: http://www.scritube.com/economie/CRESTEREA-SI-DEZVOLTAREA-

ECONO3214131711.php
Nota bene: expansiune: din Fr. expansion, Lat. expansio, -onis; economica: din Fr. économique
Grammatical category: grup nominal, – pl. Expansiuni economice; gen-dativ, sg –Expansiunii

economice, gen-dativ, pl – Expansiuniilor economice. (N A)
Context: 1: Procendand la analiza cresterii economice, neokeynesistii britanici s-au pronuntat

pentru o pilitica economica mai flexibila , sintetizata in sintagma stop and go, si care presupunea
folosirea diferentiata a parghiilor economice ale statului (buget,politica fiscala si monetara) in
functie de conjuctura economica (impozite si dobanzi mari in perioada de expansiune economica
si invers, impozite si dobanzi mici in perioada de recesiune).
(http://www.powerfulwords.co.uk/sample-assignments/economics/keynesismul.php, 15.01.2013,
13.20)
2: Ministrul Lucian Isar declara intr-un interviu ca pana acum a fost promovat un
model fals - expansiune economica prin austeritate. ”Cred ca austeritatea nu a fost privita in
niciun fel ca mijloc de crestere economica. Ea a devenit necesara odata cu declansarea crizei
internationale. (http://www.finanteazi.ro/2012/06/expansiunea-economica-si-austeritatea.html,
15.01.2013, 13.15)
Comments: Dincolo de inerentele dezechilibre, in Romania a fost vizibila slaba concetrare a

capitalului privat romanesc si dependenta ridicata de capitalul extern, provenit in mare masura
din tari ca Austria si Grecia. Expansiunea economiei romanesti provine in mare parte din consum,
banii mergand mai degraba catre importuri, in detrimentul producatorilor autohtoni.

84
ECONOMIC FLUCTUATION
I.D. language: EN
I.D. country: U.K.
Standard definition: Cycling periods of good and bad times
Definition source: http://wiki.answers.com/Q/What_is_economic_fluctuation
Nota bene: economic: from Latin oeconomicus "of domestic economy", Greek oikonomikos
"practiced in the management of a household or family, from oikonomia; fluctuation: from Latin
fluctuationem.
Context: 1: . Many explanations of the reasons for economic fluctuation have been advanced
throughout history. Even the most rudimentary explanation of cycles must isolate the forces and
relationships that tend to produce these recurrent movements. The more comprehensive theories
must in addition explain why, during downturns, (1) employment falls and unemployment
increases and (2) investment declines by a much greater percent than output.
(http://www.britannica.com/EBchecked/topic/86233/business-cycle/259085/Dynamic-analyses-
of-cycles#toc259086, 15.01.2013, 14.15)
2: Large and recurrent fluctuations in the terms of trade are widely viewed as an
important driving force of recent business cycles. Sharp fluctuations in economic activity affected
many industrial and developing countries after the large oil-price increase of the 1970s, and the
subsequent abrupt declines the following decade. During the 1980s, there were also marked
fluctuations in price of nonoil primary commodities that resulted in large terms-of-trade shocks for
developing countries – the terms of trde rose by 7 percent in 1983-84 for exporters of nonoil primary
commodities, and fell by more than 18 percent in 1985-90.
(http://www.jstor.org/discover/10.2307/2527429?uid=3738920&uid=2129&uid=2134&uid=2&ui
d=70&uid=4&sid=21101662881727, 15.01.2013, 12.45)
Comments: Large economic fluctuations, the marked changes in the unemployement that
characterize market economics, are a consequence of problems of adjustment to disturbance,
especially adjustment of wages and prices.
85
RO Equivalent: Fluctuatie economica
Definition: Fluctuaţie în nivelul activităţii economice (de obicei aproximată prin venitul
naţional) care formează un model regulat, cu perioade de expansiune a activităţii alternând cu
perioade de contracţie.
Definition source: http://www.capital.ro/definitie/termen/vezi/ciclu-economic.html
Nota bene: fluctuatie: din Fr. fluctuation, Lat. fluctuatio; economica: din Fr. économique
Grammatical category: grup nominal, – pl. Fluctuatii economice; gen-dativ, sg – Fluctuatiei

economice, gen-dativ, pl – Fluctuatiilor economice. (N A)
Context: 1: Activitatea economica este supusa permanent unor fluctuatii, concretizate prin
perioade de prosperitate si crestere economica succedate de alte perioade de cadere a productiei,
crestere a somajului si accentuare a dezechilibrelor economice. Fluctuatiile activitatii economice
sunt opuse dezvoltarii uniforme a economiei si au fost prezente in permanenta de-a lungul
timpului, ele fiind impartite, dupa caracterul lor, in: fluctuatii sezoniere, intamplatoare si ciclice.
(http://www.stiucum.com/economie/economie-generala/Caracterul-ciclic-al-
economiei71471.php, 15.01.2013, 13.55)
2: Agricultura din România nu s-a apropiat încă de modelul agricol european şi

nu este direcţionată către piaţă şi către atingerea eficienţei scontate după aderarea la Uniunea
Europeană. O productivitate mai ridicată şi stabilă în agricultură ar genera fluctuaţii economice
mai scăzute. Viziunea pe termen lung de creştere a autoconsumului prezentată de A. Toffler pare
să fie o proiecţie inversă a ceea ce ne aşteptăm să însemne modernizarea zonelor rurale. Totuşi,
dacă s-ar reconsidera semnificaţia modernizării agriculturii sub presiunea schimbărilor din lumea
globală şi ale concepţiei despre o viaţă sănătoasă, România ar putea găsi o cale de valorificare
mai bună a dotărilor sale cu resurse naturale şi a modelului actual de consum din zonele rurale.
(http://store.ectap.ro/articole/548_ro.pdf , 15.01.2013, 14.05)
Comments: Fluctuatiile economice ciclice sunt produse de specificul unor conditii interne
economiei unei tari si au tendinta de revenire periodica, de-a lungul unor intervale de timp, mai
scurte sau mai indelungate. Acest tip de fluctuatii implica alternanta unor etape structurale: etapa
de expansiune si cea de contractie a activitatilor economice, fiecare cu trasaturile sale specifice si
cu implicatiile caracteristice.
86
ECONOMIC FORECAST
I.D. language: EN
I.D. country: U.K.
Standard definition: Economic forecasting is the process of making predictions about the
economy.
Definition source: http://en.wikipedia.org/wiki/Economic_forecasting, 15.01.2013, 18:10
Nota bene: economic:from Fr. économique; forecast:"from fore- "before" and

casten "contrive."
Context: 1: DG ECFIN produces three economic forecasts on behalf of the Commission: they
are published in the winter, spring and autumn. The short-term outlook for the EU economy
remains fragile, but a gradual return to GDP growth is projected for 2013, with further
strengthening in 2014. On an annual basis, GDP is set to contract by 0.3% in the EU and 0.4% in
the euro area in 2012. GDP growth for 2013 is projected at 0.4% in the EU and 0.1% in the euro
area. Unemployment in the EU is expected to remain very high.
(http://ec.europa.eu/economy_finance/publications/european_economy/2012/ee7upd_en.htm,
15.01.2013, 17:15)
2: Economic forecasting is necessarily imprecise but experts were over-optimistic

about the benefits of quantitative easing. "Why did no one see the crisis coming?" Queen
Elizabeth II asked economists during a visit to the London School of Economics at the end of
2008. Four years later, the repeated failure of economic forecasters to predict the depth and
duration of the slump would have elicited a similar question from the Queen: why the
overestimate of recovery?
(http://www.guardian.co.uk/business/economics-blog/2012/dec/20/economic-forecasts-models-
recession-recovery, 15.01.2013, 17:20)
Comments: Forecasts can be carried out at a high level of aggregation - for example for GDP,
inflation, unemployment or the fiscal deficit - or at a more disaggregated level, for specific
sectors of the economy or even specific firms.
87
RO Equivalent: previziune economica
Definition: Procesul prin care sunt anticipate evenimente si prin care este realizata estimarea
evolutiei viitoare a unor indicatori economici privind, în general, fenomene care nu sunt direct
controlate de entitatea implicata în procesul de previziune.
Definition source: http://facultate.regielive.ro/cursuri/economie/previziune-economica-

6297.html
Nota bene: previziune: din Fr. prevision; economica: din Fr. économique.
Grammatical category: grup nominal, – pl. Previziuni economice; gen-dativ, sg – Previziunii

economice, gen-dativ, pl – Previziunilor economice. (N A)
Context: 1: Banca Frantei a reconfirmat luni atingerea previziunilor sale privind cresterea
economica de 0,1% pe trimistrul al treilea 2011. Expertii atentioneaza ca indicatorii lunii
septembrie nu s-au situat decat la jumatatea celor preliminari, dar diferenta a fost compensata
prin cresteri suplimentare, inregistrate in lunile iulie si august, informeaza La Tribune.
(http://www.ziare.com/articole/previziuni+economice+romania)
2: În cadrul profilului economic, la Facultatea de Economie şi Administrarea

Afacerilor, Universitatea "AL. I. Cuza" Iaşi, în anul 1992 a fost înfiinţată specializarea Statistică
şi Previziune Economică, domeniul fundamental de ştiinţă Ştiinţe Economice, domeniul de
licenţă Cibernetică, Statistică şi Informatică Economică. De la înfiinţare şi până în prezent,
specializarea Statistică şi Previziune Economică şi-a câştigat un loc important în cadrul Facultăţii
de Economie şi Administrarea Afacerilor.
(http://www.feaa.uaic.ro/ro/main/page/320)
Comments: Previziunea precede planificarea si ofera informatii necesare pentru realizarea

acesteia. Previziunea reprezinta un suport al procesului decizional în timp ce planificarea
reprezinta mai mult un rezultat sau o componenta a procesului decizional. O delimitare clara între
previziune, planificare si decizie este, de cele mai multe ori, greu de trasat, între aceste procese
existând o interdependenta strânsa. Previziunea se ocupa în general cu descrierea estimativa a
mediului extern viitor al unei entitati, în timp ce planificarea se orienteaza asupra actiunilor
viitoare proprii unei entitatii în contextul mediului în care aceasta actioneaza. Prin urmare, este
corect sa spunem ca o firma previzioneaza cererea pentru un anumit bun pe piata si planifica
productia pe care urmeaza sa o realizeaze în contextul cererii respective.
88
ECONOMIC GROWTH
I.D. language: EN
I.D. country: U.K., U.S.A
Standard definition: Economic growth is the increase in the amount of the goods and services
produced by an economy over time.
Definition source: http://en.wikipedia.org/wiki/Economic_growth
Nota bene: economic: from Fr. économique ; growth: from grow + -th;
Generic concept: Economic growth
Antonyms: economic decrease, economic reduction
Synonyms: economic development, economic increase
Context: 1: It is conventionally measured as the percent rate of increase in realgross domestic

product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-
adjusted terms, in order to obviate the distorting effect of inflation on the price of the goods
produced. In economics, "economic growth" or "economic growth theory" typically refers to
growth of potential output, i.e., production at "full employment".As an area of study, economic
growth is generally distinguished from development economics. The former is primarily the
study of how countries can advance their economies. The latter is the study of the economic
aspects of the development process in low-income countries.
(http://en.wikipedia.org/wiki/Economic_growth, 11.01.13, 16:23)
2: Economic growth is usually distinguished from economic development, the

latter term being restricted to economies that are close to the subsistence level. The term
economic growth is applied to economies already experiencing rising per capita incomes.
(http://www.britannica.com/EBchecked/topic/178400/economic-growth, 11.01.13, 16:30)
Comments: Economists distinguish between short-run economic changes in production and

long-run economic growth. Short-run variation in economic growth is termed the business cycle.
The business cycle is made up of booms and drops in production that occur over a period of
months or years. Generally, economists attribute the ups and downs in the business cycle to
fluctuations in aggregate demand.
89
RO Equivalent: crestere economica
Definition: Termen utilizat, de regulă, cu sensul de creştere a nivelului real al produsului naţional
net, deşi devine astfel dependentă de modalitatea prin care se măsoară acesta din urmă. Prin
urmare, o economie care are un sector amplu de schimburi prin barter sau de producţie proprie cu
consum neînregistrat poate duce la creşterea nivelului real al produsului naţional, fără ca nivelul
atins să însemne o creştere.
Definition source: http://www.capital.ro/definitie/termen/vezi/crestere-economica.html
Nota bene: crestere: din Lat. crescere; economica: din Fr. économique.
Grammatical category: grup nominal, – pl. Creşteri economice; gen-dativ, sg – Creşterii

economice, gen-dativ, pl – Creşterilor economice. (N A)
Generic concept: Crestere economica
Synonyms: Dezoltare economica
Context: 1: Termen utilizat, de regulă, cu sensul de creştere a nivelului real al produsului

naţional net, deşi devine astfel dependentă de modalitatea prin care se măsoară acesta din urmă.
Prin urmare, o economie care are un sector amplu de schimburi prin barter sau de producţie
proprie cu consum neînregistrat, (de exemplu, consumul realizat de fermieri din propria lor
producţie) poate duce la creşterea nivelului real al produsului naţional, fără ca nivelul atins să
însemne o creştere. (http://www.capital.ro/definitie/termen/vezi/crestere-economica.html, 16:45)
2: Fondul Monetar Internaţional estimează că România a avut creştere economică

zero în 2012, după un avans al PIB de 2,2% în 2011, iar pentru acest an se aşteaptă la o creştere
relativ modestă, în jur de 1,5%, a declarat şeful misiunii FMI de evaluare, Erik de Vrijer, în
conferinţa de închidere a misiunii, pe 29 ianuarie.Guvernul estimează că România a înregistrat o
creştere economică de 0,2%, iar bugetul pentru acest an este fundamentat pe un PIB mai mare cu
1,6% în termeni reali faţă de anul trecut.
(http://www.zf.ro/banci-si-asigurari/isarescu-bnr-are-aceeasi-estimare-de-crestere-economica-cu-
fmi-10544606, 05.02.2013, 22.50)
Comments: Banca Naţională a României are aceeaşi estimare de creştere economică pentru acest
an ca şi Fondul Monetar Internaţional, a declarat marţi guvernatorul BNR, Mugur Isărescu.
"Avem aceeaşi estimare de creştere economică cu cea a Fondului Monetar Insternaţional. Nu
mergem pe alte estimări, în schimb spunem ca şi experţii Fondului, ca şi experţii Guvernului că
avem destule incertitudini şi că acestă creştere conomică pe care multă lume o priveşte ca pe un
dat, uneori ca pe o variabilă, dar o variabilă care depinde de o prognoză,
90
de mintea lucidă sau mai puţin lucidă a cuiva de a vedea care va fi creşterea economică este de
fapt o rezultantă a foatre mulţi factori şi la fiecare avem incertitudini".
91
ELASTICITY
I.D. language: EN
I.D. country: U.K.

College Pub, p. 212
Standard definition: The responsiveness of the quantity purchased of an item to changes in the
item's price. If the quantity purchased changes proportionately more than the price, the demand is
elastic. If the quantity purchased changes proportionately less than the price, the demand is
inelastic.
Definition source: http://financial-dictionary.thefreedictionary.com/Elasticity
Nota bene: elasticity: "elastic" + "-ity", elastic: from Modern Latin elasticus, Greek elastos
"ductile, flexible," related to elaunein "to strike, beat out", -ity: from Middle English -ite, Old
French -ité and directly from Latin -itatem (nom. -itas), suffix denoting state or condition,
composed of connective -i- + -tas.
Synonym: snap
Antonym: inelasticity
Hypernym: physical property
Hyponym: resilience, resiliency
Context: 1: Elasticity of demand to firms are important because they represent the nature of the
goods they are dealing in. For example if a firm produces goods with inelastic demand they will
be able to earn high profits because even if they increase the price of the goods, since the change
in demand will be less than the change in price. Also if there is a tax they will share less of the
burden. This means they can keep prices high and not have to worry about a lot of things.
However, if a firm were to produce goods with elastic demand, then they will have to make sure
the price of the good remains low and if there is a tax they will be the ones who share the
majority of the burden.
(http://wiki.answers.com/Q/Importance_of_elasticity_of_demand_in_firm,15.01.2013, 15.50)
2: The price elasticity of demand measures how responsive the quantity demanded
of a good is to a change in its price. The value illustrates if the good is relatively elastic (PED is
92
greater than 1) or relatively inelastic (PED is less than 1). A good's PED is determined by
numerous factors, these include:
 Number of substitutes: the larger the number of close substitutes for the good then the
easier the household can shift to alternative goods if the price increases. Generally, the
larger the number of close substitutes, the more elastic the price elasticity of demand.
 Degree of necessity: If the good is a necessity item then the demand is unlikely to change
for a given change in price. This implies that necessity goods have inelastic price
elasticities of demand.
 Price of the good as a proportion of income: It can be argued that goods that account for a
large proportion of disposable income tend to be elastic. This is due to consumers being
more aware of small changes in price of expensive goods compared to small changes in
the price of inexpensive goods.
(http://www.bized.co.uk/virtual/vla/theories/determinants_ped.htm, 15.01.2013, 15.55)
Comments: Elasticity measures the sensitivity of one variable to changes in some other variable.
There are many types of elasticities, and some are more useful than others variables -one of
which is the price elasticity of demand.
RO Equivalent: Elasticitate
Definition: Variațiile relative a două mărimi economice corelate între ele. Se calculează ca raport
între rata (procentul) de creștere a unei mărimi x și rata (procentul) de creștere a latei mărimi y.
Definition source: http://dexonline.ro/definitie/elasticitate
Nota bene: elasticitate: Din fr. élasticité
Grammatical category: substantiv feminin, – pl. elasticitati; gen-dativ, sg – elasticitatii, gen-

dativ, pl – elasticitatilor. (N.)
Context: 1: O schimbare în raportul preţul muncii şi capital antrenează în consecinţă o

modificare a proporţiei factorilor utilizaţi. Curba cererii pe termen lung trebuie să fie în condiţii
normale mai elastică decât pe termen scurt. În ceea ce priveşte curba cererii în industrie, aceasta
se obţine cel puţin dacă se presupune că toate unităţile au aceeaşi tehnologie, printr-o însumare
orizontala a curbelor cererii firmelor; astfel se postulează din nou că efectele de substituţie
primeaza în faţa efectului de venit. Elasticitatea acestei curbe agregate este mai scăzută decât cea
a întreprinderii.
93
(http://steconomice.uoradea.ro/leonardo4/pdf/Teoria%20neoclasica%20a%20pietei%20muncii.pd f,
15.01.2013, 16.10)
2: Elasticitatea ofertei depinde de particularitatile tehnologice ale procesului productiv,

de disponibilitatea factorilor necesari pentru productie, dar cel mai mult de timp. Cum pe termen
scurt instalatiile nu pot varia, oferta este foarte rigida si mari variatii de pret nu vor modifica
simtitor cantitatea oferita. Totusi pe termen lung oferta rezulta a fi foarte elastica, nu numai
pentru ca intreprinderile existente se pot adapta la noile preturi, ci si pentru ca pot apare noi
intreprinderi, daca pretul a crescut, sau se pot inchide unele din ele, daca pretul a scazut.
(http://www.eumed.net/ecorom/VI.%20Intreprinderile%20si%20productia/7%20elasticitatea_ofe
rtei.htm, 15.01.2013, 16.15)
Comments: Cererea si oferta reprezinta factorii majori ai pietei concurentiale iar raportul dintre
ele este esential in formarea si evolutia preturilor. La randul lor, preturile prin dinamica lor
caracterizeaza la un moment dat o situatie de piata pe un segment sau in integralitatea sa.
94
EMPLOYMENT
I.D. language: EN
I.D. country: U.K.

College Pub, p. 35
Standard definition: To initiate employment for a person. That is, one hires an employee when
one asks him/her to accept a job and he/she agrees. The employer agrees to pay wages and/or
salary to the employee, who agrees to perform certain services for the employer.
Definition source: http://financial-dictionary.thefreedictionary.com/EMPLOYMENT
Nota bene: employment: from to employ (itself from Middle French employer (=modern),
Middle French empleier, Latin implicare "to enfold, involve, be connected with", itself from
in-"in" + plicare "to fold") + -ment
Grammatical category: noun, countable (N)
Synonyms: employ, work
Antonym: unemployment
Hypernym: state, occupation, business, job, line of work, line
Hyponym: coaching, coaching job
Context: 1: . The relationship between economic growth and employment is one of the most
debated issues in both the specialist literature and the European and national strategies. This
happens because, on the one hand, most of the European countries have a persistent jobs deficit
and they have to deal with the problem of unemployment, and on the other hand, employment
does not grow enough while the economy is growing (phenomenon called jobless growth).
(http://www.rejournal.eu/Portals/0/Arhiva/JE%2042/Herman.pdf, 16.01.2013, 14.00)
2: The Employment Situation Report, also known as the Labor Report, is an

extremely broad-based indicator released by the Bureau of Labor Statistics (BLS). It is made up
two separate and equally important surveys. The first, the "establishment survey", is a sampling
of more than 400,000 businesses across the country. It is the most comprehensive labor report
available, covering about one-third of all non-farm workers nationwide, and presents final
statistics including non-farm payrolls, hours worked and hourly earnings. The data sample is both
large and deep, with breakouts covering more than 500 industries and hundreds of metropolitan
areas.
95
(http://www.investopedia.com/university/releases/employmentsituation.asp#axzz2I8h6cGYZ,
16.01.2013, 14.05)
Comments: Taking into consideration that only the process of economic growth, which
generates new jobs, is the one that assures the conditions for economic and human development it
is highly important to act in order to increase the employment intensity of economic growth.
RO Equivalent: Ocuparea fortei de munca
Definition: Procentul populatiei angajate in munca (ocupate) in totalul populatiei de varsta activa
(intre 15-64 de ani in majoritatea statelor OCDE). O persoana se considera „angajata”, conform
Organizatiei Internationale a Muncii (ILO), atunci cand a muncit cel putin o ora pe bani.
Definition source:
http://www.euractiv.ro/uniunea-
europeana/articles%7CdisplayArticle/articleID_20254/Ocuparea-fortei-de-munca-intre-tintele-
strategice-si-ranile-recesiunii.html
Nota bene: ocuparea: din Lat. occupare, Fr. occupier; forta: din Fr. force, It. Forza; munca: din
Sl. monka.
Grammatical category: grup nominal, – gen-dativ, sg – ocuparii fortei de munca

(N NGen P N)
Context: 1: Strategia europeană privind ocuparea forţei de muncă oferă statelor membre un
cadru (metoda deschisă de coordonare) pentru a face schimb de informaţii, pentru a discuta şi
pentru a-şi coordonapoliticile în domeniul ocupării forţei de muncă. În fiecare an, guvernele
naţionale (prin intermediul Comitetului pentru ocuparea forţei de muncă) şi instituţiile europene
prezintă pachetul de măsuri privind ocuparea forţei de muncă.
(http://ec.europa.eu/social/main.jsp?catId=101&langId=ro, 16.01.2013, 14.10)
2: Societatea europeană este în schimbare, fiind influenţată de diverşi factori, cum

ar fi: progresul tehnologic, globalizarea comerţului şi îmbătrânirea populaţiei. Politicile europene
în materie de ocupare a forţei de muncă, afaceri sociale şi egalitate de şanse contribuie la
îmbunătăţirea condiţiilor de viaţă ale cetăţenilor, având drept obiectiv o creştere durabilă şi o mai
mare coeziune socială. Uniunea Europeană (UE) deţine un rol de stimulare în domeniul social.
Aceasta a introdus un cadru juridic menit să protejeze cetăţenii europeni. UE încurajează
cooperarea între statele membre, coordonarea şi armonizarea politicilor naţionale, precum şi
96
participarea autorităţilor locale, a sindicatelor, a organizaţiilor patronale şi a tuturor părţilor
implicate.
(http://europa.eu/legislation_summaries/employment_and_social_policy/index_ro.htm,
16.01.2013, 14.15)
Comments: Necorelarea între structura de formare-orientare cu cea de ocupare face ca sistemul

de învăţământ romanesc să nu asigure întotdeauna noilor absolvenţi o pregătire care să le dea
posibilitatea adaptării mai rapide la noile cerinţe. Lipsa acestei corelări, în condiţiile actuale, duce
la agravarea dezechilibrelor existente in ocuparea fortei de munca.
97
EUROPEAN FREE TRADE ASSOCIATION
I.D. language: EN
I.D. country: U.K.
Source: Case K., Fair R., Oster S. (2005), Principles of Macroeconomics, 10th ed., Pearson
Education, p. 351
Standard definition: The European Free Trade Association (EFTA) is a free trade organisation
between four European countries that operates parallel to, and is linked to, the European Union
(EU).
Definition source:
http://encyclopedia.thefreedictionary.com/European+Free+Trade+Association, 21.01.2013,
16.00
Nota bene: European: from Latin Europaeus, from Greek Europaios; free: from Old English freo
"free, exempt from, not in bondage"; trade: from Middle Dutch or Middle Low German trade
"track, course" and Old English tredan, sense of "buying and selling" first recorded 1550s;
association: from Latin associationem (from associare).
Grammatical category: noun phrase, uncountable (A A N N)
Acronym: EFTA
Context: 1: The member states of the European Community (EC) and the European Free
Trade Association (EFTA) have a special relationship based on geographic proximity, a shared
history, common values and – as many see it – a shared destiny. They are also each other’s most
important trading partners. The EC countries account for over 50 percent of the EFTA countrie’s
exports and more than 60 percent of their imports. Indeed, the EFTA countries trade as
extensively with the EC countries as the EC countries as the EC countries trade among
themselves. On the other hand, the EFTA countries by themselves do not constitute a cohesive
area.
(http://books.google.ro/books?id=SONigiawsZsC&pg=PR2&lpg=PR2&dq=the+european+free+t
rade+association+(efta)+was+set+up+in+response+to+the+ecsc&source=bl&ots=J0Z2lwMV6q
&sig=Ar_GZLLe9qjjQ-bJUPOHxq-
cFeY&hl=ro&sa=X&ei=lkv9UNmxHMzmtQbuz4DwDA&ved=0CCgQ6AEwAA#v=onepage&
q=the%20european%20free%20trade%20association%20(efta)%20was%20set%20up%20in%20
response%20to%20the%20ecsc&f=false, 21.01.2013, 16.30)
98
2: The Commission takes note of the EFTA Surveillance Authority's decision to
file an application to the EFTA Court for Iceland's failure to ensure that the Dutch and British
depositors in "Icesave" accounts received the minimum compensation according to the Directive
on Deposit Guarantee Schemes. The Commission shares the Surveillance Authority's legal
analysis as regards the interpretation of the Directive on Deposit Guarantee Schemes.
(http://ec.europa.eu/commission_2010-2014/barnier/docs/speeches/20111214/statement_en.pdf,
21.01.2013, 16.45)
Comments: Located in Brussels, the EFTA Surveillance Authority (ESA) ensures that Iceland,
Liechtenstein and Norway respect their obligations under the EEA Agreement in the same way
that the EU Member States are supervised by the European Commission. It also ensures that
enterprises in these countries abide by the rules relating to effective competition. ESA can
investigate possible infringements of EEA provisions, either on its own initiative, or on the basis
of complaints. There is close contact and cooperation between the European Commission and
ESA.
RO Equivalent: Asociatia Europeana a Liberului Schimb
Definition: Organizatie economica internationala cu caracter regional, infiintata in anul 1960

prin Conventia de la Stockholm, ca reactie la constituirea Comunitatii Economice Europene,
avand ca obiective principale expansiunea activitatii economice in statele membre.
Definition source: http://www.manager.ro/dictionar/asociatia-europeana-a-liberului-schimb-

%28-aels-%29/1155.html, 21.01.2013, 16.55
Nota bene: asociatie: din Fr. Association; Europeana: din Fr. Européen; liber: din Fr. Libre;
schimb: din Lat. excambiare.
Grammatical category: grup nominal, – pl. Asociatii Europene ale liberului schimb; gen-dativ,
sg – Asociatiei Europene ale liberului schimb , gen-dativ, pl – Asociatiilor Europene ale liberului
schimb. (N N A N)
Acronim: AELS
Context: 1: AELS își are originile in Conventia de la Stocholm (1959) semnată de către 7
state: Marea Britanie, Suedia, Norvegia, Danemarca, Elveţia, Austria şi Portugalia. Ulterior au
aderat Finlanda, Islanda şi Liechtenstein. Crearea Comunităţilor europene nu a fost agreată de
Marea Britanie, care le-a găsit dirijiste, greoaie şi restrictive şi a preferat formula zonei liberului
99
schimb. O zonă de liber schimb nu presupune decât suprimarea barierelor vamale, nu şi o politică
economică comună. În acest context, în anul 1959, Marea Britanie a pus bazele Asociaţiei de
Comerţ Liber (Asociaţia Europeană a Liberului Schimb) a celor 7 naţiuni. Astfel, s-a semnat la
Stocholm (1959) Convenţia pentru AELS de către 7 state: Marea Britanie, Suedia, Norvegia,
Danemarca, Elveţia, Austria şi Portugalia. Ulterior au aderat Finlanda, Islanda şi Liechtenstein.
(http://www.europainfo.ro/uniuneaeuropeana/dictionarul_uniunii_europene/aels_dictionar.html,
21.01.2013, 15.05)
2: Neacceptând cooperarea avansată dintre state în cadrul Comunităţii Economice

Europene, în 1960, şapte state europene (Austria, Danemarca, Elveţia, Marea Britanie, Norvegia,
Portugalia şi Suedia) au decis instituirea Asociaţiei Europene a Liberului Schimb (AELS), la care
au aderat ulterior: Islanda în 1970, Finlanda în 1986 şi Liechtenstein în 1991. AELS urmărea
crearea unei zone de liber schimb limitată la produsele industriale şi la produsele agricole
transformate (excluzând astfel produsele pescuitului şi produsele agricole de bază), fără să se
stabilească un tarif vamal extern comun şi fără politici comune. Începând din 1966, au fost
eliminate tarifele şi taxele de import între ţările AELS pentru produsele industriale şi pentru
produsele agricole transformate. În 1990, acest regim a fost extins şi la comerţul cu produse
maritime şi peşte.
(http://ec.europa.eu/romania/documents/eu_romania/tema_17.pdf, 21.01.2013, 15.10)
Comments: Comitetul Mecanismului Financiar, Consiliul Auditorilor AELS şi reprezentanţii

acestora au dreptul de a realiza misiuni tehnice sau financiare sau revizuiri pe care le consideră
necesare pentru a urmări planificarea, implementarea şi monitorizarea programelor şi a
proiectelor, precum şi utilizarea fondurilor in statele beneficiare ale programelor de finantare.
100
EXCHANGE RATE
I.D. language: EN
I.D. country: U.K.
Education, p. 358
Standard definition: The value of two currencies relative to each other. For example, on a given
day, one may trade one U.S. dollar for a certain number of British pounds. A currency's exchange
rates may be floating (that is, they may change from day to day) or they may be pegged to
another currency. A floating exchange rate is dependent on the supply and demand of the
involved currencies, as well as the amount of the currency held in foreign reserves. On the other
hand, a government may peg its currency to a certain amount in another currency or currency
basket.
Definition source: http://financial-dictionary.thefreedictionary.com/Exchange+rate, 21.01.2012,

16.50
Nota bene: exchange: from Old French eschange, from the verb eschanger, from Vulgar Latin
excambiāre; rate: from Latin rata (pars) "fixed, settled".
Generic concept: Exchange rate
Synonyms: rate of exchange
Hypernym: rate, charge per unit
Context: 1: People may need to exchange currencies in a number of situations. For example,
people intending to travel to another country may buy foreign currency in a bank in their home
country, where they may buy foreign currency cash, traveller's cheques or a travel-card. From a
local money changer they can only buy foreign cash. At the destination, the traveller can buy
local currency at the airport, either from a dealer or through an ATM. They can also buy local
currency at their hotel, a local money changer, through an ATM, or at a bank branch. When they
purchase goods in a store and they do not have local currency, they can use a credit card, which
will convert to the purchaser's home currency at its prevailing exchange rate. If they have
traveller's cheques or a travel card in the local currency, no currency exchange is necessary. Then,
if a traveller has any foreign currency left over on their return home, may want to sell it, which
they may do at their local bank or money changer. The exchange rate as well as fees and charges
can vary significantly on each of these transactions, and the exchange rate can vary from one day
to the next. (http://en.wikipedia.org/wiki/Exchange_rate, 21.01.2012, 16.55)
101
2: The GoCurrency currency converter has been the trusted exchange rate
provider of choice for 100’s of websites for nearly 10 years. Not only does GoCurrency provide
up to the minute exchange rates, we also provide you with the currency trading tools to make you
a better forex trader and to make sure you get the best money exchange deal when traveling
internationally. If it has to do with currency, we have you covered! (http://www.gocurrency.com/,
21.01.2012, 16.58)
Comments: Depending on where you travel, currency exchange rates can either help you get
great bargains or make your trip surprisingly expensive. No matter how strong your home
currency is relative to the local currency, however, you want to make sure you're getting the best
exchange rate possible whenever you need to get cash or make a purchase.
RO Equivalent: Rata de schimb
Definition: Reprezinta numarul de unitati monetare straine care se primesc in schimbul unei
unitati monetare nationale in conditiile date de loc si de timp poate fi interpretat ca putere de
cumparare externa a monedei. Din punct de vedere al elementelor luate in calcul pentru
determinarea cursurilor de schimb, poate fi stabilita distinctia intre cursul nominal si cursul real,
semnificatia acestora fiind urmatoarea: cursul nominal cursul real tipuri de regim de curs valutar:
cursul de schimb fixat cursul de schimb fix curs de schimb flotant.

curs_de_schimb.html, 21.01.2012, 17.00
Nota bene: rata: din Germ. rate; schimb: din Lat. *excambiare
Grammatical category: grup nominal, – pl. Rate de schimb; gen-dativ, sg – Ratei de schimb,
gen-dativ, pl – Ratelor de schimb. (N P N)
Generic concept: Rata de schimb
Context: 1: Conform teoriei expectativelor raţionale, evoluţia ratelor de schimb este supusă unor
fluctuaţii majore ce ţin de aşteptările pe care le au agenţii economiei reale şi monetare. De aceea,
gestionarea ratelor de schimb este un obiectiv central al oricărei bănci naţionale chiar şi în
condiţii de convertibilitate deplină. (doctorat.feaa.uaic.ro/.../Curs_macro_sc_doct.pdf, 21.01.13,
18.00)
2: Țările care au avut moneda națională fixă în raport cu marca germană, de ex.
Bulgaria și Estonia, și-au fixat și ele ratele de schimb în raport cu euroul. De la 2 februarie 2002,
litasul lituanian (LTL) a intrat în ERM II, rata de schimb fiindu-i fixată în raport cu euroul în
locul dolarului american.
102
(http://ro.wikipedia.org/wiki/Euro, 21.01.13, 18.07)
Comments: Aproape fiecare regiune sau ţară are o monedă proprie în care îşi exprimă
(denominează) preţurile. Ratele de schimb joacă un rol foarte important în schimbul internaţional
deoarece permit comparaţiile între bunuri produse în ţări diferite.
Spre exemplu, pentru a compara preţurile unui Chrysler american şi al unui Renault francez
trebuie să stabilim care este preţul relativ al dolarului sau al euro. Aceste preţuri relative ale
monedelor sunt rezultatul stabilirii unei valori de echilibru în urma tranzacţionării lor pe piaţa
valutară şi le găsim în fiecare zi în secţiunea financiară a ziarelor.
103
EXTERNAL DEBT
I.D. language: EN
I.D. country: U.K.
Education, p. 179
Standard definition: The gross amount, at any given time, of disbursed and outstanding
contractual liabilities of residents of a country for the repayment of principal (with or without
interest) or the payment of interest (with or without principal) to non-residents.
Definition source: http://dictionary.babylon.com/external%20debt/, 21.01.2013, 17.15
Nota bene: external: from Latin externus; debt: from Old French dete, from Latin dēbitum
Context: 1: There are various indicators for determining a sustainable level of external debt.
While each has its own advantage and peculiarity to deal with particular situations, there is no
unanimous opinion amongst economists as to one sole indicator. These indicators are primarily in
the nature of ratios i.e. comparison between two heads and the relation thereon and thus facilitate
the policy makers in their external debt management exercise. These indicators can be thought of
as measures of the country’s “solvency” in that they consider the stock of debt at certain time in
relation to the country’s ability to generate resources to repay the outstanding balance.
(http://en.wikipedia.org/wiki/External_debt, 21.01.2013, 17.22)
2: The QEDS database is a collaborative undertaking of the World Bank and the
IMF, and it is part of an ongoing effort to improve the transparency, timeliness, and availability of
external debt statistics. The database has been endorsed by the Inter-Agency Task Force on
Finance Statistics (TFFS) that produced the External Debt Statistics: Guide for Compilers and
Users. (http://www.imf.org/external/pubs/ft/eds/Eng/Guide/index.htm, 21.01.2013, 17.25)
Comments: A debt crisis can occur if a country with a weak economy is not able to repay
external debt due to the inability to produce and sell goods and make a profitable return. The
International Monetary Fund (IMF) is one of the agencies that keep track of the country's external
debt.
104
RO Equivalent: Datorie externa
Definition: Datoria externă brută este alcătuită din soldul pasivelor reale, actuale şi
necondiţionate ce presupun plăţi viitoare de rate de capital şi/sau de dobânzi, datorate de
rezidenţii unei economii faţă de nerezidenţi. Compilarea datelor statistice privind datoria externă
brută se realizează în conformitate cu metodologia FMI şi UE.
Definition source: http://www.bnr.ro/Datoria-externa--5711.aspx, 21.01.2013, 17.26
Nota bene: datorie: dator + suf –ie: din Lat. debitorius; externa: din Fr. externe, Lat. externus.
Grammatical category: grup nominal, – pl. Datorii externe; gen-dativ, sg – Datoriei externe,
gen-dativ, pl – Datoriilor externe. (N A)
Context: 1: În primele şapte luni din acest an, datoria externă totală a României se ridica la
98,240 miliarde euro. La sfârşitul anului 2011, datoria externă totală a României se cifra la
98,724 miliarde euro, potrivit datelor revizuite ale BNR. Datoria pe termen mediu şi lung
reprezenta 78,8% din totalul datoriei externe a României în ianuarie-august 2012, potrivit datelor
provizorii ale BNR, iar ponderea datoriei pe termen scurt era de 21,2%.
(http://www.realitatea.net/datoria-externa-a-romaniei-a-scazut-cu-732-mil-euro-in-primele-opt-
luni-la-97-992-mld-euro_1030430.html, 21.01.2013, 17.33)
2: Preşedintele Băsescu a constatat şi a anunţat astăzi că România are cea mai mică
datorie externă pe cap de locuitor din Uniunea Europeană. Aceasta este vestea bună. Vestea rea
este că, chiar în timp ce preşedintele îşi ţinea conferinţa la Palatul Cotroceni, ministerul
Finanţelor adăuga încă 1,5 miliarde de dolari la datoria statului, pentru care România, adică noi,
trebuie să plătească dobânzi de 101 milioane dolari pe an în următorii 10 ani. Cele 1,5 miliarde
dolari (1,1 miliarde euro) se adaugă celor 22 de miliarde de euro - datorie externă a statului. Asta
înseamnă cel puţin un miliard de euro dobânzi pe an. (http://www.zf.ro/opinii/cea-mai-mica-
datorie-externa-pe-cap-de-locuitor-din-ue-este-doar-o-iluzie-fara-o-crestere-economica-de-peste-
3-pana-atunci-acumulam-in-fiecare-zi-datorie-la-datorie-9194118, 21.01.2013, 17.39)
Comments: Dacă punem la socoteală şi datoria privată, datoria externă totală a României mai are
un miliard de euro şi se apropie de 100 de miliarde. Adică plata unor dobânzi de cel puţin cinci
miliarde de euro în fiecare an. În urmă cu 12 ani, datoria externă totală era de 11 miliarde de euro.
105
FIAT MONEY
I.D. language: EN
I.D. country: U.K.
Education, p. 190
Standard definition: Money that is not backed by anything other than a government trust. Fiat
money has no intrinsic value; it only has value at all because all participants in an economy agree
to trust the government issuing the currency. All modern money is fiat money. While deflation is
possible for fiat money, it is much more susceptible to inflation.
Definition source: http://financial-dictionary.thefreedictionary.com/Fiat+money, 21.01.2013,

17.48
Nota bene: fiat: from Latin fiat; money: from Old French moneie, Latin moneta
Grammatical category: noun phrase, uncountable (N N)
Hypernym: paper money, folding money, paper currency
Context: 1: The history of fiat money, to put it kindly, has been one of failure. In fact, EVERY
fiat currency since the Romans first began the practice in the first century has ended in
devaluation and eventual collapse, of not only the currency, but of the economy that housed the
fiat currency as well. Why would it be different here in the U.S.? Well, in actuality, it hasn’t been.
(http://dailyreckoning.com/fiat-currency/, 21.01.2013, 17.54)
2: Fiat money is an intrinsically worthless object, such as paper money, that is deemed
to be money by law. To place it into historical context, one could think of three phases concerning
the development of money. First, money itself was a valuable object, such as gold, fur or
peppercorns. Second, paper money circulated, but this money was backed up by holdings of gold,
and indeed could be converted into gold at a fixed price at any time. Third, paper money
circulated, but it was not backed up by anything other than the government’s promise that it will
refrain from printing too much money so as to make it worthless. Since Bretton Woods, almost
all paper money is of this type. (http://lexicon.ft.com/Term?term=fiat-money, 21.01.2013, 18.03)
Comments: In fact, in our short history, we’ve already had several failed attempts at using paper
currency, and it is my opinion that today’s dollars are no different than the continentals issued
during the Revolutionary War. But I will get into that in a moment. In the meantime, I will show
106
you that fiat currencies have not been successful, and the only aspect of fiat currencies that have
stood the test of time is the inability of political systems to prevent the devaluation.
RO Equivalent: Moneda fiduciara
Definition: Bancnotele si monezile metalice constituie numerarul sau moneda fiduciara, iar toate
categoriile de depozite la vedere formeaza moneda scripturala, de cont sau de banca.
Definition source:
http://www.scritube.com/economie/finante/MASA-MONETARA84241323.php, 21.01.2013,
18.09
Nota bene: moneda: din Ngr. monédha; fiduciara: din Fr. fiduciaire, Lat. fiduciarius.
Grammatical category: grup nominal, – pl. Monede fiduciare; gen-dativ, sg – Monedei

fiduciare, gen-dativ, pl – Monedelor fiduciare. (N Adj.)
Context: 1: Bancnotele (bilete de banca sau moneda de hartie) au inlocuit monedele de aur si
argint in circulatie, fiind denumite moneda fiduciara (fiducia, incredere in limba latina).
Detinatorul bancnotelor avea incredere in capacitatea bancii emitente de a restitui, la cerere,
sumele corespunzatoare.
(http://www.scrigroup.com/afaceri/economie/BANII-Originea-evolutia-si-fun12193.php,
21.01.2013, 18.11)
2: Timp de mulţi ani, oferta monetară de bancnote şi depozite a crescut cu o rată

medie de peste 10% anual (ceea ce înseamnă că la fiecare 7 ani volumul total de bani aflaţi în
circulaţie mondială s-a dublat). Mijloacele de schimb izvorâte din această inflaţie fiduciară acută
au fost plasate pe piaţă de către sistemul bancar sub forma creditelor proaspăt create, oferite la
ratealedobânziifoartemici(şichiarnegativeîntermenireali).
(http://www.jesushuertadesoto.com/art_lib_rum/moneda_rumania.pdf, 21.01.2013, 18.13)
Comments: Denumirea de "moneda fiduciara" se explica prin originea istorica a formei

monetare respective. Astfel, înca din Evul Mediu, bancherii au început sa remita clientilor lor,
care le încredintau monezi din aur sau argint, respectiv metale pretioase sub forma de bijuterii,
lingouri, etc., recipise (chitante) nominative, care constatau existenta "depozitului" si pe care
titularii le puteau transfera altor persoane.
107
FISCAL CONSOLIDATION
I.D. language: EN
I.D. country: U.K.
Standard definition: Fiscal consolidation is a policy intended to reduce deficits and the
accumulation of debt, according to the Organisation for Economic Co-operation and
Development. The term typically refers to a government economic policy.
Definition source:
http://www.ehow.com/facts_7331859_fiscal-consolidation_.html#ixzz2KS54h9Um, 21.01.2013,
18.40
Nota bene: fiscal: from Middle French fiscal, Late Latin fiscalis; consolidation: from Late Latin
consolidationem (nominative consolidatio), from consolidat-, past participle stem of consolidare
Context: 1: In several OECD countries, ongoing fiscal consolidation might have a negative
impact on the static income distribution. However, this conclusion should be treated only as an
approximate first step in the analysis. A full assessment of distributional effects of consolidation
packages would need to consider dynamic measures, such as life-time income distribution and
the equality of opportunity, along with behavioural responses and interactions with other policies.
In any case, there is scope to balance current consolidation efforts in favour of more equity with
only limited adverse impact on potential growth. In particular, relatively little weight has been
given to reducing tax expenditures and raising taxes on immovable property. A number of
consolidation instruments are consistent with equity goals while doing little or no harm to
potential growth: increases in the effective retirement age, raising efficiency in the education and
health care systems, cutting certain tax expenditures, hiking taxes on immovable property and
broadly-based consumption taxes. (http://www.oecd-ilibrary.org/economics/the-equity-
implications-of-fiscal-consolidation_5k4dlvx2wjq0-en, 21.01.2013, 18.09)
2: The government's efforts at fiscal consolidation, while helping avert a sovereign

downgrade, may risk slowing an economy already grappling with growth rate at its lowest in
nearly a decade. Nomura Securities has estimated the economy may grow 30 to 40 basis points
less than the initial forecasts of 5.3% for the quarter ended December and 5.9% for the quarter
ended March. "Ceteris paribus (other things remaining unchanged), the ongoing fiscal
consolidation suggests that GDP growth could be 30-50 bps lower than our current forecasts,"
said a report by Sonal Varma and Aman Mohunta.
108
(http://articles.economictimes.indiatimes.com/2013-02-05/news/36764799_1_fiscal-
consolidation-gdp-growth-sonal-varma, 21.01.2013, 18.14)
Comments: Fiscal consolidation in Greece, for example, is supposed to bring down the country's
deficit by 5% of GDP by 2013, largely through spending cuts. But this is still a painful process.
By the OECD's reckoning, reducing a government's primary balance, as a share of GDP, by one
percentage point typically cuts its growth rate by about 0.5%.
RO Equivalent: Consolidare fiscala
Definition: Consolidare: intarire, stabilizare; (verb) a mări capacitatea de rezistență a unui sistem
tehnic.
Definition source: http://dexonline.ro/definitie/consolidare, 21.01.2013, 18.18
Nota bene: consolidare: din Fr. consolider, Lat. consolidare; fiscala: din Fr. fiscal.
Grammatical category: grup nominal, – pl. Consolidari fiscale; gen-dativ, sg – Consolidarii

fiscale, gen-dativ, pl – Consolidariilor fiscale. (N Adj.)
Context: 1: In conditiile unor bugete epuizate, unele economii occidentale isi continua
framantarile in cautarea unor solutii optime la dilema: austeritate sau crestere. Un stat cu deficite
si datorii mari nu are cum sa atraga resurse financiare pentru a stimula cresterea, in consecinta isi
impune un regim de austeritate, cu majorari de taxe si reduceri de cheltuieli, pana la consolidarea
finantelor publice, cand creditorii vor fi mai darnici. In acelasi timp, prea multa austeritate
priveaza economia reala de resursele cresterii si ingusteaza baza de aplicare a taxelor, subminand
atingerea primului obiectiv, cel al consolidarii fiscale. Cu acest din urma argument, unii
politicieni, mai ales cei de stanga, propun diluarea masurilor de austeritate si sporirea rolului
statului in economie, pentru dinamizarea acesteia. Intram astfel intr-un cerc vicios a carui iesire
nu poate fi decat un echilibru instabil dar dinamic, ajustabil la realitatile imprevizibile, intre
strangerea curelei pe de o parte si finantarea cresterii, pe de alta parte.
(http://www.euractiv.ro/uniunea-europeana/articles|displayArticle/articleID_23819/Intre-
stimularea-cresterii-si-consolidare-fiscala-experienta-britanica.html, 21.01.2013, 18.18)
2: Cea mai importantă realizare a Guvernului Ponta este aceea că a îndeplinit

angajamentul Roâniei privind consolidarea fiscală. La opt luni, bugetul consolidat avea un deficit
de 1,1% din PIB şi există toate premisele ca deficitul să situeze, pe întreg anul, la cca 2 – 2,2 %
din PIB pe întreg anul 2012. E o performanţă extraordinară, dacă ţinem seama, pe de o parte, de
evoluţia deficitului bugetar în ultimii ani, iar, pe de altă parte, de presiunile care existau asupra
109
deficitului în mai, atunci când noul Guvern a fost investit. (http://vosganian.ro/?p=3189,
21.01.2013, 18.24)
Comments: Consolidarea fiscală nu înseamnă neapărat austeritate, ci se referă în general la

reducerea deficitului bugetar, iar pentru atingerea acestui scop pot fi folosite diferite mijloace,
precizează secretarul de stat în Ministerul Finanţelor, Liviu Voinea.
110
FISCAL MULTIPLIER
I.D. language: EN
I.D. country: U.K.
Standard definition: In economics, the fiscal multiplier is the ratio of a change in national
income to the change in government spending that causes it. More generally, the exogenous
spending multiplier is the ratio of a change in national income to any autonomous change in
spending (private investment spending, consumer spending, government spending, or spending
by foreigners on the country's exports) that causes it. When this multiplier exceeds one, the
enhanced effect on national income is called the multiplier effect.
Definition source: http://encyclopedia.thefreedictionary.com/Fiscal+multiplier, 21.01.2013,

18.30
Nota bene: fiscal: from Middle French fiscal, Late Latin fiscalis; multiplier: from comb. form of
multus + -plex "-fold," from PIE *plek- "to plait"
Grammatical category: noun phrase, uncountable (Adj. N)
Context: 1: More precisely, the fiscal multiplier is the ratio of the final change in aggregate
output (and therefore in employment) to the initial change in government expenditure. The
traditional “Old Keynesian” view (implied by the multiplier terminology) is that, provided there
are plenty of unemployed resources, the multiplier is greater than 1 (among other things the value
depends on the kind of expenditure – low income households are more responsive to income
changes, so expenditure that benefits them will have a higher multiplier).
(http://crookedtimber.org/2013/01/04/the-big-issues-in-macroeconomics-the-fiscal-multiplier/,
21.01.2013, 18.34)
2: Fiscal multiplies measure the change in GDP that will result from each dollar increase
or decrease in government spending or taxation. For instance, if there is a fiscal multiplier of 2,
then for each $1 of government spending the GDP will increase by $2. The higher fiscal
multipliers are, the more effective policies such as fiscal stimulus will be in boosting the
economy, and the more damaging cuts will be. Therefore when Yglesias posts about “big” fiscal
policy multipliers, he is making an argument for government intervention in the economy
through fiscal stimulus.(http://thebubblechamber.org/2013/01/facts-and-values-in-
macroeconomics/, 21.01.2013, 18.38)
111
Comments: A multiplier greater than one shows that government spending on a national income
levels is deemed to have been enhanced. As consumption grows in this model, demand grows
from initial levels as well and results in the multiple effect of wealth as demand keeps growing
and subsequently matches consumption.
RO Equivalent: Multiplicator fiscal
Definition: Multiplicatorul fiscal reflecta cresterea productiei si a veniturilor prin diminuarea

impozitelor, fara ca tabloul cheltuielilor bugetare sa fie modificat. În acest caz, deficitul se
finanteaza prin împrumuturi.
Definition source:
http://www.scritube.com/economie/STATUL-SI-ECONOMIA1551717123.php, 21.01.2013,
18.38
Nota bene: multiplicator: din Fr. multiplicateur, Lat. multiplicator; fiscal: din Fr. fiscal.
Grammatical category: grup nominal, – pl. Multiplicatori fiscali; gen-dativ, sg – Multiplicarii

fiscale, gen-dativ, pl – Multiplicarilor fiscale. (N Adj.)
Context: 1: Într-un articol din Wall Street Journal, profesorul Robert Barro scria că
multiplicatorii fiscali pe timp de pace sunt zero. Opinia sa a fost publicată în 2009, pe fondul
campaniei lansate de Casa Albă pentru "informarea" populaţiei privind beneficiile unui pachet de
stimulare fiscală de aproape 800 de miliarde de dolari. Consilierii economici ai preşedintelui
Obama au prezentat triumfători un multiplicator fiscal de 1,6 (n.a. o creştere cu 1 dolar a
cheltuielilor guvernamentale va determina o creştere a PIB cu 1,6 dolari). În 2012, Barro a
revenit în WSJ cu un articol în care se întreba de ce continuă să eşueze stimularea fiscală.
Profesorul de la Harvard nu a găsit nicio dovadă a faptului că deficitele bugetare anuale imense
din perioa-da 2009 - 2011, de circa 9% din PIB, au contribuit la redresarea economică.
(http://m.bursa.ro/s=macroeconomie&articol=195826.html, 21.01.2013, 18.38)
2: În general modelele structurale utilizate (de tip SVAR) au evidenţiat existenţa unui
multiplicator fiscal mai mare pe termen scurt în cazul Germaniei decât al celorlalte ţări din UE,
acesta situându-se între 0,9 şi 1,3. Conform lui Barell şi Alvaro (2003), mărimea superioară este
explicată de impactul relativ mai redus al creşterii cheltuielilor interne asupra importurilor. Pe
baza modelelor structurale de tip VAR, multiplicatorul cheltuielilor publice este în general
subunitar, iar şocul acestora explică aproximativ 20% din variaţia
viitoare a PIB. (http://store.ectap.ro/articole/527_ro.pdf, 21.01.2013, 18.41)
112
Comments: Un efect de relansare economica poate fi provocat si de creatia sau cresterea
deficitului public, determinat de reducerea impoyitelor sau a cotizatiilor sociale. În acest caz, în
versiunea cea mai simpla, multiplicatorul se poate scrie astfel: z=c/(1-c). Aceasta expresie,
numita multiplicatorul fiscal, reflecta cresterea productiei care rezulta dintr-o reducerea a
prelevarilor fiscale, si invers. Datorita faptului ca c<1, multiplicatorul fiscal este inferior celui al
cheltuielilor publice. O crestere a cheltuielilor provoaca într-adevar o crestere initial echivalenta a
comenzilor întreprinderilor, si deci a productiei si veniturilor, în timp ce o reducere a impozitelor
nu antreneaza decât cresterea venitului disponibil (unui volum care corespunde lui cT), a carui
parte este economisita.
113
FISCAL POLICY
I.D. language: EN
I.D. country: U.K.
Standard definition: Government policies related to taxes, spending, and interest rates. Fiscal
policy is intended positively influence macroeconomic conditions. The primary debate within this
field is how active a government should be. Proponents of a tight fiscal policy argue that
government acts best when it acts least; they promote low taxes and spending and ideally limit
government involvement to the setting of prevailing interest rates. Proponents of a loose
government policy believe that government has a larger role in promoting economic well-being.
Definition source: http://financial-dictionary.thefreedictionary.com/Fiscal+policy, 21.01.2013,

18.45
Nota bene: fiscal: from Middle French fiscal, Late Latin fiscalis; policy: from Middle French
policie, Late Latin politia (“citizenship; government”), classical Latin polītīa (in Cicero), Ancient
Greek πολιτεία (politeia, “citizenship; polis, (city) state; government”), πολίτης (“citizen”).
Grammatical category: noun phrase, uncountable (Adj. N)
Context : 1: Expansionary and contractionary fiscal policy. Expansionary fiscal policy is defined
as an increase in government expenditures and/or a decrease in taxes that causes the government's
budget deficit to increase or its budget surplus to decrease. Contractionary fiscal policy is defined
as a decrease in government expenditures and/or an increase in taxes that causes the government's
budget deficit to decrease or its budget surplus to increase.
(http://www.cliffsnotes.com/study_guide/Fiscal-Policy.topicArticleId-9789,articleId-9749.html,
21.01.2013, 18.51)
2: Fiscal policy can also have a strong effect on income distribution. The main aim of
any government here is to redistribute income towards those who are felt to deserve. These are
often the poorer, but groups like farmers in all developed countries and, under President Bush the
oil producers in the United States, seem quite adept at getting income to move their way.
(http://www.xtremepapers.com/revision/a-
level/economics/managing_the_economy/fiscal_policy.php, 21.01.2013, 18.57)
114
Comments: Fiscal policy is said to be tight or contractionary when revenue is higher than
spending (i.e., the government budget is in surplus) and loose or expansionary when spending is
higher than revenue (i.e., the budget is in deficit).
RO Equivalent: Politica fiscala
Definition: Unul din cele doua instrumente ale macroeconomiei; alaturi de politica monetara,
cuprinde cheltuielile publice si taxele si orice alta reglementare a sectorului privat (de exemplu
scutirea de taxe).Poate fi folosita in a influenta nivelul cererii intr-o economie cu scopul de a tine
rata somajului cat mai mica, fara a declansa inflatie.
Definition source: http://www.dictionar-economic.com/?do=view&id=262, 21.01.2013, 19.03
Nota bene: politica: din Lat. politicus, Ngr. politikós, Fr. politique; fiscala: din Fr. fiscal.
Grammatical category: grup nominal, – pl. Politici fiscale; gen-dativ, sg – Politicii fiscale, gen-
dativ, pl – Politicilor fiscale. (N Adj.)
Context 1: De asemenea, exista specialisti care considera ca, in sens larg, politica fiscala „se
constituie in cadrul activitatii autoritatii publice de percepere si utilizare a resurselor necesare
satisfacerii consumului public si furnizarii de servicii si bunuri publice. Prin politica fiscala se
stabilesc volumul si provenienta resurselor de alimentare a fondurilor publice, metodele de
prelevare care urmeaza a fi utilizate, obiectivele urmarite, precum si mijloacele de realizare a
acestora”. (http://politicamonetarafiscala.economisti.ro/politica_fiscala.html, 21.01.2013, 19.08)
2: Mugur Isărescu a declarat, luni, că politica fiscală adoptată pentru anul 2013 nu este
una de austeritate, ci de consolidare, precizând că va fi nevoie de cheltuire prudentă a banului
public. "Politica fiscală va fi una normală, ca să folosesc un epitet, în sensul că nu va fi dedicată
continuării unei ajustări, unei strângeri masive, ci mai degrabă spre o consolidare. Printr-o
disciplină financiară adecvată, aceasta înseamnă cheltuire cu prudenţă a banului public, nu este
nevoie de ce am denumit în ultimii ani sub cuvântul de austeritate", a declarat Isărescu.
(http://www.ziare-pe-net.ro/stiri/mugur-isarescu-politica-fiscala-din-acest-an-nu-va-mai-fi-una-
de-austeritate-ci-de-consolidare-2501173.html, 21.01.2013, 19.08)
Comments: Politica fiscală expansionistă a unui stat se referă la reducerea taxelor și a

impozitelor la nivel național, pentru stimularea economiei.
115
FISCAL STIMULUS
I.D. language: EN
I.D. country: U.K.
Standard definition: Government measures, normally involving increased public spending and
lower taxation, aimed at giving a positive jolt to economic activity.
Definition source: http://lexicon.ft.com/Term?term=fiscal-stimulus
Nota bene: fiscal: from French from Late Latin fiscalis; Latin fiscus; stimulus: from Latin
stimulantem (nominative stimulans), present participle of stimulare.
Context: 1: In late 2008 and early 2009 you could not turn on a TV or open a newspaper without
hearing the term fiscal stimulus over and over again. The idea behind fiscal stimulus is a rather
simple one - a reduction in consumer demand has resulted in an unusually high number of idle
resources such as unemployed workers and closed factories. Becuase the private sector will not
spend, government can take the place of the private sector by increasing spending, thus putting
these idle resources back to work. With their newly found income these workers will be able to
spend again, increase consumer demand. As well, workers who already have jobs will have
increased confidence in the state of the economy and will increase their spending as well. Once
consumer spending rises enough, the government can slow their spending, as they are no
longer needed to pick up the slack.
(http://economics.about.com/od/fiscalpolicy/a/fiscal_stimulus.htm, 21.01.2013, 19.15)
2: Most of the discussion about fiscal stimulus focuses on the multiplier of

government spending on impact. In this paper we shift the focus to the multiplier at the end, i.e.
to the period in which a deficit spending program terminates. We show that recent time series
analyses as well as models of different schools of thought predict that the multiplier turns
negative before spending expires. This means that aggregate output at the time of expiry of fiscal
stimulus is predicted to be lower than it could be without deficit spending.
(http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2207853, 21.01.2013, 19.19)
116
Comments: Using phase diagram analysis we prove that the aggregate capital stock at the time
of expiry of fiscal stimulus is lower than it would be without the deficit spending program. This
fact explains why aggregate output is below its laissez faire level as well. We then calibrate an
extended version of the model for the US and demonstrate how fiscal stimulus slows down
recovery from a recession in the medium-run.
RO Equivalent: Stimulent fiscal
Definition: Stimul fiscal pentru economie reprezinta TVA redus şi dobânzi scutite de impozit
Definition source: http://www.capital.ro/detalii-articole/stiri/stimul-fiscal-pentru-economie.html,

21.01.2013, 19.21
Nota bene: stimulent: din Fr. stimuler, Lat. stimulare; fiscal: din Fr. fiscal.
Grammatical category: grup nominal, – pl. Stimulente fiscale; gen-dativ, sg – Stimulentei

fiscale, gen-dativ, pl – Stimulentilor fiscali. (N A.)
Context: 1: Majorarea deducerii suplimentare acordate în cazul cheltuielilor de cercetare-

dezvoltare de la 20% la 50% şi extinderea acestui stimulent fiscal şi pentru activităţi de cercetare-
dezvoltare efectuate în state membre. De asemenea, în scopul acordării stimulentelor fiscale, este
eliminată condiţia valorificării rezultatelor activităţii de cercetare-dezvoltare în folosul propriu al
contribuabilului. (http://www.rafiroiu.ro/2011/07/modificari-ale-codului-fiscal-incepand-cu-1-
februarie-2013/, 21.01.2013, 19.21)
2: Directivele recente ale Uniunii Europeane privind sustenabilitatea si eficienta

energetica au condus la adoptarea la nivel european a unor stimultente locale pentru cladirile
verzi. Anul trecut, Consiliul Local al municipiului Cluj-Napoca a adoptat reducerea pana la un
minim de 0.25% a taxei pe proprietate pentru companiile care au in portofoliu cladiri aflate in
clasa de performanta energetica A si care detin o certificare oficiala recunoscuta la nivel mondial
ca si certificare "verde". Studiul realizat de catre echipa de Property Management impreuna cu
divizia de Research a Colliers International Romania dezvaluie impactul pe care adoptarea unui
astfel de stimulent fiscal in principalele centre de afaceri din Romania l-ar putea avea asupra
situatiei financiare a companiilor – chiriasi sau proprietari de cladiri de birouri.
(http://www.revistabiz.ro/cladirile-verzi-ar-putea-avea-costuri-mai-mici-886.html, 21.01.2013,
19.28)
117
Comments: Sistemul de pensii private facultative are nevoie de un stimulent fiscal pentru a
atrage interesul aderentilor si mai ales al companiilor, pentru a urca dincolo de cota actuala,
infima, de 0,004% din produsul intern brut (PIB).
118
FOREIGN DIRECT INVESTMENT
I.D. language: EN
I.D. country: U.K.
Standard definition: A major investment by a foreign corporation. A common example of

foreign direct investment is a situation in which a foreign company comes into a country to build
or buy a factory. Many economists believe that foreign direct investment is good for an economy,
as it provides jobs and increases domestic capital. Critics point out that profits from foreign direct
investment usually leave the country and go to the foreign company. Encouraging foreign direct
investment is a major part of some IMF restructuring programs.
Definition source:
http://financial-dictionary.thefreedictionary.com/FOREIGN+DIRECT+INVESTMENT,
22.01.13, 16.40
Nota bene: foreign: from Middle English foren, forein, Old French forein, forain, based on Latin
foras; direct: from Middle English directen, Latin dīrigere; investment: invest + -ment, invest:
from French investir, from Latin investio ("to clothe, cover"), from in- ("in, on") + vestio ("to
clothe, dress"), from vestis ("clothing"), -ment: from Late Latin -amentum, from -mentum via Old
French –ment.
Grammatical category: noun phrase, countable (A A N)
Hypernym: investing, investment, joint venture
Context: 1: Foreign direct investment may be politically controversial or difficult because it

partly reverses previous policies intended to protect the growth of local investment or of infant
industries. When these kinds of barriers against outside investment seem to have not worked
sufficiently, it can be politically expedient for a host country to open a small "tunnel" as focus for
FDI. The nature of the FDI tunnel depends on the country's or jurisdiction's needs and policies.
FDI is not restricted to developing countries. For example, lagging regions in the France,
Germany, Ireland, and USA have for a half century maintained offices to recruit and incentivize
FDI primarily to create jobs. China, starting in 1979, promoted FDI primarily to import
modernizing technology, and also to leverage and uplift its huge pool of rural workers.
(http://en.wikipedia.org/wiki/Foreign_direct_investment)
119
2: The UN Conference on Trade and Development (UNCTAD) revised down its 2012
forecast for global inflows of foreign direct investment (FDI) to less than $1.6 trillion. Inflows in
the first half of 2012 fell by 8% on a year earlier, to $668 billion. Despite its inflows falling,
China became the world’s largest recipient of FDI in the first half of 2012, largely because FDI to
America flopped. But inflows to America may perk up: SoftBank, a Japanese telecoms firm,
recently bought a $20 billion stake in Sprint Nextel. As investment into rich countries has fallen
(by 9.5% in the first half of 2012, compared with the same period in 2011), developing countries
now receive over half of global FDI inflows. (http://www.economist.com/news/economic-and-
financial-indicators/21565226-foreign-direct-investment, 22.01.13, 16.43)
Comments: An example of foreign direct investment would be an American company taking a

majority stake in a company in China. Another example would be a Canadian company setting up
a joint venture to develop a mineral deposit in Chile.
RO Equivalent: Investitii straine directe
Definition: Investitiile straine directe sunt definite ca proprietatea directa sau indirecta a unei
entitati straine de a detine cel putin 10% din actiunile cu drept de vot ale unei întreprinderi. O
investitie directa straina poate însemna o achizitie, o fuziune, o noua fabrica, extinderea fabricii
sau o absorbire.
Definition source: http://www.scritube.com/economie/Investitiile-straine-directe-d61643.php,

22..01.13, 16.44
Nota bene: investitie: din Germ. investion, Rus. investițiia; straine: lat. extraneus; directe: din Fr.
direct, Lat. directus.
Grammatical category: grup nominal, – pl. Investitii straine directe; gen-dativ, sg – Investitiei
staine directe, gen-dativ, pl – Investitiilor straine directe. (N A A.)
Context: 1: Investitiile straine directe au urcat in primele 9 luni din acest an la 1,1 miliarde de
euro, circa jumatate fiind credite intra-grup, potrivit datelor publicate luni de BNR. Estimarile
pentru intregul an arata insa pesimist, a declarat in urma cu cateva zile premierul Ponta, ISD ne-
depasind 1,9 miliarde de euro, nivelul inregistrat in 2011. "Situatia e rea, nu e roza, e foarte rea.
Nivelul pentru acest an va fi mai mic sau undeva egal cu 2011, ceea ce e foarte putin", a spus
Ponta la Antena 3. (http://economie.hotnews.ro/stiri-finante_banci-13597912-investitiile-straine-
directe-urcat-1-1-miliarde-euro-primele-9-luni-jumatate-sunt-inprumuturi-acordate-firmele-
mama-subsidiarelor-din-romania.htm, 22.01.13, 16.45)
120
2: Investiţiile străine reprezintă, pentru Republica Moldova, una din sursele ce
asigură o creştere durabilă a economiei naţionale. Influenţa acestora asupra economiei naţionale
este dublă. Pe de o parte este vorba de credite, împrumuturi şi investiţii prin intermediul cărora
capitalul străin poate completa resursele financiare naţionale în aplicarea programului de macro-
stabilizare, iar pe de altă parte capitalul străin joacă un rol fundamental în restructurarea şi
modernizarea economiei naţionale. (http://mec.gov.md/docs_news/analiza-situatiei-privind-
investitiile-straine-directe-atrase-in-republica-moldova-in-anul-2011.pdf. 22.01.13, 16.51)
Comments: Anul trecut valoarea investiţiilor străine directe (ISD) din România s-a ridicat la
suma de 1,9 miliarde de euro, conform datelor făcute publice de către reprezentanţii Băncii
Naţionale a României (BNR). Circa 24% din această sumă a reprezentat valoarea investiţiilor
străine noi, care a fost de circa 455,3 milioane de euro.
121
FRICTIONAL UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.

College Pub, p. 299
Standard definition: Unemployment that results from incomplete information. Examples of

frictional unemployment include first-time job seekers who do not have jobs because they do not
have the resources to look for jobs successfully. Frictional unemployment may also occur when a
company does not know where to look for qualified individuals. It is thought to be impossible to
completely eliminate frictional unemployment.
Definition source:
http://financial-dictionary.thefreedictionary.com/FRICTIONAL+UNEMPLOYMENT, 22.01.13,
16.58
Nota bene: frictional: from French, Latin frictiō a rubbing, from fricāre to rub, rub down; related
to Latin friāre to crumble; unemployment: from Old French emploiier, from Latin implicare
Context: 1: We will find that there are four ways to explain unemployment in the long run. The
first explanation is that it takes time for workers to search for the jobs that are best suited for
them. The unemployment that results from the process of matching workers and jobs is
sometimes called frictional unemployment, and it is often thought to explain relatively short
spells of unemployment. (Mankiw G., (2003), Principles of Macroeconomics, Third Edition,
South-Western College Pub, p. 299)
2: Another example of when frictional employment occurs is when a company

abstains from hiring because it believes there are not enough qualified individuals available for
the job, when in actuality there is.
(http://www.investopedia.com/terms/f/frictionalunemployment.asp#ixzz2KUFrAhrs, 22.01.13,
17.03)
Comments: Frictional unemployment is inevitable simply because the economy is always

changing. A century ago, the four industries with the largest employment in the United States
were cotton goods, woolen goods, men’s clothing, and lumber. Today, the four largest industries
are autos, aircraft, communications, and electrical components. As this transition took place, jobs
122
were created in some firms, and jobs were destroyed in others. The end result of this process has
been higher productivity and higher living standards. But, along the way, workers in declining
industries found themselves out of work and searching for new jobs.
RO Equivalent: Somaj frictional
Definition: Somaj pe termen scurt generat de fenomene normale pe piata muncii; de exemplu,
schimbarea locului de munca sau intrarea absolventilor pe piata muncii.
Definition source:
http://www.proz.com/?sp=kog_glossary&sp_mode=viewTerm&term_id[]=17204&lang=ron&dis
c_spec_id=62, 22.01.13, 17.13
Nota bene: somaj: din Fr. chômage; frictional: din Fr. frictionner
Grammatical category: grup nominal –gen-dativ, sg - somajului frictional. (N A)
Context: 1: Potrivit legislatiei actuale, un somer are dreptul la ajutoare de somaj timp de noua
luni, dupa care isi poate prelungi nemunca timp de alte 18 luni, perioada in care primeste de la
stat alocatie de sprijin. Deci, un somer poate sta acasa platit timp de 27 de luni, ceea ce inseamna
mai mult de doi ani. Dovada ca botosaneni sint atrasi de somajul de lunga durata este facuta de
faptul ca mai mult de jumatate din somerii indemnizati sint, la ora actuala, beneficiari ai alocatiei
de sprijin, de 18 luni, cea care urmeaza ajutorului de somaj de noua luni, adica persoanele
respective accepta sa nu munceasca timp de peste doi ani.
(http://www.ziaruldeiasi.ro/local/botosani/somaj-cronic~ni1s6d, 22.01.13, 17.15)
2: Somajul frictional, pe termen scurt este cel compus din persoane aflate in
tranzitie intre slujbe. Somajul structural apare in urma unui dezechilibru intre cererea si oferta de
munca. Isarescu a exemplificat cu o fabrica de volane pentru automobile Mercedes. Astfel, daca
Mercedes va reduce productia cu 30%, fabrica de volane va fi afectata intr-o proportie similara.
(http://stirileprotv.ro/stiri/economie/isarescu-somajul-frictional-si-cel-structural-vor-creste-cu-
certitudine.html, 22.01.13, 17.18)
Comments: La noi nu se cunoaste nimic despre conceptul de somaj frictional, care corespunde
perioadei necesare trecerii de la un loc de munca la altul sau pentru cautarea primului loc de
munca.
123
GOLD STANDARD
I.D. language: EN
I.D. country: U.K.

College Pub, p. 322
Standard definition: A system whereby a currency is linked to the value of gold. That is, one
would be able to exchange one unit of the currency for so many ounces of gold on demand. The
gold standard makes monetary policy independent from policymaker decisions. Many currencies
have been linked to gold over the years, most recently under the Bretton Woods System. The gold
standard reduces the likelihood of inflation, but tends to cause higher interest rates and renders a
country less able to pursue full employment. The gold standard contrasts with fiat money.
Definition source: http://financial-dictionary.thefreedictionary.com/GOLD+STANDARD,

22.01.13, 17.26
Nota bene: gold: from Middle English, from Old English gold ("gold"), Proto-Indo-European
*ǵʰel- (“yellow; gleam; to shine”); standard: from Middle English, from the Old French
estandart ("gathering place, battle flag"), Old Frankish *standhard (literally "stand firm, stand
hard").
Hypernym: standard, monetary standard
Context: 1: By way of example, and following Germany's decision after the Franco-Prussian
War (1870–1871) to extract reparations to facilitate a move to the gold standard, Japan gained the
needed reserves after the Sino-Japanese War of 1894–1895. Whether the gold standard provides a
government sufficient bona fides when it seeks to borrow abroad is debated. For Japan, moving
to gold was considered vital for gaining access to Western capital markets.
(http://en.wikipedia.org/wiki/Gold_standard, 22.01.13, 17.29)
2: The gold standard was a commitment by participating countries to fix the prices of
their domestic currencies in terms of a specified amount of gold. National money and other forms
of money (bank deposits and notes) were freely converted into gold at the fixed price. England
adopted a de facto gold standard in 1717 after the master of the mint, sir isaac newton,
overvalued the guinea in terms of silver, and formally adopted the gold standard in 1819. The
united states, though formally on a bimetallic (gold and silver) standard, switched to gold de
facto in 1834 and de jure in 1900 when congress passed the gold standard act. In 1834, the United
124
States fixed the price of gold at $20.67 per ounce, where it remained until 1933.
(http://www.econlib.org/library/Enc/GoldStandard.html, 22.01.13, 17.34)
Comments: Other major countries joined the gold standard in the 1870s. The period from 1880
to 1914 is known as the classical gold standard. During that time, the majority of countries
adhered (in varying degrees) to gold. It was also a period of unprecedented economic growth
with relatively free trade in goods, labor, and capital.
RO Equivalent: Etalonul aur
Definition: Sistem de organizare monetară, în cadrul căreia valoarea monedei unei ţări este
echivalată prin lege cu o cantitate fixă de aur, iar moneda internă ia forma de monedă în aur
şi/sau bancnote convertibile la cerere în aur la cursurile legal stabilite.
Definition source: http://www.capital.ro/definitie/termen/vezi/etalon-aur.html, 22.01.13, 17.42
Nota bene: etalon: din Fr. étalon; aur; din Lat. aurum.
Grammatical category: grup nominal –gen-dativ, sg - etalonului aur. (N N)
Context 1: S-a constatat ca tarile care au renuntat la etalonul aur au iesit mai repede din marea
criza. De altfel exista numeroase dezbateri pe tema jucata de Gold standard exchange in marea
criza, majoritatea opiniilor fiind ca acesta nu a fost un factor declansator.
(http://www.finanteazi.ro/2012/01/mirajul-monedei-etalon-aur.html, 22.01.13, 17.35)
Context 2: Într-adevăr, stabilitatea preţurilor nu este o miză a politicii monetare. Iar etalonul aur
din acea perioadă trebuie luat cu un pumn de sare: este un etalon aur în regim monetar bazat pe
substitute reglementate şi în regim bancar cu bancă centrală, care poate susţine temporar o
elasticitate a masei monetare pe care un etalon aur pur, bazat pe libera întreprindere bancară şi
concurenţă în producţia monetară nu ar permite-o. (http://mises.ro/1009/, 22.01.13, 17.39)
Comments: Un regim deplin de etalon aur impune două condiţii fundamentale: obligaţia
autorităţii monetare de a schimba moneda internă pe aur în orice cantitate la cursurile fixate (ceea
ce include şi o batere de monedă de aur fără restricţii, din lingourile cumpărat de această
autoritate); şi libertatea indivizilor de a importa şi a exporta aur.
125
GOVERNMENT EXPENDITURE MULTIPLIER
I.D. language: EN
I.D. country: U.K.

College Pub, p. 378
Standard definition: Fiscal policy has a multiplier effect on the economy. A change in
government spending gives rise to a multiplier equal to 1/MPS. A change in taxation brings about
a multiplier equal to -MPC/MPS. A simultaneous equal increase or decrease in government
spending and taxes has a multiplier effect of 1.
Definition source: Case K., Fair R., Oster S. (2005), Principles of Macroeconomics, 10th ed.,
Pearson Education, p. 182
Nota bene: government: from Latin gubernatio ("management, government"), Ancient Greek
κυβερνισμός (kubernismos); expenditure: stem of Medieval Latin expenditus, irregular plural of
expendo ("I weigh, I pay out"), + -ure ("process or result"); multiplier: from Old French
multiplier, mouteplier (12c.) "increase, get bigger; flourish; breed; extend, enrich," from Latin
multiplicare "to increase," from multiplex.
Grammatical category: noun phrase, uncountable (N N N)
Synonyms: government-spending multiplier
Context: 1: We argue that the government-spending multiplier can be much larger than one when
the zero lower bound on the nominal interest rate binds. The larger is the fraction of government
spending that occurs while the nominal interest rate is zero, the larger is the value of the
multiplier. (http://www.kellogg.northwestern.edu/faculty/rebelo/htm/multiplier.pdf, 22.01.13,
17.48 )
2: The expenditures multiplier measures the change in aggregate production triggered

by changes an autonomous expenditure, including consumption expenditures, investment
expenditures, government purchases, or net exports. The expenditures multiplier captures the
consequences of a shift in the aggregate expenditures line in a single measure, a measure that is
generally greater than one. (http://www.amosweb.com/cgi-bin/awb_nav.pl?
s=wpd&c=dsp&k=expenditures%20multiplier, 22.01.13, 17.58)
126
Comments: The expenditures multiplier is actually a family of multipliers that differ based on
which components of the Keynesian model are assumed to be induced by aggregate production
and income.
RO Equivalent: Multiplicatorul cheltuielilor bugetare
Definition: Acesta exprimă numărul de unităti monetare suplimentare create în economie (la
nivelul PIB) de o unitate monetară suplimentară cheltuită de către guvern (de către institutiile si
autoritătile publice).
Definition source: http://www.edinga.ro/files/comunicate/44.pdf, 22.01.13, 18.02
Nota bene: multiplicator: din Fr. multiplicateur, Lat. multiplicator; cheltuiala: cheltui + suf. –
eala; bugetara: din Fr. budgétaire.
Grammatical category: grup nominal, – pl. Multiplicatorii cheltuielilor bugetare; gen-dativ, sg –

Multiplicatorii chetuielilor bugetare, gen-dativ, pl – Multiplicatorilor cheltuielilor bugetare. (N
NGen A)
Context 1: O creştere a cheltuielilor publice antrenează o majorare a nivelului venitului mai mult
decât proporţională. Această creştere a venitului este aceeaşi cu cea produsă de modificarea
ascendentă echivalentă a investiţiilor private. Multiplicatorul obţinut, numit multiplicatorul
cheltuielilor bugetare, are aceeaşi valoare ca şi cel al investiţiilor. (http://sf.icfm.ro/SF-2-2011-
vol-52.pdf, 22.01.13, 18.07)
Context 2: Datorită faptului că o creştere a nivelului preţurilor tinde să diminueze fiecare tip de
cheltuială planificată, nivelul de echilibru al producţiei reale creşte cu mai puţin decât rezultatul
produsului dintre multiplicatorul cheltuielilor şi achiziţiile guvernamentale totale.
(http://conspecte.com/Macroeconomie/echilibru-si-dezechilibrul-bugetar.html, 22.01.13, 18.10)
Comments: Efectul multiplicator al cheltuielilor publice (government spending) este considerat

superior celui al reducerilor de taxe (tax cuts).
127
GROSS DOMESTIC PRODUCT
I.D. language: EN
I.D. country: U.K.

College Pub, p. 198
Standard definition: A measure of the value of the total production in a country, usually in a
given year. Gross domestic product is calculated by adding together total consumer spending,
total government spending, total business spending, and the value of net exports. GDP is
considered one of the leader indicators of the health of a nation's economy. GDP growth is
considered desirable and represents the fact that businesses are producing and that consumers and
the government are buying. It is often used as a way to measure a country's standard of living.
Definition source:
http://financial-dictionary.thefreedictionary.com/GROSS+DOMESTIC+PRODUCT, 22.01.13,
17.49
Nota bene: gross: from Middle English gross ("whole, entire", also "flagrant, monstrous"), Old
French gros ("big, thick, large, stour"), Late Latin grossus ("thick in diameter, coarse"), Medieval
Latin grossus ("great, big"); domestic: Middle English, from Old French domestique, from Latin
domesticus, from domus, house; product: from Latin prōductus, perfect participle of prōdūcō,
first attested in English in the mathematics sense.
Acronym: GDP
Hypernym: value
Context: 1: In economics, most things produced are produced for sale, and sold. Therefore,
measuring the total expenditure of money used to buy things is a way of measuring production.
This is known as the expenditure method of calculating GDP. Note that if you knit yourself a
sweater, it is production but does not get counted as GDP because it is never sold. Sweater-
knitting is a small part of the economy, but if one counts some major activities such as child-
rearing (generally unpaid) as production, GDP ceases to be an accurate indicator of production.
Similarly, if there is a long term shift from non-market provision of services (for example
cooking, cleaning, child rearing, do-it yourself repairs) to market provision of services, then this
trend toward increased market provision of services may mask a dramatic decrease in actual
domestic production, resulting in overly optimistic and inflated reported GDP. This is particularly
128
a problem for economies which have shifted from production economies to service economies.
(http://en.wikipedia.org/wiki/Gross_domestic_product, 22.01.13, 17.55)
2: The Gross Domestic Product (GDP) in Romania contracted 0.40 percent in the third
quarter of 2012 over the previous quarter. GDP Growth Rate in Romania is reported by the
National Institute of Statistics. Historically, from 2000 until 2012, Romania GDP Growth Rate
averaged 0.86 Percent reaching an all time high of 3.60 Percent in March of 2008 and a record
low of -4.80 Percent in March of 2009. Romania is an upper-middle income economy and has
been part of the European Union since 2007. In recent years, domestic consumption and foreign
direct investments have been stimulating Romania's GDP growth. Yet, corruption and red tape
continue to be major hurdle for the future development. The main industries in Romania are:
electric machinery and equipment, textiles and footwear, light machinery and auto assembly,
software, mining, timber, construction materials, metallurgy, chemicals, food processing and
petroleum refining. (http://www.tradingeconomics.com/romania/gdp-growth, 22.01.13, 17.59)
Comments: GDP is the most closely watched economic statistic because it is thought to be the
best single measure of a society’s economic well-being.
RO Equivalent: Produs intern brut
Definition: Valoarea tuturor bunurilor si serviciilor finale, produse intr-o economie intr-o
anumita perioada de timp. Acest indicator este folosit pentru a masura activitatea economica
dintr-o tara.
Definition source: http://www.conso.ro/glosar/produs-intern-brut/244/2, 22.01.13, 18.04
Nota bene: produs: din Lat. producere; intern: din Fr. interne, Lat. internus; brut: din Lat. brutus,
Fr. brut.
Grammatical category: grup nominal, gen-dativ, sg –Produsului intern brut . (N A A)
Context 1: Astfel, in Romania, valoarea Produsului Intern Brut pe cap de locuitor exprimat in
PPS s-a situat in 2011 la 49% din media Uniunii Europene (UE-27, media egala cu 100), fata de
47% in 2010 si tot 47% in 2009. Bulgaria a inregistrat 46% din media UE-27, la fel ca in 2010.
Doar 11 tari au avut in 2011 un PIB pe locuitor exprimat in PPS mai mare fata de media din
blocul comunitar. Cea mai prospera tara membra a blocului comunitar a fost Luxemburg, unde
indicatorul s-a situat cu 171% peste media Uniunii, urmata de Olanda, unde PIB per capita a fost
cu 31% mai mare fata de media din UE. Irlanda, Austria, Suedia, Danemarca si Germania au
129
avut un PIB pe locuitor exprimat in PPS intre 20% si 30% peste media UE, iar Belgia si Finlanda
intre 10 si 20%. Marea Britanie a inregistrat 9% peste medie, iar Franta de 8%, in timp ce Italia si
Spania s-au situat aproape de media UE. Totodata, Cipru, Malta, Slovenia, Cehia, Grecia,
Portugalia si Slovacia au avut in 2011 un PIB pe locuitor exprimat in PPS mai mic cu 5% pana la
30% fata de media din UE. Estonia, Lituania, Ungaria, Polonia si Letonia au inregistrat in 2011
un PIB pe locuitor exprimat in PPS intre 40 si 50% mai mic fata de media UE.
(http://www.ziare.com/economie/produsul-intern-brut/romania-pe-penultimul-loc-in-ue-in-2011-
dupa-valoarea-puterii-de-cumparare-1207012, 22.01.13, 18.09)
Context 2: Produsul Intern Brut estimat pentru T4.11 a fost de 183.943,2 milioane lei preturi
curente, in crestere – in termeni reali – cu 1,9% fata de T4.10, aceasta crestere fiind determinata
in primul rand de constructii si agricultura, detalii in graficul alaturat, click pe imagine pentru
marire. In ce priveste evolutia PIB pe categorii de utilizari se observa o crestere cu 1,8% a
consumului populatiei si cu 5,8% a formarii brute de capital, insa consumul administratiilor
publice a scazut cu 3,2%, aceasta fiind a opta scadere trimestriala consecutiva.
(http://businessday.ro/03/2012/produsul-intern-brut-a-ajuns-anul-trecut-la-1365-miliarde-euro-
cu-2-peste-valoarea-din-2008/, 22.01.13, 18.11)
Comments: Produsul Intern Brut estimat pentru anul 2011 a fost de 578.551,9 milioane lei
preturi curente, in crestere – in termeni reali – cu 2,5% fata de anul 2010. Cresterea a fost
determinata, in mod semnificativ, de majorarea volumului de activitate in agricultura, silvicultura
si pescuit (+11,3%), industrie (+5,0%) si activitatile de spectacole, culturale si recreative;
reparatiile de produse de uz casnic si alte servicii (4,8%).
130
GROSS NATIONAL PRODUCT
I.D. language: EN
I.D. country: U.K.
Standard definition: The Gross National Product (GNP) is the value of all the goods and
services produced in an economy, plus the value of the goods and services imported, less the
goods and services exported.
Definition source:
http://economics.about.com/cs/economicsglossary/g/gross_national.htm, 10.02.2013, 07.30
Nota bene: Gross: from Old French gros, from Late Latin grossus, thick; National: from Middle
French national ; Product: from Medieval Latin productum, producere
Grammatical category: noun phrase, uncountable (A A N)
Context: 1: Basically, Gross National Product is the total value of all final goods and services
produced within a nation in a particular year, plus income earned by its citizens (including
income of those located abroad), minus income of non-residents located in that country. GNP
measures the value of goods and services that the country's citizens produced regardless of their
location. GNP is one measure of the economic condition of a country, under the assumption that
a higher GNP leads to a higher quality of living, all other things being equal.
(http://en.wikipedia.org/wiki/Gross_national_product, 10.02.2013, 07.32)
2: GNP is a measure of a country's economic performance, or what its citizens

produced (i.e. goods and services) and whether they produced these items within its borders. An
economic statistic that includes GDP, plus any income earned by residents from overseas
investments, minus income earned within the domestic economy by overseas residents.
(http://www.investopedia.com/terms/g/gnp.asp#axzz2KdVjjzER, 10.02.2013, 07.38)
Comments: There are several different ways of comparing GNP/capita. In this set of maps,
GNP/capita is measured in constant 1995 US dollars. This means that national incomes are
compared using foreign exchange rates (rather than the purchasing power of local currency; see
also purchasing power parity). We have a separate presentation looking at GDP/capita measured
using purchasing power parity. Constant dollars means that an attempt has been made to remove
131
the effects of changes in the value of money from these data. These data come from the World
Bank's World Development Indicators 2001.
RO Equivalent: Venit national brut
Definition: Venitul naţional brut reprezintă ansamblul veniturilor primare primite de către
unităţile instituţionale rezidente, iar produsul intern brut rezultatul final al activităţii de producţie
al unităţilor productive rezidente.
Definition source: http://www.ipe.ro/RePEc/WorkingPapers/cs18_1.pdf, 10.02.2013, 07.42
Nota bene: Venit: Lat. Venire; National: Din lat. nationalis, fr. National; Brut: Din lat. brutus, fr.
brut.
Grammatical category: grup nominal, gen-dativ, sg – venitului national brut (N A A)
Context: 1: Estimarea venitului naţional brut este important pentru România, ca de

altfel pentru orice ţară, deoarece el măsoară venitul total câştigat de români şi este util
în comparaţiile internaţionale care evaluează puterea de cumpărare din diferite ţări.
( http://www.ipe.ro/RePEc/WorkingPapers/cs18_1.pdf, 10.02.2013, 07.47)
2: 0,73% din venitul naţional brut al fiecărui stat membru, ceea ce reprezintă două
treimi din bugetul UE; principiul care stă la baza calculării contribuţiei fiecărui stat membru este
cel al solidarităţii şi al capacităţii de plată; totuşi, se pot face ajustări dacă se constată o
împovărare excesivă a anumitor ţări. (http://europa.eu/about-eu/basic-
information/money/revenue-income/index_ro.htm, 10.02.2013, 07.50)
Comments: După ce se stabileşte diferenţa între produsul intern brut (PIB) şi venitul naţional
(VNB) din punct de vedere conceptual, este prezentată secvenţial trecerea de la PIB la VNB,
analizându-se poziţia unuia faţă de celălalt (mai mic sau mai mare) prin prisma unor exemple din
alte ţări.
132
HYPERINFLATION
I.D. language: EN
I.D. country: U.K.
Standard definition: hyperinflation occurs when a country experiences very high, accelerating,
and perceptibly "unstoppable" rates of inflation. In such a condition, the general price level
within an economy rapidly increases as the currency quickly loses real value. Meanwhile, the real
values of specific economic items generally stay the same with respect to each other, and in terms
of other relatively stable foreign currencies. This includes the economic items that generally
constitute the government's expenses.
Definition source: http://en.wikipedia.org/wiki/Hyperinflation, 10.02.2013, 08.00
Nota bene: Hyper: Greek, representing hypér over, above; cognate with Latin super; Inflation:
Middle English inflacio ( u ) n < Latin inflātiōn.
Grammatical category: noun, countable - hyperinflations (N)
Synonyms: overextension
Context: 1: When associated with depressions, hyperinflation often occurs when there is a large
increase in the money supply not supported by gross domestic product (GDP) growth, resulting
in an imbalance in the supply and demand for the money. Left unchecked this causes prices to
increase, as the currency loses its value.
(http://www.investopedia.com/terms/h/hyperinflation.asp#axzz2KdVjjzER, 10.02.2013, 08.05)
2: "The U.S. government and the Federal Reserve have committed the system to
its ultimate insolvency, through the easy politics of a bottomless pocketbook, the servicing of big-
moneyed special interests, gross mismanagement, and a deliberate and ongoing effort to debase
the U.S. currency," said John Williams of Shadow Government Statistics in his annual report on
hyperinflation. (http://moneymorning.com/2012/10/16/hyperinflation-in-america-when-a-loaf-of-
bread-is-3-billion/, 10.02.2013, 08.10)
Comments: One of the most famous examples of hyperinflation occurred in Germany between
January 1922 and November 1923. By some estimates, the average price level increased by a
factor of 20 billion, doubling every 28 hours.

133
RO Equivalent: hiperinflatie
Definition: Forma de inflatie caracterizata prin rate inalte si crescatoare. Tendinta va fi ca

oamenii sa-si piarda increderea in moneda si sa revina la schimbul direct de produse (barter). Este
insotita de dezordine sociala crescanda.

hiperinflatie.html , 10.02.2013, 08.13
Nota bene: Hiper: din fr. hyper-, germ. hyper- (Hyper-); Inflatie: din fr. inflation
Grammatical category: substantiv, – pl. hiperinflatii, gen-dativ, sg – hiperinflatiei, gen-dativ, pl

– hiperinflatiilor (N)
Context: 1: În Germania anilor 1923-1924 era mai rentabil să arzi bani în sobă decât lemne,
pentru că banii ardeau mai mult decât lemnele pe care le puteau cumpăra. Asta înseamnă
hiperinflaţie. Germania a fost depăşită de Grecia. În anul 1943 preţurile se dublau la 28 de ore, în
Germania "doar" la 49 de ore. Ca să avem o idee, o drahmă din 1953 se schimba contra a 50 de
mii de miliarde de drahme din 1943. În cifre 50.000.000.000.000 drahme vechi la una nouă.
Campioana absolută a fost însă Ungaria, preţurile se dublau în 1946 la 15 ore.
(http://romaniadeieri.blogspot.ro/2010/09/hiperinflatie.html, 10.02.2013, 08.17)
2: Toate hiperinflatiile cunoscute in istoria lumii au avut loc in acest secol. Istoria
a inregistrat perioade scurte de hiperinflatiei, dar nici una nu a atins cotele ce s-au atins in secolul
XX. Pare greu de crezut ca economia unei tari sa functioneze orice perioada de timp in conditiile
unor rate ale inflatiei extrem de ridicate, de cateva sute de procente sau chiar mai mult. De fapt,
economia nu functioneaza bine deloc si, mai devreme sau mai tarziu, statele vor stabiliza o
inflatie ridicata, pur si simplu pentru ca altfel economia intra in haos.
(http://www.ipedia.ro/hiperinflatia-704/, 10.02.2013, 08.22)
Comments: Economiile hiperinflationiste sunt marcate de raportari facute mai ales fata de cursul
de schimb, nu fata de nivelul preturilor. Acest lucru se intampla deoarece masurarea preturilor si
raportarea lor la nivelul din perioada de baza devine foarte dificila atunci cand acestea se
modifica extrem de rapid, astfel incat preturile pot fi exprimate in dolari, iar suma in moneda
locala care trebuie platita este calculata de fiecare data folosind preturile in dolari si cursul de
schimb.
134
IMPORT DUTIES
I.D. language: EN
I.D. country: U.K.
Standard definition: A tax collected on imports and some exports by the customs authorities of
a country. This tax is used to raise state revenue. It is based on the value of goods called ad
valorem duty or the weight, dimensions, or other criteria of the item such as its size. Also referred
to as customs duty, tariff, import tax and import tariff.
Definition source:
http://www.investopedia.com/terms/i/import-duty.asp#axzz2KdVjjzER, 10.02.2013, 09.00
Nota bene: Import: Middle English importen, to convey a meaning, from Medieval Latin
importare and from Old French importer, to cause, both from Latin importare; Duty: Middle
English duete, from Anglo-Norman, from due, variant of Old French deu, due
Grammatical category: noun phrase, countable – import duty (N N)
Synonyms: Customs duty
Context: 1: Import duties are expressed as a percentage applied to the customs value (i.e. ad
valorem taxes), or as a fixed amount applied to a specifi c quantity (i.e. specific taxes).
(http://www.taxonline.ro/en/pages/ro-taxation-1/indirect-taxes-3/customs-duties-94, 10.02.2013,
09.05)
2: A well-known example of import tax is the import duty payable on agricultural

products. Import duties support demand for products made by European farmers even though
prices on the world market are lower. The duties protect the farmers’ income and ensure that
farming in Europe does not come to a standstill. This is important to prevent food shortages.
(http://www.government.nl/issues/export-import-and-costums/import-taxes, 10.02.2013, 09.10)
Comments: Import duties, especially when they are combined with state and other taxes, raise
the price of the product being taxed, potentially making the imported product look less attractive
than a competing product in the importing country. This is sometimes done politically, to give
domestic producers an edge.
135
RO Equivalent: Taxe vamale
Definition: Taxa perceputa de stat cand marfurile trec frontiera statului respectiv. De regula,
statul percepe taxe vamale numai la import. La stabilirea taxelor vamale, se iau in seama ca
elemente de baza diferentele intre preturile interne si cele externe. Nivelul taxei vamale depinde
de nevoia de protectie, taxa fiind cu atat mai ridicata cu cat conditiile de productie pe piata
interna sunt mai defavorabile fata de cele ale exportatorilor straini. Se disting urmatoarele grupe
de taxe vamale: a) Din punct de vedere al gradului de protectie: - taxe vamale protectioniste; -
taxe vamale prohibitive; - taxe vamale de retorsiune; - taxe vamale compensatorii; - taxe vamale
anti dumping. b) Din punct de vedere al modului de percepere: - taxe vamale ad-valorem; - taxe
vamale specifice; - taxe vamale mixte c) Dupa modul de fixare a taxei vamale, ca urmare a
intelegerii intre state: - taxe vamale autonome; - taxe vamale conventionale; - taxe vamale
preferentiale.

taxa_vamala.html , 10.02.2013, 09.22
Nota bene: Taxa: Din fr. taxer, lat. taxare, Vama: Din magh. vam
Grammatical category: grup nominal, – sg. taxa vamala; gen-dativ, sg – taxei vamale; gen-
dativ, pl – taxelor vamale (N A)
Context: 1: Taxe percepute asupra importurilor sau vânzărilor de anumite mărfuri. În mod
tradiţional, taxele vamale sunt legate de bunurile importate, iar accizele de cele produse pe plan
intern; distincţia nu este însă prea rigidă. Motivele aplicării acestor taxe vizează în general
creşterea veniturilor; protejarea industriilor autohtone; acordarea de preferinţe la importurile din
anumite ţări (de exemplu din ţările mai puţin dezvoltate sau membrii uniunii europene). În Marea
Britanie, se aplică taxe de acciză mari asupra vânzării produselor petroliere, tutunului şi
alcoolului. În general, aceste taxe sunt specifice, adică stabilite pe unitate vândută.
(http://www.capital.ro/definitie/termen/vezi/taxe-vamale-accize-si-taxe-protectioniste.html,
10.02.2013, 09.25)
2: Taxele vamale sunt un impozit indirect care apar ca urmare a interventiei

statului in comertul international. Aceasta interventie a statului in economie se realizeaza pe doua
cai: direct si indirect. (http://www.euroavocatura.ro/dictionar/998/Taxele_vamale, 10.02.2013,
09.31)
Comments: Operatorii economici autorizati vor plati taxe vamale, TVA si accize, dupa caz,
aferente bunurilor a caror comercializare este permisa in magazinele duty-free / duty-free
136
diplomatice, urmand sa solicite restituirea acestora. Perioada de valabilitate a autorizatiei de
functionare este limitata la cinci ani; iar in prezent nu se mai elibereaza autorizatii de functionare;
137
IMPORT QUOTA
I.D. language: EN
I.D. country: U.K.
Standard definition: An import quota is a limit on the quantity of a good that can be produced
abroad and sold domestically. It is a type of protectionist trade restriction that sets a physical limit
on the quantity of a good that can be imported into a country in a given period of time. If a quota
is put on a good, less of it is imported. Quotas, like other trade restrictions, are used to benefit the
producers of a good in a domestic economy at the expense of all consumers of the good in that
economy
Definition source: http://en.wikipedia.org/wiki/Import_quota, 10.02.2013, 09.40
Nota bene: Import: Middle English importen, to convey a meaning, from Medieval Latin
importare and from Old French importer, to cause, both from Latin importare, Quota: Medieval
Latin, from Latin quota (pars), how large (a part), feminine of quotus
Grammatical category: noun phrase, countable – import quotas (N N)
Synonyms: import rate
Context: 1: Import quotas are foreign trade policies undertaken by domestic governments that
are intended to "protect" domestic production by restricting foreign competition. In general, a
quota is simply a quantity restriction placed on a good, service, or activity. For example,
employers often face hiring quotas for different demographic groups and sales representatives
often have quotas for sales activities.
(http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=import+quotas, 10.02.2103,
09.48)
2: Tariffs and quantative restrictions (commonly known as import quotas) both

serve the purpose of controlling the number of foreign products that can enter the domestic
market. There are a few reasons why tariffs are a more attractive option than import quotas.
(http://economics.about.com/cs/taxpolicy/a/tariffs_quotas.htm, 10.02.2013, 09.51)
Comments: The primary goal of import quotas is to reduce imports and increase domestic
production of a good, service, or activity, thus "protect" domestic production by restricting
foreign competition. As the quantity of importing the good is restricted, the price of the imported
138
good increases, thus encourages consumers to purchase more domestic products. In general, a
quota is simply a legal quantity restriction placed on a good imported that is imposed by the
domestic government.
RO Equivalent: Contingente de import
Definition: O cotă tarifară (contingent de import) reprezintă un volum de mărfuri exprimat

cantitativ sau valoric ce poate fi pus în liberă circulaţie cu reducerea sau exonerarea taxelor
vamale.
Definition source: http://www.customs.ro/ro/cote_tarifare.aspx, 10.02.2013, 10.09
Nota bene: Contingent: Din fr. contingent, lat. contingens, -ntis; Import: Din importa (derivat
regresiv). Cf. germ. Import
Grammatical category: grup nominal, – sg. contingent de import; gen-dativ, sg –

contingentului de import; gen-dativ, pl – contingentelor de import (N P N)
Context: 1: REGULAMENTUL (CE) nr. 1399/2007 privind deschiderea si modul de

gestionare a unui contingent de import autonom si tranzitoriu pentru carnati si
anumite produse din carne originare din Elvetia;
(http://www.apia.org.ro/masuri_piata/contingente_porc_062009.pdf, 10.02.2103, 09.58)
2: Contingentele de import sunt sub forma plafoanelor maxime, cantitative sau

valorice, admise la import pentru unele produse sau grupe de produse, pe o perioada de timp
determinata (de obicei 1 an). Stabilirea acestor plafoane poarta denumirea de contingentare.
Contingentele de import pot fi contingente globale sau bilaterale.
(http://facultate.regielive.ro/referate/comert/instrumente-de-politica-comerciala-netarifare-
bariere-netarifare-si-paratarifare-finante-marketing-28520.html, 10.02.2013, 10.03)
Comments: Vă informăm că în perioada 01.06.2009 - 08.06.2009 se pot depune cereri

pentru emiterea licenţelor în cadrul contingentelor tarifare de import, subperioada
1 IULIE - 30 SEPTEMBRIE 2009 (conform anexa), în sectorul cărnii de porc,
deschise in baza urmatoarelor regulamente.
139
INDIFFERENCE CURVE
I.D. language: EN
I.D. country: U.K.

College Pub, p. 274
Standard definition: A curve that shows consumption bundles that give the consumer the same
level of satisfaction
Definition source: Mankiw G., (2003), Principles of Microeconomics, Third Edition, South-
Western College Pub, p. 506
Nota bene: indifference: late Middle English, variant of indifferency < Latin indifferentia;
curve: < Middle French < Latin curvus
Context: 1: The main use of indifference curves is in the representation of potentially observable
demand patterns for individual consumers over commodity bundles.
(http://en.wikipedia.org/wiki/Indifference_curve, 06.02.2013, 20:37)
2: The collection of indifference curves for a consumer constitutes a kind of map

illustrating a consumer’s preferences. Different consumers will have different maps.
(http://www.web-books.com/eLibrary/NC/B0/B63/038MB63.html, 06.02.2013, 20:40)
Use area: economics
Comments: An indifference curve connects all of the bundles that a consumer likes equally. An
indifference curve should not slope up. Indifference curves can not cross one another.
RO Equivalent: curbă de indiferenţă
Definition: Curba ce uneşte toate pachetele de consum ce sunt la fel de preferate (sau
indiferente) consumatorului, se numeşte curbă de indiferenţă.
Definition source: http://www.biblioteca-digitala.ase.ro/biblioteca/pagina2.asp?id=cap3,

06.02.13, 20:42)
140
Nota bene: curbă: fr. courber, de: lat. de , indiferenţă: fr. indifférent, lat. indifferens, -ntis
Grammatical category: grup nominal, pl. Curbe de indiferenta; gen-dativ, sg –curlei de

indiferenta; gen-dativ, pl – curbelor de indiferenta. (N P N)
Context: 1: Curba de indiferență a clientului potențial exprimă, - în termenii cheltuielii de timp și

de energie fizică și psihică, - gradul de eliminare a problemelor asociate cu activitățile de
pregătire a actului de acceptare-cumpărare a unui produs.
(http://ro.wikipedia.org/wiki/Curba_de_indiferen%C8%9B%C4%83, 06.02.2013, 20:53)
2: Curbele de indiferenţă mai îndepărtate de origine au un nivel de utilitate mai

ridicat, proprietate dată de ipoteza de nesaţiere şi de cea conform căreia curbele de indiferenţă nu
se pot intersecta. (http://www.biblioteca-digitala.ase.ro/biblioteca/pagina2.asp?id=cap3,
06.02.2013, 20:55)
Use area: economie
Comments: Curbele de indiferenţă au o formă particulară: ele descresc spre dreapta, sunt curbate
către origine şi sunt descrescătoare. Această formă provine din ipotezele de nesaţiere şi de
convexitate făcute asupra relaţiei de preferinţă pe mulţimea pachetelor de consum.
141
INFLATION
I.D. language: EN
I.D. country: U.K.
Source: Mankiw G., (2008), Principles of Macroeconomics, Sixth Edition, South-Western

College Pub, p. 15
Standard definition: An increase in the overall level of prices in the economy
Definition source: Mankiw G., (2008), Principles of Macroeconomics, Sixth Edition, South-
Nota bene: inflation: Middle English inflacio ( u ) n < Latin inflātiōn- (stem of inflātiō )
Generic concept:Inflation
Context: 1: Because high inflation imposes various costs on society, keeping inflation at a low
level is a goal of economic policymakers around the world. (Mankiw G., (2008), Principles of
Macroeconomics, Sixth Edition, South-Western College Pub, p. 15)
2: In almost all cases of large or persistent inflation, the culprit is growth in the
quantity of money. When a government creates large quantities of the nation’s money, the value
of the money falls. (Mankiw G., (2008), Principles of Macroeconomics, Sixth Edition, South-
Western College Pub, p. 15)
Use area: economics
Comments: The fundamental lessons about the economy as a whole are that productivity is the
ultimate source of living standards, that growth in the quantity of money is the ultimate source of
inflation, and that society faces a short-run trade-off between inflation and unemployment.
RO Equivalent: inflație
Definition: Inflația este creșterea generală a nivelului prețurilor la bunuri și servicii într-o
perioadă de timp considerabilă.
Definition source: Economie, ediţia a opta, (2009), A.S.E. Catedra de Economie şi Politici
Economice
Nota bene: fr. inflation.
142
Grammatical category: substantiv feminin, inflații, inflației, inflațiilor (N)
Synonyms: creștere
Antonyms: deflație
Context: 1: Pe termen lung inflaţia este prezentă în orice economie. Deci, fenomenul nu poate fi
controlat în totalitate, ci doar influenţat. Inflaţia nu este „păguboasă” pentru toată lumea. Cei care
anticipează corect evoluţia acesteia au de câştigat, în timp ce cei care nu o pot anticipa au în
general de pierdut. (http://www.asecib.ase.ro/Roman/am/cap6.pdf, 06.02.2013, 22:44)
2: Inflaţia este un obstacol important în calea implementării politicilor economice

de creştere economică, datorită faptului că anticipările agenţilor nu mai pot fi efectuate corect, şi
de aici o risipă de resurse şi o neîncredere în politicile implementate de puterea publică.
(http://www.asecib.ase.ro/Roman/am/cap7.pdf, 06.02.2013, 22:48)
Use area: economie
Comments: De asemenea, inflaţia mai poate fi definită prin scăderea puterii de cumpărare a unei
unităţi monetare (respectiv a cantităţii de bunuri şi servicii ce poate fi achiziţionată
prinnintermediul unei unităţi monetare).
143
INFLATION TARGETING
I.D. language: EN
I.D. country: U.K.

College Pub, p. 15
Standard definition: A central banking policy that revolves around meeting preset, publicly
displayed targets for the annual rate of inflation. The benchmark used for inflation targeting is
typically a price index of a basket of consumer goods, such as the Consumer Price Index (CPI) in
the United States.
Definition source:
http://www.investopedia.com/terms/i/inflation_targeting.asp#axzz2K9TSj9nS, 06.02.2013, 21:33
Nota bene: inflation: Middle English inflacio ( u ) n < Latin inflātiōn- (stem of inflātiō ),
targeting: Middle English (noun) < Middle French targuete, variant of targete small shield
Context: 1: Over the past few decades, many central banks around the world have adopted a
policy called inflation targeting. Sometimes this takes the form of a central bank announcing its
intentions regarding the inflation rate over the next few years. At other times it takes the form of
a national law that specifies an inflation goal for the central bank. (Mankiw G., (2008), Principles
of Macroeconomics, Sixth Edition, South-Western College Pub, p. 523)
2: Inflation targeting is not a commitment to an ironclad rule. In all the countries

that have adopted inflation targeting, central banks are left with a fair amount of discretion.
(Mankiw G., (2008), Principles of Macroeconomics, Sixth Edition, South-Western College Pub,
p. 523)
Use area: economics
Comments: Inflation targeting does not tie the hands of the central bank, but it does increase the
transparency and accountability of monetary policy. In a sense, inflation targeting is a
compromise in the debate over rules versus discretion.
RO Equivalent: țintirea inflației
144
Definition: Ţintirea directă a inflaţiei reprezintă strategia de politică monetară ce presupune
stabilirea unei ţinte pentru nivelul ratei inflaţiei, pe o anumită perioadă de timp, ţintă ce trebuie
atinsă prin aplicarea măsurilor de politică monetară, astfel încât să se asigure stabilitatea
preţurilor.
Definition source: http://www.biblioteca-digitala.ase.ro/biblioteca/pagina2.asp?id=cap1,

06.02.2013, 21:27
Nota bene: v. ținti <sl. centa, fr. inflation.
Grammatical category: grup nominal, pl. Tintirile inflatiei; gen-dativ, sg –tintirii inflatiei; gen-
dativ, pl – tintirilor inflatiei. (N NGen)
Generic concept: procedură
Context: 1: Strategia de politică monetară a BNR este ţintirea directă a inflaţiei. Aceasta a fost
adoptată în august 2005, după finalizarea unui proces de pregătire, a cărei ultimă etapă a
constituit-o crearea şi testarea funcţionării cadrului de analiză economică şi de decizie a politicii
monetare specific ţintirii directe a inflaţiei (http://www.bnro.ro/Tintirea-directa-a-inflatiei-
711.aspx, 06.02.2013, 22:24)
2: Țintirea inflaţiei reprezintă o ţintă numerică, fie că este vorba de un anumit

procent ce trebuie asigurat cu sau fără un interval de toleranţă, fie că este vorba de stabilirea unui
interval în care inflaţia să fie inclusă. (http://www.biblioteca-
digitala.ase.ro/biblioteca/pagina2.asp?id=cap1, 06.02.2013, 20:18)
Use area: economie
Comments: Ţintirea inflaţiei înseamnă să citeşti evoluţia economiei cu cel puţin patru trimestre
în avans şi să adopţi măsuri de prevenirea devierilor previzibile de la ţintă.
145
INFLATIONARY SPIRAL
I.D. language: EN
I.D. country: U.K.

College Pub
Standard definition: A continuous rise in prices that is sustained by the tendency of wage
increases and cost increases to react on each other.
Definition source: http://www.merriam-webster.com/dictionary/inflationary%20spiral,

08.02.2012, 14:55
Nota bene: inflation: from Latin inflātiōn; spiral: from M.Fr. spiral, from M.L. spiralis "winding,
coiling" (1255), from L. spira "coil," from Gk. speira "coil.
Synonyms: augmentation, rise
Antonyms: decline, fall
Context: 1: Indonesia could get caught in an inflationary spiral as rising global oil prices and
falling gasoline subsidies at home combine with rising wages, said Sofjan Wanandi, chairman of
one of the country's most influential business organizations.
(http://online.wsj.com/article/SB10001424052970203458604577264781493081886.html,
08.02.2012, 14:58)
2: Argentina announced a two-month price freeze on supermarket products Monday

in an effort to stop spiraling inflation.
(http://www.miamiherald.com/2013/02/04/3216766/argentina-freezes-prices-to-break.html,
08.02.2012, 15:00 )
Use area: economics
Comments: Wage price spiral is a typical example of an inflationary spiral: high cost of living
prompts demands for higher wages which push production costs up forcing firms to increases
prices, which in turn trigger calls for fresh wage increases ... and so on. Such situations continue
until radical measures (such as incomes policy) are instituted to break the cycle, otherwise the
currency is rendered almost worthless as a medium of exchange (as it happened in Germany in
146
the 1920s, in Brazil in the 1980s, and in Argentina in the 1990s) and has to be replaced with new
monetary units (currency).
RO Equivalent: spirală inflaționistă
Definition: Creștere exponențială nelimitată a prețurilor.
Economice
Nota bene: fr. spirale, cf. lat. spira, fr. inflation
Grammatical category: grup nominal, pl. – spirale inflationiste; gen-dativ, sg –spiralei

inflationiste, gen-dativ, pl – spiralelor inflationiste. (N A)
Synonyms: exces
Antonyms: scădere
Context: 1: El a afirmat că ar fi fost "o dramă" dacă leul s-ar fi devalorizat cu 30-40%, iar
România ar fi intrat "într-o spirală inflaţionistă" ale cărei efecte ar fi fost imposibil de estimat.
(http://www.antena3.ro/politica/videanu-vreau-sa-fiu-un-ministru-al-patronilor-95359.html,
08.02.2013, 15:08)
2: Argentina a anunţat luni îngheţarea preţurilor la produsele din supermarket-uri

pentru a opri spirala inflaţionistă, scrie agenţia Associated Press. Îngheţarea preţurilor va fi
aplicată tuturor produselor disponibile în magazinele marilor lanţuri, un grup ce include nume
precum Walmart, Carrefour, Coto, Jumbo sau Disco, timp de două luni.
(http://www.gandul.info/financiar/argentina-a-anuntat-inghetarea-preturilor-din-supermarket-uri-
pentru-a-opri-spirala-inflationista-10543724, 08.02.2013, 15:11)
Use area: economie
Comments: Excesul de cerere este, însă, susceptibil să ducă la ceea ce se numește "spirală
inflaționistă" sau "cercul vicios al inflației", termen care exprimă în limbaj popular ideea de
creștere exponențială nelimitată a prețurilor.
147
INTEREST RATE TARGET
I.D. language: EN
I.D. country: U.K.

College Pub
Standard definition: A target interest rate refers to a given level of an interest rate - e.g.
overnight lending rate, repo rate, etc. - with which the central bank seeks to influence short term
interest rates, as part of its monetary policy strategy.
Definition source: http://stats.oecd.org/glossary/detail.asp?ID=2644, 08.02.2013, 15:18
Nota bene: interest: Middle English < Medieval Latin, Latin; rate: late Middle English rate <
Medieval Latin rata < Latin ( prō ) ratā ( parte ); target: Middle English (noun) < Middle French
targuete
Grammatical category: noun phrase, countable (N P), interest rate targets
Context: 1: One of the oldest debates in monetary economics concerns the appropriate target for
monetary policy. Two distinct camps emerge from this debate—those who favor
interest rate targets and those who favor money growth targets.
(http://www.clevelandfed.org/research/review/1996/96-q2-carlstrom.pdf, 08.02.2013,15:27)
2: Even if private savings cannot respond to current economic conditions, an

interest rate target will enable output and employment to respond to them efficiently.
(http://www.clevelandfed.org/research/review/1996/96-q3-carlstrom.pdf, 08.02.2013,15:28)
Use area: economics, financial statistics
Comments: The short term goal of open market operations is to achieve a specific short term
interest rate target. In other instances, monetary policy might instead entail the targeting of a
specific exchange rate relative to some foreign currency or else relative to gold
RO Equivalent: dobândă de referință
Definition: Dobânda de referință este folosită în cazul creditelor ipotecare, unde rata dobânzii
este formată din rata de referință, la care se adaugă un porcent fix, denumit marjă. Iar, în cazul în
care dobânda de referință crește, dobânda plătită la credit se majorează cu aceeași valoare.
148
Definition source: http://www.conso.ro/glosar-domenii/36/rata-dobanzii-de-referinta/rata-
dobanzii-de-referinta/247/1, 08.02.2013, 15:31
Nota bene: dobândă: sl. dobyti (dobondon) + de: lat. de + referință: germ. Referenz, fr. référence
Grammatical category: grup nominal, pl. dobânzi de referință; gen-dativ, sg – dobânzii de

referință; gen-dativ, pl – dobânzilor de referință. (N P N)
Synonyms: preț, taxă, avantaj
Context: 1: Începând cu 1 septembrie 2011, rata dobânzii de referinţă a Băncii Naţionale a

României este rata dobânzii de politică monetară, stabilită prin hotărâre a Consiliului de
administraţie al Băncii Naţionale a României. (http://www.bnro.ro/Rata-dobanzii-de-referinta-a-
BNR-1746.aspx, 08.02.2013, 15:40)
2: Rata dobânzii de referință se calculează de către Banca Națională și este rata

dobânzii cea mai înaltă la care BNR atrage depozite la termen pe o saptămână, de pe piața
monetară.În general, este un etalon pe care se bazează rata flotantă a dobânzilor interbancare și
cele de pe piața obligațiunilor și certificatelor de depozit.
Use area: economie, politică monetară, finanțe
Comments: În cazul în care dobânda de referință crește, dobânda plătită la credit se majorează cu
aceeași valoare.
149
INTERNATIONAL MONETARY FUND
I.D. language: EN
Education, p. 20
Standard definition: The International Monetary Fund is an international agency which tries to
promote trade and improve economic conditions in poorer countries, sometimes by lending them
money.
Nota bene: international: from inter+ national; monetary: from Latin: monetarius; fund: from
Fr. fond
Grammatical category: noun phrase, uncountable (A A N)
Context: 1: The International Monetary Fund (IMF) is an international organization that was
created on July 22, 1944 at the Bretton Woods Conference and came into existence on December
27, 1945 when 29 countries signed the Articles of Agreement. It originally had 45 members. The
IMF's stated goal was to stabilize exchange rates and assist the reconstruction of the world’s
international payment systempost-World War II. Countries contribute money to a pool through a
quota system from which countries with payment imbalances can borrow funds temporarily.
Through this activity and others such as surveillance of its members' economies and policies, the
IMF works to improve the economies of its member countries. The IMF describes itself as “an
organization of 188 countries, working to foster global monetary cooperation, secure financial
stability, facilitate international trade, promote high employment and sustainable economic
growth, and reduce poverty around the world.” The organization's stated objectives are to
promote international economic cooperation, international trade, employment, and exchange rate
stability, including by making financial resources available to
member countries to meet balance of payments needs.
(http://en.wikipedia.org/wiki/International_Monetary_Fund, 09.01.2013, 17:00)
2: The IMF is the International Monetary Fund, headquartered in Washington,
D.C. It's a global organization made up of 185 member countries, founded in 1944 with the
purpose to oversee global financial health and provide assistance when needed to its members.
Today, the IMf states its goals as "to promote international monetary cooperation, exchange
stability, and orderly exchange arrangements; to foster economic growth and high levels of
employment; and to provide temporary financial assistance to countries to help ease balance of
150
payments adjustment." Criticism of the IMF is a cornerstone of the anti-globalization movement.
(http://worldnews.about.com/od/il/g/IMF.htm; 9.01.2013,17:15)
Comments: The IMF plays three major roles in the global monetary system. The Fund surveys
and monitors economic and financial developments, lends funds to countries with balance-of-
payment difficulties, and provides technical assistance and training for countries requesting it.
RO Equivalent: Fondul Monetar International
Definition: Fondul Monetar Internaţional a fost fondat ca parte integrantă a sistemului Bretton-
Woods, fiind instituţia responsabilă cu asigurarea condiţiilor monetare şi financiare propice unui
sistem stabil de schimburi comerciale.
Definition source: http://bogdanmandru.wordpress.com/fondul-monetar-international-istoric-

structura-si-functii/, 9.01.2013 17:40
Nota bene: fond: din Fr. fond; monetar: fin Fr. monétaire; international: din Fr. international
Grammatical category: grup nominal, – (asta n-are cum sa fie analizat, nu??)
Context: 1: FMI este o organizatie internationala care are 188 de tari membre, infiintata pentru a
promova cooperarea monetara internationala, stabilitatea valutara si acorduri valutare sistematice,
pentru a stimula cresterea economica si niveluri inalte de folosire a fortei de munca si pentru a
acorda asistenta financiara temporara tarilor membre, in conditii adecvate, pentru a contribui la
ajustarea balantei de plati. In momentul aderarii la FMI, fiecare tara contribuie cu o anumita
suma de bani numita "cota de subscriere". In urma reevaluarii din 1998, cota de subscriere s-a
majorat cu 45 % ajungand la 216.75 mld DST (aprox. 323.31 mld USD) in ianuarie 1999.
Reevaluarea din 2003 nu a adus nicio modificare cotelor. In 2006, cotele au fost majorate cu 1.8
procente, aceasta masura inscriindu-se intr-un program de reforme ce se desfasoara pe o perioada
de doi ani. La sfarsitul lunii octombrie 2009, totalul cotelor se cifra la 217.4 mld. DST (aprx 346
mld. USD). (http://www.fmi.ro/index.php?pid=19&mid&lg=ro, 9.01.2013 , 17:42)
2: Fondul Monetar Internaţional este o organizaţie hibrid, reunind caracteristici ale

unei organizaţii internaţionale interguvernamentale dar şi ale unei societăţi anonime pe acţiuni, de
drept american. Fondul este situat pe teritoriul SUA, în Washington D.C. „Acţionarii” săi sunt
ţările participante la Conferinţa de la Bretton Woods şi cele care au semnat Acordul de înfiinţare
până la data de 27 decembrie 1945, plus ţările care au aderat între timp la acest acord şi la
organizaţie. Guvernele statelor (viitoare) membre au decis aşadar înfiinţarea sa, pentru a rezolva
într-un cadru multilateral probleme financiare importante, ceea ce îl face să fie, în egală măsură,
151
o organizaţie internaţională, afiliată de altfel sistemului specializat al agenţiilor ONU. Spre
deosebire de alte organizaţii, statele membre sunt reprezentate în structurile sale de conducere
potrivit unui principiu de proporţionalitate cu puterea economiei naţionale.
(http://bogdanmandru.wordpress.com/fondul-monetar-international-istoric-structura-si-functii/,
9.01.2013, 17:51)
Comments: Obiectivele principale ale FMI-ului: promovarea cooperării monetare internaționale

și a stabilității valutare; stimularea creșterii economice; asigurarea unui nivel înalt de ocupare a
forței de muncă; acordare de asistență financiară temporară pentru țările care se confruntă cu
dezechilibre ale balanțelor de plăți
152
INTERNATIONAL TRADE
I.D. language: EN
Education, p. 402
Standard definition: International trade is the exchange of capital, goods,

and services across international borders or territories.
Definition source: http://en.wikipedia.org/wiki/International_trade, 9.01.20 13, 18:02
Nota bene: international: from inter+ national; trade: from Ger. trade
Grammatical category: noun phrase, uncountable (Adj. N.)
Synonyms: domestic trade
Context: 1: International trade is the exchange of goods and services between countries. This
type of trade gives rise to a world economy, in which prices, or supply and demand, affect and are
affected by global events. Political change in Asia, for example, could result in an increase in the
cost of labor, thereby increasing the manufacturing costs for an American sneaker company based
in Malaysia, which would then result in an increase in the price that you have to pay to buy the
tennis shoes at your local mall. A decrease in the cost of labor, on the other hand,
would result in you having to pay less for your new shoes.
(http://www.investopedia.com/articles/03/112503.asp#axzz2KRhBl9P0, 9.01.20 13,18:09)
2: International trade is, in principle, not different from domestic trade as the
motivation and the behavior of parties involved in a trade do not change fundamentally regardless
of whether trade is across a border or not. The main difference is that international trade is
typically more costly than domestic trade. The reason is that a border typically imposes additional
costs such as tariffs, time costs due to border delays and costs associated with country differences
such as language, the legal system or culture. (http://en.wikipedia.org/wiki/International_trade,
9.01.2013, 18:14)
Comments: As it opens up the opportunity for specialization and therefore more efficient use of
resources, international trade has the potential to maximize a country's capacity to produce and
acquire goods. Opponents of global free trade have argued, however, that international trade still
allows for inefficiencies that leave developing nations compromised. What is certain is that the
153
global economy is in a state of continual change, and, as it develops, so too must all of its
participants.
RO Equivalent: Comert International
Definition: Comerţul internaţional reprezintă totalitatea schimburilor de bunuri şi servicii dintre

două sau mai multe state, pe zone geografice.
Definition source: http://www.referat.ro/referate/Comert_international_8008.html, 9.01.2013,

18: 27
Nota bene: comert: din Fr. commerce ; international: din Fr. international
Grammatical category: grup nominal- gen-dativ, sg – Comertului international (N Adj.)
Context: 1: Dreptul comerţului internaţional este format dintr-un ansamblu de

normeconflictuale, norme de drept civil, de drept comercial şi norme de drept material
uniform,iar, în anumite limite, şi norme de drept internaţional public prin care se reglementează
raporturile stabilite între participanţii la circuitul mondial de valori şi cunoştinţe.
(http://www.scribd.com/doc/20576472/Curs-Comert-International, 9.01.2013, 18:31)
2: Creşterea comerţului internaţional a fost mereu mai accelerată decât creşterea

economică globală, cel puţin în ultimii 250 de ani, excepţie făcând doar perioada 1913 -1950.
Între 1720 şi 1913, creşterea comerţului internaţional a fost de circa o dată şi jumătate mai
ridicată decât cea a PIB. Slaba creştere a PIB între 1913 şi 1950 – perioada cu cea mai redusă
creştere economică medie de după 1820 – a fost însoţită de o creştere încă şi mai redusă a
comerţului internaţional, stânjenită de război şi protecţionism. În această perioadă s-a produs
marea criză (1929-1933), în care comerţul internaţional a scăzut în volum cu circa 60%, ceea ce a
reprezentat o contracţie fără precedent a schimburilor comerciale în perioada modernă, ţările
încercând să depăşească propria criză economic şi şomajul prin intermediul barierelor
protecţioniste . (http://www.ince.ro/Evolutiaeconomicavol.III-final.pdf, 9.01.2013, 18:38)
Comments: O prima regula a comertului international – Principiul Clauzei Natiunii Cele Mai
Favorizate: Orice avantaje, favoruri, privilegii si imunitati acordate de o parte contractanta pt un
produs originar din sau avand ca destinatie orice alta tara vor fi extinse imediat si neconditionat
asupra oricarui produs similar originar din sau avand ca destinatie teritoriul tuturor celorlalte parti
contractante; acest principiu presupune ca daca o tara membra ce acorda unei alte tari membre o
154
favoare tarifara sau de alt gen la orice produs, ea trebuie sa extinda acest tratament imediat si
neconditionat produsului similar originar din celelalte tari membre.
155
LABOUR FORCE
I.D. language: EN
I.D. country: U.K.
Education, p. 10
Standard definition: The number of people employed plus the number of unemployed.
Nota bene: labour: from Latin laborare, from labor; force: Old. Fr. force
Synonyms: labour pool, working class
Context: 1: Normally, the labor force of a country (or other geographic entity) consists of
everyone of working age, typically above a certain age (around 14 to 16) and below retirement
(around 65) who are participating workers, that is people actively employed or seeking
employment. People not counted include students, retired people, stay-at-home parents, people in
prisons or similar institutions, people employed in jobs or professions with unreported income, as
well as discouraged workers who cannot find work. (http://en.wikipedia.org/wiki/Labor_force,
10.01.2013, 17:15)
2: Total labor force comprises people ages 15 and older who meet the International
Labour Organization definition of the economically active population: all people who supply
labor for the production of goods and services during a specified period. It includes both the
employed and the unemployed. While national practices vary in the treatment of such groups as
the armed forces and seasonal or part-time workers, in general the labor force includes the armed
forces, the unemployed, and first-time job-seekers, but excludes homemakers and other unpaid
caregivers and workers in the informal sector.
(http://data.worldbank.org/indicator/SL.TLF.TOTL.IN , 10.01.2013, 17.17)
Use area: economics
Comments: According to the standard definition employed by Statistics Canada, the employed
are persons having a job or business, whereas the unemployed are without work, are available for
work, and are actively seeking work. Together the unemployed and the employed constitute the
156
labour force. Persons not in the labour force are those who, during the reference week, were
unwilling or unable to offer or supply labour services under conditions existing in their labour
markets (this includes persons who were full-time students currently attending school).
RO Equivalent: forta de munca
Definition: Forta de munca reprezinta populaţia ocupată sau totalitatea persoanelor care lucrează
şi care caută de lucru. Noţiunea acoperă atât populaţia ocupată, cât şi şomerii.
Definition source: http://www.capital.ro/definitie/termen/vezi/Forta-de-munca.html. 10.01.2013,

17:31
Nota bene: forta: din Fr. forcer; de: din Lat. de ; munca: din Sl. monka
Grammatical category: grup nominal, – pl. Forte de munca; gen-dativ, sg – Fortei de munca,
gen-dativ, pl – Fortelor de munca. (N P N)
Context: 1: Forta de munca este caracterizata ca fiind un concept statistic complex,ce exprima
totalitatea persoanelor apte de munca ,respectiv a acelor persoane care au aptitudini fizice si
intelectuale care sa le permita exercitarea unei activitati utile. In determinarea resurselor de
munca se porneste de la definirea unor concepte de baza :populatia in varsta de munca
(PVM),persoane aflate in afara varstei de munca (PAVM),persoane in varsta de munca care pot
desfasura o activitate (PVMAM),persoane inapte de munca (PIM),populatia activa (PA),populatia
inactiva (PI),populatia ocupata(PO),rezerva de forta de
munca(Rez.M),salariati(S) si ate categorii(AC).
(http://facultate.regielive.ro/referate/statistica/forta-de-munca-si-gradul-de-ocupare-al-acesteia-
9407.html. 10.01.2013 , 17:42)
2: Agentia Nationala pentru Ocuparea fortei de Munca vine in sprijinul cetateanului cu

programe si locuri de munca cat mai noi. (http://www.anofm.ro/, 10.01.2013 , 17:47)
Use area: economie
Comments: Forţa de muncă ocupată este compusă din angajaţi, întreprinzătorii independenţi şi
membrii serviciului militar. De obicei, în categoria forţei de muncă nu intră studenţii, pensionarii,
femeile casnice şi aşa numiţii "lucrători descurajaţi", care nu pot fi consideraţi şomeri, pentru că
nu caută de lucru în mod activ.
157
LABOUR PRODUCTIVITY
I.D. language: EN
I.D. country: U.S.A.
Education, p. 127
Standard definition: Labour productivity is the measurement of economic growth of a country.
Definition source: http://www.investopedia.com/terms/l/labor-

productivity.asp#axzz2K1RFP6Kg. 09.01.2013, 12:14
Nota bene: labour: from Fr. labour; productivity: from productive+ ity
Grammatical category: noun phrase, uncountable (N. Adj.)
Synonyms: workforce productivty
Context: 1: Labor productivity measures the amount of goods and services produced by one hour
of labor. More specifically, labor productivity measures the amount of real GDP produced by an
hour of labor. Growing labor productivity depends on three main factors: investment and saving
in physical capital, new technology and human capital.
(http://www.investopedia.com/terms/l/labor-productivity.asp#axzz2K1RFP6Kg, 09.01.2013,
12:18)
2: Labour productivity can be measured in 2 ways, in physical terms or in price
terms: 1) the intensity of labour-effort, and the quality of labour effort generally; 2) the creative
activity involved in producing technical innovations; 3) the relative efficiency gains resulting
from different systems of management, organization, co-ordination or engineering; 4) the
productive effects of some forms of labour on other forms of labour.
(http://en.wikipedia.org/wiki/Workforce_productivity, 09.01.2013, 12:22)
Comments: Facors affecting labour productivity: 1) Skills and qualifications of workers. If

workers become more skilled with relevant training, then this can increase labour productivity; 2)
Morale of workers. In a period of industrial unrest and low worker morale, productivity is likely
to fall; 3) Technological progress. The implementation of new technology is one of biggest
factors in improving productivity. For example, the assembly line introduced from the 1920s
made huge strides in productivity. In recent years, the development of micro computers and the
internet have also enabled improvements in productivity.
158
RO Equivalent: Productivitatea muncii
Definition: Productivitatea muncii reprezinta un indicator sintetic de baza care ilustreaza

eficienta muncii.
Definition source: http://www.scritube.com/management/marketing/Productivitatea-muncii-

general2441721147.php, 09.01.2013, 12:36
Nota bene: productivitate: din Fr. productivité; munca: din Sl. monka
Grammatical category: grup nominal- gen-dativ, sg – Productivitatii muncii ( N NGen)
Context : 1: Progresul oricarei societati depinde într-o masura decisiva de eficienta cu care sunt
folosite resursele umane, naturale si financiare de care dispune. Întotdeauna, oamenii s-au
straduit ca din fiecare unitate de munca, de resurse umane sau de bani ce se cheltuiesc, sa asigure
o crestere cât mai mare a volumului si a calitatii productiei, sa obtina cantitati sporite de bunuri
materiale si servicii, deoarece numai pe o asemenea baza poate fi asigurata o crestere economica
intensa, crearea unei economii avansate si implicit conditii în vederea ridicarii bunastarii
materiale si spirituale a populatiei.
(http://www.scritube.com/management/marketing/Productivitatea-muncii-
general2441721147.php, 09.01.2013, 12:38)
2: In primele 11 luni din 2012, potrivit datelor Institutului National de Statistica,

productivitatea muncii in industrie a scazut cu 2,3% comparativ cu primele 11 luni din 2011, in
timp ce salariul mediu in sectorul industrial a crescut in aceeasi perioada cu 5,4%. Practic, anul
trecut, un angajat mediu a castigat cu 5,4% mult, dar a produs cu 2,3% mai putin. Este pentru
prima data in ultimii 12 ani cand productivitatea muncii in industrie scade comparativ cu anul
anterior. (http://businessday.ro/01/2013/productivitatea-muncii-a-scazut-anul-trecut-pentru-
prima-data-in-ultimii-12-ani/, 09.01.2013, 12:42)
Comments: In teoria si practica economica sunt consacrate doua forme ale productivitatii:
1) Productivitatea partiala - exprima eficienta unui singur factor de productie; dupa caz poate fi
productivitate a muncii, productivitate a capitalului si productivitate a pamântului;
2)Productivitatea globala - exprima eficienta tuturor factorilor de productie implicati în
obtinerea unui rezultat.
159
MACROECONOMIC MODEL
I.D. language: EN
I.D. country: UK
Education, p. 29
Standard definition: A macroeconomic model is a tool used to present a holistic view of the
operation of an economy, usually in the form of a computer-based system. It is a means of
collating research on the economy in a systematic and policy-relevant way, and depends on the
availability of such research. The goal of a macroeconomic model is to replicate the main
mechanisms of an entire economic system, which may consist of a region (such as the Italian
Mezzogiorno), a nation state (such as Poland), or a collection of nation states (such as the 27
members of the EU). The only requirement is that the entity being modelled is large enough to
display the distinctive properties that are the subject area of macroeconomics.
Definition source:
http://ec.europa.eu/regional_policy/sources/docgener/evaluation/evalsed/sourcebooks/method_tec
hniques/modelling/macroeconomic_models/index_en.htm, 04.02.2013, 13.30
Nota bene: macroeconomic: from macro- +economic:from Greek oikonomia; model: from
Middle French modelle, from Latin modulus
Grammatical category: noun phrase, countable
Context: 1:The crisis showed that the standard macroeconomic models used by central bankers
and other policymakers, which go by the catchy name of “dynamic stochastic general
equilibrium” (DSGE) models, neither represent the financial system accurately nor allow for the
booms and busts observed in the real world. A number of academics are trying to fix these
failings. (http://www.economist.com/news/finance-and-economics/21569752-efforts-are-under-
way-improve-macroeconomic-models-new-model-army 04.02.2013, 13:33 )
2.A few, including Ben Bernanke, the current chairman of the Federal Reserve, were
studying financial crises using data from the Great Depression back in the early 1980s. But the
knowledge gained from these efforts was not incorporated into more generalised macroeconomic
models. For example, Mr Bernanke co-wrote a well-known model in 1999 where the existence of
160
debt makes downturns deeper and longer.
(http://www.economist.com/blogs/freeexchange/2013/01/brief-history-macro 04.02.2013, 13.35)
Comments: The Macroeconomic Model Data Base is an archive of macroeconomic models

based on a common computational platform that provides various tools for systematic model
comparison. The project is headed by Volker Wieland, Professor of Monetary Theory and Policy
at Goethe University Frankfurt. The Model Database has been part of the EU-sponsored joint
initiative on "Modelling and Implementation of Optimal Fiscal and Monetary Policy Algorithms
in Multi-Country Econometric Models" (MONFISPOL) until the most recent update 1.2.
RO Equivalent: Model macroeconomic
Definition: Un model macroeconomic este un instrument analitic creat pentru a descrie

funcționarea economiei unei țări sau a unei regiuni. Aceste modele sunt de obicei proiectate
pentru a examina dinamica cantitățile cumulate, cum ar fi valoarea totală a bunurilor și a
serviciilor produse, venitul total obținut, nivelul de ocupare a resurselor productive și nivelul
prețurilor. Modelele macroeconomice pot fi logice, matematice, și / sau de calcul; diferite tipuri
de modele macroeconomice servesc unor scopuri diferite și au diferite avantaje și dezavantaje.
Modelele macroeconomice pot fi folosite pentru a clarifica și ilustra principiile de bază teoretice;
acestea pot fi folosite pentru a testa, compara, si cuantifica diferite teorii macroeconomice, pentru
a produce scenarii ipotetice (de obicei, pentru a prezice efectele schimbărilor monetare, politicilor
fiscale, macroeconomice sau de altă natură) şi pentru a genera previziuni economice.
Definition source:
http://www.evaluare-structurale.ro/ro/k-tool/glosar-evalsed/details/5/58/glosar-modele-
macroeconomice, 04.02.2013, 13.40
Nota bene: Model: din Fr. modèle, It. modello. Macroeconomie: din Fr. macroéconomie
Grammatical category: grup nominal, – pl. Modele macroeconomice, gen-dativ, sg – modelului

macroeconomic, gen-dativ, pl – modelelor macroeconomice. (N A)
Context: 1: ”De ce cota unică? Pe deoparte ar rămâne mai mulţi bani la anagator şi la angajat şi
are creşte şi consumul. Noi avem un model macroeconomic validat de viaţă. Apărea şi datoria în
programul de Guvernare. DOmnul Ponta nu ştia ce datorii are România în campania electorală?
Cine guvernează de 1 an de zile? Mama?”, s-a întrebat Blaga.
161
(http://www.evz.ro/detalii/stiri/vasile-blaga-critic-neguvernarea-domnului-ponta-a-facut-din-
minciuna-politica-de-stat-101.html 04.02.2013, 13.44)
2: Economistii clasici au aplicat modelele macroeconomice, sau modelele de “piata

clara” pentru problemele economiei de peste tot. Esuarea simplelor modele clasice pentru
explicarea existentei de durata a somajului in timpul Marii Depresii a servit drept imbold pentru
dezvoltarea Macroeconomiei.
(http://facultate.regielive.ro/cursuri/economie/curs-macroeconomie-41378.html
04.02.2013, 13.49)
Comments: Efectele nu pot fi deduse pur si simplu din studiul de date economice, cum sunt cele
incluse în conturile naționale publicate, deoarece performanța economică este afectată de o gamă
largă de acțiuni aferente politicilor interne, precum si de evoluțiile externe din economia globală.
Identificarea rolului politicii de coeziune necesită utilizarea unui instrument special de analiză
numit „modele macroeconomice”, de obicei denumit pe scurt „modele macro”.
162
MINIMUM WAGE
I.D. language: EN
I.D. country: U.K.
Education, p. 84
Standard definition: The lowest wage paid or permitted to be paid; specifically :a wage fixed by
legal authority or by contract as the least that may be paid either to employed persons generally
or to a particular category of employed persons
Definition source: http://www.merriamwebster.com/dictionary/minimum%20wage, 04.02.2013

14:00
Nota bene: Minimum: from Latin minimum, Wage: from Old North French wage (Old French
guage)
Context: 1: A mandatory national minimum adult hourly wage of £3.60 was introduced in April
1999, and has been regularly uprated since. In October it rose to £6.19. The wage floor seems not
to have cost jobs. A 2010 paper by researchers at the Centre for Economic Performance at the
London School of Economics found the long-run effect was either negligible or positive (ie, jobs
increased). That finding is echoed in studies of minimum wages in America.
(http://www.economist.com/news/britain/21565994-sense-and-nonsense-about-minimum-wages-
wage-flaws 04.02.2013 14:06)
2: As the nation’s economy slowly recovers and income inequalityemerges as a crucial

issue in the presidential campaign, lawmakers are facing growing pressure to raise the minimum
wage, which was last increased at the federal level to $7.25 an hour in July 2009.
(http://www.nytimes.com/2012/04/10/business/economy/a-campaign-to-raise-the-minimum-
wage.html?pagewanted=all&_r=0 04.02.2013 14:10)
Comments: The National Minimum Wage rate per hour depends on your age and whether you’re
an apprentice - you must be at least school leaving age to get it.
RO Equivalent: Salariu minim
163
Definition: Salariul fixat pe cale legala pentru a garanta salariatilor din categoriile defavorizate
un venit care sa le asigure un minim decent de subzistenta, minim determinat in raport cu mediul
social dat. Salariul minim reprezinta nivelul de salariu sub care nici un salariat nu trebuie, in
principiu, sa fie platit. In conditiile actuale, cand prolifereaza variate programe atipice de lucru,
salariul minim isi pierde din importanta.

salariu_minim.html, 04.02.2013 14:14
Nota bene: Salariu: din fr. salaire, lat. salarium, Minim: din lat. minimus, fr. minime.
Grammatical category: grup nominal, – pl. Salarii minime, gen-dativ, sg – salariului minim,
gen-dativ, pl – salariilor minime (N A)
Context: 1: De vineri, salariul minim pe economie va fi mai mare cu 14,3%. Orice angajat
român va avea garantat un salariu de bază de minimum 750 de lei, faţă de 700 de lei cât era până
acum, urmând ca de la 1 iulie acesta să fie majorat la 800 de lei.
(http://www.romanialibera.ro/bani-afaceri/economie/salariul-minim-si-punctul-de-amenda-
pentru-soferi-vor-creste-afla-de-cand-292146.html 04.02.2013 14:18)
2: Este bine ca salariul minim pe economie să crească, dar va trebui analizat dacă
majorarea de aproape 15% nu este prea mare. În schimb, scăderea TVA la pâine nu e o idee bună
în viziunea reprezentanţilor FMI, ne-au declarat surse apropiate negocierilor cu Fondul Monetar
Internaţional. (http://adevarul.ro/economie/stiri-economice/fmi-acord-salariul-minim-economie-
creasca-nu-vrea-scada-tva-paine-1_50f6e963dc344dc20241e919/index.html 04.02.2013 14:20)
Comments: Salariul minim brut pe economie va creste la 750 de lei de la 1 februarie, actul
normativ care stabileste acest lucru fiind publicat recent in Monitorul Oficial. Ulterior, salariul
minim va mai creste o data in cursul acestui an, urmand sa ajunga la 800 de lei.
164
MONETARY AGGREGATES
I.D. language: EN
I.D. country: U.K.
Education, p. 137
Standard definition: Broad categories measuring the total value of the money supply within an
economy. In the United States, the standardized monetary aggregates and their measured contents
are known as:
M0 – Physical cash and coin
M1 – All of M0 plus demand deposits, traveler’s checks
M2 – All of M1 plus savings deposits, money market shares
There is also an M3 aggregate that includes larger (greater than $100,000) time deposits and
institutional funds. The M3 measure is no longer tracked by the Federal Reserve as of 2006,
although analysts still calculate the figure broadly. The Federal Reserve uses monetary aggregates
to measure the effects of open-market operations, like changing the discount rate or trading in
Treasury securities.
Definition source: http://www.investopedia.com/terms/m/monetary-

aggregates.asp#axzz2Jvpqp6tW, 04.02.2013 14:31
Nota bene: monetary: from Late Latin monetarius "pertaining to money," originally "of a mint,"
from Latin moneta "mint, coinage", aggregate: from Latin aggregatum
Context: 1: This is partly based on the ECB's use of monetary aggregates, such as M3, which
measure the volume of money and lending in the economy, to forecast the future course of
inflation. (http://news.bbc.co.uk/2/hi/business/4480924.stm 04.02.2013 14:34)
2: Open Market Committee voted at its Jan. 16 meeting to seek bank reserve and money
market conditions that would support slower growth in the monetary aggregates than occurred in
the second half of last year. (http://select.nytimes.com/gst/abstract.html?
res=FA061EFF38551A7493C5A8178FD85F478785 F9 04.02.2013 14:37)
Comments: Monetary aggregates are always expressed in current price (“nominal” terms)
because the amount of money required by an economy reflects current levels of economic
165
activity and price. In MEI, they are presented both as stock series in national currency and as
indices in the OECD standard base year.
RO Equivalent: Agregate monetare
Definition: Forma de existenta a monedei aflate in circulatie in tara respectiva (emitenta). In

Romania, se intalnesc trei agregate monetare: M1- bani in sens restrans-include componente
monetare care pot fi transformate cu usurinta in lichiditate, si anume moneda propriu-zisa, cecuri
de calatorie, depozitele la bancile comerciale, bancile mutuale sau de economii; M2- bani in sens
larg- format din componentele agregatului monetar M1 la care se adauga depozitele de economii,
depozitele pe termen scurt si de valori limitate care contra unor penalizari pot fi rambursate la
cerere, acordurile de rascumparare peste noapte, depozitele peste noapte si M3.
Definition source: http://www.efin.ro/credite/glosar_economic_A/agregat_monetar.html,

04.02.2013 14:42
Nota bene: agregat: Din fr. agrégé. , monetar: Din fr. monétaire.
Grammatical category: grup nominal, – pl. agregate monetare, gen-dativ, sg – agregatului

monetar, gen-dativ, pl – agregatelor monetare. (N A)
Context: 1: În cadrul analizei evoluţiilor monetare, trebuie admis faptul că intensificarea şi

generalizarea turbulenţelor pe pieţele financiare, începând cu luna septembrie 2008, ar putea
afecta semnificativ evoluţia agregatelor monetare. Potrivit celor mai recente date referitoare la
credite şi la agregatele monetare, acest fenomen a avut deja repercusiuni considerabile asupra
comportamentului participanţilor pe piaţă. (http://www.bnro.ro/Buletinul-lunar-BCE---februarie-
2009-3354.aspx, 04.02.2013 14:48)
2: Agregatul monetar M1 a fost definit ca fiind numerarul aflat în circulaţie, plus

depozitele cu scadenţa la o zi (overnight). Agregatul monetar M2 include agregatul M1, plus
depozitele cu scadenţă de până la doi ani inclusiv şi depozitele rambursabile cu preaviz de până la
trei luni inclusiv.
(http://www.ecb.int/ecb/educational/facts/monpol/html/mp_006.ro.html, 04.02.2013 14:53)
Comments: Eficacitatea agregatelor monetare se interpreteaza in functie de capacitatea acestora

de a se constitui in obiective intermediare ale politicii monetare. Acestea trebuie sa ofere
informatii complexe si sa atraga atentia asupra evolutiei comportamentului agentilor economici.
166
MONETARY POLICY
I.D. language: EN
I.D. country: U.K.
Education, p. 139
Standard definition: The actions of a central bank, currency board or other regulatory
committee that determine the size and rate of growth of the money supply, which in turn affects
interest rates. Monetary policy is maintained through actions such as increasing the interest rate,
or changing the amount of money banks need to keep in the vault (bank reserves).
Definition source:
http://www.investopedia.com/terms/m/monetarypolicy.asp#axzz2Jvpqp6tW, 04.02.2013, 20:20
Nota bene: : monetary: from Late Latin monetarius "pertaining to money," originally "of a
mint," from Latin moneta "mint, coinage", policy: from Latin politia "the state," from
Greek politeia "state, administration, government, citizenship," from polites "citizen,"
from polis "city, state,"
Context: 1: I've been speaking to one respected economist and policymaker who thinks I've
forgotten one big way that short-term decisions on UK fiscal and monetary policy could affect
the UK's long-term economic health. That is through their effect on youth unemployment.
(http://www.bbc.co.uk/news/business-21279105, 04.02.2013, 20:24)
2: I agree with David Beckworth that Richard Koo is wrong to insist that monetary
policy can’t do anything in a balance sheet recession. But I think Beckworth introduces
unnecessary complications; also, Koo isn’t entirely wrong.Koo’s argument is that interest rates
and monetary policy don’t matter because everyone is debt-constrained. That can’t be right; if
there are debtors, there must also be creditors, and the creditors must be influenced at the margin
by interest rates, expected inflation, and all that.
(http://krugman.blogs.nytimes.com/2011/06/26/monetary-policy-in-a-balance-sheet-recession-
wonkish/, 04.02.2013, 20:28)
Comments: Volcker was powerful because he was making monetary policy. His predecessors
were powerful too. At least five of the previous eight postwar recessions can be attributed to their
167
anti-inflationary policies. Likewise, Alan Greenspan’s Federal Reserve bears the main
responsibility for the 1990–1991 and 2001 recessions.
RO Equivalent: politică monetară
Definition: Reprezinta o componenta de baza a politicii economice, prin intermediul ei bancile

centrale actionand asupra cererii si ofertei de moneda din economie.

politica_monetara.html, 04.02.2013, 20:32
Nota bene: politica:Din lat. politicus, ngr. politikós, fr. Politique; monetara:Din fr. monétaire
Grammatical category: grup nominal, – pl. Politici monetare, gen-dativ, sg – politicii monetare,
gen-dativ, pl – politicilor monetare (N A)
Context: 1: Menţinerea accentului aproape în exclusivitate pe politica monetară de ţintire a

inflaţiei şi aşteptarea unor miracole fără a echilibra implicarea ei şi în direcţia unor măsuri care să
ducă la creştere economică, la o stabilitate şi sustenabilitate macroeconomică şi financiară, ne pot
conduce la o situaţie riscantă care să elimine o mare parte din efectele pozitive acumulate în
legătură cu deciziile de politică monetară de până acum, afectând credibilitatea şi independenţa
băncii centrale şi punând în pericol programele de restructurare şi de reformă", spune Dănilă.
(http://www.zf.ro/eveniment/danila-daca-politica-monetara-e-asa-buna-de-ce-ne-zbatem-in-
starea-de-stagnare-a-economiei-10426546, 04.02.2013, 20:36)
2: Comentariile venite din partea viceguvernatorului Băncii Centrale vin la câteva zile
după ce Japonia a anunţat mutarea sa către o politică monetară ultrarelaxată, care a pornit o
dezbatere privind dacă politica monetară ar putea face mai mult pentru a stimula creşterea
economică sau dacă acţiunile suplimentare ar avea efecte secundare negative.
(http://www.curierulnational.ro/Economie%20mondiala/2013-01-
30/Politica+monetara+adoptata+de+Japonia+pune+in+alerta+China, 04.02.2013, 20:42)
Comments: Pe parcursul mai multor secole promovarea politicii monetare se reducea la luarea
deciziilor de batere a monedei metalice și de emitere a banilor de hârtie. Crearea primelor bănci
centrale (bănci cu drept de emisie monetară) a fost influențată de ideea menținerii parității
bancnotelor în raport cu metalul prețios și în raport cu bancnotele altor state. Respectiv,
obiectivul politicii monetare a fost menținerea etalonului aur.
168
MONEY MULTIPLIER
I.D. language: EN
I.D. country: U.K.
Standard definition: In monetary economics, a money multiplier is one of various closely

related ratios of commercial bank money to central bank money under a fractional-reserve
banking system. Most often, it measures the maximum amount of commercial bank money that
can be created by a given unit of central bank money. That is, in a fractional-reserve banking
system, the total amount of loans that commercial banks are allowed to extend (the commercial
bank money that they can legally create) is a multiple of reserves; this multiple is the reciprocal
of the reserve ratio, and it is aneconomic multiplier.
Definition source: http://en.wikipedia.org/wiki/Money_multiplier, 04.02.2013 20.45
Nota bene: from Old French monoie, from Latin moneta; multiplier: multiply (from Latin
multiplicare "to increase," from multiplex) + -er
Grammatical category: noun phrase, countable – money multipliers (N N)
Context: 1: It’s obvious that many commenters don’t get the distinction between the
proposition that banks create money — which every economics textbook, mine included, says
they do (that’s what the money multiplier is all about) — and the proposition that their ability to
create money is not constrained by the monetary base.
(http://krugman.blogs.nytimes.com/2012/03/30/banking-mysticism-continued/ 04.02.2013 20.48)
2: As you can see, M2 plunged in the Depression– and the Fed should have tried to
prevent that. But the reason M2 plunged was because of the banking crisis, which led people to
prefer cash to bank deposits and led the surviving banks to hold lots of reserves. This reduced the
“money multiplier”: the amount of money supported by a dollar of reserves.M2 did not plunge
because the Fed sharply reduced monetary base, although there were occasions in later life when
Friedman asserted that it did. (http://krugman.blogs.nytimes.com/2008/01/17/great-depression-
blogging/ 04.02.2013 20.48)
Comments: Under the fractional reserve banking system, a unit of cash injected into the system
by a central bank increases as it propagates through the banking system. Thus an increase in the
monetary base has a magnified effect on the money supply and the multiplicative effect is
represented by the money multiplier.
169
RO Equivalent: Multiplicatorul monetar
Definition: Procesul de potenţare a masei monetare este cunoscut sub denumirile de multiplicator
monetar sau multiplicator de credit. O anumită injecţie de numerar generează o serie de credite
succesive, care se reîntorcîn sistemul bancar. Sumele împrumutate de fiecare dată depind de rata
rezervelor obligatorii. Multiplicatorul monetar exprimă variaţia masei monetare ce rezultă din
variaţia unei u.m. introdusă în sistemul bancar sub formă de numerar (bază monetară).
Definition source: http://www.scribd.com/doc/24722085/Piata-monetara, 04.02.2013 20.53
Nota bene: multiplicator: din fr. multiplicateur, lat. multiplicator; monetar: din fr. monétaire.
Grammatical category: grup nominal, – pl. Multiplicatori monetari, gen-dativ, sg –

multiplicatorului monetar, gen-dativ, pl – multiplicatorilor monetari. (N A)
Context: 1: Multiplicatorul monetar (m) reprezintă raportul dintre masa monetară şi baza
monetară. El se utilizează la determinarea masei monetare prin intermediul variabilei cheie.
Multiplicatorul monetar poate fi simplu şi compus. Multiplicatorul monetar este supraunitar,
valoarea lui creşte în măsură ce sporeşte ponderea depozitelor în masa monetară şi este cu atît
mai mare cu cît mai mică este ponderea rezervelor. (http://facultate.regielive.ro/cursuri/economie/
piata-monetara-inflatia-si-hiperinflatia-153338.html, 04.02.2013, 20.57)
2: Coeficientul de lichiditate, l, depinde de gusturile publicului, dar coeficientul de

rezerva, r, poate fi determinat de autoritatea monetara. Daca banca centrala autorizeaza bancile sa
opereze cu mai putine rezerve, acestea ar putea dispune de mai multi bani pentru credite,
crescand efectul multiplicator. Banca centrala dispune astfel de trei instrumente de control al
ofertei monetare: operatiile pietei libere si creditele bancilor private, care modifica baza monetara
si manipularea coeficientului legal de rezerve, care modifica multiplicatorul monetar.
(http://www.eumed.net/ecorom/XII.%20Banii%20si%20politica%20monetara/7%20piata_monet
ara.htm, 04.02.2013, 21.03)
Comments: Daca depozitele bancare ar trebui sa fie acoperite integral prin rezerve constituite, nu
s-ar produce nici o creatie neta de bani, in cazul in care numerarul ar fi retras din circulatia
baneasca efectiva si depus sub forma de depozit. Bancile comerciale sunt obligate sa detina ca
rezerva, sub forma de numerar sau de depozit la banca centrala, doar o fractiune din
disponibilitatile de creditare.
170
NATURAL RATE OF UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.
Source: Parkin M. (2012), “Macroeconomics”, tenth edition, Addison-Wesley, Ontario, p.116
Standard definition: The lowest rate of unemployment that an economy can sustain over the
long run. Keynesians believe that a government can lower the rate of unemployment (i.e. employ
more people) if it were willing to accept a higher level of inflation (the idea behind the Phillips
Curve). However, critics of this say that the effect is temporary and that unemployment would
bounce back up but inflation would stay high. Thus, the natural, or equilibrium, rate is the lowest
level of unemployment at which inflation remains stable.
Definition source:
http://www.investopedia.com/terms/n/naturalunemployment.asp#axzz2KRLWwad3 (09.02.2013,
23.34)
Nota bene: natural: from French naturel, from Latin naturalis; rate: from Latin rata;
unemployment: from Middle English emploien
Grammatical category: noun phrase, countable – natural rates of unemployment (A N P N)
Acronym: NAIRU
Context: 1: The unemployment rate's "natural" threshold is significantly higher than it was prior
to the recession. The CBO currently says the natural rate of unemployment is around 5.5 percent,
up from its 5 percent level where it stood from 2000 through the start of 2009. That means even if
demand were healthy and Americans decided to open their wallets, the job market would hit
equilibrium—or the stable point of where it "wants" to be—at 5.5 percent and fluctuate around
that point. In other words, the level of what is "normal" employment has shifted upward.
(http://www.usnews.com/news/articles/2013/01/17/unemployment-set-to-improve-but-only-so-
much) (09.02.2013, 23.36)
2: In technical terms, many economists – including the ones who run the Fed –
believe that pushing unemployment below a certain level will cause wages and prices to rise.
They call that level the natural rate of unemployment. And Mr. Williams thinks recent
disruptions, which have left some workers ill equipped to find new jobs, have raised that rate as
much as 1.5 percentage points. (http://economix.blogs.nytimes.com/2012/05/03/inflation-and-
joblessness-the-tipping-point/ ) (09.02.2013, 23.37)
171
Comments: The Natural Rate of Unemployment is the rate of unemployment when the labour
market is in equilibrium. It is the difference between those who would like a job at the current
wage rate and those who are willing and able to take a job.
RO Equivalent: Rata naturala a somajului
Definition: Procentul şomerilor care sunt neangajaţi voluntar este cunoscut, potrivit unor
definiţii, ca fiind rata naturală a şomajului.
Definition source: www.asecib.ase.ro/Roman/am/cap6.pdf, , 09.02.2013, 23.40
Nota bene: rata: din germ. rate; natural: din lat. naturalis, it. naturale; somaj: din fr. chômage.
Grammatical category: grup nominal, – pl. Ratele naturale ale somajului; gen-dativ, sg –ratei
naturale a somajului, gen-dativ, pl – Ratelor naturale ale somajului. (N A NGen)
Context: 1: Analiza relaţiei dintre inflaţie şi şomaj a parcurs, în perioada postbelică, mai multe
etape. Prima etapă a reprezentat-o acceptarea ipotezei lui A.W. Phillips din 1957 – conform căreia
există o relaţie negativă stabilă între nivelul şomajului şi rata modificării salariilor – şi a curbei
Phillips. Următoarea etapă – marcată de contribuţiile lui Friedman – a pus în evidenţă o curbă
Phillips pe termen lung verticală şi a introdus conceptul de rată naturală a şomajului,
desemnând acel nivel al şomajului consistent cu o inflaţie stabilă.
(http://store.ectap.ro/articole/566_ro.pdf, 09.02.2013, 23.42)
2: Economistul A.W.Phillips, care a pornit in cercertarile sale de la

permanentizarea somajului (in lucrarile sale a fost luata ca exemplu situatia din Anglia), a ajuns
sa impuna in teoria economica un nou concept-rata naturala a somajului. Aceasta teorie a fost
ulterior dezvoltata de Friedman. Rata naturala a somajului este strâns legata de rata inflatiei;
practic, rata naturala corespunde unei rate stabile a inflatiei.
(http://www.scritube.com/economie/CORELATIA-INFLATIESOMAJ2284219.php, 09.02.2013,
23.48)
Comments: Prin realizarea celor doua conditii punctate anterior, cererea si oferta agregate se
modifica numai in functie de fenomenul inflationist si de aceea rata naturala a somajului o
reflecta. Daca cererea agregata si oferta, sau numai una dintre acestea, se modifica si datorita
altor factori decât inflatia, atunci somajul poate înregistra o rata mai mare decât cea naturala, iar
inflatia-conform teoriei economice-va începe sa scada.
172
NOMINAL INTEREST RATE
I.D. language: EN
I.D. country: U.K.
Standard definition: Nominal interest rates refer to referes to the rate of interest prior to taking
inflation into account. Depending on its application, an inflation and risk premium must be added
to the real interest rate in order to obtain the nominal rate.
Definition source:
(http://www.investopedia.com/terms/n/nominalinterestrate.asp#axzz2KRLWwad3) (09.02.2013,
23.49)
Nota bene: nominal: from Latin nominalis; interest: from Anglo-French interesse , from
Latin interresse; rate: from Latin rata;
Grammatical category: noun phrase, countable (A N N)
Context: 1: During the long (1950s-70s) debate over the relative effectiveness of fiscal and
monetary policy, Keynesians used to criticize the Equation of Exchange as follows: “Sure if you
increase M, and if V is constant, then NGDP will rise. But V is not constant. Even worse for the
monetarists, more M will tend to reduce V. Here’s why. As M rises, nominal interest rates will
fall. At a lower nominal interest rate, there is a lower opportunity cost of holding cash. This
makes people hold on to cash longer, and V falls. So it’s not even clear than more M will lead to
more NGDP. That’s why we need fiscal policy.” (http://wallstreetpit.com/98507-do-higher-
interest-rates-really-cause-inflation/) (09.02.2013, 23.51)
2: A successful exit essentially involves the reversal of these asset market effects.
With little scope to lower nominal interest rates, the only way to push real interest rates lower is
to raise inflation expectations. Precisely because the economy is in a liquidity trap, real rates are
higher than they would be without the zero bound, so rising inflation expectations would not be
expected to raise nominal interest rates, at least over the zone in which the liquidity trap was
binding. So, the main shifts should involve a downward shift in the real rate curve, not an upward
shift in the nominal rate curve.
(http://www.nasdaq.com/article/forex-flash-what-to-expect-out-of-japanese-policymakers-
goldman-sachs-cm215124#.URbEpKXCaSo) (09.02.2013, 23:51)
173
Comments: The nominal interest rate is the periodic interest rate times the number of periods per
year. For example, a nominal annual interest rate of 12% based on monthly compounding means
a 1% interest rate per month (compounded). A nominal interest rate for compounding periods less
than a year is always lower than the equivalent rate with annual compounding (this immediately
follows from elementary algebraic manipulations of the formula for compound interest). Note
that a nominal rate without the compounding frequency is not fully defined: for any interest rate,
the effective interest rate cannot be specified without knowing the compounding frequency and
the rate. Although some conventions are used where the compounding frequency is understood,
consumers in particular may fail to understand the importance of knowing the effective rate.
RO Equivalent: Dobândă nominală
Definition: Rata a dobanzii cu care este remunerata o obligatiune de imprumut, ce intra in

calculul randamentului titlului.
Definition source:
http://www.euroavocatura.ro/dictionar/3938/Dobanda_nominala (09.02.2013 23.54)
Nota bene: dobanda: din sl. dobyti (dobondon) ; nominala:din fr. nominal, lat. nominalis.
Grammatical category: grup nominal, – pl. Dobânzi nominale, gen-dativ, sg – Dobânzii

nominale, gen-dativ, pl – Dobânzilor nominale (N A)
Context: 1: Pe masura ce volumul de credite neperformante s-a acumulat, marja intre credite si
depozite a crescut si ea la creditele de nevoi personale peste 6,5% si probabil va ramane la aceste
valori si in anul 2013, in timp ce la creditele de nevoi personale cu ipoteca estimam o marja fata
de dobanda la depozite de 5-6% in 2013, ceea ce se va materializa in dobanzi nominale la credite
de aproximativ 11%. (http://www.ziare.com/bani/credit/bilantul-crizei-dobanzi-real-negative-
frica-de-risc-si-inconsecventa-in-creditare-1212344) (10.02.2013 00.04)
2: Pentru creditele de nevoi personale cu ipotecă, analistul economic estimează o

marjă faţă de dobânda la depozite de 5-6% în 2013, ceea ce se va materializa în „dobânzi
nominale la credite de aproximativ 11%". (http://www.romanialibera.ro/bani-
afaceri/finante/motoarele-bancilor-functioneaza-la-ralanti-290295.html) (10.02.2013 00:05)
Comments: In conditiile in care, de pilda, rata nominala a dobanzii este de 50 %, iar rata inflatiei
este de 40%, rata dobanzii reale va reprezenta 7,14 % (dobanda reala pozitiva), ceea ce inseamna
ca se recupereaza puterea de cumparare a capitalului angajat si o suma ce reprezinta dobanda
174
reala, de dimensiuni mult diminuate, in raport de nivelul nominal. Dimpotriva, in cazul in care
rata nominala a dobanzii este de 50%, iar rata inflatiei este de 80%, rata dobanzii reale va
reprezenta - 16,66% (sau altfel spus dobanda reala negativa de 16,66%), ceea ce evidentiaza nu
numai lipsa oricarui profit pe seama acestei operatiuni, dar si o pierdere substantiala din puterea
de cumparare a capitalului avansat.
175
NON-TARIFF BARRIERS TO TRADE
I.D. language: EN
I.D. country: U.K.

College Pub, p. 32
Standard definition: A form of restrictive trade where barriers to trade are set up and take a
form other than a tariff. Nontariff barriers include quotas, levies, embargoes, sanctions and other
restrictions, and are frequently used by large and developed economies.
Definition source:
http://www.investopedia.com/terms/n/nontariff-barrier.asp#axzz2KRLWwad3, 10.02.2013 00.12
Nota bene: tariff: from Arabic ta'rif "information, notification, inventory of fees to be paid,";
barrier: from Old French barriere "obstacle, gatekeeper," from barre "bar" ; trade: from Middle
Dutch or Middle Low German trade "track, course"
Grammatical category: noun phrase, countable - non-tariff barrier to trade (A N P N)
Context: 1: Most empirical studies calculate that riding on the back of low transport costs,
dismantling of tariff and non-tariff barriers, grant of the Most Favoured Nation (MFN) status to
India by Pakistan, and improvement of logistical arrangements, the total volume of bilateral trade
should be able to rise to approximately $8-10 billion annually. (http://www.business-
standard.com/article/opinion/pak-left-behind-in-the-race-india-can-help-catch-up-ishrat-hussain-
113020901001_1.html) (10.02.2013 00.13)
2: If APEC wants to continue to take a leadership role in promoting growth, trade

and investment, it has to encourage members to lower non-tariff barriers as well as build the
ports, roads and airports that facilitate trade across the Pacific, Mr. Thamrin said.
(http://online.wsj.com/article/SB10001424127887324590904578289660099191242.html)
(10.02.2013 00:14)
Comments: Non-Tariff Barriers (NTBs) refer to restrictions that result from prohibitions,
conditions, or specific market requirements that make importation or exportation of products
difficult and/or costly. NTBs also include unjustified and/or improper application of Non-Tariff
Measures (NTMs) such as sanitary and phytosanitary (SPS) measures and other technical barriers
to Trade (TBT).
176
RO Equivalent: Bariere (comerciale) netarifare
Definition: Restricţii în comertul international, cum ar fi cotele, politicile guvernamentale de

achiziţii interne, normele de siguranţă şi standardele tehnice care avantajează producătorii interni
faţă de producătorii externi.
Definition source:
http://www.capital.ro/definitie/termen/vezi/bariere-netarifare.html (10.02.2013 00.16)
Nota bene: bariera: din fr. barrière; comercial: din fr.commercial, lat. commercialis.
Grammatical category: grup nominal, – pl. Bariare netarifare, gen-dativ, sg barierei netarifare,
gen-dativ, pl – barierelor netarifare (N (A) A)
Context: 1: „O zonă economică liberă prevede liberalizarea comerţului, deci eliminarea

tuturor barierelor tarifare, netarifare, anularea taxelor vamale. Deci, această zonă economică
liberă a existat între ţările CSI, doar că, în contextul modernizării mai multor lucruri, părţile au
convenit să revină la negocieri asupra unui acord modern bazat pe regulile de comerţ
internaţionale, pe principiile OMC. Mai mult ca atât, spaţiul CSI pentru toate ţările este un spaţiu
foarte important pentru desfăşurarea comerţului exterior. CSI deţine o pondere de circa 35 de
procente din comerţul exterior al Republicii Moldova. Respectiv, ne-am implicat în aceste
negocieri asupra unui acord nou multilateral.”
(http://www.europalibera.org/content/article/24825216.html) (10.02.2013 00.18)
2: În finalul evenimentului, reprezentanţii companiilor bucureştene au intrat în

dialog cu oficialii în cadrul unei sesiuni de întrebări şi răspunsuri, printre subiectele abordate
aflându-se: strategia de dezvoltare a companiilor pe pieţe-ţintă, construcţia de brand, finanţarea
proiectelor industriale complexe, soluţii pentru depăşirea barierelor netarifare şi a celor culturale,
protecţia dreptului de proprietate intelectuală pe pieţele internaţionale etc.
(http://www.curierulnational.ro/Economie/2013-01-12/Reprezentanta+CCIB+de+la+Beijing,
+dublata+de+o+expozitie+permanenta+cu+produse+din +Romania) (10.02.2013 00.20)
Comments: Barierele netarifare reprezinta un complexde masuri de politica comerciala care

impiedica, limiteaza sau deformeaza fluxul international de bunuri si servicii in scopul protejarii
pietei interne de concurenta straina si/sau echilibrarea balantei de plati.
177
OUTLAY
I.D. language: EN
I.D. country: U.K.
Standard definition: the amount of money that you must spend in order to buy something or to
start a new business or project
Definition source:
http://www.macmillandictionary.com/dictionary/american/outlay#outlay_4, 10.02.2013, 00.22
Nota bene: from out (adv.) + lay (v.)
Grammatical category: noun, countable - outlays (N)
Synonyms: expense
Context: 1: But it is also important to take into account the direct effect of any government
outlay on government borrowing, for several reasons. First, as my colleague has argued, reduced
American borrowing amounts to reduce creation of safe collateral, which could exacerbate a safe-
asset shortage, potentially destabilising financial markets and setting back recovery.
(http://www.economist.com/blogs/freeexchange/2013/02/fiscal-policy) (10.02.2013 00:22)
2: The penny's eroded purchasing power is behind its removal, along with rising
manufacturing costs, hoarding by households, and the outlay by retailers in handling the coins.
(http://www.bbc.co.uk/news/business-21292441) (10.02.2013 00:23)
Comments: The economic outlay doctrine is a barrier for S corporation shareholders attempting
to create debt basis. While not impenetrable, it requires analysis and forethought for the
shareholders to break through.
RO Equivalent: Cheltuială
Definition: Reprezinta o cheltuiala de productie sau de circulatie, un element al costurilor.
Definition source: http://www.conta.ro/dictionar_online_cheltuiala.html (10.02.2013 00.24)
178
Nota bene: din (a) cheltui ( din magh. költeni) +suf. -eală.
Grammatical category: substantiv, – pl. cheltuieli, gen-dativ, sg – cheltuielii, gen-dativ, pl –

cheltuielilor (N)
Context: 1: Regimul TVA aplicabil contractelor de finanțare și impactul creșterii TVA de la 19 –

24 %, respectiv a recunoașterii TVA ca o cheltuială eligibilă abia după 4 ani de la debutul
implementării proiectelor finanțate. Cei prezenti au precizat ca ar fi fost de preferat să fie o
cheltuială eligibilă încă de la începutul implementării proiectelor pe POR.
(http://www.ziarulunirea.ro/delegatia-bancii-mondiale-s-a-declarat-placut-impresionata-de-
amploarea-proiectelor-executate-la-alba-iulia-154820.html) (10.02.2013 00.29)
2: „Dacă plăteşti, la sursă, 50% din valoarea tranzacţiei, atunci, automat, tranzacţia
este acceptată, are substanţă economică, iar contribuabilul poate deduce cheltuiala la impozitul pe
profit? Se mai pune problema justificării cuantumului tranzacţiei? Poate această tranzacţie să fie
încadrată ca fiind «artificială» şi astfel să nu fie recunoscută ca deductibilă la calculul impozitului
peprofit?“,seîntreabăreprezentanţiiTPS.
(http://www.monitorulexpres.ro/?mod=monitorulexpres&p=economic&s_id=123140)
(10.02.2013 00.31)
Comments: Orice furnizor își prezintă soluțiile oferite ca pe niște investiții. Orice cumpărător
știe că la sfârșitul zilei are niște facturi de achitat: cheltuieli. Cheltuielile sunt costuri frecvente
care acoperă produse sau servicii necesare operării business-ului. Investițiile sunt costuri rare,
semnificative, care crează un beneficiu major pe termen lung.
179
OUTPUT GAP
I.D. language: EN
I.D. country: U.K.
Standard definition: An economic measure of the difference between the actual output of an
economy and the output it could achieve when it is most efficient, or at full capacity. There are
two types of output gaps: positive and negative. A positive output gap occurs when actual output
is more than the full-capacity output. Negative output gap occurs when actual output is less than
full-capacity output.
Definition source: http://www.investopedia.com/terms/o/outputgap.asp#axzz2KRLWwad3

(10.02.2013 00.34)
Nota bene: output: from out + put; gap: from Old Norse gap "chasm"
Grammatical category: noun phrase, countable – output gaps (A N)
Context: 1: Resource utilization, or “slack”, is widely held to be an important determinant

of inflation dynamics. As the world has become more globalized in recent decades, some have
argued that the concept of slack that is relevant is global rather than domestic (the “global slack
hypothesis”). This line of argument is consistent with standard New Keynesian theory. However,
the empirical evidence is fragile, at best, possibly because of a disconnect between empirical and
theory-consistent measures of output gaps.
(http://www.economist.com/blogs/freeexchange/2012/09/inflation) (10.02.2013 00.39)
2: It’s not a perfect fit — this is economics, not physics, and anyway stuff besides
the output gap bounces inflation around from year to year. But still, there’s a clear correlation,
driven largely but not entirely by the deep slump and disinflation of the early 1980s, and an
implied slope of about 0.5 — that is, every percentage point by which real GDP fall short of
potential tends to reduce the inflation rate by about half a point over the course of the year.
(http://krugman.blogs.nytimes.com/2009/02/04/about-that-deflation-risk/) (10.02.2013 00.40)
Comments: The GDP gap or the output gap is the difference between actual GDP or actual
output and potential GDP. The calculation for the output gap is Y–Y* where Y is actual output
and Y* is potential output. If this calculation yields a positive number it is called an inflationary
gap and indicates the growth of aggregate demand is outpacing the growth of aggregate supply—
180
possibly creating inflation; if the calculation yields a negative number it is called a recessionary
gap—possibly signifying deflation.
RO Equivalent: Decalaj de producție
Definition: Este o modalitate de comparare a performantelor obligatiunilor si a actiunilor.

Decalajul este definit ca fiind productia (yield) medie a echitatilor minus productia medie a
obligatiunilor. Pentru ca actiunile sunt, de obicei, mai riscante decat obligatiule, te poti astepta sa
aiba o "productie/ beneficiu" mai mare. Dar in practica, decalajul de productie este de obicei
negativ, cu obligatiunile fiind superioare echitatilor. Asta nu se intampla pentru ca investitorii
privesc echitatile ca fiind mai stabile decat obligatiunile ci, mai degraba, pentru ca ei asteapta
profitul major in urma cumpararii actiunilor sa le vina din cresterea pretului (aprecierea
capitalului) si nu din plata dividendelor.
Definition source: http://www.dictionar-economic.com/?do=view&id=121, 10.02.2013 00.42
Nota bene: decalaj: din fr.décalage; productie: din fr.production
Grammatical category: grup nominal, – pl. Decalaje de producție, gen-dativ, sg – decalajului de

producție, gen-dativ, pl – decalajelor de producție (N P N)
Context: 1: Decalajul de producție ( ”output gap” în engleză) va rămâne negativ și la o

valoare considerabilă pe termen mediu pentru economia românească, potrivit raportului înaintat
conducerii FMI de specialiștii care au analizat situația din țara noastră.
(http://cursdeguvernare.ro/fmi-criza-a-lasat-urme-adanci-potentialul-de-crestere-a-romaniei-in-
urmatorii-ani-de-la-fortarea-cresterii-la-slaba-folosire-a-resurselor.html) (10.02.2013 00.45)
2: In prezent, alaturi de guverne, bancile centrale din intreaga lume sunt
preocupate de faptul ca impulsurile de politica monetara nu ajung sa miste economia reala. In
fond, problema consta in alegerea intre variabilitatea inflatiei si cea a decalajului de productie ,
compromis de altfel amplu dezbatut in literatura de specialitate.
(http://m.hotnews.ro/stire/13944776) (10.02.2013 00:47)
Comments: Rezultatele testelor econometrice indică o valoare a coeficientului estimat al

decalajului de producţie semnificativă în cazul României, faţă de cel al zonei euro, ceea ce
evidenţiază o formă liniară a curbei Phillips în Uniunea Economică şi Monetară.
181
PERSONAL CONSUMPTION EXPENDITURE
I.D. language: EN
I.D. country: U.K.
Standard definition: A measure of price changes in consumer goods and services. Personal
consumption expenditures consist of the actual and imputed expenditures of households; the
measure includes data pertaining to durables, non-durables and services. It is essentially a
measure of goods and services targeted toward individuals and consumed by individuals.
Definition source: http://www.investopedia.com/terms/p/pce.asp#axzz2KRLWwad3

(10.02.2013, 00.58)
Nota bene: personal: from Latin persona; consumption: from Latin consumptionem expenditure:
from Medieval Latin expenditus, irregular pp. of expendere
Grammatical category: noun phrase, countable (A N N)
Context: 1: The personal consumption expenditures deflator fell, thanks to falling commodity
prices. More interesting is the sharp decline in inflation as measured by the PCE deflator minus
food and energy, which has traditionally been the Fed’s favorite measure of “core” inflation.
(http://krugman.blogs.nytimes.com/2011/08/02/non-inflation-watch/) (10.02.2013 01.01)
2: The principal categories that constitute G.D.P. are personal consumption

expenditures, gross private domestic investment, government consumption and investment
(federal, state and local), and net exports (exports minus imports).
(http://economix.blogs.nytimes.com/2012/07/17/government-spending-and-the-economy/)
(10.02.0213 01.03)
Comments: US Personal Consumption Expenditures is at a current level of 11.28T, up from

11.26T last month. This represents a monthly annualized growth rate of 2.41%, compared to a
long term average annualized growth rate of 6.72%.
RO Equivalent: Cheltuieli de consum personal
182
Definition: PCE (Personal Consumption Expenditures - Cheltuielile de consum personal) şi Core
PCE Price Index măsoară inflaţia de consumator, pe baza achiziţionării bunurilor şi solicitarea
serviciilor. În esenţă, PCE este foarte asemănătoare cu CPI (Consumer Price Index – Indicele
preturilor de consum ), diferenţa constă în faptul că PCE măsoară nivelul de schimbări de preţ
detectate în bunurile şi serviciile de consum, în special acele care se concentrează numai pe
consumatorii individuali. Core PCE Price Index exclude preţurile alimentelor şi preţurile
energetice, deoarece volatilitatea acestora este prea mare şi ar putea distorsiona trendul real.
Banca centrală americană (Federal Reserve) preferă acest indicator pentru că prezintă o imaginea
reală a inflaţiei. Este un indicator specific USD.
Definition source:
http://eu-forex.eu/ro/forex/indicatorare/cheltuielile-de-consum-personal.html, 10.02.2013 01.06
Nota bene: cheltuiala: cheltui + suf. –eala; consum: din fr. consumer, lat. consumere; personal:
Din lat. personalis, germ. personell, personal, it. personale, fr. personnel.
Grammatical category: grup nominal, – pl. Cheltuieli de consum personal, gen-dativ, sg –gen-
dativ, pl – cheltuielilor de consum personal (N P N A)
Context: 1: Cheltuielile de consum ale gospodăriilor populaţiei au crescut cu 5% din

trimestrul al treilea 2011 până în aceeaşi perioadă din 2012, în timp ce investiţiile au scăzut cu
20%, arată statisticile oficiale. (http://adevarul.ro/economie/bani/romanii-taiat-investitiile-
mareasca-cheltuielile-consum-1_50ec582656a0a6567e55e022/index.html 10.02.2013 01.13)
2: Cheltuielile de consum din Statele Unite au scazut in mod neasteptat in

octombrie, din cauza uraganului Sandy care a devastat coasta de est a tarii si a impiedicat
oamenii sa mearga la lucru, sau la cumparaturi, relateaza Bloomberg. (http://www.wall-
street.ro/articol/International/140917/cheltuielile-de-consum-din-sua-au-scazut-in-octombrie-din-
cauza-uraganului.html) (10.02.2013 01.14)
Comments: Consumul personal constituie o componenta principala a calitatii vietii, a nivelului

de trai. Volumul, structura, calitatea si dinamica consumului personal reliefeaza gradul de
satisfacere a multiplelor trebuinte fiziologice, spirituale si sociale ale populatiei.
183
PRICE STABILITY
I.D. language: EN
I.D. country: U.K.

College Pub, p. 184
Standard definition: "Price stability is defined as a year-on-year increase in the Harmonised

Index of Consumer Prices (HICP) for the euro area of below 2%."
Definition source: http://www.ecb.int/mopo/strategy/pricestab/html/index.en.html, 08.02.2013,

15:51
Nota bene: price: Middle English pris ( e ) < Old French < Latin pretium; stability: late Middle
English stablete < Old French < Latin stabilitās
Grammatical category: noun phrase, countable (N N), prices stability
Context: 1: Reserve sets monetary policy to try to maintain full employment and price stability.
But a result of this decision is volatility in the value of the dollar in foreign exchange markets.
(Mankiw G., (2008), Principles of Macroeconomics, Sixth Edition, South-Western College Pub,
p. 417)
2: Price stability may be desirable, but the benefits of zero inflation compared to
moderate inflation are small, whereas the costs of reaching zero inflation are large. (Mankiw G.,
(2008), Principles of Macroeconomics, Sixth Edition, South-Western College Pub, p. 525)
Use area: economics
Comments: A situation in which prices in an economy don't change much over time. Price
stability would mean that an economy would not experience inflation or deflation. It is not
common for an economy to have price stability.
RO Equivalent: stabilitatea prețurilor
Definition: „O creştere anuală mai mică de 2% a indicelui armonizat al preţurilor de consum

(IAPC) pentru zona euro”. Consiliul guvernatorilor a precizat, de asemenea, că stabilitatea
preţurilor „trebuie menţinută pe termen mediu”.
Definition source: http://www.ecb.int/ecb/educational/facts/monpol/html/mp_002.ro.html,

08.02.2013, 16:00
184
Nota bene: stabilitate: fr. stabilité, lat. stabilitas, -atis; preturi: Lat. pretium.
Grammatical category: grup nominal, subst. Fem. stabilitate + subst. neutru preț (N NGen)
Context: 1: Stabilitatea preţurilor este definită ca acea stare a economiei în care nivelul general
al preţurilor este stabil în sens strict sau în care rata inflaţiei este suficient de redusă şi stabilă,
astfel încât consideraţiile referitoare la dimensiunea nominală a tranzacţiilor încetează să
constituie un factor pertinent pentru deciziile economice. (http://www.google.ro/url?
sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CFAQFjAE&url =http%3A%2F
%2Fwww.bnro.ro%2FDocumentInformation.aspx%3FidInfoClass%3D6885%26i dDocument
%3D1980%26directLink%3D1&ei=riAVUaOnEsXzsga6z4DYDw&usg=AFQjCNH
EmmvExvrIPob8EkwtgS2RpSSCig, 08.02.2013, 16:07)
2: Pe plan mondial, stabilitatea preţurilor reprezintă practic un deziderat îndeplinit

înmulteţări,însăaceastanugaranteazăstabilitateafinanciară.
(http://www.google.ro/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CFAQFjAE&url
=http%3A%2F%2Fwww.bnro.ro%2FDocumentInformation.aspx%3FidInfoClass%3D6885%26i
dDocument%3D1980%26directLink%3D1&ei=riAVUaOnEsXzsga6z4DYDw&usg=AFQjCNH
EmmvExvrIPob8EkwtgS2RpSSCig, 08.02.2013, 16:07)
Use area: economie, politică monetară
Comments: Stabilitatea preţurilor este atinsă atunci când banii îşi păstrează valoarea în timp sau
viteza de erodare a puterii de cumpărare a acestora este foarte lentă.
185
PURCHASING POWER PARITY
I.D. language: EN
I.D. country: U.K.

College Pub, p.390
Standard definition: a theory of exchange rates whereby a unit of any given currency should be
able to buy the same quantity of goods in all countries.
Western College Pub,p. 390
Nota bene: purchasing: Middle English purchasen < Anglo-French purchacer; power: Middle
English pouer ( e ), poer ( e ) < Anglo-French poueir, poer; parity: < Late Latin paritās.
Context: 1: Many economists believe that purchasing-power parity describes the forces that
determine exchange rates in the long run. (Mankiw G., (2008), Principles of Macroeconomics,
Sixth Edition, South-Western College Pub, p. 390)
2: The theory of purchasing-power parity is based on a principle called the law of

one price. This law asserts that a good must sell for the same price in all locations. Otherwise,
there would be opportunities for profit left unexploited. (Mankiw G., (2008), Principles of
Use area: economics
Comments: According to the theory of purchasing-power parity, the nominal exchange rate
between the currencies of two countries must reflect the price levels in those countries.
RO Equivalent: paritatea puterii de cumpărare
Definition: Paritatea puterii de cumparare ( PPP) este o teorie care spune ca, doua state care
schimba valuta intre ele, sunt in echilibru atunci cand puterea de cumparare este aceeasi in
ambele tari ( la acelasi nivel). Aceasta inseamna ca schimbul de rate intre cele dou tari, trebuie sa
egaleze rata nivelului pretului, intr-un ansamblu fix de bunuri si servicii.
Definition source: http://www.dictionar-economic.com/?do=view&id=136, 08.02.2013, 16:24
186
Nota bene: paritate: fr. parité, lat. paritas, -atis; putere: Lat. potere (= posse); de: <lat. de;
cumpăra: Lat. comparare.
Grammatical category: grup nominal, subst. Fem. paritate + subst. Fem. Putere + prep. de +
subst. Fem. cumpărare (NNPN)
Generic concept: Crestere economică
Context: 1: Modelul Balassa-Samuelson presupune că paritatea puterii de cumpărare se verifică,

dar doar pentru bunurile tranzacționabile, iar cursul de schimb este dictat complet de aceste
bunuri. (http://www.ase.ro/upcpr/profesori/975/III.PPP.pdf, 08.02.2013, 16:33)
2: Potrivit datelor Eurostat publicate marți, în România, PIB-ul pe cap de locuitor

calculat la paritatea puterii de cumpărare reprezenta în 2010 45% din PIB-ul mediu la nivelul UE,
doar Bulgaria înregistrând un procent mai mic decat noi, respectiv 43%.
(http://economie.hotnews.ro/stiri-finante_banci-8993331-pib-nominal-versus-pib-calculat-
paritatea-puterii-cumparare.htm, 08.02.2013, 16:47)
Use area: economie
Comments: Ratele de schimb ale parității puterii de cumpărare sunt folosite pentru compararea
nivelului de trai din țări diferite.
187
QUOTATION
I.D. language: EN
I.D. country: U.K.
Standard definition: A very common term which actually refers to two numbers - the highest
bid price currently available for a security or commodity and the lowest ask price currently
available for the same security/commodity.
Definition source: http://www.investopedia.com/terms/q/quotation.asp#axzz2KdVjjzER,

10.02.2013, 10.21
Nota bene: quotation: from Medieval Latin quotationem, from quotare "to number"
Grammatical category: noun, countable - quotatations (N)
Synonyms: estimate, offer
Context: 1: A quotation is the repetition of one expression as part of another one, particularly
when the quoted expression is well-known or explicitly attributed by citation to its original
source, and it is indicated by (punctuated with) quotation marks. A quotation can also refer to the
repeated use of units of any other form of expression, especially parts of artistic works: elements
of a painting, scenes from a movie or sections from a musical composition.
(http://en.wikipedia.org/wiki/Quotation, 10.02.2013, 10.25)
2: A formal statement of promise (submitted usually in response to a request for

quotation) by potential supplier to supply the goods or services required by a buyer, at specified
prices, and within a specified period. A quotation may also contain terms of sale and payment,
and warranties. Acceptance of quotation by the buyer constitutes an agreement binding on both
parties. (http://www.businessdictionary.com/definition/quotation.html, 10.02.2013, 10.27)
Comments: The bid and asked price cited for the sale or purchase of a commodity or security.
RO Equivalent: Cotatie
Definition: Pretul cererii (bid price) este cel mai mare pret pe care cineva a declarat ca vrea sa-l
plateasca pentru o valoare mobiliara, la un moment dat. Pretul ofertei (asked price) este cel mai
188
mic pret pe care cineva il va accepta la acelasi moment (pentru valoarea mobiliara respectiva).
Cele doua preturi alcatuiesc impreuna o cotatie.
Definition source: http://www.dictionarfiscal.ro/article/504/Definitii-Cotatie-Cotatie-bursiera-

Cotatie-cerere-si-oferta-Cotatie-de-inchidere-Cotatie-indicativa-Cotatie-negociata-Cotatie-
nominala-Crah-Crah-bancar-Creanta
Nota bene: Cotatie: cf. it. quotazione, fr. cotation
Grammatical category: substantiv, – pl. cotatii, gen-dativ, sg – cotatiei, gen-dativ, pl – cotatiilor

(N)
Generic concept: Rata de schimb
Context: 1: In cele din urma, leul a incheiat anul in scadere cu 2,4% fata de moneda unica, de la
o cotatie de 4.3219 lei/unitate pe 4 ianuarie, la 4.4287 lei/unitate in ultima zi a lunii decembrie.
Moneda noastra a fost singura din Uniunea Europeana care s-a depreciat in raport cu
euro. (http://www.ziare.com/bani/curs-valutar/cursul-leu-euro-in-2013-euro-ar-putea-depasi-
nivelul-maxim-din-vara-1210822, 10.02.2103, 10.31)
2: Cotatiile aurului au atins noi maxime in cursul acestei saptamani pentru

contractele denominate in euro si franci elvetieni: aproxiamtiv 1.380 euro, respectiv 1.670 franci
pentru o uncie. (http://www.finantistii.ro/international/aurul-se-apropie-de-1-800-dolari-uncie-
75380, 10.02.2103, 10.34)
Comments: Cursul (de schimb), cotația, sau prețul valutelor este determinat de către piață, prin
raportul dintre cererea și oferta de valută a unei țări. Cotația reflectă acea cantitate (volum) de
valută națională, care trebuie plătită pentru o unitate de valută străină (cotatie directă), ori invers -
cantitatea (volumul) de valută străină, care trebuie plătită pentru o unitate de monedă națională
(cotatie inversă).
189
REAL INTEREST RATE
I.D. language: EN
I.D. country: U.K.

College Pub, p.401
Standard definition: The real interest rate is the growth rate of purchasing power derived from
an investment. By adjusting the nominal interest rate to compensate for inflation, you are keeping
the purchasing power of a given level of capital constant over time.
Definition source:
http://www.investopedia.com/terms/r/realinterestrate.asp#axzz2KJypudGS, 08.02.2013, 17:40
Nota bene: real: late Middle English < Late Latin reālis; interest: Middle English < interesse <
Medieval Latin; rate: late Middle English rate, Medieval Latin rata < Latin ( prō ) ratā.
Grammatical category: noun phrase, uncountable (NNN)
Context: 1: In addition to influencing national saving and domestic investment, the realinterest
rate in a country affects that country’s net capital outflow. (Mankiw G., (2008), Principles of
2: When the U.S. real interest rate rises, the U.S. bond becomes more attractive to
both mutual funds. Thus, an increase in the U.S. real interest rate discourages Americans from
buying foreign assets and encourages foreigners to buy U.S. assets. For both reasons, a high U.S.
real interest rate reduces U.S. net capital outflow. (Mankiw G., (2008), Principles of
Use area: economics
Comments: The real interest rate of an investment is calculated as the amount by which the
nominal interest rate is higher than the inflation rate.
RO Equivalent: rata reală a dobânzii
Definition: Preţul capitalului (respectiv venitul adus de acesta) este dat de rata reală a dobânzii.
Costul de oportunitate al consumului este dat de rata reală a dobânzii.
Definition source: http://www.asecib.ase.ro/Roman/am/cap3.pdf, 08.02.2013, 17:51
190
Nota bene: rată: germ. Rate; reală: lat. realis, it. reale, germ. real, fr. réel; a: Lat. illum, illam;
dobândă: sl. dobyti (dobondon)
Grammatical category: grup nominal, subst. Fem. rată + adj. reală + prep. de + art. Genitival a
+ subst. Fem. dobândă,(NAN), rata reală a dobânzilor
Context: 1: Rata reală a dobânzii pierdute (datorită faptului că suma nu a fost dată cu împrumut)
este costul de oportunitate pentru utilizarea în investiţii a profitului reţinut. Astfel, cu cât este mai
scăzută rata reală a dobânzii, cu atât vor fi mai mari investiţiile.
(http://www.asecib.ase.ro/Roman/am/cap3.pdf, 08.02.2013, 17: 53)
2: Funcţia cererii de consum (CeC) arată relaţia dintre cheltuielile de consum şi

rata reală a dobânzii (dacă celelalte elemente rămân nemodificate). Funcţia ofertei de economii
(OS) arată relaţia dintre economii (acumulare) şi rata reală a dobânzii.
(http://www.asecib.ase.ro/Roman/am/cap4.pdf, 08.02.2013, 17: 54)
Use area: economie
Comments: Rata reală a dobânzii, care reprezintă costul de oportunitate al consumului,

determină alocarea pe termen lung a venitului disponibil între consum şi acumulare.
191
RECEIPT
I.D. language: EN
I.D. country: U.K.

College Pub, p. 227
Standard definition: A receipt is a written acknowledgment that a specified article or sum of

money has been received. A receipt records the purchase of goods or service obtained in an
exchange.
Definition source: http://www.babylon.com/define/35/Economics-Dictionary.html, 06.02.2013,

22:54
Nota bene: Middle English receite < Anglo-French ( Old French recoite ) < Latin recepta
Grammatical category: noun, countable (N), receipts
Antonyms: expenditure
Context: 1: Receipts fluctuate in line with the economic cycle, and this inevitably begs the question
of what the actual trend level of receipts is on which expenditure should be based.
(http://www.efv.admin.ch/e/downloads/publikationen/arbeiten_oekonomenteam/Business_%20cy
cles_potential_output_magazine_economic_policy.pdf, 06.02.2013, 23:07)
2: A sustainable fiscal policy is necessarily geared around the development of

receipts and therefore also around their key determining factor, namely gross domestic product
(GDP).
(http://www.efv.admin.ch/e/downloads/publikationen/arbeiten_oekonomenteam/Business_%20cy
cles_potential_output_magazine_economic_policy.pdf, 06.02.2013, 23:09)
Use area: economics
Comments: The current uncertainties regarding the future development of GDP and receipts
following the recent financial and economic crisis give this issue heightened significance.
RO Equivalent: încasare
Definition: A primi o sumă de bani; a obține valoarea în bani a unei polițe, a unui bilet de bancă.
192
Definition source: http://dexonline.ro/definitie/incasare, 06.02.2013, 23:13
Nota bene: it. incassare.
Grammatical category: substantiv feminin, încasări, încasării, încasărilor (N)
Antonyms: plata
Context: 1: TVA la încasare ( taxa pe valoare adaugată la încasare) presupune plata taxei la
încasarea facturii, și nu la emiterea ei. Această măsură va intra în vigoare de la 1 ianuarie 2013
însă nu se va putea aplica pentru toate operațiunile care implică plata taxei pe valoarea adaugată.
(http://www.wall-street.ro/tag/tva-la-incasare.html, 06.02.2013, 23:24)
2: Execuţia veniturilor bugetului de stat este activitatea de încasare a impozitelor,

taxelor,contribuţiilorşiaaltorvenituricuveniteacestuibuget.
(http://www.google.ro/url?sa=t&rct=j&q=&esrc=s&source=web&cd=7&ved=0CFAQFjAG&url
=http%3A%2F%2Fwww.ucdc.info%2Fcd%2Fdoc%2F1030%2FCURS%25209buget.doc&ei=d
MoSUca8DIHOtQbT2oC4BA&usg=AFQjCNHB0N8QkjlTrdIaz6OsPzIX8EzZcw, 06.02.2013,
23:28)
Use area: economie
Comments: Regulile din sistemul TVA la incasare au fost completate de autoritati prin
modificarile recente aduse Codului fiscal.
193
SLUMPFLATION
I.D. language: EN
I.D. country: U.K.

College Pub, p. 217
Standard definition: A situation in which economic depression is combined with increasing

inflation.
Definition source: http://www.thefreedictionary.com/slumpflation, 03.02.2013, 14.15
Nota bene: slumpflation: first use: 20th century, origin: blend of slump + inflation.
Grammatical category: noun, countable (N)
Context: 1: Retail slumpflation's practically global. The collapse in consumer demand for
apparel is almost universal. The real volume of consumer sales, after stripping out the confusion
of retail price inflation, is falling a bit faster in Europe than in the US (though producer sales to
Europe haven't been falling as fast, which we'll come back to in a minute). But Indian retailers
are also claiming the increase in the value of annual apparel sales is lower than apparel inflation -
and the latest data on retail sales in Brazil shows the same problem. (http://www.just-
style.com/comment/apparel-slumpflation-is-all-round-confusing_id113172.aspx, 03.02.2013,
14.20)
2: THE RECESSION: Ford's Risky Plan Against Slumpflation - It was anything

but the standard State of the Union speech. Instead of congratulating himself on the achievements
of his young and troubled Administration, Gerald Ford adopted the somber tone of a wartime
leader calling for an all-out effort to repel the enemy. Instead of skipping lightly over a broad
spectrum of national and foreign policies, the President concentrated almost exclusively on
specific means to counter the worst economic slump since the Great Depression, the nation's
almost 14% rate of inflation and the U.S.'s dangerous dependence on cartel-controlled foreign oil.
(http://www.time.com/time/magazine/article/0,9171,912739,00.html, 03.02.2013, 14.30)
Comments: Slumpflation's hitting everyone. There's no alternative untapped market developing-

country producers can sell to (except possibly Russia), and most remotely promising larger
developing countries (like Turkey or Brazil) are building new barriers against foreign imports
faster than the Chinese can build railways.
194
RO Equivalent: Slumpflatie
Definition: regres economic într-o perioadă de inflație.
Definition source: http://www.webdex.ro/online/dictionar/490505/slumpflatie, 03.02.2013,

14.34
Nota bene: slumpflatie: din engl. slumpflation
Grammatical category: substantiv, – pl. Slumpflatii; gen-dativ, sg – Slumpflatiei, gen-dativ, pl

– Slumpflatiilor. (N)
Context: 1: Slumpflatia defineste situatia cea mai critica dintr-o economie nationala: stare de
hiperinflatie (cresteri ametitoare ale preturilor, cererea de moneda nationala scade considerabil, o
parte importanta de tranzactii efectuandu-se sub forma de troc modern sau in moneda alternativa)
si reducerea drastica a PNB-ului si PIB-ului real, somaj cronic, de masa, conjugate cu alte
dezechilibre grave interne si externe.
(http://www.acuz.net/referat_inflatia_in_zilele_noastre_6335.html, 03.02.2013, 14.40)
2: Tinand seama de efectele inflatiei asupra cresterii economice distingem:

stagflatia, caracterizata prin fenomenul de stagnare a economiei in perioadele de manifestare a
inflatiei; slumpflatia, individualizata prin fenomenul de regres al economiei pe durata de
manifestare a inflatiei. Atat stagflatia cat si slumpflatia contrazic teza de inspiratie keynesista
potrivit careia inflatia in anumite limite constituie un stimulent al activitatii economice.
(http://www.scrigroup.com/finante/ECHILIBRUL-MONETAR-SI-INFLATIA21227.php,
03.02.2013, 14.50)
Comments: Slumpflatia s-a intalnit temporar in economiile dezvoltate in cursul

primului soc petrolier, in unele economii in curs de dezvoltare si in toate
fostele tari socialiste in unii ani ai perioadei de tranzitie spre economia cu
piata concurentiala.
195
SOCIAL CONTRIBUTIONS
I.D. language: EN
I.D. country: U.K.
Education, p. 147
Standard definition: Actual or imputed payments to social insurance schemes to make provision
for social insurance benefits
Definition source:
http://www.oecd-ilibrary.org/sites/9789264067981-
en/05/03/index.html?contentType=&itemId=/content/chapter/9789264075108-20-
en&containerItemId=/content/serial/22200444&accessItemIds=/content/book/9789264067981-
en&mimeType=text/html, 03.02.2013, 14.47
Nota bene: social: from Middle French social, Latin sociālis; contribution: from Old French
contribution and directly from Latin contributionem
Synonyms: social security contributions
Context 1: Employers’ actual social contributions are pai d by employers to social security
funds, insurance enterprises or autonomous as well as non autonomous pension funds
administering social insurance schemes to secure social benefits for their employees. As
employers’ actual social contributions are made for the benefit of their employees, their value is
recorded as one of the components of compensation of employees together with wages and
salaries in cash and in kind. The social contributions are then recorded as being paid by the
employees as current transfers to the social security funds, insurance enterprises or autonomous
as well as non autonomous pension funds.
(http://circa.europa.eu/irc/dsis/nfaccount/info/data/esa95/en/een00186.htm, 03.02.2013, 15.00)
2: Romanian employers will file a single declaration for the income tax and for the
social security contributions (CAS) of their employees from 2011, prime minister Emil Boc said
on Wednesday. This will replace the existing five declarations. The single declaration will be
filed with the National Agency for Fiscal Administration (ANAF), and then the Public Finance
Ministry will send the necessary data to the National House of Pensions and to the National
Employment Agency. Presently, employers must file five declarations monthly – two with ANAF,
one with the House of Pensions, one with the Health Insurance House and one with the
196
National Employment Agency. (http://www.romania-insider.com/single-income-tax-and-social-
contributions-declaration-from-2011-in-romania/16181/, 03.02.2013, 15.05)
Comments: Social contributions payable to the general government sector recorded in the
accounts may be derived from two sources: amounts evidenced by assessments and declarations
or cash receipts.
RO Equivalent: Cotizatii sociale
Definition: Cotizaţiile sociale efective în sarcina angajatorilor sunt plăţile vărsate de angajatori în
fondurile de susţinere socială de stat sau private pentru a asigura salariaţii săi cu dreptul de a
primi prestaţii sociale în cazurile unor anumite evenimente sau a unor condiţii deosebite, care pot
avea un impact negativ asupra bunăstării salariaţilor - boală, accidente de muncă, plecarea la
pensie, şomaj etc.
Definition source:
http://www.statistica.md/pageview.php?l=ro&idc=302&id=2252, 03.02.2013, 15.10
Nota bene: cotizatie: din Fr. cotisation; sociala: din Fr. social, Lat. socialis.
Grammatical category: grup nominal, – pl. Cotizatii sociale; gen-dativ, sg – Cotizatiei sociale,
gen-dativ, pl – Cotizatiilor sociale. (N A)
Generic concept: Crestere macroeconomica
Context: 1: Noul guvern socialist francez a semnat un decret prin care reduce varsta de
pensionare la 60 de ani pentru persoanele care au inceput sa munceasca de tinere, a declarat
miercuri ministrul Afacerilor Sociale, Marisol Touraine, citata de Le Figaro. Masura va costa 1,1
miliarde de euro intre 2013-2017 si 3 miliarde de euro pe an dupa aceasta perioada, fata de 5
miliarde estimate initial, a anuntat Touraine. Ministrul Afacerilor Sociale, care a precizat ca
masura va intra in vigoare de la 1 noiembrie, a spus ca aceasta reforma va viza 110.000 de
persoane in 2013. Aceasta va fi finantata pana in 2017 prin cresterea cotizatiilor sociale retinute
salariatilor cu 0,5%, jumatate suportata de angajator si jumatate de salariat. Initial, prin reforma
sistemului de pensii adoptata in anul 2010, varsta de pensionare era prevazuta sa creasca de la 60
la 62 de ani pana in anul 2018.
(http://economie.hotnews.ro/stiri-finante_banci-12449223-prima-masura-sociala-noului-
guvern-francez-reduce-varsta-pensionare-60-ani-pentru-unii-salariati-creste-cotizatiile-
sociale.htm, 03.02.2013, 15.15)
2: Prin definiţie, independentul nu este un salariat, ceea ce înseamna ca trebuie sa

cotizeze singur la asigurarile sociale, sa se afilieze la o casa de asigurari sociale şi la un serviciu
197
de asigurari de sanatate = mutualitate. Beneficiaza de un numar de întreprindere cu care va fi
înregistrat la BCE, numar utilizat obligatoriu în relaţiile cu autoritaţile administrative şi judiciare
sau cu alte persoane fizice. Cotizaţiile sociale sunt obligatorii şi aduc un minimum de protecţie
sociala; ele sunt calculate nu pentru anul în curs, ci pe baza veniturilor profesionale nete obţinute
cu 3 ani înainte. (http://www.rombel.com/a-munci-in-belgia/statutul-de-independent.html,
03.02.2013, 15.25)
Comments: Beneficiaza de dreptul la o indemnizatie finaciara in caz de somaj toate persoanele

in contul carora au fost platite, cotizatii sociale care acopera toate riscurile sociale asigurate
conform legii.
198
SOCIAL WELFARE
I.D. language: EN
I.D. country: U.K.
Education, p. 246
Standard definition: In welfare economics, a social welfare function is a real-valued function

that ranks conceivable social states (alternative complete descriptions of the society) from lowest
to highest. Inputs of the function include any variables considered to affect the economic welfare
of a society.
Definition source: http://en.wikipedia.org/wiki/Social_welfare_function, 03.02.2013, 17.50
Nota bene: social: from Middle French social, Latin sociālis
Synonyms: welfare
Hypernym: financial aid
Hyponym: social insurance
Context: 1: The UCLA Department of Social Welfare’s research and teaching guide policy
makers, shape practice and programs in such areas as welfare, aging, health care, mental health,
children and families, and long-term support. UCLA Social Welfare faculty members are
committed to placing their knowledge at the service of communities and empowering the
disadvantaged and the vulnerable. (http://www.publicaffairs.ucla.edu/social-welfare, 03.02.2013,
17.55)
2: Social welfare programs strive to improve the well-being of needy and vulnerable
populations. Government spending on social welfare programs, although not a guarantee that
programs will meet this goal, nonetheless constitutes important tangible evidence of state policies
and commitment to social welfare programs. Certainly, a low level of state social welfare
spending in poor states relative to a high level of need would constitute cause for concern among
policymakers. (http://aspe.hhs.gov/hsp/social-welfare-spending04/ch1.htm, 03.02.2013, 18.00)
199
Comments: The first modern government-supported social welfare program for broad groups of
people, not just the poor, was undertaken by the German government in 1883. Legislation in that
year provided for health insurance for workers, while subsequent legislation introduced
compulsory accident insurance and retirement pensions.
RO Equivalent: Bunastare sociala
Definition: Traininguri, diversificarea activitatilor sociale, dezvoltare pshihica, implicare sociala,

intelegere culturala, unitate familiala si coordonarea serviciilor.
Definition source: http://www.imparte.ro/Ajutor/Asistenta-sociala/Bunastarea-sociala-azi-

42.html#sthash.LGsj8SaM.dpuf, 03.02.2013, 18.03
Nota bene: bunastare: bună + stare, după germ. Wohlstand; social: din Fr. social, Lat. socialis.
Grammatical category: grup nominal, – pl. Bunastari sociale; gen-dativ, sg – Bunastarii sociale
gen-dativ, pl – Bunastariilor sociale. (N A)
Context 1: Conceptul de bunastare sociala s-a nascut odata cu revolutia industriala, inca din
1800, ca urmare a schimbarilor provocate de miscarea de infiintare a parcurilor si locurilor de
agrement. Miscarea a avut ca scop formularea aspectelor sociale morale de impact in comunitate.
Unele din acele probleme ale bunastarii sociale inca exista si astazi si sunt influentate de
fluctuatii economice, reorganizare constanta, schimbari demografice si servicii de sanatate
prioritare. (http://www.imparte.ro/Ajutor/Asistenta-sociala/Bunastarea-sociala-azi-42.html,
03.02.2013, 18.05)
2: Statul bunăstării sociale se generalizează la scară mondială după anul 1945, schimbându-şi
natura şi funcţia. În timp ce în perioada postbelică scopul lui era acela de asistenţă, de reechilibrare a
disfuncţionalităţilor sociale şi de canalizare a luptelor de clasă, noua concepţie despre rolul statului
marchează o ruptură cu epoca în care se considera că progresul economic se poate realiza numai cu
sacrificarea progresului social. În sfârşit, are întâietate ideea potrivit căreia chestiunea socială este un
tot care nu se divide iar statul este obligat să protejeze cetăţenii prin
organizarea transferurilor sociale. (http://www.rtsa.ro/files/TRAS-16-2006-4Deme.pdf,
03.02.2013, 18.15)
Comments: Indiferent de modelul de politică socială promovat, în statele occidentale avansate

nici un grup social nu este complet ignorat de instituţiile furnizoare de bunăstare socială. Chiar
dacă apar grupuri sociale puternic marginalizate, apariţia lor se datorează mai ales ineficienţei
anumitor programe sau insuficienţei fondurilor destinate lor.
200
201
SPECULATIVE ATTACK
I.D. language: EN
I.D. country: U.K.
Education, p. 364
Standard definition: A speculative attack is a term used by economists to denote a precipitous

acquisition of something (currency, gold, emission permits, remaining quotas) by previously
inactive speculators. The first model of a speculative attack was contained in a 1975 discussion
paper on the gold market by Stephen Salant and Dale Henderson at the Federal Reserve Board.
Definition source: http://encyclopedia.thefreedictionary.com/Speculative+attack, 06.02.2013,

7.25
Nota bene: speculative: Middle English speculatif, Middle French, Late Latin speculativus;
attack: French attaquer (16th century), Florentine Italian attaccare.
Context 1: . Epidemiologists study epidemics as a way of understanding the everday

transmission of infectious disease. In similar fashion, international economists can study currency
crises as a way of understanding the determinants of exchange rates and international capital
flows. It is surprising in this light that we do not possess a body of studies that establish stylized
facts about the behavior of macroeconomic variables around the time of speculative attacks.
(http://www.nber.org/papers/w4898.pdf?new_window=1, 06.02.2013, 7.30)
2: A standard model of predictable attacks is extended to incorporate an optimizing

monetary authority. It is shown that while incorporating a forward-looking monetary authority
improves our understanding of many observed phenomena, it also implies that the branch of the
literature that places emphasis on predictable movements in fundamentals cannot generate
predictable speculative attacks. In addition, the model provides useful insights into the viability
of temporary nominal anchor policies, and a theoretical foundation for an important empirical
methodology.
(http://www.econometricsociety.org/meetings/wc00/pdf/0931.pdf, 06.02.2013, 07.35)
202
Comments: It is shown that when the central bank dislikes speculative attacks a very different
type of strategic interaction arises. Rather than simply choosing a critical level of fundamentals to
abandon the fixed exchange rate regime and accepting a speculative attack, the monetary
authority has an incentive to try to preempt an expected attack by abandoning the fixed exchange
rate regime before it occurs.
RO Equivalent: Atac speculativ
Definition: Atacul speculativ presupune vânzarea masivă a unui activ. Putem extinde definiţia
atacului speculativ astfel încât să spunem că poate să existe o strategie şi să apreciezi leul în
scopul unor profituri, ca după aceea să-l depreciezi în scopul unor profituri.
Definition source:
http://www.zf.ro/eveniment/isarescu-dealerii-au-jucat-poker-in-octombrie-2008-si-au-pierdut-
pascariu-unicredit-bnr-sa-spuna-vinovatii-8177393, 06.02.2013, 7.40
Nota bene: atac: din Fr. attaquer; speculatic: din Fr. spéculatif.
Grammatical category: grup nominal, – pl. Atacuri speculative; gen-dativ, sg – Atacului

speculativ, gen-dativ, pl – Atacurilor speculative. (N A)
Context 1: Cum se produce un atac speculativ- Mecanismul e simplu. De regula speculatorii,

mizand pe devalorizarea monedei, incearca sa scape de ea si sa cumpere euro. Dar, pe masura ce
cantitatea de moneda vanduta creste, valoarea ei scade, astfel banuielile speculatorilor ajung sa se
confirme. Cea mai des intalnita situatie este aceea in care statul incearca sa sustina moneda
nationala. El vinde euro din rezerva proprie (bani pe care tara ii pastreaza, adesea in euro, pentru
„zile negre”), cumparand moneda locala pentru a-i sustine valoarea. In cele din urma insa, statul
ramane fara valuta forte. Nu mai are euro de vandut. Moneda nationala se prabuseste.
Speculatorii sunt multumiti. Asteptarile le-au fost confirmate. Pot acum sa cumpere din nou
moneda locala, obtinand astfel un castig frumusel. (http://economie.hotnews.ro/stiri-
finante_banci-4914758-cum-produce-atac-speculativ-explicatia-consilierului-guvernatorului-
bnr.htm, 06.02.2013, 7.45)
2: Atac speculativ asupra leului, simplu “atac pe leu”, dupa care iar “atac speculativ” - este
retorica cu care sunt descrise evenimentele din luna octombrie 2008 care au dus la majorarea
dobanzilor pe piata interbancara la peste 80% pe an. Si care au condus la o criza de incredere pe
aceasta piata si la blocarea creditarii sectorului privat. Presa a fost prima care a descris
fenomenele din octombrie 2008 drept atac speculativ, presa care apoi a fost corectata de
guvernatorul Mugur Isarescu, prin afirmatia ca nu a folosit niciodata acest termen, ci pe cel de
203
“atac pe leu”. (http://incomemagazine.ro/articles/atacul-speculativ-asupra-economiei, 06.02.2013,
07.50)
Comments: In tarile in care s-a manifestat criza monetară şi unde există o deschidere prea mare
datorită dimensiunii mici a economiei naţionale (Bulgaria, Estonia, Letonia, Lituania), s-a
preferat consiliul monetar sau rate fixe ale cursului de schimb, pentru a asigura stabilitatea
monetară şi preveni atacurile speculative.
204
SPECULATIVE DEMAND FOR MONEY
I.D. language: EN
I.D. country: U.K.
Source: http://financial-dictionary.thefreedictionary.com/Speculative+Demand+for+Money,
08.02.2013, 13:14
Standard definition: In Keynesian economics, a need for money for investment purposes. That
is, speculative demand for money is the desire to have money for transactions other than those
necessary for living. Speculative demand includes risk capital for securities. According to John
Maynard Keynes, speculative demand is one of the three desires governing demand for money,
the others being precautionary demand and transactions demand.
Definition source:
http://financial-dictionary.thefreedictionary.com/Speculative+Demand+for+Money, 08.02.2013,
13:16
Nota bene: speculative: from Latin speculātīvus; demand: Middle English demaunden, from
Latin dēmandāre; for: from Old English, cognate with Old Saxon for; akin to fore, Latin per
through, Greek pró; money: Latin monēta.
Grammatical category: noun phrase, uncountable, (A N P N)
Context: 1: Two of the more important stores of wealth are bonds and money. These two items
are substitutes, as money is used to purchase bonds and bonds are redeemed for money. The two
differ in a few key ways. Money generally pays very little interest (and in the case of paper
currency, none at all) but it can be used to purchase goods and services. Bonds do pay interest,
but cannot be used to make purchases, as the bonds must first be converted into money. If bonds
paid the same interest rate as money, nobody would purchase bonds as they are less convenient
than money. Since bonds pay interest, people will use some of their money to purchase bonds.
The higher the interest rate, the more attractive bonds become. So a rise in the interest rate causes
the demand for bonds to rise and the demand for money to fall since money is being exchanged
for bonds. So a fall in interest rates cause the demand for money to rise.
(http://economics.about.com/cs/money/a/money_demand.htm, 08.02.2013, 14.50)
2: Individual Speculative MD rests on assumption that indivs have a concept of

normal interest rate: if current market interest rate > normal, expectation that interest rates will
fall/bond Ps will rise so All asset cash to buy bonds so spec cash demand zero. If converse, spec
cash demand infinite: so implies that indivs either hold cash or bonds but not both).
205
(http://www.thestudentroom.co.uk/wiki/Revision:The_Keynesian_Analysis_of_the_Demand_for
_Money, 08.02.2013, 10.20)
Comments: The demand for money is affected by several factors, including the level of income,
interest rates, and inflation as well as uncertainty about the future. The way in which these factors
affect money demand is usually explained in terms of the three motives for demanding money:
the transactions, the precautionary, and the speculative motives.
RO Equivalent: Cerere speculativă de bani
Definition: Această noţiune a fost introdusă pentru prima dată de Keynes. Necesitatea acestei
cereri derivă din pierderile înregistrate prin variaţia cursului acţiunilor (în special prin scăderea
cursului). Deci, rolul principal al cererii speculative de masă monetară este acela de a suplini
pierderile pricinuite de scăderea cursurilor acţiunilor, obligaţiunilor şi altor tipuri de active
riscante.
Definition source: http://www.asecib.ase.ro/Roman/am/cap3.pdf, 09.02.2013, 14 :26
Nota bene: cerere: lat. quaerere; speculativă: fr. spéculatif ; pentru: din printru; bani: origine
necunoscută
Grammatical category: grup nominal, subst. fem. cerere + adj. speculative + prep. pentru +
subst. masc. bani, cereri speculative pentru bani, cererii speculative pentru bani, cererilor
speculative pentru bani
Generic concept: Politica monetară
Context: 1: Cererea speculativă de bani. Această noţiune a fost introdusă pentru prima dată de
Keynes. Necesitatea acestei cereri derivă din pierderile înregistrate prin variaţia cursului
acţiunilor (în special prin scăderea cursului). Deci, rolul principal al cererii speculative de masă
monetară este acela de a suplini pierderile pricinuite de scăderea cursurilor acţiunilor,
obligaţiunilor şi altor tipuri de active riscante. În aceste condiţii, cererea speculativă de bani
depinde de pierderile sau câştigurile anticipate pe pieţele speculative. Dorinţa indivizilor de a
păstra bani în locul altor active financiare formează preferinţa pentru lichiditate.
(http://www.asecib.ase.ro/Roman/am/cap3.pdf, 09.02.2013, 14.55)
2: Motivul speculaţiei (cererea speculativă de bani). Familiile şi agenţii economici

dispun de o anumită avere măsurabilă cu ajutorul banilor. Averea cuprinde: activele monetare
bani lichizi şi depozitele bancare) şi activele nemonetare (bunurile întreprinderilor, terenurile,
apartamente, materii prime, titluri cotate la bursă - acţiuni şi obligaţiuni etc.). Fiecare deţinător de
avere doreşte ca aceasta să-i aducă un venit cât mai mare. Câştigul adus proprietarului este diferit
206
de la un bun la altul deţinut în proprietatea sa. De aceea, motivul speculaţiei îl determină pe
deţinătorul averii să o structureze în funcţie de venitul pe care i-l aduce fiecare componentă.
Banii sunt o componentă a averii. Volumul acestei componente în totalul unei averi depinde de
raportul dintre costul deţinerii banilor lichizi (dobânda pe care o pierde nedepunându-i la bancă)
şi avantajul adus de deţinerea celorlalte bunuri. Dacă costul deţinerii de bani lichizi este mare,
cererea de bani pentru nevoi speculative se va micşora şi invers.
(http://feaa.ucv.ro/cm/images/stories/master/eai/Macro.pdf, 08.02.2013, 15.00)
Comments: Cererea speculativa de bani este invers proportionala cu rata dobanzii. Este scazuta
cand rata dobanzii este inalta, iar cand rata dobanzii este scazuta , acest tip de cerere este mare.
207
STAGFLATION
I.D. language: EN
I.D. country: U.K.

College Pub, p. 453
Standard definition: A period of falling output and rising prices.
Nota bene: 1965, apparently coined by U.K. Conservative party finance minister Iain
Macleod, from stag(nation) + (in)flation.
Grammatical category: noun, countable, (N), stagflations
Context: 1: Stagflation is term that describes a "perfect storm" of economic bad news: high
unemployment, slow economic growth and high inflation. The term was born out of the
prolonged economic slump of the 1970s, when the United States experienced spiking inflation in
the face of a shrinking economy, something economists had previously thought to be impossible.
The word stagflation is a contraction of "stagnant" and "inflation." When the economy is
stagnant, it means that the gross domestic product (GDP) -- the standard measure of a nation's
total economic output -- is either growing at a very slow rate or shrinking. The natural result of
economic stagnation is increased unemployment.
(http://www.howstuffworks.com/stagflation.htm, 08.02.2013, 15.00)
2: The dreaded combination of stagnation and inflation has returned, bringing with
it new challenges for policy makers, investors, business people and consumers. As far as policy
goes, it is tough enough to reduce unemployment. It is also no picnic to keep inflation at bay. But
it is a real challenge to deal with both at the same time, which is what policy makers must do
when confronted with stagflation. This is because fighting one problem risks exacerbating the
other.
(http://articles.marketwatch.com/2012-08-14/commentary/33183906_1_rise-in-
inflation-expectations-grain-prices-unemployment-rate, 08.02.2013, 15.05)
Comments: Stagflation is caused by circumstances similar to those that create hyperinflation.

Both extreme situations have only occurred when expansive fiscal or monetary policy artificially
boosted the money supply at the same time when supply was constrained.
208
RO Equivalent: stagflație
Definition: Fenomen economic care se manifestă prin coexistența stagnării economiei, inflației
și șomajului.
Definition source: http://dexonline.ro/definitie/stagfla%C8%9Bie , 08.02.2013, 16:04
Nota bene: engl., fr. stagflation
Grammatical category: subst. Fem., stagflații, stagflație, stagflațiilor
Context: 1: Europa este ameninţată de stagflaţie dacă preţurile materiilor prime cresc. Scenariul
principal pentru Europa este cel al unei "stagflaţii bizare", în care creşterea economică este slabă,
iar inflaţia se datorează creşterii preţurilor materiilor prime, şi nu a celor salariale, cum ar fi
normal, apreciază Patrick Artus, director de studii economice la banca franceză Natixis. Printre
consecinţele acestui gen de stagflaţie, economistul enumeră reducerea puterii de cumpărare,
scăderea consumului şi a preţurilor imobiliare.
(http://www.mediafax.ro/economic/europa-este-amenintata-de-stagflatie-daca-preturile-
materiilor-prime-cresc-8145823, 09.02.2013, 15.05)
2: Stagflația, ce se reflectă într-o stagnare a activității economice și continuarea unui

proces inflaționist, își face simțită prezența în Europa, una din țările amenințate de acest fenomen
fiind România, scrie Ștefan Wagstyl, editorul pe piețe emergente al Financial Times, pe blogul
beyondbrics. El notează că rata anuală a inflației a crescut în martie la 8%, în vreme ce economia
se chinuie să revină pe creștere, după doi ani de recesiune. Creșterea prețurilor de consum a fost
determinată de majorarea prețurilor la alimente, în special la fructe și legume, și a avansului
prețurilor la combustibili și produse petrochimice.
(http://economie.hotnews.ro/stiri-finante_banci-8494011-financial-times-romania-
este-amenintata-stagflatie.htm, 08.02.2013, 15.10)
Comments: Stagflația, fenomen care combină încetinirea creșterii economice cu

accelerarea inflației, reprezintă un risc evident pentru economia europeană, dar el poate fi
evitat dacă se implementează politici corecte, ce au ca proritate controlul inflației.
209
STANDARD OF LIVING
I.D. language: EN
I.D. country: U.K.
Education, p. 304
Standard definition: Standard of living refers to the level of wealth, comfort, material goods and
necessities available to a certain socioeconomic class in a certain geographic area.
Definition source: http://en.wikipedia.org/wiki/Standard_of_living, 05.02.2013, 18:23
Nota bene: standard: from Old Fr. estandart; living: from Old En. lifiende
Grammatical category: noun phrase, uncountable (N P N)
Context : 1: The standard of living includes factors such as income, quality and availability of
employment, class disparity, poverty rate, quality and affordability of housing, hours of work
required to purchase necessities, gross domestic product, inflation rate, number of vacation days
per year, affordable (or free) access to quality healthcare, quality and availability of education,
life expectancy, incidence of disease, cost of goods and services, infrastructure, national
economic growth, economic and political stability, political and religious freedom, environmental
quality, climate and safety. The standard of living is closely related to quality of life.
(http://en.wikipedia.org/wiki/Standard_of_living, 18:41)
2: The standard of living is often used to compare geographic areas, such as the
standard of living in the United States versus Canada, or the standard of living in St. Louis versus
New York. The standard of living can also be used to compare distinct points in time. For
example, compared with a century ago, the standard of living in the United States has improved
greatly. The same amount of work buys an increased quantity of goods, and items that were once
luxuries, such as refrigerators and automobiles, are now widely available. As well, leisure time
and life expectancy have increased, and annual hours worked have decreased.
(http://www.investopedia.com/terms/s/standard-of-living.asp #axzz2Kc2Zi0m4, 05.02.2013,
18.45)
Comments: The idea of a 'standard' may be contrasted with the quality of life, which takes into
account not only the material standard of living, but also other more intangible aspects that make
up human life, such as leisure, safety, cultural resources, social life,physical health,
environmental quality issues, etc. More complex means of measuring well-being must be
210
employed to make such judgements, and these are very often political, thus controversial. Even
between two nations or societies that have similar material standards of living, quality of life
factors may in fact make one of these places more attractive to a given individual or group.
RO Equivalent: Nivel de trai
Definition: Nivelul de trai reprezinta gradul de satisfacere a nevoilor materiale și spirituale

ale populației unei țări, ale unor clase sau ale unei persoane în condiții istorice date.
Definition source: http://dexonline.ro/definitie/nivel 05.02.2013, 18.52
Nota bene: nivel: din Fr. nivel; de: din Lat. de; trai:
Grammatical category: grup nominal, – pl. Nivele de trai; gen-dativ, sg – Nivelului de trai; gen-
dativ, pl – Nivelurilor de trai. (N P N)
Generic concept: Crestere economica
Context: 1: În analiza economică, se consideră că nivelul de trai este determinat de cantităţile de

bunuri şi servicii consumate (incluzând aici şi timpul liber). În general, în condiţii diferite, acelaşi
nivel al consumului nu asigură acelaşi nivel de trai; de exemplu, o familie numeroasă consumă
mai mult decât o familie mică pentru a atinge un anumit nivel de trai.
(http://www.capital.ro/definitie/termen/vezi/nivel-de-trai.html, 05.02.2013, 17:02)
2: Pentru a se analiza comparativ situaţia mai multor gospodării, se foloseşte uneori

scala de echivalenta, prin care se încearcă să se stabilească nivelurile de venit sau de consum
necesare în diferite condiţii, pentru a realiza acelaşi nivel de trai. De remarcat că o asemenea
abordare impune a se presupune că sunt posibile Comparatiile inter-personale ale utilitatii,
ipoteză respinsă în general de economia bunastrarii. (http://www.researchers.ro /fisiere/Dae-
201203-Nivelul-de-trai-2012.pdf, 05.02.2013, 19.06)
Comments: Nivelul bunăstării materiale a unui individ sau a unei familii. În analiza economică,
se consideră că nivelul de trai este determinat de cantităţile de bunuri şi servicii consumate
(incluzând aici şi timpul liber). În general, în condiţii diferite, acelaşi nivel al consumului nu
asigură acelaşi nivel de trai; de exemplu, o familie numeroasă consumă mai mult decât o familie
mică pentru a atinge un anumit nivel de trai.
211
STRUCTURAL DEFICIT
I.D. language: EN
I.D. country: U.K.
Education, p. 155
Standard definition: Structural deficit forms part of the public sector deficit. Structural deficit
differs from cyclical deficit in that it exists even when the economy is at its potential. Structural
deficit issues can only be addressed by explicit and direct government policies: reducing
spending (including entitlements), increasing the tax base, and/or increasing tax rates. It can be
described as more "chronic" or long-term in nature hence needing government action to remove
it.
Definition source: http://encyclopedia.thefreedictionary.com/Structural+deficit, 07.02.2013,

08.10
Nota bene: structural: 19th century; structure + -al, from Latin structura; deficit: French déficit
(late 17th century), Latin deficit.
Context: 1: The structural deficit is particularly important for a country’s economic policy since
only the permanent portion of the budget deficit endangers the long-term stability of the
economy. In contrast, deficits caused by cyclical factors, which arise, for example, because of
revenue shortfalls and higher social spending in weak economic phases, are automatically
balanced out in economic upturns. As such they usually pose no danger to economic stability. A
structural deficit is an indicator for the consolidation needs in a government’s budget – the
amount by which the budget deficit must be reduced by improving revenues or reducing
spending.(http://www.cesifo-group.de/ifoHome/facts/Aktuelles-Stichwort/Topical-Terms-
Archive/Strukturelles-Defizit.html, 07.02.2013, 08.15)
2: In a structural deficit, things are so out of balance that a country (or state, or
municipality, etc.) will post a deficit regardless of how well the economy is doing. In a strong
economy, revenues (tax receipts, etc) rise due to increased economic activity (more jobs, more
spending, etc). With a structural deficit, the strength of the economy is irrelevant - a deficit will
be posted regardless.( http://www.davemanuel.com/investor-dictionary/structural-deficit/,
07.02.2013, 08.17)
212
Comments: Fiscal policymakers need not think about fixing deficits in the short run. The
cyclical deficit will take care of itself as the economy recovers. Instead, they should seek to
contain long-run pressures on the structural budget deficit. The ideal solution would plot a path to
reduce the structural deficit over a decade through increases in tax revenue and cuts to spending.
RO Equivalent: Deficit structural
Definition: Se referă la modul în care un stat îşi gestionează veniturile şi cheltuielile. Pentru
calcularea deficitului structural se porneşte de la nivelul celui bugetar, din care sunt eliminaţi
factorii de "bruiaj" adică venituri şi cheltuieli de conjunctură.
Definition source: http://forum.hotnews.ro/index.php?showtopic=69026, 07.02.2013, 08.20
Nota bene: deficit: din Fr. déficit; structural: din Fr. structural.
Grammatical category: grup nominal, – pl. Deficite structurale; gen-dativ, sg – Deficitului

structural, gen-dativ, pl – Deficitelor structurale. (N A)
Context: 1: Pentru calculul deficitului structural pe termen scurt si mediu, stabilizatorii automaţi,
adică partea din deficitul bugetar care se datorează ciclului economic este tratata de regula ca flux
temporar. Pe termen scurt, pe lângă partea datorata ciclului economic, mai pot apărea influente
temporare de tip tranzacţii unice (engl. "one-off") ca de exemplu amnistii fiscale, plata unor
ajutoare in caz de dezastre naturale sau vânzarea unor active ale statului.
(http://www.zf.ro/business-international/ce-este-deficitul-structural-la-care-se-refera-noua-
intelegere-intre-tarile-uniunii-europene-9045311, 07.02.2013, 08.25)
2: Deficitul bugetar consolidat are o componenta ciclica – dependenta de influenta

ciclului economic (expansiune sau recesiune) si o componenta structurala. El reflecta astfel atat
influenta unor factori permanenti, cat si a unora tranzitorii, fara a ne permite sa distingem intre ei.
Factorii permanenti care influenteaza deficitul bugetar se refera la elementele stabile ale
veniturilor si cheltuielilor publice. Factorii tranzitorii sunt cei influentati de ciclul economic, deci
„trecatori” (veniturile bugetare cresc rapid in perioadele de expansiune si scad in perioadele de
recesiune, de exemplu). Componenta structurala este cea care furnizează o imagine clară a
situatiei fiscale din economie, nedistorsionata de influenta ciclului economic.
(http://www.hotnews.ro/stiri-opinii-10937447-inseamna-pentru-romania-limitarea-deficitului-
structural-0-5.htm, 07.02.2013, 08.40)
213
Comments: Deficitul structural reprezintă un indicator utilizat in evaluarea sustenabilitatii
politicii fiscal-bugetare pe termen mediu. Pe termen lung trebuie sa fie luaţi in calcul si o serie de
factori cum ar fi factorii demografici care influenteaza deficitul structural.
214
STRUCTURAL SURPLUS
I.D. language: EN
I.D. country: U.K.
Source: Case K., Fair R., Oster S. (2005), Principles of Macroeconomics, 10th ed.,
Standard definition: The amount by which a government’s spending is less than it receives in
taxes in a particular period, whether the economy is performing well or not.
Definition source: http://dictionary.cambridge.org/dictionary/business-english/structural-

surplus, 10.02013, 19.40
Nota bene: structural: 19th century; structure + -al, from Latin structura; surplus: from
Latin super "over" super + plus "more"
Context: 1: The structural surplus of Luxembourg’s current account -Traditionally the current
account of Luxembourg shows a surplus. Luxembourg is thus the only OECD country to record a
surplus almost constant (except a very small deficit in 1964) over half a century. With Norway
and Switzerland, Luxembourg is also one of the few countries that has emerged over a longer
period a large surplus (above 10% of GDP). Between 1960 and 1975 the surplus is generated
mainly by trade in goods and the strong fluctuations (between 0% and 25%) are essentially
dictated by the steel cycle. Subsequently trade in services is the dominant contributor to the
positive current account.
(http://www.statistiques.public.lu/en/news/economy-finance/external-eco-
relations/2012/08/20120809/index.html, 10.02013, 19.45)
2: The structural surplus is the difference between government or fiscal revenue during
cyclical peaks (higher than normal economic growth or copper prices) and long-term average, or
sustainable fiscal revenue. The government saves the structural surplus in sovereign wealth funds
in offshore accounts denominated in foreign currencies to curb the strength of the peso and to
save funds to spend during economic down cycles.
(http://www.hacienda.cl/english/glossary/structural-surplus.html.pdf, 10.02.2013, 07.40)
Comments: During periods of economic expansion, government revenues will increase as people
and businesses make more money. Therefore, more taxes are being collected and government
215
revenues increase. If a government is posting surpluses regardless of how the economy is
performing, this is known as a "structural surplus".
RO Equivalent: Excedent structural
Definition: Problema de deficit structural poate fi rezolvată numai prin politicile

guvernamentale explicite şi directe: reducerea cheltuielilor, creşterea bazei de impozitare, şi / sau
creşterea ratelor de impozitare. Acesta poate fi descris ca fiind "cronica" sau pe termen lung, prin
urmare este nevoie de acţiunile guvernului pentru a o îndepărta.
Definition source: http://www.wall-street.ro/top/Economie/113930/cele-mai-mari-deficite-

structurale-din-uniunea-europeana/2/estonia-excedent-structural-de-1-3.html, 10.02.2013, 19.27
Nota bene: excedent: din Fr. excedent; structural: din Fr. structural
Grammatical category: grup nominal, – pl. Excedente structurale; gen-dativ, sg – Deficitului

structural, gen-dativ, pl – Deficitelor structurale. (N A)
Generic concept: Politică fiscală
Context: 1: În perioada iunie 1997 - trimestrul III 2008, operaţiunile de piaţă monetară ale BNR
au fost utilizate aproape în exclusivitate în scopul drenării excedentului de lichiditate din sistemul
bancar. În ultimul trimestru al anului 2008, pe fondul continuării diminuării excedentului
structural de lichiditate din sistemul bancar, semnul poziţiei nete a lichidităţii băncilor a devenit
negativ; ca urmare, rolul principal în gestionarea lichidităţii şi în influenţarea ratelor dobânzilor
pe termen scurt a fost preluat de operaţiunile destinate furnizării de lichiditate. Ulterior, ca efect
al mişcărilor ample ale factorilor autonomi ai lichidităţii, perioadele caracterizate prin valori
negative ale poziţiei nete a lichidităţii băncilor au alternat cu cele în care semnul acesteia a fost
pozitiv, determinând o alternanţă, nu neapărat sincronizată, a poziţiei operaţionale a lichidităţii,
respectiv a sensului utilizării principalului instrument de piaţă monetară al băncii centrale.
(http://www.bnro.ro/Operatiunile-de-piata-monetara-(open-market)-3328.aspx, 10.02.2013,
19.30)
2: Romania este una dintre putinele tari noi membre ale Uniunii Europene care
inregistreaza un excedent comercial privind produsele din otel. Acest lucru se datoreaza faptului
ca Romania inregistreaza un excedent structural al capacitatii de productie mostenit inca din
perioada economiei centralizate, ceea ce face ca industria locala sa fie puternic dependenta de
cererea externa. In medie, 70% din productia locala de otel (ca si materie prima sau produse
finale) este directionata catre export, iar aceasta pondere a crescut in 2008-2009.
(http://www.wall-street.ro/articol/Economie/141633/constructiile-metalurgia-distributia-coface-
china-sectorul-auto-ins-romania-panorama-riscurilor-sectoriale.html, 10.02.2013, 19.35)
216
Comments: Excedentul net de lichiditate din sistem (diferenţa dintre excedentul structural şi
rezervele obligatorii ale băncilor) şi implicit, volumul operaţiunilor de politică monetară, s-au
redus progresiv în ultimii ani, ca urmare a scăderii şi ulterior a stopării cumpărărilor de valută ale
BNR; sporirii consecvente a numerarului în afara BNR; creşterii nivelului prevăzut al RMO;
majorării soldului contului Trezoreriei de-a lungul perioadelor în care politica fiscală s-a menţinut
restrictivă.
217
STRUCTURAL UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.
Education, p. 291
Standard definition: Unemployment that results from a change in the way the local or national
economy functions. For example, suppose the economy in a region is heavily dependent on
exploiting a single, natural resource. If that resource is entirely consumed, the trained and
untrained workers working on exploiting it will find themselves subject to structural
unemployment, since there are no other companies exploiting that natural resource because there
is no more natural resource. On the plus side, these gaps in the economy can open up new
opportunities.
Definition source:
http://financial-dictionary.thefreedictionary.com/Structural+unemployment, 07.02.2013, 08.40
Nota bene: structural: 19th century; structure + -al; unemployment: from Middle English
emploien
Context 1: The increase in long-term unemployment has raised the specter of a permanent jump
in the unemployment rate, one that is linked to a surge in structural unemployment. Most
economists distinguish between cyclical unemployment, which rises and falls over the business
cycle, and structural unemployment, which persists even when the economy has been expanding
for years. Because high unemployment has lasted so long, many observers worry that structural
unemployment has now become deeply embedded in the nation’s job market.
(http://www.brookings.edu/research/opinions/2012/05/22-structural-unemployment-burtless,
07.02.2013, 08.43)
2: Most structural unemployment is due to wage bargaining costs, which are large but
nevertheless contribute little to unemployment fluctuations. Structural unemployment is as
cyclical as overall unemployment and no more persistent, both in the current and in previous
recessions.
(http://www.ecb.int/events/conferences/shared/pdf/labour_market8/11_Thijs_van_Rens.pdf?f503
a361cf085473ff7f32b575073da6 /, 07.02.2013, 08.45)
218
Comments: Inflation would be reignited at a higher unemployment rate if the long-term

unemployed are not fully available to fill new jobs. Structurally unemployed workers find it
harder to land suitable jobs compared with the other unemployed.
RO Equivalent: Somaj structural
Definition: Somajul structural este considerat o formă extremă a somajului frictional, care poate
fi eliminată numai prin recalificarea muncitorilor sau prin schimbarea localizării ramurii sau a
şomerilor; nu poate fi eliminat prin simpla expansiune a cererii agregate.
Definition source: http://www.capital.ro/definitie/termen/vezi/somaj-structural.html, 07.02.2013,

08.49
Nota bene: somaj: din Fr. chômage; structural: din Fr. structural.
Grammatical category: grup nominal, gen-dativ, sg – somajului structural (N A.)
Context 1: Într-o viziune keynesistă, această formă de şomaj rezultă din incompatibilităţile
existente între şomeri şi locurile de muncă vacante. Şomerii existenţi fie nu deţin calificările
necesare, fie nu locuiesc în zonele în care pot ocupa posturile vacante. De aceea, şomajul
structural este considerat o formă extremă a somajului frictional, care poate fi eliminată numai
prin recalificarea muncitorilor sau prin schimbarea localizării ramurii sau a şomerilor; nu poate fi
eliminat prin simpla expansiune a cererii agregate.
(http://www.capital.ro/definitie/termen/vezi/somaj-structural.html, 07.02.2013, 08.53)
2: Somajul structural se produce din cauza inadvertentelor in ceea ce priveste

localizarea si calificarea oferita si ceruta. Este posibil ca investitia companiei sa se produca intr-o
regiune determinata, in timp ce oferta de lucru este in alta. Rezistenta opusa de muncitori si
oamenii de afaceri in reamplasare va provoca somaj. Similar, este frecvent ca locurile de angajare
ale noii creatii sa ceara anumite abilitati speciale dificil de dobandit pentru muncitor.
(http://www.eumed.net/ecorom/XIV.%20Somajul/3%20modelul _neoclasic_al_somajului.htm,
07.02.2013, 08.58)
Comments: Somajul structural este consecinta adâncirii diviziunii muncii, a specializarii

activitatii economice si respectiv a structurarii pietei muncii. Drept urmare, apar discordante între
calificarile cerute si cele de care dispun ofertantii de munca. Politicile si solutiile de combatere a
219
somajului structural se concentreaza asupra încurajarii de a cauta de lucru în alte parti prin
diferentieri în salarizare si încurajarea recalificarii.
220
SUBSIDIES ON PRODUCTS
I.D. language: EN
I.D. country: U.K.
Education, p. 314
Standard definition: Government payments made to domestic firms to encourage exports, can
also act as a barrier to trade.
Nota bene: subsidy: from Latin subsidium; product: from Medieval Latin productum
Grammatical category: noun phrase, countable (N P N): subsidy - subsidies
Context: 1: It should be noted that while the SCM Agreement permits developing countries to
use export subsidies during the transitional period, these subsidies can be countervailed by
importing countries even during that period if they cause injury to their domestic industries. This
also applies to the developing countries that are exempt from the rule prohibiting the use of
export subsidies. The maintenance of export subsidies on products that are considered import
sensitive by importing countries (e.g. textiles, leather and leather products, etc.), albeit permitted
under the Agreement, is therefore fraught with danger.
(http://www.jurisint.org/pub/06/en/doc/C08.pdf, 10.02013, 20.17)
2: Petroleum product subsidies have again started to rise with the rebound in
international prices. This note reviews recent developments in subsidy levels and argues that it is
necessary to reform the policy framework for setting petroleum product prices in order to reduce
the fiscal burden of these subsidies and to address climate change. In 2003, global consumer
subsidies for petroleum products totaled nearly $60 billion. They are projected to reach almost
$250 billion in 2010. (http://www.earthtrack.net/documents/petroleum-product-subsidies-costly-
inequitable-and-rising, 10.02.2013, 20.20)
Comments: Subsidies on products are paid by governments to the producer for the production of
a particular product. Subsidies on products are only a small proportion of Taxes less subsidies on
products. State subsidies have been combined with a state share of Commonwealth subsidies
which have been allocated to states based on Taxes less subsidies on production and imports.
shares.
221
RO Equivalent: Subventii pe produse
Definition: Ajutor bănesc nerambursabil acordat (de stat, de o organizaţie etc.) unei persoane,
unei instituţii, unei ramuri economice sau întreprinderi etc. în scopul atenuării efectelor
sociale ale modificărilor economice de structură.
Definition source: http://dex.infoportal.rtv.net/~cuvant-subventie.html, 10.02.2013, 20.37
Nota bene: subventie: din fr. subvention, lat.subventio; produs:
Grammatical category: grup nominal, – sg. Subventie pe produs; gen-dativ, sg – subventiei pe

produs, gen-dativ, pl –subventiilor pe produs. (N P N)
Context: 1: Pana acum, fermierii de produse eco primeau o subventie de cel mult 3.800 de euro,
timp de doi ani. Adica doar in perioada in care solul se curata de pesticide si chimicale. De la
Bruxelles vin insa vesti bune. Fermierii vor putea primi intre 153 de euro pe hectar pentru
culturile pe teren arabil pana la 400 de euro pe hectar pentru vii si livezi. Adica, pentru o livada
de meri cu gustul ca in copilarie, fermierul poate primi si 40.000 de euro, incepand din 2011.
(http://stirileprotv.ro/stiri/social/fermele-bio-ii-atrag-mai-nou-si-pe-romani-motivul-au-crescut-
subventiile.html, 10.02.2013, 20.40)
2: Subventii pentru produse ecologice – Pentru acest tip de ajutor specific Romania
beneficiaza de fonduri europene de 3,098.000 euro din Fondul European de Garantare Agricola
(FEGA). Cuantumul platii anuale suplimentare pe exploatatie se calculeaza de Agentia de Plati si
Interventie pentru Agricultura, dupa finalizarea verificarilor, prin raportarea plafoanelor alocate la
numarul de beneficiary eligibili, pentru fiecare dimensiune a exploatatiei din productia vegetala
si animaliera, in limita platii anuale suplimentare maxime/exploatatie.
(http://ebookbrowse.com/subventii-pentru-produse-ecologice-41490-pdf-d201976324
10.02.2013, 21.00)
Comments: Guvernul prin Constitutie stabileste normele metodologice privind acordarea,

utilizarea şi controlul subvenţiilor (ex: pentru produsele din industria carbunelui, minereurilor
feroase, neferoase, radioactive, rare şi nemetalifere, precum şi ale transferurilor destinate
acţiunilor de protecţie socială a personalului din acest domeniu).
222
TAX MULTIPLIER
I.D. language: EN
I.D. country: U.K.
Education, p. 301
Standard definition: Index that determines the rate of change in the gross national product as a
result of a change in one unit of taxation.
Definition source: http://dictionary.babylon.com/tax%20multiplier/
Nota bene: tax: from Old French taxer "impose a tax" (13th century), Latin taxare "evaluate,
estimate, assess, handle"; multiplier: from comb. form of multus + -plex "-fold," from PIE
*plek-"to plait"
Context: 1: The simple tax multiplier includes only induced consumption. More complex tax
multipliers include other induced components. Two related multipliers are the expenditures
multiplier, which measures the change in aggregate production caused by changes in an
autonomous aggregate expenditure, and the balanced-budget multiplier which measures the
change in aggregate production from equal changes in both taxes and government purchases.
(http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=tax%20multiplier,
07.02.2013, 13.35)
2: An interesting observation is also that the GDP response to fiscal policy has become
substantially weaker during the past 20 years for both tax and government spending multipliers
and especially the post-1980s tax multipliers are significantly negative. The decline
in the efficiency of fiscal policy might be in part due to the world economy becoming more open.
Also, during the past decades major economies have been moving from fixed exchange regimes
to flexible exchange rates, which can reduce the power of fiscal policy.
(http://epub.lib.aalto.fi/en/ethesis/pdf/12495/hse_ethesis_12495.pdf, 07.02.2013, 13.40)
Comments: More complex tax multipliers include different combinations of induced

components, ranging all of the way up to the complete tax multiplier that realistically includes all
induced components. Induced consumption, investment, and government purchases all increase
the value of the expenditures multiplier. Induced taxes and imports both decrease the value of the
expenditures multiplier.
223
RO Equivalent: Multiplicator fiscal
Definition: Multiplicatorul fiscal reflecta cresterea productiei si a veniturilor prin diminuarea

impozitelor, fara ca tabloul cheltuielilor bugetare sa fie modificat. În acest caz, deficitul se
finanteaza prin împrumuturi.
Definition source: http://www.scritube.com/economie/STATUL-SI-ECONOMIA

1551717123.php, 07.02.2013, 14.00
Nota bene: multiplicator: din Fr. multiplicateur, Lat. multiplicator; fiscal: din Fr. fiscal.
Grammatical category: grup nominal, – pl. Multiplicatori fiscali; gen-dativ, sg –

Multiplicatorului fiscal, gen-dativ, pl – Multiplicatorilor fiscali. (N A)
Context: 1: Într-un articol din Wall Street Journal, profesorul Robert Barro scria că
multiplicatorii fiscali pe timp de pace sunt zero. Opinia sa a fost publicată în 2009, pe fondul
campaniei lansate de Casa Albă pentru "informarea" populaţiei privind beneficiile unui pachet de
stimulare fiscală de aproape 800 de miliarde de dolari. Consilierii economici ai preşedintelui
Obama au prezentat triumfători un multiplicator fiscal de 1,6 (n.a. o creştere cu 1 dolar a
cheltuielilor guvernamentale va determina o creştere a PIB cu 1,6 dolari).În 2012, Barro a revenit
în WSJ cu un articol în care se întreba de ce continuă să eşueze stimularea fiscală. Profesorul de
la Harvard nu a găsit nicio dovadă a faptului că deficitele bugetare anuale imense din perioa-da
2009 - 2011, de circa 9% din PIB, au contribuit la redresarea economică.
(http://m.bursa.ro/s=macroeconomie&articol=195826.html, 07.02.2013, 14.00)
2: Ipotezele economice în jurul cărora s-a format consensul economic în urmă cu

doi ani sunt acum pe scară largă considerate drept defectuoase. FMI tocmai a recunoscut că
prognozele anterioare au subestimat semnificativ impactul probabil al reducerilor cheltuielilor
publice în scăderea creşterii. Efectul negativ - aşa-numitul multiplicator fiscal - s-a dovedit a fi de
două sau de trei ori mai mare decât era de aşteptat. Există, prin urmare, o recunoaştere tot mai
mare a faptului că consolidarea bugetară excesiv de zeloasă poate spori criza datoriilor suverane
prin sufocarea veniturilor publice. (http://www.revista22.ro/articol.php?id=19395, 07.02.2013,
11.50)
Comments: Multiplicatorul fiscal reflecta cresterea venitului si a productiei prin diminuarea

prelevarilor (impozitelor) efectuate de catre stat, presupunand nemodificat totalul cheltuielilor.
Perceperea de impozite mai reduse incurajeaza agentii economici in afaceri, adica in extinderea
224
activitatii prin investitii, stimuland, astfel ocuparea fortei de munca, cresterea veniturilor si
productiei.
225
TAX REVENUES
I.D. language: EN
I.D. country: U.K.
Source: Case K., Fair R., Oster S. (2005), Principles of Macroeconomics, 10th ed.,
Standard definition: Most of the tax revenues of the government result from applying a tax rate
decided by the government to a base that reflects the underlying activity of the economy. The
corporate profits tax, for example, comes from applying a rate (say 35 percent) to the profits
earned by firms.
Nota bene: tax: from Latin taxare; revenue: from Latin revenire
Grammatical category: Fiscal policy
Context: 1: Tax revenue refers to compulsory transfers to the central government for public
purposes. Certain compulsory transfers such as fines, penalties, and most social security
contributions are excluded. Refunds and corrections of erroneously collected tax revenue are
treated as negative revenue.This page includes a historical data chart, news and forecasts for Tax
revenue (% of GDP) in Romania.
(http://www.tradingeconomics.com/romania/tax-revenue-percent-of-gdp-wb-data.html,
11.02.2013, 16.05)
2: Although tax revenues were down in January, Greece achieved a budget

surplus of 159 million euros, against a target for an 873-million-euro deficit in the first month of
2013. According to preliminary data for January made public by the Finance Ministry on
Monday, the primary surplus, which does not include interest payments, was 398 million euros
against a target of a 413-million-euro deficit and a deficit of 33 million euros in January 2012.
(http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_11/02/2013_482702, 11.02.2013,
16.25)
Comments: Tax revenue can be grouped into three main categories or types: indirect taxes
defined as taxes linked to production and imports (such as value added taxes - VAT), direct taxes
consisting of current taxes on income and wealth plus capital taxes, and social contributions that
226
include actual social contributions (for paying into social security funds or other social insurance
schemes) as well as imputed social contributions.
RO Equivalent: Venituri provenite din taxe si impozite
Definition: Impozitele şi taxele locale precum şi amenzile şi penalităţile aferente

acestora, constituie venituri la bugetele locale ale autorităţilor administrativ-teritoriale
Definition source:
http://www.avocatnet.ro/content/forum%7CdisplayTopicPage/topicID_8652/Impartire-fonduri-
provenite-din-taxe-si-impozite.html#ixzz2KdMc2G9P, 10.02.2013, 21.28
Nota bene: venit, provenit: din Lat. venire; taxa: din fr. taxer, lat. taxare; impozit:
din lat. impositum
Grammatical category: grup nominal, – sg. Venit provenit din taxe si impozite; gen-dativ, sg –
Venitului provenit din taxe si impozite, gen-dativ, pl – Veniturilor provenit din taxe si impozite.
(N A P N C N)
Context: 1: Totalitatea impozitelor si taxelor provenite de la persoane fizice si juridice care

alimenteaza bugetele publice, formeaza sistemul fiscal. Veniturile publice nu au o afectare
speciala, astfel incat dupa colectare ele se depersonalizeaza si sunt utilizate in vederea efectuarii
cheltuielilor publice. Un sistem fiscal rational are la baza o serie de principii fundamentale, care
fie sunt expres definite sau mentionate in legislatia fiscala, fie rezulta implicit din caracteristicile
ce le cuprinde reglementarea respectiva.
(http://www.deu.ro/images/imguploads/cursuri_biblioteca_virtuala/drept/drept_fiscal_si_procedu
ra_fiscala.pdf, 10.02.2013, 21.30)
2: Viziunea pe care o propunem în acest document presupune ca până în anul 2025

să aibă loc o creştere a veniturilor în PIB provenite din încasarea impozitelor şi taxelor până la
nivelul de 45%. O astfel de creştere ar avea rolul de a asigura stabilitatea şi sustenabilitatea
finanţelor publice în România, oferind astfel un potenţial de dezvoltare economică.Din punct de
vedere metodologic, pentru determinarea aspectelor pozitive şi negative ale sistemului fiscal şi a
nivelului de colectare a impozitelor şi taxelor a fost folosită metoda analizei documentelor, fiind
avute în vedere documente oficiale, rapoarte ale diferitelor organizaţii internaţionale, statistici
oficiale ale Uniunii Europene.
(http://gabrielhancean.files.wordpress.com/2011/07/clain-alexandru.doc,10.02.2013, 21.45)
227
Comments: Veniturile provenite din impozitele şi taxele locale precum şi amenzile şi penalităţile
aferente acestora, constituie venituri la bugetele locale ale autorităţilor administrativ-teritoriale.
228
TECHNICAL UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.
Source: Source: Mankiw G., (2008), Principles of Macroeconomics, Sixth Edition, South-
Standard definition: One type of structural unemployment, including only those who
are unemployed over a definite period of time, due to technical fallouts at the workplace.
Definition source:
http://www.jstor.org/discover/10.2307/3485521?uid=3738920&uid=2&uid=4&sid=21101666833
871, 7.02.2013, 13.30
Nota bene: technical: from Greek tekhnikos ; employment: un + employment, from late Middle
English employen, Middle French emploier
Grammatical category: noun phrase, uncountable, (AN)
Context: 1: Keynesian unemployment has been rigorously defined in the literature. Whereas
structural unemployment is a dissicult concept to handle analytically, since it involves
unemployment for a variety of reasons, such as lack of skill, membership in the Negro race,
geographical immobility, sex, and technological displacement. In order to develop a rigorous
theory, it is therefore necessary to separate the portmanteau term “structural unemployment” into
its subcathegories. (http://onlinelibrary.wiley.com/doi/10.1111/j.1536-
7150.1967.tb01008.x/abstract, 7.02.2013, 13.35)
2: During the technical unemployment employers and employees are exempt from
payment of taxes and contributions to the state budget. Technical unemployment was until
recently a concept included in the Romanian Labor Code. After various legislative changes,
however, the term "technical unemployment'' was removed, and his place was taken by the
expressions "suspension of employment” or “a temporary interruption of employment”.
However, in common language, the phrase" technical unemployment" is still used when we want
to refer to such interruption or temporary suspension of employment contracts.
(http://www.ascentgroup.eu/en/ramona-bosinceanu/blog/during-the-technical-unemployment-
employers-and-employees-are-exempt-from-payment-of-taxes-and, 07.02.2013, 15.05)
Comments: By removing people from the process and replacing them with technology the
people will be unable to raise the income needed to buy goods from the firms. As a result of this
229
demand will fall for the products and the whole system collapses as there is no one to buy the
products or services. Technological unemployment by its very nature exposes the fundamental
flaws in the capitalist system and as our technology continues to advance at a rapid pace we will
see fewer and fewer people in work.
RO Equivalent: Somaj tehnic
Definition: Situatia in care angajatorul este nevoit sa-si reduca sau intrerupa activitatea temporar
din cauza unor dificultati economice sau a unor motive tehnologice si structurale.
Definition source: http://www.avocatnet.ro/content/articles/id_28325/Ce-trebuie-sa-stii-despre-

somajul-tehnic.html#ixzz2KdEqHIY9, 7.02.2013, 13.39
Nota bene: șomaj: fr. chômage; tehnologic : fr. technologique, lat. technicus
Grammatical category: grup nominal, subst. neutru șomaj + adj. tehnic, gen-dativ, sg –
șomajului tehnic (N A)
Context: 1: Efectul intrarii in somaj tehnic este ca salariatul nu mai presteaza munca pentru care
a fost angajat si, deci, nu mai este platit de angajator. Insa, atentie, perioada suspendarii
contractului nu poate fi nelimitata. Aceasta va dura pana la incetarea cauzei care a determinat-o.
Angajatorul stabileste, fara nicio restrictie, de cand incepe suspendarea si cand se termina. Mai
mult decat atat, masura suspendarii contractelor individuale de munca, in cazul intreruperii
temporare a activitatii, nu este negociabila, nu necesita acordul sindicatelor.
(http://www.avocatnet.ro/content/articles/id_28325/Ce-trebuie-sa-stii-despre-somajul-
tehnic.html#axzz2KDdEeuDq, 07.02.2013, 15.15)
2: Administrația societății Rafo Onești a decis prelungirea șomajului tehnic pentru cei
600 de salariați până pe 8 februarie 2013, inclusiv. Măsura – ne-a informat liderul Sindicatului
Rafinorul, Ion Marian – a fost impusă ca urmare a situației critice prin care trece societatea cu
privire la alocarea resurselor financiare necesare dezvoltării și repornirii rafinăriei, la plata
drepturilor salariale, toate acestea cumulate cu iarna grea care conduce la imposibilitatea
realizării unor lucrări în instalații. (http://www.ziaruldebacau.ro/2013/01/29/somaj-tehnic-
prelungit-cu-o-saptamana-la-rafo.html, 07.02.2013, 15.20)
Comments: Angajatorul poate decide ca angajatul sa intre in somaj tehnic, adica sa-i suspende
temporar contractul individual de munca, din proprie initiativa si fara acordul acestuia. Motivele
230
pentru care poate lua aceasta masura, insa, trebuie sa fie, din punct de vedere legal,
obiective, explica prof. univ. dr. Oprea Raducan.
231
TECHNOLOGICAL UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.

College Pub, p. 211
Standard definition: Technological unemployment is unemployment primarily caused by

technological change.
Definition source: http://en.wikipedia.org/wiki/Technological_unemployment, 07.02.2013,

15:31
Nota bene: technological: technolog(y) + -ical, Greek technología + suffix –ical, Middle English
< Latin –icālis; unemployment: un + employment; un- : Middle English un-, on-, Old English;
cognate with Dutch on-, Gothic, German un-, Old Norse ū-, ō-; akin to Latin in-, Greek an-, a-;
employment: late Middle English employen < Anglo-French, Middle
French emploier ≪ Latin implicāre + suffix –ment, French < Latin –mentum.
Grammatical category: noun phrase, uncountable, (AN)
Context: 1: The theory of tehnological unemployment is a step of economic science. The facts
seem to stand in such blatant contradiction to orthodox doctrine, according to wich no
“permanent” tehnological unemployment is possible, that most American textbooks prefer not to
mention the problem itself. This attitude is of recent times. The analysis to wich David Ricardo
subjected the displacement of labor by the machine in the last edition of the Principles had
stimulated a lively discussion among the later classical economists, who, as we shall see
instantaneously, followed two different lines of thought. Whit the rise of neoclassical equilibrium
analysis, the discussion died down, at least in Anglo-Saxon literature and only recently the oldest
argument against technological unemployment, originally developed by McCulloch, was revised
in a little more sophisticated form by two American economists.
(http://www.jstor.org/discover/10.2307/1807441?uid=3738920&uid=2&uid=4&sid=2110177279
4337, 7.02.2013, 16.10)
2: We are still adding jobs and working more hours in non-recession years, but not as
quickly as we used to. Since the end of the 2001 recession real GDP has increased by just about
20%. The number of hours worked, however, has increased by only 2.8% over that same time,
and the total number of jobs by 1.9%. Those latter two numbers are pretty close to zero. Is it so
hard to believe that a realistic future combination of fast automation and relatively slow GDP
growth could cause them to turn negative? I don’t find that scenario implausible at all.
232
Technological employment has not happened economy-wide yet, but as the facts change — as
technology’s role in the economy shifts — shouldn’t we change our opinions about what
constitutes a myth? (http://andrewmcafee.org/2013/01/mcafee-technological-unemployment-us-
manufacturing-econom/, 07.02.2013, 16.25)
Comments: By removing people from the process and replacing them with technology, the
people will be unable to raise the income needed to buy goods from the firms. Technological
unemployment by its very nature exposes the fundamental flaws in the capitalist system and as
our technology continues to advance at a rapid pace we will see fewer and fewer people in work.
RO Equivalent: șomaj tehnologic
Definition: Suspendarea contractului individual de muncă din inițiativa angajatorului, în cazul

întreruperii temporare a activității angajatorului, în special pentru motive tehnologice,
economice ori structural.
Definition source: http://jeler.ro/resurse-umane-/132-zilieri, 07.02.2013, 16:36
Nota bene: șomaj: fr. chômage; tehnic : fr. technique, lat. technicus
Grammatical category: grup nominal, subst. neutru șomaj + adj. tehnic, șomajului tehnic. (N A)
Context: 1: Această perspectivă îl sperie pe Silviu Pricop, inginer într-o fabrică de confecții
din judetul Bacau. “Sper ca această criză să nu ne lovească și pe noi, mi-e teamă că dacă
intrăm în șomaj tehnic nu ne mai întoarcem la serviciu dupa aceea. (http://stiri.acasa.ro/cariera-
189/somajul-tehnic-masura-legala-temporara-in-caz-de-criza-4928.html, 07.02.2013, 16:55)
2: Combinatul a anunţat joi că decizia de a trimite cei peste 500 de angajaţi în şomaj
tehnic este cauzată de lipsa capitalului de lucru necesar repornirii activităţii de petrochimie de la
Piteşti. (http://incomemagazine.ro/articles/angaja-ii-oltchim-nu-vor-mai-intra-in-omaj-tehnic,
07.02.2013, 16 :56)
Comments: Șomajul tehnic a fost până de curând o noțiune prevăzută în Codul muncii . După
schimbările din lege însă, termenul de "șomaj tehnic'' numai există, iar locul lui a fost luat de
termenii "suspendarea contractului de muncă" sau "întreruperea temporară a contractului de
muncă".
233
234
THE ORGANISATION OF PETROLEUM EXPORTER COUNTRIES
I.D. language: EN
I.D. country: U.K.
Source: http://journals.cambridge.org/action/displayJournal?jid=INO, 05.02.2013, 19:18
Standard definition: The Organization of Petroleum Exporter Countries is the Organization of

the Petroleum Exporting Countries. It's mission is to secure a return to oil investors and an
economic supply of oil to consumers.
Definition source: http://en.wikipedia.org/wiki/OPEC, 05.02.2013, 19:21
Nota bene: the: Old En. Þe; organization: from Fr. organization; of: from Old En. Æf;
petroleum: from Lat. petroleum; exporter: from export+ er; country: from Old Fr. contree
Grammatical category: noun phrase, uncountable (N P N N N)
Context: 1: OPEC formed when the international oil market was was largely separate from that
of centrally planned economies and was dominated by multinational companies. OPEC came up
with a collective vision and put its Secretariat in Geneva and then moved the office to Vienna.
OPEC's ‘Policy Statement' says there is an right of all countries to exercise sovereignty over their
natural resources. Membership in OPEC grew to ten by 1969. In the 1970s OPEC acquired a say
in pricing and rose oil prices steeply because of an embargo of Arab oil in 1973 and later because
of revolution against the king of Iran in 1979. OPEC added to its goals the selling of oil for socio-
economic growth of the poorer member nations. Membership grew to 13 by 1975. In the 2000s, a
combination of factors pushed up prices in a well-supplied crude market. Prices continued up to
then record high levels in mid-2008 before going down for a while in the global financial
problems and unemployment. (http://en.wikipedia.org/wiki/OPEC, 05.02.2013, 20:11)
2: OPEC membership is open to any country that is a substantial exporter of oil and that
shares the ideals of the organization. As of 2011, OPEC had 12 member countries, including
founder members Iran, Iraq, Kuwait and Venezuela. OPEC's influence on the market has been
widely critcized. Because its member countries hold the vast majority of crude oil reserves (about
80%) and nearly half of natural gas reserves in the world, the organization has considerable
power in these markets.
(http://www.investopedia.com/terms/o/opec.asp#axzz2Kc2Zi0m4, 05.02.2013, 20:14)
Comments: OPEC is intergovernmental and was created at the Baghdad Conference on

September 10–14, 1960, by Iraq, Kuwait, Iran, Saudi Arabia and Venezuela. hen it was joined by
235
by nine more governments: Libya ; United Arab Emirates ;Qatar ; Indonesia ; Algeria ; Nigeria ;
Ecuador ; Angola and Gabon. OPEC's had a headquarters in Geneva, Switzerland and moved it to
Vienna, Austria, on September 1, 1965.
RO Equivalent: Organizatia tarilor exportatoare de petrol
Definition: O.P.E.C. sau Organizaţia Statelor Exportatoare de Petrol este o organizaţie

interguvernamentală permanentă, care coordonează şi uniformizează politicile în
domeniul petrolului ale ţărilor membre, în vederea asigurării unor preţuri stabile şi echitabile
pentru producători. Organizaţia este considerată de mulţi observatori drept un cartel.
Definition source: http://facultate.regielive.ro/referate/geografie/organizatii-economice-

mondiale-organizatia-tarilor-exportatoare-de-petrol-94127.html, 05.02.2013, 20:17
Nota bene: organizatie: din Fr. organisation; tara: din Lat. terra; exportator: din Fr. exportateur;
de: din Lat. de; petrol: din Fr. petrole
Grammatical category: grup nominal
Context: 1: O.P.E.C. include în componenţa ei statele exportatoare de petrol brut, indiferent de

naţionalitatea acestora: state arabe sau nearabe. Membrii săi sunt: Arabia Saudită, Kuweit, Irak,
Iran, Venezuela, Qatar, Indonezia, Libia, Emiratele Arabe Unite, Algeria, Nigeria, Ecuador,
Angola şi Gabon (1975-1994) cu statut de membru participant. Din 1965 sediul central al
organizaţiei se află la Viena, Austria, în primii ani de fiinţare sediul aflându-se la Geneva. Ideea
existenţei acestei organizaţii datează din anii ’60, când companiile monopoliste au luat măsuri de
scădere la jumătate a preţului petrolului brut exportat de ţările producătoare. Acest lucru a dus la
pagube materiale semnificative în economiile ţărilor producătoare, care au fost astfel obligate să
se gândească la noi modalităţi de asigurare a intereselor lor supreme şi de prevenire a irosirii
surselor lor de venit. (http://facultate.regielive.ro/referate/geografie/organizatii-economice-
mondiale-organizatia-tarilor-exportatoare-de-petrol-94127.html, 05.02.2013, 20:26)
2: Scopul principal al organizației, conform statutului ei, este determinarea celor mai
bune modalități pentru apărarea intereselor statelor membre, în mod individual și colectiv;
întocmirea și adoptarea metodelor pentru a garanta stabilizarea prețurilor pe piețele acțiunilor
petroliere internaționale în vederea eliminării fluctuațiilor dăunătoare și inutile; considerarea
continuă a intereselor națiunilor producătoare și a necesității securizării venitului stabil a țărilor
membre; susținerea eficientă, economică și regulată cu petrol a națiunilor consumatoare și o
întoarcere cinstită a capitalului pentru investitorii în industria petrolieră.
(http://ro.wikipedia.org/wiki/OPEC, 05.02.2013, 20.29)
236
Comments: Pentru piaţa globală a petrolului, considerăm că existenţa OPEC asigură un echilibru
de putere între ţările exportatoare şi cele importatoare de petrol. Faptul că ţările exportatoare de
petrol au reuşit să-şi promoveze interesele prin acţiune comună a contribuit la diminuarea
frustrărilor generate de relaţia individuală, de pe poziţii inegale, cu marile state importatoare de
petrol. În acest fel, relaţia divergent exportatori de petrol – importatori de petrol a fost adusă la
masa negocierilor. În lipsa OPEC, poate că am fi asistat la mai multe războaie ale petrolului şi la
mai multe şocuri petroliere.
237
TRADE DEFICIT
I.D. language: EN
I.D. country: U.K.

College Pub, p. 376
Standard definition: An excess of imports over exports.
Nota bene: trade: Middle Low German, Middle Dutch ( Old Saxon trada ), cognate with Old
High German trata; deficit: Fr. deficit (1690), from L. deficit.
Grammatical category: noun phrase, countable, (N), trade deficits
Synonyms: balance of trade
Context: 1: In simple terms, trade deficits are paid for out of foreign exchange reserves, and may
continue until such reserves are depleted. At such a point, the importer can no longer continue to
purchase more than is sold abroad. This is likely to have exchange rate implications: a sharp loss
of value in the deficit economy’s exchange rate with the surplus economy’s currency will change
the relative price of tradable goods, and facilitate a return to balance or (more likely) an over-
shooting into surplus the other direction. (http://en.wikipedia.org/wiki/Balance_of_trade,
08.02.2013, 08.10)
2: Japan’s trade deficit nearly tripled in 2012 to Y6.93tn ($77bn), an unprecedented

shortfall for the traditional export powerhouse that could colour debate about the so-called
currency wars as Tokyo pursues policies that push down the value of the yen. The sharp
expansion of the deficit, from Y2.56tn in 2011, is a reminder of the increasingly complex
challenges facing Japan’s economy and its new government, which has promised aggressive
measures to end a two-decade malaise. (http://www.ft.com/intl/cms/s/0/6aa68b02-65d6-11e2-
a17b-00144feab49a.html#axzz2KHlA3G4J, 08.02.2013, 08.15)
Comments: The cause for a country developing a large trade deficit is if the trade policies of that
country allow more importing than exports can be sold. We see this in countries that already have
sources of wealth within their borders and have an economic engine suitable to creating
238
additional wealth from just those sources. This gives them ready cash with which to purchase
more imports than they earn from exporting.
RO Equivalent: Deficit comercial
Definition: Diferenţa dintre valoarea importurilor a unei naţiuni asupra exporturilor.
Definition source: http://ro.termwiki.com/RO:trade_deficit_or_surplus, 08.02.2013, 08:25
Nota bene: deficit : fr. déficit ; comercial : fr. commercial, lat. commercialis
Grammatical category: grup nominal, subst. neutru deficit + adj. comercial, (NA), deficite
comerciale, deficitului commercial, deficitelor comerciale
Context: 1: Deficitul comercial a avansat în primele zece luni, faţă de aceeaşi perioadă a anului
trecut, cu 4,54 miliarde lei (585,7 milioane euro), la 36,83 miliarde lei (8,26 miliarde euro), după
ce exporturile s-au diminuat, exprimate în euro, iar importurile au crescut. Exporturile FOB au
totalizat 167,46 miliarde lei (37,7 miliarde euro), iar importurile CIF au fost de 204,29 miliarde
lei (45,96 miliarde euro).
(http://www.zf.ro/companii/deficitul-comercial-a-crescut-la-8-26-miliarde-euro-10382087,
08.02.2013, 14.00)
2: Singurii factori care si-ar putea atenua efectul nefavorabil asupra deficitului
comercial ar putea fi preturile mondiale la produsele energetice (intrate intr-o faza de stabilizare),
relansarea cererii in Uniunea Europeana si creşterea ponderii exporturilor de produse high-tech in
totalul exporturilor romaneşti. Un aşteptat impact pozitiv l-ar putea aduce constituirea unei mase
critice de investiţii străine directe in ramurile exportatoare, care va începe sa producă efecte
orizontale in economia romaneasca, suprapuse peste efectele generate de intrările de fonduri
structurale. Noile companii create de investitorii străini in România vor utiliza efecte de scala pe
care economia romaneasca le poate susţine prin dimensiunea sa medie la nivelul statelor membre
ale UE.
(http://www.cnp.ro/user/repository/da10d86f05794e69e3e3.pdf, 08.02.2013, 08.20)
Comments: Creşterea preţurilor interne însoţită de creşterea importurilor (datorită regimului cu

rată fixă de schimb) generează o creştere a deficitului balanţei comerciale.
239
UNEMPLOYMENT
I.D. language: EN
I.D. country: U.K.
Standard definition: Unemployment is the fact of a number of people without a job.
Definition source: Hornby A.S., (2007), Oxford Advanced Learning Dictionary, 7th edition,
United Kingdom, p. 1670
Nota bene: from un- “not” + employment
Grammatical category: uncountable noun
Hypernyms: social development
Antonyms: employed, occupied
Synonyms: inactivity, joblessness, unapplied, unoccupied, redundancy
Context: 1: Unemployment is an economic indicator that refers to the number or proportion of

people in an economy who are willing and able to work, but are unable to get a job. A person in
this situation is said to be unemployed. People who are not willing or able to work, for whatever
reason, are "economically inactive" and do not count towards unemployment figures.
(http://www.politics.co.uk/reference/unemployment, 30.12.12, 16:37)
2: It is recognized that the psychological distress experienced by young

unemployed people is less severe than that experienced by unemployed older people.
Nevertheless, the continuing high level of youth unemployed is perceived as a major social
problem for a number of reasons. First, and most obviously, is the higher rate of youth
unemployment, compared with that of adults. Second, there are theoretical reasons, based on
lifespan developmental theory to suppose that unemployment during adolescence may retard
healthy psychosocial development. Third, there is the fear that widespread youth unemployment
may lead to social alienation, manifested by an increase in criminal activity and other forms of
anti-social behaviour and to increased risk of self-harm and suicide. Forth, there is concern in
some sectors of adult society that it may have detrimental effect on work values, so that
unemployed youths come to reject the work ethic and prefer a life of idleness supported by the
dole to paid unemployment. (Coleman J.C., ,(2004), „The nature of adolescence”, third edition,
Routledge, London, p. 166)
240
Collocations: noun+ unemployment: level, rate of unemployment; adjective (from verb)+
unemployment: rising / falling unemployment; adjective+ unemployment: high, low
unemployment (nivel, rată de şomaj; şomaj în creştere/ în scădere; şomaj ridicat / scăzut)
Use area: social sciences
Comments: Economic studies have found that minority teens, especially young black males, are
most negatively affected by high minimum wage rates and the resulting unemployment.
RO Equivalent: şomaj
Definition: Fenomen economic cauzat de crizele sau recesiunile economice, care constă în aceea
că o parte dintre salariați rămân fără lucru, ca urmare a decalajului dintre cererea și oferta de forță
de muncă; situația aceluia care nu se poate angaja din cauza imposibilității de a găsi un loc de
muncă.
Definition source: http://dexonline.ro/definitie/%C8%99omaj, 04.01.13, 16.15
Nota bene: din Fr. chômage
Grammatical category: substantiv, n., pl. şomaje
Generic concept: Șomaj
Hypernyms: dezvoltare socială
Antonyms: angajare, ocupaţie
Synonyms: inactivitate, neangajare, neocupare, redundanţă
Context: 1: Şomajul este termenul folosit în cazul lipsei locurilor de muncă pentru forţele apte şi
calificate corespunzător pentru muncă. Acest fenomen este caracterizat prin faptul că o parte din
populaţie este în căutarea unui loc de muncă. Când această situaţie ia proporţii apar probleme
economice serioase în cadrul regiunii sau statului respectiv, prin creşterea cheltuielilor sociale de
întreţinere a şomerilor. Specialiştii în acest domeniu, consideră că există două tipuri de şomaj: 1)
şomajul voluntar: este acel tip de şomaj care descrie situaţia în care oameni apţi de muncă nu
doresc să lucreze deoarece, aceştia deţin suficiente resurse materiale; 2) şomajul involuntar:
descrie situaţia în care oameni apţi de muncă doresc să se angajeze, dar nu găsesc locuri de
muncă disponibile. Acest tip de şomaj este cel care ridică probleme sociale, fiind singura formă
acceptată pentru plata indemnizaţiei de şomaj. (http://e-economie.ro/tag/ce-este-somajul/,
27.12.12, 16:49)
2: Discuţiile pe tema reducerii ratei naturale a şomajului au în principal în vedere

amploarea şomajului în rândul adolescenţilor şi proporţia ridicată a şomerilor pe termen lung în
241
totalul şomajului. În ceea ce priveşte adolescentii şomeri, aceştia sunt nou intraţi pe piaţa muncii;
de asemenea ponderea celor reintraţi în cadrul forţei de muncă este mai mare decât în cazul
adulţilor. Ca urmare, şomajul din rândul tinerilor va scădea dacă se reduce perioada de timp
necesară unui adolescent pentru a-şi găsi primul loc de muncă. Pentru aceasta s-a propus
înfiinţarea unui serviciu special care să-i ajute pe tinerii adolescenţi să-şi găsească o slujbă. Unul
din motivele principale pentru care adolescenţii manifestă o mobilitate cu totul deosebită în ceea
ce priveşte participarea lor în cadrul forţei de muncă este faptul că slujbele pe care aceştia le deţin
nu sunt prea atractive. S-ar pune problema îmbunătăţirii calităţii lor. În unele ţări europene, de
pildă Germania, se pune accentul pe asigurarea unei pregătiri tehnice a tinerilor, ajutându-i astfel
să obţină locuri de muncă avantajoase. (http://www.e-scoala.ro/referate/economie_somaj.html,
27.12.12, 16:55)
Use area: stiinţe sociale
Comments: La origine noţiunea de şomaj reprezenta întreruperea lucrului din cauza

temperaturilor ridicate. Noţiunea de “şomaj” provine din limba franceză “chômage” şi din limba
greacă “cauma”, care înseamnă “căldură mare” din cauza căreia se întrerupea orice tip de
activitate.
242
UNEMPLOYMENT COMPENSATION
I.D. language: EN
I.D. country: U.K.

College Pub
Standard definition: Payment by a governmental agency to unemployed people.
Definition source: http://www.thefreedictionary.com/unemployment+compensation, 08.02.2013,

08.50
Nota bene: unemployment: un + employment; late Middle English employen < Anglo-French, Middle French emploier ≪ Latin
implicāre + suffix –ment, French < Latin –mentum; compensation: Middle English compensacioun < Latin compēnsātiōn-.
Grammatical category: noun phrase, countable, (NN), unemployment compensations
Synonyms: payment
Context 1: To support the unemployment compensation systems, a combination of federal and

state taxes are levied upon employers. States base employer contributions on the amount of
wages the employer has paid, the amount the employer havs contributed to the unemployment
fund, and the amount that the discharged employees have been compensated from the fund. Any
state tax imposed on employers (and certain credits on that tax) may be credited against the
federal tax.
(http://www.law.cornell.edu/wex/unemployment_compensation, 08.02.2013, 09.00)
2: The Basics of Unemployment Compensation Law - Any time an employee is

discharged, or even quits of his or her own free will, s/he will file a claim for unemployment
benefits. Employers are often ignorant of how the process works and do not know how to contest
claims or whether it is worth it even to bother. This is an unfamiliar area even to many lawyers.
The purpose of this article is to take the reader through the unemployment compensation process,
using New York law as the basis, so that they will be better prepared to deal with claims the next
time they arise.
(http://www.bankersonline.com/operations/gp_compensation.html, 08.02.2013, 09.05)
Comments: In order to receive unemployment compensation, workers must meet the

unemployment eligibility requirements for wages earned or time worked during an established
243
(one year) period of time. In addition, workers must be determined to be unemployed through no
fault of their own.
RO Equivalent: Indemnizație de șomaj
Definition: O compensație parțială a veniturilor asiguratului ca urmare a pierderii locului de

muncă sau a veniturilor absolvenților instituțiilor de învățământ și militarilor care au efectuat
stagiul militar și care nu s-au putut încadra în muncă.
Definition source: http://www.euroavocatura.ro/dictionar/95/Indemnizatie_de_somaj,

08.02.2012, 09:10
Nota bene: indemnizație: fr. indemnisation; de: lat. de; șomaj : fr. chômage.
Grammatical category: grup nominal, subst. fem. indemnizație + prep. de + subst. neutru
șomaj, indemnizații de șomaj, indemnizației de șomaj, indemnizațiilor de șomaj.
Context 1: Beneficiază de indemnizație șomerii care îndeplinesc cumulativ următoarele condiții:

au un stagiu de cotizare de minim 12 luni în ultimele 24 de luni premergătoare datei înregistrării
cererii; nu realizează venituri sau realizează din activități autorizate potrivit legii, venituri mai
mici decât indemnizația de șomaj; nu îndeplinesc condițiile de pensionare, conform legii; sunt
înregistrați la agențiile pentru ocuparea forței de munca în a căror rază teritorială își au domiciliul
sau, după caz, reședința, dacă au avut ultimul loc de munca ori au realizat venituri în acea
localitate. (http://www.anofm.ro/26_care-este-cuantumul-indemnizatiei-de-somaj-%3F,
09.02.2013, 09.20)
2: Absolvenții pot solicita acordarea indemnizației de șomaj, daca într-o perioadă de 60

de zile de la absolvire, nu au reușit să se încadreze în muncă și: nu urmează o formă de învățământ la
data solicitării dreptului; nu realizează venituri sau realizează din activități autorizate potrivit legii
venituri mai mici decât valoarea indicatorului social de referință, respectiv
500 lei.
(http://www.euroavocatura.ro/stiri/9726/Conditiile_ce_trebuiesc_indeplinite_de_absolventi_de_li
ceu_facultate_pentru_acordarea_indemnizatiei_de_somaj, 09.35)
Comments: Cuantumul indemnizației de șomaj este o suma fixă, neimpozabilă, lunară,

reprezentând 75% din salariul de bază minim brut pe țară, în vigoare la data stabilirii acestuia.
Indemnizația se plătește lunar.
244
UTILITY FUNCTION
I.D. language: EN
I.D. country: U.K.

College Pub, p. 285
Standard definition: This utility function shows how utility, a subjective measure of
satisfaction, depends on wealth.
Nota bene: utility: Middle English utilite < Old French utelite < Latin ūtilitās; function: Latin
functiōn-.
Grammatical category: noun phrase, countable, (NN), utilities functions
Context : 1: If the consumer hase a.resonable preferences about consumption in different

circumstances, then we will be able to use a utility function to describe these preferences, just as
we have done in other contexts. However, the fact that we are considering choice under
uncertainty does add a special structure to the choice problem. In general, how a person values
consumption in one state as compared to another will depend on the probability that the state in
question will actually occur.
(http://www.econ.ucsb.edu/~tedb/Courses/Ec100C/VarianExpectedUtility.pdf, 08.02.2013,
09.40)
2: Mathematically we need a function to map between the physical measure of money

and the perceived value of money. Such functions are called utility functions, and in the context
of wealth being a random variable on a probability space, they need to be measurable functions
on that space, and hence, utility functions are random variables. Bernoulli was the first to suggest
a utility function in 1738 as an solution to the St Petersburg Paradox. The theory was developed
in its modern form by von Neumann and Morgenstern in 1944. They developed the axioms
underlying utility theory, in a synthesis of economics and probability, as Utility functions.
(http://www.macs.hw.ac.uk/macshome/ams/msc_actsci/utility_final.pdf, 08.02.2013, 09.45)
Comments: Economists say that an expected utility function is "unique up to an affine

transformation." This just means that you can apply an affine transformation to it and get another
expected utility function that represents the same preferences. But any other kind of
transformation will destroy the expected utility property.
245
RO Equivalent: funcție de utilitate
Definition: Relaţia dintre cantităţile de bunuri consumate şi utilitatea obţinută de consumator este
dată de o anumită funcţie de utilitate.
Economice
Nota bene: funcție: fr. fonction, lat. fonctio ; de: lat. de; utilitate: fr. utilité, lat. utilitas
Grammatical category: grup nominal, subst.fem. funcție + prep. de + subst. fem.

utilitate, (NPN), funcții de utilitate, funcției de utilitat, funțtiilor de utilitate
Context: 1: O funcţie de utilitate aditivă indică faptul că satisfacţia procurată de consumul

dintr-un bun este independentă de satisfacţia procurată de consumul din celălalt bun. Cantităţile
de bunuri (la acest tip de funcţii) sunt prezente într-o manieră aditivă şi separabilă. Consumatorul
descris de acest tip de funcţie de utilitate nu este nevoit să consume concomitent din cele două
bunuri pentru a avea un nivel de utilitate pozitiv.
(http://www.biblioteca-digitala.ase.ro/biblioteca/pagina2.asp?id=cap3, 09.02.2013, 09.55)
2 În contextul macroeconomic, funcțiile de utilitate macroeconomică sunt utilizate

pentru a măsura rentabilitatea diferitelor dezvoltări politice și economice pentru dezvoltarea
macroeconomică. În macroeconomie acest concept se folosește, de asemenea, pentru a modela
comportamenul actorilor politicii economice. În acest context sunt construite, de exemplu, în
cadrul teoriei alegerii publice (Public Choice Theory), funcții de utilitate pentru politicienii
orientați înspre realegere. În acest fel, politicienii vor alege acea alternativă politică menită să le
mărească șansele de a fi realesi.
(http://ro.wikipedia.org/wiki/Func%C8%9Bie_de_utilitate, 08.02.2013, 10.00)
Comments: Curba de indiferenţă a consumatorului reprezintă locul geometric al pachetelor

posibile de bunuri pentru care utilitatea (satisfacţia) consumatorului rămâne neschimbată. În
construcţia funcţiei de utilitate se ţine seama de faptul că această curbă de indiferenţă este
descrescătoare şi convexă.
246
VELOCITY OF CIRCULATION
I.D. language: EN
I.D. country: U.K.

College Pub, p 259
Standard definition: The average number of times a unit of money is used in a given time,
esp calculated as the ratio of the total money spent in that time to the total amount of money in
circulation.
Definition source: http://www.thefreedictionary.com/velocity+of+circulation, 10.02.2013, 12:59
Nota bene: velocity: Latin vēlōcitās, from vēlōx; of: German ab, Latin ab, Greek apó;
circulation: late Middle English circulacioun < Latin circulātiōn- (stem of circulātiō ),
equivalent to circulāt ( us ).
Grammatical category: noun, countable, (N), velocities of circulation
Synonyms: rapidity of monetary transfers
Context: 1: The conception of the velocity of circulation as a real, unitary entity, a cause in the
process of price-determination is, I suppose, almost as old as the quantity theory itself. It is an
essential part of the quantity theory. (http://mises.org/daily/2916, 10.02.2013, 13:03)
2: Hence the velocity of circulation of money is, so to speak, merely the velocity of
circulation of goods and services looked at from the other side. If the volume of trade increases,
the velocity of circulation of money, other things being equal, must increase, and vice versa.
(http://mises.org/daily/2916, 10.02.2013, 13:03)
Comments: The main deficiency of the velocity of circulation concept is that it does not start
from the actions of individuals but looks at the problem from the angle of the whole economic
system. This concept in itself is a vicious mode of approaching the problem of prices and
purchasing power.
RO Equivalent: velocitatea banilor
Definition: Velocitatea banilor reprezintă viteza de circulaţie a banilor.
247
Definition source: http://www.scribd.com/doc/91979082/DECEOM, 10.02.2013, 13:16
Nota bene: velocitate: fr. vélocité, it. velocitá ; banilor : origine necunoscută
Grammatical category: grup nominal, subst. Fem. velocitatea + subst. masc. banilor, velocității
banilor , (N NGen)
Context: 1: Cauzele hiperinflației sunt considerate creșterea masei monetare dublată de creșterea
velocității banilor (viteza de circulație) fără o corespondență reală în producția de bunuri și
servicii. (http://www.bugetulfamiliei.ro/preturi/hiperinflaia-bancnot-de-10-la-puterea-20.html,
10.02.2013, 13:25)
2: De altfel, se vorbeşte despre necesitatea de a imagina căi de ieşire (exit) din

situaţia în care lichiditatea, care este mult crescută acum în sistemele bancare, va fi reactivată -
când velocitatea banilor urcând rapid ar ameninţa stabilitatea preţurilor. Şi lucrurile nu sunt
simplu de rezolvat, fiindcă absorbţia unei cantităţi de "bani tari" (hard powered money) în exces
areconsecinţe,carepotînsemnaîmpiedicarearelansăriieconomice.
(http://jurnalul.ro/editorial/stabilitatea-financiara-si-bancile-centrale-i-519561.html, 10.02.2013,
13:29)
Comments: Monetariştii utilizează această concepţie pentru a arăta dependenţa între

oferta monetară şi nivelul preţurilor în perioada îndelungată.
Pentru a evita inflaţia statul trebuie să menţină modificarea ofertei monetare la nivelul bunurilor
de modificare a PIB.
248
VOLUNTARY EXPORT RESTRAINTS
I.D. language: EN
I.D. country: U.K.

College Pub
Standard definition: A self imposed limitation on the amount of a product that one country is
permitted to export to another.
Definition source: http://www.businessdictionary.com/definition/voluntary-export-restraint-

VER.html, 10.02.2013, 14:33
Nota bene: voluntary: Middle English < Latin voluntārius, equivalent to volunt ( ās ); export:
Latin exportāre; restraint: from Old French restreinte , from restreindre.
Grammatical category: noun phrase, countable, (ANN), voluntary export restraint,

voluntary export restraints
Synonyms: export restraint agreement
Context: 1: In May, 1981, a voluntary export restraint (VER) was placed on exports of
automobiles from Japan to the United States.
(http://economics.harvard.edu/files/faculty/48_w5235.pdf, 10.02.2013, 14:42)
2: Analytical results fi nd that VERs exert expansion effects on the exporting economy
temporarily. The conventional view of VERs effects holds only when there is perfect competition on
the goods market or when the exporting country is bigger than the importing country. On the whole,
VERs deteriorate the overall welfare of the world economy. (http://www.google.ro/url?
sa=t&rct=j&q=voluntary+export+restraint&source=web&cd=18&ved
=0CIABEBYwBzgK&url=http%3A%2F%2Fwww.vse.cz%2Fpolek%2Fdownload.php%3Fjnl%
3Dpep%26pdf%3D397.pdf&ei=sVcZUZLzC4KOtQa92oGoBA&usg=AFQjCNGhyJ70IKLLN_
n6C5vkJ1EvJ_HYjQ, 10.02.2013, 14:44)
Use area: business field and trade, economics
Comments: Imposing a voluntary export restraint (VER) will often be a nation's official
response to a request made by the country being exported to for protection for its domestic
businesses against such foreign competition. This is typically done to prevent the imposition
of trade tariffs. Also called export restraint agreement.

249
RO Equivalent: limitări voluntare la export
Definition: Formă de barieră netarifară constând în reducerea volumului exportului unui produs
sau a unei grupe de produse la un anumit nivel și pe o perioadă de timp determinată consimțită
de țară sau de țările exportatoare la cererea ori sub presiunea țării sau țărilor importatoare.
Definition source: http://e-juridic.manager.ro/dictionar-juridic/limitare-voluntara-a-

exporturilor/2582.html, 10.02.2013, 14:49
Nota bene: limitare: fr. limiter, lat. limitare; voluntar: fr. volontaire, lat. voluntarius, rus. volentir;
la: lat. illac; export : germ. Export .
Grammatical category: grup nominal, subst. Fem. limitări + adj. voluntare + prep. la + subst.
neutru export, limitării voluntare la export, limitărilor voluntare la export (NAPN)
Context: 1: Limitările voluntare la export sunt componente importante ale protecţionismului

din „zona gri”. De foarte multe ori, se începe cu acuzaţii de dumping pentru a convinge
anumiţi exportatori să accepte acorduri de limitare voluntară a exporturilor.
(http://www.google.ro/url?sa=t&rct=j&q=limitare+voluntara+la+export&source=web&cd=11&v
ed=0CDIQFjAAOAo&url=http%3A%2F%2Fxa.yimg.com%2Fkq%2Fgroups%2F21067471%2F
671887422%2Fname%2FPolitici%2Bcomerciale%2Bcap.3.doc&ei=HVsZUe6iJs7LsgaJ94DoCg
&usg=AFQjCNFCNg364bmhe_PUg-92HOsExeyYHg, 10.02.2013, 14 :58)
2: De regulă înţelegerile de limitare voluntară a exporturilor se negociază într-un cadru

foarte restrâns definit prin confidenţialitate ceea ce îi dezavantajează pe ceilalţi exportatori.
(http://www.google.ro/url?sa=t&rct=j&q=limitare+voluntara+la+export&source=web&cd=11&v
ed=0CDIQFjAAOAo&url=http%3A%2F%2Fxa.yimg.com%2Fkq%2Fgroups%2F21067471%2F
671887422%2Fname%2FPolitici%2Bcomerciale%2Bcap.3.doc&ei=HVsZUe6iJs7LsgaJ94DoCg
&usg=AFQjCNFCNg364bmhe_PUg-92HOsExeyYHg, 10.02.2013, 14 :59)
Use area: export, economie
Comments: Limitările ,,voluntare” la export pot fi bilaterale sau multilaterale, în funcţie

de numărul ţărilor participante la astfel de înţelegeri.
250
V. ETYMOLOGY
The contrastive analysis describes the structural differences and similarities between two
or more languages. The contrastive analysis, as an inquiry area, is concerned with the principles
and uses of such descriptions. The contrastive analysis has been used as a tool in historical
linguistics to establish language genealogies and in translation theory to investigate problems of
equivalence. Where do words come from? How and when were they invented? Why are there so
many different languages? Why do many languages share the same or similar words for the same
things? The answers to all these questions lie in the study of etymology.
In order to discuss the etymology of the terms in the glossary it is necessary to explain a
few basic facts about etymology.
Etymology is the study of the history of words when they entered a language, from what
source, and how their form and meaning have changed over time. In languages with a long
detailed history, etymology makes use of philology, the study of how words change from culture
to culture over time. However, etymologists also apply the methods of comparative linguistics to
reconstruct information about languages that are too old for any direct information (such as
writing) to be known. By analyzing related languages with a technique known as the comparative
method, linguists can make inferences, about their shared parent language and its vocabulary. In
this way, word roots have been found which can be traced all the way back to the origin of, for
instance, the Indo-European language family.
The word etymology itself comes from the Ancient Greek etumologia < etumon, “true
sense” + -logia,” study of , a speaking of” from logos, 'speech, oration, discourse, word'.
Etymological theory recognizes that words originate through a limited number of basic
mechanisms, the most important of which are the following:
 Borrowing, i.e. adoption of loans from other languages;

 Word formation such as derivation and compounding;
 Onomatopoeia and sound symbolism, i.e. the creation of immitative words.
As a language, English is derived from the Anglo-Saxon, a West Germanic variety,

although its current vocabulary includes words from many languages, thus making English a rich
mixture of many languages. English belongs to the West Germanic branch of the Indo-European
family of languages. Over the time the history of the English language has traditionally been
divided into three main periods: Old English (450-1100 AD), Middle English (1100-circa 1500
AD) and Modern English (since 1500). Over the centuries, the English language has been
influenced by a number of other languages.
It was during the English Renaissance that most of the words from Greek and Latin
entered English. In English cultural history this period (early 16th century to the early 17th
century) is sometimes referred to as "the age of Shakespeare" or "the Elizabethan era", taking the
name of the English Renaissance's most famous author and most important monarch. During the
251
reign of Queen Elizabeth I there was an explosion of culture in the form of support of the arts,
popularization of the printing press, and massive amounts of sea travel.
The Anglo-Saxon roots can be seen in the similarity of numbers in English and German.
Though more than half of the words in English either come from the French language or have a
French cognate, most of the common words used are still of Germanic origin. English has proven
accommodating to words from many languages. Scientific terminology relies heavily on words of
Latin and Greek origin.
On the other hand, Romanian is a Romance language, belonging to the Italic branch of
the Indo-European language family, having much in common with languages such as French,
Italian, Portuguese and Spanish. The Romanian vocabulary has been strongly influenced by
French and Italian in modern times, but during its history its word formation processes had been
influenced mostly by Latin but also by Slavic languages, Greek, Hungarian, Turkish, German etc.
International words borrowed from English are very common in most of the languages
throughout the world. The origin of neologisms in Romanian is diverse, but they mainly come
from classical languages: Latin and Greek, from neo-Latin languages: French, Italian, and from
Germanic languages such as German and English as well. Lexical borrowings of English origin
have recently become very intense in the European languages, Romanian included. The English
influence has changed into the most powerful source of enriching vocabulary. Nowadays the
English influence over Romanian is very powerful and it determines different attitudes among
common users, speakers and among specialists, linguists as well. But the English influence on
Romanian is not so recent as some may think, it comes after 1990. This influence has been more
or less constant, even if words of English origin were introduced through other languages, French
in particular and most of the Romanian words are still of Roman or Latin origin. Especially in the
field of business studies and economics, there are a lot of key terms that are used in English,
given the fact that all great studies and research is either American or written in English.
Most of my English terms are of Latin and French origin, but there are also some that
come from Greek, German, Italian, Slovak and Old Norse. For example, the term “absolute
advantage” comes from both Latin and French: absolute from Lat. absolutus and advantage from
Old Fr. avantage; “aggregate demand” and “aggregate supply” come from Lat. aggregatum, Lat.
demandare and Lat. supplementum; “external debt” comes from Latin externus and from Old
French dete, from Latin dēbitum; “fiat money”- fiat: from Latin fiat; money: from Old French
moneie, Latin moneta; “fiscal consolidation”- fiscal: from Middle French fiscal, Late Latin
fiscalis; consolidation: from Late Latin consolidationem (nominative consolidatio), from
consolidat-, past participle stem of consolidare;
There where many terms which come from Old English or Old French. Here are some
examples: „broad money” - broad: from Middle English brod, Old English brad; money: from
Old French moneie, Latin moneta; for the term “balance of payments”, balance comes from Old
French balance and payment from Old French paiement; “budget balance”and “budget deficit” -
budget: from Middle French bougette, balance: from Old French balance, deficit: from French
252
déficit; “gold standard” - gold: from Middle English, from Old English gold ("gold"), Proto-
Indo-European *ǵʰel- (“yellow; gleam; to shine”); standard: from Middle English, from the Old
French estandart ("gathering place, battle flag"), Old Frankish *standhard (literally "stand firm,
stand hard").
Some words have multiple sources of provenience. For example, the term “foreign direct
investment”: foreign: from Middle English foren, forein, Old French forein, forain, based on
Latin foras; direct: from Middle English directen, Latin dīrigere; investment: invest + -ment,
invest: from French investir, from Latin investio ("to clothe, cover"), from in- ("in, on") + vestio
("to clothe, dress"), from vestis ("clothing"), -ment: from Late Latin -amentum, from -mentum via
Old French –ment; “frictional unemployment” - frictional: from French, Latin frictiō a rubbing,
from fricāre to rub, rub down; related to Latin friāre to crumble; unemployment: from Old
French emploiier, from Latin implicare;
A couple of words are of a Greek origin, here are some: „macroeconomic” comes from
macro- +economic, from Greek oikonomia; “policy” comes from Latin politia "the state," from
Greek politeia "state, administration, government, citizenship," from polites "citizen," from polis
"city, state"; technical comes from Greek tekhnikos.
As mentioned before the English words are in numerous cases borrowed from German,
like the prefix „un-„from „unemployment”: un + employment; un- : Middle English un-, on-, Old
English; cognate with Dutch on-, Gothic, German un-, Old Norse ū-, ō, or the term “trade”, that
comes from Middle Low German, Middle Dutch (Old Saxon trada), cognate with Old High
German trata. Other than these important languages the English words can have their origin also
 
in Old Norse: “gap” ”gap”(from the term “output gap”) and Italian: “attack” ” attaccare”
(from the term “speculative attack”).
For the Romanian terms, as I mentioned before, most of the words are of Latin
origin, some are borrowed from French or other languages like German and Slavic.
Some of the words which originate in Latin are: absolut: din Lat. Absolutus, cerere: din
Lat. Quaerere, preț: din Lat: pretium, scurgere: din Lat. Excurrere, dezinflație: din lat. Inflatio,
contracție: Lat. Contractio, expansiune: Lat. Expansio, fluctuație: Lat. fluctuatio, creștere: din
Lat. Crescere, ocupare: din Lat. Occupare. An important number of words originate in French,
here are some: avantaj: din Fr. avantage, agregată: din Fr. Agrégé, balanta: din Fr. Balance,
masa: din Fr. Masse, monetar: din Fr. Monétaire, deficit: din Fr. Deficit, bugetar: din Fr.
Budgétaire, surplus: din Fr. Surplus, afacere: din fr. Affaire, avantaj: din Fr. Avantage. Some
words are borrowed from German, too. In the present glossary the terms of German origin are:
the term „rată” comes from the Germ. rate; “investiție” from the Germ. Investion. There are also
some words that Romanian borrowed from Slavic: the term “dobândă” comes from dobyti
(dobondon), “muncă” from monka, “plată” from plata.
253
V.1. Word formation (theory)
1)General Morphological Processes Involved in the Formation of New Words.
Before I start the discussion about the word formation concerning the my glossary I shall
present some basic information about word formation.
In linguistics, word formation is the creation of a new word. Word formation is sometimes
contrasted with semantic change, which is a change in a single word's meaning. The line between
word formation and semantic change is sometimes a bit blurry; what one person views as a new
use of an old word, another person might view as a new word derived from an old one and
identical to it in form. Word formation can also be contrasted with the formation of idiomatic
expressions, though sometimes words can form from multi-word phrases.
Firstly, I will emphasize six major morphological processes that affect roots and stems
and which lead to the production of new words. Those processes are affixation, compounding,
symbolism, reduplication and suppletion:
 4
Derivation, as ''the most common word formation process'' , builds new words by adding
morphemes to stems. These morphemes are added to the target stem by affixation,
through prefixes and suffixes. While prefixes like un- or dis- usually do not change the
lexical category of a word, suffixes, such as -ness or -ation, usually do. If you take the
examples happy → unhappy and happy → happiness, it is obvious that because of the
suffix -ness the lexical category of happy has changed. The meaning is always slightly
changed, but in a way that the final word is still closely related to the forme word.

Affixation consists in adding derivational affixes (i.e., prefixes, infixes and suffixes) to
roots and stems to form new words. For example, if the suffix -able is added to the word
pass, the word passable is created. Likewise, if to the word passable the prefix in- (or
rather its allomorph im-) is attached, another word is formed, namely impassable.
Affixation is a very common and productive morphological process in synthetic
languages. In English, derivation is the form of affixation that yields new words.

Compounding consists in the combination of two or more (usually free) roots to form
a new word. For example, the word blackboard, heartfelt, brother-in-law are compound
words; they are made up of the roots (at the same time words themselves) black and
board, heart and felt, brother, in and law, respectively. Compounding is a very common
process in most languages of the world (especially among synthetic languages).

Symbolism (or morpheme internal change) consists in altering the internal phonemic
4 (Yule 2006, 57)
254
5
structure of a morpheme to indicate grammatical functions . For example, in order to
form the plurals of goose \gu…s\ and tooth \tu…T\ in English, the phoneme \u…\ is
replaced by the phoneme\i…\, thus yielding the plural forms geese \gi…s\ and teeth \ti…
T\, respectively. Other words that form their plurals in a similar way are man /moen\ →
men /men/, woman \ "wUmń\ → women \ "wImń\, mouse \mAUs\ → mice \maIs\,
louse \lAUs\ → lice \laIs\, etc.

Reduplication consists in the repetition of all or of part of a root or stem to form new
words. If the entire root or stem is repeated, the process is called complete (or total)
reduplication, and the new word is considered as a repetitive compound.

Suppletion consists in a complete change in the form of a root (i.e., a word) or in the
replacement of root by another morphologically unrelated root with the same component
6
of meaning in different grammatical contents . For example, good and well change to
better and best in the comparative and superlative. Similarly, bad and badly change to
worse and worst. Likewise, be changes to am, are, and is in the present; am/is change to
was and are to were in the past. Another example is go which changes to went in the past.
As can be seen, this process yields completely irregular forms. Suppletive forms help to
fill gaps in grammatical paradigms of the language.
2)Word-Formation Processes in English
Secondly, I will talk about other processes that have been used in the formation of new
words. Notice that such processes are not necessarily of a morphological nature.
 Acronymy is the process whereby a new word is formed from the initial letters of the
constituent words of a phrase or sentence. For example, from the initial letters of the
words of the phrase North Atlantic Treaty Organization, the word NATO \ "neItÚ\ is
formed. Similarly, from the initial letters of the constituent words of the phrase
unidentified flying object, the word UFO \Æ ju…ef "Ú\ (or\ " ju…fÚ\) is formed. In a
like manner, from the constituent words of the sentence I owe you, the word IOU \ ÆaI
Ú"ju…\ (notice the adaptation in spelling) is formed. And from the Situation normal, all
fouled up, snafu \snoe"fu…\ (army slang) is formed. The words created by this process
are called acronyms; all of them function as nouns.
 Clipping is the processes whereby new words are formed by shortening other words; i.e., by
eliminating the initial part, the last part, or both parts, of those words. E.g., phone
from (tele)phone, plane from (air)plane, lab from laboratory, exam from
exam(ination),demo from (demonstration), flu from (in)flu(enza), fridge from
5 (cf. Pei, 1966).

6 (cf. Richards et al., 1985; Byrne, 1978; Pei,1966)
255
refrigerator. Notice that the short form or clipping represents the word in its entirety;
however, that fragment does not have to be the salient part of the original word, neither
prosodically nor semantically. Also, the clipping may not be used in the same contexts as
the longer word. For example, the word exam is mostly used to refer to academic
examinations or tests, not to medical examinations or check-ups.

Blending is the process whereby new words are formed by combining parts of
7
two words, usually the beginning of one word and the end of another .
For example, smog (smoke + fog), brunch (breakfast + lunch), heliport (helicopter +
airport),motel (motor + hotel), FORTRAN (formula translation), etc. Notice that enough of
each word is normally retained so that the complex whole remains fairly readily
analyzable.

Borrowing is the process whereby new words are formed by adopting words fromother
8
languages together with the concepts or ideas they stand for.
E.g., tango, mango, taco, burrito from Spanish; fiancé, very (adapted from Old
French verai), garage from French; pizza, mafia from Italian; and so on. Usually, the
pronunciation and morphology of the borrowings (borrowed terms or loanwords) are
adapted to the phonology and morphology of the host language (i.e., the language which
adopts the terms); e.g., guerrilla \g´"rIl´\ (English), \ge" r@ija\ (Spanish); banana \b
´"noen´\(English), \ba"nana\ (Spanish); mango (sing), mangoes (pl.) (English), mangos
(Spanish).

Calque, another term for loan translation, describes the process of literally or word-for-
word translations to create new words, e.g. skyscraper → Wolkenkratzer, Lehnwort →
loan word. The stems are literally translated and then put back together, the meaning is
the same as in the loan word.

Back-formation is the process by which new words are formed by the deletion of a
9
supposed affix from an already existing word . For example, the verbs peddle, edit, hawk,
enthuse, stoke, swindle, televise, donate, sculpt, buttle have been created form the pre-
existing nouns peddler, editor, hawker, enthusiasm, stoker, swindler, television, donation,
sculptor and butler, respectively.

Word coinage (or invention) is the process whereby new words are created outright,
either deliberately or accidentally, to fit some purpose. Usually, words are coined to
express new ideas, processes, products, etc. in the language. For example, brand names
10
such as Xerox, Kodak, Exxon, Kleene , Nylon, Dacron, etc.; pooch, snob, nerd, blurb,
googol,etc. It is worth pointing out that the invention of new words is sometimes based on
existing words, such as Jell-o on gel, Kleenex on clean. Many acronyms such as Cobol,
7 (cf. Godby et al,. 1982)

8 (cf. Brun, 1983; Pei 1966)
9 (cf. Quirk et al., 1985; Fromkin & Rodman,1983; Richards et al. 1985)
10 Sometimes brand names are used in a generic way to refer to the product itself, or to a
process; e.g., a kleenex is a facial tissue, to xerox is to photocopy, and so on.
256
laser, etc. are based on phrases for which they stand. However, words are more often
created out of thin air, i.e., without basing on any other pre-existing word.
 Functional shift (conversion or zero derivation) is the process by which new words
are created by using a word in new functions (i.e., by shifting, changing or converting
11
its original grammatical class to another class), without any change in its form.
For example, when the word water is used in the following sentence Give me some water,
please it is used as a noun, which is probably its original (and more common) use. But
when water is used in the sentence The children water the plants every morning, it is used
in a new syntactic function, namely, as a verb, and no change in spelling or pronunciation
has been made. In other words, the grammatical category of the word water has shifted
from noun to verb.
 Onomatopoeia: the creation of words that imitate natural sounds. For example, if you take
a look at these words: boo, chirp, click, meow, splash, it is obvious what these words
mean, namely the sound. In other words: they look like they sound when pronounced.
Onomatopoeic words like bang or boom are often used in comic books to let the reader
know what kind of sound is accompanied to the action.
Conclusions
As we have seen before, there are many ways to create new words: Borrowing from other
languages, blending together from several words or deriving from words we already have. Of
course there are even more possibilities than mentioned before. There is the possibility to convert
words from one grammatical category to another, for example from verb to noun (to flow → the
flow) or from noun to verb (the e-mail → to e-mail). Other examples for other word formation
processes include clippings, with which the word is shortened (e.g. influenza → flu; advertising
→ad; motorbike → bike), or folk etymology, where words from other languages are taken and
then, over time, people try to make sense of them. So gradually the word is changed to a more
familiar form that usually keeps its original meaning, e.g. the Spanish word cucaracha was
borrowed and then gradually transformed to cockroach.
So finally, if we take a look around, we will see a mass of new words surrounding us,
brought to us both consciously by language trends or advertising and unconsciously through
language change over time. Language changes constantly, so it shouldn`t come as a surprise if
future generations do not understand the language we are using now...
V.2. Word formation (in practice)
In the present glossary, for the English terms, we can find some of the above word formation
processes, such as: derivation, (which is the morphological process of adding affixes to the base of
the word); compounding (we can find noun-noun compounds, noun-adjective-noun compounds,
adjective-noun, adjective-noun-noun compounds, but also a phrasal verb); acronyms,
11 . (cf. Godby etal., 1982; Byrne, 1978; Pei, 1966)
257
( which is the process whereby a new word is formed from the initial letters of the constituent
words of a phrase or sentence); borrwing (which is the process whereby new words are formed
by adopting words from other languages together with the concepts or ideas they stand for) and a
case of word coinage, (which is the process whereby new words are created outright, either
deliberately or accidentally, to fit some purpose).
Concearning the English terms, all of the above mechanisms of word formation can be
found. There are simple terms but also complex terms. The complex word is the root word with
either another stand alone word or with the attachment of a prefix or suffix. The most common
processes found in the glossary are derivation, compounding and acronyms. Here are some
examples from the glossary: “structural deficit” from structure +suffix -al and noun deficit;
“indifference curve” from in- + the root –differ- + suffix – ence and noun curve;
“macroeconomic model” from the prefix macro + noun economic and noun model ; the noun
phrase “natural rate of unemployment” from adjective natural + noun rate +preposition of +
noun unemployment; there is also a case of parasintetic derivation. The term „unemployment” is
formed with both a prefix „un-„ and a suffix „-ment” from the verb „employ”.
As for the acronyms, the glossary contains the following terms: NAIRU – natural rate of
unemployment, CIS – Commonwealth of Independent States, OPEC – The Organisation of
Petroleum Exporter Countries, VER – voluntary export restraints, GDP – Gross Domestic
Product, GNP – Gross National Product.
With hundreds of new words arriving every year, English continues to develop and
change. But even with all the borrowings from many other languages the heart of the English
language remains the Anglo-Saxon of Old English.
For the Romanian words, the sole process that can be identified is derivation, minly
through compounding. When it comes to the Romanian equivalents there is a big difference
because oftentimes an English term has a very complex Romanian equivalent. For example:
 
“employment” “ocuparea forței de munca”, “tax revenues” “venituri provenite din taxe și
impozite”. An interesting fact is that sometimes the officials have decided to disregard translation

and simply use the original English term: “NAIRU” the Romanian equivalen remains

“NAIRU” or “business cycle” “business cycle”. Concerning the formation of the Romanian
terms, most of them are either simple terms or terms formed by compounding by putting together

two or more nouns, united by a preposition: “demand-pull inflation” “inflatie prin cerere”,
grup nominal format din substantivul comun inflatie, prepozitia prin si substantivul comun

cerere; “import quota” grup nominal format din substantivul comun contingent + prepozitia
de + substantivul import.
258
V.3. The surface structure of the terms
As I have previously mentioned, the present „Macroeconomics” glossary contains 100

English terms with their equivalent in Romanian. There were mostly nouns analysed:
„elasticity”, „employment”, „outlay” and noun pharases: „inflation targeting”, „discretionary
fiscal policy”, „specilative demand for money” , formed of two ore more nouns, or one noun and
one adjective, with or without prepositions.
Drawing a parallel between the English and the Romanian terms, I noticed that it is not an
easy task to find the appropiate equivalent in Romanian for each term, especially as a lot of
specific terms are used as such in Romanian. After finding the most suitable correspondent and
the most important concepts regarding the field of macroeconomics, it was difficult to find the
right correspondent in Romanian for the English term.This is due to a couple of reasons.
Firstly, there were some concepts I talked about that were difficult to provide a suitable
Romanian correspondent for. I will mention some of them: “government expenditure multiplier”,
“personal consumption expenditure”, “technological unemployment”, “computable general
equilibrium”, “velocity of circulation”. In English, these terms are very different from one
another and are used without any synonyms, but in Romanian language almost all of them appear
with various translations, so it was very hard to find appropiate Romanian correspondents.
Secondly, I have no doubt it is necessary to have a certain specialized backround in the fileds of
economics, finance and international trade to be able to understand the right meaning of a
concept and use it properly. For a better understanding of the concepts and in order to find the
right equivalent in Romanian, I had to read several books and use specialized dictionaries for
each domain.
Another problem I faced was the fact that some English terms could not be found as one-
to-one equivalents in Romanian, where they were translated by means of a phrase, for example
the correspondent in Romanian for the English noun „employment” is „ocuparea fortei de
muncă”. The problem with such terms is the fact that a definition for such Romanian phrases is
hard to find, my solution to that problem was to find a proper explanation of the terms in some
Romanian documents where they are mentioned.
In my glossary, there were terms which had a more general meaning, but were important
for the field under study . For example, the term „unemployment” is a condition which affects a
large category of people. I had to find the suitable contexts in order to talk only about the
unemployment in general, as there were other more specific terms mentioned (“cyclical
unemployment”, “technical une,ployment”, “natural rate of unemployment”) .
Most of the words I have chosen for the glossary originate in French or in Latin therefore
they have almost the same form, the root word being the same for both English and Romanian
words.
Devaluation/Devalorizare (from Fr. dévaloriser)
Absolute advantage/Avantaj absolut (from Lat. Absolutus and from Old Fr. avantage)
Deflation/Deflație (din Fr. Déflation, from Lat. deflatio)
259
Economic fluctuation/Fluctuație economică (from Lat. Fluctuatio, Fr. économique, from
Latin oeconomicus "of domestic economy", Greek oikonomikos) Elasticity/Elasticitate
(from Modern Latin elasticus, Greek elastos)
Indifference curve/Curba de indiferență (from Latin indifferentia and Latin curvus)
Some words have exactly the same form both in English and in Romanian (but different
topic): Structural deficit/Deficit structural (from Latin structura and French déficit, Latin deficit.).
On the other hand, some of the words or noun phrases are completely different from one
language to another: Output gap/Decalaj de productie (in English we have: output: from out +
put; gap: from Old Norse gap "chasm" and in Romanian: decalaj: din fr.décalage; productie: din
fr.production), Interest rate target/Dobanda de refetinta (in English we have: interest: from Anglo-
French interesse "what one has a legal concern in," from Medieval Latininteresse "compensation
for loss," noun use of Latin interresse; rate: late Middle English rate < Medieval Latin rata <
Latin ( prō ) ratā; target: Middle English (noun) < Middle French targuete and in Romanian:
dobândă: sl. dobyti (dobondon) + de: lat. de + referință: germ. referenz, fr. référence)
Conclusions
While analyzing these terms and taking into consideration that this is a specialized
glossary, I noticed that most of the specific words of this glossary originate in Latin or sometimes
in French, but eventually of an old Latin origin, and also very many of these words have a similar
form in Romanian, as they belong to the international vocabulary originating in Latin, especially
in the sciences.
260
VI. General conclusions
I believe that the most important part of my work is represented by the glossary I have
created, which is a list of terms belonging to a specific domain of knowledge, which is widely
used and which provides definitions and further explanations for those specific words in order to
make it easier for whoever, specialist or non-specialist, is interested in that certain field to better
understand it and get familiar to it. The terms were selected from books specialized in
macroeconomics, that are used across the entire world both by students and professionals. What I
did was to look for specific material, read it and then select the ones I was interested in, the ones
that are used to describe the global context and the ones that tend to create problems of
understanding. I also tried to find the most important and general terms from these domains in
order to allow the reader to perfectly understand the content, without creating ambiguity or
vagueness.
From the technical point of view, even though some terms needed more thorough
research, I managed to provide the best definitions, contexts, their grammatical category or
generic concept. What was indeed challenging was to find the suitable synonyms, antonyms,
hypernyms and their etymology and especially, the Romanian equivalents, because, as we all
know, specialised English terms from Finance, Banking and Economics are borrowed directly in
very many languages. I paid a lot of attention to these semantic fields in order to make the
explanation as clear as possible and not to leave any trace of doubt in what concerns it.
It was also necessary to provide some information about the terminological and
lexicographical disciplines, to create the concept map with the most important terms present in
this glossary for a better understanding of how to use a glossary.
In concusion,even if creating this glossary was a difficult task, I had the opportunity to
enrich my knowledge with every new research and stay in touch with the ever-moving world of
economics. The biggest achievment is that all the information I have gathered while doing this
study will remain very well fixed in my memory and it will serve as background information for
my future career, and not act only as linguistic information, due to the topic I have chosen.
261
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263
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UNIVERSITY OF BUCHAREST FACULTY OF

FOREIGN LANGUAGES AND LITERATURES

III. Insights into terminology…………………………………………………….....…..15

III. 2. Difference between a word and a term………………………………….….....16

III. 3. Criteria of term selection………………………………………………….…...16

III. 5. The distinction between a dictionary and a glossary…………………….…....18

III. 6. 1) The concept map……………………………………………………….…...20

III. 6. 2) How I created my concept map………………………………………….....21

III. 6. 3) Use of findings…………………………………………………………......26

IV. Glossary of key terms…………………………………………………………….....26

V.1. Word formation (theory)………………………………………………….......273 V.2.

Word formation (in practice)……………………………………………….....276 V. 3.

The surface structure of the terms……………………………………..……..278

VI. General conclusions……………………………………………………………..…280

The title of my work is “Macroeconomics”.

III.2. The difference between a word and a term;

III.3. Criteria of term selection;

III.4. The distinction between Terminology/Lexicology/Lexicography;

III.5.The distinction between a dictionary and a glossary:

III.6. 1) The concept map:

V.1.. Etymology; Definition; Words origins (Latin, French, Greek etc.)

V.2. Word formation (theory)

1. General Morphological Processes Involved in the Formation of New Words

2. Non-morphological word-Formation Processes in English

V.3.: Word formation (in practice)

V.4. The surface structure of the terms

An understanding by both government policy makers and non-specialised individuals of

1. The role of Economic Theory

Of particular interest to macroeconomists is the influence that political factors have on

The cyclical component of businesses:

 Reflects the repeatability in time of some similar economic conditions.

3. Income, consumption, investments

4. Key problems: unemployment and inflation

1Article: What You Should Know About Inflation (http://www.investopedia.com/articles/01/021401.asp#axzz2KaYd9avh)

The strategy of sustainable development follows the optimization of the resources/needs

The sustainable development is defined through two dimensions: natural or economic,

Building on a neoclassical production function framework, the Solow model highlights

Remarkably, while economists have long recognized the crucial importance of

6. The 1930 crisis and the actual macroeconomic context

While it remains to be seen what the next significant development will be in

As a discipline, terminology is related to translation. Large translation departments and

III.2. Difference between a word and a term

How to distinguish between them

III.3. Criteria of term selection

Terminology is interested only in terms, simple of complex words that belong to a

III.5.The distinction between a dictionary and a glossary

A dictionary is an inventory of the vocabulary of a particular language, as well as a tool

 To represent the practical value of the documentation;

Creating the glossary:

The purpose of this glossary is to provide a bilingual (English-Romanian) glossary on the

III.6. 1) The concept map

A concept map is a diagram showing the relationships among concepts. It is a graphical

III.6. 2) How I created my concept map

Absolute advantage Avantaj absolut

Comparative advantage Avantaj comparativ

Aggregate demand Cerere agregata

Aggregate supply Oferta agregata

Gross National Product Venit national brut

Gross Domestic Product Produs intern brut

Nominal interest rate Rata nominala a dobanzii

Real interest rate Rata reala a dobanzii

Consumer price index Indicele preturilor de consum