ASERS

Biannually
Volume I
Issue 2(2)
Winter 2010

ISSN 2068-696X
Winter 2010 Volume I Issue 2(2) Winter 2010
Volume I, Issue 2(2)

Editor in Chief
Madalina Constantinescu
Spiru Haret University, Romania
Co-Editors
Contents:
Russell Pittman
International Technical Assistance
Economic Analysis Group Antitrust Russias Chemical and
Division, USA Petrochemical Industries
at the Eve of WTO-Accession
Eric Langlais
EconomiX CNRS and Universit Oliver Budzinski,
Paris Ouest-Nanterre, France University of Southern Denmark in
Liquidity Assistance and the
Esbjerg, Denmark,
Editorial Advisory Board Elmira Schaimijeva,
Provision of State Aid to Financial
Institutions
Huseyin Arasli TOU WPO The Institute for
Eastern Mediterranean University,
1 Economics, Management and Law 5 Marianne Ojo
Russia,
North Cyprus Gjusel Gumerova,
University of Bremen 137

Jean-Paul Gaertner GOU WPO,

Ecole de Management de The Academy of National Economy
under the Government of the
Strasbourg, France
Russian Federation
Shankar Gargh Jrg Jasper,
Editor in Chief of Advanced in EnBW Berlin, Germany 90
Management, India
Arvi Kuura Mining Procedures and
Combating Poverty through Policies
Prnu College, University of Tartu, Environmental Protection in
of Decentralization Case of Vlora
Romania. Between Economical
Estonia City, Albania
Benefits and Sustainable
Piotr Misztal 2 Development A Case Study 6 Matilda Veliu
Technical University of Radom, Ismail Qemali University of Vlora 158
Economic Department, Poland Ilie Adrian Barbu
University of Craiova 115
Marco Novarese
The Consistence of a Series of
University of Piemonte Orientale, Regulations of Electricity Sector Terms in the Romanian Law
Italy and Stranded Costs: Case of Concerning Consumption
Peter Sturm Turkey Regulation
Universit de Grenoble 1 Joseph
3 7
Ilhan Ege Ion Ctlin Voiculescu
Fourier, France Mersin University 120 University of Craiova 165
Rajesh K. Pillania
Management Developement
Institute, India Impact of the Legislation in
Informal Economy of South -
Rachel Price-Kreitz Eastern European Countries
Ecole de Management de
Strasbourg, France
4 with Particular Focus in Kosovo

Armand Krasniqi
Andy Stefanescu Prishtina University 130
University of Craiova, Romania
Laura Ungureanu
Spiru Haret University, Romania
Hans-Jrgen Weibach, University
of Applied Sciences - Frankfurt am
Main, Germany 88
ASERS Publishing
http://www.asers.eu/asers-publishing
ISSN 2068-696X
 Call for Papers
Journal of Advanced Research in Law and Economics
Summer_Issue 2011

Journal of Advanced Research in Law and Economics

Journal of Advanced Research in Law and Economics is designed to provide an outlet for theoretical and
empirical research on the interface between economics and law. The Journal explores the various
understandings that economic approaches shed on legal institutions.

Journal of Advanced Research in Law and Economics publishes theoretical and empirical peer-reviewed
research in law and economics-related subjects. Referees are chosen with one criteria in mind: simultaneously,
one should be a lawyer and the other an economist. The journal is edited for readability; both lawyers and
economists, scholars and specialized practitioners count among its readers.
To explore the various understandings that economic approaches shed on legal institutions, the Review
applies to legal issues the insights developed in economic disciplines such as microeconomics and game theory,
finance, econometrics, and decision theory, as well as in related disciplines such as political economy and public
choice, behavioural economics and social psychology. Also, Journal of Advanced Research in Law and
Economics publishes research on a broad range of topics including the economic analysis of regulation and the
behaviour of regulated firms, the political economy of legislation and legislative processes, law and finance,
corporate finance and governance, and industrial organization.

Its approach is broad-ranging with respect both to methodology and to subject matter. It embraces
interrelationships between economics and procedural or substantive law (including international and European
Community law) and also legal institutions, jurisprudence, and legal and politico legal theory.

The quarterly journal reaches an international community of scholars in law and economics.

Submissions to Journal of Advanced Research in Law and Economics are welcome. The paper must be
an original unpublished work written in English (consistent British or American), not under consideration by other
journals.
Journal of Advanced Research in Law and Economics is currently indexed in RePec, CEEOL, EBSCO,
and IndexCopernicus.
Invited manuscripts will be due till May 15th, 2011, and shall go through the usual, albeit somewhat
expedited, refereeing process.

Deadline for submission of proposals: 15th May 2011

Expected Publication Date: 15th June 2011
Web: http://www.asers.eu/journals/jarle.html
e-mail: jarle@asers.eu
Full authors guidelines are available from: http://www.asers.eu/journals/jarle/instructions-for-authors

89
 Volume I Issue 2(2) Winter 2010

RUSSIAS CHEMICAL AND PETROCHEMICAL INDUSTRIES

AT THE EVE OF WTO-ACCESSION
Oliver Budzinski1,
University of Southern Denmark in Esbjerg,
Department of Environmental and Business Economics, Markets and Competition Group, Denmark,
obu@sam.sdu.dk.
Elmira Schaimijeva2,
TOU WPO The Institute for Economics, Management and Law Russia,
kaz03@yandex.ru
Gjusel Gumerova,
GOU WPO,
The Academy of National Economy under the Government of the Russian Federation, Moscow Russia
ggumerova@anx.ru.
Jrg Jasper,
EnBW Berlin, Germany,
j.jasper@enbw.com.

Abstract
Although Russias WTO-accession is foreseeable, there are still deficits in the literature on its concrete
effects on the sectoral and regional levels. In this paper we analyse effects on Russias chemical and
petrochemical sectors (CPS), which are, unlike for example its oil and mineral gas industry, rarely in the focus of
public attention. On the basis of an extensive examination of these sectors current condition, we expect serious
problems for them to emerge in the nearer future, the perhaps most serious and most puzzling problem being
under-investment. Our analysis is based on data provided by GOSKOMSTAT/ROSSTAT, Russias official
statistics institute.

Keywords: Russia, chemical and petrochemical industries, WTO

JEL Classification: F21, O24, R11

1. Introduction
Russias WTO accession is a widely dicussed topic, especially in the country itself. In this paper, we
present such a sector-focused in-depth analysis. We examine Russias chemical and petrochemical sector,
especially with respect to economic agents investment behaviour, competition and innovative activities. As this
sector is of significant importance in certain regions of Russia, we will also elaborate on some regional impacts
of changes of economic performance that have to be expected for the future not only as an effect of the WTO-
accession itself, but as a result of intensifying international competition in general. We analyse the economic
condition of Russias CPS at the advent of the WTO-accession and compare it to other leading sectors of the
Russian economy. As the CPS is regionally clustered in Russia, regions will be affected asymmetrically by this.
We find that Russias CPS suffers from severe under-investment and is rather ill-prepared for a more intense
integration into the world markets. Ironically, the difficulties the industry currently faces are almost entirely home-
made and can only in part be attributed to intensified international competition, which of course tends to reveal
and expose the weaknesses.

2. Russias CPS and the World Economy

Although there are some analyses on the accessions aggregate regional or sectoral impacts (Ustenko
2002; Yudayeva et al. 2003; Jensen, Rutherford, and Tarr 2004a, 2004b), there is so far still a deficit in the
literature on its concrete impacts on the transformation of different sectors, dealing with a sectors actual
economic constition at the advent of WTO accession. We examine Russias chemical and petrochemical sector

1 The authors like to thank Henning P. Jrgensen for valuable comments on an earlier version of the paper.
2 The author thanks the DAAD for support.

90
Journal of Advanced Research in Law and Economics

MINING PROCEDURES AND ENVIRONMENTAL PROTECTION IN

ROMANIA. BETWEEN ECONOMICAL BENEFITS AND
SUSTAINABLE DEVELOPMENT A CASE STUDY
Ilie Adrian Barbu19
University of Craiova, Romania
adi_ilie@yahoo.com

Abstract
Sustainable Development is, at this point, one of the most often used expression in everything regarding
the environmental protection and the development of the human society. The Environmental European
legislation and the legislations of the member countries consider it as the only solution for satisfying the
economical development and the needs of the human society, but containing an healthy environment, thus are
builded around this as a base principle. So every environmental aspect of the economical development is
regulated by legislation that helps empowering this principle. This also applies into mining field, but such work
involves a variety of legal, economic and social issues. By analyzing these issues, the conclusion is that a strong
and forced economic development is not always bringing the greatest benefit to human communities, because
there are certain sacrifices that sometimes are too big to be made.

Keywords: sustainable development, environmental legislation, mining legislation, Rosia Montana, gold
cyanidation, environmental agreement, urbanism certificate, archaeological discharge certificate.

JEL Classification: K32

1. Introduction
Mining is one of the oldest human activities, but at the same time, one with the greatest impact on the
environment. As human society has developed, so the mining has become increasingly complex, with more
significant impact on the environment. In case of extensive mining operations, legal procedures are cumbersome
and complex and are regarding a lot of issues relating to this operation, to prevent this to harm the environment
beyond its potential recovery. One of the best examples for this situation is Rosia Monana mining operations.

2. Background
Rosia Montana (Goldbach, Rothseifen in German, Alburnus Maior in Latin) is a mining town in the
Apuseni Mountains, Alba County, and Transylvania, Romania. It is located in Rosia valley, crossed the River
Rouge. Rosia River is rich in minerals, especially iron, which gives it a reddish color, hence the village name in
Romanian and Hungarian. The Reddish color of the water is caused by the excessive mining in the area for over
2000 years. This has led to the destruction of groundwater; the water content exceeds 110 times the legal limit
for zinc, 64 times for iron and 4 times for arsenic, and, thus, making it non-poTable.
The settlement has a millenary existence and was known even before the conquest of Dacia (since late
Stone Age). It is mentioned by Herodotus, Pliny, and Alan Titus (Titus Livius) as one of the oldest settlements in
the traditional precious metals extraction sites in Europe. It was founded as a city by the Romans during the
reign of Trajan with settlers from Illyria. The earliest reference to the town is on a wax Tablet dated 6 February
131. Archaeologists have discovered in the town ancient dwellings, necropolises, mine galleries, mining tools, 25
wax Tablets and many inscriptions in Greek and Latin, centred around Carpeni Hill. After the Romans had left
Dacia, mining appears to have started again in the Middle Ages by German migrants using similar techniques to
the Romans. This continued until the devastating wars of the mid-16th century and after mining was much
expanded under the Austro-Hungarian. After the empire broke up in 1918, most of the remaining veins were
mined out under fixed-length concessions (cuxe) granted to local citizens. The sulphide-rich waste generated
large volumes of sulphuric acid which in turn liberated heavy metals into local water sources, in addition to the
mercury used to extract the gold. In 1948 the mines were taken over by the Romanian state, with traditional

19 This work was supported by the strategic grant POSDRU/89/1.5/S/61968, Project ID61968 (2009), co-financed
by the European Social Fund within the Sectorial Operational Program Human Resources Development 2007 2013.

115
 Volume I Issue 2(2) Winter 2010

REGULATIONS OF ELECTRICITY SECTOR AND STRANDED

COSTS: CASE OF TURKEY
Ilhan Ege
Mersin University, Turkey
ilhanege2005@hotmail.com

Abstract
Globalisation is the political phenomenon that has come to dominate the world since the nineties of the
last century with the end of the cold war. It is been lowered the barriers to competition and investment. Energy
sector liberalization is milestone in Turkey electricity market. Measurement of and finance to stranded costs of
electricity sector are main problems of this liberalization. The main aim of this paper is analyzing Turkey
electricity market liberalization and stranded costs.

Keywords: regulations, investment, electricity sector, stranded costs

JEL Classification: D42, F36, L94

1. Introduction
Globalisation is the political phenomenon that has come to dominate the world since the nineties of the
last century with the end of the cold war. It has many important aspects. It is been lowered the barriers to
competition and investment. Consequently, liberalisation of trade, investment and financial flows was increased.
Within this rapidly changing economic structure, local governments the timing and scope of domestic policy
reforms and international negotiations will have profound implications for its position in the emerging new world
economic order.
Financial liberalization, as part of a broader program of economic reforms, may contribute to economic
growth in three key ways. First, interest rate decontrol will cause to higher real returns for savers and, an
increase in resources in the financial system. Secondly financial liberalization will end to allocating cheap credit
to preferred sectors in a result. Finally, it implies greater access to international capital which can be invested by
international individual or instuitional investors (Ojeda, McCleery and De Paolis 1997, 3-4).
Liberalisation generally has inter-related steps. These steps are restructuring, competition and markets,
regulation, ownership and shown in below, Table 1. In practice, the actual measures necessity to take into
consideration both the specific characteristics of the national electricity industry and the general features of the
liberalisation model (Jamasb and Pollitt 2005, 2).

Table 1. Main Steps in Electricity Reform

Vertical unbundling of generation, transmission, distribution, and supply activities

Restructuring
Horizontal splitting of generation and supply
Wholesale market and retail competition
Competition and Markets
Allowing new entry into generation and supply
Establishing an independent regulator
Regulation Provision of third-party network access
Incentive regulation of transmission and distribution networks
Allowing new private actors
Ownership
Privatising the existing publicly owned businesses

Source: Jamasb and Pollitt, 2005:2

The main object of this paper is comparison of stranded costs in European Union and Turkey electricity market.
Specifically, this article has three parts: (1) European Liberalization in Electricity Market (2) What are stranded

120
 Volume I Issue 2(2) Winter 2010

IMPACT OF THE LEGISLATION IN INFORMAL ECONOMY OF

SOUTH EASTERN EUROPEAN COUNTRIES
WITH PARTICULAR FOCUS IN KOSOVO
Armand Krasniqi
Prishtina University, Economic Faculty, Kosovo
mandikrasniqi@gmail.com
Abstract
In several South Easter European Countries due to the delayed transition, the legal system of the
economy is regulated with certain inappropriate provisions which reflect a weak institutional control system and
inefficient implementation of sanctions against entities operators that are not registered which realistically
belong to the business activities. Through informal economy channels, which in some particular countries include
a high percentage of the movement of goods and services, there is a specific traffic that takes places which
actually scores billions of dollars. From such types of activities the government is not capable to collect tax
liabilities and results budget becomes inept. The business operation by unregistered entities and operators,
especially in area of retail services and construction may significantly distort the competition. These types of
activities may encourage legal entities to undertake illegal actions to generate revenues aiming to achieve a
sustainable position in market. The audit services of certain departments for employment and trade unfortunately
are oriented in auditing only entities and operators that are legal and registered whereas as far as illegal
activities that take place in theirs eyes it almost doesnt exist at all. It is a duty of governmental bodies to commit
themselves seriously in order to prevent this negative social phenomenon as well as to combat by issuing
appropriate legal-economical instruments which primarily would encourage the entities and operators through a
micro-credit programs aiming to legalize their economic activities , creation of a guarantee fund by undertaking
partially the risk during the first period of business aiming to promote the legalization and to facilitate operating
costs within the legal market.

Keywords: informal economy, legal provisions, government, taxes, budget

JEL Classification: K, K 20. K 29, K 39

1. Introduction
The phenomenon of informal economy is one of the main issues, even though in practice it is estimated
as a natural and spontaneous reaction to the incapability of formal economy to fulfill the demands of a part of the
society members. We have to accept that in developing and transition countries the informal economy has a
considerable contribution in the economical growth, even though accompanied with a number of problems which
require to be duly treated from the compilers and executers of economical policies. Currently, it is difficult to give
a definition of informal economy, due to the difficulties on knowledge, measure and evaluation of the size and
expansion of this sector. This happens because different authors see the problem from different points of view
and give approximate definitions, but anyway various ones. So in informal economy (also called as a shadow
economy, a parallel economy, an underground economy, unofficial economy, etc.) there are particular units
included which perform their activity in several forms. In the first ones small units are included engaged in
manufacturing goods and services which are not registered as formal structures; in the second ones the units
which function in the production of goods and services registered as formal units, but do not state or partially
state the volume of their activity; in the third ones production or service units created on family basis always
unregistered, being mostly physical persons who perform their activities without a license, etc. Several authors
include economical activities prohibited by law and criminal ones as special annexes. Perhaps it would be more
accurate to say that informal economy is the part of legal economy (not prohibited and criminal) which does not
respect the legislation effective and which would be subject to taxation if it was reported to the fiscal bodies.
Depending on various countries, informal economy usually takes 10 to 50% of GDP, being lower in developed
countries and higher in developing and transition countries. A growing informal economy makes official statistic

130
Journal of Advanced Research in Law and Economics

LIQUIDITY ASSISTANCE AND THE PROVISION OF STATE AID TO

FINANCIAL INSTITUTIONS
Marianne OJO
University of Bremen, Germany
Center for European Law and Politics (ZERP), Oxford Brookes
marianneojo@hotmail.com
Abstract
In response to the recent Financial Crisis -after it had been widely accepted that a serious disturbance in
the economy of Member States had occurred, and that several measures were required to remedy this
disturbance, various Commission communications were adopted and these include: The Communication on the
application of State aid rules to measures taken in relation to financial institutions in the context of the current
global financial crisis (hereinafter "the Banking Communication"), its Communication on the recapitalisation of
financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards
against undue distortions of competition (hereinafter "the Recapitalization Communication"), and its
Communication on the return to viability and the assessment of restructuring measures in the financial sector in
the current crisis under the State aid rules (hereinafter "the Restructuring Communication"). The Banking
Communication will constitute the focus of this study.
Are rescue aids (as distinguished from other forms of State aids) justified even where the possibility exists
that rescue attempts are unlikely to succeed? Should rescue aids still be granted at a point when other measures
such as winding down measures and the provision of other forms of liquidity assistance could be introduced? At
what point should the Government decide upon the nationalization of ailing institutions?
Furthermore, should State aids be provided to all classes of financial institutions which are considered to
qualify for such aid as stated within the Banking Communication?
These questions interalia constitute questions which are not only raised in this paper, but which this paper
aims to address through a consideration of different State aid rescue and restructuring measures, as well as
reference to two rescue aid cases, namely those of Bradford & Bingley (State aid NN 41/2008 United Kingdom
Rescue Aid to Bradford & Bingley) and Hypo Real Estate (State aid NN 44/2008 Germany Rescue Aid for
Hypo Real Estate).
In addition, the impact of the recent crisis on the choice of legislation and legal basis for compatibility
assessments will be highlighted. Whereas State aid to individual undertakings in difficulties is usually assessed
under Article 87 (3)(c) of the EC Treaty and the Community Guidelines on State aid for rescuing and
restructuring firms in difficulty, the systemic relevance of a financial institution and the impact of such an
institution's failure on the economy, has been reflected by the preference for Article 87(3)(b) EC Treaty and
Article 107(3)(b) TFEU.
Keywords: rescue aids, liquidity, banking communication, Systemically Relevant Financial Institutions,
guarantees, recapitalization, financial crisis.
JEL Classification: G15, G18, K33

1. Introduction
In response to the recognition that the pervasive uncertainty about the credit risk of individual financial
institutions has severely restricted the market for inter bank lending consequently impeding access to liquidity
(for financial institutions), as well as the need to address a situation whereby the existence of individual financial
institutions are threatened, the ECOFIN Council adopted measures whose purposes are directed at enhancing
the soundness and stability of the banking systems and consequently restoring confidence and the proper
functioning of the financial sector33.
Article 87(3)(c) of the Treaty and the Community Guidelines on State Aid For Rescuing and Restructuring
Firms in Difficulty34, serve as the principal sources under which State aid to individual undertakings in difficulties

33 European Commission, Communication from the Commission The application of State aid rules to measures

taken in relation to financial institutions in the context of the current global financial crisis (2008/C 270/02), section 1
paragraphs 1- 3.
34 OJC 244, 1.10.2004 at page 2; the Community Guidelines which articulate the Commissions understanding of

Article 87 (3) (c) of the Treaty, are referred to as R and R guidelines; See Ibidem. section 2 paragraph 6.

137
 Volume I Issue 2(2) Winter 2010

COMBATING POVERTY THROUGH POLICIES OF

DECENTRALIZATION -CASE OF VLORA CITY, ALBANIA
Matilda Veliu
Ismail Qemali University of Vlora, Albania
matildaveliu@gmail.com

Abstract
Poverty is one of the main problems with which are facing developing countries. Despite the potential
sources that they have, interior and external factors which influence a lot in the development of the country, play
in this point of view a significant role in the problem. Thinking about the social and monetary costs of the
problem, its normally to say that always, this problem will be in focus of the political strategies made by
government.
Decentralization, as a potential accelerant in the process of economic growth of the country, may have a
positive impact in reducing the poverty. The process requires an analysis of that country's labour market, the
actual phase of the decentralization process, the optimal coordination of inputs so, that impact of the process will
be effective and efficient. Something its sure, not always decentralization will give the desired results, may even
aggravate the situation still further, reducing the standard of living of citizens. Thus, its necessary to find new
strategies or new opportunities which could provide positive returns for citizens.

Keywords: poverty, decentralization process, economic costs, labour market

JEL Classification: I 32, D 61, J 31

1. The concept of decentralization and its agents

For many countries, especially in the developing countries, decentralization and introduction to self-
government, is gaining an increasingly important and growing role- most evident into the administrative and
political reforms undertake by governments. Today, 95% of countries worldwide have elected their governments
sub-national which undertake and develop the processes of local political, administrative and fiscal areas.
As a result, public services in many regions have been offered improved to communities responding to
actually standard time. Naturally, the precondition of course, also has enhanced the involvement of the
population or the local community into the decision-making process.
The reasons "why" decentralized and "how" decentralized vary from one country to another, reflecting the
socio-economic developments of them. The range of reasons why they try to decentralize the activities may be
wide; hanging also where is the point of reference. Regardless, the result of decentralizations process is to bring
the citizen closer to decision-making process of government, thereby increasing the performance of state
institutions.
What is the best formula to decentralize?
Does not exist a written formula on decentralization in order to be appropriate for all countries.
Decentralization takes different forms in different countries, depending on the objectives and purpose of the
respective governments. In general, decentralization of decision-making authority is the transfer of legal and
political authority for project planning, decision-making and management of public functions from central
government and line ministries to local governments. Taking advantage of adapting services for the needs and
preferences of communities, local governments are able to provide public services whose benefits are localized.
Transfer of resources and decision-making is intended to lead to improving the lives of the population.
However, implementation of decentralization policies often provides a gap between official standards factual and
political-that in many places, even in countries where institutional and legal plans regarding decentralization are
in an advance phase. This for some of the reasons including:
Local authorities face new responsibilities, but are not equipped nor with the resources required to
realize good decentralization processes (including qualified staff) nor with the decision-making powers
appropriate;
Governments are often at high levels does not perform well in administrative and supervisory functions
needed during decentralization processes;

158
 Volume I Issue 2(2) Winter 2010

THE CONSISTENCE OF A SERIES OF TERMS IN THE ROMANIAN

LAW CONCERNING CONSUMPTION REGULATION
Ion Ctlin Voiculescu76
University of Craiova, Romania
Faculty of Law and Administrative Sciences
catalin_voiculescu@yahoo.com

Abstract
Given that approximately 70% of Romanian households incomes are targeted to consumption, establishing a
sTable and coherent legal regime for the rights of what we call the consumer is extremely important.
What is the consumer and the professional is not a question easy to answer, considering the use of these concepts
in various acts and especially with changing acquis
Romanian consumer rights are included as a principle in the Consumer Code and are detailed in various vertical
sectors, through various regulations. It is therefore necessary to create horizontal tools to unify these prerogatives.

Keywords: consumer, professional, consumer protection, consumer rights

JEL Classification: K12, K20

1. Introduction
Given that approximately 70% of the Romanian households incomes are directed to consumption,
establishing a sTable and coherent legal regime for the rights of what we call the consumer is extremely
important. Romania has transposed into the Community aquis without derogations; however, the Romanian
consumer still does not make use of the prerogatives that he/she is entitled to, along with the fact that the traders
do not have any interest in educating them to use them.
The contracts we sign and produce effects in most situations of our daily lives are rarely read and even
more rarely understood. If in the given case of signing an ordinary agreement, for instance the case of a lease
contract or of a purchase agreement, one would ask for specialized advice or, at least, take a longer period of
time to analyze it, in the case of purchasing the last mobile phone model, the agreement settled with the mobile
phone supplier is signed without any doubt, even though some of the stipulations are extremely unconvenient for
the consumer.
The situation becomes even more complicated in the case of loan agreements. The recent debates
concerning the Ordinance 50/2010 and the war between the banks on the one side and the National Authority
for Consumers Protection and citizens, on the other, has proved both the financial and the social dimension of
the loan phenomenon, under conditions that lack transparency.

2. The consistency of the term of consumer and professional

The consumers definition in the internal law. The consumer is encountered, independently of the manner
in which it is regulated by law, in each and every one of us. The current way in which the society is organized,
the specialization between the different economy branches, the increased grade of profesionalism in performing
services of any kind, force us to become consumers. Our life also evolves by closing agreements with different
suppliers or by the simple use of goods and services when, for instance, they are purchased by other people.
Shaping the concept of consumer is therefore important in every action that leads to analysing the legal
framework of consumer protection.
Without doubt, the term has been consecrated by economists. They have analysed the consumer in order
to determine his/her needs and the goods/services on which he/she is inclined to spend money. Hence, they
have created products and services. They have created an increasing number of products and services, which
are not necessarly good. In addition to this, the interests of those that sell and of the ones that buy are not by all
means directed in the same way, on the contrary, they are opposite. The years of prosperity that followed the
World War II in Europe and North America have represented the perfect enviroment for the consumption boom
of any kind.

76 This work was supported by the strategic grant POSDRU/89/1.5/S/61968, Project ID61968 (2009), co-financed
by the European Social Fund within the Sectorial Operational Program Human Resources Development 2007 2013.

164
Journal of Advanced Research in Law and Economics

Journal of Advanced Research in Law and Economics

Biannually
Editor in Chief: PhD Mdlina Constantinescu
Co-Editors: PhD Russell Pittman and PhD Eric Langlais
Journal of Advanced Research in Law and Economics provides
readers with high quality and empirical research in law and
economics. The Journal publishes analytical studies on the impact
of legal interventions into economic processes by legislators, courts
and regulatory agencies. Finally, important developments and
topics in law and economics analysis will be documented and
examined in special issues dedicated to that subject. The journal is
edited for readability; lawyers and economists, scholars and
specialized practitioners count among its readers.
Journal of Advanced Research in Law and Economics, starting
with its first issue, is indexed in RePEC, IndexCopernicus, CEEOL
and EBSCO databases.
Web: http://www.asers.eu/journals/jarle.html
email: jarle@asers.eu
Journal of Advanced Research in Management Biannually
Editor in Chief: PhD Andy tefnescu
Co-Editor: PhD Rajesh K. Pillania
The Journal aims to serve researchers, scholars through prompt
publications of significant advances in any branch of management
science, and to provide a forum for the reporting and discussion of
news and issues concerning management science.
Journal of Advanced Research in Management starting with its
first issue is indexed in RePEC, IndexCopernicus, and EBSCO
databases.
Web: http://www.asers.eu/journals/jarm.html
email: jarm@asers.eu
Journal of Advanced Studies in Finance Biannually

Editor in Chief: PhD. Laura tefnescu

Co-Editor: PhD Rajmund Mirdala
The Journal aims to publish empirical or theoretical articles which
make significant contributions in all areas of finance, such as: asset
pricing, corporate finance, banking and market microstructure, but
also newly developing fields such as law and finance, behavioural
finance, and experimental finance. The Journal will serves as a
focal point of communication and debates for its contributors for
better dissemination of information and knowledge on a global
scale.
Journal of Advanced Studies in Finance, starting with its first
issue is indexed in IndexCopernicus, RePEC and EBSCO
databases.
Web: http://www.asers.eu/journals/jasf.html
email: jasf@asers.eu

171
 Volume I Issue 2(2) Winter 2010

Journal of Environmental Management and Tourism

Biannually
Editor in Chief: PhD Cristina Barbu
Journal of Environmental Management and Tourism will publish
original research and seeks to cover a wide range of topics
regarding environmental management and engineering,
environmental management and health, environmental chemistry,
environmental protection technologies (water, air, soil), pollution
reduction at source and waste minimization, energy and
environment, modelling, simulation and optimization
foenvironmental protection; environmental biotechnology,
environmental education and sustainable development,
environmental strategies and policies, etc.
Journal of Environmental Management and Tourism starting
with its first issue is indexed in RePEC, IndexCopernicus and
EBSCO databases.
Web: http://www.asers.eu/journals/jemt.html
email: jemt@asers.eu
Journal of Research in Educational Sciences Biannually
Editor in Chief: PhD Laura Ungureanu
The Journal is design to promote scholary thought in the field of
education with the clary mission to provide an interdisciplinary
forum for discussion and debate about educations most vital
issues. We intend to publish papers that contribute to the
expanding boundries of knowledge in education and are focusing
on research, theory, current issues and applied practice in this
area.
Journal of Research in Educational Sciences starting with its
first issue is indexed in RePEC, IndexCopernicus and EBSCO
databases.
Web: http://www.asers.eu/journals/jres.html
email: jres@asers.eu

Theoretical and Practical Research in Economic Fields

Biannually

Editor in Chief: PhD Laura Ungureanu

Co-Editor: PhD Ivan Kitov
Theoretical and Practical Research in Economic Fields
publishes original articles in all branches of economics - theoretical
and empirical, abstract and applied, providing wide-ranging
coverage across the subject area. Journal promotes research that
aim at the unification of the theoretical-quantitative and the
empirical-quantitative approach to economic problems and that are
penetrated by constructive and rigorous thinking.
The Journal starting with its first issue will be indexed in RePEC,
IndexCopernicus and EBSCO databases.
Web: http://www.asers.eu/journals/tpref.html
email: tpref@asers.eu

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Journal of Advanced Research in Law and Economics

ASERS Publishing ASERS Publishing

Web: www.asers.eu
URL: http://www.asers.eu/asers-publishing
ISSN 2068-696X

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