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THE DYNAMIC OF ENVIRONMENTAL EXPENDITURE OF ENTERPRISES AND PUBLIC AUTHORITIES UNDER THE EUROPEAN REGULATION AND THE PRESSURE OF FINANCIAL CRISIS - EVIDENCE FROM ROMANIA
Abstract
The environmental protection expenditures have started to play a significant role in the Romanian economic development policy only since the 1990s, both in enterprises and public authorities. The objective of EU accession has led Romanian policymakers and managers to give up the idea that investme nt in environmental protection should be postponed until the economic growth can provide financial resources needed to solve the environmental problems. In ternational studies have also shown that the economic growth expected from the privatization pro cess may be delayed also due to unsolved problems of pollution, that discourage the fo reign investors. This paper aims to study the dynamic of environmental expenditures of enterprises in Romania in order to determine to what extend these costs are affected by the general economic decline due to the international financial crisis, while on the other hand they are protected by green initiatives of the European Ec onomic Recovery Plan. The empirical analysis of this work starts from the general framework of environmental expenditures meet in the ex- communist countries, now members of EU, and then it focuses on the statistical analysis of indicators regarding the dynamic of envi ronmental expenditures of enterprises in Romania. The analysis is made using data with annual frequency, offered by the EUROSTAT. The analysis results underline that over the last decades Romania have showed a continuous increment in spending on environmental protection at national level, but the current economic crisis seem s to determine decision factors to target primarily the recovery of economic activity, rather than to adapt the economic functions to global climate change and limited natural resources.
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