<abstract xmlns="http://www.w3.org/1999/xhtml">
This study seeks to understand the effect of kinship tightness of a society on foreign portfolio diversification. Using data for 42 home investor countries and 44 destination countries for the period of 2004-2021, it is found that investors from more tight-knit kinship societies tend to have smaller proportion of equities invested abroad, thus holding sub-diversified portfolios. The enforcement of these tight kinship societies is based on shame and communal values fostering local monitoring practices which leads to the absence of cooperation and trust, thus reducing stock market participation. It is further shown that kinship tightness can be shaped by enhanced financial literacy, which in turn fosters international diversification. On the other hand, loose kinship societies can be viewed as trust-promoting alternative mechanisms where formal institutions are less effective. 
</abstract>

The Nexus Between Foreign Portfolio Diversification and Kinship 

<abstract xmlns="http://www.w3.org/1999/xhtml">
The COVID-19 pandemic had major negative repercussions on the countries from Central and Eastern Europe (CEE), which experienced almost similar declines in the economy in 2020. Against this background, central banks from CEE initiated unconventional monetary policy measures aimed at mitigating the economic and social effects of the pandemic. The purpose of this article is to analyse the CEE central banks’ response to the pandemic crisis, i.e., the response of the Czech Republic, Hungary, Poland, and Romania, and to unveil the particularities of the unconventional monetary policy adopted by these states. To achieve this goal, the article presents a chronology of the main decisions adopted by CEE central banks during the pandemic and the dynamics of these central banks’ assets. The main findings suggest that CEE monetary authorities, like major central banks, initiated the first measures to counter the negative effects of the pandemic on the economy in March 2020. All of them cut the key interest rate and injected liquidity through open market operations in order to support lending to the real economy. However, the magnitude of these measures was different depending on the economic and financial systems’ peculiarities. Moreover, not all of them initiated purchases of assets or new lending facilities. 
</abstract>

Unconventional Monetary Measures During the COVID-19 Pandemic: A Case Study for Central and Eastern European Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">
The purpose of this paper is to examine the factors influencing the appearance of biases in the behavior of university students. The studied biases are herding behavior, overconfidence, mental accounting, loss-aversion, anchoring and introspection. Three main assumptions were formulated, one regarding the relationship between the biases and financial knowledge, another related to the impact of gender, and the third one presuming a possible explanatory power of the Cognitive Reflection Test results in relation with the heuristics. The findings present evidence regarding the significant influencing power of financial knowledge on the behavior of university students from Cluj-Napoca, suggesting that this aspect could be a possible solution in order to diminish the negative effects of some of the behavioral biases examined. Besides the importance of financial knowledge, the results emphasis the explanatory power of gender when considering the errors of herding, overconfidence, mental accounting and loss-aversion, showing that men tend to be more influenced by these errors. The third assumption proved to be false, indicating that the performance of students at the Cognitive Reflection Test does not have a great impact on the presence of the examined biases. 
</abstract>

Investigating Students’ Behavioral Biases in Regard to Financial Decision-Making 

<abstract xmlns="http://www.w3.org/1999/xhtml">
One of the most researched topics in macroeconomics is the development and implementation of Real Business Cycle models. This article presents a small Real Business Cycle model, which is built for the Romanian economy, with data from the 2nd quarter of 1995 through the 3rd quarter of 2022. The main aim of this analysis is to assess the historical influence of exogenous and government spending shocks on economic growth. In order to obtain accurate results, we implemented a Bayesian estimation technique for calculating the parameters of the model. The main findings indicate the significant exogenous shocks effect on the Romanian economy, and the way in which government spending had a positive effect on increasing economic growth for the period between the 1st quarter 2000 and the 3rd quarter of 2022. 
</abstract>

The Effects of Government Expenditure on the Output: A Real Business Cycle Analysis for the Romanian Economy

<abstract xmlns="http://www.w3.org/1999/xhtml">
This study assesses the effect of governance upon sustainable development. The trends of the Worldwide Governance Indicators (WGI) and the Sustainable Development Index (SDI) are analysed for the 2005 - 2021 period for 161 countries by using Pooled Ordinary Least Squares (OLS) estimations for panel data, the multiple regression modelling. The results emphasize the significant effect of regulatory quality, government effectiveness, political stability, rule of law, control of corruption and voice and accountability on SDI. The results of the research show that governance is a variable that should be taken into consideration for explaining sustainable development level each country may achieve. 
</abstract>

The Impact of Governance Upon Sustainable Development. Empirical Evidence 

AHEAD OF PRINT

Volume 68 (2023): Issue 3 (December 2023)

Volume 68 (2023): Issue 2 (August 2023)

Volume 68 (2023): Issue 1 (April 2023)

Volume 67 (2022): Issue 3 (December 2022)

Volume 67 (2022): Issue 2 (August 2022)

Volume 67 (2022): Issue 1 (April 2022)

Volume 66 (2021): Issue 3 (December 2021)

Volume 66 (2021): Issue 2 (August 2021)

Volume 66 (2021): Issue 1 (April 2021)

Volume 65 (2020): Issue 3 (December 2020)

Volume 65 (2020): Issue 2 (August 2020)

Volume 65 (2020): Issue 1 (April 2020)

Volume 64 (2019): Issue 3 (December 2019)

Volume 64 (2019): Issue 2 (August 2019)

Volume 64 (2019): Issue 1 (April 2019)

Volume 63 (2018): Issue 3 (December 2018)

Volume 63 (2018): Issue 2 (August 2018)

Volume 63 (2018): Issue 1 (April 2018)

Volume 62 (2017): Issue 3 (December 2017)

Volume 62 (2017): Issue 2 (August 2017)

Volume 62 (2017): Issue 1 (April 2017)

Volume 61 (2016): Issue 3 (December 2016)

Studia Universitatis Babes-Bolyai Oeconomica

 The journal is an official publication of the Faculty of Economics and Business Administration, Babeș-Bolyai University, from Cluj Napoca. It is focused on scientific research of general interest in a broad range of disciplines, including:   macro- and microeconomics  economic policy  international and public economics  urban, rural and regional economics  finance and banking  accounting and audit  marketing  management and business  statistics, econometrics, and other quantitative methods  mathematics, game and decision theories  The journal is edited by an international board of editors, which ensures access to an international pool of referees and guarantees a high standard of contributions. The journal maintains a balance between theoretical and empirical work.  Rejection Rate   40%   Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 