Theoretical and Applied Economics
No. 1 / 2026 (646), Spring
From paradox to opportunity: designing a hybrid REIT Model for Romania's emerging capital market
Bucharest University of Economic Studies, Romania
Abstract. This paper addresses the Romanian real estate paradox: despite the highest EU homeownership rate (95%) and billions EUR in commercial properties, capital remains trapped in illiquid structures. We propose a hybrid R-REIT framework combining fiscal neutrality (0% corporate tax, 8% preferential dividend), progressive capital thresholds (€10M→€15M), and enhanced transparency (mandatory stress testing). Comparative analysis (US, France, Spain, Bulgaria, Poland) validates the model. Projected impact: +€650M-1B BVB capitalization (year 5), €400-600M Pension Fund allocation, competitive 6-6.5% yields versus Fidelis bonds. Implementation requires Fiscal Code amendments Q2-Q3 2026.
Keywords: Real Estate Investment Trusts, fiscal transparency, capital market development, Romania, securitization.
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Contents
- From paradox to opportunity: designing a hybrid REIT Model for Romania's emerging capital market
Denis-Andrei MANOLE
- Human development inequality within and between selected SAARC countries using Mean Log Deviation MLD
Andaish QIAMUDDIN
Dumitru Alexandru BODISLAV
Vansiya N. YOGESH
- The influence of renewable energy consumption and trade openness on carbon emissions in South Africa: an augmented autoregressive distributed lag method application
Mohamadou OUMAROU
IBRAHIM
Apsatou ABBO
Mohamadou SANI
Mohammadou NOUROU
Najwa AKERMI
- The hidden side of VAT: modeling compliance and inferring collection shortfalls in Romania
Mihai-Daniel GAVRILA
- The dynamic nexus between oil price fluctuations, exchange rate volatility, and economic growth: empirical evidence from Algeria
Anissa BENRAMDANE
Mohamed Rachid BOUMEDIENE
- Does unemployment influence out-of-pocket health expenditures in sub-Saharan Africa countries? Evidence from the defactored instrumental variables method
Jacques BOUNDIOA
Youssouf TRAORÉ
- From transposition to distortion: how OECD corporate governance principles were misapplied in Romanian state-owned enterprise legislation
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- Information transmission in the foreign exchange market: evidence from India
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- The evolution of green energy utilization in Romania
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- AI-simulated reciprocity and the narrowing of decision options within human attachment psychological architecture
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- Shockwaves abroad and the vulnerability of monetary policy: Morocco’s Central Bank response to geopolitical shocks and commodity price volatility
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- Impact of growth and tax on pollution in the presence of corruption
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- Heterogeneous effect of financial inclusion on economic complexity in developing countries
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- Human ethics vs. algorithmic ethics: the limits of automating moral decision-making
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- Determinants of inflation in Romania: A VAR approach
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- Effect of information and communication technologies on life expectancy and under-five mortality in WAEMU countries
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- Application of PHH and PHE model to Investigative FDI inflows effects on CO2 emissions in developing countries (OECD & BRICS)
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- Internal vs external migration: comparative patterns within the EU
Ana ALEXANDRESCU
