Browsing by Author "Cociug, Victoria"

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The bank value estimation problem
("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Cociug, Victoria; Postolache, Victoria
This article reports to the main issues in evaluating bank costs and identifying factors have influence on. The necessity of bank evaluating may occur at various times, such during its merger or purchase, but also during reorganization or insolence sanitation of a financial institution. In such a case, the correct assessment of the bank value could lead to positive synergy effects; assessment errors might have disastrous social effects through its depositors ‗debt undervaluing. The article contains analysis of the main models of bank costs, correlated with the needs of this evaluation, and also their reporting during the evaluation of Moldova‘s bank costs in the process of selling its shares.
Basis for the development of the liquidity of the government securities market in the Republic of Moldova
(Complexul Editorial, INCE, 2017) Cociug, Victoria; Timofei, Olga
The unilateral structure of the domestic financial market, monopolized by banking institutions, requires a major reconfiguration by returning to representative positions of the capital market. This restructuring can be initiated by increasing investors' interest in the government securities market, giving it some quality elements, but also by creating a trading system that would increase the liquidity of all securities on the capital market. Increasing the quality of the GS market would allow the government on the one hand, to diversify its funding sources and manage its most important market risks more effectively, and on the other hand the financial sector would create opportunities for it to correlate and synchronize the development of the GS market with other segments of the capital market. In order to identify prerequisites for the development of the GS market in the RM, using the methods of research analysis, synthesis and deduction, we initially sought to identify the characteristics that define a market of government securities as a qualitative one. A comparative analysis of the historical evolution of government securities markets, which can be considered representative for the Republic of Moldova, can provide the necessary experience for the improvement of the liquidity level of the domestic government securities market. The results of this research have identified several possible actions, the implementation of which could lead to an increase in the quality of the domestic GS market. .
Central bank’s communication – a new regime inflation targeting challenge (the case of Republic of Moldova)
("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Hinev, Olga
In this article, we try to examine the definitive aspects of a transparent frame and credible capable to ensure anchoring inflation expectation, case that actually most central banks with inflation targeting regime have gambled. Making reference to Republic of Moldova, we can mention that from the moment of obtaining independence, Republic of Moldova has faced with the problem of high inflation, the cause that got milder once the national banking system reoriented of the inflation targeting strategy. The implementation of inflation targeted strategy has imposed a lot of challenges in the perimeter of National Bank of Moldova communication politics, because the success of this strategy is caused by the anchoring inflation expectations and therefore the credibility of institution. Starting with the other central bank‘s experience, we come with the remedies for improving the communication of National Bank of Moldova in order to achieve the inflation target.
Derivatives financial market development as a result of innovation activity in financial market
("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Postolache, Victoria
Development of financial derivatives as financial innovation and development of market of financial derivatives expand in general is the result of the investment activity in the financial market, linked with widening of investment space of the financial capital non-integrated into the production process and which is not a part of capital loan. Thus, implementation of financial derivates was generated by the redistribution of price risks and their economic functions: providing coverage possibilities, insurance against changing prices on the capital market and insurance of financial risks.
Discordances between fiscal policy and monetary policy – major issue for the emergent countries
("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Malendra, Denis
This is a topic on which there is an abundance of literature. Books are filled with information on the topic of the interaction between monetary and fiscal policies, which is one of the key, but also one of the more complex, relationships in economic theory. With the role of the central bank lawyer in mind, the discussion below will address the issue from one specific angle, namely the relevance of fiscal policy for central bankers. In the last few years‘ papers have begun to analyze optimal monetary and fiscal policy in models incorporating nominal rigidities where social welfare is derived from the utility of agents. This article examines whether this analysis provides support for the consensus assignment, where monetary policy controls demand and inflation and fiscal policy controls government debt. In this article, we review positive and normative issues in the interaction between monetary and fiscal policy, with an emphasis on how views on policy coordination have changed over the last years. On the positive side, no cooperative games between a government and its central bank have given way to an examination of the requirements on monetary and fiscal policy to provide a stable nominal anchor. On the normative side, cooperative solutions have given way to emergency loans allocations. The central theme throughout is on the optimal degree of price stability and on the coordination of monetary and fiscal policy that is necessary to achieve it.
Factor analysis of the mechanism of money creation in the banking system of the Republic of Moldova
(Editura Universităţii „Alexandru Ioan Cuza”, 2015) Cociug, Victoria; Timofei, Olga
Money creation is one of the essential functions performed by commercial banks in the economy. The knowledge of the influencing factors can offer major opportunities for effectively linking of the central bank's monetary policy and its response from the real sector. It is certain that monetary policy signals are often distorted by commercial banks, which should further promote them in the economy, which means that the ability of commercial banks to create money is not influenced only by the central bank, but also by other non-monetary factors. The central purpose of this article is the determination of these factors and the correlation between them and the amount of money.
Financial innovations and prudential regulation - impact of new rules of Basel III
(“Victor Slăvescu” Centre for Financial and Monetary Research, 2014) Cociug, Victoria; Dogotari, Victoria
The recent financial crisis, that has left its mark on the global economy, highlighted the problems of ensuring the stability of the banking sector. At the end of 2010 year, G20 meeting has determined the need of approval of new standards of banking regulation and international settlement named Basel III. The present study is an attempt to present the changes imposed to the new supervisory agreement and to determine the preparation of banking sector for implementation of new provisions.
The impact of state securities profitability on the effectiveness of monetary policy in Moldova
("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Timofei, Olga
The recent decision of the Central Bank of Japan, regarding the adoption of a monetary policy aimed to control interest rates on government securities issued in the long term, which involves reducing the profitability of these values and increase their maturity to 24 years, determined our interest for state securities profitability impact on the effectiveness of monetary policy in the Republic of Moldova. Due to the fact that NBM has recently provided state securities with an interest that is very attractive to banks, which on the one hand, keeps the banks on the money market, on the other hand, this leads not only to lower bank interest for lending economy but even to counter this activity, which has adverse effects on the efficiency of provided monetary policy.
Impact of systemic banking crises on macroeconomic policy
(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2014) Cociug, Victoria; Postolache, Victoria
Application of provisions of macroeconomic policy in order to ensure the stability of the banking system, especially, of the financial system as a whole is one of the strengths point of the concept of sustainable development. From one side, management of systemic risk requires orientation of super visors bodies in monitoring of the situation and to follow the evolution of national banking systems, as a whole, combined with monitoring of monetary policy and microprudential supervision of banks. From another side, real system interacts strongly with the banking system, which generates consequences for banks and financial stability. Motivation for choosing this research topic arising from its novelty and, also, uncertainty of the concept of systemic crisis and involving macroeconomic policy provisions in the banking sector.
Moldovan Economic Trends, no 24 (Q IV, 2016)
(INCE, 2016) Stratan, Alexandru; Ceban, Alexandru; Olarescu, Zaharia; Timofei, Olga; Cociug, Victoria; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana; Toaca, Zinovia
Moldovan Economic Trends, no 25 (Q I, 2017)
(INCE, 2017) Stratan, Alexandru; Ceban, Alexandru; Olarescu, Zaharia; Timofei, Olga; Cociug, Victoria; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana
Moldovan Economic Trends, no 27 (Q III, 2017)
(INCE, 2017) Stratan, Alexandru; Ianioglo, Alina; Ceban, Alexandru; Olarescu, Zaharia; Cociug, Victoria; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana; Timofei, Olga
Moldovan Economic Trends, no 26 (Q II, 2017)
(INCE, 2017) Stratan, Alexandru; Ceban, Alexandru; Olarescu, Zaharia; Timofei, Olga; Cociug, Victoria; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana; Toaca, Zinovia
Moldovan Economic Trends, no 28 (Q IV, 2017)
(INCE, 2017) Stratan, Alexandru; Ianioglo, Alina; Ceban, Alexandru; Olarescu, Zaharia; Timofei, Olga; Cociug, Victoria; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana; Toaca, Zinovia
Moldovan Economic Trends, no. 29 (Q I, 2018)
(INCE, 2018) Stratan, Alexandru; Ianioglo, Alina; Ceban, Alexandru; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana; Olarescu, Zaharia; Timofei, Olga; Cociug, Victoria
Monetary policy force effect by means of banks money creation
(“Victor Slăvescu” Centre for Financial and Monetary Research, 2014) Cociug, Victoria; Timofei, Olga
In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetary policy followed by the authorities and the ability of banks to create money with its impact on various practical regulations.
Monitorizarea riscului de credit pe parcursul utilizării acestuia
(INCE, 2017) Cociug, Victoria; Postolache, Victoria
Fenomenul de stagnare în economia Republicii Moldova este însoţit de creşterea creditelor neperformante în sectorul bancar. Schema de identificare şi de gestionare a acestora presupune că în bancă există un sistem de monitorizare care realizează detectarea timpurie a problemelor potenţiale la debitorii corporativi. Este important să se elaboreze instrumente şi indicatori de identificare a riscului de credit, metode de evaluare a solvabilităţii debitorului. Scopul. Cercetarea etapelor de monitorizare a riscului de credit în procesul de derulare a creditului şi identificarea posibilităţilor de implementare a acestora în sectorul bancar al Republicii Moldova. Metode de cercetare. Articolul este bazat pe datele statistice ale Băncii Naţionale a Moldovei şi ale calculelor autorului. Rezultate. Criza din sectorul bancar şi reducerea considerabilă a ratei dobânzii de bază din partea BNM a impus băncile licenţiate să micşoreze substanţial ratele de dobândă la creditele acordate atât populaţiei cât şi sectorului corporativ, determinând o monitorizare mai dură a rambursării creditelor şi evitarea clienţilor problematici. Astfel, apare necesitatea utilizării unei scheme unice de monitorizare a riscului de credit în procesul de utilizare a creditului.
New trends in fiscal stimulation evaluation
(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2017) Timus, Angela; Cociug, Victoria; Afteni, Laura
Fiscal and budgetary policy reflects the state's choice for necessary actions to be taken in order to ensure the population welfare and sustainable economic growth, naturally involving revenue mobilization and public spending. The insurance of a long-term macroeconomic growth is driven by several specific mechanisms and instruments, one representing the reduction of fiscal pressure by applying a system of tax incentives.Practically, all countries stipulate in their fiscal policies a robust set of instruments of special regimes, incentives and fiscal facilities to encourage the taxpayer to launch or consolidate his business to generate higher tax levy in the future. Such policies support sustainable economic growth, facilitate R & D-innovation, especially SMEs involved, eco-energy industries and high-value commodities, start-ups in IT, support scientific and technical progress. Applying tax incentives through their incentive function involves transferring public revenue over the next period, as a result of reducing budget funding capacity, while many researchers and experts qualify postponement of revenue with a "budget expense". In this context, we intend to study in this paper the good practices of applying tax incentives in stable economies and in those aspiring to a higher level of development to identify models for assessing their impact on the budget, and implicitly on sustainable growth. The result of these researches will also be the identification of an optimal model for assessing tax incentives in the context of the specificity of the economy of the Republic of Moldova and the formulation of recommendations on the way of its implementation in order to regulate business stimulation policies by diminishing the fiscal pressure.
Optimization of monetary creation by linking monetary policies with commercial banks strategies
("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Timofei, Olga
The failure of the economic system by the end of the first decade of the XXI century has extended the fields of research of economists; the most discussed being the problems of the monetary economy, especially the key role of commercial banks versus the central banks' policies in starting and spreading the international financial crisis. The monetary authorities together with academicals researchers have to review the monetary policies and tools, through the impact on financial stability and sustainable economic growth.
Possibilities of using tax multipliers for stabilization in transition economies
(INCE, 2018) Cociug, Victoria; Timus, Angela; Iordachi, Victoria
Within this study, the possibilities of identification and estimation of tax multipliers that are adequate for a transition economy have been analysed. These multipliers can be regarded as macroeconomic policy stabilizers, while their application is coordinated with the objectives established within the development strategies. The authors discuss the problem of equilibrating monetary stabilizers with the tax ones, which are used namely in transition economies to achieve sustainable economic growth, basing on the example of the Republic of Moldova.