Browsing by Author "Clichici, Dorina"
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Item Assessment of illegal capital flows in the Republic of Moldova(INCE, 2017) Petrova, Tatiana; Iordachi, Victoria; Clichici, DorinaThis paper analyses the existent methodologies used in international practice to estimate illegal capital outflows. Also, authors carried out an assessment of the illegal capital outflows in the Republic of Moldova on the basis of two models: the general method based on the balance of payments and the World Bank’s "residual" model. The paper reflects the exceptional situation of the financial system of the Republic of Moldova and trends in evolution of capital flows. The analysis of illegal flows should be part of the monitoring system of the country’s financial stability, which will allow identifying in time negative trends that threaten Moldova's financial security. The main research methods were systemic analysis and logic synthesis; data analysis and interpretation; statistical methods, etc. The main conclusions obtained within the research of this topic are: for more reliable estimates for analytical purposes, it is necessary to develop an adequate methodological base that would help to measure and analyze shadow cross-border flows; for the assessment of the financial security of the Republic of Moldova, as a transition economy, it is important to monitor, analyze and forecast a broader list of financial indicators, as well as their critical values.Item Consecinţele guvernanţei corporative deficiente asupra sistemului bancar autohton: Constatări și soluții(2015) Clichici, DorinaPreocuparea majora a sectorului bancar ramine a fi guvernanta corporativa, cu deficientsemnificative in cadrul legal si de reglementare, ce poate afecta stabilitatea financiara sistemica. Riscurile la adresa stabilitatii financiare sunt semnificative din cauza capacitatii limitate autoritatilor de a actiona.Item Corporate governance – determinant of Moldovan banking system stability(INCE, 2015) Clichici, Dorina; Lupu, IuliaRecent events recorded in the banking sector of the Republic of Moldova – establishing special administration in three commercial banks by the National Bank of Moldova (NBM) – have highlighted the significant role which the quality of corporate governance presents for banking system. The aim of this paper is to identify the challenges of corporate governance for the stability of the Moldovan banking system and destabilizing effects of weak corporate governance structures within banking institutions and analyze the consequences of corporate governance deficiencies. For achieving the goal the author conducted a detailed analysis of normative acts regulating the banking system in order to identify the existing gaps regarding this subject and analyzed recent performances of commercial banks in Moldova. Despite some progress in addressing the recommendations of the International Monetary Fund (IMF) and the satisfactory reported performance of banks, there are serious governance problems in several banks including the largest ones.Item The determinants of banking system vulnerability in the Republic of Moldova(“Victor Slăvescu” Centre for Financial and Monetary Research, 2013) Clichici, DorinaA banking system is more vulnerable when there are felt more negative effects on this as a consequence of the global financial crisis events. In the context of the objective of enhancing financial stability and, in particular, limiting the likelihood of failure of the banking system it is useful to verify how the main characteristics which play a role for banking system vulnerability behaved in the case of the Republic of Moldova: system’s liquidity, capitalization, competition, diversification, presence of foreign banks, and wholesale funding. In order to determine how hard was hit the banking system of Moldova by the recent financial crisis in the article are analyzed quantitative and qualitative the above mentioned characteristics and identified the crisis effects on them.Item Guvernanţa corporativă şi implicaţiile ei asupra stabilităţii sistemului bancar al Republicii Moldova(INSTITUTE FOR ECONOMIC FORECASTING, 2015) Clichici, DorinaThe aim of this paper is to analyze the implications of corporate governance on the stability of the banking system of the Republic of Moldova, by highlighting corporate governance challenges and destabilizing effects of weak corporate governance structures within financial institutions (mainly the banking sector). Important financial intermediation role of banking institutions in the economy, their high degree of sensitivity to potential difficulties arising from ineffective corporate governance and the need to protect the interests of depositors and investors, requires that corporate governance for these institutions represent a particular interest in order to maintain stability of the financial sector. Despite some progress in addressing the recommendations of IMF and the satisfactory reported performance of banks, there are serious governance problems in several banks including the largest ones. Corporate governance deficiencies in banks still are the major risk to systemic financial stability in Republic of Moldova and the ability of the regulators to take action remains constrained.Item The impact of macroeconomic factors on non-performing loans in the Republic of Moldova(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2014) Clichici, Dorina; Colesnicova, TatianaThe purpose of this research is to estimate the impact of several macroeconomic variables on non-performing loans (NPLs) in the banking sector of the Republic of Moldova recently affected by global crisis. Using econometric multivariate linear regression analysis, we conclude that banking NPLs are affected nor only by distinctive features of the banking sector and the policy choices of each bank but also by macroeconomic environment: NPLs increase when GDP, exports, remittances decrease and when unemployment increases, however, our assumption about the relation between NPLs and private indebtedness has not been validated. We observed a substantial increase in the credit risk during the recent financial crisis period. Keywords: macroeconomic factors, banking system, nonperforming loans.Item Implications of the financial crisis on the soundness of the banking system in the Republic of Moldova(2015) Clichici, Dorina; Gribincea, CorinaThe extent of recent financial crisis implications on economies differs from countryto country. The effects of the crisis events in developed countries differ from the ef-fects in developing countries. The banking systems are now more vulnerable toshocks and to contagion than ever before due to the globalization of banking ac-tivity. In recent years, the Moldovan banking system has demonstrated a high degreeof resilience to the global financial crisis. The local banking system has a low degreeof connectivity to the European and world banking systems due to a very limitedpresence of international banks in the market. This has meant that there has beenno direct contagionduring the last financial crises. The effects of the crises in Moldovawere felt indirectly by the banks, through the channel of remittancesand foreign trade,which have diminished substantially as a result of the economic decline in Europe,particularly in 2009. This article aims to verify whether a systemic crisis wasrecorded within the domestic banking sector during recent years and to establishthe conditions which could be classified as a full-fledged crisis episode in the caseof the Republic of Moldova. In addition, the implications of the recent financialcrisis on the soundness of Moldova’s banking system are identified.Item Monetary Support and State Aid under the Pandemic Challenges in Romania: A Comparative Approach(2024) Clichici, Dorina; Dragoi, Andreea-Emanuela; Timus, AngelaThe COVID-19 pandemic has rapidly led to a severe deterioration of the global economic environment and a sharp worsening in the international financial market sentiment. Hence, the European governments adopted extraordinary monetary and state aid policies to mitigate the economic collapse and stabilise the financial markets. Romania was no exception, being significantly affected by the pandemic. Against this background, the paper aims to analyse the peculiarities of the monetary support and state aid adopted by Romania and by other EU Member States in the context of the pandemic crisis to increase the resilience of their national economies. Our main findings reveal that the monetary support provided in Romania consisted in significant liquidity injections into the financial system, and in the purchase of state securities from the secondary market. In Romania, the largest part of the total state aid was directed to SMEs from the processing industry, constructions, wholesale and retail trade, transport, and the storage sector, especially through guarantees and direct grants.Item Particularităţile supravegherii prudenţiale actuale a sistemului bancar al RM în contextul asigurării securităţii financiare a statului(IEFS, 2011) Clichici, DorinaThe ability to monitor financial security presupposes the existence of indicators that can be used as a basis for analyzing the current health and stability of the financial system. These indicators comprise both aggregated microprudential indicators of the health of individual financial institutions, and macroeconomic variables associated with financial system soundness. Aggregated microprudential indicators are primarily contemporaneous or lagging indicators of soundness; macroeconomic variables can signal imbalances that affect financial systems and are, therefore, leading indicators. Financial crises usually occur when both types of indicators point to vulnerabilities, that is, when financial institutions are weak and face macroeconomic shocks. It is very important for the Republic of Moldova’s financial system to be monitored and surveyed adequately by the authorities taking into consideration recent global financial crisis. The operation of a financial system is dependent on overall economic activity, and financial institutions are significantly affected by certain macroeconomic developments. Recent empirical analysis has shown that certain macroeconomic developments have often predated banking crises, which suggests that financial system stability assessments need to take into consideration the broad macroeconomic picture, particularly factors that affect the economy’s vulnerability to capital flow reversals and currency crises.Item Quality Of Banking Supervision And Its Determinants: The Case Of Republic Of Moldova(Editura Universităţii „Alexandru Ioan Cuza”, 2015) Clichici, DorinaRecent events which have taken place within the Moldovan banking system have highlighted significant weaknesses regarding banking supervision. As a consequence the financial integrity and stability of the Moldovan banking system has been shaken and the confidence in it has been seriously affected. These deficiencies have induced the necessity of revising the central bank’s role in regulating the Moldovan banking system and increasing the quality of banking supervision. This is the main argument for addressing the determinants of bank supervision quality and finding solutions for enhancing it. The quality of banking supervision depends on several factors and preconditions which are addressed in this article. There has been highlighted the need for a greater focus to be put on independence, accountability and transparency of the supervisor for increasing the effectiveness of banking supervision. There are identified banking supervision’s deficiencies and their determinants in the Republic of Moldova and made an analysis of country’s compliance with the Basel Committee’s Core Principles. The evaluation of the quality of banking supervision in the Republic of Moldova includes statistical analysis of data related to the banking system, review of IMF assessments, as well as observations and qualitative judgments. This paper presents the policy recommendations in institution building for stronger banking system in the Republic of Moldova.Item Relevanţa ciclicităţii pentru direcţiile de acţiune ale băncilor centrale(2016) Clichici, DorinaAmploarea si severitatea crizei economice si financiare mondiale, declanșata de criza creditelor subprime in SUA, a readus in discutii problema ciclului economic si a rolului stabilizator al politicilor statului in contextul ciclicitatii. Diminuarea ritmului de crestere a PIB-ului la nivel mondial, inregistrata in anul 2009, a fost semnificativa, recesiunea economica fiind generata si amplificata de factori financiari. Scopul articolului este de a argumenta relevanta ciclicitatii pentru directiile de actiune ale bancilor centrale. Articolul sintetizeaza determinanții evolutiei ciclice a economiei, expune particularitatile ciclului financiar si cauzele efectului amplificator al fluctuatiilor factorilor financiari asupra ciclului economic și prezinta totodata viziunile curente privind interventiile bancilor centrale in vederea prevenirii dezechilibrelor financiare, cu accent pe situatia din perioada de postcrizaItem Rethinking the institutional framework for financial stability in the Republic of Moldova(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2015) Clichici, DorinaThe aim of this article is to identify the arrangements of the accountability of regulatory institutions and the deficiencies in pursuing financial stability within the banking system of the Republic of Moldova. Financial stability policies are a missing ingredient from the current policy framework, and here is a too huge gap between banking supervision and the goal of financial stability assuring. The article have highlighted an intense need for strengthening financial stability framework in the country through three main actions: redefining the central bank’s role, strengthening the crisis management and strengthening the deposit insurance system. This article offers policy ecommendations in building a stronger institutional framework for financial stability in the Republic of Moldova.Item Threats to macroeconomic stability under the impact of international capital movement(INCE, 2018) Iordachi, Victoria; Ciobu, Stela; Clichici, DorinaOne of the most interesting issues that provoke controversial disputes is the impact of financial flows on the evolution of the states as a whole and economic growth of developing economies. The process of capital movement between countries cannot be stopped and it must be managed efficiently in order to obtain economic benefits and minimize the risks related to macroeconomic stability. The purpose of this study is to identify and analyze the effects of capital inflows on the macroeconomic stability of the Republic of Moldova. The research was based on the following methods: analysis and synthesis, induction and deduction, graphical and tabular methods, methods inherent in economic disciplines – observation, reasoning, comparison, classification, grouping; systemic methods and static analysis. As a result of the research, it is concluded that imprudently regulated capital inflows, in spite of their obvious advantages, could pose a serious threat to macroeconomic stability and external competitiveness, generating overheating of the economy, if their volume exceeds its ability to absorb them. However, the analysis depicts that remittances inflows have positively influenced so far, the economic development of the Republic of Moldova.Item Trade relations of the Republic of Moldova with the Russian Federation: from dependence to export reorientation("Nicolae Titulescu" University, Bucharest, 2019) Clichici, Dorina; Iordachi, VictoriaThis article analyses the evolution of bilateral trade relations, registered over the last 20 years, between the Republic of Moldova and the Russian Federation, revealing the existing impediments to their optimal development. Trade relations between these two countries entered the uncertainty zone in the last decade. They are significantly affected by the political tensions between the Republic of Moldova and the Russian Federation, which generated the application by the Russian Federation of embargoes, prohibitions and import taxes on Moldovan products. The high share of Moldovan exports oriented to a single market destination - the Russian Federation, revealed the Moldova's commercial dependence on it until 2014, when exports have been reoriented to the EU following the signing of the Association Agreement. However, taking into account the dependence of the Moldovan economy on the Russian Federation's mineral resources and the Russian market size, which cannot be neglected, Moldova must strive to normalize economic relations with this country.Item Weaknesses of corporate governance within the banking sector of the Republic of Moldova(”Independenţa Economică”, 2016) Clichici, DorinaThe article is a continuation of the research initiated by the author on corporate governance challenges for the stability of the banking system and destabilizing effects of weak corporate governance structures within banking institutions in the Republic of Moldova. The article has the purpose to identify weaknesses in corporate governance arrangements in the current banking system and presents the main recommendations for eliminating these deficiencies. In order to achieve this goal was performed an analysis of the legislation that regulates the banking system and of the corporate governance code currently in place. Despite some progress on implementing recommendations of the International Monetary Fund and the reported satisfactory performance of banks, the following deficiencies of corporate governance in the banking system were identified: opaque shareholders’ structures and the issue of ultimate beneficial owners disclosure; deficient quality of bank boards; the current corporate governance code does not consider essential elements recommended by the Basel Committee; the lack of a consistent concept on corporate governance in the banking system in Moldova aligned with Basel Committee's recommendations.Item Тhe management of financial stability in national strategies(INCE, 2017) Perciun, Rodica; Clichici, DorinaIn this article authors provide an overview of national strategies that directly or indirectly consider the management of financial stability. The actuality of this research topic is based on several factors. Firstly, the depth of the global financial crisis that started in 2007 has shown that financial stability must be ensured and monitored by competent authorities. Secondly, the situation of the national economy has been worsened since 2015, as a result of massive dilapidation of funds and serious violations with regard to preserving the systemic financial stability of the Republic of Moldova. Under the present state the issue of ensuring financial stability becomes more significant and important. The purpose of the research is to analyze and synthesize national strategies which reflect the management of financial stability and to detect the existing gaps. The scientific methods used are the following: systemic approach, analysis and synthesis, induction and deduction, logical analysis, critical analysis, etc. The research has found that the policy of preserving the systemic financial stability is missing from the current national strategies, and there is a huge gap with regard to banking supervision and the objective of ensuring systemic financial stability.