Browsing by Author "Iordachi, Victoria"

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The activity of institutional investors on the securities market of the Republic of Moldova
("Victor Slăvescu" Centre for Financial and Monetary Research, 2014) Iordachi, Victoria
This article includes the analysis of the activity of institutional investors on the securities market of the Republic of Moldova, particularly transactions performed by the banking and the insurance sectors. The activity of investment funds is not analyzed, as practically there are no transactions performed by these institutions on the capital market. Also, there are stated main problems and barriers faced by institutional investors on the domestic capital market.
Adaption of trading platforms to digital age
(INCE, 2017) Iordachi, Victoria; Timus, Angela
Scopul principal al acestui studiu este prezentarea celor mai importante principii care sunt luate în consideraţie de către traderi (în mod special, de către traderi începători) în procesul de alegere a platformei pentru tranzacţionare cu instrumente financiare. Una din condiţiile pentru adaptarea sistemelor multilaterale de tranzacţionare noii ere informaţionale este asigurarea unui proces sigur şi fiabil de tranzacţionare, cu reguli facile de acces pentru toţi investitori. În acelaşi timp, pentru a opera eficient, platformele de tranzacţionare trebuie să ţină pas cu dezvoltarea tehnologiilor informaţionale. A doua parte a studiului prezintă o analiză critică a Sistemului Multilateral de Tranzacţionare (M.T.F.) implementat în cadrul Bursei de Valori a Moldovei (BVM). În urma analizei s-au constatat multiple probleme, cu care se confruntă BVM, ce ţin de lipsa capacităţilor practice în procesul de vânzare a valorilor mobiliare, dar şi absenţa operatorilor de piaţă cu abilităţi profesionale tehnice, precum şi alte obstacole care încetinesc digitizarea acestei instituţii. În final, sunt date nişte recomandări pentru îmbunătăţirea regulilor de tranzacţionare în cadrul Sistemului Multilateral de Tranzacţionare a BVM.
Anticipation of bank failures in the Republic of Moldova
(2019) Ciobu, Stela; Iordachi, Victoria; Jalba, Andrei
The excessive riskstaken by the banks resulted in banking crises, that caused the collapse of large financial institutions and even global recession.The main scope of this paper is to identify the causes, consequences, and methods of anticipating bank failuresat national and international levels. The proposed scope is materialized in the following research task: identifying the ability of the National Bank of Moldova (NBM) to influence the local banks, as well as analyzing the legal framework regarding bank recovery and resolution.The research theme results from the necessity to maintain a stable and reliable banking system in order to ensure the continuity of financial intermediation,protect the depositors’ interests and contribute to the development of a strong economy.The value of the investigation is determined by the practical relevance of the study carried out, as well as by the recommendations contained in the paper, the implementation of which will contribute to streamlining the prudential supervision of the domestic banking system, preventing bank failures in future and ensuring the financial stability of the banking system in the Republic Moldova.
Assessment of illegal capital flows in the Republic of Moldova
(INCE, 2017) Petrova, Tatiana; Iordachi, Victoria; Clichici, Dorina
This 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.
Circular economy in practice: key actors in sustainable transformation.
(INCE, 2023) Perciun, Rodica; Savga, Larisa; Iordachi, Victoria
This article explores the essential contribution of different actors in promoting and implementing the circular economy, a sustainable economic model that aims to minimize waste and maximize resources. The article provides a comprehensive insight into how the circular economy is being put into practice and underlines the importance of involving all actors in this sustainable transformation. By looking at the roles and collaborations between governments, companies, non-governmental organizations and citizens, this article provides a detailed insight into how the circular economy comes to life in practice. It emphasizes the contribution of key actors such as governments, who can enact policies and laws favorable to the circular economy, and companies, who can develop innovative products and processes. The article also highlights the active involvement of non-governmental organizations in educating and raising public awareness of the benefits of the circular economy and how citizens can contribute through responsible consumption practices. Through case studies and concrete examples, the article illustrates how these key players are working together to create a more sustainable supply chain and economic environment. In conclusion, it is emphasized that the collaboration between these actors is essential for achieving a successful transition to the circular economy and for building a greener and more sustainable future. This paper was supported by the State Program 20.80009.0807.22 Development of the mechanism for the formation of the circular economy in the Republic of Moldova.
COVID-19 and the response of central monetary authorities
(INCE, 2020) Iordachi, Victoria; Timus, Angela; Ciobu, Stela
The spread of the coronavirus epidemic is causing turmoil in financial markets’ functioning. This sudden shock required for a massive policy response. The actions of central banks have emphasized their critical role in crisis management process. The scope of this article is to emphasize policy actions taken by central banks from some selected countries, including the Republic of Moldova.
Crearea şi Organizarea Clusterelor în Republica Moldova
(Complexul Editorial al INCE, 2018) Iordachi, Victoria; Gribincea, Corina; Ungur, Cristina; Boldurat, Vladislav
În procesul de funcţionare economică a ţărilor lumii, o nouă tendinţă este dezvoltarea inovaţională; iar inițiativele de formare a asocierilor de tip cluster devin tot mai răspândite în procesul asigurării creșterii potențialului inovațional al întreprinderilor. Experiența internațională demonstrează că sistemul clusterial reușește să contribuie la modernizarea economiei prin creşterea competitivităţii produselor, serviciilor şi a muncii, în timp ce membrii acestor asocieri își dezvoltă cu succes avantajelecompetitive. În prezent, țările Uniunii Europene acordă o atenție sporită modelului de afaceri economice în baza dezvoltării clusterelor din necesitatea depășirii crizei economice interne, precum și creșterii competitivității companiilor autohtone pe plan extern. Pentru Republica Moldova,procesul de asociere a întreprinderilor în clustere abia își ia avântul, fiind sprijinit de adoptarea de către Guvernul Republicii Moldova,în 2013, a Conceptului de dezvoltare clusterială în sectorul industrial, care conţine: premisele pentru dezvoltarea clusterelor în sectoare industriale, scopurile şi obiectivele politicii clusteriale, etapele de implementare a politicii, mecanismelede sprijin din partea statului a dezvoltării clusterelor, precum și un set de acţiuni. În acelaşi timp, crearea şi dezvoltarea clusterelor trebuie armonizate în cadrul mai extins al planurilor de dezvoltare regionale şi naţionale. Totodată, pentru a consolida capacitatea tuturor actorilor să coopereze între ei, este recomandabil să se fortifice dezvoltarea şi punerea în aplicare a politicii de dezvoltare a clusterelor. Totodată, printre măsurile suplimentare care trebuie luate în considerare pentru dezvoltarea politicii clusteriale, pot fi menţionate: promovarea şi sensibilizarea întreprinderilor cu privire la noile oportunităţi legate de dezvoltarea clusterelor; identificarea acelor întreprinderi care vor forma nucleul clusterului şi componenta inovatoare; elaborarea documentelor de politici privind organizarea asocierilor de tip cluster. Ghidul are ca scop explicarea fenomenului de clusterizare pentru întreprinderile autohtone, precum și prezentarea aspectelor practice privind procesul de creareși organizarea asocierilor de tip cluster; este un instrument util atât pentru companiilecare doresc să se organizeze într-o asociere de tip cluster, cât și pentru potențialii membri și beneficiari ai unor astfel de aglomerări. Totodată,acest ghid va ajuta la o mai bună cunoaștere a fenomenului de clusterizare din partea formatorilor de politici publice din Republica Moldova, deoarece cuprinde o sinteză a inițiativelor guvernamentale privind impulsionarea cooperării între întreprinderi și alți actori în cadrul asocierilor de tip cluster din alte țări.
Criza Covid-19 și viitorul economiei circulare
(2020) Iordachi, Victoria
Criza Covid-19 lovește dur toate sectoarele economiei naționale. Cererea de materii prime strategice, de asemenea, suferă în urma scăderilor drastice, fiind afectate, îndeosebi, țările în curs de dezvoltare care își bazează economiile pe exploatarea resurselor naturale.
Economia circulară: colectarea deșeurilor
(INCE, 2022) Iordachi, Victoria; Popa, Viorica; Popa, Nicolae
Gestionarea deşeurilor reprezintă una dintre problemele importante cu care se confruntă Republica Moldova în activităţile de protecţie a mediului. În prezent, problema deşeurilor se manifestă tot mai acut, din cauza creşterii cantităţii şi diversităţii acestora, precum şi a impactului lor negativ tot mai pronunţat asupra mediului înconjurător. Dezvoltarea urbanistică şi industrială a localităţilor, precum şi creşterea generală a nivelului de trai al populaţiei, antrenează producerea unor cantităţi din ce în ce mai mari de deşeuri. Obiectivele de bază ale politicii actuale a Uniunii Europene privind deşeurile, la care urmează să ne aliniem, constau în prevenirea generării deşeurilor şi în promovarea reutilizării, reciclării şi recuperării pentru asigurarea protecţiei mediului. Deşeurile sunt din ce în ce mai mult percepute ca o sursă de materie primă valoroasă pentru sectorul industrial, cu abordări cum ar fi reutilizarea, reciclarea şi recuperarea de energie, este aplicată reglementarea deşeurilor de ambalare, a vehiculelor scoase din uz, a deşeurilor de echipamente electrice şi electronice, deşeurilor biodegradabile şi anvelopelor.
External debt implications on the development of national economy
(INCE, 2019) Iordachi, Victoria; Ciobu, Stela
The external debt of the Republic of Moldova is increasing constantly. Excessive external debt has been a big problem for both developing and developed countries during the years. Developing countries face this problem more often as they need to borrow to finance their objectives and strengthen the economic growth. It is very important for our country to determine the optimal level of indebtedness that the economy can bear. That is why the external debt should be contracted in strict accordance with the needs of the economy, and borrowed loans should consider the country’s reimbursement capacities to avoid the liquidity or solvency crisis. The scope of this paper is to give a prompt and correct overview of the importance of external debt management and its impact on the economic growth of the country. In the research process, the deduction, based on general theoretical information on the structure, management, external debt and indebtedness assessment, the economic influence policies were used and then passed on to practical analysis using specific indicators.
Financial digital inclusion an appropriate framework for implementation of innovations in the banking sector of the Republic of Moldova
(INCE, ASEM, 2024) Ciobu, Stela; Iordachi, Victoria; Gumovschi, Ana
Digital revolution is changing the business environment and banking sector is no exception. The development of the digital economy of highly developed countries accelerates the need for increased digital financial inclusion and digital literacy as well. From a banking perspective, digital financial inclusion aims to engage the population in the digital financial system by offering digital products and services through accessible digital channels, which would facilitate secure digital financial management. Analyzing the specialized literature, were defined the three indicators of measure of digital financial inclusion: access to financial digital services, usage of financial digital services and quality of the digital products and service delivery. The purpose of current research is to study the degree of financial digital inclusion of the banking sector of the Republic of Moldova and the as a precondition for implementation of innovations in the context of digitalization processes in the Republic of Moldova. The specific objectives for achieving the research goals are: to analyze the factors that have accelerated the digital transformation in the banking sector; to study and establish new banking products and services in the Moldovan banking sector; to study the process of implementing innovations in close connection with digital transformation in the Republic of Moldova and at international level; to study and determine the deficiencies and prospects in the implementation of innovations in the banking sector in the Republic of Moldova.
Implementation of basel agreements in the banking sector of the Republic of Moldova
(2018) Iordachi, Victoria; Ciobu, Stela
Basel III Agreement is a framework of bank regulation which aims to strengthen the stability of the financial system by applying stringent standards designed to improve its ability to absorb shocks from the economic and financial sector and to reduce the risk of contamination from the financial sector to the real economy. The National Bank of Moldova approved the Basel III Implementation Strategy in the light of the European legislative framework in April 2016. The reform plan will focus on continuing the process of promoting reforms in the banking sector, in particular establishing a transparent shareholder structure attracting new solid investors, adequately assessing the bank's management and identifying transactions with affiliated banks. The purpose of the article соnsists in the identification, analysis, monitoring the actions required to be undertaken by the Central Bank and banks in order to implement the Basel III requirements and to harmonize the legislative framework in the banking field with EU directives.
Implementation of financial derivatives on the capital market of Republic of Moldova: challenges and opportunities
("Victor Slăvescu" Centre for Financial and Monetary Research, 2015) Iordachi, Victoria; Rosca, Marcelina
The creation of derivatives market in Republic of Moldova is an actual necessity dictated by the improvement of market relations on international financial market and the development of national capital market. However, the implementation in practice of this desideratum can be realized in certain circumstances. The Moldovan capital market is very young and is trying hard to conform to international standards. Its evolution hasn’t still reached the level of investors’ expectations and is facing serious problems. This research includes the analysis of capital market of Republic of Moldova and possibilities of implementing derivative instruments by market participants.
International expertise in tracking and recovery of illegal financial flows
(INCE, 2022) Iordachi, Victoria; Calpajiu, Pavel
Illicit financial flows represent a global challenge for both developing and developed countries, and the accessibility of financial instruments and the level of inclusion in the global economy are directly proportional, both, to economic development and the value of these flows. At the same time, the countries of the world at the level of addressing the problem of illicit financial flows register different successes - from the refuse to sign international conventions in the field of preventing and combating corruption, money laundering, the fight against tax evasion, up to the development of their own reporting mechanisms at the global level of the information necessary to combat and recover illicit financial flows. In this article, the experience of some countries in the field of tracing and recovering illicit financial flows is reported, at the same time, the international regulations in this field are analyzed. The research methodology was based on the following methods and techniques: analysis and synthesis, induction and deduction, graphical and tabular methods, methods inherent in economic disciplines - observation, reasoning, comparison, classification, which allowed an in-depth analysis of the research topic. The data sources of the paper constituted the legislative basis of European Parliament in the domain of combatting corruption and illegal financial flows, as well as some states’progress reports of combatting financial corruption phenomenon.
International reserves management in the Republic of Moldova
(INCE, 2017) Iordachi, Victoria; Tirlea, Mariana Rodica; Petrova, Tatiana
The actuality of the given research is determined by the importance of establishing the adequate volume of international reserves held by the Central Bank. The main purpose of the article is investigation of new methods of calculating the adequate level of international reserves for emerging economies, proposed by the IMF and those existing in international practice. The main research methods were systemic analysis and logic synthesis. The main result obtained in this article, as a result of the research, is proposing a special approach in applying the IMF methodology in the Republic of Moldova, considering the dependence of the economy on the export of labor. The conducted calculations show a significant decrease in the level of international reserves of NBM over the past two years and their approach to the critical value. To overcome internal imbalances, the international reserves management should suppose the accumulation of a higher volume than the average, which would partly compensate the shortcomings in implementing reforms of transforming the economy of the Republic of Moldova, improving their efficiency and quality of domestic policy.
Investițiile - premiză pentru sporirea competitivității economiei naționale
(ASEM, 2011) Timus, Angela; Fala, Victoria; Iordachi, Victoria; Isachi, Silvia-Elena
Comperitiveness has become а dominant factor in supporting socio-economic development and convergence of any developing country towards а knowledge-based economy. Тhе competitiveness of developed countries 1s based оn technological development, which is generated bу major mvestments directed towards strategic sectors. Investment-competitiveness ratio is an unanimously accepted rule, being also proved bу а fierce competition to attract investment flows. То reach this goal, there are perfonned various studies, also bу national competent authorities, which are pursuing the country's development in achieving the desired level of compeririveness.
Municipal waste management financing opportunities.
(2022) Iordachi, Victoria; Timus, Angela
Developing countries face various obstacles in proper and sustainable waste management. Their authorities cannot manage waste properly because this process requires significant financial resources. Our analysis highlighted the problems of poverty and unstable finances, more precisely, the main reason waste management does not appropriate is the lack of budgets at the local or state level. The administrations need to allocate more funds for integrated sustainable waste management to achieve better results. This article describes different options for municipal waste management projects' financing based on the experience of several selected countries. Particularly it focuses on problems and challenges of the Republic of Moldova in municipal waste sector financing. In conclusion, we gave several recommendations for improving the waste sector financing policy. Also, we underlined that it is necessary to develop a methodology for calculating tariffs. At present, the local public administration has developed those tariffs based on old regulations, which are already outdated in time and do not reflect actual costs for adequate waste management.
Non-cash payment - a stringent necessity in pandemic conditions
(Artifex, 2020) Perciun, Rodica; Iordachi, Victoria; Timofei, Olga
Following the latest events in the world, it is definitely sure that the Covid-19 pandemic will drastically change the way people behave both socially and economically. Given the conditions in which we were forced to live, we understood how important it is to be "connected" to non-cash payment instruments. At the moment, it is necessary to “financially educate” the population in this field as soon as possible, while the development of the payment system in the Republic of Moldova and the modernization of payment services, which would meet the needs of individual and corporate consumers, must become a strategic priority. The purpose of this article is to analyse the concept of non-cash payment by identifying the advantages, studying the international experience, as well as the current situation in the Republic of Moldova. In the research process, such scientific methods were applied as: systemic approach, analysis and synthesis, deduction, logical analysis, critical analysis of materials, monographic analysis, comparative analysis, etc. The results of the study consisted in identifying both the advantages and disadvantages of these payment instruments, at the same time, the authors performed an analysis showing that the cap on cash payments imposed (there is a law project to be discussed in the Parliament of Moldova) is not a method of stimulation, but on the contrary there is a risk of obtaining an adverse effect.
Optimizarea gestionării, cheia succesului în implementarea economiei circulare
(2023) Iordachi, Victoria
This article explores the essential role of structure management and governance in the promotion and effective implementation of the circular economy. In the context of pressures on natural resources and environmental impact, the circular economy asserts itself as a sustainable model that aims to reduce waste, reuse resources and increase sustainability. But the success of such a transition depends critically on how this complex transformation is managed. This article highlights the importance of well-defined strategic planning that includes clear objectives and performance indicators to guide the transition process. It also addresses the need to develop a coherent legal and political framework to support circular economic practices through appropriate incentives, regulations and norms. The article concludes by highlighting the major benefits of effective governance in the circular economy: resource optimization, waste reduction, innovation stimulation, positive environmental impact, job creation and increased economic competitiveness. Therefore, it is emphasized that proper structure management and governance are the fundamental pillars for a successful transition to the circular economy, benefiting the environment, the economy and society as a whole.
Patent system of taxation for small business: country experience of introducing Special Tax Regimes
(INCE, 2016) Iordachi, Victoria
This paper analyzes country experience of taxing small business using simplified tax regimes. The tax regulation for small entrepreneurship is one of the most important factors with a significant influence on the development of national economy. One of measures used by government to promote small business was the introduction of the patent system of taxation. At the same time, the analysis of practice of several countries in application of patent fee revealed a number of problems. This study is devoted to the analysis of patent systems in international practice, as well as alternatives in application of special tax regimes to small entrepreneurship.