Browsing by Author "Sadoveanu, Diana"

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    An assessment of the equilibrium exchange rate for moldavian leu applying the BEER model
    (IEFS, 2011) Sadoveanu, Diana
    In order to analyze the long-run sustainability of the Moldavian leu against the euro, is estimated the equilibrium exchange rate, using the BEER model and are determined the total misalignments of the real exchange rate. The variables used are: the degree of openness, the productivity differential, the real interest rate differential, and the net foreign assets.
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    Assessment of the financial soundness of the Moldavian banking system
    (INCE, 2016) Staritina, Ludmila; Timus, Angela; Sadoveanu, Diana
    In paper was performed an assessment of the Moldavian banking system soundness. The study was based on Kromonov approach, used by to investigate the reliability of the banking sector in CIS countries. The results were confirmed by the analysis of the main financial stability indicator, published by the National Bank of Moldova. Results denoted that in 2014 and 2015, was a slight improvement of the Moldavian banking system soundness, but despite this improvement, was showed a large gap between the determined level for the Republic of Moldova financial system and the “ideal” level.
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    Central banks forecasting models and policy analysis systems in a new era
    (INCE, 2016) Staritina, Ludmila; Timus, Angela; Sadoveanu, Diana
    Forecasts have a great importance in the monetary policy formulation and implementation process. In this paper we aimed to close the gap between the research and practice in the matters related to forecasting and policy analysis systems applied by central banks. Particularly, we relied on the structure of the basic framework for policy analysis, their theoretical background and main processes which they imply. We focused on the FPSA developed by central banks from CEE countries, inclusively by the National Bank of Moldova, namely its construction for short-term and mid-term forecasts.
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    Challenges in implementation of unconventional monetary policy instruments in post crisis environment
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Staritina, Ludmila; Sadoveanu, Diana
    Global financial crisis has led central banks to rethink their monetary policy framework. Nowadays is discussed the possibility of adding unconventional measures to the traditional toolkit of monetary policy. However the main objections rest on still unsolved practical problems which brings the implementation of these measures under normal conditions. And, mainly, they should be integrated into the overall framework of the monetary policy and coordinated with over measures. The aim of the paper is to set out new approaches to study the challenges implied by the implementation of unconventional monetary policy measures, their inter-relations with traditional tools and their effects on attainment of the strategic goals of monetary policy, in the post crisis environment.
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    Impactul liberalizării contului de capital şi ţintirii directe a inflaţiei asupra cursului real de schimb al leului românesc
    (IEFS, 2012) Sadoveanu, Diana
    This paper examines the influence of the capital flows on the real exchange rate of the Romanian leu. Many studies which analysed the fundamental determinants of the exchange rate of leu, showed that the appreciation of the currency before the financial crises from the last years was due to the manifestation of the Harrod-Balassa-Samuelson effect. In our study we showed that rather the financial account contributed to the real convergence of the Romanian economy and determined the movements of the real exchange rate of leu.
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    Modelling approaches to assess the effectiveness of macro-prudential policy
    (,,Victor Slăvescu” Centre For Financial And Monetary Research, 2015) Staritina, Ludmila; Cuhal, Radu; Sadoveanu, Diana
    In this paper was approached the problem of the effectiveness of the macro-prudential policy, which became an actual subject in scientific literature. We made a literature review of the appliedmethods to diagnose the effectiveness of the macro-prudential policy toolkit; explored the possiblemethodologies and frameworks which can be used to investigate the effectiveness of theimplemented macro-prudential policies (Alpanda et al. (2014), CGFS (2012)); showed theiradvantages and drawbacks and proposed an empirical method. By this paper we aimed to developa proper framework for policy-makers to follow for sustainable implementation of the macroprudential policy and assessment of its effectiveness.