Browsing by Author "Timofei, Olga"

Now showing 1 - 20 of 82

Analiza comparativă structurii claselor de bani în diverse sisteme monetare
(INCE, 2016) Timofei, Olga
The composition of money supply structure differs from state to state. It depends on historical, socio-economic factors as well as on the monetary policy objectives promoted by the authorities and representing monetary indicators that are used for sizing and following monetary evolution. Due to the fact that the Republic of Moldova aspires to join the European Union, one of the steps it will have to take in this direction will be the structuring money in its economy by bringing composition of each monetary indicator to the European model. This paper aims to follow training examples of monetary expansion in Europe and especially in the neighboring country- Romania, country which has already changed its system - from a simple monetary system to a monetary system harmonized to European needs and subsequently monetary system that is integrated into the European one. It is vitally important to know the structural differences between the monetary aggregate components taken into consideration in the European monetary system and that of the RM in order to identify the opportunities for evaluation and comparability of the various components of the money supply with a view to follow the positive experiences that are further possible to apply for the domestic economy.
Analiza vulnerabilității sistemului bancar al Republicii Moldova la șocurile financiare provenite din exterior
(IEFS, 2012) Timofei, Olga
Financial and banking systems of many countries are facing serious problems that occured as a result of international financial crisis. The aim of this paper is to evaluate the current situation of the banking system of Moldova and the incorporation capacity from external instability.
Analysis of macroeconomic shocks resistance of moldovan banking secto
(ProUniversitaria, 2018) Perciun, Rodica; Colesnicova, Tatiana; Timofei, Olga
Banks and the banking system are the most important financial institutions of any state. Interacting directly with all sectors of national economy, they help to address the main issues of redistribution of funds between individuals and companies, between various branches of national industry and attract investments, etc. In this way the country's economy and the banking sector are closely intertwined. On the one hand, the stability of the banking sector has a key role in ensuring an efficient allocation of financial resources and economic growth, and on the other hand, the evolution of the macroeconomic environment imprints on the state and stability of banking sector. This scientific work aims to determine the impact of macroeconomic indicators of the Republic of Moldova on the national banking sector, and based on the interdependence of macroeconomic and banking indicators to analyze how certain variables respond to different sources of shock in the economy.
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. .
Business models for circular economy implementation
(Artifex, 2022) Timofei, Olga
Crises that threaten the viability of our planet: climate change, natural disasters and depletion of natural resources have their roots in the way we use materials and goods. Companies need to update their policies as we move into a circular economy and this is a very important transition for the environment. In a circular economy, production and consumption are increasingly based on responsible raw materials and renewable energy, providing a product as a service, long-term products and reused materials. Companies need to prepare for a change in earnings practices and patterns. In a circular economy, a company creates added value for their products with more services and intelligence. Through this study, we aim to highlight the main barriers that companies may face in the process of implementing circular business models, the knowledge and implementation of which are important at any level of decision making.
Central banks' role in advancing sustainable finance
(INCE, ASEM, 2024) Timofei, Olga
This paper examines the critical role of central banks in promoting sustainable finance within the context of global climate change challenges and the transition to a low-carbon economy. It analyzes various instruments and policies that central banks can employ to foster green finance and mitigate climate-related risks in the financial system. The study explores how central banks can integrate sustainability considerations into their core functions, including monetary policy, financial regulation, and supervision. Furthermore, the paper discusses the challenges central banks face in balancing their traditional mandates with emerging sustainability objectives and explores how the emerging sustainability-focused duties may impact the autonomy and answerability of central banking institutions. The study underscores the significance of collaboration among central banks, governments, and the private sector in ensuring an orderly and effective transition towards a sustainable economy. Finally, it offers policy recommendations for enhancing the role of central banks in advancing sustainable finance and addressing climate-related financial risks.
Deciziile de politică monetară ale BNM: efecte reale sau doar iluzii? : Constatări și soluții
(2015) Timofei, Olga
Deprecierea accentuata a leului moldovenesc fata de moneda unica europeana si dolarul SUA inregistrata in ultima perioada reprezinta o amenintare directa realizarii obiectivului primordial de politica monetara promovata de BNM. In acest context pentru combaterea presiunilor inflationiste si mentinerea nivelului inflatiei in proximitatea tintei de 5%, cu o posibila deviere de ±1,5 puncte procentuale, din luna decembrie 2014, BNM a demarat procesul de inasprire graduala a politicii monetare promovate.
Direcții de dezvoltare a sectorului de asigurări din Republica Moldova
(INCE, 2023) Timus, Angela; Timofei, Olga
The present study aims to analyze the insurance market situation globally and in the Republic of Moldova, with a focus on the trends in the country's insurance sector. The methodology employed involves a detailed investigation of national legislation and the application of international regulatory practices in the insurance field, accompanied by an analysis of the effects reflected in the core indicators of the sector. The empirical analysis is based on data derived from reports and statistics pertaining to the domestic insurance market. The obtained results reveal that the lack of appropriate culture and behavior among customers in the insurance domain represents a major hindrance for the population of the Republic of Moldova in accessing insurance services. This situation is primarily due to the inadequate promotion of insurance products, limited awareness regarding their utility and importance, and a low financial literacy. Additionally, constraints in the domestic insurance market encompass several aspects, such as the absence of efficient financial instruments for placing insurance reserves, underdeveloped market and the lack of a developed capital market, frequent changes in the legal and regulatory framework, low capitalization levels of insurance companies, restrictions on competition in certain sectors, and imperfect legal and organizational support for state insurance upervision. Based on these findings, it is recommended to implement a set of measures to stimulate the development of the insurance sector in the Republic of Moldova. These measures include the implementation of an incentives system that would encourage voluntary and life insurance uptake, promoting life insurance packages that offer savings options as an alternative to pension funds, revising the current model of medical insurance to strengthen the function of healthcare services quality control, developing online sales services as the primary means of marketing, ensuring the reliability and sustainability of the insurance system, improving the corporate governance of insurance companies through increased transparency, and enhancing the regulatory framework to enable the digital development of the insurance sector. The stability and resilience of the insurance sector are essential for the economy, and the implementation of the mentioned measures will contribute to the sustainability of businesses and the well-being of the population, as well as the overall development of the insurance sector.
Efficient Waste Management: Economic Aspects
(2022) Timofei, Olga
At present, waste reduction or elimination has become a serious environmental concern for most countries and a priority for companies. Waste is not only an environmental problem but also an economic loss. A prerequisite for flourishing economic activity is the efficient management of waste and other resources. The recovery of waste resources has become an industrial reality due to technological innovations in the era of raw materials shortage. Sustainable materials management goes further than ecological waste management and focuses on the efficient use of available materials. The article aims to research the waste management process, shed light on the place of waste management in promoting the circular economy, and outline positive experiences in this area by highlighting the potential benefits and economic costs of applying these practices. That could serve as an incentive to accelerate efficient waste management processes in the Republic of Moldova. Waste management benefits the environment but also increases the number of companies and jobs. The presented article discusses waste management issues and shows some current issues related to them. The paper the authors wrote within the frame of the state project 20.80009.0807.22. - Developing a mechanism for the circular economy creation in the Republic of Moldova.
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.
The impact of international financial crisis on the credit-monetary polcy: the case of the Republic of Moldavia
(Tehnopress, 2009) Timofei, Olga
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.
Modele de afaceri circulare
(INCE, 2022) Perciun, Rodica; Timofei, Olga; Ungur, Cristina; Gribincea, Corina; Savga, Larisa; Perciun, Iulia; Tirigan, Sergiu
În acest ghid informativ este realizată o descriere a modelelor de afaceri circulare, sunt identificate bunele practici internaționale, precum și soluțiile inteligente existente, în organizarea modelelor de afaceri circulare în Republica Moldova.
Moldovan Economic Trends, no 12 (Q IV, 2013)
(INCE, 2013) Stratan, Alexandru; Lucasenco, Eugenia; Cara, Oleg; Timofei, Olga; Vragaleva, Veronica; Septelici, Viorica; Clipa, Victoria; Gribincea, Corina; Novac, Alexandra; Colesnicova, Tatiana; Toaca, Zinovia; Olarescu, Zaharia; Gagauz, Olga
Moldovan Economic Trends, no 13 (Q I, 2014)
(Complexul Editorial al INCE, 2014) Stratan, Alexandru; Lucasenco, Eugenia; Cara, Oleg; Timofei, Olga; Gribincea, Corina; Popa, Viorica; Novac, Alexandra; Vragaleva, Veronica; Colesnicova, Tatiana; Clipa, Victoria
The „Moldovan Economic Trend” is a quarterly publication produced with the assistance of the European Union. The contents of this publication are the sole responsibility of authors and can in no way be taken to reflect the views of the European Union.
Moldovan Economic Trends, no 16 (Q IV, 2014)
(INCE, 2014) Stratan, Alexandru; Lucasenco, Eugenia; Cara, Oleg; Timofei, Olga; Vragaleva, Veronica; Popa, Viorica; Clipa, Victoria; Novac, Alexandra; Colesnicova, Tatiana; Ceban, Alina; Toaca, Zinovia; Olarescu, Zaharia
The „Moldovan Economic Trend” is a quarterly publication produced with the assistance of the European Union. The contents of this publication are the sole responsibility of authors and can in no way be taken to reflect the views of the European Union.
Moldovan Economic Trends, no 20 (Q IV, 2015)
(Complexul Editorial al INCE, 2015) Stratan, Alexandru; Olarescu, Zaharia; Toaca, Zinovia; Ceban, Alexandru; Ceban, Alina; Timofei, Olga; Popa, Viorica; Fala, Victoria; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana
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