Browsing by Subject "monetary policy"

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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.
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.
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.
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.
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.
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.
Evoluţia strategiilor alternative ale politicii monetar-creditare orientate spre stabilizarea inflaţiei
(Complexul Editorial, IEFS, 2013) Iliadi, Gheorghe; Dodon, Svetlana
The article analyzes different aspects of change and monetary policy role of central banks and the entire banking system to stabilize the inflation in different countries as creating conditions for economic growth. As a crucial tool isrecommended new approaches for targeting inflation by this according to which it generated a certain tolerance toachieve innovations in monetary and credit policy.
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 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.
Interacțiunea politicii monetare cu politica fiscală în țările mici cu economii deschise
(INCE, 2023) Lopotenco, Viorica
The consequences of the COVID-19 pandemic, intensified by Russia's aggression in Ukraine, determined that in both developed and emerging countries, the monetary and fiscal authorities could not ensure efficiency in achieving the objectives of financial policies. This study aims to identify the determinants of monetary and fiscal policies in a small open economy, in the example of the Republic of Moldova, which must not only ensure the stability of the financial system but also correspond to the trends of the "new normal," through the interconnection with innovation, which it drives the expansion of private digital currencies and FinTech. Both qualitative (phenomenological analysis) and quantitative (inferential statistics) methods were used in the research process. At the same time, the case study research strategy was applied (within determining the particularities of the interaction between fiscal and monetary policies in a small open economy, in the example of the Republic of Moldova). In the Republic of Moldova, the coordination mechanism of fiscal and monetary policy instruments differs by its specificity from countries with developed economies. The assessment of the short-term effects of fiscal and monetary policy instruments on macroeconomic indicators indicates that they are very approximate and, in many situations, contradictory. At the same time, the monetary policy in the Republic of Moldova has several notable characteristics, particularly a qualitative dependence on external economic factors and external economic shocks. Bibliographic sources that research the relationship between fiscal and monetary policies in the context of the significant changes in the world economy were used for this study. A deeper analysis requires the application of more complex econometric methods to determine the impact of the relationship between monetary policy and fiscal policy on several macroeconomic variables. At the same time, we note the usefulness of the study results for the authorities of the Republic of Moldova.
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
Moldovan Economic Trends, no. 30 (Q II, 2018)
(INCE, 2018) Stratan, Alexandru; Ianioglo, Alina; Ceban, Alexandru; Timofei, Olga; Gribincea, Corina; Iatisin, Tatiana; Novac, Alexandra; Colesnicova, Tatiana; Olarescu, Zaharia; Toaca, Zinovia
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 14 (Q II, 2014)
(INCE, 2014) Stratan, Alexandru; Lucasenco, Eugenia; Gribincea, Corina; Timofei, Olga; Cara, Oleg; Vragaleva, Veronica; Olarescu, Zaharia; Popa, Viorica; Clipa, Victoria; Colesnicova, Tatiana; Toaca, Zinovia
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 15 (Q III, 2014)
(INCE, 2014) Stratan, Alexandru; Lucasenco, Eugenia; Cara, Oleg; Timofei, Olga; Vragaleva, Veronica; Popa, Viorica; Clipa, Victoria; Novac, Alexandra; Colesnicova, Tatiana
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.