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End date: 2019Subject: search.filters.subject.Republic of Moldova

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    Implicaţiile balanţei de plăţi asupra stabilităţii financiare a Republicii Moldova
    (2015) Perciun, Rodica
    The balance of payments is the barometer of the entire financial and economic activity of a country. It highlights the capacity of production of goods and their competitiveness on the international market, both in terms of quality and price. Balance of payments direct implications on financial stability are dual: on the one hand, the currency exchange rate affects prices and thus increases or decreases profit international transactions, and on the other hand, the balance of payments situation of being active or passive influences the exchange rate of own currency. The purpose of this paper is to analyze the balance of payments implications on state financial stability through relevant indicators.
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    Investment activity under financial instability in Republic of Moldova
    (Tehnopress, 2013) Timus, Angela; Perciun, Rodica; Clipa, Victoria
    The investment climate has a direct and immediate effect on business activity, reflected in economic and investment activities at the country level. In the article, the economic and financial analysis is tracked through the system of macroeconomic indicators: GDP, gross capital formation, investment in fixed capital and other indicators.
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    The insurance market of the Republic of Moldova in terms of investment potential
    (“Victor Slăvescu” Centre for Financial and Monetary Research, 2013) Timus, Angela; Ungur, Cristina
    The financial market of the Republic of Moldova has been characterized by a high degree of uncertainty during the last years. The political instability had its consequences causing disturbances, especially on the bank market. At the same time, the global financial crisis has had a direct impact on the national financial market as well, reducing thus the investment potential in the bank and non-bank financial sector, especially of the foreign investors. Notwithstanding the insurance market of the Republic of Moldova has registered a growth during this period. The paper presents an analysis of the insurance market in terms of its investment potential and tries to explain the behavior of the insurance products’ consumers in the conditions of the actual financial and economic crisis.
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    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.
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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.
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    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.
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    Monetary policy against financial stability in the Republic of Moldova
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2015) Timofei, Olga
    The financial stability of a country is one of the most current and most discussed issues worldwide.Until the global financial crisis, the financial stability achievement was strongly subordinated tomonetary stability, which is considered the priority task of the central bank. But the last evolutionshave shown that financial stability involves certain more complicated problems of measurement anddefinition, more of those that belong to central bank proficiency. The paper's aim is to analyze theability of NBMs’ monetary policy, to maintain the financial stability of RM within the limits of itsobjectives and duties, in order to highlight the causes of financial instability and in providingsolutions overcoming them.
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    Rethinking the institutional framework for financial stability in the Republic of Moldova
    (,,Victor Slăvescu” Centre For Financial And Monetary Research, 2015) Clichici, Dorina
    The 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.
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    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.