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End date: 2024Subject: search.filters.subject.monetary policy

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    The role of the inflation expectations in the monetary policy promoting
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Cociug, Victoria; Hinev, Olga
    This article reviewed the defining aspects of the inflation expectations with their repercussions on the monetary policy efficiency, being considered in the current economy a decisive channel of the monetary policy transmission mechanism to the real economy. The accents were put on the typology and the determinants of inflation expectations in the context of their estimation methods. The practical research focused on the study of inflation expectations in the light of the international experience, as well as it has been formulated some reflections on the anchoring of inflation expectations in the Republic of Moldova on the nature of their compatibility with the domestic monetary policy. The analyses conducted confirm that the inflation expectations in the Republic of Moldova are considerably dependent on the transparency of the monetary policy promoted by the National Bank of Moldova, along with the National Bank of Moldova's commitment to ensuring the inflation target goal.
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    Monetary Support and State Aid under the Pandemic Challenges in Romania: A Comparative Approach
    (2024) Clichici, Dorina; Dragoi, Andreea-Emanuela; Timus, Angela
    The COVID-19 pandemic has rapidly led to a severe deterioration of the global economic environment and a sharp worsening in the international financial market sentiment. Hence, the European governments adopted extraordinary monetary and state aid policies to mitigate the economic collapse and stabilise the financial markets. Romania was no exception, being significantly affected by the pandemic. Against this background, the paper aims to analyse the peculiarities of the monetary support and state aid adopted by Romania and by other EU Member States in the context of the pandemic crisis to increase the resilience of their national economies. Our main findings reveal that the monetary support provided in Romania consisted in significant liquidity injections into the financial system, and in the purchase of state securities from the secondary market. In Romania, the largest part of the total state aid was directed to SMEs from the processing industry, constructions, wholesale and retail trade, transport, and the storage sector, especially through guarantees and direct grants.
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    Relevanţa ciclicităţii pentru direcţiile de acţiune ale băncilor centrale
    (2016) Clichici, Dorina
    Amploarea si severitatea crizei economice si financiare mondiale, declanșata de criza creditelor subprime in SUA, a readus in discutii problema ciclului economic si a rolului stabilizator al politicilor statului in contextul ciclicitatii. Diminuarea ritmului de crestere a PIB-ului la nivel mondial, inregistrata in anul 2009, a fost semnificativa, recesiunea economica fiind generata si amplificata de factori financiari. Scopul articolului este de a argumenta relevanta ciclicitatii pentru directiile de actiune ale bancilor centrale. Articolul sintetizeaza determinanții evolutiei ciclice a economiei, expune particularitatile ciclului financiar si cauzele efectului amplificator al fluctuatiilor factorilor financiari asupra ciclului economic și prezinta totodata viziunile curente privind interventiile bancilor centrale in vederea prevenirii dezechilibrelor financiare, cu accent pe situatia din perioada de postcriza
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    Monetary policy force effect by means of banks money creation
    (“Victor Slăvescu” Centre for Financial and Monetary Research, 2014) Cociug, Victoria; Timofei, Olga
    In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetary policy followed by the authorities and the ability of banks to create money with its impact on various practical regulations.
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    The role of the inflation expectations in the monetary policy promoting
    (2017) Cociug, Victoria; Hinev, Olga
    This article reviewed the defining aspects of the inflation expectations with their repercussions on the monetary policy efficiency, being considered in the current economy a decisive channel of the monetary policy transmission mechanism to the real economy. The accents were put on the typology and the determinants of inflation expectations in the context of their estimation methods. The practical research focused on the study of inflation expectations in the light of the international experience, as well as it has been formulated some reflections on the anchoring of inflation expectations in the Republic of Moldova on the nature of their compatibility with the domestic monetary policy. The analyses conducted confirm that the inflation expectations in the Republic of Moldova are considerably dependent on the transparency of the monetary policy promoted by the National Bank of Moldova, along with the National Bank of Moldova's commitment to ensuring the inflation target goal.
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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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    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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    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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    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.
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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.