Cercetări financiare și monetare

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2015 summing-up of banking financial sector of the Republic of Moldova
(INCE, 2016) Perciun, Rodica; Popa, Viorica; Balan, Mariana
Economic and political uncertainty in recent years has adversely affected the activity of Moldovan banks unfavoring the dynamics of the national economy. The 2015 year can be considered a "rigid" year for the Republic of Moldova, built by the liquidation of three financial institutions at the NBM decision (CB "Unibank" SA, CB "Banca Sociala " SA and BC "Banca de Economii" SA), and the tightening of the monetary policy. That has led to mistrust of the population in this sector, creating problems with bank loans and deteriorating of bank asset. However, commercial banks during 2015 remained sufficiently liquid and capitalized (exceptionis CB "Unibank" SA, CB "Banca Sociala" SA and BC "Banca de Economii" SA). This article aims to research the financial and banking sector from the Republic of Moldova in 2015 in terms of uncertainty. Therefore, the novelty of the article lies in the analysis of the banking sector from the Republic of Moldova under the main financial prudential indicators. The main research methods were: systemic analysis, synthesis, monographic, logic, etc. The main scientific results obtained in the article, as a conclusion of the research are the identification, analysis of the main activity of the banking sector and the proposed set of recommendations on strengthening the financial stability framework in the Republic of Moldova.
Abordarea conceptelor şi mecanismelor de reglementare a profesiilor liberale în Canada
(USEM, 2016) Ciobanu, Mihail
Liberal professions occupy an important place in the economy of contemporary countries both through the diversity of the services they provide and through the personalized relationship with the client, which becomes an increasingly obvious trend in the world. In this paper the terminology used in Canada on liberal professions is analyzed, regulations of the most important professions are compared and are highlighted the similarities and differences between regulatory restrictions.
Abordările de stress-test în sistemul bancar moldovenesc
(INCE, 2014) Perciun, Rodica; Colesnicov, Alexandru; Colesnicova, Tatiana
The approaches to the stress-test in the Moldovan banking sector are analyzed in the article. The Moldovan political sovereignty, independence, stability and sustainable economic growth depend from the level of development of the national economy and the stability of the national financial system. The financial stability is an essential component in the work of the monetary authorities to maintain and further development of the banking sector, primarily responsible for the efficient allocation of the resources in the economy
The activity of institutional investors on the securities market of the Republic of Moldova
("Victor Slăvescu" Centre for Financial and Monetary Research, 2014) Iordachi, Victoria
This article includes the analysis of the activity of institutional investors on the securities market of the Republic of Moldova, particularly transactions performed by the banking and the insurance sectors. The activity of investment funds is not analyzed, as practically there are no transactions performed by these institutions on the capital market. Also, there are stated main problems and barriers faced by institutional investors on the domestic capital market.
Adaption of trading platforms to digital age
(INCE, 2017) Iordachi, Victoria; Timus, Angela
Scopul principal al acestui studiu este prezentarea celor mai importante principii care sunt luate în consideraţie de către traderi (în mod special, de către traderi începători) în procesul de alegere a platformei pentru tranzacţionare cu instrumente financiare. Una din condiţiile pentru adaptarea sistemelor multilaterale de tranzacţionare noii ere informaţionale este asigurarea unui proces sigur şi fiabil de tranzacţionare, cu reguli facile de acces pentru toţi investitori. În acelaşi timp, pentru a opera eficient, platformele de tranzacţionare trebuie să ţină pas cu dezvoltarea tehnologiilor informaţionale. A doua parte a studiului prezintă o analiză critică a Sistemului Multilateral de Tranzacţionare (M.T.F.) implementat în cadrul Bursei de Valori a Moldovei (BVM). În urma analizei s-au constatat multiple probleme, cu care se confruntă BVM, ce ţin de lipsa capacităţilor practice în procesul de vânzare a valorilor mobiliare, dar şi absenţa operatorilor de piaţă cu abilităţi profesionale tehnice, precum şi alte obstacole care încetinesc digitizarea acestei instituţii. În final, sunt date nişte recomandări pentru îmbunătăţirea regulilor de tranzacţionare în cadrul Sistemului Multilateral de Tranzacţionare a BVM.
Alternative de finanțare a microîntreprinderilor. (Partea I-a)
(INCE, 2018) Tirlea, Mariana Rodica; Perciun, Rodica
In order to achieve the goals for which an micro-enterprise has been set up, it needs financial resources. Financial resources are used to meet the enterprise's overall needs in order to achieve its strategic objectives. Micro-enterprises are in a continuous search for funding resources to acquire fixed and current assets that result in an increase in equity. Of course, alternatives for purchasing and financing enterprises depend on the stage of development in which they are positioned and their interests at a certain stage of their development. Financial resources influence the capital of the enterprise differently, depending on their sources of origin, size and structure. Our research, which resulted in a large study of 200 micro-enterprises, has both, theoretical and practical aspects, being carried out in two parts: the first part entitled "Financing alternatives for micro-enterprises" and the second part: "Practical aspects of financing of micro-enterprises".
Alternatives for bank loans on Moldovan market
(INCE, 2016) Panfil, Cristina
Difficulties in bank lending can strain economic path. In case of exaggerate restraints, SMEs which have at the sole of their activities credits will be in trouble, as the interest rates are high, it is difficult to contract loans and it is tough to keep up with the loan reimbursement schedule. For banks lending to SMEs is a consistent and weighty source of business activity. Due to recent disruptions in banking activity, the base rate raised and other banking regulations regarding crediting were negatively affected. As a rule these regulations have a tendency to tighten the lending activity as crediting terms are tougher. The goal of this paper is to draft the alternatives of financial support for SMEs which could supplant bank loans in order to stimulate efficient entrepreneurship growth.
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 competitivităţii economice a Republicii Moldova din perspectiva componenţei: ştiinţă, tehnologie şi inovaţii
(INCE, 2014) Birca, Iulita; Negru, Ecaterina; Gribincea, Alexandru
O condiţie importantă pentru realizarea unei creşteri economice durabile şi pentru îmbunătăţirea standardelor de viaţa ale populaţiei Republicii Moldova consta în implicarea mai activă a economiei naţionale în schimbul internaţional de bunuri, servicii, cunoştinţe, tehnologii etc., precum şi consolidarea poziţiilor sale pe piaţa internaţionala. Astfel, asigurarea şi menţinerea competitivităţii a devenit o problemă fundamentală a politicilor economice în condiţiile globalizării. În lumea contemporană, competitivitatea economiei naţionale este determinată de o largă varietate de caracteristici şi factori determinanţi. În prezentul articol, atenţia autorilor va fi axata pe componenta ştiinţă, tehnologie şi inovaţii, ca fiind unul dintre instrumentele cheie în viitorul modern al oricărui stat contemporan.
Analiza fluxului de numerar în scopul asigurării stabilității financiare
(INCE, 2017) Manole, Tatiana; Ciumac, Maria
Cercetările efectuate în acest articol sunt actuale, deoarece fluxul de numerar determină activitatea viabilă a entităţii. În acest articol autorii cercetează modalitatea de stabilire a echilibrului financiar în baza corelării fluxurilor reale cu cele financiare ca rezultat al mişcării capitalului. Este cercetat conceptul de flux de numerar, deoarece numerarul este cel mai lichid activ al entităţii, asigurându-i activitate în permanenţă. Este analizată situaţia financiară a entităţii în baza unui sistem de indicatori financiari, care stau la baza deciziilor optime ale managerului financiar. Tema cercetată este actuală şi necesară pentru orice entitate, asigurându-i un mecanism viabil de funcţionare profitabilă.
Analiza sensibilităţii ca metodă de cuantificare a gradului de incertitudine
(Complexul Editorial, INCE, 2013) Manole, Tatiana
In acest articol autorul pune in dezbatere incertitudinea oricarui proiect investitional sau a unei politici guvernamentale. Avand in vedere aceasta situatie, este necesar ca, in prealabil, de efectuat o analiza minutioasa a proiectelor propuse pentru implementare si din mai multe variante de ales acel proiect, care este mai avantajos. Acesta este un principiu general. Stiinta financiara pune la dispozitia cercetatorilor un set de instrumente cu ajutorul carora s-ar putea identifica proiectul cel mai avantajos. Autorul si-a propus sa analizeze trei proiecte, care au aceleasi caracteristici, aplicand asupra lor diverse metode de analiza financiara, cum ar fi: valoarea actualizata neta (VAN), rata de actualizare (RAS), termenul de recuperare (TR), venitul suplimentar (VS) si rentabilitatea realizata (RR). Toate aceste instrumente de analiza financiara sunt in cadrul analizei cost beneficiu (ACB) si au ca obiectiv eficientizarea banilor (publici) investiti prin obtinerea rezultatelor performante.
Analiza sistemului bugetar din Republica Moldova
(IEFS, 2012) Perciun, Rodica; Pascari, Ludmila
In the public finance system, are reflected the results of the activity of millions of people. Their participation in the funds establishment and the redistribution of money funds between various beneficiaries has a great impact on economic and social development. That is why a development of financial relations is not random and must be regulated in a rigorous manner. The authors describe, as well as, in this paper the evolution of all component elements of the whole public finance system.
Analiza situaţiei financiare a entităţii şi decontările cu bugetul
(INCE, 2017) Manole, Tatiana; Ciumac, Maria; Turetchi, Tatiana
Relaţiile întreprinderii cu bugetul este o temă foarte actuală şi importantă, deoarece politicile fiscale sunt, în primul rând, instrumentele guvernului de influenţare economică. Ele reflectă măsura în care un guvern se implică în orientarea proceselor macroeconomice. Deci, în esenţă, politicile fiscale constau în determinarea mărimii cheltuielilor guvernamentale şi a impozitelor şi taxelor, a plăţilor transferabile sau a unei combinaţii a acestora care să conducă spre realizare scopurilor stabilite de guvern. În acest context întreprinderile sunt obligate să-şi onoreze datoriile faţă de buget. De aceea datoriile faţă de buget reiese din situaţia financiară a întreprinderii, care trebuie să fie corectă. Această obligaţie cade pe responsabilitatea managerului principal al întreprinderii şi al contabilului. În acest articol am cercetat situaţia financiară a entităţii concrete, fiind utilizată pentru decontările cu bugetul.
Analysis and management of macroeconomic risks of the Republic of Moldova
("Constantin Brancoveanu" University of Pitesti, 2019) Petrova, Tatiana; Gribincea, Corina
Macroeconomic risks have a complex effect on the level of business activity, liquidity and financial stability of the economy of the Republic of Moldova. Risks and vulnerabilities can develop endogenously within the financial system, but can also occur in the real economy and be transferred to the financial system. The systems approach determines the reform of the macroeconomic risk management system as part of the strategic planning process for the development of the banking sector, the financial system and the country as a whole. The methodology used to calculate indicators of the macroeconomic risks were based on IMF methodology.Authors conclude that Moldova’s is lagging in terms of per capita income and weak social development emphasizes the need for faster and more comprehensive growth. However, the existence of an export-oriented economy development model, along with a weak financial system, makes the real sector vulnerable to external shocks and does not allow for a sustainable economic growth.
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.
Analysis of the Estimation and Impact Methodology of Tax Evasion for Industrial Entities
(Springer, 2023) Sargu, Nicu; Valeeva, Yulia; Timus, Angela; Yelesin, Evgeny
The paper is focused on the phenomenon of tax evasion, its effects and ways of sizing it. The objective includes a fundamental theoretical analysis study of the methodological part focused on the indicator of fiscal pressure. In the work, the authors presented the causal links between taxation, fiscal pressure and fiscal evasion, how these phenomena are measured at the macro and micro economic level. Studying the causes and effects of tax evasion manifested at the country and organization/entity level, the researchers mentioned the financial position, financial performance and cash flows as elements to reduce tax fraud. For this, different formulas for calculating tax pressure and tax evasion have been established, presented and systematized to reduce tax pressure through the financial performance of the entity.
Analysis of the macroeconomic effects of population aging in Romania using non-linear models
(2016) Balan, Mariana; Perciun, Rodica
Demographic ageing has turned lately into an extremely sensitive and sometimes thorny issue with deep impact on all generations and on most fields of economic activity. Romania, just like any other European countries is faced currently with demographic decrease. The demographic changes of the next decades are susceptible of having a sign Demographic ageing as such, negatively affects GDP growth by diminishing capita, especially for the future, mainly because of the decline in the employed population segment. In this context, knowing the future evolution of population plays a determinant role in adopting measures and policies for economic growth. The paper intends, in this stage of research, to analyse and forecast the -linear models.
The ancient foundation’s concept of the fair relations of production and distribution
(Complexul Editorial al INCE, 2015) Iliadi, Gheorghe
The article discusses about the development of philosophical concepts, motivation and fair protection of national-public interests of the state and the population. Particular attention is given to the contribution to solving the problem from outstanding creative personalities of ancient Greece. For ancient thinkers gathering knowledge and its use for reasonable welfare of the country and citizens is higher than any other activity. Contemporary issues of fair relations of production and distribution remain popular in most countries, including the Republic of Moldova which recently became an independent state. Conceptual approaches can be used to develop strategies and tactics of motivating the fair protection of national-public interests of the state and the population, both in law and in their practical implementation. Key words: protection of fair motivation, production and distribution relationships, virtue: theory and practice, the role of public authorities: activity and behavior.
Anticipation of bank failures in the Republic of Moldova
(2019) Ciobu, Stela; Iordachi, Victoria; Jalba, Andrei
The excessive riskstaken by the banks resulted in banking crises, that caused the collapse of large financial institutions and even global recession.The main scope of this paper is to identify the causes, consequences, and methods of anticipating bank failuresat national and international levels. The proposed scope is materialized in the following research task: identifying the ability of the National Bank of Moldova (NBM) to influence the local banks, as well as analyzing the legal framework regarding bank recovery and resolution.The research theme results from the necessity to maintain a stable and reliable banking system in order to ensure the continuity of financial intermediation,protect the depositors’ interests and contribute to the development of a strong economy.The value of the investigation is determined by the practical relevance of the study carried out, as well as by the recommendations contained in the paper, the implementation of which will contribute to streamlining the prudential supervision of the domestic banking system, preventing bank failures in future and ensuring the financial stability of the banking system in the Republic Moldova.
Argumentarea optimizării factorilor inflaţiei ca o condiţie a creşterii economice
(INCE, 2013) Iliadi, Gheorghe
Scopul acestui articol este consacrat problemei modernizarii politici antiinflationiste. Actualitatea materialului prezentat rezida in recomandarile orientate spre stabilizarea inflatiei in economia nationala. Sarcina primordiala se considera elaborarea unui nou sistem de masuri de optimizare, care in baza complexului de mijloace economice, financiar-creditare si administrativ-legislative armonizate si integrate, vor echilibra corelatia masei monetare. Implementarea acestor masuri urgente si neamanate ne asigura directionarea prioritara spre cresterea economica.