Cercetări financiare și monetare

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Author: search.filters.author.Clichici, DorinaSubject: search.filters.subject.Republic of Moldova

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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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    Quality Of Banking Supervision And Its Determinants: The Case Of Republic Of Moldova
    (Editura Universităţii „Alexandru Ioan Cuza”, 2015) Clichici, Dorina
    Recent events which have taken place within the Moldovan banking system have highlighted significant weaknesses regarding banking supervision. As a consequence the financial integrity and stability of the Moldovan banking system has been shaken and the confidence in it has been seriously affected. These deficiencies have induced the necessity of revising the central bank’s role in regulating the Moldovan banking system and increasing the quality of banking supervision. This is the main argument for addressing the determinants of bank supervision quality and finding solutions for enhancing it. The quality of banking supervision depends on several factors and preconditions which are addressed in this article. There has been highlighted the need for a greater focus to be put on independence, accountability and transparency of the supervisor for increasing the effectiveness of banking supervision. There are identified banking supervision’s deficiencies and their determinants in the Republic of Moldova and made an analysis of country’s compliance with the Basel Committee’s Core Principles. The evaluation of the quality of banking supervision in the Republic of Moldova includes statistical analysis of data related to the banking system, review of IMF assessments, as well as observations and qualitative judgments. This paper presents the policy recommendations in institution building for stronger banking system in the Republic of Moldova.
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    Trade relations of the Republic of Moldova with the Russian Federation: from dependence to export reorientation
    ("Nicolae Titulescu" University, Bucharest, 2019) Clichici, Dorina; Iordachi, Victoria
    This article analyses the evolution of bilateral trade relations, registered over the last 20 years, between the Republic of Moldova and the Russian Federation, revealing the existing impediments to their optimal development. Trade relations between these two countries entered the uncertainty zone in the last decade. They are significantly affected by the political tensions between the Republic of Moldova and the Russian Federation, which generated the application by the Russian Federation of embargoes, prohibitions and import taxes on Moldovan products. The high share of Moldovan exports oriented to a single market destination - the Russian Federation, revealed the Moldova's commercial dependence on it until 2014, when exports have been reoriented to the EU following the signing of the Association Agreement. However, taking into account the dependence of the Moldovan economy on the Russian Federation's mineral resources and the Russian market size, which cannot be neglected, Moldova must strive to normalize economic relations with this country.
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    Assessment of illegal capital flows in the Republic of Moldova
    (INCE, 2017) Petrova, Tatiana; Iordachi, Victoria; Clichici, Dorina
    This paper analyses the existent methodologies used in international practice to estimate illegal capital outflows. Also, authors carried out an assessment of the illegal capital outflows in the Republic of Moldova on the basis of two models: the general method based on the balance of payments and the World Bank’s "residual" model. The paper reflects the exceptional situation of the financial system of the Republic of Moldova and trends in evolution of capital flows. The analysis of illegal flows should be part of the monitoring system of the country’s financial stability, which will allow identifying in time negative trends that threaten Moldova's financial security. The main research methods were systemic analysis and logic synthesis; data analysis and interpretation; statistical methods, etc. The main conclusions obtained within the research of this topic are: for more reliable estimates for analytical purposes, it is necessary to develop an adequate methodological base that would help to measure and analyze shadow cross-border flows; for the assessment of the financial security of the Republic of Moldova, as a transition economy, it is important to monitor, analyze and forecast a broader list of financial indicators, as well as their critical values.