Cercetări financiare și monetare
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Item Rethinking the institutional framework for financial stability in the Republic of Moldova(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2015) Clichici, DorinaThe 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.Item Guvernanţa corporativă şi implicaţiile ei asupra stabilităţii sistemului bancar al Republicii Moldova(INSTITUTE FOR ECONOMIC FORECASTING, 2015) Clichici, DorinaThe aim of this paper is to analyze the implications of corporate governance on the stability of the banking system of the Republic of Moldova, by highlighting corporate governance challenges and destabilizing effects of weak corporate governance structures within financial institutions (mainly the banking sector). Important financial intermediation role of banking institutions in the economy, their high degree of sensitivity to potential difficulties arising from ineffective corporate governance and the need to protect the interests of depositors and investors, requires that corporate governance for these institutions represent a particular interest in order to maintain stability of the financial sector. Despite some progress in addressing the recommendations of IMF and the satisfactory reported performance of banks, there are serious governance problems in several banks including the largest ones. Corporate governance deficiencies in banks still are the major risk to systemic financial stability in Republic of Moldova and the ability of the regulators to take action remains constrained.Item Quality Of Banking Supervision And Its Determinants: The Case Of Republic Of Moldova(Editura Universităţii „Alexandru Ioan Cuza”, 2015) Clichici, DorinaRecent 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.Item Тhe management of financial stability in national strategies(INCE, 2017) Perciun, Rodica; Clichici, DorinaIn this article authors provide an overview of national strategies that directly or indirectly consider the management of financial stability. The actuality of this research topic is based on several factors. Firstly, the depth of the global financial crisis that started in 2007 has shown that financial stability must be ensured and monitored by competent authorities. Secondly, the situation of the national economy has been worsened since 2015, as a result of massive dilapidation of funds and serious violations with regard to preserving the systemic financial stability of the Republic of Moldova. Under the present state the issue of ensuring financial stability becomes more significant and important. The purpose of the research is to analyze and synthesize national strategies which reflect the management of financial stability and to detect the existing gaps. The scientific methods used are the following: systemic approach, analysis and synthesis, induction and deduction, logical analysis, critical analysis, etc. The research has found that the policy of preserving the systemic financial stability is missing from the current national strategies, and there is a huge gap with regard to banking supervision and the objective of ensuring systemic financial stability.Item Assessment of illegal capital flows in the Republic of Moldova(INCE, 2017) Petrova, Tatiana; Iordachi, Victoria; Clichici, DorinaThis 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.Item Corporate governance – determinant of Moldovan banking system stability(INCE, 2015) Clichici, Dorina; Lupu, IuliaRecent events recorded in the banking sector of the Republic of Moldova – establishing special administration in three commercial banks by the National Bank of Moldova (NBM) – have highlighted the significant role which the quality of corporate governance presents for banking system. The aim of this paper is to identify the challenges of corporate governance for the stability of the Moldovan banking system and destabilizing effects of weak corporate governance structures within banking institutions and analyze the consequences of corporate governance deficiencies. For achieving the goal the author conducted a detailed analysis of normative acts regulating the banking system in order to identify the existing gaps regarding this subject and analyzed recent performances of commercial banks in Moldova. Despite some progress in addressing the recommendations of the International Monetary Fund (IMF) and the satisfactory reported performance of banks, there are serious governance problems in several banks including the largest ones.