Cercetări financiare și monetare

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Author: search.filters.author.Clichici, DorinaSubject: search.filters.subject.stabilitate financiara

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    Тhe management of financial stability in national strategies
    (INCE, 2017) Perciun, Rodica; Clichici, Dorina
    In 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.
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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.
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    Corporate governance – determinant of Moldovan banking system stability
    (INCE, 2015) Clichici, Dorina; Lupu, Iulia
    Recent 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.