Cercetări financiare și monetare

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Author: search.filters.author.Clichici, Dorina

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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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    The determinants of banking system vulnerability in the Republic of Moldova
    (“Victor Slăvescu” Centre for Financial and Monetary Research, 2013) Clichici, Dorina
    A banking system is more vulnerable when there are felt more negative effects on this as a consequence of the global financial crisis events. In the context of the objective of enhancing financial stability and, in particular, limiting the likelihood of failure of the banking system it is useful to verify how the main characteristics which play a role for banking system vulnerability behaved in the case of the Republic of Moldova: system’s liquidity, capitalization, competition, diversification, presence of foreign banks, and wholesale funding. In order to determine how hard was hit the banking system of Moldova by the recent financial crisis in the article are analyzed quantitative and qualitative the above mentioned characteristics and identified the crisis effects on them.
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    Weaknesses of corporate governance within the banking sector of the Republic of Moldova
    (”Independenţa Economică”, 2016) Clichici, Dorina
    The article is a continuation of the research initiated by the author on corporate governance challenges for the stability of the banking system and destabilizing effects of weak corporate governance structures within banking institutions in the Republic of Moldova. The article has the purpose to identify weaknesses in corporate governance arrangements in the current banking system and presents the main recommendations for eliminating these deficiencies. In order to achieve this goal was performed an analysis of the legislation that regulates the banking system and of the corporate governance code currently in place. Despite some progress on implementing recommendations of the International Monetary Fund and the reported satisfactory performance of banks, the following deficiencies of corporate governance in the banking system were identified: opaque shareholders’ structures and the issue of ultimate beneficial owners disclosure; deficient quality of bank boards; the current corporate governance code does not consider essential elements recommended by the Basel Committee; the lack of a consistent concept on corporate governance in the banking system in Moldova aligned with Basel Committee's recommendations.
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    Consecinţele guvernanţei corporative deficiente asupra sistemului bancar autohton: Constatări și soluții
    (2015) Clichici, Dorina
    Preocuparea majora a sectorului bancar ramine a fi guvernanta corporativa, cu deficientsemnificative in cadrul legal si de reglementare, ce poate afecta stabilitatea financiara sistemica. Riscurile la adresa stabilitatii financiare sunt semnificative din cauza capacitatii limitate autoritatilor de a actiona.
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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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    Guvernanţa corporativă şi implicaţiile ei asupra stabilităţii sistemului bancar al Republicii Moldova
    (INSTITUTE FOR ECONOMIC FORECASTING, 2015) Clichici, Dorina
    The 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.
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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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    The impact of macroeconomic factors on non-performing loans in the Republic of Moldova
    (,,Victor Slăvescu” Centre For Financial And Monetary Research, 2014) Clichici, Dorina; Colesnicova, Tatiana
    The purpose of this research is to estimate the impact of several macroeconomic variables on non-performing loans (NPLs) in the banking sector of the Republic of Moldova recently affected by global crisis. Using econometric multivariate linear regression analysis, we conclude that banking NPLs are affected nor only by distinctive features of the banking sector and the policy choices of each bank but also by macroeconomic environment: NPLs increase when GDP, exports, remittances decrease and when unemployment increases, however, our assumption about the relation between NPLs and private indebtedness has not been validated. We observed a substantial increase in the credit risk during the recent financial crisis period. Keywords: macroeconomic factors, banking system, nonperforming loans.
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    Implications of the financial crisis on the soundness of the banking system in the Republic of Moldova
    (2015) Clichici, Dorina; Gribincea, Corina
    The extent of recent financial crisis implications on economies differs from countryto country. The effects of the crisis events in developed countries differ from the ef-fects in developing countries. The banking systems are now more vulnerable toshocks and to contagion than ever before due to the globalization of banking ac-tivity. In recent years, the Moldovan banking system has demonstrated a high degreeof resilience to the global financial crisis. The local banking system has a low degreeof connectivity to the European and world banking systems due to a very limitedpresence of international banks in the market. This has meant that there has beenno direct contagionduring the last financial crises. The effects of the crises in Moldovawere felt indirectly by the banks, through the channel of remittancesand foreign trade,which have diminished substantially as a result of the economic decline in Europe,particularly in 2009. This article aims to verify whether a systemic crisis wasrecorded within the domestic banking sector during recent years and to establishthe conditions which could be classified as a full-fledged crisis episode in the caseof the Republic of Moldova. In addition, the implications of the recent financialcrisis on the soundness of Moldova’s banking system are identified.