Cercetări financiare și monetare
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Item The impact of state securities profitability on the effectiveness of monetary policy in Moldova("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Timofei, OlgaThe recent decision of the Central Bank of Japan, regarding the adoption of a monetary policy aimed to control interest rates on government securities issued in the long term, which involves reducing the profitability of these values and increase their maturity to 24 years, determined our interest for state securities profitability impact on the effectiveness of monetary policy in the Republic of Moldova. Due to the fact that NBM has recently provided state securities with an interest that is very attractive to banks, which on the one hand, keeps the banks on the money market, on the other hand, this leads not only to lower bank interest for lending economy but even to counter this activity, which has adverse effects on the efficiency of provided monetary policy.Item Central bank’s communication – a new regime inflation targeting challenge (the case of Republic of Moldova)("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Hinev, OlgaIn this article, we try to examine the definitive aspects of a transparent frame and credible capable to ensure anchoring inflation expectation, case that actually most central banks with inflation targeting regime have gambled. Making reference to Republic of Moldova, we can mention that from the moment of obtaining independence, Republic of Moldova has faced with the problem of high inflation, the cause that got milder once the national banking system reoriented of the inflation targeting strategy. The implementation of inflation targeted strategy has imposed a lot of challenges in the perimeter of National Bank of Moldova communication politics, because the success of this strategy is caused by the anchoring inflation expectations and therefore the credibility of institution. Starting with the other central bank‘s experience, we come with the remedies for improving the communication of National Bank of Moldova in order to achieve the inflation target.Item Factor analysis of the mechanism of money creation in the banking system of the Republic of Moldova(Editura Universităţii „Alexandru Ioan Cuza”, 2015) Cociug, Victoria; Timofei, OlgaMoney creation is one of the essential functions performed by commercial banks in the economy. The knowledge of the influencing factors can offer major opportunities for effectively linking of the central bank's monetary policy and its response from the real sector. It is certain that monetary policy signals are often distorted by commercial banks, which should further promote them in the economy, which means that the ability of commercial banks to create money is not influenced only by the central bank, but also by other non-monetary factors. The central purpose of this article is the determination of these factors and the correlation between them and the amount of money.