Cercetări financiare și monetare

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Author: search.filters.author.Cociug, Victoria

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    The role of the inflation expectations in the monetary policy promoting
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Cociug, Victoria; Hinev, Olga
    This article reviewed the defining aspects of the inflation expectations with their repercussions on the monetary policy efficiency, being considered in the current economy a decisive channel of the monetary policy transmission mechanism to the real economy. The accents were put on the typology and the determinants of inflation expectations in the context of their estimation methods. The practical research focused on the study of inflation expectations in the light of the international experience, as well as it has been formulated some reflections on the anchoring of inflation expectations in the Republic of Moldova on the nature of their compatibility with the domestic monetary policy. The analyses conducted confirm that the inflation expectations in the Republic of Moldova are considerably dependent on the transparency of the monetary policy promoted by the National Bank of Moldova, along with the National Bank of Moldova's commitment to ensuring the inflation target goal.
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    The bank value estimation problem
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Cociug, Victoria; Postolache, Victoria
    This article reports to the main issues in evaluating bank costs and identifying factors have influence on. The necessity of bank evaluating may occur at various times, such during its merger or purchase, but also during reorganization or insolence sanitation of a financial institution. In such a case, the correct assessment of the bank value could lead to positive synergy effects; assessment errors might have disastrous social effects through its depositors ‗debt undervaluing. The article contains analysis of the main models of bank costs, correlated with the needs of this evaluation, and also their reporting during the evaluation of Moldova‘s bank costs in the process of selling its shares.
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    New trends in fiscal stimulation evaluation
    (,,Victor Slăvescu” Centre For Financial And Monetary Research, 2017) Timus, Angela; Cociug, Victoria; Afteni, Laura
    Fiscal and budgetary policy reflects the state's choice for necessary actions to be taken in order to ensure the population welfare and sustainable economic growth, naturally involving revenue mobilization and public spending. The insurance of a long-term macroeconomic growth is driven by several specific mechanisms and instruments, one representing the reduction of fiscal pressure by applying a system of tax incentives.Practically, all countries stipulate in their fiscal policies a robust set of instruments of special regimes, incentives and fiscal facilities to encourage the taxpayer to launch or consolidate his business to generate higher tax levy in the future. Such policies support sustainable economic growth, facilitate R & D-innovation, especially SMEs involved, eco-energy industries and high-value commodities, start-ups in IT, support scientific and technical progress. Applying tax incentives through their incentive function involves transferring public revenue over the next period, as a result of reducing budget funding capacity, while many researchers and experts qualify postponement of revenue with a "budget expense". In this context, we intend to study in this paper the good practices of applying tax incentives in stable economies and in those aspiring to a higher level of development to identify models for assessing their impact on the budget, and implicitly on sustainable growth. The result of these researches will also be the identification of an optimal model for assessing tax incentives in the context of the specificity of the economy of the Republic of Moldova and the formulation of recommendations on the way of its implementation in order to regulate business stimulation policies by diminishing the fiscal pressure.
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    Special tax regimes in taxing small and micro business activities: theoretical approaches and patent tax experience
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Timus, Angela; Iordachi, Victoria; Cociug, Victoria
    Tax regulation of small business and self-employed individuals implies a great responsibility on behalf of fiscal authorities in their efforts to increase tax compliance and contribute, at the same time, towards business expansion within this sector. There is a large variety of approaches to taxing small and micro-enterprises in foreign practice. At the same time, policies of taxing different segments of the SME population should be selected carefully. Also it is important to measure effects of tax incentives. One of measures used by governments to promote small business activities is implementation of special tax regimes for some of business segments, which are based on simple rules for determining tax liability, as well as easy accounting and administrative tools. This article relates some of the countries’ experience in designing simplified tax regimes based on entrepreneurial patent, including the Republic of Moldova. At the same time, there are emphasized disadvantages of the given regime in Moldova and related recommendations for a better fiscal policy.
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    Optimization of monetary creation by linking monetary policies with commercial banks strategies
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2016) Cociug, Victoria; Timofei, Olga
    The failure of the economic system by the end of the first decade of the XXI century has extended the fields of research of economists; the most discussed being the problems of the monetary economy, especially the key role of commercial banks versus the central banks' policies in starting and spreading the international financial crisis. The monetary authorities together with academicals researchers have to review the monetary policies and tools, through the impact on financial stability and sustainable economic growth.
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    Financial innovations and prudential regulation - impact of new rules of Basel III
    (“Victor Slăvescu” Centre for Financial and Monetary Research, 2014) Cociug, Victoria; Dogotari, Victoria
    The recent financial crisis, that has left its mark on the global economy, highlighted the problems of ensuring the stability of the banking sector. At the end of 2010 year, G20 meeting has determined the need of approval of new standards of banking regulation and international settlement named Basel III. The present study is an attempt to present the changes imposed to the new supervisory agreement and to determine the preparation of banking sector for implementation of new provisions.
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    Monetary policy force effect by means of banks money creation
    (“Victor Slăvescu” Centre for Financial and Monetary Research, 2014) Cociug, Victoria; Timofei, Olga
    In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetary policy followed by the authorities and the ability of banks to create money with its impact on various practical regulations.
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    The bank value estimation problem
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Cociug, Victoria; Postolache, Victoria
    This article reports to the main issues in evaluating bank costs and identifying factors have influence on. The necessity of bank evaluating may occur at various times, such during its merger or purchase, but also during reorganization or insolence sanitation of a financial institution. In such a case, the correct assessment of the bank value could lead to positive synergy effects; assessment errors might have disastrous social effects through its depositors ‗debt undervaluing. The article contains analysis of the main models of bank costs, correlated with the needs of this evaluation, and also their reporting during the evaluation of Moldova‘s bank costs in the process of selling its shares.
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    Treatmeant of large exposures regime in macroprudential approach vs microprudential – the Republic of Moldova example
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2017) Cociug, Victoria; Malendra, Denis
    Banking service market challenges managing compliance costs in the same time, and diversifying in front of the clients through innovation of products and services, which needs a higher level of analysis to be adequately compliant and to ensure a profitable and sustainable model of business. Moreover, Moldovan credit institutions are facing a challenge in managing their balance sheets through the perspective of assets quality and rising incomes and with the consolidation of banking sector tendency, which induce the need of adaptation for all market players. In this context, the demand for products with big values and risks from the clients are restricted by prudential norms are being ready to be adopted. For this reasons, this article aims to study how the norms regarding the treatment of large exposures limits the capacity of lending, and to gain bigger profits for small and medium banks, thus the regulations favor big banks and creating even a bigger disruption on a competitive market.
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    The role of the inflation expectations in the monetary policy promoting
    (2017) Cociug, Victoria; Hinev, Olga
    This article reviewed the defining aspects of the inflation expectations with their repercussions on the monetary policy efficiency, being considered in the current economy a decisive channel of the monetary policy transmission mechanism to the real economy. The accents were put on the typology and the determinants of inflation expectations in the context of their estimation methods. The practical research focused on the study of inflation expectations in the light of the international experience, as well as it has been formulated some reflections on the anchoring of inflation expectations in the Republic of Moldova on the nature of their compatibility with the domestic monetary policy. The analyses conducted confirm that the inflation expectations in the Republic of Moldova are considerably dependent on the transparency of the monetary policy promoted by the National Bank of Moldova, along with the National Bank of Moldova's commitment to ensuring the inflation target goal.