Cercetări financiare și monetare

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Author: search.filters.author.Iordachi, VictoriaSubject: search.filters.subject.Republic of Moldova

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    Implementation of financial derivatives on the capital market of Republic of Moldova: challenges and opportunities
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2015) Iordachi, Victoria; Rosca, Marcelina
    The creation of derivatives market in Republic of Moldova is an actual necessity dictated by the improvement of market relations on international financial market and the development of national capital market. However, the implementation in practice of this desideratum can be realized in certain circumstances. The Moldovan capital market is very young and is trying hard to conform to international standards. Its evolution hasn’t still reached the level of investors’ expectations and is facing serious problems. This research includes the analysis of capital market of Republic of Moldova and possibilities of implementing derivative instruments by market participants.
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    The activity of institutional investors on the securities market of the Republic of Moldova
    ("Victor Slăvescu" Centre for Financial and Monetary Research, 2014) Iordachi, Victoria
    This article includes the analysis of the activity of institutional investors on the securities market of the Republic of Moldova, particularly transactions performed by the banking and the insurance sectors. The activity of investment funds is not analyzed, as practically there are no transactions performed by these institutions on the capital market. Also, there are stated main problems and barriers faced by institutional investors on the domestic capital market.
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    Trade relations of the Republic of Moldova with the Russian Federation: from dependence to export reorientation
    ("Nicolae Titulescu" University, Bucharest, 2019) Clichici, Dorina; Iordachi, Victoria
    This article analyses the evolution of bilateral trade relations, registered over the last 20 years, between the Republic of Moldova and the Russian Federation, revealing the existing impediments to their optimal development. Trade relations between these two countries entered the uncertainty zone in the last decade. They are significantly affected by the political tensions between the Republic of Moldova and the Russian Federation, which generated the application by the Russian Federation of embargoes, prohibitions and import taxes on Moldovan products. The high share of Moldovan exports oriented to a single market destination - the Russian Federation, revealed the Moldova's commercial dependence on it until 2014, when exports have been reoriented to the EU following the signing of the Association Agreement. However, taking into account the dependence of the Moldovan economy on the Russian Federation's mineral resources and the Russian market size, which cannot be neglected, Moldova must strive to normalize economic relations with this country.
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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.