Cercetări financiare și monetare

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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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    Instrumente noi pentru asigurarea securiății
    (Artifex, 2019) Perciun, Rodica; Turetchi, Tatiana
    Financial crises have far-reaching negative effects on the national economies of the countries where they occur, more than that, due to the increasing interdependencies caused by the globalization process, they even tend to contaminate other economies, thus affecting the financial security at global level. For these reasons, the efforts of the national banking supervisory authorities have been supplemented in an increasingly pronounced way in recent years by actions to improve the regulatory framework of the international banking activity. In this article, the author sets out his own vision regarding the new tools that will ensure the financial security of the state.
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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 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.
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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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    COVID-19 and the response of central monetary authorities
    (INCE, 2020) Iordachi, Victoria; Timus, Angela; Ciobu, Stela
    The spread of the coronavirus epidemic is causing turmoil in financial markets’ functioning. This sudden shock required for a massive policy response. The actions of central banks have emphasized their critical role in crisis management process. The scope of this article is to emphasize policy actions taken by central banks from some selected countries, including the Republic of Moldova.
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    Monetary policy responses to COVID-19
    (Complexul Editorial al INCE, 2020) Timofei, Olga
    The pandemic of the corona virus caused a shock of global interaction that hit the global economy hard, taking by surprise both the authorities and the scientists, who had to intervenein order to mitigate the consequences in terms of all the lessons previously offered by history. Tocontrol the spread of the virus, governments around the world have used and still use social distancing. This inevitably suppressed large-scale economic activity. The massive stalemate in publiclife has hit most countries around the world, whose economies have been forced to slow down.
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    Anticipation of bank failures in the Republic of Moldova
    (2019) Ciobu, Stela; Iordachi, Victoria; Jalba, Andrei
    The excessive riskstaken by the banks resulted in banking crises, that caused the collapse of large financial institutions and even global recession.The main scope of this paper is to identify the causes, consequences, and methods of anticipating bank failuresat national and international levels. The proposed scope is materialized in the following research task: identifying the ability of the National Bank of Moldova (NBM) to influence the local banks, as well as analyzing the legal framework regarding bank recovery and resolution.The research theme results from the necessity to maintain a stable and reliable banking system in order to ensure the continuity of financial intermediation,protect the depositors’ interests and contribute to the development of a strong economy.The value of the investigation is determined by the practical relevance of the study carried out, as well as by the recommendations contained in the paper, the implementation of which will contribute to streamlining the prudential supervision of the domestic banking system, preventing bank failures in future and ensuring the financial stability of the banking system in the Republic Moldova.
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    Central banks forecasting models and policy analysis systems in a new era
    (INCE, 2016) Staritina, Ludmila; Timus, Angela; Sadoveanu, Diana
    Forecasts have a great importance in the monetary policy formulation and implementation process. In this paper we aimed to close the gap between the research and practice in the matters related to forecasting and policy analysis systems applied by central banks. Particularly, we relied on the structure of the basic framework for policy analysis, their theoretical background and main processes which they imply. We focused on the FPSA developed by central banks from CEE countries, inclusively by the National Bank of Moldova, namely its construction for short-term and mid-term forecasts.
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    International reserves management in the Republic of Moldova
    (INCE, 2017) Iordachi, Victoria; Tirlea, Mariana Rodica; Petrova, Tatiana
    The actuality of the given research is determined by the importance of establishing the adequate volume of international reserves held by the Central Bank. The main purpose of the article is investigation of new methods of calculating the adequate level of international reserves for emerging economies, proposed by the IMF and those existing in international practice. The main research methods were systemic analysis and logic synthesis. The main result obtained in this article, as a result of the research, is proposing a special approach in applying the IMF methodology in the Republic of Moldova, considering the dependence of the economy on the export of labor. The conducted calculations show a significant decrease in the level of international reserves of NBM over the past two years and their approach to the critical value. To overcome internal imbalances, the international reserves management should suppose the accumulation of a higher volume than the average, which would partly compensate the shortcomings in implementing reforms of transforming the economy of the Republic of Moldova, improving their efficiency and quality of domestic policy.