Interacțiunea politicii monetare cu politica fiscală în țările mici cu economii deschise

Abstract

The consequences of the COVID-19 pandemic, intensified by Russia's aggression in Ukraine, determined that in both developed and emerging countries, the monetary and fiscal authorities could not ensure efficiency in achieving the objectives of financial policies. This study aims to identify the determinants of monetary and fiscal policies in a small open economy, in the example of the Republic of Moldova, which must not only ensure the stability of the financial system but also correspond to the trends of the "new normal," through the interconnection with innovation, which it drives the expansion of private digital currencies and FinTech. Both qualitative (phenomenological analysis) and quantitative (inferential statistics) methods were used in the research process. At the same time, the case study research strategy was applied (within determining the particularities of the interaction between fiscal and monetary policies in a small open economy, in the example of the Republic of Moldova). In the Republic of Moldova, the coordination mechanism of fiscal and monetary policy instruments differs by its specificity from countries with developed economies. The assessment of the short-term effects of fiscal and monetary policy instruments on macroeconomic indicators indicates that they are very approximate and, in many situations, contradictory. At the same time, the monetary policy in the Republic of Moldova has several notable characteristics, particularly a qualitative dependence on external economic factors and external economic shocks. Bibliographic sources that research the relationship between fiscal and monetary policies in the context of the significant changes in the world economy were used for this study. A deeper analysis requires the application of more complex econometric methods to determine the impact of the relationship between monetary policy and fiscal policy on several macroeconomic variables. At the same time, we note the usefulness of the study results for the authorities of the Republic of Moldova.