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Item The determinants of banking system vulnerability in the Republic of Moldova(“Victor Slăvescu” Centre for Financial and Monetary Research, 2013) Clichici, DorinaA banking system is more vulnerable when there are felt more negative effects on this as a consequence of the global financial crisis events. In the context of the objective of enhancing financial stability and, in particular, limiting the likelihood of failure of the banking system it is useful to verify how the main characteristics which play a role for banking system vulnerability behaved in the case of the Republic of Moldova: system’s liquidity, capitalization, competition, diversification, presence of foreign banks, and wholesale funding. In order to determine how hard was hit the banking system of Moldova by the recent financial crisis in the article are analyzed quantitative and qualitative the above mentioned characteristics and identified the crisis effects on them.Item Weaknesses of corporate governance within the banking sector of the Republic of Moldova(”Independenţa Economică”, 2016) Clichici, DorinaThe article is a continuation of the research initiated by the author on corporate governance challenges for the stability of the banking system and destabilizing effects of weak corporate governance structures within banking institutions in the Republic of Moldova. The article has the purpose to identify weaknesses in corporate governance arrangements in the current banking system and presents the main recommendations for eliminating these deficiencies. In order to achieve this goal was performed an analysis of the legislation that regulates the banking system and of the corporate governance code currently in place. Despite some progress on implementing recommendations of the International Monetary Fund and the reported satisfactory performance of banks, the following deficiencies of corporate governance in the banking system were identified: opaque shareholders’ structures and the issue of ultimate beneficial owners disclosure; deficient quality of bank boards; the current corporate governance code does not consider essential elements recommended by the Basel Committee; the lack of a consistent concept on corporate governance in the banking system in Moldova aligned with Basel Committee's recommendations.Item Rethinking the institutional framework for financial stability in the Republic of Moldova(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2015) Clichici, DorinaThe aim of this article is to identify the arrangements of the accountability of regulatory institutions and the deficiencies in pursuing financial stability within the banking system of the Republic of Moldova. Financial stability policies are a missing ingredient from the current policy framework, and here is a too huge gap between banking supervision and the goal of financial stability assuring. The article have highlighted an intense need for strengthening financial stability framework in the country through three main actions: redefining the central bank’s role, strengthening the crisis management and strengthening the deposit insurance system. This article offers policy ecommendations in building a stronger institutional framework for financial stability in the Republic of Moldova.Item The impact of macroeconomic factors on non-performing loans in the Republic of Moldova(,,Victor Slăvescu” Centre For Financial And Monetary Research, 2014) Clichici, Dorina; Colesnicova, TatianaThe purpose of this research is to estimate the impact of several macroeconomic variables on non-performing loans (NPLs) in the banking sector of the Republic of Moldova recently affected by global crisis. Using econometric multivariate linear regression analysis, we conclude that banking NPLs are affected nor only by distinctive features of the banking sector and the policy choices of each bank but also by macroeconomic environment: NPLs increase when GDP, exports, remittances decrease and when unemployment increases, however, our assumption about the relation between NPLs and private indebtedness has not been validated. We observed a substantial increase in the credit risk during the recent financial crisis period. Keywords: macroeconomic factors, banking system, nonperforming loans.Item Implications of the financial crisis on the soundness of the banking system in the Republic of Moldova(2015) Clichici, Dorina; Gribincea, CorinaThe extent of recent financial crisis implications on economies differs from countryto country. The effects of the crisis events in developed countries differ from the ef-fects in developing countries. The banking systems are now more vulnerable toshocks and to contagion than ever before due to the globalization of banking ac-tivity. In recent years, the Moldovan banking system has demonstrated a high degreeof resilience to the global financial crisis. The local banking system has a low degreeof connectivity to the European and world banking systems due to a very limitedpresence of international banks in the market. This has meant that there has beenno direct contagionduring the last financial crises. The effects of the crises in Moldovawere felt indirectly by the banks, through the channel of remittancesand foreign trade,which have diminished substantially as a result of the economic decline in Europe,particularly in 2009. This article aims to verify whether a systemic crisis wasrecorded within the domestic banking sector during recent years and to establishthe conditions which could be classified as a full-fledged crisis episode in the caseof the Republic of Moldova. In addition, the implications of the recent financialcrisis on the soundness of Moldova’s banking system are identified.