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Title: The impact of state securities profitability on the effectiveness of monetary policy in Moldova
Authors: Cociug, Victoria
Timofei, Olga
Keywords: state securities
open-market policy
monetary policy
Taylor function
interest rate
state securities
Republic of Moldova
Issue Date: 2016
Publisher: "Victor Slăvescu" Centre for Financial and Monetary Research
Citation: COCIUG, Victoria, TIMOFEI, Olga. The impact of state securities profitability on the effectiveness of monetary policy in Moldova. In : Journal of Financial and Monetary Economics. 2016, no. 3, pp. 42-47. ISSN 2537-3269; ISSN L 2392-9685.
Abstract: The recent decision of the Central Bank of Japan, regarding the adoption of a monetary policy aimed to control interest rates on government securities issued in the long term, which involves reducing the profitability of these values and increase their maturity to 24 years, determined our interest for state securities profitability impact on the effectiveness of monetary policy in the Republic of Moldova. Due to the fact that NBM has recently provided state securities with an interest that is very attractive to banks, which on the one hand, keeps the banks on the money market, on the other hand, this leads not only to lower bank interest for lending economy but even to counter this activity, which has adverse effects on the efficiency of provided monetary policy.
Description: Bibliogr.: p. 47 (5 titl.). JEL classification codes: E42, E43, E52, E58.
ISSN: 2537-3269
Appears in Collections:Articole

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