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Research of the evolution of inflation as component of the Republic of Moldova monetary policy

Author: Cuhal Radu
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Mihai Patraş
doctor, professor, Moldova State University


The thesis was presented on the 29 August, 2008
Approved by NCAA on the 26 February, 2009


Adobe PDF document0.40 Mb / in romanian


CZU 336.748.12(043.2)

Adobe PDF document 1.02 Mb / in romanian
161 pages


monetary aggregates, overnight credit, economic growth, purchase/sale of currency, exchange rate, GDP deflator, inflation, price cosumer index, core inflation, monetary policy instruments, transmission mechanism of monetary policy, final goal of monetary policy, intermediary goal of monetary policy, operational goal of monetary policy, open market operations, sterilization operations, repo operations, monetary policy, gross domestic product, basis rate, interest rate, minimum reserves rate


The goal and objectives of the present thesis are determined by the necessity of analyzing inflation as a macroeconomic process with its effects and implications on the economy and as the main goal of monetary policy.

Due to these reasons, the present research aims to analyse the peculiarities of the inflation process evolution in the Republic of Moldova during the transition period, as well as the contribution of the National Bank of Moldova to the creation of favorable conditions to ensure financial stability, to maintain the stability of national currency and to reduce the rate of inflation. Also, the thesis aims to identify and evaluate the framework of drafting and approving the monetary policy and presenting some recommendations regarding the efficiency of tactics and strategy of monetary policy. Thus, we consider that all these aspects give originality to the thesis and confirm the actuality of the research topic.

The present research tries to be included in the teoretic, methodological and practical efforts to clarify the content, significance and implications of inflation in general and particularly in the Republic of Moldova, to analyse its main implications in the economic and social life, to underline some solutions of this economic phenomenon, trying to offer some ideas and sugestions in order to reduce the inflationary process in the future.

The problems of inflation in the Republic of Moldova during the transition to the market economy has a double significance: the first refers to understanding the fact that development supposes the economic growth as support to qualitative transformations in the economic and social life, in ensuring the individual and social human welfare; the second refers to the fact that inflation shall not jeopardise macrostabilization as main process of economic recovery in real terms.

In the context of these ideas the thesis contains proposals regarding calibration of tactics and strategy of monetary policy to the new main goal of monetary policy, especially price stability, and the algorythm of construction and selection of core inflation.

Conclusions and recommendations of the research determine the practical value of the thesis, may be used in the decision making process by monetary authorities and may be used to reformulate the tactics and strategy of monetary policy in order to achieve the main goal and may contribute to the increase of the efficiency of monetary policy measures.