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Impacts of economic reforms on economic units’ finance

Author: Angela Secrieru
Degree:doctor habilitat of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific consultant: Anatol Caraganciu
doctor habilitat, professor, Academy of Economic Studies of Moldova
Scientific council:


The thesis was presented on the 28 November, 2005
Approved by NCAA on the 23 February, 2006


Adobe PDF document0.74 Mb / in romanian


financial crises, economies of scale, finance, corporate governance, enterprise, financial liberalization, capital markets, emerging markets, fiscal policy, monetary policy, privatization, reform, restructuring, enterprise networks, financial system, capital structure, rule of law, value


The goal and objectives of this work are determined by the need of evaluating the impacts of economic reforms (of macrostabilization policies and structural reforms – the reform of ownership, the reform of enterprise and the reform of the financial system) on the objective and subjective contents of enterprises’ finance and wording, as o result of made investigations, the recommendations of improving the microfinancial phenomenon in the Republic of Moldova.

The thesis is dedicated to the theoretical grounding and investigation of the microfinancial phenomenon in the Republic of Moldova within the framework of the economic reforms promotion. With this in view, the fundamental concepts referring to the economic unit’ finance have been studied thoroughly. Experience has been generalized and relevant trends have been emphasized in promoting the economic reforms in post-communist countries and the performances obtained in achieving these changes have been evaluated. The methodology of evaluating and analyzing the impacts of economic reforms on the enterprises’ finance has been elaborated. The paper develops the challenge regarding the economic reforms.

In this dissertation the models of endogenous growth are adapted and on their basis the methodology of evaluating the impacts of the budget and fiscal policy on the processes of obtaining and distribution of value in the Republic of Moldova is developed. The methodology of evaluating the impacts of monetary and credit policy is studied thoroughly, through the prism of the transmission mechanisms on the processes of obtaining and distribution of value in the Republic of Moldova.

The thesis develops the challenge of ownership’s reform. The correlation between the methods applied to the privatization of the state assets and to the growth of GDP is identified. In this work the concept of corporate governance is studied thoroughly through identifying the relative importance of its mechanisms for the national corporate sector and through adapting the respective mechanisms to the economic conditions in the Republic of Moldova.

The concept of the enterprise’s reform is developed and the need of accepting the network of assets and liabilities as a restructuring unit is argued.

The work studies thoroughly the concept of the small financial system for the case of the Republic of Moldova, being identified the negative effects of the insufficiency of large-scale economies in the financial field on the processes of obtaining value and, implicitly on the financial performances of economic units.

The theoretical basis is paid attention to regarding the enterprises’ finance through testing the theories’ viability about the capital structure for the post-communist case.

The paper has as an object of investigation the activity of certain units or a group of economic units from the Republic of Moldova, the national financial system and the national economy of the Republic of Moldova.

The formulated conclusions and proposals determine the practical significance of the thesis. The methodologies, models and formulated recommendations can be used in the practice of taking decisions, whose implementation may contribute to the improvement and reasoning of the microfinancial phenomenon from the Republic of Moldova.

The theoretical approaches, the methodological elaborations and practical recommendations included in the thesis have been used in the operations of certain economic agents from the country and their application may be possible and in other sectors of the national economy. The results of the investigations are being used in the educational process.