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The role of banks in the process of money creation"


Author: Timofei Olga
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Year:2016
Scientific adviser: Victoria Cociug
doctor, associate professor (docent), Academy of Economic Studies of Moldova
Institution: Academy of Economic Studies of Moldova

Status

The thesis was presented on the 22 September, 2016
Approved by NCAA on the 15 November, 2016

Abstract

Adobe PDF document – 0.68 Mb / in romanian

Thesis

CZU 336.74 (043.3)

Adobe PDF document 3.53 Mb / in romanian
188 pages

Keywords

banks, money, money supply, money creation, central bank, monetary balance, monetary policy, banking regulation, money demand, monetary propulsion, restraining money supply

Summary

The present thesis has been elaborated during 2008-2015 within the Department of Banks and Banking Activity, AESM, Chisinau. The key aspects of the problem are described in three chapters, introduction, conclusions, annexes and recommendations. The doctoral thesis is written in Romanian and consists of 145 pages. An important role is attributed to 11 tables, 49 figures, 11 formulas and bibliography. The research is reflected in 17 scientific publications.

The field of study of the thesis is the monetary component in the model of economic growth, with focus on the banking system.

The purpose and the research objectives of the paper: the investigation of the role of commercial banks in Moldova in the process of money creation by setting their coinage capabilities to identify opportunities for optimization of these abilities.

Important scientific problems solved consist in the evaluation of the monetary policy correlation with the activity of banks in the process of money creation, identifying the factors which affect the amount of money created by banks and limit restrictively their ability diminishing propulsion of the money in real economy.

The scientific novelty and originality: This thesis contributes to the identification of the role of bank in the financial system by creating and providing real sector liquidity, by formulating a concept of monetary definition, its importance and need, by bringing an evaluation mechanism proposal for establishing the right tools for macroeconomic policy that would ensure conditions for growth; identification of optimal monetary policy instruments, which have a high assimilation ability of the money supply created by banks to the real sector and banks' macroeconomic correlation function of money creation with microeconomic policies aimed to increase the profitability of their activity; developing an identification sample of micro and macroeconomic factors, the incidence of monetary creation ability of banks from the Republic of Moldova; developing a concept of the restraint degree of monetary expansion, proposal of an assessment sample and the explained methodology of its calculation, the importance and necessity of its rationale use for the optimization of monetary policy strategies, development of proposals and recommendations for increasing the efficiency of monetary creation from commercial banks by reducing identified barriers in the analysis of the banking system in the Republic of Moldova.

The theoretical value is reflected in the systematization of the most relevant theories on monetary supply and demand, identification of the role of banks in money creation through these theories and the mechanisms for multiplying the current money supply within different economic theoretical arguments that were analysed in order to identify the constraints in the money supply in the banking system propulsion.

Applicative value of thesis consists in the proposal of a propulsion money mechanism necessary for establishing macroeconomic policy instruments and growth in the economy; the development of an indicator for assessing the degree of monetary expansion restraint that should be used by monetary authorities for getting a more efficient monetary policy in order to ensure the economic growth.

The implementation of the scientific results: some recommendations elaborated in the thesis have been accepted and appreciated by National Bank of Moldova, National Economic Research Institute of the ASM in the fundamental and applied research projects and by the public association MOLDOVAN BANKERS’ LEAGUE. The research results can serve as a methodological support in the activity of economists.