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Management of systemic financial stability in the context of economic security insurance of Republic of Moldova


Author: PERCIUN Rodica
Degree:doctor habilitat of economics
Speciality: 08.00.05 - Economy and Management (in branch)
Year:2017
Scientific adviser: Alexandru Stratan
doctor habilitat, professor, National Institute For Economic Research
Institution: National Institute For Economic Research

Status

The thesis was presented on the 3 March, 2017
Approved by NCAA on the 23 March, 2017

Abstract

Adobe PDF document – 1.26 Mb / in romanian

Thesis

CZU 336.1 (043.3)

Adobe PDF document 6.01 Mb / in romanian
306 pages

Keywords

systemic financial stability, economic security, banking sector, capital market, public finances, EWS indicators, National Bank of Moldova etc.

Summary

The structure of thesis: introduction, five chapters, general conclusions and recommendations, bibliography of 236 sources. The content is exposed on 249 pages of basic text; it contains 27 tables, 87 figures, 24 appendices. The results were published in more than 51 papers.

Field of study: management of systemic financial stability.

The purpose of paperwork: theoretical and methodological foundation of the management of systemic financial stability is a complex exercise which begins from the analysis of financial stability cornerstones (institutions, markets, management methods) and continues identifying gaps and deficiencies of the existent management to develop improvement recommendations of this management in order to ensure economic security.

Objectives: research of theoretical dimension of the state economic security, theoretical foundation of the management of systemic financial stability notion, identification of measurement instrument of the systemic financial stability, analysis of the new european architecture of the management of systemic financial stability in order to undertake best practices, peculiarities determination of the management of systemic financial stability in the Republic of Moldova through object analysis, institutional framework and methods for monitoring the financial stability, determination of classification system of the main factors which warn the crisis as well as the indicators with their threshold values, determination of weaknesses of the national management of the systemic financial stability, making recommendations on creation of a new modern concept of the management of systemic financial stability in the Republic of Moldova, making recommendations on methodology for monitoring the financial stability and warning of crisis in order to adapt it to the reality of the Republic of Moldova.

The novelty and scientific originality of the thesis: development of a conceptual methodological base of the management of systemic financial stability by multidimensional approach of the financial stability concept in order to ensure the state economic security; methodological base making of the instrument for measuring the financial stability identifying the factors which have a direct impact on the financial stability condition; determination of the early warning system of crisis indicators (EWS) establishing and adapting the threshold values for the economy of the Republic of Moldova; highlighting the features and key problems of the national management of the systemic financial stability; establishing the principles of a new modern concept of the management of systemic financial stability from the country undertaking the european best practices and developing efficiency measures and recommendations of this management in order to ensure the economic security of the RM in the future.

The results fundamentally new obtained for science, submitted for assertion are as follows: the descriptive conceptual methodological model of the management of financial stability to ensure the state economic security; The instrument for measuring the systemic financial stability. The results fundamentally new obtained for implementation, submitted for assertion are as follows: The architecture of the management of systemic financial stability from RM; Research on financial stability of RM prepared under the indicators used to its monitoring by the international institutions; Scientific-practical argumentation of the financial stability indicators which could be used in EWS; Early warning system of crisis indicators (SAT) adapted for the economy of the Republic of Moldova. The modern concept of the management of systemic financial stability for RM to ensure the economic security. The obtained results admit the solution of the applicative scientific problem to improve the national management of systemic financial stability in the actual conditions of crisis and contribute to the development of a new modern concept of this in order to ensure the economic security of RM. And the solved important scientific problem consists in the foundation of the systemic financial stability and its management from the theoretical and methodological point of view which led to the development of the national model of the management of systemic financial stability to ensure the economic security of the state. At the same time, the results fundamntally new for science and implementation generated a new scientific direction – evaluation and monitoring of systemic financial stability at the national level to ensure the economic security of the country which has to be integrated in the new Strategy of the national security.

Theoretical and applicative significance of the thesis. This research is a contribution to the development of the science about the systemic financial stability and the art to manage this stability in order to ensure a state economic security bringing a value added by the complex analysis of the financial stability elements (institutions, markets, management methods) and by making improvement recommendations of the national model of the management of systemic financial stability. The results of the research prove the opportunity to achieve a more efficient management of the systemic financial stability supposing that the national authorities will respect the recommendations made based on the best practices from the world.

Implementation of the scientific results. The obtained results were partially implemented in the NBM activity, to the improvement of the fiscal legislation for 2017, in the development Strategy of unbankend market for the period 2016-2020, Government Plan on anticrisis measures. The results implementation is certified by implementation Certificates issued by the Ministry of Finance, Ministry of Economy, National Bank of Moldova, Financial and Monetary Research Center – Victor Slavescu, Romanian Academy, AGEPI.