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Educational human capital investments financing from the perspective of improving the quality of life in Republic of Moldova

Author: Conencov Olga
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Rodica Hîncu
doctor habilitat, professor, Academy of Economic Studies of Moldova
Institution: Academy of Economic Studies of Moldova


The thesis was presented on the 28 September, 2018
Approved by NCAA on the 25 January, 2019


Adobe PDF document1.20 Mb / in romanian


CZU 336.144:37(478)(043), 330.322.3:37(478)(043)

Adobe PDF document 3.96 Mb / in romanian
181 pages


ducational human capital, investment in human capital, quality of life, higher education system, studies financing, public funding, financial instruments, financial losses, alternative financing methods, financial market, investment with social impact, human capital contract


Educational human capital investments financing from the perspective of improving the quality of life in Republic of Moldova”, PhD thesis in economics, specialty 522.01. Finance, Chisinau, 2018 The thesis was developed at the Department "Investment and capital markets", AESM and includes introduction, 3 chapters, conclusions and recommendations, bibliography consisting of 200 sources, 19 annexes, 136 pages of main text, 26 tables, 30 figures and 17 formulas. The researches are reflected in 22 scientific publications.

Field of study of this thesis is finances.

The thesisgoal is to develop the theoretical and methodological fundamentals concerning the higher education financing investments in order to develop the educational human capital in view of improving the quality of life in the Republic of Moldova.

Objectives of the thesis: analysis of the current situation regarding the investments in higher education financing in the Republic of Moldova; investigation of traditional and alternative methods of higher education financing; research into the role of the financial market and financial instruments to be applied to fund higher education studies; identification of investment in education effects on the quality of life; international practices comparative study, especially european ones, in higher education financing area, which can be applied in Republic of Moldova; research into the interdependence between investment in education and the development of human capital in Moldova based on econometric models.

Scientific novelty and originality consists of: clarifying and deepening the concepts of educational human capital as an investment object, social impact investment, human capital contract, for their subsequent usage in public policy papers on the financing of studies from the perspective of improvement quality of life; identifying alternative and innovative funding methods for higher education studies by identifying financial market instruments such as social impact bonds, human capital contracts etc.; establishing, on the basis of the three pillars of public funding (basic component, result-oriented component, innovation-oriented component) of a new public funding mechanism for higher education in domestic higher education; identifying the role of the "Education" component, within the quality of life indicators, in diagnosing the quality of life and the prospects for its development in the Republic of Moldova; developing a conceptual platform on the correlation between investments in educational human capital and the quality of life, substantiating the necessity of developing the binomial components in the Republic of Moldova; demonstrating, by adapting econometric models, the interdependence between investment in education and the development of human capital.

The important scientific problem solved consists of substantiating the methods of improvement, from a scientific and methodological point of view, as well as higher studies financing in the Republic of Moldova, which determines the innovative aspects promotion in the educational human capital financing in order to develop it from the perspective of improving the quality of life.

The theoretical significance consists of: the development of contemporary concepts regarding investment in educational human capital; the argumentation of the importance of the IRR size as a costeffectiveness indicator for higher education; substantiating, in terms of the public costs and benefits, of the need for moldovan government to participate in major investments in education, given the positive effects on the state budget and the quality of life. The conclusions and recommendations developed can contribute to the amplification of some theoretical visions regarding the higher education studies funding in the context of improving the quality of life at national level. Applicative value consists of the possibility of using the results of research in practice to apply alternative methods of higher education financing (based on performance) and financial market instruments (human capital contracts, social impact bonds); applying econometric models to estimate the dynamics of human capital through public spending on education. The results can be used for research and didactic purposes.

Implementation of scientific results. The most important results of the research have been accepted for implementation by the Ministry of Finance of the Republic of Moldova, National Commission for Financial Market, for teaching purposes in AESM, ”Franzeluta” JSC, as confirmed by implementation documents.