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Reshaping of the financial system of the Republic of Moldova in the context of the new international financial architecture


Author: LOPOTENCO Viorica
Degree:doctor habilitat of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Year:2022
Scientific consultant: Angela Secrieru
doctor habilitat, professor, Academy of Economic Studies of Moldova
Institution: Academy of Economic Studies of Moldova

Status

The thesis was presented on the 29 December, 2021
Approved by NCAA on the 1 July, 2022

Abstract

Adobe PDF document – 1.08 Mb / in romanian
Adobe PDF document – 1.02 Mb / in english

Thesis

CZU 336(478):336.7(100) (043)

Adobe PDF document 9.29 Mb / in romanian
417 pages

Keywords

international monetary system, complex systems theory, attractor, bifurcation, international financial architecture, Fintech, digital currencies, international financial architecture infrastructure, banking system efficiency, financial perspective index, nonparametric DEA method

Summary

Thesis structure: introduction, five chapters, general conclusions and recommendations, bibliography of 477 titles, 5 annexes, 288 pages of basic text, 93 figures and 21 tables. The obtained results are published in 29 scientific papers.

The aim of the research is to elucidate the potential areas to be exploited for the financial system of the Republic of Moldova by theoretical-methodological substantiation of the dominant development of the architecture of the international monetary system and determining their impact on the configuration of the national financial system.

The objectives of the study: to argue the systemic nature of the functioning of the international financial monetary system; elaboration of the configuration of the national financial architecture; analysis of the peculiarities of the financial architecture of the Republic of Moldova; elaboration of the methodological framework for evaluating the perspective of the development of the national financial system; analysis of the financial system of the Republic of Moldova from the perspective of the international financial architecture; benchmarking the efficiency of banking systems; elucidating the global challenges of the international financial monetary system; determining the external position of the Republic of Moldova in the face of the challenges of the international monetary monetary system; investigating the impact of changes in the international financial monetary system on the financial architecture of the Republic of Moldova; arguing the priorities for the development of the financial system in the Republic of Moldova under the impact of global challenges.

The research's novelty and scientific originality consists of substantiating a set of theoretical provisions on the international monetary system from the perspective of complex systems theory, which catalyzes systemic changes, significant and sustainable, and comes with an integrated impetus for replication and adaptation to national financial systems.

The main results: the research of the international financial monetary system from the perspective of the theory of complex systems and, therefore, the creation of a methodological platform for the research of the international financial monetary system; elucidating the ways of propagating the signals of the international financial monetary system in the international financial systems; elaboration of an algorithm for analyzing the evolution of the international financial monetary system under the incidence of system crises; redefining the structure of the new international financial architecture; drawing up the configuration of the national financial architecture; elaboration of the methodological framework for evaluating the perspective of the development of the national financial systems; comparison of the banking systems of the signatory countries of the Association Agreements with the European Union through the non-parametric DEA method; identifying challenges in the international financial monetary system; determining the impact of the challenges of the international financial monetary system on the financial system of the Republic of Moldova.

Theoretical significance: the nonlinearity and complexity that characterize the international monetary system and the presence of many feedbacks cause the complex nature of the world-financial phenomenon and generate numerous synergistic effects, changing the qualitative aspects of the functioning of national financial systems. Consequently, without adequate attention to such effects, the study of financial systems leads to an incomplete or incorrect understanding of the objective laws of the development of national financial systems and their inefficient management. Based on these arguments, the configuration of the national financial architecture was elaborated, which brings together the links between the international financial architecture and the national financial architecture, presenting how their interactions can affect the domestic financial sector's structure, conduct, and governance.

The paper's applicative value consists of the possibility of using by different financial institutions at the national and international level the methodologies and analysis tools proposed to assess the level of development of national financial systems. The solutions developed for the reconfiguration of the financial system of the Republic of Moldova, which reflect the particularities of the new international financial architecture, are focused on: applying factor analysis to identify critical factors that can influence the level of financial infrastructure development and determine potential areas to capitalize; arguing the need to monitor the level of financial complexity, which conventionally can be determined through the KAOPEN index; justification for determining the channels through which external vulnerabilities are transmitted in the national financial system; implementation of nonparametric methods for evaluating the efficiency of the banking system or a banking entity; recommendations for adjusting the procedure for determining the official exchange rate.

Implementation of scientific results: the results obtained in the research activity were reflected in 1 monograph published in the country; 2 collective monographs published in the country; 11 publications in scientific journals published abroad; 4 articles in journals from the National Register of profile journals; 4 publications in materials of international conferences; 7 articles in the works of scientific events included in the Register of materials published based on scientific events organized in the Republic of Moldova.The results of the research were disseminated in 10 international scientific forums and an international round table.