Browsing: E52

2013

Analysis of Leadership at The National Bank Of Romania

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Introduction. Leadership could be seen as a process to achieve company’s goals through company’s people. In any company and also in banks and central banks, leadership could register notable performance as a result of harmonization between formal and informal organization of the company. Maintaining a dynamic and optimal balance for ensuring the simultaneous attainment of individual aspirations of employees and company objectives should be a goal and a permanent preoccupation of the management team. Nowadays, leadership of the central banks have to face a multitude of issues that concern accountability and credibility of monetary authorities.

Aim of the study. In this regard, one of the essential characteristics that determine and influence leadership of a central bank was to ensure that the degree of central bank independence from the political authorities of the country concerned. Before and during the international financial crisis, NBR has faced some important and difficult periods, watershed might say, in terms of the proper functioning of his leadership. These include: adopting the strategy of monetary policy based on inflation targeting, the speculative attack on the currency in the period 17 October to 5 November 2008 and the liquidity crisis of Romanian banks with foreign capital.
Keywords: central bank functions, formal and informal organization, decision taking, inflation targeting strategy, speculative attack on currency
JEL classification: E52, E58, G20, M10, N20, O20

2015

Central Banks Leadership and their Influence over Financial Markets

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Introduction. In the years after the global financial crisis, central banks have undergone to a tremendous pressure from financial markets, from the real economy, but also from the population and politicians. Each part is interrelated with each other, but is in different positions in terms of the influence exerted on the other, in terms of the means and instruments through which their interest must prevail against the other parties. In this context, the leadership of a central bank is the key to the proper functioning of a central bank and also to its effectiveness and efficiency.

Aim of the study. Based on the central bank functions and on some important principles of decision and action, such as independence, transparency and accountability, the leaders of the central banks should provide guidance for the national economy in turbulent times. As a result, the main focus must be concentrate on aspects like: monitoring policy performance, monitoring efficiency of resources, setting functional goals, managing capital adequacy, balance sheet and liquidity, awareness of external perceptions and reputational risks, ensuring good institutional governance.

Keywords: central bank functions, policy formulation and decisions, effectiveness and efficiency of institutional governance, anticipating and avert new challenges, accountability and transparency
JEL Classification: E50, E52, G20, G28

2016

Monetary policy under the influence of financial globalization

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Introduction. The political, economical and social transformations that human society has known throughout its existence had as a basis the settlement of a wide range of relationships and interconnections among the different communities, populations, cultures and state formations, synthesizing gradually but surely the currently phenomenon that they called globalization. As part of globalization, financial globalization is highlighted by two main elements: the free movement of capital flows and the foreign participation in the share capital within the financial system at national level.

Aim of the study. This paper aims to highlight that throughout its entire evolutionary process, financial globalization has brought some significant challenges for monetary policy that requires an investigation of the multiple macroeconomic issues involved and that are crucial in ensuring and maintaining price stability. Global financial and economic crisis in the years 2007-2010 was impact of a “tsunami” – as expressed Frederic Mishkin, a phenomenon that has not only damaged and endangered the economic environment globally, but also brought a series of challenges science rethink its monetary policy purposes.
Keywords: monetary policy, financial globalization, agents of financial globalization, financial crises, floating exchange rate regimes, foreign capital flows
JEL Classification: E31, E52, E58, F36, F62, F65

2018

Leadership And Organisational Strategies At Country Level. The Destiny Of A Nation

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Introduction. Starting from the micro-social level and ending with the macro-social one, organising everything around us on the grounds of sound strategies and of a leadership-based approach represents a key element for achieving the established goals, irrespective of their nature, in terms of maximum possible efficiency. If when dealing with an organisation, be it lucrative or non-profit, small or large as size, adopting the right strategies and choosing the best leadership methods and techniques might look reasonably accessible, when coming about conceiving and applying the same to large aggregates, as it is the national economy, things could turn into real challenges very difficult to deal with.

Aim of the study. The present paper tries to render the most important issues to consider from such perspective, treating them both under the form of an experience-based analysis and under the one of proposed directions to follow for getting better results for all stakeholders.
Keywords: leadership, organisational strategies, macroeconomic framework, fiscal-budgetary and monetary policies, welfare
JEL Classification: E52, E61, E62, E63