Pages: 7-17 Introduction. The author’s intention regarding this research involves a synthetic outlook on the influence of the National Bank…
Browsing: E58
Pages: 7-22Introduction. The introduction of Central Bank Digital Currencies (CBDCs) has been motivated by several factors, including the accelerating pace…
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
Introduction. Union policy needs in addition to the official language of four major components: a monetary union, a fiscal union, a union diplomatic and military union A stage in the Union is the Union banking tax. Union Bank has three pillars: a single banking supervisor (single supervisory mechanism), the only mechanism of bank resolution and a single scheme of bank guarantees.
Aim of the study. This paper aims to highlight that Union Bank, strengthen supervision is an inevitable process, and Romania will have to enroll in it. Option Romania is to be part of Romania deaorece bank Union can not remain outside the structures of decision as long as banks operating in Romania are predominantly Eurozone.
Keywords: banking union, fiscal union, diplomatic union, monetary policy, European Union
JEL Classification: E58, E59, E62, E58, E59, E62
Introduction. The macro-prudential tool kit deals with those risks that contributed to the outbreak of the last economic crisis or materialized during it, namely the excessive credit growth, the excessive price assets growth driven by the credit growth, the excessive increase in leverage, the liquidity risk, the volatile capital flows and foreign currency lending. It can be argued that macro-prudential policies underestimated the systemic risks mentioned, although they were better positioned than other policies aimed at financial stability. The impact of macro-prudential policy is difficult to be determined, because is usually applied simultaneously and in the same direction with other macroeconomic policies.
Aim of the study. This paper aims to highlight that it is necessary a better coordination of policies and a better calibration of instruments in order to get a quick and effective response during their implementation. These must be in line with national specificities and the risks identified. Until the new macro-prudential tools introduced by Basel III will prove their effectiveness, the issue of finding proper tools is still open.
Keywords: banking system, risks, macro-prudential, liquidity, crisis
JEL Classification: E58, E59, E60
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
Introduction. Today the financial market system, as a whole, and the financial market, in particular, are both facing numerous challenges. The elements addressed in our research come to present in a broad and accurate manner these challenges, in an attempt to forecast the financial market’s next steps and figures, and to make light on the nearest provocations that the social, political and economic environment are all bringing.
Aim of the study. In the first part of this research paper, elements such as monetary, fiscal, financial, business, investment, labour, economic, property and political freedom features are being presented, starting from the complex definitions of these concepts, continuing with an in-depth analysis of these concepts and their roles and importance in today’s society structure. In this regard, numerous valuable examples of successful economic and political structures are being presented, in order to emphasize the nations’ potential in terms of monetary, fiscal, financial, business, investment, labour, economic, property and political freedom. In the second part of this scientific work, the role and the importance given to the financial markets nowadays is being presented, starting from the definitions of the financial markets, continuing with the challenges that these types of markets are facing today, given the monetary challenges, the fragility of the economic systems world-wide, the insecurities brought by the continuously changing public policies, the financial “game” that is “played” between the banks and the capital markets, as well as the investments’ role at the level of the economy. In the third part of this paper, Romania’s situation is being addressed taking into consideration the latest data and analysis provided by the National Bank of Romania (September 2016) based on the discoveries and the general conclusions of the document named “Dynamic Stochastic General Equilibrium (D.S.G.E.) model estimated for Romania”.
Keywords: financial markets, capital markets, monetary freedom, fiscal freedom, financial freedom, business freedom, investment freedom, labour freedom, economic freedom, property freedom, political freedom, economic and political features, money, banks, investments, Dynamic Stochastic General Equilibrium (D.S.G.E.) Model, National Bank of Romania (N.B.R.), Romania’s situation
JEL Classification: D53, E00, E44, E50, E58, F21, F38, F43, G00, G01, G10, G17, G18, G32