№100: Potential for Cooperation: Polish and Czech Standpoints on the Banking Union

Author(s): Tomáš Profant,Patryk Toporowski / Language(s): English

Czech and Polish banking systems are similar in many aspects, such as the predominance of euro area banks in the market and a strong banking supervisory authority. These common features of banking systems translate to similar Czech and Polish positions towards the Banking Union. Their main proposals are to include the specificity of so-called host countries and to maintain the strong position of national supervisory authorities. Although Poland and the Czech Republic will have more reasons to sign up to the Banking Union if they join the euro, these countries should continue to stress the importance of maintaining financial independence between parent banks abroad and their branches and subsidiaries in Poland or the Czech Republic. These countries should promote their monitoring systems as effective methods of providing financial security.

№098: Inflation is Dead, but Not German Angst: How the Monetary Policy of the ECB Undermines the Culture of Stability

Author(s): Sebastian Płóciennik / Language(s): English

The recent expansionary course of the European Central Bank confuses Germany. Getting the southern members of the eurozone out of recession is important, but the price could be damage to domestic savings, fading enthusiasm for reforms in the eurozone and more lax approaches to inflation in the future. In addition, the anti-deflationary bias in the eurozone can mark a point from which the traditional German macroeconomic preferences stop pushing themselves forward. Berlin needs allies to defend those preferences and Poland seems to be among them.

The debt, the stock market and the state-owned enterprises. The sources of chaos on the Chinese financial markets

Author(s): Jakub Jakóbowski / Language(s): English

The government’s extensive programme for stimulating the economy has enabled China to maintain high economic growth after the global financial crisis in 2008. However, this success has come at the price of a number of negative economic phenomena and the consequences they have had are the major challenge for the government today. The vast programme of investments in infrastructure, construction and fixed assets, which has been the main source of economic growth over the past few years, has caused a rapid increase in China’s debt from 158% of GDP in 2007 to 282% in 2014. Along with the local governments in charge of implementing the programme, the Chinese sector of state-owned enterprises (SOEs) has been heavily burdened by the stimulation policy. The sector’s profitability has fallen, its indebtedness has increased and management problems have been revealed.

The Immunity of the Republic of Moldova in the Context of EU Financial Crisis

Author(s): Alexandru Fală / Language(s): English

Against a background of economic uncertainty worsening worldwide, the European Union has to play a significant role by working hard to lessen the effects that are caused by escalating sovereign debt crisis of certain Member States. At the same time, the Republic of Moldova, for which the EU is the main economic partner, has experienced good economic relations with the European countries - contrasting evolution with the dynamics in the EU.

Corporate Governance in the Banks in the Republic of Moldova under the Impact of the Basel Committee Regulations

Author(s): Angela Secrieru / Language(s): English

Following the financial crisis started in 2007, in developed countries and at the level of international institutions, consistent efforts are being made to improve corporate governance in banks. Corporate governance (CG) in banks involves the allocation of authority and responsibility, i.e. the way the bank activities and operations are governed by its board and management. The recent adverse events in the banking sector in the Republic of Moldova regarding attempts to change the shareholding structure of banks including hostile takeovers may be partly explained by imperfect mechanisms of CG of the banks in the Republic of Moldova. In this context, is required the development of a consistent concept by the NBM regarding corporate governance in the banks in the Republic of Moldova aligned to BCBS recommendations and bringing banking regulations in compliance with this concept.

№275. Implementing Basel III in Europe: Diagnosis and avenues for improvement

Author(s): Rym Ayadi,Emrah Arbak,Willem Pieter DE GROEN / Language(s): English

Adopted by the European Commission inJuly 2011, the proposed Capita lRequirements Directive and Regulation(CRD IV-CRR) translate into EU law the Basel III standards adopted by the Basel Committee for Banking Supervision (BCBS). Among other things,the proposal increases the quality and quantity ofthe minimum capital; introduces new rules on liquidity, leverage ratios, counter-cyclical buffers and systemically important financial institutions; and amends the definitions of counter party credit risk and rules for the banking book.

№291. A Viable Alternative to Basel III Prudential Capital Rules

Author(s): Stefano Micossi / Language(s): English

There is something surreal in the implementation process of the new Basel capital framework for banks, known as Basel III, in the two key jurisdictions of the European Union and the United States (see BCBS, 2013b, for the latest official update by Basel Supervisors).

№298. Armaments duplication in Europe: A quantitative assessment

Author(s): Valerio Briani / Language(s): English

European countries are not only hollowing out their militaries with insufficient defence spending, but are also failing to spend their existing budgets wisely, according to Ivo Daalder, former US Ambassador to NATO. As a result, EU countries may not be able to meet impending security challenges. A key issue in this regard is the duplication of platforms (i.e. vehicles bearing weapons) and systems in the land, air and sea domains. The analysis shows duplication of a ratio of 3 to 1 in European programmes/platforms, compared with the US.

TMC2017 Conference Proceedings

Author(s): / Language(s): English

This volume brings together a selection of papers presented at the 5th Migration Conference hosted by Harokopio University Athens, 23-26 August 2017.This selection of papers presented at the conference are only a small segment of unedited contributions while many other papers have already been published in or submitted to edited books and refereed journals. There were a total of about 400 papers presented over 100 parallel sessions and three plenary sessions at Kallithea Campus of Harokopio University, Athens, Greece.The keynote speakers included Oded Stark, Saskia Sassen, Giuseppe Sciortino, Neli Esipova and Yuksel Pazarkaya.

Членството на България в Европейския съюз: девет години по-късно. Конференцията е организирана под патронажа на ректора на УНСС проф. д.ик.н. Стати Статев и посветена на предстоящото българско председателство на ЕС

Author(s): / Language(s): English,Bulgarian

This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Nine Years Later’ organized by the International Economic Relations and Business Department at University of National and World Economy (UNWE), Sofia, Bulgaria. The conference, held on 7 October 2016, was dedicated to the upcoming Bulgarian Presidency of the Council of the EU. The contributors to the present edition of the book explore topics such as European integration and Cohesion, the role of the financial centres in the EU, development in the banking sector, Banking union, Eurozone and inflation, financial risk mitigation. Researchers discuss some EU strategic goals such as the energy union and environmental policies, energy economics, electricity generation, energy markets and liberalization as well as research activities and initiatives such as the program Horizon 2020. Authors review aspects related to the organizational issues, change management, communication in organizations, business culture, corporate social responsibility, corporate governance, irregularities and financial corrections. The book contains in-depth research related to the innovations and outsourcing, digital marketing, regional financial sustainability in Bulgaria and analysis on the local tourism. ‘The Membership of Bulgaria in the EU: Nine Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders and the public.

Свойства и характеристики SVAR-индикатора инфляционных ожиданий для Беларуси: последствия для монетарной политики

Author(s): Dzmitry E. Kruk / Language(s): English

This article explores empirical SVAR-based measure of inflation expectations for Belarus. Properties of this measure result in a diagnosis that inflation expectations in Belarus are highly volatile and unanchored. Level shifts in inflation expectations give a rise to a specific phenomenon of Belarusian monetary environment which is multiple regimes of functionality with severely different properties. This sensitively restricts the effectiveness of monetary policy in the country. Hence, stabilizing inflation expectations at a reasonably low level and anchoring them is argued to be an important precondition for effective monetary policy in Belarus.

The Mechanism of Adjustment to Changes in Exchange Rate in Belarus and its Implications for Monetary Policy

Author(s): Dzmitry E. Kruk / Language(s): English

This paper aims at visualizing adjustment mechanisms of the Belarusian economy to changes in exchange rate level and providing correspondent policy recommendations. The paper is organized as follows. Section 2 deals with methodological issues of equilibrium exchange rate estimation and its specifics for Belarus. Section 3 is devoted to analysis of the pass-through effect from nominal exchange rate to prices and its impact on the short-term equilibrium exchange rate. In fourth Section, main conclusions and policy recommendations are provided. Technical issues are presented in Annex A.

Структурные Сдвиги в Динимике Инфляции и Денежных Агрегатов в Беларуси

Author(s): Igor Pelipas / Language(s): Belarusian

More evidence that financial markets imposed excessive austerity in the Eurozone

Author(s): Paul De Grauwe,Yuemei Ji / Language(s): English

The decision by the ECB in 2012 to commit itself to unlimited support of the government bond markets was a game changer in the eurozone crisis. It had dramatic effects. By taking away the intense existential fears that the collapse of the eurozone was imminent, the ECB’s lender-of-last-resort commitment pacified government bond markets and led to a strong decline in the spreads of the eurozone countries.

Ratingul transparenței acționarilor băncilor din Moldova

Author(s): Natan Garștea / Language(s): Romanian

One of the main vulnerabilities of many Moldovan banks, with a strong imprint on the national economy, it depends on the transparency and low quality of the shareholders. Many times, this problem undermined the corporate governance of banking institutions, which resulted in the accumulation of toxic assets in the system and even the bankruptcy of 3 important banks in 2015 (Bank of Savings, Social Bank and Unibank). Therefore, with a view to solving the current banking crisis from the Republic of Moldova, it is absolutely necessary to increase the transparency and quality of bank shareholders. In this sense, actions are needed, both on the part of the NBM and on the part of the commercial banks. Not lastly, increasing the transparency of bank shareholders and presenting the real final beneficiaries it is also one of the recommendations and preconditions of the International Monetary Fund with a view to reform quality of the domestic banking sector and the signing of a potential memorandum. In turn, by this memorandum depends on the unlocking of external budgetary assistance from the other partners Development. We also believe that increasing the transparency of bank shareholders is, obviously, the primary prerogative of the NBM, but this will not be possible without the stronger motivation of banks for this process.

The Bank Recovery and Resolution Law. Bank Recapitalization Regime (bail-in) and State Guarantee

Author(s): Dumitru Pintea / Language(s): English

The bail-in procedure is a relatively new one at global level. Actually, according to Directive 2014/59/UE, up until now no European financial institution was salvaged from bankruptcy through bail-in5. Considering the complexity of the Directive, the existing contraindications between European governments regarding the bail-in procedure, as well as the extremely strong lobby from international financial groups, certain reluctance in implementing the provisions is present in several European countries. However, the recent history notes the use of bail-in in the Cyprus banking crisis, and more specifically, in the recovery of the financial situation in two financial institutions with systemic impact.

What Factors Underpin Bank Disintermediation and How Can We Stimulate the Lending Activity?

Author(s): Dumitru Pintea / Language(s): English

In order to identify the mechanisms/tools that could be used by NBM, banks and Government to overcome this lack of confidence and resume the lending activity, Expert-Grup committed to facilitate the dialogue between commercial banks, NBM, experts and other stakeholders. How we can stimulate the lending activity and bring back trust in the bank-customer relationship study was developed for this purpose1. This document focused on two subject lines. On the one hand, the study aims to identify the actual causes that fuel the bank disintermediation and the constraints that hinder the expansion of bank loans, on the other hand – to present solution how to foster this activity. In addition, in order to explore the actual situation, the Questionnaire for Assessing the Lending Activity was developed and sent to banks. This tool allowed forming a much clearer picture of the constraints affecting the demand and supply by types of loans. In the end, the results were discussed at a round table attended by representatives of commercial banks, Government, top management of NBM and other economic experts. The presence of all the stakeholders around the same table allowed to express the inside vision on this phenomenon and this note comes to synthesize and to totalise the results of the actions conducted by Expert-Grup in order to identify the factors underlying the bank disintermediation and the solutions regarding the stimulation of lending activity.

Long-term financial instruments: how to develop and why we need them?

Author(s): Eugen Ghilețchi / Language(s): English

Moldova, like other developing countries, faces a relatively short maturity of financial instruments. The average weighted maturity of state securities in circulation is only 6.5 months. The average weighted maturity of the portfolio of new loans granted throughout the banking sector in 2016 made up 29 months, while the average duration of loans granted to legal entities in developed countries is 58 months. Meanwhile, about 92% of the total new deposits attracted by local banks in 2016 have a term of up to 1 year. Thus, economy of the country is constrained by the lack of long-term credit instruments that would otherwise enable efficient long-term investments: real estate projects, infrastructure projects, etc. // The problem of maturity of financial instruments has two aspects: lack of the supply of instruments with long-term maturity and low demand from the population for such instruments. A basic precondition without which it is impossible to extend the maturity of financing is to ensure stable macroeconomic conditions.

5 mituri despre datoria externă

Author(s): Marina Soloviova / Language(s): Romanian

As part of the "Support Platform for the Republic of Moldova", at the first donors' conference held in April 2022 in Berlin, important financial support was announced in the form of loans and grants from various governments, European and international financial institutions, for mitigating the negative economic and social impact that Moldova suffered as a result of the regional security crisis. This July, the second edition of the conference took place in Bucharest, where the emphasis was placed on the consolidation of energy independence and assistance for reforms. In this context, messages of concern appeared in the public space, both sincere and manipulative, regarding the country's ability to assume new foreign debts. This article examines whether such fears are justified and disproves the main unfounded perceptions that exist on this subject. We also propose a series of recommendations for the Government and creditors aimed at ensuring judicious contracting and management of external loans.

Ekonomia i inne nauki społeczne. Studia interdyscyplinarne

Author(s): / Language(s): Polish

Specjalizacja badań naukowych w XX wieku przyspieszyła postęp w odkryciach i wdrażaniu innowacji. Wraz ze wzrostem złożoności naszej cywilizacji wskutek dynamicznego wzrostu gospodarczego wspieranego rozwojem technologii rośnie jednakże potrzeba transferu wiedzy między różnymi obszarami ludzkiej działalności. Dążenie do zrównoważonego rozwoju i zachowania różnorodności środowiska naturalnego wzmacnia te tendencje. Dotyczy to w szczególności nauk społecznych. Książka składa się z dziesięciu rozdziałów napisanych przez autorów z trzech centrów akademickich: poznańskiego, wrocławskiego i katowickiego. Przedstawione zagadnienia potwierdzają celowość i ważność projektów interdyscyplinarnych dotyczących integracji wiedzy z zakresu nauk społecznych, zwłaszcza ekonomii i finansów oraz nauk o zarządzaniu i jakości, psychologii, nauk o komunikacji społecznej i mediach, nauk o polityce i administracji, nauk prawnych i nauk socjologicznych. Adresatami książki są pracownicy naukowi i doktoranci specjalizujący się w dziedzinie nauk społecznych, w szczególności ekonomii. Niektóre rozdziały mogą być wykorzystywane do celów dydaktycznych na zajęciach z odpowiednio przygotowanymi studentami na studiach magisterskich, a także podyplomowych.