Papers by Dorina Clichici
Economic Modelling, Sep 1, 2019
This paper analyses the effects of prudential policies on leverage and insolvency risk in eleven ... more This paper analyses the effects of prudential policies on leverage and insolvency risk in eleven Central and Eastern Europe banking systems in the 2005-2014 period. It explores the relationship between leverage, insolvency risk and regulation variables, and the temporal patterns of this relationship. It also examines whether the effects of prudential policies on leverage and insolvency risk are influenced by bank ownership structure and financial cycle. The paper finds a consistent link between prudential regulation and leverage, which varies over the sample period. Conversely, the insolvency risk shows a stronger relationship with macroprudential policies. The estimates reveal that prudential policies work better on leverage and z-score for foreign banks. Both leverage and insolvency risk are better mitigated over booms. Finally, prudential policies have similar effects on both domestic and foreign banks' stability in normal times, while the effects are opposite during turbulences. These dissimilarities are raising challenges to the conduct of prudential policies.
Prague Economic Papers, Oct 22, 2021
Foreign banks have played a major role in Central and Eastern European economic landscape over th... more Foreign banks have played a major role in Central and Eastern European economic landscape over the last decades. They have spurred banking intermediation and fuelled economic growth for years. However, the global financial crisis unveiled the other side of the coin. This article analyses foreign banks' lending behaviour in Central and Eastern Europe over the period from 2000 to 2016. It aims to investigate the nexus between bank loan growth, cross-border bank claims and the cycle period. Moreover, it captures the impact of the financial cycle on foreign banks' credit behaviour and highlights whether foreign bank ownership is influenced by host-and home-country effects. Our findings reveal the strong nexus between foreign banks' loan growth and cross-border bank claims. Also, we emphasize the pro-cyclicality of foreign banks' loan growth and cross-border bank claims. Furthermore, we see clear differences related to foreign banks' lending behaviour during normal and turbulent times, triggered by host-and home-country effects. These results raise policy challenges regarding the right bank ownership balance and the use of prudential regulation.
Studia Universitatis Babes-Bolyai Oeconomica
The COVID-19 pandemic had major negative repercussions on the countries from Central and Eastern ... more The COVID-19 pandemic had major negative repercussions on the countries from Central and Eastern Europe (CEE), which experienced almost similar declines in the economy in 2020. Against this background, central banks from CEE initiated unconventional monetary policy measures aimed at mitigating the economic and social effects of the pandemic. The purpose of this article is to analyse the CEE central banks’ response to the pandemic crisis, i.e., the response of the Czech Republic, Hungary, Poland, and Romania, and to unveil the particularities of the unconventional monetary policy adopted by these states. To achieve this goal, the article presents a chronology of the main decisions adopted by CEE central banks during the pandemic and the dynamics of these central banks’ assets. The main findings suggest that CEE monetary authorities, like major central banks, initiated the first measures to counter the negative effects of the pandemic on the economy in March 2020. All of them cut the ...
Data in Brief, Jun 1, 2022
Journal of Global Economics, 2017
The purpose of this article is to briefly analyze the current situation in the health system in R... more The purpose of this article is to briefly analyze the current situation in the health system in Romania and to identify its deficiencies and gaps in comparison to other EU Member States. The research is based on the analysis of health indicators with an impact on growth and development, which are structured around three pillars: efficiency of the national health system, level of development and resilience of the system, and accessibility of the health system. The paper highlights the fact that, despite all the reform steps made so far,the current public health system in Romania is inefficient and poorly financed, and is characterized by an exodus of doctors abroad, a poor health of the population and a low access of the population to health services compared to other European countries.
Global Economic Observer, Jun 1, 2021
Economy and Sociology, 2022
The Covid-19 crisis has severely affected Central and Eastern European (CEE) states, causing majo... more The Covid-19 crisis has severely affected Central and Eastern European (CEE) states, causing major economic activities to be blocked during the pandemic, shrinking domestic demand and investment. The aim of the research is to analyse the impact of the pandemic event on CEE banking systems, in the light of the most relevant indicators of banking stability. Both qualitative and quantitative research methods were used to achieve the goal. The results of the analysis revealed that the pandemic crisis did not affect the quality of banking assets in the CEE, the rate of non-performing loans remained at a fairly low level in the most of the states. At the same time, due to major reforms that followed the international financial crisis of 2008, banks have a sufficiently high level of capitalization and a reasonable level of indebtedness, reflecting a high resilience to shock of CEE banking systems. However, extremely low level of interest rates in the pandemic have determined a deterioration in asset performance in most banking systems in the CEE. Moreover, the outlook regarding the CEE banking systems remains quite uncertain. Considering the large-scale measures to reschedule credit rates, through moratoriums on bank loans, but also the financial support schemes initiated by central banks and governments, the CEE region is facing high risk costs, which manifest mainly through the migration over time of credit risk exposure. In this context, non-performing loan ratios are expected to increase in the near future. Moreover, the widespread shift to lower interest rates will exert pressure on lending margins.
Revista de Economie Mondială, 2020
The use of basic financial services, such as bank accounts, loans or savings, has become a necess... more The use of basic financial services, such as bank accounts, loans or savings, has become a necessary condition for participation in economic and social life. However, parts of the global population and firms remain excluded from the financial sector for various reasons. This paper aims to analyse the main issues of financial inclusion globally and its role in economic development. To achieve this goal, the economic and social benefits of financial inclusion are identified, as highlighted by the existing literature; further, the main factors that determine the exclusion of the population and firms from the financial system are revealed; and finally, the global trends in the evolution of the financial inclusion indicators are presented. Notwithstanding the role of financial inclusion in achieving important economic goals, our analysis highlights the existence of significant disparities internationally in the level of financial inclusion, as well as the need to address them through pub...
The global financial crisis has revealed that the EU regulatory system was inadequate and hasemph... more The global financial crisis has revealed that the EU regulatory system was inadequate and hasemphasized the need for updating the regulations applicable to the banking sector. The existing disparitieson regulations amongst the EU countries were one of the causes of spreading the crisis in Europe. For abetter integration of banking systems and for achieving a genuine Economic and Monetary Union (EMU),European institutions have proposed to reform the regulatory and banking supervision framework at theEU level and to harmonize it. In this sense it was created a unique set of rules, which covers the whole EUarea, and was established a Banking Union. This will reduce the risk to financial stability at the EU levelalso creating a level playing field within the EU banking market that will increase the transparency andconfidence in this market. Besides already established pillars of the banking union, the Single SupervisoryMechanism and the Single Resolution Mechanism, the European institut...
Global Economic Observer, 2017
Public awareness regarding high-tech importance in improving economic growth is becoming more and... more Public awareness regarding high-tech importance in improving economic growth is becoming more and more crucial in analysing an evolving labour market with greater impact on the future global economy. High-tech sectors have been essential for achieving the sustainable development of both advanced and emerging economies, hence our paper has as main objective to study the most significant trends in tech-based development emphasizing the role of technological adjustment in promoting the major changes in the future of jobs. Taking into account the spillover effects of high technologies for boosting economic growth, our research aims to provide a comparative analysis regarding the leading countries in the field. The present paper takes into consideration selected relevant technology indicators and World Development Indicators in order to evaluate the countries’ potential regarding their high-tech advancement and adaptation of the labour market to the market requirements. Using a quantitat...
Impact of Socio-economic and Technological Transformations at National, European and International Level, 2016
The extent and severity of the global financial and economic crisis, which started with the subpr... more The extent and severity of the global financial and economic crisis, which started with the subprime credit crisis in the US, has revived discussions on the issue of economic cycles and the stabilizing role of state policies in the context of cyclicity. The decline in global GDP growth rate in 2009 was significant, with the economic downturn being triggered and amplified by financial factors. The purpose of this article is to argue for the relevance of cyclicity for central banks’ directions of action. The article reviews briefly the determinants of business cycles, and presents the peculiarities of the financial cycle, as well as the causes of the boosting effect of financial fluctuations for the economic cycle. It also highlights the current views on central bank's interventions to prevent financial imbalances, with a focus on the post-crisis situation.
Journal of Global Economics, 2017
Over the past 20 years, the relations between the Russian Federation and China have intensified b... more Over the past 20 years, the relations between the Russian Federation and China have intensified both at the political and economic level, based on a strategic partnership. The purpose of this article is to analyze the depth of the present Sino-Russian relations, especially in the area of economic cooperation in order to identify the problems and prospects of this strategic partnership.Our analysis finds that the “Eastern pivot†of the Russian Federation has more political substance than an economic one. Moreover, the commercial and investment goals agreed upon in their joint declarations are difficult to achieve, especially in the context of the Chinese economic reform and the Russian Federation’s economic downturn. Despite positive statements by their leaders,the Russian Federation and China are still trying to compromise on solutions for a range of economic and political issues that hinder bilateral cooperation.
The article is a continuation of the research initiated by the author on corporate governance cha... more The article is a continuation of the research initiated by the author on corporate governance challenges for the stability of the banking system and destabilizing effects of weak corporate governance structures within banking institutions in the Republic of Moldova. The article has the purpose to identify weaknesses in corporate governance arrangements in the current banking system and presents the main recommendations for eliminating these deficiencies. In order to achieve this goal was performed an analysis of the legislation that regulates the banking system and of the corporate governance code currently in place. Despite some progress on implementing recommendations of the International Monetary Fund and the reported satisfactory performance of banks, the following deficiencies of corporate governance in the banking system were identified: opaque shareholders’ structures and the issue of ultimate beneficial owners disclosure; deficient quality of bank boards; the current corpora...
Global Economic Observer, 2017
The last global financial crisis has shown that the volatility of financial flows has adverse imp... more The last global financial crisis has shown that the volatility of financial flows has adverse impacts on growth prospects and has an important role from a financial stability perspective. The article has the purpose to analyze why Europe was the most affected region by a reversal and a heightened volatility of cross-border flows both during the global financial crisis and in the aftermath of it, and to identify the main policy responses to this issue at the international and European level. For achieving these purposes the authors review the benefits and the costs of financial integration and present the main characteristics of cross-border capital flows with destabilizing effects on financial markets. The analysis finds that significant progress related to managing the volatility of financial flows through regulatory and supervisory reform of the financial market have been made since 2008, both at the international and European level. However, further steps should be taken for enha...
Journal of Global Economics, 2020
The Covid-19 pandemic has caused an unprecedented economic shock globally, affecting entire secto... more The Covid-19 pandemic has caused an unprecedented economic shock globally, affecting entire sectors, such as transport, travel and tourism, small and medium-sized enterprises, and other economic sectors. The situation of the Russian Federation in the context of the pandemic crisis is aggravated by two great vulnerabilities, i.e., the unstable pace of its economic growth in recent years and the dependence of this growth on the oil and natural gas exploitation industry. The paper aims to analyse the vulnerabilities of the Russian economy under the impact of the pandemic crisis. In order to achieve this goal, the paper emphasises the main sources of dependence of the Russian economy, and identifies the measures taken to mitigate the negative economic effects of the pandemic. It also presents the possible scenarios for the evolution of the economy in the period 2020-2022. The analysis highights that the disruptive effects of the pandemic are going to undermine the basic source of the Ru...
ECONOMY AND SOCIOLOGY: Theoretical and Scientifical Journal, 2017
In this article authors provide an overview of national strategies that directly or indirectly co... more In this article authors provide an overview of national strategies that directly or indirectly consider the management of financial stability. The actuality of this research topic is based on several factors. Firstly, the depth of the global financial crisis that started in 2007 has shown that financial stability must be ensured and monitored by competent authorities. Secondly, the situation of the national economy has been worsened since 2015, as a result of massive dilapidation of funds and serious violations with regard to preserving the systemic financial stability of the Republic of Moldova. Under the present state the issue of ensuring financial stability becomes more significant and important. The purpose of the research is to analyze and synthesize national strategies which reflect the management of financial stability and to detect the existing gaps. The scientific methods used are the following: systemic approach, analysis and synthesis, induction and deduction, logical an...
Global Economic Observer, 2017
After the onset of the Ukrainian crisis, the Russian Federation was faced with a series of intern... more After the onset of the Ukrainian crisis, the Russian Federation was faced with a series of international sanctions aimed to change its foreign policy towards Ukraine. Three years after the start of this major geo-political event, this research aims to present its impact on the relationship between the USA and the Russian Federation (in terms of trade and capital flows) but also to critically assess whether these sanctions proved effective. It should be mentioned that even before the Ukrainian crisis, the bilateral relation was a tensioned one, a series of other sanctions being imposed by the USA to the Russian Federation, most of them related to human rights infringement. The main goal of this paper is to assess the effects of the mutual economic sanctions imposed after the Ukrainian crisis. The used methodology is based on the most relevant theoretical approaches related to international sanctions, but also on a qualitative and quantitative analysis of the bilateral economic relati...
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Papers by Dorina Clichici