Centre for Financial and Monetary Research
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AAnnnnuuaalll RReevviiieeww hhttttttpp::://////jjjfffmmee...iiiccfffmm...rrroo NNoo...22///22001155 IISSN 2392--9685 ISSN 2392-9685 IIISSSSNN LL 22339922---99668855 From contents Investment and Economic Growth on Medium and Long Term Lucian-Liviu Albu The European Debt Crisis and the Challenges to the Banking Sector in Bulgaria Iskra Christova-Balkanska Economic Theory as Praxeology Emil Dinga Editorial Board 2015 Global Conjuncture and Expectations Napoleon Pop, Cornel Albu Director Mihail Dimitriu Editor in chief Gabriela Cornelia Piciu Editorial Secretary Alina Georgeta Ailincă Georgiana Chiţiga Cătălin Drăgoi Silvia Elena Isachi Ionel Leonida Nicoleta Mihăilă ““VViiiccttoorr SSlllăăvveessccuu”” CCeennttrree ffoorr FFiiinnaanncciiiaalll aanndd MMoonneettaarryy RReesseeaarrcchh ROMANIAN ACADEMY “COSTIN C.KIRIŢESCU” NATIONAL INSTITUTE FOR ECONOMIC RESEARCH “VICTOR SLĂVESCU” CENTRE FOR FINANCIAL AND MONETARY RESEARCH JOURNAL OF FINANCIAL AND MONETARY ECONOMICS ISSN 2392 – 9685, ISSN-L 2392-9685 Annual Review EDITORIAL BOARD Director: Mihail DIMITIRU Head of Department, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Editor-in-Chief: Cornelia Gabriela PICIU Head of Department, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Scientific Board: Constantin MARIN – Director, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Lucian-Liviu ALBU – Member of the Romanian Academy, Director, Institute for Economic Forecasting, Romanian Academy Luminiţa CHIVU – General Director, ”Costin C. Kiriţescu” National Institute for Economic Research, Romanian Academy Constantin CIUTACU – Deputy General Director, ”Costin C. Kiriţescu” National Institute for Economic Research, Romanian Academy Adina CRISTE – Editor in Chief, “Financial Studies”, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Mitko DIMITROV – Director, Institute for Economic Research, Bulgarian Academy of Sciences Emil DINGA – Senior Researcher, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Emilian M. DOBRESCU – Scientific Secretary, Economic, Law and Sociological Sciences Section, Romanian Academy Aurel IANCU – Member of the Romanian Academy Iulia LUPU – Head of Department, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy George Daniel MATEESCU – Senior Researcher, Institute for Economic Forecasting, Romanian Academy Camelia MILEA – Researcher III, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Mihai-Sabin MUSCALU – Director, Centre for Industrial Economics and Services, Romanian Academy Păun Ion OTIMAN – Member of Romanian Academy, Director, Institute for Agricultural Economics, Romanian Academy Elena PĂDUREAN – Researcher II, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Napoleon POP – Senior Researcher, , ”Costin C. Kiriţescu” National Institute for Economic Research, Romanian Academy Alexandru STRATAN – Director, National Institute for Economic Research, Academy for Sciences of Moldova Angela TIMUŞ – Scientific Secretary, National Institute for Economic Research, Academy for Sciences of Moldova Gheorghe ZAMAN – Corresponding Member of the Romanian Academy, Director, Institute for National Economy, Romanian Academy Editorial Secretary: Alina Georgeta AILINCĂ – Researcher III, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Georgiana CHIŢIGA – Researcher, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Cătălin DRĂGOI – Researcher, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Silvia Elena ISACHI – Research Assistant, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Ionel LEONIDA – Researcher III, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy Nicoleta MIHĂILĂ – Researcher III, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy All rights reserved this edition of "Victor Slăvescu" Centre for Financial and Monetary Research, Bucharest. Reproduction of all or part of text, by any means is permitted provided that the source is acknowledged. Liability for content and originality of the text lies with the authors. “Victor Slăvescu” Centre for Financial and Monetary Research 13 September no.13, Academy House, building B, 5th floor, 5th District, Bucharest, zip cod 050711, Phone:+40213182419, FAX +40213182419, e-mail: [email protected] Journal of Financial and Monetary Economics is edited by the "Victor Slãvescu" Centre for Financial and Monetary Research of the Romanian Academy since 2014. It is an annual review that has as main objective the dissemination of theoretical and applied economic research presented annually by the researcher in Romania and abroad in the international scientific conference "Financial and Monetary Economics". Research published scientific research aimed both economic development and clarification of the current economic phenomena and processes. As a result, conclusions and proposals offered by the authors address both academia - scientists, teachers, students - as well as decision makers. We emphasize the importance of scientific contributions, together with the clarity of concepts, methodologies and conclusions offered. Contents PLENARY SECTION ……………………………………………………………………………………....1 1. Investment and Economic Growth on Medium and Long Term ………………………………………………….. 2 Lucian Liviu Albu, member of the Romanian Academy, Director, Institute for Economic Forecasting, Romanian Academy, Bucharest, Romania 2. The European Debt Crisis and the Challenges to the Banking Sector in Bulgaria………………………..….. 15 Iskra Christova - Balkanska, Economic Research Institute at Bulgarian Academy of Sciences, Sofia, Bulgaria 3. Economic Theory as Praxeology ……………………………………………………………………………..……….. 23 Emil Dinga, Senior Scientific Researcher, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania 4. 2015 Global Conjuncture and Expectations …………………………………………………………………………. 27 Napoleon Pop, Scientific Director, Institute of World Economy, Romanian Academy, Bucharest, Romania Cornel Albu, Senior resercher, Institute of World Economy, within the Romanian Academy Section I: Fiscality, Public Budget, and Real Economy …………………………………......….. 32 1. Budget Elaboration in Austria …………………………………………………………………………………….…… 33 Alin Stelian Dobre, Deputy Director, Ministry of Public Finance, Bucharest, Romania 2. Inflation Dynamics and the Impact on Growth in Post-December Romania ………………………………..… 41 Cornelia Tomescu-Dumitrescu Associate Professor, University”Constantin Brâncuși” from Târgu Jiu Alina Georgiana Holt Assistant, University”Constantin Brâncuși” from Târgu Jiu Section II: Currency, Financial Institutions, and Nominal Economy ……..…………………… 46 1. Automatic Monetary Stabilizers – a Solution for a Better Monetary Policy and Economy Functioning …. 47 Alina Georgeta Ailincă, Researcher III, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania 2. Rethinking the Institutional Framework for Financial Stability in the Republic of Moldova ……………….. 59 Dorina Clichici, National Institute for Economic Research, Academy of Sciences of Moldova, Chișinău, Republic of Moldova 3. Modelling Approaches to Assess the Effectiveness of Macroprudential Policy ………………………….…. 67 Radu Cuhal National Bank of Moldova, Chișinău, Republic of Moldova Ludmila Stariţîna National Bank of Moldova, Chișinău, Republic of Moldova Diana Sadoveanu, National Bank of Moldova, Chișinău, Republic of Moldova 4. Contemporany Tendincies in the Development of the Financial Sector in Bulgaria in the Context of the Regulative Changes in the EU ………………………………………………………….…… 76 Tatiana Houbenova-Delisivkova Professor in International Economics at the Economic Research Institute of the Bulgarian Academy of Science 5. Connections between Active Aging and Foreign Direct Investment ………………………………….………… 92 Camelia Milea Researcher III, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania 6. Monetary Policy Against Financial Stability in the Republic of Moldova ………………………..…………….. 98 Olga Timofei, National Institute for Economic Research, Academy of Sciences of Moldova, Chișinău, Republic of Moldova 7. Regulation of Institutional Investors’ Activity in the Republic of Moldova: Problems and New Challenges for the Development of Domestic Capital Market ……………………………………………………. 104 Angela Timuș National Institute for Economic Research, Academy of Sciences of Moldova, Chișinău, Republic of Moldova Victoria Iordachi National Institute for Economic Research, Academy of Sciences of Moldova, Chișinău, Republic of Moldova Victoria Fala National Institute for Economic Research, Academy of Sciences of Moldova, Chișinău, Republic of Moldova Section III: International Economics and Finance ………………………………………………. 110 1. Recent Developments in the Strategies of the European Monetary Authorities …………………………….. 111 Adina Criste, Researcher II, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania Iulia Lupu, Researcher II, “Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania 2. The Role of Polish Minority at the Economic Modernization of Romania …………………………………….. 116 Emilian M. Dobrescu, Scientific Secretary of Section of Economic Sciences,