INTERNATIONAL RESERVES MANAGEMENT IN THE REPUBLIC OF MOLDOVA

Victoria Iordachi (), Mariana Rodica Tirlea () and Tatiana Petrova ()
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Victoria Iordachi: INCE

Economy and Sociology, 2017, issue 1-2, 65-74

Abstract: The actuality of the given research is determined by the importance of establishing the adequate volume of international reserves held by the Central Bank. The main purpose of the article is investigation of new methods of calculating the adequate level of international reserves for emerging economies, proposed by the IMF and those existing in international practice. The main research methods were systemic analysis and logic synthesis. The main result obtained in this article, as a result of the research, is proposing a special approach in applying the IMF methodology in the Republic of Moldova, considering the dependence of the economy on the export of labor. The conducted calculations show a significant decrease in the level of international reserves of NBM over the past two years and their approach to the critical value. To overcome internal imbalances, the international reserves management should suppose the accumulation of a higher volume than the average, which would partly compensate the shortcomings in implementing reforms of transforming the economy of the Republic of Moldova, improving their efficiency and quality of domestic policy

Keywords: economic growth; reserve assets; central bank; official foreign exchange reserves; capital adequacy; broad money; short-term debt; International Monetary Fund. (search for similar items in EconPapers)
JEL-codes: E51 E58 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aat:journl:268

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