CONTEMPORARY ECONOMY JOURNAL

5-27

Authors: Marius GUST

Economic development of a country, but also the living standards of its citizens can be analyses through financial services offered. For over five years the availability of financial services is included in a category called financial inclusion and, in the broadest sense, it would mean access to the use of financial services by households and firms (current account, deposit, loan, investment, insurance, etc.). The relevance of financial inclusion for economic development of a country or its reverse, underdevelopment of a country, made organizations such as World Bank, International Monetary Fund, Bank for International Settlements or forums supranational institutions such as the G20 or simple private initiative but international visibility regard this concept and have the targets in this regard. We have noticed a valence evolutionary concept. Thus, from an understandable initial basic measured only by a few indicators, it was currently a very complex concept, measurable by a large number of indicators that allow assessment multilateral levels (access to financial services, their use, and their quality). Finally, it is important to follow the level of financial inclusion in Romania and its evolution.

34-37

Authors: Ramona BIRĂU

Sustainable development in public administration in Romania prioritizes on temporal level the general interest by satisfying the needs but without harming the chances of future generations. The concept of sustainability is the symbiosis between the natural environment and rational use of natural resources which increase efficiency on medium and long term perspective based on three fundamental pillars : economic sustainability, social sustainability and environmental sustainability. By implementing reform measures at the level of central and local public administration, sustainable development in public administration in Romania will exceed the abstract conceptualization. Thus, sustainable development in public administration pursues the optimization of the social system as a whole by focusing on public interest and ensure quality public services for citizens. Currently, the theory and practice of public administration in Romania must also consider the systemic risk caused by scarcity of natural resources that is required to ensure a balance between the needs of natural systems and social systems, and between the needs of present and future generations. Unequal distribution of natural resources at the global level is a reality so that it is fundamentally necessary to develop sustainable public administration as intrinsic resort which can lead to increased efficiency and effectiveness in promoting public interests.

46-54

Authors: Mihaela DIACONU, Amalia DUȚU

The paper highlights the relationship between vocational training providers and the micro-enterprise community in the context of the Strategy for Education and Vocational Training in Romania for the period 2016-2020 and that of the Europe Strategy 2020 that promotes smart growth through major investments in education. The research underlying this paper was carried out within an European project called ME2ME - Micro-Enterprise Learning Partnerships. The aim of the paper is to identify the current state of collaboration between Romanian VET providers and micro-business owners focusing on the following issues: the continuing availability of training providers to support entrepreneurial training or business development, the current relationship between VET providers and the micro-enterprise community. The main conclusions are: there are some barriers in providing training in the business field; VET representatives consider the following content as important in the training offer: problem solving, performance management, human resource management, communication, and IT; they see as very useful the training sessions, the small group meetings and peer-to-peer learning activities for which VET providers consider that there is great potential in learning among micro-enterprises owners.; there is a certain difference between the perceptions of the two groups regarding the learning methods used.

59-63

Authors: Isabela STANCEA

Public finances are a very important part of economic and social life and political conditions in each country, both in terms of its importance to the national economy and on functions that must meet state required for driving socio-economic and administrative and ensure the independence and sovereignty of the people. Public finances have evolved and diversified the social order to another and even within the same order, from one stage to another, so today we speak of public and private finances, a sizing of public expenditure in depending on their destination.

69-83

Authors: Agbonrha-Oghoye Imas IYOHA, David UMORU

The paper examines the link between capital structure and firm financial performance in Nigeria on basis of panel research design with secondary data spanning 2010-2014 financial year for seventy (75) sampled companies quoted in the Nigerian Stock Exchange was analysed. The data estimation technique was the 2SLS which is suitable in study perceived not be devoid of endogeneity. The result revealed that leverage as proxy by ratio of noncurrent liability to equity (NCLEQ) seems not to exhibit causality with financial performance (RETOA) vice-versa. However, there seems to be the presence of bidirectional causality between current liability expressed as a ratio to equity (CULEQ) and RETOA. Also, there is simultaneous causal link between Equity express as a ratio to overall assets (EQTTA) and RETOA. The study therefore concludes that capital structure (CULEQ and EQTTA) determines financial performance (RETOA) while simultaneously, financial performance determines capital structure in Nigeria. The study recommends that firms should have apposite capital structure mix, specifically ratio of NCLEQ to CULEQ and a good spread of both institutional and insider shareholdings.

99-109

Authors: Cătălin GRĂDINARU, Sorin-George TOMA

Worldwide, there is a consistent increasing tendency of the predominance of services for GDP growth, as they are the main contributor. Thus, one cannot deny the majority of white collars over blue collars. Whilst products have tangible assets on which consumers can judge and decide what is better for them, dealing with services imply the prevalence of soft variables. Combining services with the base of Maslow's pyramid, there is no denying the fact that the art of crafting food and the way an individual feels this basic process, thus, enhanced through the experience of dining, is critical. In an activity where the quality of the services provided play a decisive role in the success of a business, restaurants' management needs to know learn from the best practices examples in the field, track their activity and never quit their desideratum of reaching greatness through client satisfaction. The purposes of this paper are to provide an overview of the situation of the first two of the world's best restaurants and to present the role played by services marketing in their performance. Our research is based on a literature analysis.

117-124

Authors: Tatiana PETROVA, Corina GRIBINCEA

The greatest threat to the financial stability of the Republic of Moldova’s transition economy are considered the shocks in the banking sector which could destabilize fiscal and payment system, leading to higher inflation and demonetization of the economy. This can cause a detrimental impact on the rate of the national currency and exacerbate the political situation within the country. An analysis of the international practice concerning monetary system regulation for financial sustainability has been conducted by the authors. In order to assess financial stability on the money market of the Republic of Moldova the following indicators have been used: monetary aggregates; level of monetization of the economy; the level of ensuring the monetary base level of international reserves (gold & external reserves - GER); level of inflation and exchange rate.

131-140

Authors: Iurie BEȘLIU

The fundamental purpose of business activity is to maximize enterprise value. In conditions of widening the market is constantly seeking the most rational and effective methods of organizing financial activity in order to maximize enterprise value. In the scientific research it has been established that the value of a company is determined to a large extent by changes in domestic financial environment. The article studies existing value management concepts and models, where the financial factor has a significant impact. There are highlighted five principles of enterprise value management: the basic model of Damodaran; model T. Copeland, J. Murrin and T. Koller; Walsh's classic model; Egherev's models and Mordashev. Each of these models allow to change enterprise value from various angles and define appropriate instruments of value creation. We believe that these models can be applied to achieve an express-diagnostic of enterprise value. The principle of maximizing enterprise value can be implemented by regularly monitoring financial indicators, to timely detect negative deviations impact and avoid them.

147-155

Authors: Ioana Crina POP COHUŢ

In an increasingly competitive market, ensuring the quality of tourism and of hospitality industry services is very important for preserving or increasing the number of visitors. This is why companies in this industry are becoming increasingly aware of the importance of quality as a source of competitive advantage. The present paper attempts through a theoretical but pragmatic approach to identify the quantifiable elements taken into account in the tourism competitiveness and hospitality industry and the measurable elements of the quality level in this industry. The paper reviews the ways to quantify the competitiveness of tourism and of the hospitality industry based on the World Economic Forum's tourism competitiveness and hospitality industry index, as well as the main methods of quantifying the quality of services in this industry, with a focus on the SERVQUAL method. The main conclusions of the paper refer to the fact that due to the particularity of the hospitality industry and especially of the subjective factors that determine the qualitative level of the tourists' level, it is still difficult to standardize the quantification of quality in this industry. Also, even if we have identified in the literature a proposal to quantify tourism competitiveness and the hospitality industry including the Satisfaction of Visitors indicator, we have not yet encountered this indicator quantified globally.

163-171

Authors: Iuliana CIOCHINĂ, Carmen IORDACHE

Tourism, through the variety of activities it encompasses, and its relations with other economic sectors, has the features of a branch of interference and synthesis. In this context, promoting Romania as a tourist destination, and increasing the number of tourists are objectives that can be achieved through the implementation of financing policies striving to increase economic competitiveness, in order to attract investors and entrepreneurs in the field of tourism and hospitality. In addition to improvements in the legislative department, funding plays an important role in stimulating and developing SMEs and supporting the business environment. The diversity of activities embedded in the tourism industry's content gives it its complexity.

180-187

Authors: Tatiana MANOLE, Maria CIUMAC

The research made in this article is topical because the cash flow determines the viable activity of the entity. In this article, the authors investigate how to establish a financial balance based on the correlation between real and financial flows as a result of capital movements. The concept of cash flow is investigated, since cash is the most liquid asset of the entity, ensuring its activity continuously. The financial situation of the entity is analyzed on the basis of a system of financial indicators that underpin the financial manager's optimal decisions. The research topic is actual and necessary for any entity, ensuring a viable mechanism for profitable operation.

5-23

Authors: Andreea Elena DREGHICIU

In the economical environment, accounting is the main information provider. Thesse information reflect an actual image only when the accounting principles, the actual regulations are kept and last but not least through the instrument of evaluation, respectively the one of reevaluation. The evaluation has always been an activity which had the capacity of significantly influencing the decisions which are made based on the information provided, no matter if it is about the traditional model based on historical cost and prudence principle, or if it about the concept of fair value brought by globalization and harmonization process. Concerning the accounting policies associated with registering the evaluation and respectively the reevaluation results, the entities have the possibilities of opting yearly for installment transfer of the reserves from reevaluation on the reported result, or making this transfer only in the moment when the immobilization is out of use, for which the reserves from reevaluation are registered. There are also situations when the entities may choose for returning at historical cost from the fair value. The purpose of this scientific approach is the one of practically and theoretically presenting both the implications which different options of the entities have, in the treatment of the reserves from reevaluation, and the return at historical price from fair value upon the information given for publishing.

40-53

Authors: Victoria POSTOLACHE, Andrei CURAC

In the contemporary economy it counts not only the production and circulation processes, but also management problems. Thus, internal control system formation acquired a great importance, whose presence in the financial sector is seen as a necessary attribute of belonging to a civilized community. Control is a class complex with multiple applications in the financial sector. In this context, the purpose of this research is to determine not only the importance control for banks, but also to achieve a qualified internal control in licensed banks.

67-82

Authors: Silvia-Elena ISACHI

The central objective of this paper is to analyse the determinants of investments, as they have been described by the economic theory specific to the field of foreign direct investments. We consider that the matter of foreign direct investments and of their determinants as one of great importance both for the Romanian economy, and for the economy of other countries. It requires elaborate and multilateral approaches, not just on the side of the investors, but also on the side of the public entities that aim to stimulate these flows. The evolution of the foreign direct investments differs from one period to another due to several factors resulting from the evolution of the economic and social systems. The multinational companies have different aptitudes in the mater of making foreign direct investments, even in countries that are equivalent in terms of attractiveness for foreign direct investments. Besides to the traditional factors pertaining to the level of the market, population size and incomes, general economic performance of the economy, there also are other factors that may influence, under specific circumstances, the size of the foreign direct investments.

88-96

Authors: Victoria IORDACHI, Angela TIMUŞ

The primary objective of fiscal administration is to encourage, facilitate and maintain a high degree of voluntary compliance by taxpayers which will allow concentrating resources on identifying and dealing with those taxpayers who fail to fully comply with their tax obligations. At the same time, for fiscal authorities tax systems based on turnover imply a high risk of evasion because taxpayers can easily submit false data. Particularly, in case of cash transactions, the problem of detecting cases of under-declaring becomes a real challenge. In foreign practice, promotion of measures to combat tax evasion is part of a wider program to support the business environment through reduction of tax burden and encouragement of payment compliance, as well as to ensure a competitive business environment, which will be undistorted by unfair competition. To accomplish this purpose, in developed countries, tax administrations have for years been appealing for technological advances implemented in private sector. At the same time, in developing countries, the opportunities that technology offers are more elusive. This article relates some of practices used by fiscal authorities to encourage tax declaring, especially by small business and self-employed, as well as measures that are based on civic consciousness.

112-125

Authors: Ion MOROZNIUC, Liliana MOROZNIUC

In this publication the author describes a brief history of the business and analyzing the situation in the SME segment of Moldavian business, identify problems and propose some solutions. The economic development of society largely depends of economic successes of the business units on and the entities’ development depend on of business environment existing in the country (favorable or unfavorable).

134-185

Authors: Nicoleta PAVEL

Changes after 1989 in the economic, social and political developments have imposed rapid and regulatory environment, including the accounting firms. The existence of a variety of economic and financial operations carried out by companies imposed their rules in accounting terms, achieving a process of assimilation to the provisions of IFRS in Romanian accounting standards. This made possible the gradual assimilation of understanding and practice of the skilled companies of accounting rules increasingly complex and even switching to the application of IFRS as accounting basis. To analyze the impact of transition to IFRS application as accounting basis on the value of assets and equity comparing the information submitted by companies according to IFRS with those determined for the same period according to accounting regulations applicable prior to the transition to IFRS (regulations complying with European directives ). The results of research conducted on the information contained in the financial statements prepared by fifteen companies, considered representative, have highlighted the fact that the transition to the application of IFRS as the basis of accounting did not significantly affect the total value of assets of these, but caused some reclassifications between different categories assets and some value adjustments. However, analysis of equity resulting from the application of IFRS has revealed that restatements made were not significantly affected equity in their entirety, with changes in their structure. The graphs shown in Annex highlight comparatively assets and equity according to IFRS and Order no. 3055/2009, as amended and supplemented.

196-204

Authors: Osama AARAR

Research investigated gaps in achievements between Jewish and Arab pupils in Israel. Research questions were: Were there significant differences in grades attained by Jewish and Arab pupils in Israel in PISA 2009 tests? Was there a correlation between the socio-economic index measured by the PISA program, and grades attained in PISA 2009 tests? Was there a correlation between the mean grades in the PISA 2009 tests and the overall organizational status of Jewish in comparison to Arab schools? Quantitative data were collected with questionnaires for pupils and principals developed by the PISA program. Data-analysis indicated significant positive correlations of the pupils’ grades with the combined socio-economic index of the school pupils, and with the school climate. Positive correlations were found with the quality of educational resources and extent of school independence in allocation of resources. Pupils’ achievements in the Jewish sector in reading were significantly higher than pupils’ achievements in the Arab sector. Achievements of pupils from socio-economic strata above the median were higher than those of pupils from socio-economic strata below the median. The research contributes knowledge regarding factors leading to gaps in learning achievements, between different sectors. Intensive activity is needed to reduce these gaps.

219-227

Authors: Cătălin GRĂDINARU, Sorin-George TOMA

A key success factor in services marketing is the manner in the extended marketing mix is applied. Services, defined as activities offered on the marketplace, are difficult to evaluate from a qualitative point of view, contain only a few tangible components and cannot be stored. Due to specifics related to services such as intangibility, heterogeneity, production-consumption inseparability and perishability, distinctions had to be made so that they would distinguish themselves from products. Thus, the notion of traditional marketing mix (place, price, product, promotion) was adapted for services and specialists introduced the notion of extended marketing mix by adding three new components: people, physical evidence and process. The aim of our paper is to highlight the specifics and analyze the components of the extended marketing mix within the Catalonian business El Celler de Can Roca, the world’s best restaurant in 2015, according to the Michelin Guide. The paper’s research methodology is literature review.

239-243

Authors: Carmen RĂDUȚ, Marius SPINCIU

Financial Management Software is a financial consolidation and reporting application built with advanced Web technology and designed to be used and maintained by the finance team. It provides financial managers the ability to rapidly consolidate and report financial results, meet global regulatory requirements, reduce the cost of compliance and deliver confidence in the numbers. Your organization can improve its consolidation process and reporting as well as reduce inconsistent data and regulatory compliance risk. Accounting means to assign the correct numbers to the correct accounts in the correct time period. Consolidation means to combine the accounts of several entities according to accounting rules.In this case an extremely important is to ensure security. Application security is the security within an application. Security prevents two types of errors: intentional and accidental.

5-20

Authors: Marinela-Daniela MANEA

Whereas prior to 1990 the co-operative movement held an important position in the national economy, later on, going from centralized economy to market economy, this sector saw a continuous decline, and consumers’ co-operatives – the subject matter of our study – were forced, in line with their resources, to adapt to new tendencies as they emerged. And, since development of a large co-operative movement requires a support system capable to transfer knowledge of a great number of people, in addition to capital resources to favour cooperation, the undertaking of our paper aims at the very methods to maintain Romanian co-operative societies, process which has been ignored over the past two decades both by the lawmakers and entities directly concerned.

33-63

Authors: Andreea-Daniela GANGONE, Mihaela ASANDEI

Sustainable development is the most pressing concern of contemporary organizations, as it requires profound changes in their business strategies and practices. The need to ensure business sustainability triggered a broadening of the concept of marketing, its task being to meet the needs of current and future generations of consumers by creating and offering products and services in a sustainable way. We used content analysis of retailers’ web sites, completed with information from Retailer Scorecard 2016 Report, to assess the extent to which representative retailers implement sustainable marketing practices in Romania. The major contributions of this study are: the creation of a conceptual model for evaluating the results of sustainable marketing in an organization, starting from the dimensions of sustainable development; a ranking of major retailers in Romania based on the performance of their sustainable marketing activities; the identification of key strategic directions of sustainable marketing, which guide marketing activities of major retailers in Romania, allowing the analysis of strategic groups of retailers.

78-84

Authors: Cristina Aurora BUNEA-BONTAȘ

In January 2016 the International Accounting Standard Board (IASB) issued the International Financial Reporting Standard (IFRS) 16 Leases, this being the final step in accomplishing the goal of bringing most leases on-balance sheet for lessees. Whereas, under the provisions of International Accounting Standard (IAS) 17 Leases, a lessee had to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet), the new accounting model requires the lessee to recognise almost all lease contracts on the balance sheet (with optional exemptions for certain short-term leases and leases of low-value assets). The aim of this paper is to discuss some of the major differences between IFRS 16 and IAS 17 and to point out the effects of the new accounting model on a company’s financial statements.

97-104

Authors: Inga BULAT

In the last years it is becoming increasingly actual the recognition of corporate governance involvement and the risk management in public entities, the importance of approaching this issue is evidenced by the current situation faced by internal auditors. The entity is a body constantly changing which evolves in complexity, besides traditional exposure to the hazard, thus adding operational, financial, strategic, legal, human, and fraud risks. The complex nature of the risk can be attributed to several factors. Internal auditors have an important role in the risk assessment, processes, systems, and addressing or providing recommendations is the result of everything that happens and what can it lead to. Planning the internal audit activity implies a broader evaluation of operational risks and the environment in which it works. The topic approached in this article refers to the risk assessment and internal audit work plan in order to assist an entity in achieving its objectives by implementing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

112-118

Authors: Cristina UNGUR

One of the main concerns of economists is economic growth. In this paper we show that insurance is an instrument for influence economic growth. Also, we analyze the impact of social and economic factors on insurance sector development. Thereby, this paper shows that insurance and economy are two correlated dimension. The development of national insurance markets, especially life insurance sector, allows us to promote financial stability, to improve welfare, to develop business and innovation. At the same time, insurance helps government to improve the social security and to strengthen national budget. Al of this effects leads to GDP growth. The results of this paper could be useful for governments, especially in emerging countries, to improve economic growth by stimulative policies for the development of insurance industry.

125-135

Authors: Sorina - Cristina MARIN

The present paper entitled “The Integrity Management in the Public Institutions from Romania" aims mainly to a major a documentary research concerning the general aspects of the ethics policy and of the prevention of corruption in public institutions, an important condition to strengthen the administrative capacity of human resource and, last but not least, good governance practice. The exercise of authority by public servants or by the entire staff of the public administration in Romania, through the accountability and efficiency of public services, ensuring efficiency and effectiveness, transparency, performance, as ethical standards and integrity, can become tangible targets to strengthen the climate of trust and mutual respect between the citizens and public institutions of the state. Only an administration where it is desirable the practice of such standards is one that are concerned about its own quality and the growth of the degree of responsibility toward the citizens.

152-161

Authors: Constanța POPESCU, Roxana SURCEL (GEORGESCU)

Recruitment and integration at work are not enough if the organization "does not project a long-term development design for each of the employees", combining personal goals with those of the organization. Throughout his career, the employee undergoes several stages of development and professionalization. Starting from the professional development analysis in their own company, organizations face problems regarding the development and evolution of the employee’s career. It is not wrong to make the statement that the responsibility is shared between the individual, as the main responsible person for their development, and the organization, which through individual careers’ progress helps optimize organizational life, performance and sustainable development. The objective of the focus group research as investigation method was to outline the perception of the teaching staff in pre-university education in Dambovita on the “professionalization” model of the teaching career. The sample of the teaching staff in pre-university education, high school, on which the focus group research was conducted, was made up 9 teachers with different expertise, seniority and qualification levels in education so as to ensure representativity and lead to pertinent conclusions with regards to skills which teachers in pre-university education should have in order to practice the teaching profession.

176-181

Authors: Marius SPINCIU, Carmen RĂDUȚ

Business Intelligence is a unique platform that enables entities to uncover new insights and make faster, more informed business decisions by offering agile visual analytics and self-service discovery together with best-in-class enterprise analytics. Instant mobile, highly interactive dashboards, powerful operational reporting, just-in-time alerts, content and metadata search, strategy management, native access to Big Data sources, sophisticated in-memory computing, and streamlined systems management combine to make Business Intelligence a comprehensive solution that reduces the total cost of ownership and increases return on investment for the entire organization. This paper presents an analysis in Business Intelligence Software for three such solutions and the score obtained, showing at the same time product details, including modules, tools, options, plans, prices, and more (cloud).

5-12

Authors: Gabriela PICIU

Article includes a brief overview of the situation of the energy sector in the context of sustainable development and the need capitalization of renewable energy sources. Sustainability Romanian energy sector is of major importance, given that one of the basic pillars of economic policy, included in the Europe 2020 Strategy is to increase resource efficiency and energy security's rate. Europe 2020 strategy were assumed lines of action for sustainable development of the energy sector: increasing the share of renewable energy, improving energy efficiency, reducing emissions of greenhouse gases. Also, the article proposes solutions to the proper management of renewable energy sources and reduces anomalies renewable market in Romania. Harnessing renewable energy sources utmost interest to all countries, especially in Europe, as a country's energy policy must permanently ensure a balance between security of supply, competitiveness and economic viability and the environment.

31-36

Authors: Doina MUREȘANU

Defined as "the set of tacit norms and laws existing in a given society in relation to what is considered acceptable and tolerable in the employment relationship", the social management contract (SMC) has recently proved to be an interesting tool for an contextualized study of the relationship that the employee develops with his employer. This paper is based on the research results obtained by the author during her doctoral thesis at the Université du Québec à Montréal (Canada). In this thesis, we propose to study how the former social contract of Romania (that before the fall of communism) impregnates the current social contract in this country. To compare it with the new social contract, we analyzed the features of the old Romanian social contract. This analysis, which makes the object of this paper, was carried out in a constructivist approach, based on 39 interviews conducted in two companies of the automobile industry of the region of Sibiu, Romania. We have thus identified three main categories of characteristics of the old social contract (which we characterized as "paternalistic"): protection / security, hierarchy and community spirit. We will detail each of these characteristics in this paper. The theoretical and practical contributions of our study on the SMC before 1989 and its limitations will also be mentioned in the communication.

47-52

Authors: Silvia Elena ISACHI

This research paper is developed from the perspective of the sustainability of the economic process, the main purpose of analyzing the relationship between social performance and financial performance of companies, and especially the multinational companies. Multinational companies are those in that practice corporate social responsibility is most strongly developed, given their size, financial resources at their disposal, and exposure to various business environments, with different requirements and standards. The intensification global competition puts also pressure to the performance of companies and on a global market increasingly competitive, companies, whether multinational or domestic, attempted business solutions to identify optimal approaches through the prism of profit or integrated approach. Therefore, a number of increasingly more investors become interested not only in the financial performance of companies, but also how companies fulfill their social responsibilities, leading inevitably to changing the orientation pure financial to take consider other issues.

63-70

Authors: Silviu-Marius ŞEITAN

The small and medium enterprises hold an important proportion of the business environment, which is why the association of the evolution of these economic entities with the conditions of macroeconomic performance is imperative for the efficiency of the socioeconomic development. Within this context, the small and medium enterprises should be considered as the main source of revenue to the state budget and, at the same time, as the main market for the labour force, these two perspectives showing their essential role in influencing the demand and consumption. Given the way in which these macroeconomic objectives are targeted, particularly by the system of macroeconomic policies, it appears necessary to analyse the interrelationships between the business environment and the macroeconomic administration – context within which the strategic objective of establishing the proper conditions for the evolution of the small and medium enterprises becomes of utmost importance.

87-108

Authors: Ion MOROZNIUC

NBM policies must work towards achieving its inflation targeting strategy based on classical monetary policy instruments - a major long-term priority related to creating the necessary conditions of lending. In this context, the priority related to the granting of rights of creditors, efficient mechanisms to restructure nonperforming loans, improving the business climate, raising confidence in monetary policy, stepping up cooperation between the monetary authority and business. However, the primary objective of the central bank remains the strengthening of the financial stability, optimally capitalized domestic banks, to act promptly of any risk to remediate weaknesses exposed by the crisis.

126-149

Authors: Carmen IORDACHE, Iuliana CIOCHINĂ

Within the South-West Oltenia region, Vâlcea county is the county with the highest degree of tourism development, but its potential is unlimited due to its natural resources and the multitude of tourist attractions existing on its territory. Although it occupies the fifth place in terms of functional accommodation capacity and the fourth place in the country in terms of number of overnight stays, the tourism sector records a discrepancy between its potential and the level of exploitation. The present paper aims to analyze the position of the Vâlcea tourism on a regional and national level, it is essential that this activity be analyzed from a scientific point of view, by means of the indicators of tourism activity.

157-163

Authors: Vadim LOPOTENCO

In a market economy, monetary policy is a strategic tool of the state in balancing the market and influence on economic processes and therefore, the monetary policy has an impact on all economic sectors, including banking. We investigate the impact of monetary policy on systemic risk of Moldovan banks. We will try to find the correlation between interest rates for an extended period of time and increase bank risk. This result allows us to propose measures to prevent and reduce systemic risk, such as macroeconomic and institutional controls, including the intensity of surveillance activities, securitization and bank competition. The results will allow us to analyze the neutrality of monetary policy to financial stability of the banking sector in the Republic of Moldova.