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The Impact Of State Securities Profitability On The Effectiveness Of Monetary Policy In Moldova

Author

Listed:
  • COCIUG, Victoria

    (National Institute for Economic Research Republic of Moldova, Chisinau, Republic of Moldova)

  • TIMOFEI, Olga

    (National Institute for Economic Research Republic of Moldova, Chisinau, Republic of Moldova)

Abstract

The recent decision of the Central Bank of Japan, regarding the adoption of a monetary policy aimed to control interest rates on government securities issued in the long term, which involves reducing the profitability of these values and increase their maturity to 24 years, determined our interest for state securities profitability impact on the effectiveness of monetary policy in the Republic of Moldova. Due to the fact that NBM has recently provided state securities with an interest that is very attractive to banks, which on the one hand, keeps the banks on the money market, on the other hand, this leads not only to lower bank interest for lending economy but even to counter this activity, which has adverse effects on the efficiency of provided monetary policy.

Suggested Citation

  • COCIUG, Victoria & TIMOFEI, Olga, 2016. "The Impact Of State Securities Profitability On The Effectiveness Of Monetary Policy In Moldova," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 3(1), pages 42-47, October.
    • Handle: RePEc:vls:rojfme:v:3:y:2016:i:1:p:42-47
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    More about this item

    Keywords

    state securities; state securities profitability; open-market policy; monetary policy; Taylor function; the interest rate on the state securities;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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