This paper examines the changes induced by the actual financial crisis in the dynamic relation between the currency rates and the differentials of the interest rates from Romania and euro area. In the framework of the Uncovered Interest Rate Parity hypothesis we apply the Vector Autoregressive...

This paper explores the monetary expectations induced to the managers of Romanian firms by adheration. It is based on an investigation among twenty Romanian executives regarding the impact on adheration over monetary aspects: inflation, exchange rates and adoption of euro. We conclude that the...

Conducerea politicii monetare poate fi privită ca o serie de decizii prin care sunt alese obiectivele şi instrumentele. Această lucrare studiază unele aspecte ale deciziilor strategice din politica monetară precum rolurile jucate de banca centrală şi de alte autorităţi publice,...

În timpul ultimelor decenii, politica monetară a trebuit să facă faţă unor schimbări semnificative cauzate de diferite procese. Această lucrare studiază provocările induse de recenta criză globală pentru politicile băncilor centrale. Vom aborda câteva posibile soluţii pentru...

In the last decade the monetary policy from Romania was deeply changed. The inflation decreased considerably in comparison with the 1990s. From a few years National Bank of Romania adopted the inflation targeting strategy that implied a careful use of the monetary instruments. The success of the...

The housing market could interact with the monetary policy in several ways. This paper approaches the situation of Romania where the national currency depreciation or the interest rates raise provoked, in the past, virulent reactions of the mortgage debtors. In these circumstances, the central...

In implementing monetary policies, the central banks could resort to moral suasion for influencing the behavior of various categories of economic actors. Among the quite frequent forms of moral suasion applied by the central banks there are forward guidance and the negotiations with commercial...