ECONOMIE ȘI SOCIOLOGIE ECONOMY AND SOCIOLOGY 1 [621988]
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 1
Nr.3 / 2016ECONOMIE șiSOCIOLOGIE
REVISTĂMinisterul Economiei
al Republicii MoldovaAcademia de Științe
a Moldovei
revistă teoretico -științifică, fondată în anul 1953
publicație științifică de profil, categoria „B”
Nr.3/ 201 6
ISSN: 1857 -4130
Chișinău , 2016
Revistă teoretico -științifică / Theoretical and scientifical journal 2
Nr. 3/ 2016COLEGIUL DE REDACȚIE:
Redactor -șef:
Alexandru STRATAN ,doctor habilitat, profesor, Republica Moldova
Membrii:
Gheorghe MIȘCOI ,membru corespondent, Republica Moldova
Andrei TIMUȘ , membru corespondent A ȘM, fondator, Republica Moldova
Gheorghe ILIADI , doctor habilitat, profesor, Republica Moldova
David SMALLBONE , doctor, profesor, Marea Britanie
Michael GRINGS , doctor, profesor, Germania
Luminița CHIVU , doctor, profesor, România
Vasa LASZLO , doctor, conferenția r, Ungaria
Thomas RESL, ing., M. S c., Austria
Stasys RIMANTAS , doctor, profesor, Lituania
Jamila BOPIEVA , doctor habilitat, profesor, Kazahstan
Vilayat VALIYEV , doctor habilitat, Azerbaidjan
Karl William VIEHE, B.A., M.A., J.D., M.L.T., SUA
Tomas KUCERA , doctor, Republica Ce hă
Gemma MASAHIKO ,doctor, profesor, Japonia
Apostolos PAPAPHILIPPOU ,doctor, Grecia
Euphrasia Susy SUHENDRA , doctor, profesor universitar, Indonezia
Dimitre NIKOLOV ,doctor, profesor, Bulgaria
Serghei PIROJCOV ,Ucraina
Nina WEBER , M. Sc., Au stria
Dumitru MOLDOVAN , membru corespondent, Republica Moldova
Elena PĂDUREAN , doctor, România
Dorina RO ȘCA, doctor, Fran ța
Andrzej KOWALSKI, doctor habilitat, profesor, Polonia
Emil DINGA, doctor, profeso r universitar, România
Zinaida ARICOVA ,doctor, conferențiar, Republica Moldova
Galina ULIAN , doctor habilitat, profesor, Republica Moldova
Alexandru GRIBINCEA , doctor habilitat, profesor, Republica Moldova
Ludmila COBZARI , doctor habilitat, profesor u niversitar, Republica Moldova
Victoria GANEA ,doctor habilitat, conferențiar, Republica Moldova
Tudor BAJURA , doctor habilitat, profesor ,Republica Moldova
Valeriu DOGA , doctor habilitat, profesor, Republica Moldova
Tatiana MANOLE , doctor habilitat, profes or,Republica Moldova
Olga GAGAUZ ,doctor habilitat, conferențiar cercetător, Republica Moldova
Larisa ȘAVGA ,doctor habilitat, profesor universitar, Republica Moldova
Vadim MACARI ,doctor, conferențiar cercetător, Republica Moldova
Victoria TROFIMOV ,doctor, conferențiar, Republica Moldova
Rodica PERCIUN, doctor, conferențiar, Republica Moldova
Victor MOCANU , doctor, conferențiar, Republica Moldova
Anatol ROJCO , doctor, conferențiar, Republica Moldova
Angela TIMUȘ , doctor, conferențiar, Republica Moldo va
Marica DUMITRAȘCO ,doctor, conferențiar, Republica Moldova
Galina SAVELIEVA , doctor, conferențiar, Republica Moldova
Radu CUHAL ,doctor, conferențiar, Republica Moldova
Victoria IORDACHI, doctor, conferențiar, Republica Moldova
Revista „Economie și Soc iologie” are statut de publicație științifică de profil, categoria „B” (Decizia Consiliului Suprem pentru
Știință și Dezvoltare Tehnologică al Academiei de Științe a Moldovei și a Consiliului Național pentru Acreditare și Atestare, Hotărârea
nr. 151 din 21 iulie 2014).
Revista este indexată în următoarele baze de date internaționale:
DOAJ http://doaj.org/toc/ce81782df3c444cb81f8079767e0d9a1
IDEAS https://ideas.repec.org/s/nos/ycriat.html
EconPapers http://econpapers.repec.org/article/nosycriat/
LogEc http://logec.repec.org/scripts/seritemstat.pf?h=RePEc:nos:ycriat
SOCIONET http://socionet.ru/collection.xml?h=spz:brtsbiblioteca:ycriat
INDEX COPERNICUS http://www.journals.indexcopernicus.com/Economie+si+Sociologie+,p24780207,3.html
OAJI http://oaji.n et/journal -detail.html?number=1568
RePEc https://edirc.repec.org/data/iefscmd.html
EZB http://rzblx1.uni -regensburg.de/ezeit/searchres.phtml?bibid=AAAAA&colors =7&lang=
en&jq_type1=QS&jq_term1=economy+and+sociology
IBN https://ibn.idsi.md/ru/vizualizare_revista/79
© Institutul Național de Cercetări Economice al AȘM și ME
© Secția de Sociologie a Institutului de Cercetări Juridice și Politice al AȘM
© Universitatea de S tat din Comrat
Preluar ea textelor editate în revista „Economie și Sociologie” este posibilă doar cu acordul autorului. Responsabilitatea asupra fiecărui text
publicat aparține autorilor. Autorii declară pe propria răspundere că articolele s unt autentice și nu există nici un conflict de interese, totodată,
transmite d reptul de autor și editorului. Opinia redacției nu coincide întotdeauna cu opinia autorilor.
Redactor -șef al Complexului Editorial: Iulita BÎRCĂ
Redactori :Victoria BORDOS, Andrian SCLIFOS,
Eugenia LUCAȘENCO , Viorica CELPAN , Lilia GHITIU
Machetare :Andrian SCLIFOS .Designer copertă: Alexandru SANDULESCU
Redactare bibliografică :Nina DALINITCHI, Diana PELEPCIUC, Clasificare JEL :Victoria BORDOS
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 3
Nr.3 / 2016ECONOM Yand SOCIOLOGY
REVISTĂAcademy of Science s
of MoldovaMinistry of Economy
ofthe Republic of Moldova
theoretical and scien tifical journal, founded in 1953
scientific profile publication of “B”category
Chisinau, 2016No.3/ 201 6
ISSN: 1857 -4130
Revistă teoretico -științifică / Theoretical and scientifical journal 4
Nr. 3/ 2016EDITORIAL BOARD:
Editor -in-chief:
Alexandru STRATAN , PhD, Professor, Republic of Moldova
Members:
Gheorghe MISCOI ,Associate Member, Republic of Moldova
Andrei TIMUS , Associate Member ASM, founder, Republic of Moldova
Gheorghe ILIADI , PhD, Profe ssor, Republic of Moldova
David SMALLBONE ,PhD, Professor, Great Britain
Michael GRINGS , PhD, Professor, Germany
Luminita CHIVU , PhD, Professor, Romania
Vasa LASZLO , PhD, Hungary
Thomas RESL, eng., M. Sc., Austria
Stasys RIMANTAS , PhD, Professor, Lithua nia
Jamila BOPIEVA , PhD, Director, Kazakhstan
Vilayat VALIYEV , PhD, Azerbaijan
Karl William VIEHE , B.A., M.A., J.D., M.L.T., USA
Tomas KUCERA , PhD, Czech Republic
Gemma MASAHIKO , PhD, Prof essor, Japan
Apostolos PAPAPHILIPPOU , PhD, Greece
Euphrasia Susy SUH ENDRA , PhD, Professor, Indonesia
Dimitre NIKOLOV , PhD, Professor, Director, Bulgaria
Sergei PIROJKOV ,vicepresident of the National Academy of Sciences, Ukraine
Nina WEBER , M. Sc., Austria
Dumitru MOLDOVAN , Associate Member, Republic of Moldova
Elena PADU REAN , PhD, Romania
Dorina RO SCA, PhD, France
Andrzej KOWALSKI ,PhD, Professor, Poland
Emil DINGA, PhD, Professor, Romania
Zinaida ARICOVA ,PhD, Associate Professor, Republic of Moldova
Galina ULIAN , PhD, Professor, Republic of Moldova
Alexandru GRIBINCEA , PhD, Professor, Republic of Moldova
Ludmila COBZARI ,PhD, Professor, Republica Moldova
Victoria GANEA ,PhD, Associate Professor, Republic of Moldova
Tudor BAJURA , PhD, Professor, Republic of Moldova
Valeriu DOGA , PhD, Professor, Republic of Moldova
Tatiana MANOLE , PhD, Professor, Republic of Moldova
Olga GAGAUZ ,PhD, Associate Professor, Republic of Moldova
Larisa SAVGA ,PhD, Professor, Republic of Moldova
Vadim MACARI , PhD, Associate Professor, Republic of Moldova
Victoria TROFIMOV , PhD, Associate Professor, Republic of Moldova
Rodica PERCIUN, PhD, Associate Professor, Republic of Moldova
Victor MOCANU , PhD, Associate Professor, Republic of Moldova
Anatol ROJCO , PhD, Associate Professor, Republic of Moldova
Angela T IMUS , PhD, Associate Professor, Republic of Moldova
Marica DUMITRASCO ,PhD, Associate Professor, Republic of Moldova
Galina SAVELIEVA , PhD, Associate Professor, Republic of Moldova
Radu CUHAL ,PhD, Associate Professor, Republic of Moldova
Victoria IORDACHI ,PhD, Associate Professor, Republic of Moldova
The journal “Economy and Sociology” is recognized as scientific publications in the field of “B” category (decision of the Su preme
Council on the Science and Technological Development of Academy of Sciences of Moldova and National Council for Accreditation and
Attestation, Decision No. 151 of July 21, 2014) .
The journal is indexed in the following international databases:
DOAJ http://doaj.org/toc/ce81782df3c444cb81f8079767e0d9a1
IDEAS https://ideas.repec. org/s/nos/ycriat.html
EconPapers http://econpapers.repec.org/article/nosycriat/
LogEc http://logec.repec.org/scripts/seritemstat.pf?h=RePEc:nos:ycriat
SOCIONET http://socionet.ru/collection.xml?h=spz:brtsbiblioteca:ycriat
INDEX COPERNICUS http://www.jo urnals.indexcopernicus.com/Economie+si+Sociologie+,p24780207,3.html
OAJI http://oaji.net/journal -detail.html?number=1568
RePEc https://edirc.repec.org/data/iefscmd.html
EZB http://rzblx1.uni -regensburg.de/ezeit/searchres.phtml?bibid=AAAAA&colors =7&lang=
en&jq_type1=QS&jq_term1=economy+and+sociology
IBN https://ibn.idsi.md/ru/vizualizare_revista/79
© National Institute of Economic Research of ASM and ME
© Sociology D epartment of Research Institute of Legal and Political of ASM
©Comrat State University
The taking over of the texts tha t are published in the journal “ Economy and Sociology” is possible only with the author’s agreement. Responsibility for
each published text belongs to the authors. The authors declare on their own responsibility that the articles are authentic and there is no conflict
of interest and also transmit the copyright to the publisher. Authors views are not always accorded wit h the editorial board’s opinion.
Editor -in-chief of Editorial Complex :Iulita BIRCA
Editors :Victoria BORDOS, Andrian SCLIFOS,
Eugenia LUCASENCO , Viorica CELPAN , Lilia GHITIU
Pages layout: Andrian SCLIFOS .Designer :Alexandru SANDULESCU
Bibliographic ed itors:Nina DALINITCHI, Diana PELEPCIUC, JEL Classification: Victoria BORDOS
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 5
Nr.3 / 2016CUPRINS
Victoria IORDACHI, doctor, conferențiar, Institutul Național de Cercetări Economice
Mariana Rodica ȚÎRLEA, doctor , Universitatea Creștinǎ “Dimitrie Cantemir” București, România
UTILIZAREA IMPOZITĂRII PREZUMPTIVE ÎN FACILITAREA PROCESULUI DE
CONFORMARE FISCALĂ A BUSINESSULUI M IC……………………………………………. 11
Alexandru GRIBINCEA, doctor habilitat, profesor, Universitatea Liberă Interna țional ă din Moldova
Igor ENICOV, doctor habilitat, profesor, Universitatea Liberă Interna țional ă din Moldova
Iulita BÎRCĂ, cercetător științific, Institutul Național de Cercetări Economice
ASPECTELE CORELAȚIEI CALITĂȚII PRODUCȚIEI ȘI COMPETITIVIT ĂȚII
ÎNTREPRINDERII……………………………………………………… ………………………… … 20
NicolaeȚÂU,doctor habilitat, profesor universitar, Academia de Studii Economice din Moldova
GLOBAL IZAREA, PROBLEME CONTEMPORANE ȘI TENDINȚE DE DEZVOLTARE A
AFACERILOR INTERNA ȚIONALE……………………………………………………………… 27
Tatiana KASYANENKO , doctor în economie, profesor, Universitatea Economică de Stat din Sankt
Petersburg , Federația Rus ă
Olga BUZU, doctor habi litat în eco nomie, conferen țiar universitar , Universitatea Tehnică a
Moldovei
CARACTERISTICILE DE STABILIRE A PRE ȚURILOR PE PIAȚA CREDITELOR
IPOTECARE ÎN FEDERA ȚIA RUS ĂȘI REPUBLICA MOLDOVA (partea 1)…………… … 34
Mariana BUCIUCEANU -VRABIE, doctor în socio logie, conferen țiar cercet ător, Institutul Na țional
de Cercetări Economice
POTENȚIALUL ÎMB ĂTRÂNIRII ACTIVE ÎN REPUBLICA MOLDOVA…………………… 42
Olena KURCHENKO ,aspirant, Institutul de Economie și Prognoz ă, Academia Națională de Științe ,Ucrain a
Oleksandr K ARDASH ,aplicant , Institutul de Economie și Prognoz ă, Academia Națională de Științe ,Ucrain a
TRAINING DE ANTREPRENORIAT INOVATIV –O CHEIE PENTRU CREAREA DE
STARTUPURI………………………………………………………………………………………… 49
Tatiana PÎȘCHINA, doctor habilitat, conferențiar universitar, Academia de Studii Economice din Moldova
CREȘTEREA ECONOMICĂ ÎN REPUBLICA MOLDOVA –PROVOCĂRI ȘI
OPORTUNITĂ ȚIACTUALE………………………………………………………………………. 54
Anatolii ROJCO, doctor ,conferen țiar cercet ător, Institutul Național de Cercetări Econ omice
ARGUMENTAREA CUANTUMULUI MINIM AL SALARIULUI ÎN REPUBLICA
MOLDOVA………………………………………………………………………………………….. 63
Mohammedelkhatim Ibrahim Mustafa SHARFELDIN , doctorand, Qatar
SINTEZA MEDIULUI ECONOMIC ȘI DE CLASIFICARE A NIVELURILOR DE
DEZVOLTARE………………… …………………………………………………………………… 69
Inga CHISTRUGA -SÎNCHEVICI, doctor în sociologie, Centrul de Cercetări Demografice, Institutul
Național de Cercet ări Economice
REALIZAREA DREPTULUI COPIILOR CU PĂRIN ȚI DIVORȚAȚI LA UN STANDARD
ADECVAT DE VIAȚĂ…………………………………… ………………………………………… 76
Ivan LUCHIAN ,doctor, conferențiar universitar, Institutul International de Management IMI -NOVA
George BĂLAN ,doctor, conferențiar universitar, Universitatea Româno -Germană ,Sibiu , Româmia
MECANISMELE FINANCIARE ALE CRIZELOR FINA NCIARE……………………………….. 82
Revistă teoretico -științifică / Theoretical and scientifical journal 6
Nr. 3/ 2016Pavel ȚÎPA, doctorand, Universitatea Liberă Internațională din Moldova
Raisa EVSIUKOVA, doctor în științe economice, conferențiar universitar, Universitatea Liberă
Internațional ă din Moldova
MANAGEMENTUL RISCULUI VALUTAR ÎN REP UBLICA MOLDOVA ÎN CONDIȚIILE
CRIZEI VALUTARE………………………………………………………………………………… 88
Tatiana DUDOGLO, profesor superior, Universitatea de Stat din Comrat
DETERMINAREA REZERVELOR DE PRODUC ȚIE AGRICOL Ă……………….. 94
ALTE COMPARTIMENTE
RECENZIE la monografia: „ ECONOMIA IMAGINAȚIEI CREATIVE ”
Autor: Dumitru MOLDOVANU, doctor habilitat în economie, profesor universitar, membru
corespondent al Academiei de Științe a Moldovei
Recenzent: Vadim MACARI, doctor în științe economice, conferențiar cercetător ,Institutul Național
de Cercetări Economice …………………………………………………………………………… ……………. 99
CERINȚE DE PREZENTARE A ARTICOLELOR ȘTIINȚIFICE SPRE PUBLICARE ÎN
REVISTA „ECONOMIE ȘI SOCIOLOGIE”, CATEGORIA B…………………………………. 103
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 7
Nr.3 / 2016CONTENTS
Victoria IORDACHI, PhD, Associate Professor , National Institute for Economic Research, Moldova
Mariana Rodica TIRLEA, PhD, Dimitrie Cantemir Christian University Bucharest, Romania
USE OF PRESUMPTIVE TAXATION IN FACILITATING SMALL BUSINESS TAX
COMPLIANCE……………………………………………………………………… ………………. 11
Alexandru GRIBINCEA, PhD, Professor, Free International University of Moldova
Igor ENICOV, PhD, Professor, Free International University of Moldova
Iulita BIRCA, Scientific Researcher, National Institute for Economic Research
BUSINESS RELATI ONS HIP QUALITY PRODUCTS AND COMPETITIVE
ENTERPRISE………………………………………………………………………………………… 20
Nicolae TAU, PhD, University P rofessor, Academy of Economic Studies of Moldova
GLOBALIZATION, CONTEMPORARY PROBLEMS AND TENDENCIES OF
INTERNATIONAL BUSINESS DEVE LOPMENT……………………………………………………………….. 27
Tatiana KASYANENKO, PhD, Professor, State Economic University, Saint -Petersburg, Russia
Olga BUZU ,PhD, Associate Professor, Technical University of Moldova
FEATURES O F PRICING OF THE MORTGAGE MARKET IN THE RUSSIAN
FEDERATION AND THE REPUBLIC OF MOLDOVA ( Part 1)……………………………….. 34
Mariana BUCIUCEANU -VRABIE, PhD, Associate Professor, National Institute for Economic Research
THE ACTIVE AGEING POTENCIAL IN THE REPUBLIC OF MOLDOVA……………………. 42
Olena KURCHENKO, aspirant , Institute for economics and forecasting, National Academy of
Sciences of Ukraine
Oleksandr KARDASH, applicant , Institute for economics and forecasting, National Academy of
Sciences of Ukraine
TRAINING OF INNOVATIVE ENTREPRENEURSHIP –A KEY TO CREATION OF
STARTUPS…………………………………………………………………………………………… 49
Tatiana PISCHINA, PhD, Associate Professor, Academy of Economic Studies of Moldova
ECONOMIC GROWTH IN THE REPUBLIC OF MOLDOVA –TODAY’S CHALL ENGES
AND OPPORTUNITES………………………………………………………………………………………………….. …… 54
Anatolii ROJCO , PhD, Associate Professor, National Institute for Economic Research
JUSTIFICATION OF MIN IMAL QUANTUM OF WAGE IN THEREPUBLIC OF
MOLDOVA……………………………………………………………………………………… …… 63
Mohammedelkhatim Ibrahim Mustafa SHARFELDIN, PhD Student , Qatar
SYNTHESIS OF ECONOMIC ENVIRONMENT AND CLASSIFICATION LEVELS OF
DEVELOPMENT…………………………………………………………………… …………… …. 69
Inga CHISTRUGA -SINCHEVICI, PhD in sociology, Center for Demographic Research, National
Institute for Economic Research
ACHIEVING RIGHTS OF CHILDREN WITH DIVORCED PARENTS TO AN
ADEQUATE STANDARD OF LIVING …………………………………………………………… 76
Ivan LU CHIAN, Associate Professor, PhD, International Institute of Management IMI -NOVA
George BALAN, Associate Professor, PhD, Romanian -German University of Sibiu
FINANCIAL MECHANISMS OF FINANCIAL CRISES………………………………………… 82
Revistă teoretico -științifică / Theoretical and scientifical journal 8
Nr. 3/ 2016Pavel TIPA, PhD Student in Economics, Free International University of Moldova
Raisa EVSIUKOVA, PhD, Associate Professor, Free International University of Moldova
FOREIGN EXCHANGE RISK MANAGEMENT IN THE REPUBLIC OF MOLDOVA IN
CONDITIONS OF CURRENCY CRISIS… ……………………………………………………….. 88
Tatiana DUDOGLO, Senior Lecturer ,Comrat State University, Moldova
DETERMINATION OF RESERVES FOR AGRICULTURAL PRODUCTION ………………. 94
OTHER COMPARTIMENTS
REVIEW on the monogr aph: „ECONOMY OF CREATIVE IMAGINATION”
Author: Dumitru MOLDOVANU, PhD, Professor, Correspondent Member of the Academy of
Sciences of Moldova
Reviewer: Vadim MACARI, PhD, Associate Professor, National Institute for Economic Research… ..99
REQUIREMENTS F OR PRESENTATION OF SCIENTIFIC PAPERS IN ORDER TO BE
PUBLISHED IN THE JOURNAL „ECONOMY AND SOCIOLOGY”, OF „B”
CATEGORY…………………………………………………………………………………………. 103
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 9
Nr.3 / 2016СОДЕРЖАНИЕ
Виктория ИОРДАКИ, доктор, конференциар, Национальный Институт Экономических
Исследований
Мариана Роди каЦЫРЛЯ, доктор, Христиан ский Университ ет Бухарест Димитрие
Кантемир, Румыния
ИСПОЛЬЗОВАНИЕ ВМЕНЕННОГО НАЛОГООБЛОЖЕНИЯ В СОДЕЙСТВИИ
СОБЛЮДЕ НИЯ НАЛОГОВОГО ЗАКОНОДАТЕЛЬСТВА МАЛОГО БИЗНЕСА……….. 11
Александр ГРИБИНЧА , доктор хабилитат, профессор, Международный Независимый
Университет Молд овы
Игорь ЕНИКОВ, доктор хабилитат, профессор, Международный Независимый
Университет Молдовы
Иулита БЫРКЭ, научный исследователь, Национальный Институт Экономических Исследований
ВОПРОСЫ ВЗАИМОСВЯЗИ КАЧЕСТВА ПРОДУКТА И КОНКУРЕНТО –
СПОСОБНОСТИ КОМПАНИИ……………………………………………… …………………. 20
Николае ЦЫУ, доктор хабилитат, профессор, Экономическая Академия Молдовы
ГЛОБА ЛИЗАЦИЯ, СОВРЕМЕННЫЕ ПРОБЛЕМЫ И ТЕНДЕНЦИИ РАЗВИТИЯ
МЕЖДУНАРОДНОГО БИЗНЕСА……………………………………………………………….. 27
Татьяна КАСЬЯНЕНКО, доктор экономических наук, профессор ,СПбГЭУ, Санкт –
Петербург, Россия
Ольга БУЗУ, доктор хабилитат экономических наук, доцент ,Технический Университет Молдовы
ОСОБЕННОСТИ ЦЕНООБРАЗОВАНИЯ НА РЫНКЕ ИПОТЕЧНОГО
КРЕДИТОВАНИЯ В РОССИЙСКОЙ ФЕДЕРАЦИИ И РЕСПУБЛИКЕ МОЛДОВА
(Часть 1)………………………………………………………………………………… ………………… 34
Марианна БУЧУЧАНУ -ВРАБИЕ, доктор, конференциар исс ледователь, Национальный
Институт Экономических Исследований
ПОТЕНЦИАЛ АКТИВНОГО СТАРЕНИЯ В РЕСПУБЛИКИ МОЛДОВА ………………… 42
Елена КУРЧЕНКО, аспирант, Институт Экономики и Прогнозирования Национальная
академия наук Украины
Александр КАРДАШ, соискатель, И нститут Экономики и Прогнозирования Национальная
академия наук Украины
ОБУЧЕНИЕ ИННОВАЦИОННОМУ ПРЕДПРИНИМАТЕЛЬСТВУ –КЛЮЧ К
СОЗДАНИЮ СТАРТАПОВ……………………………………………………………………… 49
Татьяна ПЫШКИНА, доктор хабилитат, конференциар, Молдавская Экономическая Акаде мия
ЭКОНОМИЧЕСКИЙ РОСТ В РЕСПУБЛИКЕ МОЛДОВА –СОРЕМЕННЫЕ ВЫЗОВЫ
И ВОЗМОЖНОСТИ ……………………………………………………………………………….. 54
Анатолий РОЖКО, доктор, конференциар исследователь, Национальный Институт
Экономических Исследований
ОБОСНОВАНИЕ МИНИМАЛЬНЫХ РАЗМЕРОВ ОПЛА ТЫ ТРУДА В РЕСПУБЛИКЕ
МОЛДОВА………………………………………………………………………………………….. 63
Mohammedelkhatim Ibrahim Mustafa SHARFELDIN , докторант, Катар
СИНТЕЗ ЭКОНОМИЧЕСКОЙ СРЕДЫ И КЛАССИФИКАЦИЯ УРОВНЕЙ РАЗВИТИЯ 69
Инга КИСТРУГА -СЫНКЕВИЧ, доктор социологических наук ,Центр Демографических
исследований ,Национальный Институт Экономических Исследований
РЕАЛИЗАЦИЯ ПРАВА ДЕТЕЙ С РАЗВЕДЕННЫМИ РОДИТЕЛЯМИ НА
ДОСТАТОЧНЫЙ УРОВЕНЬ ЖИЗНИ…………………………………………………… …… .76
Revistă teoretico -științifică / Theoretical and scientifical journal 10
Nr. 3/ 2016Иван ЛУКИЯН, доцент, доктор эко номических наук, Международный Институт
Менеджмента ИМИ -НОВА
Жеорже БЭЛАН, доцент, доктор экономических наук, Румыно -немецкий Университет из Сибиу
ИНВЕСТИЦИОННЫЕ МЕХАНИЗМЫ ФИНАНСОВЫХ КРИЗИСОВ …………………….
82
Павел ЦЫПА, докторант, Международный Независим ый Университет Молдовы
Раиса ЕВСЮКОВА, доктор, конференциар, Международный Независим ый Университет
Молдовы
УПРАВЛЕНИЕ ВАЛЮТНЫМ РИСКОМ В РЕСПУБЛИКЕ МОЛДОВА В УСЛОВИЯХ
ВАЛЮТНОГО КРИЗИСА…………………………………………………………………………. 88
Татьяна ДУДОГЛО, старший преподавател ь, Комратск ийГосударственного Университета
КВОПРОСУ ОПРЕДЕЛЕНИЯ РЕЗЕРВОВ ПРОИЗВОДСТВА
СЕЛЬСКОХОЗЯЙСТВЕННОЙ ПРОДУКЦИИ………………………………………………. 94
ДРУГИЕ РАЗДЕЛЫ
РЕЦЕНЗИЯ намонографии: „ ЭКОНОМИКА ТВОРЧЕСКОГО ВООБРАЖЕНИЯ ”
Автор: Дмитрий МОЛДОВАНУ, доктор хабилитат, профессор, член-корреспондент
Академии Наук Молдовы
Рецензент: Вадим МАКАРЬ, доктор экономических наук, конференциар, Национальный
Институт Экономических Исследований ………………………………… ………………………………. 99
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 11
Nr.3 / 2016USE OF PRESUMPTIVE TAXATION
IN FACILITATING SMALL BUSINESS TAX COMPLIANCE
Victoria IORDACHI1,PhD, Associate Professor,
National Institute for Economic Research
Mariana Rodica TIRLEA2, PhD,
Dimitrie Cantemir Christian University Bucharest, Romania
The actuality of this article is determined by t he necessity of implementing fiscal simplicity for
increasing tax compliance through fiscal education of small business representatives. In many developing
and transition countries, micro and small enterprises are the most rapidly growing business segment. Tax
compliance attitude within this sector varies significantly because high conformation costs and difficult
formalization procedures can determine many small enterprises to operate in the informal economy. Thus
tax regulation of small enterprises is cru cial in the process of small entrepreneurs fiscal education and tax
simplification of SMEs in many countries becomes one of the most efficient instruments. The main
research methods were systemic analysis and logic synthesis. The main results obtained in a rticle, as a
result of research, are identification, analysis and systematization of foreign countries’ practices in
implementing presumptive tax design and elaboration of some recommendations on fiscal simplicity.
Keywords: Tax Card System, patent tax, the fixed -rate tax of low tax -bracket, small business tax,
micro -entreprise tax, presumptive taxation, simplified tax regime, turnover, lump -sum patents.
Actualitatea prezentul ui articol este determinată de necesitatea implementării simplificării fiscale
în scopul majorării conformării fiscale prin educarea reprezentanților micului business. În multe țări în
curs de dezvoltare și tranziție întreprinderile mici și mijlocii consti tuie un sector cu un ritm cel mai rapid
de creștere. Atitudinea fiscală de conformare a reprezentanților acestui segment al economiei variază
enorm, deoarece costurile prea mari de conformare, precum și procedurile dificile de formalizare îi pot
determina să activeze într -o economie neformală. Scopul acestui studiu este sistematizarea unor practici
ale țărilor străine în implementarea regimurilor fiscale prezumptive (simplificate) și analiza abordărilor
selectate de diferite autorități fiscale pentru reduce rea poverii fiscale și costurilor de conformare pentru
întreprinderile problematice. Metodele principale de cercetare au fost analiza sistemică și sinteza logică.
Principalele rezultate obținute în articol, urmare a cercetării, sunt identificarea, analiza și sistematizarea
practicilor țărilor străine în implementarea designului fiscal presumptiv și elaborarea unor recomandări
privind simplificarea fiscală.
Cuvinte -cheie: Sistemul “Card fiscal”, taxa patentară, impozit KIVA, impozit pentru businessu l
mic, impozit pe veniturile microîntrperinderilor, impozitare prezumptivă, regim fiscal simplificat, sumă
patentară fixă.
Актуальность статьи определяется необходимостью осуществления налогового
упрощения, в целях повышения соблюдения налогового законо дательства путем информирования
представителей малого бизнеса. Во многих развивающихся странах и странах с переходной
экономикой, микро -и малые предприятия являются наиболее быстро растущим сегментом
бизнеса. Налоговое отношение соответствия в этом сектор е значительно варьируется, так как
соблюдение требований налогового законодательства предполагают высокие затраты, а также
сложные формальные процедуры могут спровоцировать миграцию многих малых предприятий в
неформальный сектор экономики. Таким образом, н алоговое регулирование малых предприятий
имеет решающее значение в процессе фискального образования малых предпринимателей, а
налоговое упрощение малого и среднего бизнеса во многих странах становится одним из наиболее
эффективных инструментов. Основная це ль статьи –исследование опыта некоторых стран во
внедрении вмененного (упрощенного) налогового режима и анализ некоторых подходов, выбранные
1© Victoria IORDACHI, timush_v@yahoo.co.uk
2© Mariana Rodica TIRLEA, rodicatirlea10@yahoo.ro
Revistă teoretico -științifică / Theoretical and scientifical journal 12
Nr. 3/ 2016различными налоговыми органами для снижения налогового бремени и издержек соблюдения
закона проблемными компаниями . Основные методы исследования, системный анализ и синтез
логики. Основные результаты, полученные в статье –идентификация, анализ и систематизация
практики зарубежных стран внедрения дизайна вмененной налоговой политики и разработка
некоторых рекомендаций по налоговой симплификации.
Ключевые слова: Система «Налоговая карточка», патентный налог, налог KIVA , налог
для малого бизнеса, налог для микро предприятий, вмененное налогообложение, упрощенный
режим налогообложения, оборот, единовременные патентные вып латы.
JEL Classification: E62, H24, H25 .
Introduction. Presumptive Taxation is a concept according to which the income tax is based on
„average ”income instead of actual income. Presumptive taxation involves the usagee of indirect
instruments to estimate tax liability, which is realized in a different manner in comparison with the usual
rules that are based on the taxpayer's accounts. The term „presumptive ”indicates that there is a legal
presumption that the taxpayer's income will be not lower than the a mount resulting from application of the
indirect method.
Developing an environment that would lead to SME growth and guarantee at the same time tax
compliance by business operators is a challenge for all tax authorities and in this way, fiscal simplificat ion
becomes an efficient instrument in the process of small entrepreneurs tax education for their migration
from informal to formal sector in near future.
Presumptive systems of taxation: general concept and principles of implementation
There are used a v ariety of approaches in international practice in applying presumptive
(simplified) taxation for SMEs, but the general idea is that the desired tax base is not measured itself, but
is calculated based on some indicators like turnover, assets, location, e tc., and not on the base of
declared net income, which is more easily measured than the base itself.
Motivation of using simplified system of taxation by tax authorities falls in two groups:
1.Simplified processing of tax returns and simple procedure of boo kkeeping;
2.Improved tax compliance, reduced tax avoidance and a more correct taxation within the SMEs
sector.
There is no exactly the same experience with the construction and implementation of presumptive
systems, as there are no general approaches. Differ ent types of presumptive methods can have several
incentive effects, as well as revenue effects, levels of system’s complexity and administrative
implications. Nevertheless, there can be summarized some general principles in their functioning:
First princi ple states that the application of presumptive systems should be limited to small
business sector , as business operators face difficulties in keeping own books and records. This way
presumptive taxation becomes an efficient instrument for reducing the SMEs compliance burden with
standard requirements of recordkeeping.
The second principle lays in the general scope followed by the Government, which should not
consist in generation of additional budget revenues, but familiarization of small companies or indi vidual
merchants with legal accounting requirements and bringing informal business into tax net in near future.
At the same time, there should be excluded the possibilities of abusing the system by larger enterprises.
Combating tax avoidance or evasion wil l work only if the indicators on which the presumption is based
are more difficult to hide than those forming the basis for accounting records.
The third principle states that presumptive systems should not act as a disincentive for business
growth and sho uld be coordinated with the standard tax regime . There could be chosen different
approaches for segments of SME sector, nevertheless a detailed analysis to adequately estimate profit
potential of business operators is required.
The fourth principle states thatpresumptive methods can lead to a more equitable distribution of
tax burden, because normal accounting methods can be unreliable due to problems of taxpayer compliance
and administrative corruption.
In a considerable way, these presumptive (simplifie d) regimes were recommended by international
financial organizations, including the IMF and the World Bank in the process of policy recommendations
within technical assistance programs in transition economies. The main motives lay in the fight against
corruption and underground economy, as well as simplification of tax administration for the improvement
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 13
Nr.3 / 2016of business environment. Thus, USAID has supported an initiative proposed b the Federation of Business
Circles of Kyrgyzstan to implement the patent system of taxation and expand it to a broader circle of
business operators. Similarly, in Ukraine USAID considers presumptive taxation as an instrument to
facilitate the transfers of revenues from the shadow economy [10]. In Republic of Moldova, according
to the Letter of Intent of the Government of Moldova of November 30, 2000, in the context of the
Government’s request for financial support from the IMF, first premises of a simplified tax system are
created, through the commitment to analyse the impl ementation of small business license fees (patents).
For transition countries aiming to adhere to European Union, the EU Commission recommend to
improve and simplify the business environment for business start -ups through the elements of a
presumptive sys tem, for example, through introduction of some limits, reduced monitoring and reporting
requirements in order to reduce the tax burden and compliance costs for SMEs.
On the other hand, several opinions pointed to the risks of presumptive systems. Thus, a fixed tax
is considered too complicated, while for certain regions (for example, Ukraine) the design of a
presumptive system of taxation is too generous, which is not justified for current economic situation.
The extent to which presumptive systems are us ed varies largely from country to country. Some
countries do not use presumptive taxes (USA), while others use this type of taxation in an extensive way
(France).
Presumptive methods can be rebuttable or irrebuttable in terms of legal characteristics. Within
rebuttable methods , administrative approaches on taxpayer’s income may not be included in the statute. If
the taxpayer does not agree with the reached result, he can prove that his actual income that is calculated
according to normal tax accounting rul es is less than the one calculated within presumptive method. On
the contrary, irrebuttable presumptive calculation should be specified in the company’ statute and
precisely specified.
The appropriate design of presumptive system will depend on the parti cular problems the
Government desires to solve. That is why, it is necessary to estimate what types of taxpayers form the
source to problems under normal rules for determining the tax base and the nature of those problems. In
some cases, presumptive taxati on may not be a good solution. For example, if a particular group of
taxpayers is not able to comply with the actual tax system, it should be excluded from it. Generally, there
are three groups of taxpayers who present the source of problems against which the presumptive methods
are directed:
Small business and professionals;
Individuals who operate economic activity;
Large companies.
Therefore, before a certain presumptive method is recommended to be designed in a particular
country, it is necessary to de termine what types of taxpayers or business sector face problems or cannot
comply with the existent legal standard tax policy.
Presumptive systems can be divided into three large groups according to indicators used for
calculation of tax burden:
1.Lump -sum taxes (patents);
2.Taxes based on indicators of income capacity (turnover or gross income indicators);
3.Taxes based on indicators.
Also, taxes can be based on agreement with the taxpayer, those that are rebuttable, and those that
will allow the taxpayer to ch oose between the presumptive tax and the standard tax. At the same time, a
presumptive tax can fix the minimum tax liability, or can provide a tax ceiling as a maximum tax.
Different countries may opt for several schemes of taxation, by combining various e lements of the above
mentioned types of taxes. For example, lump -sum patents can be divided according to business sectors,
products, or rendered services and can set multiple rates within the industry based on location of the
activity, size of business or sales volume.
Further in this article, there will be examined the first two types of taxes used in practice of some
selected countries.
I.Lump -sum taxes (patents) and micro -enterprise tax regimes
The lump -sum tax is the easiest form of presumptive taxation . It was widely implemented in
transition countries like Hungary, Poland, the Czech Republic, Slovakia, Latvia, as well as former Soviet
republics, including Republic of Moldova. Within this regime, groups are divided by economic activity or
profession, an d the tax liability is set according to the average income potential of the respective group.
Revistă teoretico -științifică / Theoretical and scientifical journal 14
Nr. 3/ 2016Patent sums are determined by local governments, while national tax laws provide the basic structure for
the regime and determine minimum and maximum patent rates .
The task of setting tax level by administration is not easy, as if not set at the proper level, it can
discourage start -up entrepreneurs to go formal into standard taxation in future. Also, if designed
incorrectly, there will be created the premises of over-taxing less profitable companies.
On the other hand, as potential advantages generated by patent systems, there can be mentioned [6]:
Predictability and transparency of tax burden for business operator;
Business growth stimulation;
No estimation of po tential business revenues is required.
The design of patent regimes varies considerably in international practice. In some countries,
patent systems are simple, being limited just in fixing one single amount for all micro businesses,
irrespective of busine ss type and location. In other countries it is practiced the elaboration of a detailed list
of micro business activities and the determination of individual patent fees for each activity. A typical
example of such a regime is developed in Bulgaria, where t here are specified 40 different categories of
activity, with the specification of minimum and maximum sums for indicators [8]. Local governments
determine the applicable amount for businesses in their territory, considering at the same time the precise
location of the business, its economic importance, population density in the area in which the business has
been established and the seasonal or permanent nature of the activity carried out [6].
The Bulgarian patent tax does not allow to choose between it and standard income taxation, being
unconditionally listed the groups of taxpayers that are liable under legislation. The obligation refers to
both legal persons and individuals who perform economic activity and whose activity is in the list of
patent tax, an d whose gross income is less than the specified threshold –50000 BGN [6, 8]. Persons that
are eligible of paying the patent tax are any individual, including sole traders1, providing that they are not
registered under the VAT Act and are not levied under the procedure of the new Personal Income Tax Act.
Setting different rates impose a serious task for tax administration, as they should reflect current
situation of business sector and should be constantly updated. Usually, in transition economies tax
decen tralization is not implemented and the Ministry of Finance doesn’t possess enough tax specialists to
control on local level business operators and the correctitude of declared income.
Elaboration of detailed lists of activities that are covered by patent is also practiced in Poland
through the Polish Tax Card system and Latvia. In the Kyrgyz Republic the patent list is too sophisticated,
including more than 100 main categories of patent activity, with an extensive list of sub -categories [6].
The “Tax Car d” scheme in Poland (karta podatkova ) is the simplest form of taxation available to
taxable persons engaged in some forms of business activity, mainly small -scale craftsmen, or sole traders,
or in the form of civil law partnerships. Another important limit ation is that not all individuals are entitled
to this tax solution. A taxable individual using this scheme receives from the head of a tax office a
decision indicating a monthly amount of the tax, which depends primarily on the type of activity, the size
of the locality in which the business is conducted, and the number of employees. The tax rates are
expressed in the amount of money to be paid (not in %) and are increased every year. Also, taxable natural
persons within the “tax card” scheme are exempt fr om the obligation of bookkeeping, filing tax returns
and paying income tax advances.
This type of taxation is possible for taxpayers in conditions if they start economic activity and
choose this method of settlement. If the taxpayers had already run such an activity in the previous year, the
lump sum taxation will be still available for them with the condition that their revenue from that year does
not exceed 150.000 EUR [6].
Thus, the given simplified method can be applied to six categories of business ac tivity. Among
them are:
retail sale of food, drink, flowers and tobacco products –except for drinks with alcohol content
of over 1,5%;
retail sale of non -food products except for e.g. motor fuel;
transportation services (with the use of one vehicle);
1Annex 4 of the Local Taxes and Fees Act of Bulgaria specifies the types of licensed activi ties (patent activities)
and the annual amount of tax paid
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 15
Nr.3 / 2016catering services;
entertainment;
sole traders operating in to health or veterinary businesses.
The lump sum payment can also be chosen by taxpayers that perform a non -agricultural economic
activity to a limited extent.
The lump sum tax rates on registered re venue can vary as following:
20% for revenue from freelance professions;
8.5% for revenue from services, including catering with the sale of beverages which has over
1.5% alcohol;
5.5% for revenue obtained from production and construction works;
3.0% for c atering services, except for revenue obtained from the sale of beverages, which
contains over 1.5% of alcohol.
The lump sum on registered income can’t be applied for taxpayers that receive their whole or part
of the revenues, for example in field of runnin g pharmacies, trade of foreign currencies and trading of
parts or additional accessories of motor vehicles.
Entrepreneurs that use the fixed amount tax method can opt for various accounting simplifications.
They are exempted from bookkeeping, filing tax r eturns or making advance payments on personal income
tax. They have the obligation to deduct their health insurance contributions. Also, they are obliged to issue
invoices or bills, pay the tax according to established deadline and keep individual payroll sheets of their
personnel.
The choice of the fixed amount tax should be made before starting the business activity. If the
business activity is already operating it should be done until 20th of January of the given year –with the
effect for the following years.
In Latvia, self -employed persons performing certain economic activities like beauty services,
photography services, home care services have the option to pay a monthly patent fee, which varies from
43 to 100 EUR and comprises the personal income tax and the state mandatory social insurance payment [6].
The procedure of submitting for a physical person to register as a patent payer is simple,
supposing the submission of application to the State Revenue Service, by indicating the group of
professions, within which the economic activity would be performed and the period of time for which the
physical person would like to make the patent payments. According to accounting rules, the payers of
patent payment carry out only the bookkeeping of in come, but cash register systems should be used when
payment in cash is received. Also, the payers of patent have the responsibility to issue a registered receipt
upon the request of partner.
According to Latvian legislation, the patent payment cannot be ch osen, if the annual income from
the physical person’s economic activity exceeds 10000 LVL (nearly 14000 EUR) or the person has
registered with the Register of VAT Payers [6, 9]. Also, the beneficiary of the patent must not employ
other persons and perform any other economic activity at the same time.
According to accounting rules, the payers of patent payment carry out only the bookkeeping
of income, but cash register systems should be used when payment in cash is received. Also, the payers of
patent have the responsibility to issue a registered receipt upon the request of partner.
Tax payers who have registered as economic activities’ performers and who do not employ staff,
who are not engaged in provision of professional services may opt for paying fixed income tax at a 5%
rate of of the total income, if their total income does not exceed 14 229 EUR [9].
A good alternative to patent tax for micro -enterprises, or individuals that perform economic
activity is the option for the status of micro -enterprise tax payer .
Introduction of the micro -enterprise tax in Latvia was the government’s response to the deep
economic crisis which affected the whole economy of Latvia in 2009. It was designed to create the
necessary preconditions to start business a ctivities and develop business environment.
Micro -enterprise tax regime means a transparent tax regime characterized by simplified
accounting requirements to encourage small private business activity, self -employment and reduction of
grey economy.
Accord ing to Latvia’s Micro -enterprise Tax Law, any legal entity or self -employed person that
corresponds to the criteria stipulated in the law may choose to become a payer of the micro -enterprise tax,
instead of the regular enterprise income tax and all other t axes. The micro -enterprise tax rate until the end
of 2014 was 9% of the company’s annual revenue [11].
Revistă teoretico -științifică / Theoretical and scientifical journal 16
Nr. 3/ 2016According to the law, the beneficiary of the micro -enterprise tax should meet the following
criteria:
Maximal number of employees –up to 5;
The annual t urnover does not exceed 100 000 EUR;
All shareholders are natural persons and monthly salary of any employee does not exceed
720 EUR per month [6, 11].
Latvia has recently amended its micro -enterprise tax regime. Having evaluated the impact of tax
reforms during four years, the Government decided to narrow the sectors that may use the preferential tax
regime and to rise the tax rate for enterprises with larger revenues. There were identified several
shortcomings in the micro -business sector.
First of all, it was observed that employees of the micro -enterprises are not sufficiently socially
protected, because the sum allocated to the social security budget from the micro -enterprise tax paid by
the company is not sufficient to guarantee social security for em ployees.
Another important reason for regime changes was an observation on behalf of specialists that
micro -enterprise tax regime is largely used by larger companies in order to optimize their tax liabilities. It
is possible at the same time, to replace re gular employment with “outsourcing” of services to micro –
enterprises.
With the purpose of minimizing the negative effects of the micro -enterprise tax regime, Latvian
Government recently adopted some amendments to the Micro -enterprise Tax Law, and, thus, narrowed
the application of the micro -enterprise tax to certain industries , for example legal, accounting and
construction services.
Another important change was introduction of different tax rates depending on the turnover. Tax
rate of 9% continues to be a pplied for revenues gained up to 7000 EUR, while for annual revenues of 7001
EUR to 100000 EUR, beginning with 2015 a 12% tax rate is applied1.
Another country with a well implemented simplified tax regime for micro -enterprises since 2013,
isHungary, wit h two tax schemes fixed -rate tax of low tax -bracket enterprises (KATA) and the Small
Company Tax (KIVA).
In case of KATA , the natural person engaged in full time pays a monthly amount of 50000 HUF
(nearly 160 EUR) and if engaged in a non -full time –25000 HUF (80 EUR). If the person desires to
extend his amount of social insurance, there is an option to pay a higher monthly tax –75000 HUF
(241 EUR) [2].
Beneficiaries for this simplified tax scheme can be sole -traders, self -employed person s, limited or
general partnerships with only individual members.
In case of KIVA , the tax rate is 16% applied on income of: sole traders, general/limited/limited
liability partnerships, cooperatives, executive/law/notary/patent attorneys’ office.
General condition for applying for these scheme is that during the previous year the total volume
of revenue did not exceed 500 million HUF (1606 EUR), on the contrary the small company taxpayer
status expires [2, 6].
One of KIVA’s disadvantage is difficulties in preplanning cash flows, thus this method requires
deep accounting and financial management knowledge.
Another example of implementing a simplified tax scheme for micro -business sector is Albania,
where small business tax payers with annual turnover rangi ng between 2 million ALL and 8 million ALL
(nearly 14290 EUR to 57150 EUR) are subjected to the simplified income tax at a rate of 7,5% on the
total volume of income2. Beneficiaries should make advance payments on a quarterly basis and all this tax
is admi nistrated by the General State Directorate and no longer by the local government [5].
Another change within the new tax regime for small and medium businesses in Albania stipulates
a flat tax in amount of 25000 ALL (180,51 EUR) for companies that gain pro fit up to 2 million ALL,
payable within the first half of the fiscal year. Until 2016, small scale business activities were subject to a
fixed tax obligation which varied according to the type of business activity and their location [5].
1Now, the Latvian government is discussing amendments to the social security legislation with the scope to
increase the level of social security of employees engaged in micro -enterprises.
2Inste ad of 10% as personal income tax on profits
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 17
Nr.3 / 2016Premises for simp lified taxation in Romania , were created through the new micro -enterprise
income tax regime from February 1st2013. Small companies can benefit from the micro -enterprise regime
if the following conditions are satisfied at the end of the previous year:
Their income is derived from activities other than banking, capital markets (except broker’s
activities in these areas), insurance and reinsurance, gambling, consultancy and management;
Their annual turnover is lower than 100000 EUR;
Their shares are not held by the State or local authorities;
They are not undergoing liquidation, and are registered with the Trade Register or with the
Court;
Obtain more than 80% revenues from another sources, but not from management and
consulting, in total volume of income [10 ].
The tax base for micro -enterprise tax is income obtained from any source, excepting certain
income stipulated by the Romanian Fiscal Code. The applicable tax rate is [10]:
1% for micro -enterprises with more than 2 employees;
2% for micro -enterprises wit h one employee;
3% for micro -enterprises without employees.
Micro -enterprises cease to be subject to this regime from the fiscal year following the year in
which they first fail to meet any of the conditions mentioned above, except where the turnover thres hold is
exceeded.
If during a fiscal year, a micro -enterprise exceeds 100000 EUR turnover threshold, it must pay
profit tax under the ordinary rules on income and expenditure from the beginning of the fiscal year
(in 2016 –16% corporate tax).
It is important to mention that within the Romanian micro -enterprises bookkeeping is required and
one accountant should be engaged in the company.
II.Turnover taxes
Turnover tax systems are very popular within presumptive tax systems making it easier for micro –
business to comply with their tax obligations. Usually, this tax replaces all other existent taxes in form of
Income Tax, VAT, Dividends Tax, etc. Some countries allow, however, to choose to remain in the VAT
system for micro -company that is regi stered for turnover tax (for example, South Africa).
Another advantage that makes this system attractive is simple bookkeeping and record
requirements, and the tax burden is easy to calculate.
Usually turnover tax is available to sole proprietors, partne rships, close corporations, companies
and co -operatives. The tax depends on the level of the micro -business turnover and some countries apply
progressive rate on turnover. Thus, in South Africa turnover tax is applied to the taxable turnover as
following:
For turnover up till 335000 ZAR, the rate tax is 0%;
For turnover within 335001 ZAR –500000 ZAR, 1% is applied to each amount that is above
335000 ZAR;
For turnover within 500001 ZAR –750000 ZAR, it will be paid 1650 ZAR plus 2% of the
amount above 500 000 ZAR;
For turnover above 750001, 6650 plus 3% of the amount above 750000 ZAR will be paid.
The following records should be kept by South African micro -companies: records of all amounts
received, records of dividends declared and a list of each asset wit h a cost price of more than 10000 ZAR
on hand at the end of the year of assessment as well as of liabilities that exceed 10000 ZAR.
In Croatia, the tax liability is also calculated on a progressive scale, depending on level of
turnover:
For turnover up til l 85000 HRK –tax liability is 12750 HRK;
For turnover within 85000 HRK –115000 HRK –tax liability is 17250 HRK;
In case of turnover within 115000 –149000 HRK –the micro -enterprise will pay 22425 HRK.
The progressive turnover -based tax is advantageous in comparison to uniform turnover tax, as it
reduces the difference in tax burden between the upper band of the presumptive system and the lower
band of the standard system. Thus, disincentives for business growth are reduced and transition from the
presu mptive system to standard one can be realized more easily [4].
Another option within the design of turnover tax system is application of a uniform tax rate on a
Revistă teoretico -științifică / Theoretical and scientifical journal 18
Nr. 3/ 2016standard percentage of turnover for all SMEs taxed under the presumptive regime. Within these o ption,
different profit margins obtained in various business segments are not considered. Typical
examples of such an approach is simplified tax system for MSEs in Ukraine and other Former Soviet
Republics.
Turnover -based presumptive systems offer a number of important advantages. One reason to opt
for these scheme is that the tax burden becomes reduced for periods with low economic activity and poor
economic performances , thus representing a significant relief for business operators. In addition, turnover
is considered a good base for profit estimation , in comparison to other indicators and rules for the
calculation of tax burden are simple.
Another advantage is that despite of the fact that there is an obligation of keeping some ba sic
books and records, these requirements are not burdensome for entrepreneurs.
Conclusions and recommendations
1)Not so many countries implement presumptive methods of taxation, arguing that such methods
indirectly are unfair, because they involve other way s of determining the tax base, and not the standard
accounting methods . But simplification in tax system is important for economies where the majority of the
population is comprised of hard -to-tax taxpayers and where the administrative resources are very s carce.
Such tax payers are hard to assess because they earn low incomes, sell their goods and offer services
largely for cash, very often do not keep books of accounts and conceal their incomes. Thus, calculation of
potential income is practically impossib le and extension of informal economy becomes a serious problem
for tax authorities. In this regard, implementation of simplified tax regime for micro -sector, especially in
developing countries, is justified.
2)It is crucial that the administrative capacity of the tax authorities handles the particular
presumptive method. Attention must be paid to how a particular presumptive method will work in
practice. If taxpayers can still hide income under the new tax simplification, then the presumptive regime
will not be efficient. Also, abuse of the system on behalf of large companies should be avoided.
3)Considering the fact that small business activities generally do not generate substantial levels
of budgetary income, tax authorities devote their resources to large taxpayers. The objective of simplifying
tax system should not consist in increasing transfers from micro -business sector into state budget, but in
influencing the company’s decision to enter the formal sector. Thus development goals of presumptive tax
system should consist in:
The creation of a “culture of taxation” among small entrepreneurs and individuals who operate
business activity;
Providing education and training for collaborators of ministry of finance on monitorizing
business activities;
Increasin g the size of the formal sector.
4)The design of a presumptive tax system should be based on a solid data analysis. Policy
makers should consider the segmentation of business community and, thus, treat each sub -group with
different proper policies. Basing tax system design on a reliable data analysis will increase the fairness of
the system and promote the broad acceptance of the system among business community.
5)The design of simplified tax regime for micro -business is accompanied by a serious of
implemen tation problems, as international experience shows. It is a major responsibility to set different
rates and ensure that all of them are properly updated and reflect continuous changes in business
environment. Usually, in transition countries, ministries of finance and tax administrations are not well
equipped and don’t possess the required personnel to perform this task adequately. In case of patent
regimes, a serious problem appeared within the process of elaboration of patent lists that cover business
activities, which in some countries was too voluminous and complicated, including an extensive list of
sub-categories. On the one hand, such an approach better aligns the patent sum with the presumed income
of the micro -business, but on the other hand, as, in ternational experience shows, business community
considers the process of rate setting non -transparent, while the patent amount that they have to pay as
arbitrary and unfair. Also, the more detailed the activity list is, the higher the probability that the tax
liability for micro -business is multiplicated. Thus it is recommended to simplify the patent list that covers
micro -business activities and reduce its covering spectrum, as well as diminishing turnover threshold for
some activities.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 19
Nr.3 / 2016REFERENCES
1. Taxat ion and Investment in Hungary 2015: reach, relevance and reliability [accesat 6 martie 2016].
Disponibil: http://www2.deloitte.com/content/dam/De loitte/global/Documents/Tax/dttl -tax-
hungaryguide -2015.pdf
2. Favorable tax types for small companies in Hungary in 2016. 2016, march [accesat 24 martie 2016].
Disponibil: http://accace.com/file/142825/HU -2016 -03-21-Favorable -tax-types -for-small –
companies -in-Hungary -in-2016 -EN.pdf
3. Income Taxes on Natural Persons Act in Bulgaria [accesat 24 martie 2016]. Disponibil:
http://www.bulgaria -tax-law.bg/income -taxes -natural -persons -act.html
4. Designing a tax system for micro and small businesses: guide for practitioners. The World Bank
Group. 2007, december [accesat 24 martie 2016]. Disponibil:
http://documents.worldbank.org/curated/en/980291468158071984/Des igning -a-tax-system -for-
micro -and-small -businesses -guide -for-practitioners
5. Inves t in Albania [accesat 16 martie 2016]. Disponibil: http://invest -in-albania.org/taxation -system/
6. IORDACHI, V. Patent system of taxation for small business: Country experience of introducing
Specia l Tax Regimes. In: Economic Growth in conditions of globalization: international Conference
on Theoretical and Applied Economic Practices, october 13 -14 2016. 11thedition. Chisinau: INCE,
vol. 2, pp. 134 -140.
7. PASHEV, K. Presumptive taxation and gray econ omy: Lessons for Bulgaria. Center for the Study
of Democracy. 2005, december [accesat 22 februarie 2016]. Disponibil:
https://www.files.ethz.ch/isn/29878/2005_12_Presumptive.pdf
8. Local Taxes and Fees Act [accesat 4 aprilie 2016]. Disponibil:
http://webcache .googleusercontent.com/search?q=cache:3pWg9gbG8DYJ:www.nap.bg/en/docume
nt%3Fid%3D107+&cd=1&hl=ru&ct=clnk
9. Tax system in Latvia [accesat 12 martie 2016]. Disponibil: http://www.fm.gov.lv/en/s/taxes/
10. Legea privin d Codul fiscal: nr. 227 din 2015 [accesat 24 martie 2016]. Disponibil:
https://static.anaf.ro/static/10/Anaf/legislatie/Cod_fiscal_norme_2016.htm#T3
11. Micro -enterprise tax in Latvia. 2016, 4 august [accesat 24 martie 2016]. Disponibil:
http://lextal.ee/en/6607 -micro -enterprise -tax-latvia/
12. ENGELSCHALK, M. Creatring a favorable tax environment for small business development in
transition countries. In: Contributions to Economic Analysis. 2004, vol. 268, pp. 275 -311.
13. GHERMAN, O., CIMPOIEȘ, L. Fiscal policy of the Republic of Moldova: achievements of the
fiscal control and entity behavior. In: Economie și Sociologie = Economy and Sociology. 2015 , nr.
4, pp. 84 -88.
Recommended for publication: 30.08 .2016
Revistă teoretico -științifică / Theoretical and scientifical journal 20
Nr. 3/ 2016BUSINESS RELATIONS HIP QUALITY PRODUCTS
AND COMPETITIVE ENTERPRISE
Alexandru GRIBINCEA1, PhD, Professor,
Free International Univer sity of Moldova
Igor ENICOV2, PhD, Professor,
Free International University of Moldova
Iulita BIRCA3, scientific researcher,
National Institute for Economic Research
The article deals with questions related to the quality management of products based on the
principles of marketing and competitiveness of the company. There was revealed that the quality of the
products is adequately to the competitiveness, as the quality of products perceived by the consumer is
made up of different indicators. Marketing so lutions in the field of quality management provide for the
establishment, provision and maintenance of consumer qualities at all stages of the product life cycle
(services). The authors substantiate the necessity of a complex mechanism of marketing managem ent of
product quality. Novelty. Product quality management is one of the major problems, which is further
exacerbated due to the constantly increasing demand for environmentally friendly products. At the same
time, issues of product quality management (se rvices) and increasing the competitiveness of the company
is one of the main components of forecasting, strategy and policy of the company. The aim of the study is
to examine the activity of economic agents to develop and implement competitiveness strategi es for
effective action on domestic and foreign markets. To achieve this purpose the methods of analysis,
comparison, statistics, induction and deduction have been used.
Keywords: marketing, product (services) quality, competitiveness .
Articolul dat trate ază aspectele ce vizează managementul calită ții produselor pe baza principiilor
de marketing și competitivitate a companiei. A fost fundamentat raportul dintre calitatea produselor și
competitivitate, d eoarece calitatea produselor ,percepută de către consu mator ,este formată din diferi ți
indicatori. Solu țiile de marketing în domeniul managementului calit ății pre conizează stabilirea,
furnizarea și menținerea calit ățiide consum latoate etapele ciclului de via ță al produsului (servici ului).
Autorii sus țin ne cesitatea unui mecanism complex de management al marketingului calită ții produselor.
Managementul calită ții produselor este una dintre problemele majore, care este exacerbat ămai mult din
cauza cererii în cre ștere pentru produsele ecologice. În același tim p, problemele management uluicalității
produselor (serviciilor), precum și creșterea competitivit ății companiei reprezint ă unele dintre
principalele componente de prognoză, strategie și politic ă a companiei. Scopul studiului este analiza
activit ățiiagenților economici ce vizează elaborarea șirealiz area unei strategii eficient ecompetitive pe
piețele interne și externe. Pentru a atinge acest scop, au fost utilizate metodele de analiz ă, comparare,
metoda statistic ă, inducția și deducția.
Cuvinte -cheie: mark eting, calitate abunuri lor(servicii lor), competitivitate.
В данной статье рассматриваются вопросы связанные с управлением качеством
продукции на основе маркетинга и конкурентоспособности компании. Обоснованно, что качество
продукции надлежащим образом св язано с конкурентоспособностью, поскольку она
воспринимается потребителем и состоит из различных показателей. Маркетинговые решения в
области управления качеством предусматривают создание, предоставление и поддержание
1© Alexandru GRIBINCEA, agribincea@mail.ru
2©Igor ENICOV, enicov.igor@gmail.com
3©Iulita BIRCA , bircaiulita@mail.ru
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 21
Nr.3 / 2016потребительских качеств на всех этапах жизненного цикла продукции (услуг). Авторы
подчеркивают необходимость обеспечения комплексного механизма управления
маркетинга качества продукции. Научная новизна заключается в том что управление
качеством продукции являетс я серьезной проблемой, которая еще более усугубляется
в связи с ростом спроса на экологические продукты. В то же время, вопросы управления
качеством продукции (услуг) и повышение конкурентоспособности компании являются
одними из основных компонентов прогнозирования, стратегии и политики компании. Целью
данного исследования является изучение активности экономических агентов в разработке и
реализации эффективной стратегии конкурентоспособности на внутренних и внешних
рынках. Для достижения этой цели использованы методы анализа, сравнения, метод
статистики, индукции и дедукции.
Ключевые слова: маркетинг, качество товаров (услуг) ,конкурентоспособность.
JEL Classification : D21, E61, O11, O19.
Results and analysis. Economic security represents a condition of any economic entity
characterized by the presence of a stable income and other resources that make it possible to maintain the
standard of living in the current moment and for the foresee able future.
Economic security can be achieved if the degree of dependence on the dominant economy, as
well as the degree of aggravation of the political, social and economic situation does not exceed the limit,
which threatens the loss of national sovere ignty, a significant weakening of the military power, a
significant reduction in the level and quality of life, or frustrating the achievement of global strategic goals
of the country.
The levels of economic security are determined by the following factors :
1.Geopolitical, economic and geographical situation of the country as well as access to domestic and
foreign resources.
2.The economic, military and political power of the country and its competitive position in the
global economic system on the strategicall y important areas of development.
3.The orientation of the institutional system of the country to support the industries of which
depends the level of national security and competitiveness.
4.The priorities of the economic policy of the state in respect to bra nches that provide a competitive
advantage.
5.Options of sectorial and regional structure of GDP, the strategic importance of economic sectors
and regions of the country to ensure the national security.
6.Existence of the reserves of strategically important ma terials.
The national economic security is based on some basic principles such as:
-the independence of the national economy . Due to the increasing involvement of national
economies in the world, this principle can be made only partially –there is necessa ry to achieve
the state of relative independence of the national economy by increasing the competitiveness. The
state's task is to create a level of development of the national economy, which allows it to take a
competitive and equal position in the world economy;
-stability of the national economy . The state should create a sustainable growth of the national
economy, excluding social turmoil, the strengthening the role of criminal organizations, and
creates a security mode for each citizen;
-steady growth of the national economy . In modern conditions, the only permanent and sustainable
growth can provide an acceptable level of economic security, including the improvement of
production and professionalism of each person.
Economic security is based on independe nce, stability and growth of the national economy, which
is a prerequisite for its normal functioning.
Revistă teoretico -științifică / Theoretical and scientifical journal 22
Nr. 3/ 2016For the emergence of competition it is necessary to:
Fig. 1. Content of competition
Source :investigations of authors.
Economic secur ity and competitiveness are in constant interaction. Economic security and
competitiveness are both characteristics of the national -economic complex and its component parts.
However, if the competitiveness is an objective and a mega -indicator of the degree of development of the
national economic complex and its component parts, that economic security is a condition for its existence
and development. In other words, a sufficient level of economic security can be achieved by using
economic methods, but being a necessary condition for the existence of the national economic complex as
a system, its achievement can be attributed to the use of non -economic methods –through direct state
intervention.
The most acceptable situation is where macro and micro -level fa ctors that are at the same time the
criteria of competitiveness and economic security, create a highly competitive national economic complex
and its component elements, forming a sufficient level of economic security.
State
Economic security of the country Economic security of the company
Competitiveness
at the macro -level Competitiveness
at the mid -level Competitiveness
at the micro -level
Macroeconomic indicators Mid-economic indicators Microeconomic indicators
Fig. 2. The level of competitive relations
Source :investigations of authors.
Competitiveness at the macro level refers to the country's ability to sustain high rates of economic
growth in the medium and l ong term. In order to assess the competitiveness of the country, there are used
three approaches: cost -price, rating and on the basis of the implemented competitive advantages.
In order to timely establish priorities in its activities and to develop effect ive competitive
strategies based on the strengths of activity, companies need to continuously implement marketing control
and analysis of the quality and competitiveness of goods and services [1]. Marketing product quality
assurance raises the possibility of the company to achieve business success in terms of increased
competition and the uncertainty of the external environment.
In quality management on the basis of the marketing approach, there is necessary to address the
following issues:
-Formation of q uality level on the basis of established and prospective needs of target customers;
-Ensuring the competitiveness of products;
-Determination of the price based on the quality of goods, services, and market conditions;
-Conducting marketing analysis of the quality and competitiveness of goods and services.A large number of buyers and sellers, who have
free access to the market
The absence of obstacles
(economic, legal, political,
social) for the mobility of
resourcesAvailability of information on
supply and demand, prices,
rate of returnCompetition
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 23
Nr.3 / 2016According to some marketing researchers [2; 3], an increase of the quality of production is a part
of socially responsible marketing. Providing a high quality adequately reflects the social and economi c
interests of both producers and consumers. For the manufacturer, it is the satisfaction of social labor, the
strengthening of business reputation, improving the competitiveness of products, which has a primary
quality. For the target consumer it is about the satisfaction of consumer demand and supply, increasing the
value of the goods, an adequate sales price.
Quality of products / servicesMeans of differentiation of the client base
Means of clients attraction
Means of keeping cus tomers
Provision of training and education to customers
Means of microeconomic perfection
Fig. 3. The means to achieve competitive quality products and services
Source :investigations of authors.
It is also necessary to note tha t competitive opportunities of the company, the market success of its
pricing, profit margins depend largely on the quality of products. In the formation of prices there must be
taken into account not only economic, but also psychological factors of pricin g. Consumers often perceive
the more expensive items like having a better quality.
The price may have a positive impact on the assessment of the value of consumer goods: in some
cases, with the growth rates of increased valuation. And if the growth of valu e exceeds the price rise, the
demand may increase. A possible explanation for this phenomenon is that a higher price is associated with
a high quality, which makes the product more attractive. Another possible explanation of this feature: if
the consumer i s not able to assess the quality of the product, the only guide is its price, and the price is
acted as an indicator / gauge of quality. That is, many consumers look at the price as the quality index of
goods and well -being of producers.
Since the quality and competitiveness are a prerequisite for market development, it is relevant to
consider their relationship. The perceived quality of consumer products is made up of many indicators, it
is about their technical and operational characteristics, appearance, packaging, consumer properties, the
value for the consumer and others [4]. Achievements of firms to improve the quality of goods is now
firmly linked to their innovation capacity. The concept of maximizing customer satisfaction is replaced by
the concept of "effective use": "From more –tobetter". Products competing with each other, are checked
against the buyer to meet consumer qualities. In this regard, we can say that the quality of the products is
adequately to competitiveness, and should be considere d in the same context.
Types of competitiveness
1.Functional 2. Formal
3.Material (analogue goods) 4.Priceble (direct and indirect)
5. Non -priceble (culture, competences, quality) 6.Unfair (illegal falsi fication)
Fig. 4. Structure of the main types of competitiveness
Source :investigations of authors.
Revistă teoretico -științifică / Theoretical and scientifical journal 24
Nr. 3/ 2016The competition is an integral part of the market environment. It determines the position of the
company in the commodity market on the basis of the competitiveness of its goods. The competitiveness
term includes: quality, product uniqueness, security of supply, price, after -sales service, etc. In these
conditions, a firm entering the market, first of all, must offer the customer high quality products and
services that represent a certain value, and the buyer that is interested in its acquisition, has to pay its cost.
The company's success in the competition depends on the quality of products and the company's
activities that have an impact on the resu lts of the competition. Cumulative production of consumer
qualities is essentially an index on the basis of which is determined its level of competitiveness. The
higher the value is, the better the customer needs are met. There criterion is price, formed d epending on
the consumer qualities, the demand for products. The price must cover all costs of production, supply and
sale of products, including the rate of return.
Demand for high -quality goods and services puts new demands on the quality management
of products. This necessitates the creation at the enterprise of an integrated marketing quality
control mechanism. Under the control of the quality we mean the establishment, maintenance
and provision of consumer valuable properties as separate steps, and in general throughout the life cycle
of goods, services.
Marketing solutions in the field of quality suggest a close relationship with the activities on
preservation of consumer qualities of goods and services. Quality management on the basis of the
marketing approach assumes that the planning, organization and control of the decisions is made in the
interaction of all divisions of the company that are involved in the process of production and circ ulation of
goods, services (transportation, storage and sales). In this regard, there is a need to work closely with
marketing and logistics in order to maintain the required quality of the goods, the consumer value of
properties when moving goods from pro ducer to final consumer.
Marketing quality management is aimed at resolving a number of contradictions that
are associated with the need to harmonize the requirements and demands of target customers
with the capabilities to meet them from the enterprise [1]. For the decision to overcome the contradictions,
there is a need to solve the following problems in integrated marketing management quality goods
(services):
-Identification of market position and competitiveness of the goods (services);
-Determination of the range of indicators to assess the level of quality;
-Providing valuable consumer properties as separate stages, and throughout the product life cycle;
-Focus on the environmental requir ements of products;
-Establishment of sales for the current and prospective periods;
-The formation of prices based on consumer properties of ecological purity of the product;
calculus of costs, taking into account the duration of the product life cycle.
According to the strategic document (Roadmap for Increasing the Competitiveness
of the Republic of Moldova, approved by the Moldovan government on 14.1.2014) [4], competitiveness is
to be considered at both the macro as and at the enterprise level: making the Moldovan economy and its
business more competitive, thus allowing local markets to withstand additional competitive pressures
from EU producers and will enable local producers to find or expand new markets in the EU, e xploiting
the competitive advantages of Moldova. This may open higher economic opportunities for local
businesses and households, help increase their income and boost the state's efforts to continue
diversification of reforms.
Competitiveness is closely li nked to the cost. The main direct and indirect costs, such as capital,
labor, energy and other utilities, insurance and congestion costs, are critical to the competitiveness of
Moldovan companies in foreign markets and the domestic market, which already ha s a fairly high level of
openness. This concern is present in the Roadmap, and contains each of its components.
An important element of competitiveness is the size and structure of the markets in which
companies operate, what determines their ability to sp ecialize and exploit economies of scale, thus
influencing its costs and productivity. In the case of Moldova, in particular because of DCFTA, there is
expanded the access to foreign markets, with an enormous potential of purchase and represents an
incentiv e and substitute for an internal market of small size. However, the size and structure of the internal
market remains crucial and there is room for improvement: it is imperative to facilitate its expansion and
increasing its effectiveness for promoting com petitiveness.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 25
Nr.3 / 2016While improving the market efficiency is the result of current reforms in the long term, in the field
of competition policy, for example, the Roadmap aims to contribute through more specific measures to
eliminate constraints to the proper fu nctioning of the market.
Thus, inthecurrent market conditions, theformation ofthecompany's competitiveness is
impossible without marketing product quality management services. The marketing function plays
akey role indetermining theneeds oftarget customers and inmaking decisions onquality
management products.
USA lost the title of world's most competitive economy. US was exceeded in the IMD World
Competitiveness Center by China (Hong Kong) and Switzerland occupying the top two positions. Thus, it
appears that the absolute economic power held by the US was not enough to maintain the top position of
the most competitive economies in the world. US has led the top in three years. This year, the top opened
by China Hong Kong, Switzerland and the USA, i s complemented by Singapore, Sweden, Denmark,
Ireland, the Netherlands, Norway and Canada. "The United States continues to boast the best economic
performance in the world, but there are many other factors that we consider when evaluating
competitiveness ",is written in the report.
Table 1
The IMD Word competitiveness Scoreboard, GDP, GDP per capita, 2016
WCY 2016 Countries with the biggest GDP
GDP per capita,
USD rating Country CountryGDP 2016 (pr)
bln. USDGDP 2015 bln.
USD
1 Hong Kong 1. USA 18698 17968 Qatar -146.011
2 Switzerland 2. China 12254 11385Luxemburg –
94.167
3 USA 3. Japan 4171 4116Singapore –
84.821
4 Singapore 4. Germany 3473 3371 Brunei -80.335
5 Sweden 5. Great Britain 3055 2865 Kuwait -71.600
6 Denmark 6. France 2488 2423 Norway -67.619
7 Ireland 7. India 2385 2183 EAU -67.201
8 Netherlands 8 .Italy 1868 1819Hong Kong –
57.676
9 Norway 9. Brazil 1673 1800 USA -57.045
10 Canada 10. Canada 1592 1573Switzerland –
56.815
….. … … …. …. ….
59 Romania 50. Romania 181,944 177.95 4 20,787
76 Ukraine 65.Ukraine 83,55 0 90.615 7,519
…. ….. …. ……. …… …
82 R.Moldova 145. R.Moldova 6,084 7.962 5,006
Source :[2; 3].
Conclusions. In the ranking of countries where you can make your holiday, Moldova ranks 111 of
141 countries includ ed in top tourist destinations. At the macro level and at the enterprise level, Moldovan
economy and its business become more competitive, thus allowing local markets to withstand competitive
pressures additional from EU producers and will enable local pro ducers to find or expand new markets in
Revistă teoretico -științifică / Theoretical and scientifical journal 26
Nr. 3/ 2016the EU, exploiting the competitive advantages of Moldova. This may open higher economic opportunities
for local businesses and households help increase their income and boost the state's efforts to continue and
diver sificate reforms. Competitiveness is closely linked to the cost.
Delay in economic recovery occurs in Moldova because, from the outset, it was hidden that we are
affected by the crisis. We believe that we can not talk now about a total output of this rece ssion, but about
a revival of certain economic sectors such as foreign trade, agriculture, and industry in some subsectors.
REFERENCES
1.Proiectul Băncii Mondiale pentru Ameliorare a Competitivității în Republica Moldova (PAC/CEP)
[accesat 21 aprilie 2016]. Disponibil: http://www.mec.gov.md/ro/content/proiectul -bancii -mondiale –
pentru -ameliorare -competitivitatii -republica -moldova -paccep
2.WEF: R. Moldova pe ultimele poziții în lume la capitolul independența justiției, corupție și calitatea
drumurilor. 2015, 19 iulie [accesat 12 martie 2016]. Disponibil: http://agora.md/stiri/11005/wef -r-
moldova -pe-ultimele -pozitii -in-lume -la-capitolul -independe nta-justitiei -coruptie -si-calitatea –
drumurilor
3.BERCU, V. Republica Moldova coboară în topul competitivității globale. 2015, 14 octombrie [accesat
10 martie 2016]. Disponibil: http://capital.market.md/ro/content/republica -moldova -coboara -topul –
competitivita tii-globale
4.Roadmap for increasing the Competitiveness of the Republic of Moldova. 2013, november [accesat 12
aprilie 2016]. Disponibil:
http://www.mec.gov.md/sites/default/files/document/eng_roadmap_on_competitiveness_final –
approved_by_gom.pdf
5.Studiul pri vind comerțul în Moldova: mai multe provocări înseamnă mai multe oportunități de
reforme. 2016, 21 martie [accesat 31 martie 2016]. Disponibil:
http://www.worldbank.org/ro/news/press -release/2016/02/26/moldova -trade -study -more -challenges –
mean -more -reform -opportunities
6.ROBU, T. Semnarea acordului de liber schimb cu UE –o nouă perspectivă pentru competitivitatea
produselor moldovenesti = The signing of the free trade agrement with the EU –a new perspective for
the competitiveness of the moldovan products. I n: Economie și Sociologie = Economy and Sociology.
2014, nr. 3, pp. 109 -115.
Recommended for publication: 17.05.2016
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 27
Nr.3 / 2016GLOBALIZATION, CONTEMPORARY PROBLEMS AND TENDENCIES
OFINTERNATIONAL BUSINESS DEVELOPMENT
Nicolae TAU1,PhD ,University Professor ,
Academy of Economic Studies of Moldova
Globalization phenomenon have a extremely actuality due to the fact that is a key factor on the
increasing interdependence of national states as a result of the expansion an d intensification of
international relations. The paper aims at presenting and analyzing the main ways of economic
development based on the pace of technological progress and expansion of globalization, using different
research methods of economic science ,especialy comparative analysis and statistical method. As a result,
data demonstrate that national economic development depends on the participating of the countries to
globalization processes at regional and international levels.
Keywords: globalization , global interdependence, technological progress, political instability,
internati onal relations, competitiveness, investment, innovation performance, international competitors .
Fenomenul globalizării este extrem de actual datorită faptului că reprezintă un factor esen țial
referitor la cre șterea interdependențelor dintre statele naționale, ca rezultat al expansiunii și intensific ării
relațiilor internaționale. Lucrarea î și propune prezentarea și analiza principalelor modalit ăți de
dezvoltare economică bazate pe ritmul progresului tehnologic și a extinderii globaliz ării, folosind diferite
metode de cercetare ale științei economice, în special analiza comparativ ăși metode lestatisti ce.Ca
rezultat, datele au demonstrat că dezvoltarea economică la nivel na țional depinde de participarea ț ărilor
la procesele globalizării atât la nivel regional, c âtși internațional.
Cuvinte -cheie: globalizare, interdependen ță globală, progres tehnologic ,instabilitate politică,
relațiiinternaționale, competitivitate ,investiții,performan ță de inovare, competitori interna ționali .
Глобализация является чрезвычайно актуальной, поскольку она является ключевым
фактором в растущей взаимозависимости национа льных государств в результате расширения и
интенсификации международных отношений. Статья нацелена на представление и анализ
основных путей экономического развития на основе темпов технического прогресса и расширения
глобализации, используя различные метод ы исследования экономики, используя в первую очередь
сравнительный анализ истатистические методы. В результате данные показали, что развитие
национальной экономики зависит от участия стран -участниц в процессах глобализации на
региональном и международном уровнях.
Ключевые слова: глобализация, глобальная взаимозависимость, технический прогресс,
политическая нестабильность, международные отношения, конкурентоспособность ,
инвестиции, выс окий уровн ьинноваци и,международные конкуренты .
JEL Classification: F23, F44, F53, M16.
Introduction. By the end of 1980s, the majority of dictatorships known worldwide, had yielded to
democratic and free market ideals spread by radio and television. Since then, in addition to undermining
the Berlin Wall and shredding th e Iron Curtain, the powerful technological forces of the Information Age
have helped to stitch together the economic, political, and cultural lives of nations, making border more
permeable to the movement of people, services, products, and capital [17, p.1 98;18].
In recent decades t he world has witnessed enormous econom ic development , but the generation of
wealth and prosperity has been very uneven –so uneven that economic imbalances are seen to exacerbate
social problems and political instability in virt ually every region of the world. The end of cold war and the
accelerating integration andglobalization of the global economy have not solved persistent problems of
1©NicolaeȚAU, ntau1@cisr -md.org
Revistă teoretico -științifică / Theoretical and scientifical journal 28
Nr. 3/ 2016extreme poverty, indebtedness, underdevelopment and trade imbalance [10, p.152 ;23].
Globalization. For many millions of people, globalization has meant greater freedom and
prosperity, but for millions of others, the same process has brought economic disadvantage and social
disruption. From the perspective of the world's poorest countries, unde mocratic global governance has
allowed the economic dimension of globalization to dance to the tune of big business. Globalization not
only distributes its favors’ too unevenly, but also accelerates patterns of unsustainable consumption.
Recent financial c haos may prompt world leaders to be more conscious of the complex social and
environmental consequences of unrestrained markets [17, p.198] .
Incurrent years technology and the intern ethas revolutionized our capacit y for knowledge and
interaction .At the same time the global supply chains of international trade deliver exotic year -round
affordable foods, over 900 million people in the developing world experience hunger. The extension of
globalization is understood as a process of increasing the inequality worldwide. The search of effective
development model for developing countries that which did not implement globalization process reflects
the anxiety of the winners.
Interdependence between countries and globalization has become known worldwide as a
conse quence of its rapid acceleration . The diffusion andfree circulation ofpeople, commerce, knowledge
and culture across the world hasspread since the extension of globalization .
In recent years is only themost population that, driven by the wonders of advanced technology
and the efficiency of new technology of transportation , the intensity of interdependence hasled to
controversial results.
The challenges and the rhythm of change is most apparent in high and middle -income countries.
We must recognize t hatmost everyday household goods and clothing are imported from a companies
produced in several countries and most of them from China ;international banking and insurance services
are provided by aspecial centre sfrom India; a international tourism can s upport the family's privacy by
implementing some social media interaction .
Global interdependence is affecting the way virtually all governments think about international
relations and practice diplomacy. The more engaged in and affected the process, the more they must
change. For the all governments, therefore, the imperative for change is especially powerful, and it is felt
most acutely in the building institutions for diplomacy [18, p.70] .
Paradoxically, while globalization induces international cohesi on and empowers international
enterprises, it also accentuates the limitations of national power. Governments are often too cumbersome
to respond effectively to transnational threats –including when those threats are manifest within their
borders. Partly as a result, political authority is devolving from the top down and from center outward, to
local and regional governments, and to community organizations working at the grassroots [18, p.75] .
We agree that the important source of divergence is in the nat ional economic development, what
was emphasized by the authors Fukuyama [5 , p.388 ], Olson [9 , p.297 ] and DeLong [3 , p.198 ] has arisen
because of political system, which has influenced the choice of economic development and policies. The
countries that atte mpted to “develop” behind the “Iron Curtain” have much lower income per capita than
countries which had a comparable income per capita in 1950 and followed the capitalist path participated
in the process of globalization [12, p.638] .
Technology Facilitate s Globalization. The most obvious examples involve the comparative
development experiences of East and West Germany, North and South Korea. At the same time, a
comparison between other neighboring countries seems reasonable, for example, comparisons betwee n
Russia and Finland, Hungary and Austria reveal significant differences in living standards. The
renaissance of economic growth research of the examples mentioned above, the most dramatic ‘natural
experiment’ has occurred in the Korean peninsula during th e second half of the twentieth century
[12, p.601 ]. Following the surrender of Japan in August 1945, Korea was divided at the 38th parallel into
two zones of occupation, with armed forces from the Soviet Union occupying the ‘North’ and Ame rican
armed forces occupying the South. In the summer of 1948, following the May elections, the
American zone of occupation became the Republic of Korea, and in September 1948 the northern zone
became formally known as the Democratic Peopl e’s Republic of North Korea. Both ‘Koreas’ claimed full
political jurisdiction over the entire Korean peninsula and this disagreement led to the Korean War, which
lasted from June 1950 until the armistice of July 1953. Since then the 38th parallel has rema ined the
dividing line between the two Koreas, with the ‘communist North’ adopting a centrally planned economic
strategy and the ‘capitalist South’ putting its faith in a capitalist mixed economy. As the data in Tables 1
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 29
Nr.3 / 2016and 2 make clear, the impact of the se choices on living standards in the two Koreas, made some 50 years
ago, could not have been more dramatic. As Acemoglu [1 , p.277 ] notes, a distinguishing feature of Korea
before separation was its ethnic, linguistic and economic homogeneity. The north an d south are inhabited
by essentially the same people with the same culture, and there were only minor differences between the
two areas. Therefore, this natural experiment, of dividing the Korean peninsula into two countries, each
distinguished by very dif ferent policies and institutions, gives a clear example of how, despite the very
similar economic conditions, political leaders often chose very different policies with very different
outcomes [12, p.638] .
Angus Maddison’s [8 , p.214 ] data indicate, per cap ita GDP in two Koreas in 1950 was $770
(at 1990 international prices). By 1998 in North Korea had only risen to $1183. In sharp contrast in South
Korea it had risen to $12 152. Data from 2015 indicate, that GDP per capita in North Korea reach ed1800
in comparison with South Korea where GDP per capita was $27 222.
Table 1
A tale of two Koreas
IndicatorPopulation
(’000)GDP
PPP $
millionsGDP per
Capita
PPP $Population
(’000)GDP
PPP $
millionsGDP per
Capita
PPP $
Year North
KoreaNorth
KoreaNorth
KoreaSouth
KoreaSouth
KoreaSouth
Korea
1950 9 471 7 293 770 20 843 16 045 7 70
1955 8 839 9 361 1 054 21 552 22 708 1 054
1960 10 392 11 483 1 105 24 784 27 398 1 105
1965 11 869 15 370 1 295 28 705 37 166 1 295
1970 13 912 27 184 1 954 32 241 62 988 1 954
1975 15 801 44 891 2 841 35 281 111 548 3 162
1980 17 114 48 621 2 841 38 124 156 846 4 114
1985 18 481 52 505 2 841 40 806 231 386 5 670
1990 20 019 56 874 2 841 42 869 373 150 8 704
1995 21 553 32 758 1 520 45 081 534517 11 873
1998 21 234 25 131 1 183 46 430 564 211 12 152
2008 23 790 25 960 1 114 49 044 969 871 20 015
2012 23 746 15 907 1115 50 062 1,129,598 25 097
2013 24 346 16 565 1200 50 219 1,304,468 28 430
2014 24 662 16 570 1800 50 230 1,410,383 28 166
2015 25 030 17 400 1800 50 293 1,377,873 27 222
Source : Calculated by the author based on the data of Maddison [8 , 12, p.639].
The World Bank Group (2016 ) data, Table Life expectancy at birth, total (years), indicate that the
50,3 million people liv ing in the South had a life expectancy of 82 whereas for the 25.03 millio n people
living in the North, life expectancy was76 and in recent years North Korea has been experiencing a
famine.
As the data in Tables 1 and 2 make clear, the impact of these choic es on living standards in the
two Koreas, made some 65 years ago, could not have been more dramatic. Distinguishing feature of Korea
before separation was its ethnic, linguistic and economic homogeneity [1, p.107]. The north and south are
inhabited by esse ntially the same people with the same culture, and there were only minor differences
between the two areas. Therefore, this natural experiment, of dividing the Korean peninsula into two
countries, each distinguished by very different policies and instituti ons, gives a clear example of how,
despite the very similar economic conditions, political leaders often chose very different policies with very
different outcomes.
Revistă teoretico -științifică / Theoretical and scientifical journal 30
Nr. 3/ 2016Table 2
Growth rates of per capita GDP (%): the two Koreas
1950 -75 1975 -98 1998 -2015
North Korea 5,84 -3,44 3,86
South Korea 5,84 5,99 2,62
Source : Calculated by the author based on the data of Maddison [8 ;12, p.6 40].
The data in the tables above demonstrate that economic development on the national level depends
on the involvement of the countries in the regionally and internationally globalization processes. Which
will be interdependence from the democracy, the quality of governance and growth? Does growth promote
democracy or does democracy promote growth? Recent research into the link between democracy,
dictatorship and growth has produced support for both of the above linkages. Barro [2 , p.335 ] provides
eviden ce in support of the Lipset [7 , p.499 ] hypothesis, which suggests that prosperity promotes
democracy . Research provided by Barro confirms this hypothesis as a ‘strong empirical regularity’. Since
the empirical evidence also supports the hypothesis that eco nomic freedom pr omotes prosperity, Barro
concludes that policies that promote economic freedom will also promote greater democracy through the
Lipset prosperity effect. It is certainly indisputable that there has never been a liberal democracy (free and
regular competitive elections) where there is an absence of e conomic freedom (see Friedman [4, p.315 ],
Kornai [6 , p.395] Snowdon [12, p. 640-641].
Innovation performance and trends. Globalization of innovation grows of the countries
knowledge economy, it enha nces competitiveness and it creates a prosperous future for state.
This is why innovation features prominently in the ten priorities of the development of the economy
of the country.
The European Innovation Scoreboard 2016 [15] gives an assessment of the EU and Member
States' innovation performance, as well as that of key international competitors. Its 25 indicators give a
detailed analysis of the strengths and weaknesses of Member States on the basis of im portant innovation
drivers –from research systems and public and private investment, to the economic effects of innovation.
The EU has a lead in innovation performance over many other countries, while China is making swift
progress. In addition, the EU is catching up with Japan and the United States, but is still losing ground to
South Korea [15].
Fig. 1. Global innovation performance
Source: European Innovation Scoreboard 2016 [14, p.30 ].
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 31
Nr.3 / 2016
Fig. 2. Global innovation growth rates
Source: European Innova tion Scoreboard 2016 [14, p.30 ].
Average performance is measured using a composite indicator –the innovation index –building
on data for 12 indicators ranging from a lowest possible performance of 0 to a maximum possible
performance of 1.
South Korea, the US, and Japan have a performance lead over the EU (Figure 1). The performance
lead has b een increasing for South Korea as its growth rate has been more than twice that of the EU
(Figure 2). Innovation performance for the EU, however, has been improving at a higher rate than that for
the US and Japan. As a consequence, the EU has been able to close part of its performance gap with the
US and Japan over the last eight years.
Average annual growth rates of the innovation index have been calculated over an
eight -year period. But, most of the low income countries have been less fortunate and there is rising
concern that the global poor have been left behind in the slipstream. Many of the developing countries are
a world apart from globalization [15, p.30]. Global trade and investment flows largely pass them by,
despite the often considerable progress t hey have achieved in liberalizing and deregulating their
economies and opening their borders to international trade and inv estment [20]. In the past decade, for
example, net foreign direct investment (FDI) from OECD countries to the developing world increa sed by
270% –but the lion’s share of it was attracted by a handful of Asian and Latin American countries.
Developing countries similarly have a growing share in trade currently accounting for a quarter of world
exports –but Africa’s share is a meager 1.8 % of the total, and has been falling steadily [21].
These imbalances give cause for broad concern. Evidence from recent World Bank studies show
that integration in global markets through FDI and trade flows creates economic growth and employment.
Trade an d investment are the principal mechanisms for the transmission of innovative ideas, marketing
networks, more effective management practices, new production and packaging techniques, and
consumer -friendly design –all prerequisites for competing in global m arkets [21].
I agree with the author Joseph E. Stiglitz mentioning that the advanced industrialized countries,
through international organizations such as the International Monetary Fund, World Trade Organization
and World Bank, not only do everything poss ible to help those countries, but sometimes they made
difficult situation for them [14, p .9].
The successful integration of the developing countries into a globalizing world economy is
logically a direct concern for the development co-operation efforts of developed countries. Donor’s
countries are recognizing that they have a stake in helping the less -advanced countries and their
populations find their place in the global economy. Poverty, misery and marginalization in large parts of
the world threaten the prospects of rich and poor alike.
In the poorest developing countries human, institutional and industrial capacities are not adequate
to produce on the demanding terms required by the global market -place. Trade and investment flows –
essential for stimulat ing the growth necessary to absorb burgeoning labor forces –have considerable scope
Revistă teoretico -științifică / Theoretical and scientifical journal 32
Nr. 3/ 2016for expansion across the developing world. Yet many of them may find integration very difficult unless
there are strong catalysts in the form of international support and co-operation. Developed countries
donors are committed to work with their partners to reduce by half the number of people living in poverty
in the developing world –currently 1.3 billion –by 2015 [ 21;22, p .36]. Strengthening the trade capacity
and inves tment appeal of these countries is an important means to this end. Donors are increasingly
turning their attention to how development co-operation can spread the benefits of globalization to a larger
proportion of the world’s population, by, for example, p romoting joint ventures, stimulating technology
acquisition and building trade capacity [21;22, p.37] .
Recently, researchers have claimed that the growth effects of globalization depend on the
economic structure of the countries during the process of glob alization. The impact of globalization on
economic growth of countries also could be changed by the set of complementary policies such as
improvement in human capital and financial system. In fact, globalization by itself does not increase or
decrease econ omic growth. The effect of complementary policies is very important as it helps countries to
be successful in globalization process [19].Is interesting that according to some authors ,the concept of
"internationalization" is an evolutionary process in whi ch national productive systems tend to turn into a
unique production system concluding that globalization is a precondition of globalization [11, p .93].
The obstacles are substantial. Many poorer developing countries are characterized by an
undiversified e xport base limited to commodities. Countries have limited or inefficient industrial capacity.
Their infrastructure (transport, telecommunications and energy) is inadequate or dysfunctional. Their
entrepreneurial forces are nascent or weak. They have a shor tage of man -agers, engineers and technicians.
Their institutions are weak, and human capital is poorly developed [19]. Many of them also still face high
prevailing tariffs and non -tariff barriers from developed countries for their agricultural, textile an d metal
exports –the very sectors wherein their comparative advantage lies. Yet the current context for drawing
poorer countries into the global system is nonetheless extremely propitious:
• most developing countries are well -advanced in implementing stru ctural adjustment and
economic reforms geared to strengthening market forces through liberalization and deregulation;
• the basic conditions for good governance are receiving more attention from their governments,
often under popular pressure for democrati c reform;
• the Ministerial Conferences of WTO trade discussions has created new export opportunities,
especially in agricultural, textile and metal products;
• information and other technologies are spawning new services and products with lower barriers
to entry;
• strengthened regional integration/co -operation efforts among developing countries will help
lock in reforms, create larger markets that allow economies of scale, and provide an intermediate step to
the highly competitive global market -place [21].
Conclusion s:
1.This research demonstrated that national economic development depends on the participating
of the countries to globalization processes at regional and international levels.
2. To achieve its promise of Globalization ,countries would have to maximize the constructive
interdependence among all nations –industrialized, developing and poorer alike.
3.International system that gove rn the globalization is not corect , being elaborate for the benefit
of developed countries.
4.Free economy, democratizat ion, interdependence are the main factors that give countries the
possibility to participate in the processes of globalization for economic development .
5.Marginalization will impose avoid -able costs, in human suffering, reduced choices and
opportunities, ex cessive migratory pressures, damage to the global ecosystem or the spread of
conflict.
6.There are the actions of people in the developing countries themselves that will determine in
large part the pace at which they can benefit from globalization, but the policies and tools of
the industrialized countries, including development co-operation, have their contribution to
make [21].
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 33
Nr.3 / 2016REFERENCES
1.ACEMOGLU, D. Why Not a Political Coase Theorem? In: Journal of Comparative Economics. 2003 ,
december, pp. 257 -289.
2.BARRO, R.J. Determinants of Democracy. In: Journal of Political Economy. 2003 , december,
pp. 329 -372.
3.DELONG, J.B., DOWRICK, S. Globalization and Convergence. In: M. BORDO, A. TAYLOR, J.G.
WILLIAMSON (eds). Globalization in Historical Perspective. Chicago: U niversity of Chicago Press,
2002, pp. 191 -226.
4.FRIEDMAN, M. The Plucking Model of Business Fluctuations Revisited. In: Economic Inquiry. 1993 ,
april, pp. 302 -359.
5.FUKUYAMA, F. Trust: The Social Virtues and the Creation of Prosperity. New York: The Free Pre ss.
Fukuyama. 1995. 457 p.
6.KORNAI, J. What the Change of System from Socialism to Capitalism Does and Does Not Mean. In:
Journal of Economic Perspectives. 2000 , winter, pp. 389 -490.
7.LIPSET, S.M. Some Social Requisites of Democracy: Economic Development and Political
Legitimacy. In: American Political Science Review . 1959, pp. 490 -543.
8.MADDISON, A. The World Economy in Millennial Perspective. Paris: OECD. 2001. 383 p.
9.OLSON, M. Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships. New York :
Basic Books, 2000. 428 p.
10.THE UNITED NATIONS TODAY. United Nations Department of Public Information .New York,
2008. 370 p.
11.POSTELNICU, G., POSTELNICU, C. Globalizarea economiei . București: Ed. Economică,
2000. 336 p.
12.SNOWDON, B., V ANE, H.R. Modern Macroeconomics: Its Origins, Development and Current State .
Northampton -Massachusetts: Edward Elgar Publishing, 2005. 826 p. ISBN 978 -1845422080 [accesat
21 aprilie 2016]. Disponibil: http://www.studfiles.ru/preview/427435/
13.SNOWDON, B., VA NE, H.R. Neoclassical Growth Model. In :AnEncyclopedia of Macroeconomics .
Cheltenham -Northampton: Edward Elgar Publishing, 2002, pp. 518 -521.
14.STIGLITZ, J.E. Mecanismele globalizării . Iași: Ed. Polirom, 2008. 308 p.
15.European Innovation Scoreboard 2016 [accesat 21 aprilie 2016]. Disponibil: [accesat 21 aprilie 2016].
Disponibil: http://ec.europa.eu/growth/industry/innovation/facts -figures/scoreboards_en
16.MACARI, V. Approaches of the territorial aspect of competitiveness. In: Economie și Sociologie =
Economy and Sociology. 2015 , nr. 2, pp. 50 -55.
17.WITTKOOP, E., MCCORMIK, J. The domestic sources of American foreign policy . New York:
Rowman & Littlefied Publishers, 2004. 405 p.
18.STROBE, T. Globalization and Diplomacy: a Practitioner's Perspective. In: Foreign Policy. 1997, no.
108, pp. 68 -83[accesat 21 aprilie 2016]. Disponibil :
http://www.globalsecurity.org/wmd/library/news/usa/1997/97091902_tpo.html
19.SAMIMI, P., JENATABADI, H.S. Globalization and Economic Growth: Empirical Evidence on the
Role of Complementarities. 2014, april [accesat 21 aprilie 2016]. Disponibil:
http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0087824
20.Globalization and Development. 2016, may [accesat 12 aprilie 2016]. Disponibil:
http://treadsoftly.net/globalisation
21.The OECD Observer: 204 february/march . Paris, 1997. 51 p. ISBN 9789264147393 [accesat 21 aprilie
2016]. Disponibil: http://oecdobserver.org/news/get_file.php3/id/62/file/Globalisation
22.Shaping the 21st Century: the Contribution of Development Co -operation. OECD Publications. Paris,
1996 [accesat 15 martie 2016]. Disponibil: https://www.oecd.org/dac/2508761.pdf
23.Global Economic Strategy [accesat 15 martie 2016]. Disponibil:
http://www.iaed.org/globalstrategy/index.html#ldc
Recommended for publication : 26.08.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 34
Nr. 3/ 2016FEATURES OF PRICING OF THE MORTGAGE MARKET
INTHE RUSSIAN FEDERATION AND THE REPUBLIC OF MOLDOVA
(Part 1)
Tatiana KASYANENKO1,PhD, Professor,
State Economic University, Saint -Petersburg, Russia
Olga BUZU2,Associate Professor ,PhD ,
Tech nical University of Moldova
The relevance of the study is determined by the importance of the market of mortgage loans as the
main instrument of social policy. The aim of the article is to identify the relationship between the volume
of mortgage loans and the value of residential real estate on both the primary and secondary markets. The
article consists of two parts. The main objective of the first part of this article is to clarify the concepts
and features of mortgage loans, and identification of peculi arities of mortgage loans in the Russian
Federation and the Republic of Moldova. The methodological basis of the work is made up of methods of
analysis and synthesis, the combination of logical and historical approaches, methods of economic
comparison and statistical analysis. The result of the study of the first part of the article is to identify the
stages of development of mortgage loans in the Russian Federation, an analysis of prices in the primary
and secondary markets of residential property on the b asis of aggregate statistical indicators that reflect
the status and characteristics of the housing market. The Russian experience is correlated with the
peculiarities of the development of the mortgage market in the Republic of Moldova.
Keywords: mortgage , mortgage loans, residential mortgage loans (ML), residential real estate
market (primary and secondary).
Actualitatea cercetării este determinată de importan ța pieței de creditare ipotecar ă ca principal
instrument al politicii sociale. Scopul acestui ar ticol este de a identifica rela ția dintre volumul de
creditare ipotecară și valoarea de bunuri imobiliare rezidențiale, atât pe piețele primare, cât și cele
secundare. Articolul este format din două păr ți. Obiectivul principal al primei p ărți a acestui art icol este
de a clarifica conceptele și funcțiile credit ării ipotecare, identificarea particularită ților credit ării
ipotecare în Federa ția Rus ăși Republica Moldova. Baza metodologic ă a lucrării este compusă din
metodele de analiză și sintez ă, combina ția de abordări logice și istorice, metode de comparare economic ă
și analiza statistic ă. Rezultatul cercetării din cadrul primei păr ți a studiului const ă în identificarea
etapelor de dezvoltare a creditării ipotecare în Federa ția Rus ă, o analiză a pre țurilor pe piețele primare
și secundare ale propriet ății rezidențiale pe baza unor indicatori statistici agregați care reflect ă starea și
caracteristicile pie ței locuințelor. Experiența rus ă este corelată cu particularită țile de dezvoltare a pieței
ipotecare din Repu blica Moldova.
Cuvinte -cheie: ipotecă, credite imobiliare, credite ipotecare reziden țiale (CIR), piața imobiliar ă
rezidențială (primară și secundar ă).
Актуальность исследования определяется важностью рынка ипотечного кредитования
как основного инструмента социальной политики государства. Целью статьи является выявление
зависимост и между объемом ипотечного кредитования и стоимостью жилой недвижимости как
на первичном, так и на вторичном рынках. Статья состоит из двух частей. Основной целью
первой части стат ьи является уточнение концепции и функций ипотечного кредитования,
выявление особенностей ипотечного кредитования в Российской Федерации и в Республике
Молдова. Методологическую основу работы составляют методы анализа и синтеза, сочетание
логического и ист орического подходов, методы экономического сравнения и статистического
анализа. Результатом исследования первой части статьи является выявление этапов развития
ипотечного кредитования в Российской Федерации, анализ цен на первичном и вторичном рынках
1©Tatiana KASYANENKO, armache@yandex.ru
2© Olga BUZU, buzuo@mail.ru
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 35
Nr.3 / 2016жило й недвижимости на основе совокупности статистических показателей, отражающих
состояние и особенности развития рынка жилья. Российский опыт соотнесен с особенностями
развития рынка ипотеки в Республике Молдова.
Ключевые слова: ипотека, ипотечное кредитовани е, ипотечный жилищный кредит
(ИЖК), рынок жилой недвижимости (первичный и вторичный).
JEL Classification: F34, E51, L85, R3 .
Introduction . The development of a market economy is not possible without the development of
the real estate market, as real esta te is involved in a large number of sales transactions, making decisions
about investing in real estate and its Development. State real estate market is one of the main factors that
have a significant impact on the dynamics of the level of demographic indi cators.
The problem of providing citizens with affordable housing in Russia's social policy for a long time
is one of the most pressing issues. Thus, the importance of the mortgage market as the main instrument of
social policy and its versatility determin e the relevance of a study aimed at identifying the relationship
between the volume of mortgage lending and the value of residential real estate, both in primary and
secondary markets.
Information basis of the research were published in the periodical of d omestic and foreign
publications, legislative and normative documents of the Russian Federation and the Republic of
Moldova, involving issues of mortgage lending.
1. The concept of „mortgage ”and mortgage lending function
The term "mortgage" has Greek orig in, was first used in the legal sense at the beginning of the
VI. BC. Mortgage called pillar, which is installed on the border balk debtor with an inscription that the
property serves as collateral claims by a certain amount. This term was used in ancient Rome with the
purpose of identifying civil law institution providing land mortgage credit. Mortgage was one of the three
most advanced forms of collateral that meet the needs of economic life of Ancient Rome [7].
In modern conditions this concept has been widely interpreted.
Mortgage , under the current legislation (Art. 334 of the Civil Code, as well as [1]), is defined as
secured by real estate (land, businesses, apartments, buildings, structures, etc.), In which the formed
relationship, to ensure fulfillm ent the principal obligation by means of the mortgagee in case of default or
improper performance by the debtor of the principal obligation of the preemptive right to satisfy their
demands at the expense of the collateral.
In economic theory, a mortgage is seen not only in the individual loan level, but also as a
subsystem of the financial market. In the modern sense of the mortgage market is a market of mortgage
loan capital, on which the sale and purchase of mortgage bonds issued by commercial and industr ial
corporations and used to provide loan secured by real estate. From this perspective, the mortgage covers a
wide range of participants and describes the reproduction of the mortgage business system.
In our view, it is logical to allocate economic and le gal aspects of the concept of a mortgage. From
the point of view of the economic aspect, the mortgage –this is a stock turnover of property rights to
immovable property in cases where the form of the sale, exchange legally and commercially impractical,
and allows to raise additional funds in order to implement the economic interests of the property owner.
The legal aspect is reflected in the encumbrance of its ownership of the property with its pledge.
The mortgage market is divided into two types: primary and secondary [7] .In the primary market
transactions take place between the parties, in other words, issued loans secured by real estate. The
participants in this market are on the one hand the physical and legal entities, and on the other hand –this
iscommercial, mortgage and other financial and credit institutions. In the secondary market mortgage sale
is carried out directly on the already granted mortgages. The subjects in this market are mortgage banks
and large emission -financial corporations buyi ng up the primary mortgage banks and to issue securities on
the bought up mortgages, as well as individuals, commercial banks, insurance companies, pension funds,
in other words, investors who buy securities paper for real money.
Mortgage lending as a spec ial form of credit has its own application framework, which is reflected
in certain functions [7], such as:
• creation of a system of mortgage markets segments (housing, land, etc.);
• formation of long -term credit facilities. As part of this function, for med a special debt
(mortgages), traded on the financial market;
Revistă teoretico -științifică / Theoretical and scientifical journal 36
Nr. 3/ 2016• control function –provides a proper analysis and control of the financial condition of the
borrower in order to prevent non -compliance imposed obligations;
• redistributive function. In mor tgage lending occurs concentration of available funds of the state,
as well as legal and natural persons, their redistribution via Credit Facility for temporary disposal of the
public and other business entities;
• stimulating function. The mechanism stimu lates mortgage real estate turnover when other ways
of economically inexpedient.
In summary, it can be noted that the mortgage –this is a way to ensure commitment in the form of
real estate collateral to raise funds at the expense of long -term loan.
2. St ages of development of mortgage lending in the post -tuning Russia
Septuagenarian absence of private ownership of real estate and the mortgage institution in Soviet
Russia led to negative consequences. The loss of almost two hundred pre -revolutionary experi ence of
mortgage lending organizations, both at the state level and at the level of credit institutions1.
The need for mortgage market development in Russia has ripened in the early 90s. Despite the fact
that the implementation of mortgage lending at a soc io-economic conditions in the 1990 year did not
inspire serious prospects, had already formed understanding of the role of the housing mortgage market as
a tool to resolve the housing problems of the population. The state has adopted the Federal Law "On
Banks and Banking Activity" December 2, 1990, in which the role of one of the types of repayment of the
loan is a pledge of movable and immovable property. Thus it was legally approved this type of lending as
mortgage lending, which is the main condition for granting a loan secured by real estate.
The development of mortgage lending in the post -tuning Russia can be divided into two main
stages [2; 7]:
-The first stage involves the 1990s. -2000 is the stage of inception of the mortgage in Russia;
-The second stage –from early 2000 to the present time –the stage of formation of mortgage
lending.
Each stage has its own characteristics and features. Considering the origin of the first stage of the
mortgage, you can select a number of conditions that are "stumb ling blocks" that hinder its rapid
development. It:
-The absence of a basis in law and legal support of mortgage lending;
-Political, socio -economic and financial situation in the society in the 1990s, which was
characterized by the instability of the na tional currency, as well as a large amount of external debt.
-Financial instability borrowers, generating high risks of non -repayment of long -term mortgage
loans, which affected negatively on their development.
The development of mortgage lending in Russi a not only interfere with the problems existing in
banks and potential borrowers, but also the problem of the state of the housing construction industry.
So by 2000, the state strategy has been developed in the development of long -term mortgage
lending, wh ich regulate the activities of all entities of the mortgage market such as banks, insurance, real
1The first type of lending in Russia was mortgage lending. Along with the right to private ownership of land still
in the XIII -XIV centuries. It ori ginated mortgage, but over time it has existed without legal registration. The
starting point for the birth of mortgage lending in Russia can be considered in 1754. This year, the first credit
institutions were established: for the nobility –Saint -Petersb urg and Moscow offices of the State Bank of the
Senate, and Senate offices, for the merchants –in the port of St. Petersburg and Commerce College. The Bank
conducts preferential loans nobility secured gold and silver, as well as the security of residentia l estates and the
security of the stone houses. The main operations of the Bank has been issuing loans secured by movable and
immovable property, and the articles of association requires the mandatory sale of ensuring security of property in
order to compe nsate the bank's expenses. In 1786 these banks were reorganized into the State Loan Bank, which
started its activities in November 1787. Thus, the State Loan Bank became the first financial institution in the
long-term credit in Russia, which issued mortga ges. Its charter has canceled the sale of the pledged property, as
well as identified as a means to ensure that the interests of depositors and borrowers to take just under supervision
with a view to further return of the pledgor after the repayment of arr ears. After the October Revolution in Russia
were fully discontinued mortgage lending institutions, which led to the elimination of successfully operated
mortgage lending. Reset it at the time it was impossible.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 37
Nr.3 / 2016estate and appraisal companies, and determined the basis of the legislative and regulatory framework that
takes into account the macroeconomic conditions of t ransitive economy [2; 4].
At the second stage –the stage of development of mortgage lending, which began in 2000, it was
important to solve a number of the following main objectives:
-Adapted to form a legislative and regulatory framework in the Russian legal framework, since
the formation of the existing legislative framework was carried out by international institutions with a
focus on international experience;
-Create a secondary market of mortgage -backed securities;
-Establish and implement a mechan ism that would facilitate the inflow of long -term extra –
budgetary funds into the market of housing mortgage loans.
One of the serious and still pressing problems hindering the development of the Russian mortgage
market, is the problem of lack of commercial bank creditor "long" raised funds, which in turn, together
with its own capital are the basis of long -term mortgage financing [3; 6].
3. Modern Russian mortgage lending scheme
Russian mortgage market has demonstrated stability and relevance to the crisis of 2008. The
global financial crisis has led to changes in the development of the mortgage market in Russia, which
experienced a rather complicated period of its development. The situation was so serious that the question
was raised of life throughout the mortgage lending system in Russia [5; 8]. As a result, the volume of
lending in 2009 has decreased by 4.3 times compared to 2008 and equaled 152.5 billion rubles, while in
2008 the volume of lending amounted to 655.8 billion rubles (Table 1). The number of loans granted has
decreased by 62.8% [9].
Starting from the second half of 2009, with the help of public support, expressed as a development
aid schemes for banks and borrowers, the situation in the mortgage market has quickened. State program
to help mor tgage borrowers who are in financial difficulties has been launched and the ability to repay the
mortgage loan funds to the parent capital. In turn, these measures contributed to reducing the volume of
the social consequences, in particular, the volume of overdue mortgage loans.
2013 Statistics shows the mortgage rate market development, advancing the overall development
of the economy. In 2013 it was issued 825 thousand residential mortgage loans totaling $ 1354 billion
rubles, which is 1.2 times the level of 2012 in quantity and 1.3 times. In terms of money, as reflected in
the table 1.
Table 1
The number of mortgage loans in Russia for the period 2006 -2014
Indicator / Period 2006 2007 2008 2009 2010 2011 2012 2013 2014
The volume of mortgage
housing loan s, billions rubles264 556 656 153 376 717 1032 1354 1 764
The number of mortgage
housing loans, thous. units204,1 214,2 349,5 130,1 301,4 523,6 691,7 825,0 1012,3
Source: official website of the Central Bank of the Russian Federation [11].
Since the beginning of 2014 the demand for mortgages has grown at a significant pace. Thus,
according to the Central Bank of Russia (Table 1), the volume of loans granted increase in 2014 compared
with the previous year was 30% and the number of loans growth –22.7%. Thus, based on these data can
track the dynamics of the residential mortgage market in Russia during this period.
One of the factors that contributed to the growth of the mortgage market in 2013, is to reduce
mortgage interest rates. After reaching its peak in March (12.9%), monthly rates have started to decline
gradually –from the second quarter they decreased almost all the leading players of the mortgage market.
Balancing housing market had a positive impact on prices, which grew almost on a par with
inflation: the increase in housing prices, according to Rosstat, in 2013 relative to 2012 was 7.2% on
average, in terms of annual inflation at 6, 8% said that the real increase in prices for housing in Russia on
average did not exceed 0.5 points.
Experts' opinions about the pace of development of the credit market as a whole coincide with the
assessment of the regulator. Rusty unabated Russian banking sector will not be able. If the main reason for
slowing down credit growth in 2013 was to tighten the regul atory requirements of the Bank Russia, and
then add to it the effect of the anti -Russian sanctions, as well as the general deterioration of the economy.
Indeed, since mid -2014 the economic situation in Russia became more and more negative, and in
Revistă teoretico -științifică / Theoretical and scientifical journal 38
Nr. 3/ 2016August, s ome Western countries have introduced prohibitive sanctions against Russian systemically
important banks. In conditions of economic instability in the country, a sharp weakening of the ruble
exchange rate and mortgage rates increase household purchasing tw o waves of activity was observed in
the housing market and rising prices of proposals in April and October. Fearing the depreciation of their
savings, households actively invested in housing, which has led to an increase in the number of sales
transactions , including, and with the help of a mortgage. However, mortgage lending boom that began in
Russia in the spring of 2014, against the background of deteriorating economic situation in the country has
led to an increase in arrears.
Since the beginning of 201 4 the amount of "bad" debts in mortgage lending increased
by 6% in fact. The trend towards sustainable growth of "bad" debt began in August, October 1,
they amounted to 42 billion rubles. Thus until 201 4 the delay in mortgages declined. Thus, on January 1,
2012 "bad" debt decreased by 10%. The dynamics of the stock of debt on mortgage housing loans (ML)
is shown in Fig. 1.
233 898 611 2121 049 437 1 010 8891 129 3731 478 9821 997 2042 648 8593 528 379
0500 0001 000 0001 500 0002 000 0002 500 0003 000 0003 500 0004 000 000
2006 2007 2008 2009 2010 2011 2012 2013 2014
Fig. 1. Dynamics of the volume for mort gages
arrears for the period 2006 -2014
Source: Central Bank of Russia website [11].
Forecasts say that if further easing will be the national currency and excessive inflation, and if the
interest rate on the mortgage exceeds the critical level of 15%, th e mortgage lending in 2015 will
dramatically reduce the rate of development, and the number of those wishing to improve their living
conditions markedly reduced. Because of the decline in real incomes of the population and with the
tightening of mortgage l ending conditions for most of the population will become inaccessible.
To improve the situation in the credit market, May 5, 2015 the central bank lowered its key rate by
1.5 percentage points to 12.5% per annum.
4. Comparative analysis of the dynamics of the housing market prices
It is obvious that the mortgage should be considered as one of the key drivers of demand in the
housing market, and the situation where the mor tgage for the majority of households can not afford to
become, can lead to a decrease in demand for housing, particularly at the initial stage of construction
objects (primary market). Comparison of data on the volume of mortgage loans and the average pric e in
the primary and secondary residential real estate market may help to identify the relationship between
these two indicators (Table 2).
Table 2
Dynamics of the volume of mortgage lending and housing prices, %
Year 2007 2008 2009 2010 2011 2012 2013 2014
The average price on the primary
housing market 131,2 110,5 90,9 100,8 90,9 110,3 104,1 103,0
Average price on the secondary housing
market 129,0 119,7 93,6 113,4 80,3 117,0 100,2 102,8
The volume of housing mortgage 243,9 128,0 25,5 255,0 191,3 145,9 131,6 131,0
Source: Central Bank of Russia website [11], the author's calculations.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 39
Nr.3 / 2016It should be noted that along with the revival of the real estate market, housing prices in the
Russian Federation since 2012 began to grow. Based on the data presented i n Table 2, it can be noted that
in 2012 there was an increase in prices in the primary market by 19.4% and 44.7% in the secondary
market. At the same time there was decrease in the volume of mortgage loans in Russia by 44.7%.
In 2013 there was a decrease i n the primary market prices by 6.2% and in the secondary –16.8%.
In turn, the total amount of mortgage loans decreased by 12.8%.
In 2014, with a decrease in prices for primary market at 1.1% there is a direct relationship with the
volume of loans granted (1.8% decrease), and an inverse relationship with (an increase of 1.8%), prices of
the secondary market.
To establish the relationship between the primary and secondary markets for residential real estate
in Russia, it is necessary to consider the quarterl y data in average prices on these markets, housing and
correlate with the volume of mortgage housing loans.
Analysis of the data shows that the average price on the primary housing market in 2011 fell by
9.2% and amounted to 43,686 rubles for 1 square mete r. In 2012, it has grown significantly –by 10.3%
compared to 2011 and amounted to 48,163 rubles for 1 square meter. In this case, 2014 is characterized by
positive dynamics –increase in prices per square meter of housing was 3%.
In the secondary housing market in 2011, the price dropped by 19.7% and amounted to 48,243
rubles. for 1 square meter. In 2012, the price has increased significantly –by 17% compared to 2011 and
amounted to 56,370 rubles, but in 2013 it actually remained at the same level –56 47 8 rubles for 1 square
meter. In 2014 a square meter price increased by 2.8% in relation to 2013 .Fig. 2 shows the quarterly
dynamics of average prices in the primary and secondary markets.
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
2006 2007 2008 2009 2010 2011 2012 2013 2014
-The average price in the primary market for 1 sq.m., in %
-The average price on the secondary market for 1 sq. m., in %
Fig. 2. Dynamics of average prices in the primary and secondary markets
for 2006 -2014 years, by quarters, %
Source: Central Bank of Russia website [11], the author's calculations.
Thus, during the analyzed period there was a decline in prices in the housing market in 2011
compared with 2010, and their growth in 2012. However, if the primary housing market prices exceeded
the level of 2010, the secondary market, they barely reached the 2010 level.
Note that average prices rose further, both in the primary housing market in the I quarter of 2015,
and in the secondary. The average price for 1 square m eter amounted to 52 596 rubles and 58 734 rubles,
which is 5.3% and 5.0% higher compared with the previous quarter. Overall, however, in 2015 because of
the crisis the number of mortgage loans by banks in comparison with 2014 year fell by almost 1/3 (31%)
and amounted to 700 thousand. In January -April 2016, banks issued loans 261 000 citizens for housing,
which is 40% above the level of mortgage lending for the same period in 2015 -th. According to the
Ministry of Construction, this result was mainly achieve d due to the mortgage for the citizens
of the primary market of the government program of subsidizing interest rates. It is expected that during
the entire 2016 the Russians have about 900 thousand mortgage loans. In the future, in connection with the
Revistă teoretico -științifică / Theoretical and scientifical journal 40
Nr. 3/ 2016termination of subsidy programs, mortgage market growth will slow down –predicts Russian Ministry of
Construction1. Noting the non -market (protectionist) the nature of the mortgage market development in
Russia in the period for whi ch data can not be used for the study of market dependency, research
relationships housing markets and mortgage limit the period of 2006 -2014.
5. Problems of development of the mortgage market in the Republic of Moldova
In Moldova, the main principles and rules governing the primary mortgage market, as well as
creating the necessary conditions for the formation of the secondary mortgage market, established by the
Law on mortgage [14]. Mortgage regarded as property law, under which the creditor is entitled, if the
debtor fails to comply with the obligations secured by the mortgage, have the satisfaction of their claims
out of the value of the transferred in mortgage of immovable property prior to other creditors, including
the state. The subject of the mortga ge can be one or more existing or future objects of immovable
property, referred to individual cadastral number.
Currently, in the Republic of Moldova is mainly used truncated open mortgage lending model of
residential property purchase. The basis of the f unctioning of such a model is put customer application for
mortgage loans, provided at the expense of mortgage borrower's own capital of commercial banks, funds
of their clients who are in deposits, interbank loans and capital of foreign investors coming i nto the
country through the banking system.
As practice shows, during the last decade such loans of commercial banks of Moldova enjoys no
more than 10% of the highest paid of the country's population (most commonly the family of migrant
workers). At the sa me time 60% of the population have incomes that do not meet the criteria of a bank
credit, and 30% of Moldova's population incomes are below the poverty line. Consequently, about 90% of
the population [15] to meet their own investment needs are simply unab le to.
The current situation in the construction market, the real estate market and, as a conseque nce, in
the area of mortgage lending is aggravated. The real estate market is in the downturn, real estate offer far
exceeds the demand. The banking crisis of 2014, when the banking system of the 1 billion lei was
removed, and painful effect on the mortg age market. An analysis of the dynamics of the volume of
construction, the prices in the primary and secondary housing markets, as well as the level of development
of the mortgage in the Republic of Moldova will be presented in the second part of this arti cle.
In order to further increase the volume of funds investing in real estate for various purposes there
is an urgent need for the creation and organization of parallel operation in Moldova, along with the
truncated open mortgage system, savings and borro wing real estate investing system that will be available
to most of the population.
Conclusion s.The study describes the features of mortgage lending, its basic elements, identified a
tendency towards the Russian credit for mortgage scheme; A comparative a nalysis of the average prices in
the primary and secondary housing markets in Russia.
Analysis of the graphic material (Fig. 2) shows that the primary and secondary markets are
correlated, ie, they depend on each other. For example, the price of the second ary market are a kind of
guideline that shows how profitable new construction costs at the current level.
The experience of studying the features of formation and development of the Russian mortgage
market is correlated with the realities of the mortgage m arket of the Republic of Moldova. Research of the
main trends of development of residential mortgages in the modern Moldova show an insufficient level of
its development, the existence of a crisis in the construction industry and the real estate market and the
credit and financial sector.
REFERENCES
1. Федеральный закон «Об ипотеке (залоге недвижимости)»: № 102 -ФЗ от 16.07.1998 [accesat 16
martie 2016]. Disponibil: http://www.consultant.ru/document/cons_doc_LAW_19396/
2. ВИШНЯКОВ, Н.В., МУТОВИН, С.И. Разви тие ипотечного кредитования в России. Москва:
МАКС Пресс, 2013. 116 с.
1http://vladnews.ru/2016/07/05/108563/ministerstva -rf-obeshhayut -stabilizaciyu -i-rost-rynka -zhilya -v-blizhajshie –
5-let.html
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 41
Nr.3 / 20163. ГЛАЗУНОВ, Д.А., УШАКОВ, О.В. Как повлияют изменения в ФЗ «Об ипотеке (залоге
недвижимости)» на сделки по секьюритизации? В: Банковское дело. 2012, № 5, сс. 78 -81.
4. ГУЗИКОВА, Л.А., КОЗЛОВСКАЯ, Э.А., САВРУКОВА, Е.Н. Повышение эффективности
банковского ипотечного кредитования в России. В: Научно -технические ведомости СПбГПУ.
Том 1: Экономические науки. Санкт -Петербург: СПбГПУ, 2008, № 1, сс. 175 -185.
5. ДЕЛЯГИН, М.Г. Ипотечный кризис н е рассосется. В: Банковское дело. 2008, № 2, сс. 20 -23.
6. КАРПОВ, А.В. Каким будет кредитование в новых экономических условиях. В: Банковское
кредитование. 2014, № 6 (58), с. 10.
7. КАСЬЯНЕНКО, Т.Г., МАХОВИКОВА, ЕСИПОВ, В.Е., МИРЗАЖАНОВ, С.К. Оценка
недви жимости: учебное пособие. 2 -е изд. Москва: КНОРУС, 2014. 752 с.
8. КОРОСТЕЛЕВА, Т.С. Макроэкономический контекст функционирования системы ипотечного
жилищного кредитования в России. В: Финансы и кредит. 2015, № 4 (628), сс. 23 -35.
9. ЛЕБЕДКО, К.А. Рынок ип отечного кредитования в России. В: Молодой ученый. 2014, № 18
(77), сс. 388 -392.
10. Агентство по ипотечному и жилищному кредитованию (АИЖК) [accesat 24 martie 2016].
Disponibil: http://www.ahml.ru/
11. Центральный Банк Российской Федерации [accesat 14 ma rtie 2016]. Disponibil:
http://www.cbr.ru/
12. Федеральная служба государственной статистики [accesat 24 martie 2016]. Disponibil:
http://www.gks.ru/
13. Русипотека: аналитический центр по ипотечному кредитованию и секъюритизации [accesat 11
mai 2016]. Dis ponibil: http://www.rusipoteka.ru/
14. Закон Республики Молдова об ипотеке: № 142 -XVI от 26.06.2008.
В: Monitorul oficial al Republicii Moldova. 2008, nr. 165 -166, art. 603.
15.КОНДРАШОВА, Г. Развитие ипотечного жилищного кредитования в Молдове. В: Научный
вестник: Финансы, банки, инвестиции. 2014, № 4, сс. 78 -82 [accesat 24 martie 2016]. Disponibil:
http://fbi.crimea.edu/arhiv/2014/nv_4 -2014/12 -kondrashova.pdf
Recommended for publication: 17.08.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 42
Nr. 3/ 2016THE ACTIVE AGEING
POTENCIAL IN THE REPUBLI C OF MOLDOVA
Mariana BUCIUCEANU -VRABIE1, PhD, Associate Professor,
National Institute for Economic Research
The actuality of the study consists in estimation of the Active Ageing Index (AAI) for theRepublic
of Moldova and assessment of the situation o f elderly population based on this index. The aim of the
paper –to highlight the challenges facing the Republic of Moldova to ensure active and healthy aging of
the population aged 55 and over. The calculation of the AAI and its components are based on
methodology developed by UNECE, the demographic statistic and results of the national empirical studies
on population. The AAI allowed to delimitate the position of Moldova compared to EU countries and to
establish social, economic and institutional barrie rs for active ageing and harnessing the potential of old
people in Moldova.
Keywords: active ageing, elderly, quality of life .
Actualitatea studiului constă în estimarea Indicelui de Îmbătrânire Activă (IÎA) pentru Republica
Moldova, precum și evaluarea în baza acestui indice a situației populației în vârst ă. Scopul constă în
evidențierea provocăril orce stau în fa ța Republicii M oldova privind asigurarea îmbătrânirii active și
sănătoase a popula ției de 55 ani și peste. Calcularea IÎA și a componentelor sale are la baz ă metodologia
elaborată de UNECE, statistica demografică și rezultatele studiilor empirice asupra populației. IÎA a u
permis de a determina pozi ția preluat ă de Moldova comparativ cu țările UE, precum și a evidenția
barierele sociale, economice, institu ționale pentru îmb ătrânirea activă și valorificarea potențialului
vârstnicilor în Republica Moldova.
Cuvinte -cheie: îmbătrânire activă, vârstnici, calitatea vie ții.
Актуальность исследования представляет расчёт Индекса Активного Старения (ИАС)
для Молдовы, а также оценка на его основе ситуации пожилых людей. Цель :определение проблем,
с которыми сталкивается Республика Мо лдова в обеспечении активного и здорового старения для
населения в возрасте 55 лет и старше. Расчет ИАС и его компонентов основан на методологии
предложенной ЕЭК ООН, данных статистики и результатов обследований населения. ИАС
позволил определить позицию М олдовы по сравнению со странами ЕС, а также выделить
социальные, экономические, институциональные барьеры, препятствующие активному старению
и задействованию потенциала пожилых людей.
Ключевые слова: активное старение населения, пожилые люди, качество жизн и.
JEL Classification: I19 ,I31,J14.
Introduction. The challenges on ageing process of population have an important actuality almost
in all countries. The ageing of population is often seen as a negative phenomenon with wide negative
implications both for society and for economy. The concept of ''active ageing" was proposed to change
these expectations and bring changes in elderly’s life. Used by World Health Organization (WHO) and
UNECE, “active ageing” includes different age trajectories and differe nt categories of elderly people.
Active ageing means ageing in optimal health conditions, having an active role in society feeling
professionally fulfilled, having the autonomy in daily life, and being involved in civic activities. The
challenge for the so ciety consist softhemaximum use of the elderly potential.
The wide demographic ageing, which records in the last decades in Republic of Moldova (the
share of the population aged 60 and over was in 2015 over 16% compared to 1998 when registered
13,6%), t he alignment to the policies of active ageing and harnessing the potential of older people
becomes a mandatory requirement of the future sustainability of the country. According to international
1© Mariana BUCIUCEANU -VRABIE, buciuceanuvrabie@gmail.com
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 43
Nr.3 / 2016studies, Moldova remains behind at many components reported t o older potential of the country. Thus,
being on the last position among Eastern Europe countries both after Global Age watch Index andHuman
Capital Index (Table 1 ), the ageing process in Republic of Moldova imposes the biggest challenges for
policies com pared to the situation from Europe and Central Asia countries.
Table 1
Moldova's position according to international indicators regarding
elderly potential and life quality
Global Age Watch
Index, 2015
(from 96 countries)Human Capital Index, 2016 (from 130 countries)
Total 55-64 age 65 age +
Rank Points Rank Points Rank Points Rank Points
Moldova 77 35.1 63 69,7 47 73.5 59 58.7
Ukraine 73 37,0 26 78,4 21 79,14 10 72,21
Russia 65 41,8 28 77,86 18 80,46 15 71,14
Romania 45 50,8 38 74.99 31 77,47 25 68,18
Latvia 35 55,2 27 78,13 17 80,58 11 72,10
Lithuania 63 43,2 21 79,34 12 81,24 24 68,30
Source: The Human Capital Report 2015. World Economic Forum, 2015; Global Age Watch Index
2015: Insight report.
Active Ageing Index (AAI) tool of monitorin g ageing process
In 2012, in the European Year for Active Ageing and Solidarity between generations, the
European Commission and the United Nations Economic Commission for Europe (UNECE) developed
the concept of the Active Ageing Index (AAI)1, which aims w as to follow, on long -term, the progress of
initiative policies in ageing area. Vienna Ministerial Declaration (September, 2012) established four goals
which should be attained till 2017 (the third round) by UNECE countries: (1) encouragement of an active
life on labour market and the maintenance of work skills; (2) employment promotion, non -discrimination
and social inclusion of elderly; (3) dignity promotion and protection, health and independence in advanced
years; (4) solidarity maintaining and strength ening among generations. AAI comes as a holder for social
investments centred on the idea that active ageing and population potential use can generate economic
increase and social reward (Zaidi and others 2013).
As it reflects a multidimensional approach o f the population ageing process, the Active Ageing
Index (AAI) aim sto measure the current situation in four areas related to active and healthy ageing. The
first three domains arerelate dto current experiences regarding active ageing and assess the measu re in
which the elderly can realise the full potential concerning employment, participation to social, cultural and
independent life, and the fourth domain determines the capacity to actively ageing, assessing if life
environment allows to elderly to have an active and healthy life. Each domain integrates a number of
individual indicators, forming twenty -two composite indicators of AAI2. For European Union member
countries, composite indicators of the AAI are calculated based on four European studies of hou seholds
realised systematically: EU Labour Force Survey (EU -LFS); EU Survey on Income and Living Conditions
(EU-SILC); European Quality of Life Surveys (EQLS); European Social Survey (ESS).
Currently, Republic of Moldova as well as most countries outside t he EU, do not participate to
international studies mentioned above as a methodological base for calculating the AAI. That is why, by
lack of reliable and continuous statistical evidences in this domain, the reference to original methodology
of the AAI esta blishing faces barriers. Therewith, the non -EU countries are encouraged to adjust the
1AAI is the result of a common project done in 2012 by DG Employment, Social Affairs and Inclusion European
Commission, together with the Population Unit of the UNECE and the European Centre for Social Welfare
Policy and Research in Vienna.
2All indicators focus on current generation of elderly, especially to population aged 55 and over, and by gender.
Each indicator can be interpreted positively, and as the indicator's value is higher as much the results (benefits)
of active ageing are better.
Revistă teoretico -științifică / Theoretical and scientifical journal 44
Nr. 3/ 2016methodology to its statistical possibilities, and by time to adopt the required methodological tools.
Republic of Moldova does not have statistical and empirical data nec essary for elaborating all composite
indicators of the AAI according to methodological requirements. Based on demographic statistics and of
two important studies realised by NBS, Labour Force Survey (LFS) and Household Budget Survey (HBS),
were calculated nine indicators from those 22. The remaining composite indicators (13 indicators)
considered proxy indicators were established and calculated based on alternative variables (more or less
near original methodology) extracted from national empirical studies realized between 2011 -20141:Time
Use Survey, 2012 (NBS); Discrimination, abuse and violence against elders, 2014 (Demographic
Research Centre, HelpAge International, UNFPA Moldova) ; Public Opinion Barometer, 2011 (Institute
for Public Policy).
The Active Ageing in the Republic of Moldova
The methodological shortcomings impose important limits regarding the data reliability of the
AAI, its composite indicators and their comparability with other countries. However, these one become a
national guide if we rep ort them at average values attained by EU countries and more at proposed values
as common goals (targets) for countries to be attained.
The AAI score of 27,1, estimated for the Republic of Moldova, shows the measure in which the
aged population potential is harnessed, even the measure in which is powered to participate in economy
and society. Thus, from the total of population aged 55 and over, more than 70% constitutes undeveloped
potential for active and healthy ageing2.
Country1st Domain:
Employment2nd Domain:
Participation
in society3rd Domain:
Independent,
healthy and
secure living4th Domain:
Capacity and
enabling
environment for
active ageingOveral Active
Ageing Index
(AAI)
Germany 34,4 13,6 74,4 55,8 35,4
Czech Republic 28,0 18,8 71,2 54,3 34,4
Latvia 32,0 13,8 58,7 48,2 31,5
Lithuania 30,5 14,7 66,2 45,3 31,5
Bulgaria 25,1 12,5 62,7 52,2 29,9
Romania 31,0 12,7 61,7 40,9 29,6
Hungary 19,3 15,4 68,0 46,9 28,3
Poland 22,4 12,1 64,9 47,9 28,2
Moldova 24,2 10,4 54,0 48,1 27,1
EU-28 (Min) 19,1 12,1 58,7 40,9 27,6
EU-28 (Average) 27,9 17,7 70,6 54,4 33,9
EU-28 (Max) 43,4 24,1 79 69,2 44,9
The goalpost 54,2 40,6 87,7 77,7 57,5
Fig. 1. The Active Ageing Inde x (AAI)
estimated for Moldova compared to some EU countries* (pointes)
Source: Republic of Moldova calculations made by the author based on current statistics and empirical
studies; *[2].
The top current performance are Sweden and Denmark with a score a little higher than 40.
Republic of Moldova does not attain even the minimum value of AAI registered across EU countries,
namely Greece –27,6 (Figure 1). Therewith, the AAI estimated for Moldova is twice smaller in relation to
1Preliminary results for Moldova regarding the 22 individual indicators and adapting the original calculation
methodology presented in the workshop “Addressing data gaps for Active Ageing Indica tors” organized by
UNECE (Geneva, November 17, 2015) for Eastern Europe, Caucasus and Central Asia. All recommendations
provided by the UNECE experts (regarding the calculation of the proxies indicators based on national empirical
studies) have been consid ered.
2A theoretical maximum is supposed to be 100 points, a ceiling set consciously to ensure that every country, from
the less developed to more developed can be integrated within the maximum and minimum scale.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 45
Nr.3 / 2016target -goal of 57,5 toward t he countries should tend to, and in relation to proposed targets for each domain
that forms the AAI.
Referring to the successes achieved separated by domains, Republic of Moldova takes a modest
score at all components (Figure 1). Only at domain Employment and Capacity and favourable
environment for active ageing , with a score of 24,2 and 48,1 respectively, Moldova exceeds the minimum
values (19,1 and 40,9) recorded across EU member countries (Slovenia and Romania).
The intensity of the populations aged 55 a nd over on local labour market decreases significantly
with ageing. Currently, statistical data show that 28% from those aged 55 and over are active in the labour
market. According to composite indicators of the first domain (Table 2), in Moldova employmen t rate for
age groups 65 -69 (13,4%) and for 70 -74 (6,6%) is higher than in Poland (9,5 and 4,7%) and Hungary
(5,3 and 1,8%), and even than EU average (11,6% and 6,1% respectively).
Table 2
Composite indicators on 1stDomain: Employment of pop ulation aged 55 -74 years,
in Moldova compared to other countries*, %
Employment rate by
age group:Moldova Romania Bulgaria Poland Hungary EU-28
55-59 49 51,8 62,5 52,6 56,1 62,2
60-64 27,6 29,3 29,2 22,6 13,9 31,5
65-69 13,4 22,4 6,6 9,5 5,3 11,6
70-74 6,6 20,4 2,2 4,7 1,8 6,1
Source: calculations for Moldova made by author based on current statistics and Labour Force Survey,
NBS, 2013; *[2].
Moldova's position is better on Employment domain ,due to employment rate of aged cohorts
(65-69 / 70 -74 years), that is rather a result of the statistical definition used that as employed people are
included landowners of self -employed or are employed in private household with agricultural production
for own consumption (household), income is in nature.
More studies in the domain attest that the participation of elders in social life promotes their
physical and psychological well -being. In Republic of Moldova the social participation of elders is less
developed, demonstrated by ours calculatio ns, where this domain has just 10,4 points and suppose that
only one from ten persons aged 55 and over involves in social life. Contribution of those four dimensions
components of Participation in society (Table 3) in the AAI estimate is modest, and record ed values are
smaller than average for EU countries.
Table 3
Composite indicators on 2ndDomain: Participation in society of population
aged 55 and more, in Moldova and some countries*, %
Participation in society Moldova Romania Bulgaria Poland Hungar yEU-28
Voluntary activities 4,4 2,6 1,2 2,7 2,4 8,9
Care to grandchildren (children) 31 28,7 27,4 22,5 38,9 32,5
Care to older adults 3,8 11,3 11,8 13,3 13,3 12,9
Political participation 1,9 7,3 8,9 9,3 5,3 17,2
Source: calculations for Moldova ma de by author based on current statistics and empirical researches:
Time Use Survey (TUS), 2012, NBS; Survey Discrimination, abuse and violence against older people,
2014 (Centre for Demographic Research, Help Age International, UNFPA Moldova), *[2].
Elder ly are involved mainly in the individual forms of participation, prevalent in the family and
the near or known environment. It attests that 31% from aged people are widely involved in caring and
education of grandchildren as grandparents. Notice that in co nditions of labour migration of adult children,
the important contribution made by elderly for their family is more obvious, especially in rural areas.
In Republic of Moldova, the share of those who participate in care of grandchildren ishigher than
Revistă teoretico -științifică / Theoretical and scientifical journal 46
Nr. 3/ 2016in Germany (17,9%), Poland (22,5%), Bulgaria (27,5%) and Romania (28,7%).
A reality less reflected is elder's participation in care of an aged adult . According to existing
national studies, just 3,8% from elders are involve d in such activities, Moldova being with the smallest
value across compared countries.
The involvement of the elderly population in various activities outside home is not widespread in
our country. Such activities as volunteering provided by elderly (4,4%) has a low level, even if related to
reference countries, the value of this indicator is relatively high than in Bulgaria (1,2%), Latvia (1,4%),
Hungary (2,4%), Lithuania (2,6%), Romania and Poland (2,6% and 2,7%).
The smallest values, Moldova records at political participation of old people1(about 2%).
Currently, among elderly the volunteering and political participation (according to the definition done by
AAI), there is not strong developed in the Moldovan society. Financial difficulties, low level of education,
poor health, lack of community centres, their diversity for the local population (especially in rural area),
underdevelopment and immature coverage of voluntary movement etc. are explained this reality.
Active ageing suppose the insurance of m eans needed to remain as long as possible powerful and
independent on his own life: accessibility of medical services, material conditions and the quality of life of
elderly, personal physical security, physical mobility, lifelong learning. At this domain Moldova
accumulated 54,0 points, that means that practically, each second aged person is limited in ageing process
to live independently, healthy and in security in our country.
Firstly, it attests the high level of material weakness and financial inequity (Table 4): outside
material degradation are just 57,4% from elderly, and median relative income of those aged 65 and over
(about 1912 lei in 2013) it is practically twice smaller compared to the income of those aged 65 (3500 lei),
or just 57,4% from the l ast one. Even in the last years, statistics show that poverty rate among elderly
decrease (from about 39% in 2009, to about 17% in 2013), however this indicator exceeds country's
average (about 13% in 2013). According to the results, just 84,1% from elderl y are outside the risk of
poverty. Secondly, the elder's vulnerability increases more due to the insecurity of the environment where
they live in. In Republic of Moldova just fourth aged person (or 39,6%) feels safe during the night in the
neighbouring whe re lives, while in EU countries each seven person feels protected and in physical safe).
Table 4
Composite indicators on 3rdDomain: Independent living of people aged 55 and more,
in Moldova compared to other countries *, %
Independent living Moldova Romania Bulgaria Poland Hungary EU-28
Physical exercise 14 1,3 0,7 7,0 5,6 15,6
No unmet needs of health and dental
care72,6 70,1 79,6 77,0 87,5 88,2
Independent living arrangements 72,6 74,4 71,9 68,8 77,6 84,2
Relative median income 54,6 100,0 73,7 94,9 97,4 86,3
No poverty risk 84,1 91,3 82,6 93,5 97,7 93,0
No material deprivation 57,4 71,4 46,8 85,2 82,6 90,0
Physical safety 39,6 63,6 57,8 76,7 66,2 69,3
Lifelong learning 0,3 0,4 – 0,6 0,4 4,5
Source: calculations for Moldova made by author ba sed on current statistics and empirical researches:
Time Use Survey (TUS), 2012, NBS; Survey Discrimination, abuse and violence against older people,
2014 (Centre for Demographic Research, Help Age International, UNFPA Moldova); HBS 2013
(NBS), *[2] .
1According to methodological requirement s, political participation refers to participation in various meetings
elderly union, meeting of political parties or political action group, and completing various petitions, including
online
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 47
Nr.3 / 2016Moldova's performance in insurance of health access of elderly (just for 72,6%) is smaller than
the average result score of EU (88,2%). The health system deficiency are confirmed by empirical studies
[4; 7, p.144 -146] which demonstrate that even elders by the ir status of pensioner benefit of free
compulsory medical insurance, however the accessibility of medical services is reduced, and the
discrimination by age is a phenomenon widespread in treatment access, diagnosis and long -term care.
A precondition of act ive ageing that ensure the independence at old ages is lifelong learning,
through which the persons are encouraged to develop permanently the skills and necessary knowledge
including for active presence in the labour market, for a healthy way of living, fo r social involvement and
for personal accomplishment. In contrast to EU countries (Denmark, Sweden, Finland), which have a
long-term experience in the development and promotion of lifelong learning (thus 5% of those aged
55-74 are involved i n such an activity), in the Republic of Moldova this indicator is totally insignificant
(0.3%).
The only indicator exceling in the third domain, in Moldova's case, is practicing physical
exercises by the elders. According to Time Use Survey (NBS, 2012), a ttests that 14% from the population
aged 55 and over daily are practicing different activities reported to sport (jogging and walking, running,
gymnastics, fitness and other physical exercises). Mention that from all activities, jogging and walking are
mostly indicated, and this refers to a voluntary sporting activity as a daily necessity to reach various
destinations such as work, shop, medical centre, pharmacy and others, under poor infrastructure,
especially in rural areas.
The fourth domain follows the measurement of the active ageing potential of a country. According
to estimations, the Republic of Moldova accumulates at this chapter 48,1 points, being at a distance of
6,3 points from EU average countries. Across compared countries, even with small diff erences, Moldova's
position, seems to be superior than Poland (47,9 points), Lithuania (46,9), Hungary (45,3) and Romania
(40,9). By assessing composite indicators of the domain (Table 5), we attest that the bigger contribution
has share of healthy life ex pectancy at age 55 estimated to be 66,4% in Republic of Moldova. Only this
indicator is higher, related to the majority of compared countries, exceeding including the average for EU
countries (53.2%). The gap that facilitate sMoldova's position is assigned rather to the methodological
possibilities limited in calculation healthy life expectancy, according to European standards.
Table 5
Composite indicators on 4thDomain: Capacity for active ageing,
in Moldova compared to other countries*, %
Capacity fo r active ageing Moldova Romania Bulgaria Poland Hungary EU-28
RLE achievement of 50 years at age 55 43,2 47,5 46,7 51,0 47,4 53,8
Share of healthy life years in the RLE
at age 5566,4 43,5 65,7 52,0 48,1 53,2
Mental well -being 62,1 44,3 55,3 51,8 61,5 64,5
Use of ICT 2,9 13,0 18,0 24,0 37,0 40,8
Social connectedness 32,2 24,0 48,2 27,1 21,1 49,0
Educational attainment 51,1 51,8 66,6 74,3 65,2 59,7
Source: calculations for Moldova made by author based on current statistics and empirical
researches: Time Use Survey (TUS), 2012, NBS; Survey Discrimination, abuse and violence against
older people, 2014 (Centre for Demographic Research, Help Age International, UNFPA Moldova);
LFS 2013 (NBS), *[2].
A higher value, unlike presented countries, Moldova has for mental well -being of people aged 55
and over (62,1%), a reality explained by empirical constraints and the use of an alternative variable
(proxy) in indicator's calculation, but and positive attitude of population in assessing the mood and
emotions.
Other factors, which increase the capacity of an active ageing -ICT use, social connectedness and
educational attainment, Republic of Moldova is at a significant distance compared to other countries.
Moldova needs investments in lifelong learning to increase the quality of human potential, creation of a
favourable environment for elders’ needs, and the increase of solidarity among generations.
Revistă teoretico -științifică / Theoretical and scientifical journal 48
Nr. 3/ 2016Conclusions. Current policies should ensure that while people getting older, they can contribute to
econo my and society, and can remain able to take care of themselves as much as possible (a longer period
of time). Studies show that, as elder's level of integration in society is prevalent, that much Active Ageing
Index is higher for the country, increase the policy perception about ageing and decrease intergenerational
tensions. In case of Moldova, according to results of the AAI, it is very important to develop and
implement coherent action at sectorial level, which should improve the quality of life of elder s and
facilitate active aging. In the context of current demographic trends, mobilizing all available human
resources, including age population, which becomes an important growing segment, it is crucial to
maintaining policy continuity objectives prosperit y and social cohesion.
REFERENCES
1. ZAIDI, A. Active Ageing Index 2012. Concept, Methodology and Final Results. European Centre
Vienna. 2013, march [accesat 24 martie 2016]. Disponibil:
http://www1.unece.org/stat/platform/display/AAI/V.+Methodology
2. ZAIDI, A. Active Ageing Index 2014. A Legacy of the 2012 European Year for active ageing and
aolidarity between generations: analytical report. 2015, april [accesat 24 martie 2016]. Dis ponibil:
http://www.un.org/esa/socdev/documents/ageing/workshop/2015NewYork/Pesentation_Asghar.pdf
3. National Bureau of Statistics (NBS). 2014 [accesat 24 martie 2016]. Disponibil: www.statistica.md
4. GAGAUZ, O., BUC IUCEANU -VRABIE, M. Discriminarea, abuz ul și violența asupra persoanelor
vârstnice. Centrul de Cercetări Demografice, HelpAge International, UNFPA. Chișinău, 2015. 141 p.
[accesat 24 martie 2016]. Disponibil: http://ccd.ucoz.com/_ld/0/40_Monografie_DISC.pdf
5. GAGAUZ, O., AVRAM, C. Speranța de vi ață sănătoasă -indicatorul integral al sănătății populației.
Chișinău, 2015 [accesat 24 martie 2016]. Disponibil: http://ccd.ucoz.com/_ld/0/33_ccd -md-
Policy_P.pdf
6. BUSSOLO, M., KOETTL, J., SINNOTT, E. Golden Aging: Prospects for Healthy, Active, and
Prosp erous Aging in Europe and Central Asia . The World Bank. Washington, 2015. ISBN 978 -1-
4648 -0353 -6.
7. Sănătatea, limitările și îngrijirea persoanelor în vîrstă. In: Îmbătrânirea populației în Republica
Moldova. Cercetare la nivel național. Chișinău, 2012, pp. 144-146.
8. MORROW -HOWELL, N., HONG, S. -I. TANG, F. Who Benefits From Volunteering? Variations in
Perceived Benefits. In: The Gerontologist. 2009, vol. 49 , issue 1, pp. 91 -102.
9. SAVELIEVA, G., ZAHAROV, S., BÎRCĂ, I. Evaluarea impactului îmbătr ânirii demografic e:
abord ări, principia = Assessing the impact of the demographic aging: approaches, principles. In:
Economie și Sociologie = Economy and Sociology. 2011 , nr. 3, pp. 174 -181.
Recommended for publication: 2 3.08.2016
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 49
Nr.3 / 2016TRAINING OF INNOVATIVE ENTREPRENEURSHI P–
A KEY TO CREATION OF STARTUPS
Olena KURCHENKO1, PhD Student
Institute for economics and forecasting, NAS of Ukraine
Oleksandr KARDASH2, applicant
Institute for economics and forecasting, NAS of Ukraine
Innovative startup companies that emerged in the late 1990s are now widely supported by
countries with developed innovation systems. The aim of this article is to analyse the experience of
creation innovative programs in entrepreneurship, with a further perspective for introducing similar
programmes int o Ukrainian universities. For this , the authors presented their own developed program of
monitoring theUkrainian universities on availability of courses of innovative entrepreneurship. The
results of this survey will be analytical prerequisite for decisio n-making of establishment special
curriculum of innovative entrepreneurship in technical and natural Sciences universities for the
development ofstartup -ecosystem in Ukraine.
Key words: startup, courses in innovative entrepreneurship, United Kingdom, Ger many, program
of monitoring.
Companiile i novatoare startup, care a uapărut la sfâr șitul anilor 1990, în prezent, sunt sprijinite
pe scară largă de către țările cu sisteme de inovare dezvoltate . Scopul acestui articol este de a studia
experiența de crea reaprograme lor inovatoare în domeniul antreprenoriatului, cu perspectiva
introducerii unor programe similare în universită țileucrainene. Pentru aceasta, autorii au prezentat
propriul program de monitorizare a universită ților ucrainene cu privire la disponi bilitatea cursurilor de
inovare aantreprenoriatului. Rezultatele acestui studiu vor fi drept bază analitic ăpentru luarea deciziilor
cu privire la crearea programelor speciale educa ționale de antreprenoriat inovativ în universită țile
tehnice șiînștiințelenaturale pentru dezvoltarea ecosistem elor startup în Ucraina.
Cuvinte -cheie: startup, cursuri de antreprenoriat inovativ, antreprenoriat, Marea Britanie,
Germania, program de monitorizare.
Инновационные стартап компании, которые возникли в конце 1990 -хгодов, сейчас широко
поддерживаются странами с развитыми инновационными системами. Целью данной статьи
является изучение опыта создания инновационных программ в области предпринимательства, с
будущей перспективой введения аналогичных программ в украинских вузах. Для этого авторами
представлено собственную разработанную программу мониторинга украинских вузов о наличии
курсов инновационного предпринимательства. Результаты такого обследования станут
аналитической основой для принятия решения о создании специа льных учебных программ
инновационного предпринимательства в вузах технических и естественных наук для развития
стартап -экосистемы в Украине.
Ключевые слова: стартап, курсы по инновационному предпринимательству,
Великобритания, Германия, программа мониторин га.
JEL Classification: O25, L53, M15.
Introduction. The support of innovative startups in the USA, Israel, South Korea, and European
countries is growing: Governments have started state programs of startup support are due to their positive
effects on th e development of economy:
creation of new jobs and the reduction of unemployment ;
increased competition ;
1©Olena KURCHENKO ,molunat69@gmail.com
2©Oleksandr KARDASH ,ukrstartup16@gmail.com
Revistă teoretico -științifică / Theoretical and scientifical journal 50
Nr. 3/ 2016enhanced innovation and new technology and a ccelerated structural change in the economy ;
is a way of eliminating regional economic disadvantages [2,p. 8-9].
New OECD evidence indicates that most of the net job creation originates in young and fast –
growing firms. Young firms less than five years old have represented about 20% of non -financial business
sector employment over the last decade but have g enerated nearly half of all new jobs [4, p. 177].
Evidence for various countries suggests that 4 -6% of high -growth firms may create half to three -quarters
of all new jobs (OECD, 2013) [4, p. 72].
National support measures of innovative startups in the lead ing countries, as a rule, are
implemented in parallel with furtherance programs of venture capital, innovation management, advisory
services, and programs of direct support of business R&D in form of grants and loans [5, p. 582].
However, the declared stra tegic guidelines of innovation development of Ukraine, which should
be based mainly on new knowledge, information, and production of high -tech goods and services, have
not been systematically supported with relevant programs and activities of Government.
There are no such tools of state support of innovative startups in Ukraine still, formalized
definition in the normative -legislative field of the term «startup company». Also there is not carried out
monitoring of activities of Ukrainian innovative startups . In accordance with European Methodology State
statistics of Ukraine every two years is conducted a survey of innovation activities of enterprises, with the
aim of obtaining information about implemented innovations at enterprises. But this study does not
consider the features of innovative startups. O. Kurchenko and O. Salikhova have developed the program
of monitoring of innovative activity of Ukrainian startup companies as the most dynamic agents of the
national innovative system. This program consists ofgeneral information about startup, business practices,
staff,f inancial providing ,innovation activity and public policy [6]. Based on this statistical form of
monitoring of innovative startups, in May -June 2016 a pilot study of Ukrainian startups was he ld by
Institute for Economics and Forecasting, NAS of Ukraine.
Results. The study showed, that programs of startup support consists of: direct (including: grants,
subsidies, venture financing, credit/loan guarantees and indirect support (tax benefits) [4,p. 175].
But, given the fact that, startup is a small company and consists of 2 -10 employees (human
capital), considering founder of company –success of company entirely depends on quality and level of
education, which received or receives each of employe es. Carriers of core startup competencies (are CEO
(General Director), CTO (Technical Director) and CMO (Director of marketing)) complement each of
other in different competencies, education and skills. In this way, development and support of intellectual
capital is gets particular importance.
Foreign experience of creation innovative programs in entrepreneurship. According to the final
report of the Expert Group for the European Commission “Entrepreneurship in Higher Education
Especially within Non -busine ss Studies ”, in the 2000s entrepreneurial education and training programs on
entrepreneurship was insufficient or did not set up, the engineering and science faculties often lacked
qualified personnel and as a rule did not set up in many EU countries, in p articular, in the new member
States of the European Union [1, p. 78].
Recently, many countries in the UNECE (the European and North America countries, Central
Asia and Western Asia) region have seen an increase in the number, scope and level of higher educ ation
that focus on commercialization and entrepreneurship. Inter alia, these programs aim at facilitating
communication between researchers and business managers. The curricula include cross -disciplinary
issues related to technology, intellectual property rights, business management, entrepreneurship and IT,
and emphasize practical know -how through established links with private business or university -based
commercial operations [1, p. 58]. The final objective of training is encouraging students to set up their
own ventures. To achieve this, in programs use such tools as mentoring and coaching, and business plan
competition [1, p. 45 -46].
One of such example of successful functioning of program is the United Kingdom. In 2000, the
Government of the United Ki ngdom initiated a programme of cooperation between Cambridge University
and the Massachusetts Institute of Technology (CMI or Institute) providing a budget of USD 100 million.
The objective of the programme is to promote lasting cooperation between British industry and university
educational and research activities. The programme focuses on sectors that traditionally have not had
active interaction with universities, such as ground transportation and construction and also to strengthen
the cooperation of re search institutions with high -technology companies in aviation, biology,
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 51
Nr.3 / 2016communications, etc. and intends to broaden its outreach into retail trade, leisure and travel, distribution
and the food chain.
Projects of the Institute primarily target the followi ng areas:
–education for innovation, i.e. promoting the entrepreneurial culture at degree level of education
in ways that enhance the propensity of students to be more innovative as entrepreneurs;
–integration of new technologies in the economies of communit ies;
–deeper involvement of industry into the knowledge exchange, enabling universities to reach far
further into the industrial sector.
In the process of Program implementation, has been created several networks, one of the largest of
them being the Cambri dge University Entrepreneurs: having launched 31 startups in 2005 -2007, it has
become the United Kingdom’s most successful student -led undertaking of this kind. In 2009, as many as
20 of the established companies were operational, and their estimated marke t value exceeded GBP
22 million [1, p. 45 -46].
A central government organization in Ireland -Enterprise Ireland, that helps Irish firms to develop
and grow, gives a CORD Grant, which includes one-year startup courses offered by the Irish Institutes of
Technology that include formal business education, entrepreneurship training, personal development,
business mentoring, and business guidance. The grant equates to 50% of the candidate‘s salary in the
previous year, up to a maximum of EUR 30 000 [2, p. 25].
In 1997 in Germany was launched program EXIST, created for solving problems of:
–increasing the number of university graduates, dare to make the transition into professional
self-employment or start up their own companies;
–adding in curricula matters relating to entrepreneurship, culture of entrepreneurship, which were
lacking on that time;
–increasing number of innovative business startups, because a great potential for startups at
universities was rarely exploited.
In 1998 there were created 5 regional networks to increase motivation for students and academic
employees in universities and research institutions to enter into self -employment [3, p. 1, 4].
Program of monitoring of Ukrainian universities on availability of courses of innovative
entrepreneurship. There are no such initiatives of creation of courses of innovative entrepreneurship in
Ukrainian universities. But, the beginning of any measures requires a preliminary assessment of presence
of innovative entrepreneurship cou rses of technical and natural Sciences in universities.
As showed the conclusions of research, now in Ukraine for the budgetary funds, prepare
specialists in the field of Economics and Law annually in three times more, than experts in natural and
physical and mathematical Sciences, able to generate new knowledge, produce, adapt and use advanced
technology, providing innovative development of the economy. This, in turn, will contribute to the
creation of a new generation of engineers, mechanics, communicatio ns technicians, designers, and energy
experts, i.e., experts in STEM -education, which will be at the forefront of the development of the national
startup -ecosystem and create new high -tech companies.
That’s why, authors created a statistical form of monito ring about the existence and content of
courses of innovative entrepreneurship in Ukrainian universities. The content of statistical form of
monitoring of innovative startups in the original edition is presented below.
1.The structure of program of monitorin g of innovative startups
Section 1 is concerned on questions on availability and content of courses of technological
entrepreneurship.
1.1. Specify, branches of knowledge ( this list was compiled on the basis of STEM Disciplines)
and total number of student s in university on 01.09.2016 including all forms of learning (if there is no, put
"0" or " -")? (Table 1).
1.2. In which the above mentioned branches of knowledge (except Business and Management,
Economics, Accounting), is taught students the course of innovation management , which gives practical
skills to students on how to transform ideas into real products, services and processes; to assess the
potential of innovative ideas as the basis for innovative projects; create business plan for new innovative
enterprises; to build a successful enterprise strategy and implement it; to find funding sources (including
learning the basics of venture investing), and to build an effective team?
2.3. If «Yes», please specify: numbers of directions, in accordance with que stion 1.1, and number
of hours for each direction (for example: 1. -100 hours; 2. -50 hours; 21. -10 hours, etc.).
Revistă teoretico -științifică / Theoretical and scientifical journal 52
Nr. 3/ 20162.4. In which the above mentioned branches of knowledge (except Business and Management,
Economics, Accounting) is taught students other c ourses, which provided skills on how to transform ideas
into real products, services and processes; to assess the potential of innovative ideas as the basis for
innovative projects; create business plan for new innovative enterprises; to build a successful enterprise
strategy and implement it; to find funding sources (including learning the basics of venture investing) and
to build an effective team?
Table 1
Total number of students in Ukrainian University on 01.09.2016
№ Branch of knowledge Total number of students
1. Accounting
2. Agriculture
3. Architecture
4. Aviation
5. Biomedical
6. Business and management
7. Communications
8. Computing and Information Technology
9. Economics
10. Engineering
11. Environmental Science/Development
12. Forestry
13. Geology
14. Health Services and Wellness
15. Mathematics
16. Medical, Dental, Nursing
17. Mining Engineering
18. Pharmacy
19. Physical Science
20. Technology
21. Veterinary Science
Source: developed by authors .
2.5. If «Yes», please specify: numbers of directions, in accordance with question 1.1; the names of
courses and the number of hours for each; (example: 7. –75 hour. –Communications; 20. –100 hours. –
Technology, etc.).
2.6. What, disciplines, on your opinion, should be introduced to help students and graduates to
create their own innovative companies?
Innovative management.
Startup (start -up own business).
Business management.
Another variant.
Section 2 includes questions on encouraging students/graduates of th e University's to start up their
own companies as well as their participation in meetings with representatives of businesses and venture
capital organizations.
2.1. Are there any contests on best projects of innovative startups for students, graduates and
scientists in the University?
2.2. Is there a necessity for beginning any contests on best projects of innovative startups in
University and provide financial support in form of grants, vouchers?
2.3. Is there a necessity for creation a state support progr am of innovative startups for the
development of innovative entrepreneurship in Ukraine and improving the interaction between
universities, research institutes and industry?
2.4. On what stage, in your opinion, state program is the most important?
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 53
Nr.3 / 2016During t he study (for students).
After graduation (for graduates).
2.5. Does occur meetings with representatives of companies from private sector, owners of
venture capital, and innovative startups in University and invite students/graduates of technical specialti es
to attend them?
A survey of Ukrainian universities is critical to the adoption of effective legislative and normative –
legal documents, science -based management decisions related to the strengthening of entrepreneurial
thinking and entrepreneurship, part icularly for technical disciplines, as well as implementation of the state
program of support of innovative startups.
Conclusions . The introduction of courses of modern technological entrepreneurship in
universities of Ukraine becomes particularly importan t. The Ministry of education and science of Ukraine
should provide training of innovation managers and experts able to conduct a professional feasibility study
and the implementation of innovative projects. Because STEM -specialists are able to create, to m ultiply,
to spread new knowledge and use them efficiently in their activities, and this will provide an opportunity
to build a national startup -ecosystem and create new high -tech companies.
REFERENCES
1. Fostering innovative entrepreneurship: challenges and policy options. United Nations Economic
Commission for Europe. New York and Geneva: UNECE, 2012 [accesat 24 martie 2016]. Disponibil:
https://www.unece.org/fileadmin/DAM/ceci/publications/fie.pdf
2. Start -up promotion instruments in OECD countries and their a pplication in developing countries.
2012 [accesat 11 martie 2016]. Disponibil: http://www.enterprise -development.org/wp –
content/uploads/giz2012 -en-start-up-promotion -instruments.pdf
3. KULICKE, M. 15 Years of EXIST “University -based start -up programmes”. Deve lopment of the
EXIST funding programme between 1998 and 2013. Fraunhofer -Institut für Systemund
Innovationsforschung ISI. Karlsruhe , 2014, april [accesat 9 februarie 2016]. Disponibil:
http://www.exist.de/SharedDocs/Downloads/DE/15 -years -EXIST -University -based-start-up-
programmes.pdf?__blob=publicationFile
4. OECD Science, Technology and Industry Outlook. 2014. 478 p. [accesat 24 martie 2016]. Disponibil:
http://ifuturo.org/documentacion/Science%20Technology%20and%20Industry%20Outlook%202014.
pdf
5. САЛІХОВА, О.Б. Високотехнологічні виробництва: від методології оцінки до піднесення в
Україні: монографія. Ін -т екон. та прогнозув. Київ , 2012. 624 с. ISBN 978 -966-02-6457 -1.
6. САЛІХОВА, О.Б., КУРЧЕНКО, О.О. Створення статистичного підґрунтя для оцінки
особ ливостей інноваційних старт -апів України. В:Статистика України. 2016, № 1, сс. 18 -21.
7. STRATAN, A., ACULAI, E., VINOGRADOVA, N. Assessment of the business environment in the
Republic of Moldova: key trends and determining factors. In: Economie și Sociologi e = Economy
and Sociology. 2015 , nr. 1, pp. 19 -30.
Recommended for publication: 2 6.08.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 54
Nr. 3/ 2016ECONOMIC GROWTH IN THE REPUBLIC OF MOLDOVA –
TODAY’S CHALLENGES AND OPPORTUNITES
Tatiana PISCHINA1,
PhD, Associate Professor,
Academy of Economic Studies of Moldova
This article is interesting for businesses, including entrepreneurs and potential investors, as well
as for the governmental organizations and public authorities. It provides both an evalu ation of Moldova's
position on the international socio -economic arena in context of globalization, and suggests action -points
and recommendations potentially supporting the growth of the private sector, at the same time fighting
poverty and enforcing susta inable economic growth. The purpose of the article is to investigate the
influences and challenges of globalization, which, on the one hand, is a positive enabler of global
economic development, yet on the other, is a proxy of growing inequality gap betwee n developed and
developing economies. Globalization limits the opportunities for qualitative economic growth for a
number of developing countries, such as Republic of Moldova, that consequentially are trapped into the
'vicious circle' of poverty. Developin g economies must find a way to survive, to restructure towards
growth and to remain competitive. To do so they must innovate (technologically and otherwise), since they
lack some of the key resources available to the developed industrial economies. One of the main
conclusions of the paper suggests that in light of the forthcoming Fourth Industrial Revolution Moldova
will have the possibility to ‘leapfrog’ through several stages of the structural ladder at a time entering the
path towards qualitative economi c growth. Thus, such nations as Moldova do have the potential to break
out of the poverty circle and towards qualitative economic development. This particular study is based on
the results of the analysis of both quantitative and qualitative indicators of growth of national and
international relevance, allowing to track and interpret changes in the economic structure overtime.
Keywords: globalization, inequality, economic growth with the development, developing
countries, ”vicious circle of poverty”, “struc tural ladder”, investment, infrastructure, high -technology,
technology, innovation .
Articol ulprezintă interes pentru antreprenori, investitori, func ționarii publici, deoare ce conține
evaluarea pozi ției Republicii Moldova în economia mondială în fa ța noilor provoc ări ale globalizării, și
recomandările referitoare la posibilele direc ții de dezvoltare a afacerilor și de reducere a s ărăciei în țară
și de asigurare a creșterii economiei durabile. Scopul acestui articol –investigarea influen ței noilor
provocări ale globalizării, care, pe de o parte, este un factor pozitiv, dar, pe de altă part e,spore ște
decalajul dintre țările dezvoltate și cele în curs de dezvoltare. Globalizarea limitează posibilitatea
creșterii economiei reale în unele ț ări în curs de dezvoltare, inclusiv și în Republica Moldova, care ,prin
urmare ,se încadrează în a șa-numi tul „cerc vicios al sărăciei”. Aceste țări trebuie să găsească modalitate
de a supravie țui și de a fi competitive, s ă fie creative și inovatoare, deoarece ele nu dispun de multe
resurse și posibilit ăți ale ț ărilor industrial -dezvoltate. Articolul concluzio nează că ,în condițiilecelei de -a
4-a Revolu țieIndustrial ă,Moldova ,are posibilitatea de a trece simultan câteva trepte a le„scării
structurale” și a urca la un nivel mai înalt de dezvoltare economică și de a asigura creșterea economic ă
calitativă. Astfe l,țările ,precum Republica Moldova, au o șansă bună de a scăpa din cercul de sărăcie și a
se îndrepta spre prosperitate. Articolul se bazează pe rezultatele analizei, cu ajutorul unor indicatori
cantitativi și calitativi ai clasamentelor naționale și inte rnaționale, care permit ,în mod unic ,a interpreta
modificările ce au loc.
Cuvinte -cheie: globalizare, inegalitate, cre ștere economic ă,țări în curs de dezvoltare, “cerc
vicios al sărăciei”, “scar ăstructurală”, investi ții, infrastructur ă, tehnologie înaltă, inovare .
Статья представляет интерес для предпринимателей, инвесторов, государственных
чиновников, поскольку содержит оценку позиций республики Молдова в мировой экономике в
1©Tatiana P ISCHINA, tatiana.pyshkina@googlemail.com
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 55
Nr.3 / 2016условиях новых вызовов глобализации, а также рекомендации ,касающиеся возмо жных
направлений развития бизнеса, снижения уровня бедности в стране и обеспечения устойчивого
экономического роста. Цель статьи –исследовать влияние новых вызовов глобализации, которая,
с одной стороны, является положительным фактором, но, с другой сто роны, увеличивает разрыв
между развитыми и развивающимися странами. Глобализация ограничивает возможности
реального экономического роста ряда развивающихся стран, в том числе и Республики Молдова,
которые попадают в так называемый «порочный круг бедности» .Эти страны должны найти
способ, чтобы выживать и конкурировать, должны быть изобретательными и инновационными,
так как они лишены многих ресурсов и возможностей промышленно -развитых стран. В статье
делается вывод о том, что на волне Четвертой Промышленн ой Революции, у Молдовы
появляется возможность пройти одновременно несколько ступеней «структурной» лестницы,
подняться на более высокий уровень экономического развития и выйти на траекторию
качественного экономического роста. Следовательно, такие страны , как Республика Молдова,
имеют хорошие шансы вырваться из «круга бедности» и двигаться к процветанию.
Представленное исследование основано на результатах анализа, с использованием
количественных и качественных индикаторов национальных и Международных ре йтингов,
позволяющих однозначно трактовать происходящие изменения.
Ключевые слова :глобализация, неравенство, экономический рост c развитием,
развивающиеся страны, «порочный круг бедности», «структурная лестница», инвестиции,
инфраструктура, высокие технол огии, инновации .
JEL Classification: 011, 012, 038.
Introduction. Future of any nation and any economy, just like the future of the Republic of
Moldova, depends on economic growth. Globalization is one of the major driving forces of modern
economic and social activities. At the same time, globalization has an ability to cause asymmetries and
inequality in the development of economies worldwide, as well as within individual economies and
nations.
In the words of one respected contemporary economist award ed with Nobel Prize, Professor
Joseph Stieglitz, inequality indicators of the modern world have now reached dangerous levels, and global
instability today is tightly related to the escalating levels of inequality [13]. "The top 0.1% –about 315
thousand pe ople from 315 million do about half of all capital gains on sales of shares or property after 1
year; and the capital gain is 60% of the income attributable to the business from the list of Forbes Top
400" [5].
Increasing level of inequality globally is one of today’s most heated debates and probably among
world’s greatest economic and social challenges causing conflicts and various economic, social and
political disturbances among nations. Globalization, which is overall a positive trend, yet the one wit h the
ability to create inequality, tends to increase the gap between rich and poor economies where the former
gain further access to wealth creation and the latter get dragged further backwards due to inability to
reorient their economies towards growth, for various socio -economic and political reasons. In this context,
developing economies, and Moldova is a case in point, find it difficult to catch up with the developed
ones, and tend in the long term to loose rather than gain from most of economic transa ctions in context of
globalization. This particular article discusses the position of the Republic of Moldova in this so -called
vicious circle of inequality, and presents potential possibilities to leap -frog through the mountain tops of
economic and other disadvantages towards wealth creation and qualitative economic growth.
1.Dynamics and Dangers of Inequality Growth, and Poverty’s Vicious Circle
Paul Krugman notes that today’s reality is akin to the one in the 1930s that Keynes described the
economy in a s tate of long -lasting decreased activity, demonstrating neither obvious signs of recovery nor
of complete collapse [4]. Stieglitz [13] adds that market forces to a certain extent contribute to growing
inequality, probably because they are artificially creat ed by policies.
Notably, the majority of policy makers appear either not to know or not to take into consideration
the main argument made by Keynes that the best times to save money are the times of growth, and not the
fall of an economy. It’s hard to disp ute Krugman’s opinion that today the governments must spend more,
not less, since the private sector is unable to push economic development forward to the necessary extent.
However, today we observe the opposite economic policies, which are characterized w ith measures of
Revistă teoretico -științifică / Theoretical and scientifical journal 56
Nr. 3/ 2016austerity, and bear negative consequences to the labour market in the long -term. Yet, now is the time to
act, and now is the time to fix some of world’s most pressing economic problems, such as problems of
inequality. Today, global inequali ty is growing inevitably and progressively, threatening to impose serious
limitations to economic health, especially of the developing nations, which are the focus of this article.
Observing inequality growth one may note the following dynamics. In the 199 0s, the gap in
average income of the 20% richest and 20% poorest parts of the global population was at 30:1, whereas in
2000 that same gap was already at 78:1 levels [1].
In addition, according to World Bank (2014), there were over two thirds of the globa l GNP (gross
national product) per capita generated per high -income economies in 2015, about one third per share of
medium -income nations, and only about half a per cent of global income per share of the low -income
economies [5].This means that high -incom e countries generate proportionately more and more GNP,
whereas low -income countries trend negatively, pointing to the growing gap in the share of possible
contribution into the global GNP between the nations with high and low income. It is obvious that th e
growth of inequality in the past decades is becoming a serious hinder to global economic development,
affecting economies and societies.
The asymmetry in the development of the global economies causes differentiation within various
nations, diving them o nto ‘winners and losers’ of the world’s globalization game. The losers are obviously
the developing economies, as well as a number of those lacking the sources of capital accumulation.
As the result, those economies end up in the vicious circle of poverty.
LP
Y
S
I
LowLabor
Productivity
LowInvestmentsLowNational
SavingsLowGDPPoverty’s Vicisous Circle
Fig.1 Poverty’s Vicisous Circle
Source: Compiled by author .
The problem of the "Circle of poverty" is that low income does not allow for savings, and,
consequently, the investment on the scale needed to achieve acceptabl e growth rate. As a result, these
countries could not break the "vicious circle of poverty", and try to "catch up" to the level of more
developed countries. That is, they are "doomed" to be poor. Thus, poverty produces poverty.
What makes that poverty circ le truly vicious is the relationship between low income and any
growth potential. Low income ceases the opportunities of the population to save, thus, prevents any flow
of internal investments from the population into the economy, or at least to the extent that makes growth
possible. As the result, low -income economies find it very difficult to break through the poverty threshold.
In other words, poverty creates more poverty.
Moldova, along with a number of other developing economies, is one of those econom ies that
arguably lost in the globalization game finding itself in the vicious circle of poverty. So, is it possible for
the country to break out of this vicious circle, and how? In order to answer this question, the following
considers some of the main as pects of Moldova’s position within the global economy, as well as some of
the key aspects in its economic growth.
According to the classification of the World Bank, the increase of well -being and growth of an
economy takes place through three consecutive s tages, from the first factor -driven to the second
efficiency -driven, to the third innovation -driven stage of economic development [14].
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 57
Nr.3 / 2016This process of climbing the ‘structural ladder’ serves as a certain indicator of a nation’s economic
state, as well a s the quality of its economic growth [8]. Moldova, according to World Bank’s
classification, is somewhere between the first (Factor -driven) and the second (Efficiency -driven) stage of
economic growth .
Table 1
The Share of Moldovan GDP in the world economy ,
in the European economy ,in the Eastern European economy , %
Share of Moldovan GDP in the 1990 2013 deviation
world economy 0,017 0,011 -0,006
European economy 0,046 0,037 -0,009
Eastern European economy 0,44 0,22 -0, 22
Source: Compiled by author ba sed on data from [12] .
Are there any positive dynamics in the development of Moldova’s economy? There are several
statistical facts to consider. Firstly, the share of Moldova’s GDP (Gross Domestic Product) is about 0,01%
of the global. During 1990 -2013 that share decreased by 0,006% falling from 0,017% to 0,011% of the
global economy. Consequently, this share fell by 009% lading from the level of 0,046% to 0,037% within
the European economies, and by 0,22% among Eastern -European economies ending up at t he level on
0,22% from 0,44%.
In 2015, Moldova’s GDP was valued at $6,2billion (121851 million MDL), decreasing in real
terms by 0,5% compared to 2014 ($6,4 billion) [7] and [1].
According to the ranking of Human Development Index [10] Moldova is a countr y at medium
levels of economic development. Notably, in 2015, Moldova was ranked at 114 out of 187 economies by
the Index .In 2008, however, it was at 113th place out of 179 [18]. This uncovers some of the deeper
challenges and highlights that something mu st be done to increase the share of welfare -generating share of
growth in the economy. For instance, today, Moldova is one of the leading (top 8 to 10) nations when it
comes to healthcare and education spending landing at about 12% and 8 -10% of GDP, respec tively.
This is a rather high level only affordable to a limited number of economies. However, average
longevity in Moldova is 70 years, throwing it to the 142ndplace in the world, and 120thи 130thplaces
respectively in maternal and child death [16]. T hus, there is obviously a challenge in terms of social
services that Moldova is able to offer to its citizens. Moldova is in desperate need of an increase in high
technology share in its infrastructure and its economy.
To be able to evaluate the dynamics a nd determine the direction of Moldova’s economy a
comparison may be drawn to the year of 1990. At that time, Moldova was ranked 64th by the
abovementioned Index, having the status of industrial -agrarian economy and in general being way ahead
of its today’s position on the so -called global structural ladder. In practice, Moldova was at its second
Efficiency -driven stage of economic development (for more detailed analysis see [8], [10], [18].
In 2015, Moldova’s nominal GDP (Gross Domestic Product) per capita landed at mere $1740 a
year. That is the 140th position out of 186 list of countries of the Global Monetary Fund. In 2013,
Moldova’s nominal GDP per capita was at $2214 a year, meaning a considerable decrease of $474. The
World Bank statistics (2013) show s similar dynamics. In 2013, Moldova’s GDP per capita was at $2038,
which means by $298 higher than in 2015 (World Bank statistics). United Nations, in its turn, placed
Moldova at $2285 GDP per capita in 2013, meaning by $545(!) higher than 2015 [16].
Negative dynamics in the evolution of nominal GDP per capita in Moldova is tightly connected to
economic and a bunch of other factors . Among economic factors, however, we highlight an absolute
decrease in the key production factors –labour, capital, technol ogies as well as the erosion of the structure
of the economy with the following decrease in the potential production volume . In is unlikely that an
economy would develop positively and grow its labour productivity and its competitiveness within a
structura l environment where scientific and technological research and development a ccounts for less than
0,35% of GDP. For comparison, European Union spends on average 2 to 3% of GDP on similar activities,
which facilitates high rates of technological development.
In the GDP structure of Moldova the share of consumption accounts for about 87% of the total GDP.
Such levels of consumption are considered to be exceptionally high, even for USA and other developed
economies. At the same time, there is only 15% of own i nvestments, which is rather low and inadequate.
Revistă teoretico -științifică / Theoretical and scientifical journal 58
Nr. 3/ 2016It remains to be seen how long it will take Moldova to return to the pre -crisis levels of 1990, the
level of which is yet to be reached by the country’s economy.
The dynamics of the GDP structure is presente d in the Table 2 below. Table 2 shows that
Moldova’s GDP structure changes in context of global economic tendencies . In this way, the main share
of value added of the economy, 59,4%, is comprised of the Services sector, 14,1% generated by industry,
and 12, 8% through agriculture. The share of net taxes on products is 15,7%. It seems at first sight as if
Moldova’s structure of the economy is rather progressive as it seemingly reflects global development
trends. For instance, the high share of the Services sec tor (compared to the global share of GDP of 64%)
with simultaneous decrease of the share of industry and agriculture. Yet, importantly, since 2000s, the
share of agriculture started to pick up again within the global GDP landing at approximately 32%.
Table 2
The Dynamics of the Structure of GDP of Moldova
GDP Structure, % 2000 2001 2002 2003 2004 2014
Gross value added 87,5 88,0 87,3 85,6 85,0 84,3
Agriculture 25,4 22,4 21,0 19,3 17,1 12,8
Industry 16,3 18,7 17,3 17,8 18,2 14,1
Services 48,2 49,2 51,0 50,8 52,2 59,4
Financial intermediation
services measured indirectly -2,4 -2,3 -2,1 -2,3 -2,5 -2,0
Net taxes on products (taxes
less subsidies) 12,5 12,0 12,7 14,4 15,0 15,7
Source: Compiled by author based on data from [7], [11].
Thus, it is importa nt to highlight the fact that even though the Services sector is prevailing in
Moldova’s economic value added, digging deeper into the Services sector itself allows to caution that the main
contribution in this sector –through finance and trade –is merel y a ‘formal’ value added, in contrast to real.
This means that its increase, in fact, reflects only a wage increase of individuals engaged
in relevant business dimensions, and not of the economy as a whole . Moreover, the developm ent
of one of the key services –trade –is mostly dependent on import. In this way, for instance, Moldova’s
GDP in 2013 was at $7,453 billion. Import was at $5,492 billion, or at 73,7%. In 2015, imports
amounted to $5,3 billion. The export share, at the same time, was about two times smaller and landed at
$2,4 billion [7,17].
This correlation could be considered as a tendency in Moldova’s external trade , since the share of
import versus export has been prevailing now f or many years and reflects some of the pitfalls in the
structure of Moldova’s economy.
Such high import -dependency obviously bears high risks for an economy, including the risk of
being indefinitely in debt. Indeed, external debt of Moldova equals to $6, 218 billion (in 2013), which
means more than 83% of GDP. Since 2008, European Union emerged as one of the major trading partners
of Moldova, absorbing somewhere around half of its external trade (46,4%). Naturally, the evolution of
economic ties to the EU has considerable impact and consequences to the structure of Moldova’s
economy, including health in Moldova’s balance of payments .In 2015, Moldova’s export to the EU
shrunk by approximately 2,3% (to $1,1 billion). Compared to the previous year, import al so decreased by
about a quarter, to $3,6 billion. The demand on imported products, however, is mainly covered
by Moldovans working abroad. They contribute by about $1,5 billion yearly. This is considerably higher
than the contributi ons of the foreign investors.
According to the World Bank, the value added per worker in agriculture, which is the main source
for Moldova’s export, is approximately $2,5 thousand. While, for example, in Spain the corresponding
value is $45 -50 thousand. In Norway, that indicator goes up to $70 thousand. On average, in European
Union countries the corresponding value is approximately 20 times higher than in Moldova. Given this
low level of labor productivity, and hence the competitiveness, one of the leadi ng sectors of the Moldovan
economy, it can be argued that the industry is unlikely to be the basis of high economic growth.
The above mentioned negative dynamics in the development of the real indicators of economic
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 59
Nr.3 / 2016development of Moldova allows to conclud e that price factor is the key origin of growth of the country’s
economy. Graph 1 below shows the rates and the dynamics of GDP growth from 2005 to 2015:
Graph 1 .Rate of GDP Growth of Moldova, %
Source: compiled by author based on [7].
The so -called ‘ quality index’, or the coefficient of the quality of growth, is applied to measure
quality of the growth of Moldova’s economy. This is, in short, a known index which measures the ratio of
the difference of GDP growth index and GDP deflator to the growth ra tes of the GDP in absolute terms .
According to this indicator, Moldova’s economy cannot be characterized in positive terms, and has not
been characterized as such for the past several decades.
In this way, being one of the poorest European countries with median monthly income of $250
and with the GDP per capita level being about 18 times lower than European Union average, the Republic
of Moldova today finds itself in the vicious circle of poverty.
2.The Window of Opportunities –Can Moldova Get Out of the P overty Circle?
Returning to the argument stated at the beginning of this paper, globalization is one of the major
contributors to growing inequality among global economies. Globalization reformed the structure of many
national economies through the introdu ction of a system of international division of labour in favour of the
developed economies.
Notably, the structure of an economy is one of the key factors in economic growth as well as
behind the well -being of a population. In the 1960s and 1970s, the coun tries with the fastest rates of GDP
growth (about 3,5% annually) were those with the largest share of machinery within their industry. Those
with larger shares of natural and mineral resources grew by about 2%, finally, agrarian, or agricultural
economies, grew by about 1,5%. However, most obvious winners were those that emphasized the
development of high -technologies within their economies.
As the result, most or all of today's developed economies find themselves at post -industrial,
information and high -technology stage of development, whilst peripheral economies have either not been
able to fully complete the industrialization stage, or were thrown back, just as Moldova, to the lower
development stage. In addition, the interest of the developed economies to import finished industrial
products from their less developed counterparts has decreased considerably. This evolution obviously
triggered the asymmetry in foreign trade negatively affecting the rates and quality of economic growth in
the peripheral econ omies. Thus, the gap between the ’post -industrial world’ and other economies has now
acquired qualitative character and is growing inevitably in its proportions. As the result, the possibilities
to catch up in economic growth are currently very slim for t he majority of the less developed and
developing countries, having them more or less stuck in the “vicious circle of poverty”.
So, is there a way out of that Circle for Moldova?
The answer is yes. However, to break out of the negative trend there is a ne ed for internal or
external sources of investments into the economy. Investments and their qualitative share –which are
innovations –comprise the true, or material, base of economic growth. Innovations impact the change in
the sources, types and quality of economic growth.
High quality of economic growth has the ability to positively affect well -being of the population,
to induce innovations in production methods, into goods and services, as well as into governance and
management, and literally into all spheres of economic activity. Qualitative economic growth reflects
Revistă teoretico -științifică / Theoretical and scientifical journal 60
Nr. 3/ 2016positive and forward -looking dynamics of an economy, and its transition to the higher stages of economic
development. Even though, presently, prerequisites for the number of the developing countries, including
Moldova, to enter the innovative stage of development, and especially the stage driven by wealth of the
economy, are not sufficient (see, for instance, EIU), it is absolutely necessary to start building various
separate elements of inn ovations -driven growth into the structural ladder of the national economy.
In conditions of globalization, considering its tight relationships to integration, localisation and
regionalization, many developing countries, Moldova including, demonstrate pot ential areas for growth
climbing several steps of the structural ladder simultaneously. In this way, for instance, the activities of
international corporations disseminate global competitiveness into national markets and economic
structures, regardless of the structural stage of that given economy. To be able to introduce such growth
areas, some of the key building blocks of the economy have to be ‘repaired’ after years of unfortunate
economic downward slope.
Investments into infrastructure, especially for such economies as the one of Moldova, are among
more effective resources of qualitative economic growth. Infrastructure deficit, especially in low -income
countries, is an obstacle of long -term economic growth. Infrastructure investments may also serve as a
source of growth in aggregate demand. They are among the few instruments available in economic policy
toolbox for sustaining growth in real terms, especially in condition of a weak, and not always adequate
credit and monetary policies.
Investments into i nfrastructure secure growth in production capacity of various sectors of the
economy. They are usually massive investment projects and have an ability to produce multiple external
effects with positive long -term social impact. Judging by the global experie nce the biggest effect can be
reached in interplay of the government and private sector based on partnerships uniting large corporations
and business with smaller firms, venture capital funds and ‘angel’ investors through direct government
support of basic innovations and venture capital investments from the first stages through
commercialization of innovations. The inclusion of innovation factor into the process of investment in
infrastructure can thus be viewed as a factor for the development of innovatio n-based economy.
Innovation -based type of economic growth is a type of economic growth adopted by most, if not
all, of the developed economies. It is based not on the production and consumption of material goods as
such, but on creation and consumption of information -technology goods and services, in other words,
high-technology products. Therefore, structural component of the investments is specifically important in
this context.
There are at least two ways of approaching the formation of innovation -based economy proven
through international practice (the problem was thoroughly described in [8, pp.128 -163]).
The first one assumes orientation towards own innovations. As a rule, it is applicable to the
highly -developed economies. This particular approach wa s predominantly executed in the American
economy. The second approach is based on ‘borrowing’ and importing of innovations. Its effectiveness is
proven by a number of global economies, including, for instance, Japan and even more so China. In order
to form the necessary elements of innovations into its economy, Moldova can very well use the second
approach, which is based on the concept of imitation and adaptation of the new technologies.
This is similar to the concept of technological leapfrogging [3], [6 ]. An obvious example is the
implementation of mobile networks and the spread of mobile telephones. By buying and using existing
technology, late -industrializing countries are able to ‘leapfrog’, or jump over various inferior or more
costly and less effici ent technologies (that the first movers had to go through in the stages of development
of those new technologies).
As the result, the ‘leapfroggers’ may get latest technologies cheaper and faster than the economy
where this technology originates. Thus, it is valid to assume that if the mechanisms of innovative growth
are in use, those growth areas where already existing innovations are actively used have a potential to
increase competitiveness of the national economies and increase the quality of economic development.
This approach, however, should not be associated merely with consumption of already existing
methods and technologies taking advantage of inventions of others. Moldova, in contrast to other
examples of nations with comparatively lower levels o f economic development, is a country with a lot of
own potential in terms of research and development, as well as testing and implementation of the new
technologies. Moldova preserved some of its highly skilled labour force and is capable to offer speciali sts
and laboratories to receive but also to drive further innovation and new technologies in virtually all
spheres from economy to physics and chemistry.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 61
Nr.3 / 2016In this context, there is certainly a window of opportunities for Moldova which is opening at the
mome nt.Recent convention in Davos in January 2016 marked the birth of the so -called Fourth Industrial
Revolution, which would last from five to ten years and will inevitably and radically change all the
economic, social and other structures. Akin the Revoluti on ignited by Microelectronics, this revolution
will end up into goods and services previously unimagined, in the sphere of connected world and
connected devices, from robotics to home appliances.
This revolution, in its turn, will open up new opportuniti es for smaller developing economies,
such as Moldova, from being the testing ground to the economy for outsourcing the production of new
technologies. Thus, Moldova could, in conditions of globalization, become a centre for outsourcing of the
new products and therefore one of the economies that would be first to implement those innovations.
Global economy becomes less and less resource -intensive in the traditional sense of the term,
shifting from production to the intangible resources represented by the pe ople, as well as to the more
capital -intensive and less dependent on raw materials. In this context, reorientation towards qualitative
services in the sphere of high technologies is absolutely crucial. Moldova’s IT specialists are considered to
be among th e better once in Eastern Europe, meaning that the country has the potential and the
prerequisites for the creation of knowledge -based, innovation -driven economy based on the adoption and
integration of innovations into its core structures. This is certainl y a niche worth investing into.
Conclusions: From Vicious to Virtuous Circle
1.Quality of economic growth is determined by the investment resources, and, in the first place,
by their qualitative component –innovations, as well as the possibility for thei r adaptations into the
economy. Therefore, for any country, including Moldova, it is important to create favourable conditions
for activation of investment resources and capabilities.
2.One of the sources for qualitative economic growth are the investments into infrastructure.
They have an ability to induce multiple and long term positive outcomes, to stimulate aggregate demand
and positive socio -economic impact. We believe that the Republic of Moldova must create an
infrastructure with higher qualitative sh are of innovations able to justify higher investments. Today, this
justification comes mostly from relatively cheaper land and labour force. Moldova must be able to offer
and promote what actually makes it qualitatively different from its neighbours: safet y and stability, high
connectivity, high -quality education and healthcare.
3.So far, Moldova managed to attract $3,5 billion in investments. That is a relatively large
amount –more than half of the GDP (with capital rate at 15 -16%). Building on its potenti al, in the next
five years, the country must be able to accumulate about 1,5 to twice as much capital in foreign
investments. Thus, it is important to create necessary conditions to attract direct foreign investments.
4.Moldova’s economy could act as an econ omy for outsourcing of production of
high-technologies and high -tech products. Why is this possible? Moldova’s sector of information
technologies in an export sector with truly high potential. The products of the IT companies operating in
Moldova are highl y competitive not only due to lower costs of the labour force, but also due to the fact
that the quality of the end product is competitive with the global standards suggesting that there is a large
amount of highly qualified labour force in this area.
5.It is important to increase the interplay between businesses and the government based on
shared understanding of common needs. The biggest effect could be reached if that crucial partnership is
in place and if large and smaller businesses, individual investors , investment funds, venture capitalists, as
well as the government and other educational and research institutions work in interplay, through the
direct support by the government from the first stages through the commercialization phase of investments
andinnovations.
6.As shown in practice, the more globalization and the more stakeholders, the bigger the need for
a clear strategy for the development of the country, including challenges of import substitution regarding
goods and services, which would increas e the added value and would provide an opportunity to increase
the budget and to provide new work places for Moldova’s population. It is, of course necessary to create
adequate fiscal, administrative and regulatory conditions for businesses to solve the pr oblems related by
consolidation and modernization of Moldova’s business, as well as to increase competitiveness and capital
intensity in its economy.
7.Moldova is left, among many, with one of the most challenging issues, to integrate effectively
into the g lobal structures at the same time preserving own national interests. There is a need for a more
thought -through and weighted integration policy into the global division of labour when export markets
Revistă teoretico -științifică / Theoretical and scientifical journal 62
Nr. 3/ 2016are limited for smaller and less developed economies. It is important to build effective horizontal
touch -points with other regions, with the nations of EU and other strategic neighbours such as Russia.
This, in essence, should allow Moldova to break through the vicious circle of poverty into the
virtuous circle of prosperity, which would help to secure stable and profitable levels of economic
development in the long term.
REFERENCES
1. BIRDSALL, N. Rising inequality in the new global economy. In: International Journal of
Development Issues. 2006, vol. 5, issue 1, pp.1-9.
2. Global Economic Prospects. 2015 [accesat 17 mai 2016]. Disponibil:
http://www.worldbank.org/en/publication/global -economic -prospects
3. GOLDEMBERG, J. Leapfrog energy technologies. In: Energy Policy. 1998, vol. 26, issue 10, pp.
729-741.
4. KRUGMAN, P .End this Depression Now ! New York: W.W. Norton&Company, Melrose Road
Partners, 2012. 288 pp. ISBN 978 -3-593-39729 -0.
5. LENZNER, R. The Top 0.1% of the Nation Earn Half of All Capital Gains. 2011, November
[accesat 17 mai 2016]. Disponibil: http://www.for bes.com/sites/robertlenzner/2011/11/20/the -top-
0-1-of-the-nation -earn-half-of-all-capital -gains/
6. MURPHY, J. Making the energy transition in rural East Africa: is leapfrogging an alternative? In:
Technological Forecasting and Social Change. 2001, no. 68 (2) , pp. 173 -193.
7. National Bureau of Statistics of the Republic of Moldova [accesat 17 mai 2016]. Disponibil:
http://www.statistica.md/index.php?l=en
8. PÎȘCHINA, T. Structural Economic Priorities in the Era of Globalization : thesis. Chisinau, 2007.
273 p.
9. PORTE R, Michael, E. The Competitive Advantage: creating and sustaining superior performance .
New York: Free Press, 1985. 557 p. ISBN 9780029250907.
10. PYSHKINA, T. Economic consequences of the migration of labor from the Republic of Moldova.
In: Conference on Pove rty, International Migration and Asylum, 27 -28, september 2002. Helsinki,
2002, pp. 27 -28.
11. Quality of Growth –Changing Priorities = Calitatea creșterii –modificarea priorităților =Качество
роста –смена приоритетов . 2004, september 28 -29 [accesat 17 mai 2016]. Disponibil:
http://www.cisr -md.org/pdf/qualgrth.pdf
12. Quandl Financial and Economic Data [accesat 17 mai 2016]. Disponibil:
https://www.quandl.com/collections/economics/gdp -by-country
13. STIGLITZ, J.E.The Price of Inequality. New York: W.W. Norton&Company, 2012. 448 p. ISBN
978-0-393-08869 -4.
14. SCHWAB, K., SALA -I-MARTIN, X. The Global Competitive ness Report 2015 -2016. Geneva,
2015 [accesat 17 martie 2016]. Disponibil: http://www3.weforum.org/docs/gcr/2015 –
2016/Global_Competitiveness_Report_2015 -2016.pdf
15. Human Development Index [accesat 12 mai 2016]. Disponibil:
http://hdr.undp.org/en/content/hum an-development -index -hdi
16. World Development Indicators [accesat 12 mai 2016]. Disponibil:
http://data.worldbank.org/products/wdi
17. World Economic Outlook [accesat 12 mai 2016]. Disponibil:
http://www.imf.org/external/pubs/ft/weo/2016/02/index.htm
18. ПЫШКИНА, Т.В . Проблемы и механизмы совершенствования структуры внешней торговли
в условиях усиления мировых интеграционных процессов. In: Dezvoltarea Durabilă a Romaniei
și Republicei Moldova în contextul European și Mondial: conferința științifică intenațională,
22-23 septembrie 2006. Chișinău: ASEM, 2007, vol. 1, pp. 266 -271. ISBN 978 -9975 -75-117-9.
19. ANDREEVA , T. Particularitățile concurenței inovatoare în condițiile globalizării economiei
mondiale = Characteristics of innovation competition in a g lobalizing word economy. In: Economie
și Sociologie = Economy and Sociology . 2014 , nr. 2, pp. 140 -144.
Recommended for publication: 19.08.2016
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 63
Nr.3 / 2016JUSTIFICATION OF MINIMAL QUANTUM OF WAGE
IN THE REPUBLIC OF MOLDOVA
Anatolii ROJCO1, PhD, Associate Professo r,
National Institute for Economic Research
The relevance of the article isconditioned by the fact, that in the Republic of Moldova there are
several levels of the minimal wage, but only one of them –a guaranteed minimal quantum of wage in the
real sec tor–reached the subsistence minimum of the work -apt person. The aim of the article is to justify
the minimal quantum of the wage. There were used the following research methods: statistical,
comparing, analogy, monographic. There were made conclusion on the need for a step -by-step approach
of the quantum of the minimal wage that is used for the payment of workers in the budgetary sphere to a
quantum of the subsistence minimum of the work -apt person. It is proposed to make amendments in some
legislative ac ts.
Key words : the minimal wages, the tariff rate for the I qualifying category of the wages, the
guaranteed minimal quantum of wages in real sector, an average wages, the subsistence minimum of the
work -apt person, the consumer price index, the labor prod uctivity.
Actualitatea articolului este determinată de existența în Republica Moldova a mai multor niveluri
ale salariului minim, însă numai unul din ele –cuantumul minim garantat al salariului în sectorul real –
a atins valoarea minimului de existență a persoanei în vârstă aptă de muncă. Scopul articolului este de a
justifica mărimea minimă a salariului. Au fost utilizate următoarele metode de cercetare –statistică,
comparație, analogie, monografic ă.S-a ajuns la concluzia despre necesitatea unei aprop ieritreptat ea
mărimii salariului, care este utilizat la remunerarea salari aților sferei publice, lavaloarea minimului de
existență apersoanei apte de muncă .Se propune de a face modificări în unele acte legislative.
Cuvinte -cheie: salariul minim, salar iul tarifar pentru categoria I de calificare, cuantumul minim
garantat al salariului în sectorul real, salariul mediu, minimul de existență a persoanei în vârstă aptă de
muncă, indicele pre țurilor de consum, productivitatea muncii.
Актуальность статьи обусловлена тем, что в Республике Молдова существует несколько
уровней минимальной заработной платы, но только один из них –гарантированный минимальный
размер заработной платы в реальном секторе –достиг величины прожиточного минимума
трудоспособного чело века. Целью статьи является обоснование минимальных размеров оплаты
труда .Использованы следующие методы исследования –статистический, сравнения, аналогов,
монографический. Сделан вывод о необходимости поэтапного приближения размера минимальной
заработной платы, используемой при оплате труда работников бюджетной сферы, к величине
прожиточного минимума трудоспособного человека. Предлагается осуществить изменения в
некоторых законодательных актах.
Ключевые слова: минимальная заработная плата, тарифная ставк а для
I квалификационного разряда оплаты труда, гарантируемый минимальный размер заработной
платы в реальном секторе, средняя заработная плата, прожиточный минимум трудоспособного
человека, индекс потребительских ц ен, производительность труда.
JEL Clasification: E24, J24, J31.
Introduction. The minimal wage plays an important role in state regulation of wages. The
minimal wage occupies the central places in the system of state minimum social standards, and is us ed in
the formation of the mechanism of regulation of wages in the Republic of Moldova [4]. The minimal wage
provides an opportunity to:
–determine and guarantee a minimum volume of consumption of material goods and services
necessary for the worker simp ly labour, sufficient for the reproduction of the labour force;
1© Anatolii ROJCO, rojco@mail.ru
Revistă teoretico -științifică / Theoretical and scientifical journal 64
Nr. 3/ 2016–lead such a volume of consumption into accord with the current economic potential of a society;
–serve (at the given volume of material benefits and services made in the country) as an
important factor in real differentiation of wages (there is means the establishment of a interrelation
between minimal and average wages, the minimal and maximal wages, both in the economy as a whole,
and for the basic qualifying groups);
–influence on the s tructure of wages, on a proportion in it between a fixed and a variable parts,
and through this on the organization of wages at the enterprise;
–focus a society on a minimum level of performance (productivity) of work which it has the right
to require fro m the employee.
In the Republic of Moldova is kept the low quantum of the minimal wage . The problem is
aggravated by the existence of several levels of minimal wage.
а)The minimal wage of the general application . It has an extremely limited scope of appli cation
and is used only for the payment of some categories of workers. For example, it is used in establishing the
monthly salary to representatives of the state in administration of the state enterprises and joint stock
companies, as well as the enterpris es with predominantly of the state capital.
Per 2001 -2015 the size of the minimal wages has increased from 100 up to 1000 lei per month.
Thus for this period the change of the quantum of the m inimal wages was carried out four times: since
April, 1st 2001; since January, 1st, 2005; since April, 1st, 2007; since January, 1st, 2009. Since October, 1st,
2014 by the Government Decree of the Republic of Moldova no. 550 from July, 09th, 2014 approves the
new quantum of the minimal wages for the country –1thousan dlei.
The ratio of minimal wages with the subsistence minimum of the work -apt person testifies that
during 2001 -2015 the quantum of the minimal wages covered the quantum of the subsistence minimum
only on 14 -58%. Thus the best ratio between these two valu es (57.9%) to ok place in 2014, in which the
quantum of the minimal wage has increased from 600 to 1000 lei per month. The worst ratio (13.9%) was
in 2004, when at growth of the quantum of the subsistence minimum of work -apt person, minimal wage
(100 lei) h as remained unchanged within four years.
A similar trend is characteristic and for the ratio between the quantum of minimal and average
wages. The value of this ratio, which in the scientific literature is identified as Kaitz index, varies from
9.1% in 20 04 to 24.0% in 2014 (table 1). Somewhat better is the ratio between the minimum and average
wages in the budgetary sphere it ranges from 12.1% to 27.2% (the budgetary sphere is the ensemble of
enterprises financed from the state budget, state social insura nce budget and the administrative -territorial
units budgets).
Table 1
The ratio of the minimal wages with subsistence minimum and average wagesYears
The minimal wage
quantum,
lei
The subsistence
minimum of
work -apt person
The average wage
for the country , lei
The average wage
in the budgetary
sphere, leiThe ratio of the minimal wages (%) with:
subsistence
minimum
average
wages for
the country
average
wages in the
budgetary
sphere
2001 100 496,3 543,7 407,8 20,2 18,4 24,5
2002 100 571,2 691,5 555,8 17,5 14,5 18,0
2003 100 664,8 890,8 685,5 15,0 11,2 14,6
2004 100 718,9 1103,1 827,5 13,9 9,1 12,1
2005 200 809,3 1318,7 992,4 24,7 15,2 20,1
2006 200 986,7 1697,1 1450,1 20,3 11,8 13,8
2007 400 1159,5 2065,0 1624,5 34,5 19,4 24,6
2008 400 1446,5 2529,7 1954,3 27,6 15,8 20,5
2009 600 1251,1 2747,6 2405,5 47,9 21,8 24,9
2010 600 1453,1 2971,7 2552,5 41,2 20,2 23,5
2011 600 1582,8 3193,9 2860,2 37,9 18,8 21,0
2012 600 1585,9 3477,7 3210,2 37,8 17,2 18,7
2013 600 1710,0 3765,1 3317,2 35,1 15,9 18,1
2014 1000 1726,8 4172,0 3673,9 57,9 24,0 27,2
2015 1000 1842,2 4610,9 4125,3 54,3 21,7 24,2
Source: Calculated by author according to Government Decision on establishing the minimal quantum
of wages for the country for a.a.2001 -2015.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 65
Nr.3 / 2016The Republic of Moldova on the minimal wages quantum seriously concedes not only to
developed countries, but also many CIS countries. In 2015, the minimal wages quantum in a dollar
equivalent in Moldova amounted 51 USD, while in Belarus is 124 USD (at 2.4 times more), in Armenia is
114 USD (at 2.2 times more), in Russia is 86 USD (at 1.7 times more) [8]. Only in Tajikistan (36 USD)
and Kyrgyzstan (13 USD) the minimal wages quantum was less than in Moldova .
b)The tariff rate for the 1 category of the wages of the Uniform t ariff network of budgetary sphere
employees , which, in accordance with article 14 of the Law on salaries No. 847 -XV from February, 14th,
2002 „is established at a quantum equal or greater than the minimal wage quantum in the country” [3].
Since October, 1st, 2014 tariff rate for the 1 category of wages in budgetary sphere was equalized with a
quantum of minimal wages on the country and constituted 1,000 lei per month.
с)Guaranteed minimal quantum of wage in real sector , which, according to art. 2 of the Law on
salaries no. 847 -XV from February, 14th, 2002 represents „the minimal mandatory quantum of wages
guaranteed by the state, for work done by an employee in the rea l sector (totality of self -supporting
enterprises). This quantum is established by the Government after consultation with the social partners and
is reviewed annually, depending on the annual overall growth of the consumer price index and the growth
in pro ductivity at the national level” [3]. Since May, 1st, 2016, the guaranteed minimal quantum of wage in
real sector constituted 2100 lei per month.
Increasing the guaranteed minimal quantum of wage in real sector to the level of 2100 lei is
justified as foll ows: 1) since May 1st, 2015 the guaranteed minimal quantum of wage constituted 1,900 lei;
2) the consumer price index in 2015 compared to 2014, constituted 109.7%; 3) in 2015 increasing the
gross value added compared to 2014, constituted 99.6%; 4) in 2015 the number of employees compared to
2014, constituted 98.7%; 5) growth of labor productivity, calculated as the ratio of change in the gross
value added (99.6%) to change the number of employees (98.7%) constituted 100.9%; 6) the total growth
of consumer price index and labor produ ctivity constituted: 9.7% + 0.9 % = 10.6%; 7) the amount of the
guaranteed minimal quantum of wage in the real sector constituted 1,900 x 1.106 = 2,101.4 lei, or rounded
–2,100 lei per month.
In addition to minimal wage levels, which have national coverage, each branch of the real sector
has the right to negotiate and establish collective agreements at a branch level, the levels of the minimal
wage in the quantum equal or greater than the guaranteed minimal wage in the real secto r.
The main reason for using of different minimal levels of remuneration consists, first of all, in the
way of financing of the budgetary sphere and the real sector. So, the state budget has very little
opportunities to provide the level of remuneration eq ual to a level of the real sector. At the same time, the
level of remuneration in the real sector, in large extent depends from the cost of the labour force on a
labour market.
For 2000 -2015 years the quantum of the tariff rate for the I qualifying categor y has increased
from 115 lei up to 2100 lei, or more than in 18 times. Thus if by Government Decree no.455 from May,
16th, 2000 the tariff rate for I the qualifying category was established identical for all types of activities
(115 lei per month), then l ater the differentiated approach to an establishment of this quantum has
been entered.
The ratio between the tariff rate for the I qualifying category of a wages at the self -supporting
enterprises/guaranteed minimal quantum of the wages in r eal sector with subsistence minimum of the
work -apt person has the extremely adverse character. In the beginning of 2000thyears it was 30 -40%
(table 2). In recent years the situation in this area has changed to the best. In 2014 there has been a
signifi cant convergence of the guaranteed minimal quantum of wages in the real sector (1,650 lei) and cost
value of subsistence minimum of the work -apt person, therefore the ratio between these indicators
constituted 95.5%. For agricultural workers this ratio amo unted to 90.3%. After an establishment on May,
1st 2015 of the guaranteed minimal quantum of a wages in real sector in 1,900 lei its level for the first
time exceeded the size of subsistence minimum of the work -apt person. This trend continued in2016.
After an establishment on May, 1st 2016 of the guaranteed minimal quantum of a wages in real sector in
2100 lei its level constituted 114% of thesubsistence minimum of the work -apt person.
Revistă teoretico -științifică / Theoretical and scientifical journal 66
Nr. 3/ 2016Table 2
Ratio of the guaranteed minimal quantum of wages in the real sector / quantum of the
tariff rate for the I qualifying category to the subsistence minimum of work -apt person
YearsGuaranteed minimal quantum of
wages, lei
The subsistence
minimum, leiRatio with subsistence minimum of
the work -apt person, %indust ries of
economy
agriculture
and forestry
industries of
economy
agriculture
and forestry
17.01.2001* 150 150 481.5 31.2 31.2
1.09.2001* 169 169 498.8 33.9 33.9
1.07.2002* 250 250 571.2 43.8 43.8
1.04.2003* 300 300 698.6 42.9 42.9
1.07.2003* 340 340 571.4 59.5 59.5
1.02.2004* 440 340 718.9 61.2 47.3
1.08.2005* 550 550 809.3 54.4 42.0
1.07.2006* 700 550 986.7 44.6 34.5
1.07.2007* 900 700 1159.5 77.6 60.4
1.02.2010 1100 900 1453.1 75.7 61.9
1.05.2012 1300 900 1585.9 82.0 56.7
1.05.2013 1400 900 1710.0 81.9 52.6
1.05.2014 1650 1560 1726 .8 95.5 90.3
1.05.201 5 1900 1900 1842 .2 103.1 103.1
1.05.2016 2100 2100 1842 .2** 114.0 114.0
*tarif wage for the I qualifying category
** the subsistence minimum 2015
Source: Calculated by author ac cording to Government Decision on establishing the minimal quantum
of wages for the country and Government Decision on the guaranteed minimal quantum of wages in
real sector for a.a.2001 -2015.
However these positive shifts are obviously insufficient. Acco rding to the European Social
Charter the quantum of the minimal size of a wages should be established by the state at a level, not less
than in 2.5 times exceeding a subsistence minimum. Thus, for achievement of a recommended European
level it is necessary substantial growth of the minimal quantum of a wage.
Regulation of the minimal wage in most of the developed world is based on the documents,
adopted by the ILO. The first legislative acts in this area were the Convention no.26 (1928) and
Recommendation n o.30 (1928) „On the establishment and application of procedures for the determination
of minimal wages”. However, these documents contained only „a call for Governments of the countries to
establish a minimal wages” [6, 9]. Therefore, for many years the re presentatives of the trade unions in the
ILO persistently raised the question on acceptance of the general mandatory international document
concerning the minimal wages.
As a result, in 1970 had been accepted the Convention no.131 and Recommendation no.135 „On
minimal wage fixing, with special reference to developing countries”. In these documents it is underlined,
that „the minimal wage has force of the law, is not a subject of reduction and that non -using of this
provision entails criminal or other sancti ons” [7, 10].
In Recommendation no.135 criteria for determining of the level of minimal wages are established:
„а) the needs of workers and their families;
b) the general level of wages in the country;
c)the cost of living and changes in it;
d)the q uqntum of social security;
e)a comparative level of life of other social groups;
f) the economic factors, including the requirements of economic development, a labour
productivity level and the desirability of achieving and maintaining of a high occupa tion level” [10].
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 67
Nr.3 / 2016In 2010, the Republic of Moldova had ratified Convention no.131 and Recommendation no.135.
The main provisions of these documents have found the reflection in the Law of the Republic of Moldova
no. 1432 -XIV from December, 28th, 2000 „Abou t the order of establishing and revising of the minimal
wage”. In the Law (item 1, art.2) provides the definition of minimal wage: „The minimal wages is
represents the quantum of wages established by the state in lei for a simple, unqualified labor, below
which the employer is not entitled to pay for the norm of work performed by an employee monthly or
hourly” [2].
Thus it is underlined, that „a monthly wages for labor of the employee, who has fulfilled the
installed norm of time for the certain period an d who has executed the duties assigned to it or norm of
work, may not be less than the established quantum of minimal wages. Compliance of the minimal wages
quantum is mandatory for all economic actors regardless of a type of the ownership and the
organiza tional -legal form. This quantum may not be reduced neither by the collective agreement, nor the
individual labour contract” [2].
An important feature of the Law no. 1432 -XIV is fixing in it of the norm, which had put an end to
existing for a long time in M oldova a practices in the use of minimal wages in other spheres. Item 5 art.2
of the Law read: „With the minimal wage connected only payments corresponded only to work. All other
social payments (pensions, scholarships, compensation, allowances, etc.), as well as the state duties, taxes,
tariffs, penalties and other payments, which not related to work, are established in the quantum’s not
commensurate with the minimal wage” [2].
In the Labour Code of the Republic of Moldova in article 131 „The Minimal wages ” are indicated:
„(1) Each employee has the right to the guaranteed minimal wages. (2) The minimal wages are the
minimal quantum of a payment established by the state in national currency for the simple, not qualified
work, less of which level the employer have not the right to pay for the performed monthly or hourly norm
of work. (3) The minimal wage does not include surcharges, allowances, incentives and compensatory
payments” [1].
In the Republic of Moldova, the minimal wage are established by the Govern ment Decree in
consultation with employers and unions (art. 132 (1) of the Labour Code). It is underlined that
„consultations concerning the quantum of minimal wage is carried out within the framework of the
National Commission for collective negotiations and consultations, which represent the social partnership
at national level” [1].
In Republic Moldova there are no legislatively fixed criteria for the establishment of the minimal
wages. There is only legislatively fixed criterion of review of the quantum of the minimal wages.
In it.4 art.3 the Law 1432 -XIV from December, 28th, 2000 it is underlined, that „the review of the
quantum of the minimal wages is carried out by the Government after preliminary consultations of
patronages and trade unions taking i nto account changes in the consumer price index and dynamics
of average wages on national economy for the relevant period, volume of an gross domestic product, labor
productivity, as well as a subsistence minimum in its cost expression” [2]. Thus, the change of the
subsistence minimum is considered only at review of the quantum of the minimal wages. Herewith, it
takes into account other factors among which the change of cost value of subsistence minimum is
finalizing the list of these factors .
Meanwhile, in the CIS countries the subsistence minimum is a criterion for establishing the
minimal wage. The labour legislation of Belarus, Kazakhstan, Kyrgyzstan, Russia, and Ukraine it is
directly fixed that „the monthly minimal wage may not be lower than the subsistence minimum. And
while in the most of the CIS countries this ratio is not complied, however, this legal rule serves as a
justification of the need for convergence between the minimal wage and the cost value of the subsistence
minimum” [5].
In this context we consider that it is advisable to:
–to initiate changes in several legislative acts. In particular to supplement article 2 of the Law
No. 1432 -XIV from December, 28th, 2000 „About the order of an establishing and revising of the minim al
wage” [2] with the following item: „The minimal wage must approach stage by stage to the cost value of
the minimum subsistence of work -apt person”;
–to justify and develop the order of the stage -by-stage approach of the minimal wage quantum to
the cost value of the subsistence minimum of work -apt person.
Revistă teoretico -științifică / Theoretical and scientifical journal 68
Nr. 3/ 2016Conclusions: Minimal wage is an essential starting point for workers and employers in their
contacts on the labour market in occasion of an establishment of the price of labour force. The absence in
Moldova of a reasonable quantum of minimal wage deprives both sides of labour relations an essential
guide in establishing their partnership and does not provide the possibility to organize properly industrial
and labour activity at the enterprises. Increase of the minimal wage took a central part in the system of
measures to ensure a decent wages for work, thus strengthening the social protection of workers in area
of remuneration.
REFERENCES
1. Codul Muncii al Republicii Moldova: nr. 154 din 28. 03.2003. In: Monitorul Oficial al Republicii
Moldova. 2003, nr. 159 -162, art. 648.
2. Legea Republicii Moldova privind modul de stabilire și reexaminare a salariului minim: nr. 1432 –
XIV din 28.12.2000. In: Monitorul Oficial al Republicii Moldova. 2001, nr. 21 -24, art. 79.
3. Legea salarizării: nr. 847 -XV din 14.02.2002. In: Monitorul Oficial al Republicii Moldova. 2002, nr.
50-52, art. 336.
4. ROJCO, A., CIOBANU, E. Formarea mecanismului de indexare a salariului. In: Economie și
sociologie. 2007, nr. 2, pp. 22 -31.
5. РОЖКО, А., СТРЕМЕНОВСКАЯ, З. Формирование системы государственных минимальных
социальных стандартов в Республике Молдова. In: Economie și sociologie. 2001, nr. 1, pp. 51 -58.
6. C026 –Minimum Wage -Fixing Machinery Convention. 1928, no. 26 [accesat 10 mai 2016 ].
Disponibil:
http://www.ilo.org/dyn/normlex/en/f?p=NORMLEXPUB:12100:0::NO:12100:P12100_INSTRUME
NT_ID:312171:NO
7. C131 –Minimum Wage Fixing Con vention. 1970, no. 131 [accesat 10 mai 2016]. Disponibil:
http://www.ilo.org/dyn/normlex/en/f?p=NORMLEXPUB:12100:0::NO:12100:P12100_INSTRUME
NT_I D:312276:NO
8. О состоянии заработной платы в независимых государствах региона в 2015 год. В:Вестник
профсоюзов. 2016, № 5, сс. 37 -47[accesat 10 mai 2016]. Disponibil:
http://ru.vkp.ru/upload/global/ vp16_05.pdf
9. R030 –Minimum Wage -Fixing Machinery Recommendationю 1928, no. 30 [accesat 10 mai 2016].
Disponibil:
http://www.ilo.org/dyn/norm lex/en/f?p=NORMLEXPUB:12100:0::NO:12100:P12100_INSTRUME
NT_ID:312368:NO
10. R135 –Minimum Wage Fixing Recommendation. 1970, no. 135 [accesat 10 mai 2016]. Disponibil:
http://www.ilo.org/dyn/normlex/en/f?p=NORMLEXPUB:12100:0::NO:12100:P12100_INSTRUME
NT_ID:312473:NO
Recommended for publication: 14.07.2016
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 69
Nr.3 / 2016SYNTHESIS OF ECONOMIC ENVIRONMENT
AND CLASSIFICATION LEVELS OF DEVELOPMENT
Mohammedelkhatim Ibrahim Mustafa SHARFELDIN1
PhD Student, Quatar
Economic environment is actual and influences business activities significantly. Economic
environment includes microeconomic and macroeconomic factors. These factors assist in encouraging
business and promo te trade and investment activities. This work aims to illustrate those factors, their
characteristics and how do they support international business activities. This paper also is intended to
reveal the indicators used to classify countries’ development fo r instance BOP, GNI, GDP and GNP. As a
result, it also demonstrates the indicators’ characteristics and how these indexes work.
Keywords: microeconomic, distribution channels, Macroeconomic, income levels, cost of living,
standard of living, poverty, unemp loyment, customs duty, balance of payments, gross national income,
gross national product and gross domestic product.
Mediul economic este actual și influențeaz ă în mod semnificativ domeniul afacerilor. El include în
sine factori microeconomici și macroeconomici. Acești factori asist ălaîncurajarea afacerilor și la
promovarea activită ților comerciale și de investiții. Lu crarea dată î și propune s ă ilustreze ace ști factori,
caracteristicile lor și modul în care susțin activit ățile de afaceri internaționale. De asemenea, aceast ă
lucrare are drept scop eviden țierea indicatorilor utilizați în clasificarea ț ărilor în curs de de zvoltare, de
exemplu :BOP, VNB, PIB și PNB. Ca rezultat acesta demonstreaz ă caracteristicile indicatorilor și modul
în care ace ști indici funcționeaz ă.
Cuvinte -cheie: microeconomic ,canale de distribu ție, macroeconomic, nivelul veniturilor, costul
de trai, nivelul de trai, sărăcie, șomaj, taxe vamale, balanța de pl ăți, venitul național brut, produsul
național brut ,produsul intern brut.
Экономическая среда актуальна и значительно влияет на деловую активность.
Экономическая среда включает в себя микроэконом ические и макроэкономические факторы. Эти
факторы помогают в стимулировании бизнеса и содействуют развитию торговли и
инвестиционной деятельности. Эта работа нацеленна проиллюстрировать эти факторы, их
характеристики и как они поддерживают международную ко ммерческую деятельность. Данная
работа также предназначена для выявления показателей, используемых для классификации
развития стран, например, ПБ, ВНД, ВВП и ВНП. В результате она также демонстрирует
характеристики состояние индикаторов и каким образом эти показатели работают.
Ключевые слова: Микроэкономические, каналы распределения, макроэкономика, уровень
доходов, стоимость жизни, уровень жизни, бедность, безработица, таможенная пошлина,
платежный баланс, валовый национальный доход, валовый национальный п родукт и валовый
внутренний продукт.
JEL Classification: C81, D01, E24, F61, J64.
Introduction. Economic environment plays a major role in business success and/ or failure.
Countries strive to monitor and improve this environment because of its i mportance.
This work tackles the central components of the business economic environment, their
characteristics and how these factors influence business operations. This paper also illustrates the common
indicators used to look into the development of cou nties’ economies. It similarly reveals the main features
of these indicators and clarifies how these indicators work.
Theeconomic environment of business refers to some factors which influence business
operations. These factors affect business operat ion and production. Business therefore depends heavily on
1© Mohammedelkhatim Ibrahim Mustafa SHARFELDIN, khatim25@hotmail.c om
Revistă teoretico -științifică / Theoretical and scientifical journal 70
Nr. 3/ 2016the economic environment as it has significant influences on business activities. The economic
environment is one of the major determinants of market potential and opportunity. Consequently,
underst anding the economic environments of foreign markets and countries certainly assist in predicting
how trends and tendencies in those environments might affect firms’ current and future performance.
Similarly, a careful analysis of the economic environment i s essential as economic environment plays an
important role in mobilizing the business corporates towards the correct directions.
Economic Environment .The economic environment is one of the important components of
business external environment [1, p.23] . It denotes economic forces which exert some effects on the
functioning of a business. These forces affect for instance consumer buying power and spending patterns.
The economic environment in which a business operates has a great impact on business activ ities; it plays
an essential role in business success and/or failure. These factors can also influence each other and work
together consequently affecting the business. Economic environment is divided into microeconomic and
macroeconomic environments. Micr oeconomic environment includes forces such as market size, demand,
supply, producers, suppliers, consumers and distribution channels. Macroeconomic environment embraces
economic systems and policies as well as economic conditions.
Market size is one of t he essential constituents of economic environment. It refers to the number
of individuals and corporates in a certain market who are potential buyers and/or sellers of a certain
product or service. Businesses usually conduct market scan to measure the mark et size before setting up
plans to introduce a product or service in a specific area. Big markets generally create stimulating business
environment, so encourage corporates to bring varieties of products and services. The stimulating
environment simultaneo usly assists in generating competitiveness between different firms. Needless to say
that all corporates want to offer good products and services to have a good share in the market and earn
profits. Therefore, market size encourages competitiveness between firms and consequently profitability
for them in addition to good prices for consumers [2, p.295].
Determining the market size allow businesses to consider the value and volume of goods and
services to be presented in a specific market. The demand for cert ain products in a particular market
defines the suitable amount to be supplied in that market. Thus demand and supply are chief business
economic environment forces as they play together a significant role in business operations. Increasing the
demand for certain commodity or service in a market reflects the desire for that product, consequently
encourages businesses to raise the volume to be supplied to that market to gain profits. The increase of
product’s volume in the market motivates consumers to look for good prices, accordingly forcing firms to
reconsider pricing and quality strategies. Competitiveness between firms to offer good prices stimulates
the microeconomic environment. Demand and supply integration help in understanding market and
customer ne eds [3, p.15].
As previously shown, market size influences the business economic environment. Whenever,
market size is greater, it encourages corporates to conduct business operations and consequently it
promotes competition. Similarly, demand and supply have an impact on the business economic
environment. Increase of demand leads to increase in supply. Thus, they also motivate businesses to
compete to rise the volume of business activities in order to increase their market share and profit. The
stimulatin g economic environment based on market size and the volumes of demand and supply influence
similarly producers and suppliers. Producers tend to observe quality and price as demand is influenced
mainly by the quality and cost of a product. Similarly supplie rs lean towards offering good quality and
prices. The rivalry between competitors trying to offer competitive products, influence positively the
microeconomic environment.
Distribution channel is a key component in business economic environment. It is a s eries of
businesses through which goods and/or services are delivered to a consumer. A distribution channel is the
channel through which goods and services pass to reach a purchaser. It may take short or long forms
depending on the number of intermediaries . Generally, the cost of distribution channel determines the
required length of the channel. In the same way, other factors influence the choice of a distribution
channel. Businesses need to consider aspects related to good or service quality and value. Th e type,
volume and price of the product available in a market and consumer’s number limit the channel [4, p.110].
Economic environment of business similarly relies similarly on macroeconomic forces. Macroeconomic
environment constituents include economic s ystems policies and conditions as well as other forces
revealed below.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 71
Nr.3 / 2016Economic system is considered as a chief factor in the macroeconomic environment. It refers to
the institutional and legal frameworks within which several economic activities are cond ucted. At the
present time, there are three economic systems in the world. These are capitalism, socialism and mixed
economy. The primary distinction between these economic systems is the degree to which the government
takes part in the economy. Economic a ctivities like production, distribution, consumption and economic
growth are directed by a certain institutional framework. This framework consists of laws, customs and
social institutions of a country. Economic systems generally aim to achieve goals like economic growth,
economic development, full employment and price stability. The economic system in a country prescribes
the suitable economic policies that governments have to adopt.
As revealed above, regimes aim to achieve certain economic goals; how ever, attaining these goals
requires implementing specific economic policies. A country’s economic policies are leading indicators of
government’s objectives. The economic policy in a country relies heavily on the available resources,
hence governments ten d to make maximum use of these resources to improve and support the economic
conditions. Economic policies consist of components such as fiscal and monetary policies. Fiscal policy is
a means by which governments adjust their tax rates and government spend ing levels to monitor and
promote national economy. Monetary policy refers to the actions of a country’s central bank to determine
the money supply in that country. Production, employment and wages are all influenced by fiscal and
monetary policies [5, p.1 6]. Through specific elements, fiscal and monetary policies influence the
economic environment.
Fiscal policy is a strategy that governments use to adjust their spending levels and tax rates to
monitor and influence national economy. It refers to the chan ge in government’s spending and tax rates
to influence the level of aggregate demand. It can be divided into expansionary and deflationary policy.
Expansionary policy aims at increasing aggregate demand and involves higher government spending and
lower taxes rates. This policy helps in increasing employment rates but it may similarly cause a budget
deficit. Deflationary policy includes lower government spending and higher tax rates aimed to reduce
aggregate demand. This policy is devised to reduce a budget deficit. Choosing the proper time to apply the
accurate fiscal policy is important for promoting a stable economic environment. Changing a fiscal policy
at a wrong time may be a source of economic instability [6, p.224].
Monetary polic y encompasses actions taken to manage money supply. It aims at setting interest
rates, controlling inflation and recession, reducing unemployment rates and ensuring price stability. It may
be divided into expansionary and contractionary policy. Expansionar y policy increases the money supply
so as to lower unemployment, consumers’ spending, increase private -sector borrowing and consequently
encourage economic growth hence avoid recession. Contractionary policy decreases money supply. It may
increase unemploy ment rates, reduce consumers’ spending and businesses’ borrowing therefore slow
economic growth and reduce inflation. When choosing expansionary or contractionary monetary policy, it
is very essential to consider the country’s economic characteristics [7, p.127]. Such a choice may reinforce
or undermine business activities thus influences the economic environment
Governments attempt to stimulate economic environment through adopting certain economic
policies. Both fiscal and monetary policies are c onsidered as efforts to reduce economic fluctuations.
They aim at creating a more stable economy characterized by low inflation and positive economic growth.
They are devised to maintain price stability and full employment to promote the economic prosperi ty and
welfare of the people. In order to implement the economic systems and policies regimes must enact
economic legislations. Economic legislations refer to a set of laws and regulations legislated by
governments’ legislative bodies to control and regula te the economic operations and activities. Economic
legislations can take different forms such as states’ intervention in foreign exchange markets which is
considered also as a mechanism to support and promote the stability of economic environment.
Exchang e rate is a significant component of the economic environment. It is one of the major
economic policies. It can be referred to as the price for which a currency of a country can be exchanged
for another state's currency. Accordingly, an exchange rate has t wo components, a national currency and a
foreign currency. Exchange rates are either fixed or floating. Fixed exchange rates are generally governed
by a country’s central bank. Floating exchange rates are determined by the market forces of demand and
suppl y. Many factors influence the exchange rates such as trade balance, general state of economy
and political stability. Constant exchange rate encourages firms to initiate investment activities hence
supporting economic environment. Therefo re, some countries occasionally intervene in the foreign
exchange markets in an attempt to stabilize the exchange rate [8, p.13].
Revistă teoretico -științifică / Theoretical and scientifical journal 72
Nr. 3/ 2016Customs duty and taxes are significant sources of revenue for states. Customs duty is a charge
imposed on imported merchandis es. It aims to protect a country’s economy, people and environment
through controlling the flow of commodities, particularly restrictive and prohibited goods into the country.
Some countries may allow importing certain amount or percentage of a specific go ods to protect the local
production, while barring importation of others based on cultural differences for instance. Tax is another
charge imposed by a government institution on individuals and corporations to finance government
activities. There are sever al types of taxes such as income tax, sales tax and property tax, thus tax
percentage depends on its type. Customs duty structure and taxes percentages constitute crucial aspects in
encouraging investors. Some countries may exempt investors from tax and cu stoms duty to attract them
[9, p.100].
Before choosing specific economic policies, governments must consider the economic conditions
in the country. Regimes conduct economic planning according to available natural resources for instance
mineral and agricu ltural resources. They consider the best means to make maximum use of these resources
and to promote investment activities. Investors themselves take into account the availability and quality of
natural resources but also laborers. Human resources constitu te a significant factor in the economic
environment. Business always seeks to find skilled but cheap laborers. A short time ago, many
international firms for instance Sony and Dell erected plants in China and India. In Southeast Asian
countries, in additio n to skilled labor force, salaries of laborers are not high [10, p.167]. Economic
conditions encompass income level, distribution of income, cost and standard of living as well as poverty
and unemployment rates.
As revealed above, income is a substantial part in the economic conditions in a country.
The levels of income reveal the level of education and the professions in a society thus reflect
the economic conditions and the classes to which society’s members belong. Level of income determines
the amount and quality of products and services demanded by peoples in certain areas. It reveals the
marketing strategies, solutions and promotions that businesses have to take on. Distribution of
income and wealth fundamentally affects peoples’ purchasing behavior and consequently the market size.
Consumer discretionary income, income per capita and consumer savings rate influence the value and
volume of commodities and services they buy. Studies demon strate that income influences purchasing
power and decisions as it raises consumers’ awareness to be more price -sensitive for hedonic
purchases [11, p.208].
Cost of living plays a substantial role in the economic environment. It refers t o the amount of
money necessary to sustain a certain level of living, including but not limited to basic expenses such as
accommodation, nutrition and health care. Cost of living is regularly used to determine the living expenses
in one place in comparison to another one. It is also used to compare the expenses at two periods of time
within the same place. Salary levels in a particular geographical area depend heavily on expenses
indispensable to maintain a basic standard of living in that area, thus salari es are closely related to the cost
of living. Hence wages, cost of living and standard of living are closely interrelated and influence each
other significantly. Needless to say that an increase of income, may lead to a similar growth in the
purchasing pow er, thus affecting the cost of living and consequently the standard of living.
The standard of living constitutes a significant component in the economic environment.
It refers to the level of luxury and wealth available for cert ain classes within a society. It is frequently
used to compare geographical regions and may similarly be used to compare different periods of time.
The standard of living includes factors for instance economic growth and constancy as well as political
freedom and stability. It can be measured using a variety of tools such as gross domestic product
(GDP) per capita and gross national product per person (GNP). Standard of living is closely related to
quality of life; they are components of well-being. It is a measure of material aspects but also
other characteristics for instance health and education. The UN formulated a human development index
that merges factors such as life expectancy, education and income in order to measure the standard of
living [12, p.470].
Poverty is a phenomenon that reflects the economic condition of a person or a society. It refers to
a condition in which a person or a society lacks financial resources and necessities to enjoy a minimum
standard of living that is considered adequate in a certain society. Poverty level and rates are used as
standard to determine the proportion of a population living in poverty. They are important indexes for
both governments and investors as they influenc e the national economic development and investment
activities. Thus, governments are required to initiate researches to study causes of poverty and its
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 73
Nr.3 / 2016impact on society then to introduce and implement necessary strategies and policies to fi ght against
poverty and promote the well -being of their nations. Investors also need to conduct a market scan to
recognize the characteristics of the potential market so as to determine the value and volume of goods and
services desired.
Unemployment is a significant phenomenon that affects economic environment. It is a situation
where people at the age of work who are seeking employment are unable to get a job. While
unemployment rate is used to measure the unemployment, unemployment as a phenomenon is us ed to
measure the health of economy. Unemployment rates are substantial indicators of societies’ economic
conditions and significant signs of the economic environment. They impact economic growth strategies
and plans, thus governments can reduce unemployme nt rates through adopting certain encouraging
employment schemes and policies. Unemployment rates may also challenge investment plans as
corporates would not risk to initiates investment activities in countries where unemployment rates are
high. Researches demonstrate that foreign investors may be less attracted to regions where employment
rates are high [13, p.139].
Researchers devised certain criteria to assess the impact of economic system and policies as well
as to determine their impact in the econ omic conditions. Balance of payments (BOP) is an economic
indicator that reflects the economic situations in countries of the world. It is a statement which
summarizes economic transactions with the rest of the world for a quarter of a year or one year.
Transactions included in the BOP statement are divides into three accounts: current account, capital
account and financial account. BOP assists in economic planning and formulation of economic strategies
and policies since it is a vital guide to states’ econ omic conditions. It has a crucial role in promoting
investment activities in a specific country because it reveals various aspects of countries’ international
economic position. It demonstrates the foreign investment profits in a country and the country’s profits
abroad [14, p.238].
Gross National Income (GNI) is the sum of incomes generated by both total domestic
production in addition to the international production activities of national firms in a given period.
It me asures all income of a country’s people and businesses, regardless of production location. It does not
include the earnings of foreigners living in the country, even if they spend it within the country. As such,
the GNI may be considered as an economic ind icator because it reflects the amount of production in a
country in addition to the size of investments abroad as well as the profits that these investments earned.
Similarly, GNI information may reveal the characteristics of economic environment in each c ountry.
More precisely, this information can demonstrate the size of overseas investments and why these
investments exists overseas. Thus GNI may be a key indicator that businesses need to evaluate before
initiating any activity.
Gross National Product (GNP) is the total value of all final goods and services produced within a
country in a certain year, plus the income earned by its citizens comprising income of those located
abroad, minus the income earned by foreigners within the domestic economy. It i s one of the economic
indicators used to measure the national economic conditions of a country. Since national economies
gained an increasing importance globally, GNP assists in revealing essential information about the
economic environment in a specific c ountry. It may also determine people’s purchasing power and hence
the value and volume of goods and/or services that firms need to bring into a particular market. It also
demonstrates the size of revenues earned by national corporates from overseas investm ents, thus it
illustrates national investors trends and tendencies. GNP reveals the production of national firms even
those working abroad [15, p.12].
Gross domestic product (GDP) denotes the total monetary value of all final goods and
services produced within a country in a precise year. It can be calculated on a quarterly basis as well.
GDP can be calculated by adding personal consumption expenditures plus government spending plus the
sum of all the country’s business investment plus the country’s total net exports. It is a quantitative
measure of a state’s total economic activity and is an important indicator of a country’s economic
performance. The information provided in the GPD data is vital for both governments and investors.
Personal consumption reflects the purchasing power plus the commodities and services desired in a
specific market. Government expenditure reveals the size of government intervention in a national
economy through fiscal policies implemented. Research shows that GDP has constructive and strong
influence on investors [16, p.66].
Revistă teoretico -științifică / Theoretical and scientifical journal 74
Nr. 3/ 2016Conclusion .Theeconomic environment of business refers to the economic factors that influence
business operations. It is divided to micro and macro factors. Microeconomic environ ment include forces
as market size, demand, supply, producers, suppliers, consumers and distribution channels. Determining
the market size allow businesses to consider the value and volume of goods and services to be presented in
a specific market. The dem and for certain products in a particular market determines the amount to be
supplied on that market. Producers and suppliers compete to observe quality and price as demand and
supply are influenced mainly by the quality and cost of a product. Product’s typ e, volume and price and
number of consumers as well as channel’s cost determine the distribution channel’s length.
Macroeconomic environment similarly impacts the business environment. It includes factors such
as economic system and policies as well as oth er forces. States’ ideologies determine their economic
system. The economic system figures which economic policies governments have to be considered.
Economic policies include fiscal, monetary and other policies. Fiscal policy is a strategy that government s
use to adjust their spending levels and tax rates to monitor and influence national economy. It is devised to
reduce a budget deficit. Monetary policy encompasses actions taken to manage money supply. It aims at
setting interest rates, controlling inflat ion and recession, reducing unemployment rates and ensuring price
stability. Before choosing specific economic policies, governments must consider the economic conditions
in the country.
Economic conditions in a country can be assessed and evaluated throug h various criteria. Level of
income determines the amount and quality of products and services demanded by peoples in certain areas.
Cost of living is regularly used to determine the living expenses in one place in comparison to another
one. Standard of li ving is a significant economic environment indicator. It refers to the level of luxury and
wealth available for certain classes within a society. Poverty and unemployment rates also significant
economic environment indicators. Poverty rates determine the p roportion of a population living in
poverty, thus reveals demand and supply potential volumes. Unemployment rates measure unemployment
and the unemployment measures the health of economy. Economic policies take the form of legislations.
Customs duty and ta xes in addition to exchange rate are among the common economic legislations which
impact on business.
Economic environment indicators are used to assess the economic health. They include (BOP),
(GNI), (GNP) and (GDP). They have a crucial role in promoting investment activities in a specific country
as they reveal various aspects of a country’s international economic position. BOP is an economic
indicator that reflects the economic situations in countries of the world. It assists in economic planning
and fo rmulation of economic strategies and policies. GNI measures all income of a country’s people and
businesses, irrespective of production location. It demonstrates the size of investments overseas and why
these investments exist overseas. GNP determines peop le’s purchasing power and hence the value and
volume of goods or services desired in a particular market. GDP is a quantitative measure of states’ total
economic activity. It reveals countries’ economic performance.
REFERENCES
1. BERGER, A.N., UDELL, G. F. Small business credit availability and relationship lending: The
importance of bank organisational structure. 2002 [accesat 24 martie 2016]. Disponibil:
https://www.federalreserve.gov/PUBS/FEDS/2001/200136/200136pap.pdf
2. MELITZ, M.J., OTTAVIANO, G.I.P. M arket size, trade, and productivity. In: The review of
economic studies. 2008, vol. 75, no. 1, pp. 295 -316.
3. ESPER, T.L. et al. Demand and supply integration: a conceptual framework of value creation through
knowledge management. In: Journal of the Academy of marketing Science. 2010, vol. 38, no. 1, pp.
5-18.
4. DeTHOMAS, A., DERAMMELAERE, S.A. Writing a convincing business plan . New York:
Barron's Educational Series, 2008. 263 p. ISBN 9780764139345 .
5. LANGDANA, F. Macroeconomic policy: demystifying monetary and fiscal policy . New York:
Springer Science&Business Media, 2009. ISBN 978 -0-387-77666 -8.
6. GWARTNEY, J.D. et al. Economics: Private and public choice . Toronto: Nelson Education, 2014.
784 p.
7. MAHADEVA, L., STERNE, G. Monetary policy frameworks in a global cont ext.Abingdon:
Routledge, 2012. 127 p.
8. FISCHER, S. Exchange rate regimes: is the bipolar view correct? In: Journal of economic
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 75
Nr.3 / 2016perspectives. 2001, vol. 15, no. 2, pp. 3 -24.
9. SALACUSE, J.W. The three laws of international investment: national, contractual, a nd
international frameworks for foreign capital . Oxford: OUP Oxford, 2013. 440 p. ISBN
9780199654567.
10. DAQUILA, T.C. The Economies of Southeast Asia: Indonesia, Malaysia, Philippines, Singapore, and
Thailand . New York: Nova Publishers, 2005. 167 p. ISBN 9781594541889 .
11. WAKEFIELD, K.L., INMAN, J.J. Situational price sensitivity: the role of consumption occasion,
social context and income. In: Journal of Retailing. 2003, vol. 79, issue 4, pp. 199 -212.
12. KOMLOS, J., KRIWY, P. The biological standard of living in t he two Germanies [accesat 24 martie
2016]. Disponibil: https://epub.ub.uni -muenchen.de/55/1/ddr.pdf
13. REVENGA, A., SILVA -JAUREGUI, C. et al. Slovak Republic: living standards, employment and
labor market study . Washington: World Bank Publications, 2002. 139 p. ISBN 0 -8213 -5081 -1.
14. KUMAR, R. International Economics . Noida: Excel Books India, 2008. 552 p. ISBN
9788174466488.
15. BREZINA, C. Understanding the gross domestic product and the gross national product . New York:
The Rosen Publishing Group, 2011. 80 p. ISBN 978-1448855698 .
16. MODY, A. Foreign direct investment and the world economy .Abingdon: Routledge, 2007. 66 p.
ISBN 9780415701921.
17. GHIȚIU, L., NOVAC, A., GRYGA, V. The reality and perspectives of achieving the millennium
development goals regarding poverty in the Republic of Moldova. In:Economie și Sociologie =
Economy and Sociology . 2015 , nr. 4, pp. 99 -103.
Recommended for publicat ion: 27.08.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 76
Nr. 3/ 2016ACHIEVING RIGHTS OF CHILDREN WITH DIVORCED PARENTS
TO AN ADEQUATE STANDARD OF LIVING
Inga CHISTRUGA -SINCHEVICI1, PhD in Sociology ,
Center for Demographic Research,
National Institute for Economic Research , NIER
The article presents th e results of the study "Providing children with alimony with divorced
parents" .This research revealed that more than a third of debtors do not pay alimony, saying that they
are unable to pay, created new families and have the unwillingness to participate in the financial support
of the child. The main difficulties identified in determining alimony were the evidence of real incomes of
parents and ridiculous amount of subsistence with which operate to establish the maintenance of child.
Most of sanctions of debtors (sanction, impossibility to perfect passport, prohibition to go abroad), are not
appreciated by experts as effective because of difficult mechanisms implemented.
Keywords: child, family, alimony, divorce, sociological research.
Articolul prezintă rezultatele studiului ”Asigurarea cu pensie de între ținere a copiilor cu p ărinți
divorțați”. Investigația realizat ă a relevat că mai mult de o treime din debitori nu achită pensie de
întreține, invocându -se drept cauze imposibilitatea de a achita, crearea unei noi familii și lipsa dorinței de
a participa la asigurarea financiară a copilului. Demonstrarea veniturilor reale ale părin ților și suma
derizorie a minimului de existen ță cu care se operează la stabilirea pensiei de între ținere sun t principalele
dificultăți identificate în procesul de stabilire a pensiei de întreținere a copilului. Majoritatea sancțiunilor
de penalizare a debitorilor (sanc țiune contravențional ă, imposibilitatea de a perfecta pa șaportul,
interdicție de a trece hotare lețării) nu sunt apreciate de către exper ți drept efective din cauza
mecanismelor dificile de implementare.
Cuvinte -cheie : copil, familie, pensie alimentară, divor ț, cercetare sociologic ă.
В статье представлены результаты социологического исследования "Обеспечение
алиментами детей с развед енными родителями". Согласно результатам, более трети
опрошенных не платят алименты на детей из -за отсутствия средств, создания новой семьи и
нежелания участвовать в финансовой поддержке ребенка из предыдущего брака. Основными
трудностями в процессе взыскания алиментов являются определение реальных доходов родителей
и низкий уровень прожиточного минимума, на основе которого устанавливается размер
выплаты. Большинство санкций (штраф за нарушение закона, запрет на получе ние паспорта, или
на выезд из страны) считаются экспертами неэффективными.
Ключевые слова :ребенок, семья, алименты, развод, социологическое исследование.
JEL Classification: C15, J21, J61, J62, J69, O15.
Introduction. Current Moldovan family stability is compromised significantly by profound
transformations incurred by the institution of the family and society: economic and financial crisis,
diminishing moral values and family, lack of adequate training on marriage and fatherhood etc. In
accordance wi th the Universal Declaration of Human Rights, the Convention on the Rights of the Child,
the Family Code and the Law on the Rights of the Child: every child has the right to an adequate standard
of living, and to a standard of living adequate for health an d well -being , including food, clothing, housing
and medical care and necessary social services. National law compels parents to bear responsibility for the
physical, intellectual and spiritual development of their children and to support their minor and ad ult
children unable to work that require support . Achieving these rights is particularly important in cases
where one parent (sometimes both parents) live separately from the child/children after divorce /separation
of parents.
1©Inga CHISTRUGA -SINCHEVICI, i_sinchevici@yahoo.com
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 77
Nr.3 / 2016Recent studies in this area highlight the need to adjust policy to encourage the population to a
higher family quality, for reproduction of generations, who would enhance human potential [2] .In the
current conditions of family reorganization and socio -economic context, particular em phasis will be
placed on children's welfare, this has implications on health, development and affirmation of young people
[4]. Thus, socio -economic security of children should not be affected, in the case of separation/ divorce of
parents or other adverse events.
Research methods. In the Republic of Moldova some studies that were intended to research the
family life have reached some aspects highlighting the determinants of divorce , the impact of the
phenomenon on their spouses and children, but sociologica l research regarding the research of
peculiarities of child support after divorce does not exist. This article is developed, based on sociological
studies "Providing children with alimony with divorced parents" realized in 2016. The purpose of this
study w as to determine the main difficulties in ensuring children after their parents' divorce with alimony.
A qualitative research sample was established by 30 legal professionals (judges, lawyers, legal executors,
legal experts, mediators) and 15 divorced paren ts (5 fathers and 10 mothers) .The sample quantitative
research was established by 300 divorced parents’ creditors, who were in the custody of minor children
according to the court's decision . The research method applied was based on standardized questionn aire
survey, by the procedure face to face.
Results .The current population problem of reproduction is extremely important . Future mothers
should be sure that in case of divorce or other unpredictable events (redundancy, illness etc.), they can get
materia l support from the spouse who lives separately. New trends in marriage relationships and family
(high divorce rate, living together without marriage registration, husbands ’separation because of
migration) and difficult socio -economic situation in the coun try, reduced flexibility of the legal framework
on the family and the lack of effective mechanisms to execute it, have significantly affected the practice of
paying alimony of child.
Current reality offers us a multitude of situations of neglect of childre n after divorce of parents,
who, beside effective deficiencies, also face a lack of sufficient financial support for a decent living .The
parent, who remains the custodian of the child, although undertaking multiple efforts to ensure financial
stability, d oes not always succeed . For this reason, it is necessary that both parents continue to participate
in the growth and education of the child after divorce.
Table 1
The attitude of respondents regarding divorce
Agree Partially agree Do not agree DPOI
Ther e should be no divorce, not in any case,
it is necessary to keep marriage at any cost.22 37 41 -11,97
It is possible to divorce when the family does
not exist49,5 29,5 21 20,09
It is possible to divorce in any case, worse
will not be22,5 41 36,5 -8,26
Regarding divorce of a couple, it all depends
on each case66 24 10 42,56
Source :investigations of author.
Analysis of data on respondents' attitudes towards divorce reveals that this event is accepted both
at individual and social levels . After proce ssing the data, in this section were calculated Dominant
Personal Opinion Index (DPOI) , calculated using the formula: DPOI= (p -n)*(100 -ne)/100, where: p–
theproportion of positive opinions, n–share of negative opinions and ne–share of neutral opinion s. As
the index is closer to 100, the opinions/perceptions/attitudes are more positive. The idea that there should
be no divorce in any case and it is necessary to keep the marriage at any price has the largest cumulative
negative value of DPOI. This revea ls that in the minds of respondents the divorce is not regarded as a
failure, but as an opportunity to start a better life. As divorce becomes more prevalent, it becomes more
visible and accepted. People see from those around them that marital difficulties are solved through legal
separation .A significant positive value of a cumulative 20,09 of DPOI is linked with the idea that one can
be divorced only when there is no family , which shows that respondents are aware of the negative
consequences of divorce o n children and the reason of separation must be one thoroughly.
Revistă teoretico -științifică / Theoretical and scientifical journal 78
Nr. 3/ 2016When asked who should remain with child after divorce on the grounds that 98 percent of
respondents were female , 46% of respondents said that mothers educate children better than fathers, 3%
that fathers educate children better than mothers. 36,5% think it depends on the individuals a nd only 9%
support the idea that neither mother nor father alone cannot educate the child well.
Parental divorce often has negative effects on the minor affecting his mental balance. In the
absence of a parent of the minor emotional security is severely affected, which may result in specific
behaviors based on hypersensitivity, isolation, poor school performance or deviant acts. Thus, 33,5% of
respondents said that divorce negatively affected their child. 15% said that at the child was observed
anger, sadness at 43%, to 16,5% –aggression, at 33% –closing itself, at 8% unjustifiable absent from
hours, at 13% –decrease in school achievement and 6% –smoking and con sumption of alcohol.
When asked how often their ex -husband / ex -wife sees his children, 28% said that they see them
once a month or every few months, 26% once a year, 17% have not seen the children for many years and
14,5% had never seen them since the div orce. The same proportion of respondents said that her former
husband meets with the child every week. Why so rarely meet with the children? Most mentioned because
their ex -husband lives in another city or country (35,4%). In the opinion of 18,3% of respon dents their
former spouse does not want to see the child .In 15,4% of cases the child does not want to see their parent
and in 9,1% the parent who retained the custody of the child does not want the child to see their other
parent . In9,12% of situations t he meetings with children are reduced because of the fact that the parent
who left the family created another family.
According to the opinion of legal frameworks, the share of cases that suppose the establishment of
alimony of the child represents 75% of all cases of dissolution of marriage involving minors. The data in
Figure 1 shows that only 18% debtors pay alimony regularly and in only 3,5% of cases the debtor helps
and in another way besides alimony . 22,5% sometimes pay alimony and 34,5% never. 21,5% also do not
pay alimony but they contribute to raising children.
Fig 1. Th e payment of alimony by debtors
Source :investigations of authors.
The above data are consistent with information obtained from the legal executors in the country.
Thus, from the total of 22306 cases on alimony given to execution just only 26% of debtors regularly pay
alimony, irregular payment are in 35,8% and 38,2% do not pay alimony at all. The causes of non -payment
of alimony from respondents ’conception are: 28,4% have no mon ey to pay, 23,2% do not pay due to
having another family, 29% do not want to pay and in 16,1% of cases the parent with custody of the child
did not request alimony . Similar studies realized on this topic, also revealed that with separation of parents
from children, changing their residence, they forget their duties. If there are oral agreements of parents
regarding the participation on child support and growth, these are more frequently violated [5].
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 79
Nr.3 / 2016Table 2
Share of legal executor’s folders regarding al imony with regular,
irregular and lack of payments
Total folders with
alimonyNr. of folders with
regular paymentNr. of folders with
irregular paymentsNr. of folders with
lack of payments
Nr.of folders 22305 5799 7977 8529
% 100 26 35,8 38,2
Source :investigations of authors.
The article 75 of the Family Code of the Republic of Moldova establishes that alimony for the
minor child receives from the salary and / or other income in the amount of 1/4 of the parents –for one
child, 1/3 –for to 2 childr en and 1/2 -for 3 or more children. According to article 76, in cases where the
parent who owes alimony to his child has an irregular or fluctuating salary, or does not have a salary, and
payment of alimony as a share of wage is impossible, difficult or ad versely affects substantial interests of
one party , the court may determine the amount of alimony to a fixed monetary amount.
More than a third (36,7%) of child alimony was determined in the process of judgement of
divorce, 16,1% was applied later after di vorce through the court, to 9,5% alone reached at a certain
amount, 19,1% lived alone reached the understanding that the debtor pay every month as much as
possible. In other cases, alimony was not requested .Both studying results qualitatively and quantita tively,
highlight that a majority of parents who have assumed the responsibility to maintain the child do not
respect that responsibility . In this situation the parent who has the custody, has the right to request
alimony, which can be calculated for anoth er three years until the submit of the request.
Lawyers interviewed said that in both cases may arise some difficulties in determining alimony:
-Difficulties in demonstrating the real incomes of parents. “ Very rarely in court, mothers can
prove real incomes of spouses ” (Judge, Balti, 6 years of experience). “ There are very frequent situations
when wives come and say that he works, it has an income of many thousands lei, but when he brings the
certificate from the work he has a miserable amount ” (Lawyer, Orh ei, 14 years of experience).
“Frequently they bring certificates of 1,500 lei. It happens because of rivalry, adjustment of accounts
between spouses ”(Lawyer, Chisinau, 8 years of experience).
-Derisory amount of subsistence minimum for a child calculated b y the National Bureau of
Statistics and with which they operate in establishment the alimony of a fixed amount. “ At present, if we
run after the National Bureau of Statistics, in the environment for a child is charged up to 1,000 lei. The
subsistence minim um is 1,800 lei. Parents have the same obligations towards the child and this sum of
money is divided by two. We are entitled to collect only half of this amount from the party from whom it
calls ” (Judge, Chisinau, 5 years of experience ). “It is a minimum gap of existence, because to this day, a
mother with 1,800 lei does not do too much. It would be better to consider all the child's needs. They must
not only take the minimum, because the minimum certainly does not take into account the need of fruit or
vitamins that the child needs . Certainly, do not take into account the need of fruit, vitamins that the child
needs. The child wants to go to a sport center, dances”. (Judge, Ialoveni, 12 years of experience).
Receiving alimony amounts of divorced parents wi th children are very modest in most situations.
The smallest alimony was 200 lei and the biggest 4000 lei. The average value of the alimony paid by
debtors was 907 lei. In this context, are relevant the statements of respondents: “ in the current condition s
the amount is miserable and I do not rely on it”, “it is generally sufficient, but in winter it is a little bit
hard even with those 2500 lei that I got from my ex -husband”, “1000 lei is a little, if we analyze the prices
of clothes, products and medicin es for children”, “with 250 lei can not buy even a shoe, but the child
should be wearing two shoes ”.
Lawyers interviewed said that rarely happens when parents ’debtors realize that the amount
determined is insufficient for raising and educating children an d as a result they come with the initiative to
pay a higher amount than that fixed by the court . “If the father agrees to pay more, we do not take into
account statistics. Such cases are counted on fingers. On the contrary, we have several instances when
fathers after consulting with lawyers come and tell us that we are entitled to ask more than 800 lei
and that they are not interested in the costs supported by mothers for their child. Accordingly,
we are impartial, and go t hrough the law and establish the legal framework so as it enable sus”
(Judge, Ialoveni, 12 years of experience). The same conclusion can be extracted and from interviews with
Revistă teoretico -științifică / Theoretical and scientifical journal 80
Nr. 3/ 2016parents, since only in a situation a single parent debtor contribu tes additional to alimony child support.
“I pay also dancing lessons, piano, trips to competitions abroad and other necessities of the girl ”
(Male, 41 years old, urban).
The legislation provides an opportunity for mothers with children up to 3 years, to benefit also
from maintenance. Thus, in accordance with Article 83 of the Family Code, the ex -spouse may claim
maintenance from the other spouse if require financial support and is busy with common childcare for
three years after birth. Determining the amount of alimony ,it istakeninto account the material and family
situation of spouses (ex -spouses), as well as other important circumstances. Although, one of the
interviewed mothers had children under two years at the time of di vorce, she has not claimed this right, in
the consideration that relations between spouses were extremely strained, and demand of alimony would
have contributed further to their degeneration. Experts interviewed confirmed that in their judicial practice
they very rarely have cases when the ex -spouses claim their right, because of difficulties in proving the
situation and that the applicant does not have sufficient income to maintain themselves.
In some particular cases, husbands are forced to request alimon y within marriage. The study
results highlighted the main causes that lead to such a situation:
-Strong desire to preserve family “ they consider it a wandering of husband and he would be back
in the family ”;
-The influence of stereotypes in society ” no divor ce because of people ”;
-Alcohol use ” child money automatically stop as he receives salary, not manage to spend it on
drinks ”;
-Intentional payment of alimony in the new marriage in order to pay them the reduced pension
from his first marriage.
Parents who do not exercise their obligation to participate in child support can be sanctioned by
various methods –sanctions of up to 3,000 lei, inability to renew passport, prohibition to move outside the
country etc. According to expert opinion, most measures of infl uencing the debtors to honor its obligations
are not effective, including the application of the prohibition of renewing their passport, considering the
validity of these acts. “ The child needs to eat, needs money to go to school and other necessities, but the
prohibition to the passport has effects from 10 to 10 years. If the citizen received their passport in the first
five years, the second time to renew is in 10 years, so I could not wait for an expired passport. Twenty
years and the child is already an adult ”.
The art. 64 of the Enforcement Code provides for the possibility to apply the prohibition on
leaving abroad. But even here it records some problems –this prohibition is valid for 6 months.
“Moreover legislature did not indicate when these 6 month s flows. It stems from the time the prohibition
was imposed by the court or when this effective prohibition reached the border guard service. If it is
contested the earliest the conclusion of the application of prohibition will reach the border guard servi ce
is three months after the fastest delivery. Therefore, half of a term has already passed”. “The issue with
leaving the border is a matter of time now. Moreover, it can be applied only three times in the same
proceedings. Up until the child is 18 years w e apply the prohibition only 3 times more than 1 year and a
half. Finally, it is a scarecrow more than an effective method”. “Applying the prohibition aims to protect
creditor interests, but also a debtor's right to free movement is harmed. These two rules are balancing and
even doctrinaires do not find the solution, which right is more fundamental: freedom of movement and
property rights of the creditor. The courts in this matter have absolutely, uneven practice. It's a
misunderstanding until the chapter p oint that nobody knows what's important to the person: property right
to freedom or to movement ”. Effectiveness is recorded when the debtor has material possessions -house,
car. In such case, the executor may constrain him by their sale.
Conclusions. Among the international practices, applied in order to constraint debtors to pay
alimony, can include: application of mediation; deprivation of the driving license or other documents
(Russian Federation, Czech Republic, UK, etc.); determining the amount of chil d maintenance to a
standard amount and payment of advance payments by the authorities (Denmark), then these payments are
collected from the debtor by withholding from wages, bank accounts and other sources; creation of a fund
to support children during cer tain periods of time that parents cannot fulfill the responsibility of
maintenance of children after divorce (Portugal, the Russian Federation discusses this subject); pecuniary
penalty (Estonia, USA); and imprisonment (Estonia –ayear, California –half a year for the first
deviation, two years for the next one ).
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 81
Nr.3 / 2016What should be done to protect children's rights in the case of divorce of parents in the Republic
of Moldova? We believe that the primary would be necessary to initiate legislative measures to encourage
voluntary payment of debtors (tax cuts and other benefits), according to some factors (children's number,
occupational status, income and so on). Given that some debtors from objective reasons (insufficient
income, lack of jobs etc.) do not honor their obligation to participate in child care, follow to be reviewed
modalities for determining alimony according to social -economic situation of debtors. Thought should
also be given regarding the establishment of programs to assist parents who are not s upported by
ex-spouses in the process of growing and educating children. Not least, the ways of sanctioning should be
reviewed of debtors who do not honor their obligation to contribute to the maintenance of children
(deprivation of perm it, license activity, etc.).
REFERENCES
1. ADAMS, B.N. The family. A sociological interpretation . 5th edition. Fort Worth: Harcourt Brace
College Publishers, 1995. 499 p.
2. The sustainable demographic dividend. What do marriage&fertility have to do with the ec onomy?
[accesat 10 mai 2016]. Disponibil: http://sustaindemographicdividend.org/
3. GAGAUZ, O .Familia contemporană între tradițional și modern . Chișinău: S.n., 2012. 280 p. ISBN
978-9975 -56-021-3[accesat 10 mai 2016]. Disponibil: http://ccd.ucoz.com/_ld/0/ 4_CCD –
monografia -.pdf
4. OECD. Doing better for Family [accesat 10 mai 2016]. Disponibil:
http://www.oecd.org/els/soc/doingbetterforfamilies.htm
5. ГУРКО, Т . Алименты: фактор качественного и количественного воспроизводства населения.
В: Социологические исслед ования. 2008, № 9, сс. 110 -120 [accesat 10 mai 2016]. Disponibil:
http://ecsocman.hse.ru/data/299/633/1219/Gurko_13.pdf
6. РЖАНИЦЫНА, Л. Алименты в России: анализ проблем и стратегия в интересах детей.
Москва, 2012 [accesat 10 mai 2016]. Disponibil:
http://g enderbudgets.ru/biblio/Rzhanistina_alimenty_v_rossii_2012.pdf
7. BOLDUREANU, G., PĂDURARU, T., BOLDUREANU, D. Evolution and development strategies
regarding SME sector in Romania and the Republic of Moldova. In: Economie și Sociologie =
Economy and Sociology . 2016 , nr. 1, pp. 71 -77 [accesat 10 mai 2016]. Disponibil:
https://ince.md/uploads/files/1467986055_economie -si-sociologie -nr-1-2016.pdf
8. SARAGOV, N. Familia monoparentară în cadrul schimbărilor orientărilor valorice ale societății
contemporane. In: Econom ie și Sociologie = Economy and Sociology. 2008 , nr. 2, pp. 110 -117.
Recommended for publication: 07.09.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 82
Nr. 3/ 2016FINANCIAL MECHANISMS OF FINANCIAL CRISES
Ivan LUCHIAN1,PhD, Associate Professor,
International Institute of Management IMI -NOVA , Moldova
Geor ge BALAN2,PhD, Associate Professor,
Romanian -German University of Sibiu ,Romania
The actuality of this article is determined by the need to demonstrate that financial crisis is not
just an issue of economic disaster caus ed by contagion effect of financial cataclysm, expressed in national
currency depreciation, depletion of foreign exchange reserves, mass bankruptcy of financial institutions,
non-market entities insolvency and impossibility ofsovereign debt servicing, but a special investment
opportunity with associated characteristics of profitability. Central aims of article isresearch offinancial
crisis essence, investment mechanisms linked to existing fundamental laws of its conduct and
determination ofinvestment op portunities manifested in various segments of financial market and related
sectors. Main research methods were: systemic analysis, statistical analysis, monographic and logic
synthesis, etc. Main scientific results obtained in the article, due to research are to identify, analyze and
demonstrate investment opportunities of international financial crisis and financial crises in Moldova.
Keywords: financial crisis, financial contagion, investment opportunity.
Actualitatea prezentului articol este determinată de necesitatea de a demonstra, că perioada
crizei financiare nu este doar una legată de dezastrul economic cauzat de efectul de contagiune al
cataclismului finanicar, exprimat prin deprecierea monedei na ționale, epuizar ea rezervelor valutare,
falimentul în masă a institu țiilor financiare, insolvența entit ăților pieței nefinanciare și imposibilitatea
deservirii datoriei suverane, ci și o oportunitate investițional ă specială cu caracteristicile aferente de
profitabilitate . Articolul are ca scop central cercetarea esen ței crizei financiare, a mecanismelor
investiționale existente legate de legit ățile de baz ă ale derulării ei și determinarea oportunit ăților
investiționale manifestate pe diferite segmente ale pieței financiar e, precum și în domeniile
conexe. Metodele principale de cercetare au fost: analiza sistemică, analiza statistică, sinteza
monografică, logică etc. Principalele rezultate științifice obținute în articol, urmare a cercetării, sunt
identificarea, analiza șidemonstrarea oportunită ților investiționale ale crizelor financiare desf ășurate
atât la nivel interna țional, cât și în Republica Moldova.
Cuvinte -cheie: criză financiară, contagiune financiară, oportunitate investițional ă.
Актуальность этой статьи опред елена необходимостью продемонстрировать, что
финансовый кризис не только связан с экономической катастрофой, вызванной поражающим
эффектом финансового катаклизма, выраженным в обесценении национальной валюты,
истощении валютных резервов, массовом банкротст ве финансовых институтов,
несостоятельности нерыночных структур и невозможностью обслуживания государственного
долга, но и специальной инвестиционной возможностью с связанными с ней характеристиками
доходности. Главной целью статьи заключается в исследован ии сущности финансового кризиса,
его инвестиционных механизмов, связанных с существующими фундаментальными законами его
протекания и определении инвестиционных возможностей проявленных в различных сегментах
финансового рынка и смежных отраслей. Основные ме тоды исследования: системный анализ,
статистический анализ, монографический и логический синтез, и т.д. Основные научные
результаты, полученные в статье, вследствие исследования должны выявить, проанализировать
и продемонстрировать инвестиционные возможнос ти финансовых кризисов на международном
уровне и в Республике Молдова.
Ключевые слова: финансовый кризис, финансов ая инфекция ,инвестиционная
возможность .
JEL Classification: G01, G17, G21.
1©Ivan LUCHIAN, luchian_ivan@mail.ru
2©George B ALAN, gbmuscel@yahoo.com
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 83
Nr.3 / 2016Introduction .Financial crisis is a dysfunction of financial marke t mechanisms, a situation in
which financial institutions or asset value falls quickly [4].
In essence, this is a profound disturbance of financial mechanisms, monetary system, which is
manifested by revenues and expenditures inconsistency, exchange rate i nstability and fall, mutual
non-payment of economic agents, monetary circulation non conformance to fundamental laws [18].
As characteristics of financial crisis are specualtive financial activity dominating on investment,
massive fall of securities prices, retention of settlements with collapse amplification of payment system,
obtaining losses in mass on derivatives market, liquidity reducing of financial market and institutions
amplified by domino effect, banking panic and bankruptcy of banks [8].
Financia l crises are associated with a drastic investor confidence diminishing in financial system.
Amid these capitals are withdrawn declining credibility in financial markets and repatriated to their
country of origin. This effect generates a liquidity decrease of transactions on stock market, pressure on
exchange rate (due to higher demand for currency required for conversion of amounts disinvestment of
capital market) and a pressure on interest rate (easing of demand for securities) [8] .
One result of financia l crisis is financial contagion –local and / or internationally process related
to spread of oscillations of economic variables, which can be expressed by editing exchange rates,
quotations of securities, interest rates (profitability) of loan instruments and capital flows [17].
Romanian researcher Cristian Paun indicated several forms of financial crisis contagion [8]:
Contagion effect of "monsoon" type :is given by existence of global imbalance that affects a
large number of countries (even can be affect ed all countries) connected to global economy.
Contagion effect of „spillover” type :is given by existence of crisis in a particular country
then propagated to a large number of countries. Kaminsky and Reinhart called this contagion effect based
onfundame ntals based contagion.
Contagion effect of „residual” type : refers to changes in economic situation of different
countries exceeding expectations of operators on market that are visible in residual value ("white noise")
of models tested correlations betwe en various savings (between one country and more countries or
between a country and world economy).
Contagion effect of volatility : it is a type of contagion recorded mainly on capital markets and
is considering increasing volatility spread (associated wi th rising investment risk) of capital market on
other capital markets. This type of contagion is among the most studied forms in literature.
Financial contagion can occur both at national (domestic) and international level and it is
necessary to trigger th e existence of causal connections of different nature.
The first is related to so -called real shocks, which refers to real sector of economy and
intermediate specific shocks –ashock hits a bank or a financial non -banking institution and is specific by
its origin for bank or financial institution. One of the most frequently studied real channels of contagion
aretrade links , which is manifested by failure of payment by contractual partners [1].
In the era of globalization causal financial links can be cons idered as important channels of
contagion diffusion caused by high levels of financial market integration between affected economies [1].
Conceptual approaches of investment operations related financial crises .Investing activities
during financial crisis is to acquire prudently suitable assets to a minimum values or, in the language of
stock market operato rs, „at the bottom of the trend ".The basic principle of this activity is to find those
assets whose intrinsic value is significantly higher than their m arket value.
Intrinsic value is the amount considered on evaluation of available facts, to be the "true" of an
item [11].
This is a factual value of asset or company based on actual value perception by taking into
consideration all aspects of business, as well as tangible and intangible factors [20].
Some bibliographical sources instead prefers that term to use fundamental (fair) value of assets
underlying company value based on determining of its financial condition. This notion is particularly
present du ring fair value compression of companies in times of crisis. It has forecasting character and is
based on analyst assumptions on possible increase in company value far exceeded manifestations of the
crisis [19].
Investment activity in post -crisis period is based on consequences of contagion effect of financial
crisis, evidenced by substantial increase in interest rates on bank deposits, loan instruments profitability,
lower prices for real estate and other assets.
Revistă teoretico -științifică / Theoretical and scientifical journal 84
Nr. 3/ 2016Basic directions of investment activity re lated financial crises. Investment opportunities related
to financial crisis may be expressed in complex form through the following model: aridcbv y ,,,,,, (1)
where:
y–profitability of investments during financial crisis;
b–profitability increase of investments due to banking crisis;
c–profitability increase of investments due to capital market crisis;
d–profitability increase of investments due to public debt crisis;
i–profitability increase of investments due to real estate crisis;
r–profitability increase of investments due to manifestations of financial crisis in real economy;
a–profitability increase of investments from other manifestations of financial crisis.
Banking crisis is a form of financial crisis and is defined as a situation where in a country enters
more banks become unable to meet its payment obligations in short term (liquidity crisis) or bank
liabilities are lower than bank's assets which result in bank insolvency [8] .
Inearly 2015 inMoldova was triggered banking crisis. The drawback ofliquidity indomestic
banks hascaused increased interest rates ontime deposits (Figure 1).
Fig.1.Dynamics of volume and average rates on term deposits in MDL
Source: [9].
Thus, ave rage interest rate on deposits in national currency rose to peak of 14.6 percent
(November 2015), higher than in December 2014 by 2.2 times. The weighted average rate of deposits in
national currency in 2015 accounted for 12.1 percent, higher than in 2014 by 2.1 times.
Currency crisis occurs on currency exchange markets, in critical situations, which is characterized by
significant fluctuations of the exchange rate and leads to depletion of foreign exchange reserves of countries [12].
In the case of financi al crisis caused by Brexit (referendum on Britain's membership of European
Union) could serve as refuge currency US Dollar, while Euro and Pound were vulnerable currencies. For
example, we can examine the evolution of exchange rate of Euro against USD (Fig ure 2).
Fig.2. EURO evolution towards USD during 01.06.2016 -30.06.2016
Source: [3] .
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 85
Nr.3 / 2016Analysis demonstrates the feasibility of a speculative operation based on conversion of US Dollars
per Euro on 06/23/2016 at the rate of 1 EUR = 1.1389 USD and carryi ng out inverse operation to
06/27/2016 at the rate of 1 EUR = 1.0998 USD [3].
Such ahead, being used an amount of 1 million EUR could bring a profit of 39100 EUR,
equivalent to 356.8% of annual profitability. Debt crisis was defined as situation (or serio us suspicion of
occurrence thereof), when large debtors or even a country is unable to meet its debt service and repay
payments relating thereto [14] .
In the field of public finance it manifests itself by sudden reducing of international reserves
volume an d stabilization public funds, emergence and deepening of budget deficit problem, tax collection
reducing, state budget funding and spending reducing, rapid growth of debt [13].
In Moldova in 1998 during financial crisis yields of state securities (SS) incr eased compared to
1997 by 5.7 p.p., constituting 29.0% and in 1999 –28.5% [5].
A similar situation occurred on SS market in 2015 (Figure 3).
Fig.3. Monthly dynamics of SS primary market indicators
Source: [9].
In December was reached the maximum yie lds of SS 24.86%, an increase compared to January by
13.27 p.p.
In 2002 foreign debt crisis occurred in Moldova. It is a situation where a country is unable to meet
its debt service and repay the associated rates [8] .
Non-payment of sovereign debt (colla pse) occurs when a country can no longer pay its debts.
Although devaluation and the collapse of voluntary decisions can be taken by the Government, they are
often perceived as involuntary result of changes in investors leading to a sudden stop of capital entering in
country or surge of capital leaving the country [2] .
In 1997, Moldova issued bonds on international market worth $75 million. with 9.87% interest
rate, maturity term of these bonds was June 2002, date on which they were to be repurchased by Mol dova
international financial markets.
At the same time, reducing expenses on servicing external debt in 2002, the Ministry of Finance
during 2001 carried out several transactions to repurchase Eurobonds with a discount on the secondary
market, thereby redu cing basic amount to $ 39.87 million.
Because of difficult financial situation of Moldova and given that in 2002 expenditures on
servicing external debt had to reach its climax, ie 24.5% of the revenue base of state budget and 3.6% of
GDP, Moldova has init iated a process of negotiations reconsidering bond buyback [6 ], [7].
Thus, following negotiations between Moldovan authorities and holders of Eurobonds was
obtained consent of latter to restructure Eurobonds remaining until 2009. Ie those investors were gi ven an
investment opportunity for a period of seven years at interest rate of LIBOR + 4.625 basis points, which at
that time was imposed constituted approximately 6.8%, which is lower than initial interest rate but
relatively high for the international cap ital market [6], [7] .
Stock market crisis is a sudden and stable drop of exchange quotati ons in a relatively short
time [16].
Such a phenomenon was observed in 2009, when Moldova was affected by the international
financial crisis through stock market, which was expressed through uneven dynamics of volume and
number of transactions on secondary market of corporate securities (shares) (Figure 4).
Revistă teoretico -științifică / Theoretical and scientifical journal 86
Nr. 3/ 2016Thus, a significant decline in both measures was held in 2009, continued in 2010, respectively
from 219,8 thousands to 5,7 thousands transactions, in volume from 621.9 million MDL to 559.1 million
MDL. And in 2011 volume of transactions amounted to 1940.0 million MDL, which represents an
increase of 1380.9 million MDL or 2.5 times. In our opinion, th is was an opportune time to invest in
shares of domestic companies that were heavily undervalued compared to their real value.
Fig.4.Dynamics of transactions in secondary stock market during years 2007 -2011
Source: [10].
Subprime mortgage crisis is aform of financial crisis, characterized by sharp rise in defaults on
mortgage loans with a high level of risk, increased alienation of bank's pledged assets and reducing prices
of securities secured by subprime mortgages caused by these processes.
This k ind of crisis of was unleashed in the US in 2007 [15].
Research conducted in Januaray 2011 US showed that from June 2006 (when real estate prices
have reached maixim) until November 2010 prices decreased by 26%, ie a degree higher than the Great
Depression of the years 1928 -1933 (25.9%). This can be seen as an investment opportunity on a long term.
Also, due to financial crisis of 1998 from Moldova real estate prices plummeted and in 1999 -2000
were recorded the minimum of time to present.
Conclusions .Menti oned facts demonstrate the existence of great opportunities for investment
activities ongoing of financial crises, which can provide a profitability essential increase of financial
investment to periods of stability. However, it should be noted that such i nvestments submit increased
exigencies to skills and competence of investor and compliance with prudential norms.
REFERENCES
1. CHEUNG, L., TAM, C. -S.,SZETO, J .Contagion ofFinancial Crises: ALiterature Review of
Theoretical and Empirical Frameworks. 2009 , june [accesat 6 martie 2016]. Disponibil:
http://www.hkma.gov.hk/media/eng/publication -and-research/research/research -notes/RN -02-
2009.pdf
2. Criză economică [accesat 6 martie 2016]. Disponibil:
https://ro.wikipedia.org/wiki/Criză_economică
3. Euro foreign exch ange reference rates [accesat 6 martie 2016]. Disponibil:
https://www.ecb.europa.eu/stats/exchange/eurofxref/html/index.en.html
4. Financial Crisis [accesat 26 martie 2016]. Disponibil:
http://www.investopedia.com/terms/f/financial -crisis.asp
5. LUCHIAN, I. Gestiunea pieței hârtiilor de valoare de stat în Republica Moldova : teză de doctor.
Chișinău :ASEM, 2003. 141 p.
6. Moldova restructures Eurobond debt [accesat 17 mai 2016]. Disponibil:
https://www.neweurope.eu/article/moldova -restructures -eurobond -debt/
7. Moldova urmează să achite ultima tranșă a euroobligațiunilor de $3,2 mil. în luna octombrie
[accesat 6 martie 2016]. Disponibil: http://www.allmoldova.com/ru/news/moldova -urmeaza -sa-
achite -ultima -transa -a-euroobligatiunilor -de-32-mil-in-luna-octombrie
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 87
Nr.3 / 20168. PAUN, C. Cauzele, propagarea și efectele cri zelor într -o lume din ce în ce mai globalizată [accesat
24 martie 2016]. Disponibil: http://www.sferapoliticii.ro/sfera/148/art02 -paun.html
9. BĂNCA NAȚIONALĂ A MOLDOVEI. Raport anual 2015 [accesat 6 martie 2016]. Disponibil:
http://www.bnm.md/files/RA_2015_ro_fin.pdf
10. Raportul anual al Comisiei Naționale a Pieței Financiare [accesat 22 martie 2016]. Disponibil:
http://www.cnpf.md/md/rapa/
11. Valoare intrinsecă [accesat 16 aprilie 2016]. Dispon ibil:http://www.eval.ro/dictionar –
evaluare/definitii -evaluare/valoare -intrinseca/
12. Валютный кризис [accesat 6 martie 2016]. Disponibil: http://bankir.ru/slovar/v/valyutnyiy_krizis
13. Введение в финансовые кризисы [accesat 21martie 2016]. Disponibil: http://www.mirkin.ru/f in-
future/part2/11/introduction -to-financial -crises.html
14. Долговой кризис [accesat 6 martie 2016]. Disponibil:
http://dic.academic.ru/dic.nsf/econ_dict/20898
15. Ипотечный кризис в США (2007) [accesa t6martie 2016]. Disponibil:
https://ru.wikipedia.org/wiki/Ипотечный_кризис_в_США_(2007)
16. Крупнейшие падения рынка ценных бумаг США [accesat 17 фзкшдшу 2016]. Disponibil:
http://ru.wikipedia.org/wiki/Крупнейшие_падения_рынка_ценных_бумаг_США
17. МОИСЕЕВ, С.Р. Международное распространение кризиса. В: Финансовый Менеджмент.
2002, № 3 [accesat 11martie 2016].Disponibil :http://www .finman .ru/articles /2002/3/656. html
18. Финансовый кризис [accesat 6 martie 2016]. Disponibil: http://www.vedomosti.ru/glossary
19. Фундаментальная стоимость [accesat 6aprilie 2016]. Disponibil :
http://economic _mathematics .academic .ru/4865/Фундаментальная_стоимость
20. Что такое внутренняя стоимость [accesat 21martie 2016]. Disponibil:
http://allfi.biz/glossary/eng/I/intrinsicvalue.php
21. GAR STEA, S., BÎRCA, I., GRIBINCEA, A. World economy post -crysis development. In:
Economie și Sociologie = Economy and Sociology. 2016, nr. 1, pp. 36 -42.
Recommended for publication: 10.07.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 88
Nr. 3/ 2016FOREIGN EXCHANGE RISK MANAGEMENT
IN THE REPUBLIC OF MOLDOV A IN CONDITIONS OF CURRENCY CRISIS
Pavel TIPA1, PhD Student ,
Free International University of Moldova
Raisa EVSIUKOVA2, PhD, Associate Professor ,
Free International University of Moldova
At the end of 2014 and beginning of 2015, the banking sector from Moldova faced a tough crisis.
It was generated by a series of frauds which led to three banks in process of liquidation, three other banks
under NBM`s supervision and a huge gap in the broad money in the economy. These events severely
affected the banking sector from the Republic of Moldova. Thus, the novelty of this paper is to highlight
the difficulties which the banks from the Republic of Moldova have faced at managing their FX operations
during that period. Also, considering the conditions of the downt urn of the financial situation in the
national banking sector and in the national economy in general, which followed as consequences of the
crisis, this paper has the purpose to explain from theoretical point of view the basic concepts of correct
banks’ FX operations management. For this, the author applied analytical, logical, bibliographical and
synthesis research techniques. The results of the research are identification of the causes of currency
crises, presentation of the basic measures taken by the Na tional Bank of Moldova for mitigating the effects
of the crisis, as well as exhibition of author’s recommendations regarding the main directions which have
to be considered by banks in their foreign currency operations management.
Key words: Foreign exchan ge risk, currency crisis, Central Bank, regulation, bank, management.
La sfâr șitul anului 2014 –începutul 2015, sectorul bancar din Republica Moldova s -a confruntat
cu o criză dificilă. Aceasta a fost generată de o serie de infrac țiuni, care au condus la trei bănci în proces
de lichidare, alte trei bănci sub supravegherea BNM și un gol semnificativ în masa monetar ă din
economie. Aceste evenimente au afectat puternic sistemul bancar din Republica Moldova, prin urmare
actualitatea acestei lucrări este de a evidenția dificult ățile cu care s -au ciocnit băncile din Republica
Moldova la gestionarea opera țiunilor valutare în acea perioad ă. De asemenea, având în vedere condi țiile
de declin a lsituației financiare în sectorul bancar și în economia național ă în gene ral, care au urmat
drept consecințăacrizei, această lucrare are scopul de a explica ,din punct de vedere teoretic ,aspectele
de bază a legestiunii corecte a opera țiunilor valutare efectuate de c ătre bănci. Pentru aceasta, autorul a
utilizat metodele de c ercetare analitică, logică bibliografică și de sintez ă. Rezultatele cercetării rezidă în
identificarea cauzelor crizei valutare, prezentarea măsurilor întreprinse de Banca Na țional ă a Moldovei
pentru ameliorarea efectelor crizei, precum și denotarea recoma ndărilor autorului cu privire la direc țiile
principale, care ar trebui luate în considera ție de c ătre bănci la gestionarea opera țiunilor lor valutare.
Cuvinte -cheie: risc valutar, criză valutară, Bancă Centrală, reglementare, bancă licen țiată,
management.
В конце 2014 и в начале 2015 -го года, банковский сектор Молдовы столкнулся с жестким
кризисом. Он был вызван серией мошенничеств, которые привели к процессу ликвидации трех
банков, трем других банков под наблюдением НБМ и к огромной лакуне в денежной масс е в
экономике. Эти события очень негативно повлияли на банковскую систему в целом, таким
образом новизна данной статьи состоит в подчеркивании трудностей, с которыми столкнулись
молдавские банки в управлении валютных операций в тот период. Также, имея в ви ду условия
финансового спада банковского сектора и национальной экономики в целом, которые появились в
следствии кризиса, данная работа имеет цель объяснить с теоретической точки зрения базовые
аспекты правильного управления банковских валютных операций. Д ля этого, автор использовал
аналитический, логический, библиографический и синтеза методы исследования. Результаты
1©Pavel TIPA, pavel_tsypa@yahoo.com
2©Raisa EVSIUKOVA, rde50@ mail.ru
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 89
Nr.3 / 2016исследования составляют: идентификация источника валютного кризиса, представление
принятых Национальным Банком Молдовы мер для смягчения эффе ктов кризиса, а также
обозначение рекомендаций автора на счет основных направлений, которые банки должны
принять во внимание в управлении операций с иностранной валютой.
Ключевые слова: Валютный риск, валютный кризис, Центральный Банк, регулирование,
лицен зированный банк, управление.
JEL Cladsification: E52, E58, E62, F31, J32.
Introduction. In banks’ activity at international level, the currency type of risk emerged relatively
recent. It occurred as a result of the breakdown of the Bretton Woods monetar y system and the subsequent
exchange rates system evolution from fixed rates to floating ones. Due to banks’ holdings and large
number of operations in foreign currencies, performed by banks every day, they are constantly exposed to
the currency risk, so i ts management is vital for accomplishing banks objectives, ideally avoiding losses or
at least keeping them at minimum levels [1]. In this way, the currency (or Foreign Exchange –FX) risk
can be defined as the potentially negative result of the banks fore ign currency operations and occurs as a
consequence of currency rates fluctuations.
Generally speaking, banks are exposed to the foreign exchange risks both directly and indirectly.
The direct effect results from banks’ assets (or liabilities) with net pa yment streams denominated in a
foreign currency. Foreign exchange rate fluctuations alter the domestic currency values of such assets.
This explicit source of foreign exchange risk is the easiest to identify, and it is the most easily hedged. The
indirect sources of risk are subtler but just as important. A bank without foreign assets or liabilities can be
exposed to currency risk because the exchange rate can affect the profitability of its domestic banking
operations [5].
FX operations management, key app roaches. The main function of the foreign exchange risk
management is monitoring the levels of the risks the bank is exposed to and taking proper position through
setting limits for each hedging instrument and benchmarking for monitoring the hedging perfor mance [2].
In the currency risk management, banks basically use strategies built on similar principles and procedures.
Thus, an initial step taken by the bank is determination of the type of risk and measurement of the
associate risk exposure. This step co nsists from gathering information of the operation that has to be done,
such as the type of operation, its duration, volume, currencies involved in the operation, rates volatility,
etc. [3]. Then, based on the information, it develops the risk management s trategy on the operational level,
including the execution process of currency hedging, the hedging instruments to be used, and the
monitoring procedures of currency hedges. The third step is execution of exchange rate hedging. This
means forecasting exchan ge rates, hedging approach mechanisms, determining the costs of currency
hedging, and the establishment of benchmarks for measuring the performance of currency hedging. After
all the measures have been taken, the treasury department or the chief dealer con trols the evolution of the
level of the exchange rate risk and ensures fast and timely reaction in unforeseen situations [2]. However,
foreign exchange risk is not regulated at the banks level only. Central Banks elaborate their own sets of
regulations in order to reduce currency risks and maintain control over them at nat ional level, for example,
in the legal framework related to banking activity in the Republic of Moldova, the risks associated with
currency operations of the banks, are regulated by the Regulation on banks open foreign exchange
position, approved by the DC A of the no. 126 of November 28, 1997. These regulations set the ratio limits
for open foreign exchange positions, the rules for calculating and managing open currency positions, as
well as the procedure of reporting FX positions, in this way Central Banks regulate banks foreign
exchange activity to such an extent so they would not generate a shortage of currencies through opening
large positions with a high degree of risk, thus potentially generating a currency (Foreign Exchange)
crisis.
Currency crisis. E volution of the currency crisis in the Republic of Moldova. A crisis is any
event that is, or is expected to lead to, an unstable and dangerous situation affecting an individual, group,
community, or whole society [9]. Therefore, we can define the currency crisis as the evolution in time of
the foreign exchange value of a currency that either results in a sharp depreciation or forces the authorities
to defend the currency by selling foreign exchange reserves or raising domestic interest rates. A currency
crisis is considered as a nominal depreciation of the national currency of at least 30 percent that is also at
least a 10 percent increase in the rate of depreciation compared to the year before [7]. In a fragile banking
sector, a currency crisis can occur i f speculators assume that regulatory organs would prefer to cease
Revistă teoretico -științifică / Theoretical and scientifical journal 90
Nr. 3/ 2016exchange rates stability in order to avoid bankruptcies and further strains on the banking sector rather than
endure the costs of defending the domestic currency. A possible reverse chain of causality, from currency
crises to the onset of banking crises, is also well recognized. If banks hold significant holdings of
unhedged foreign liabilities, a currency crisis shock can adversely alter the banking sector directly by
causing a deterioration of bank balance sheets as currency depreciation raises the domestic currency
burden of these liabilities [8]. In any of this cases, the effects of the currency crises on economies are
imposing affecting the economy in several potential ways. While, a depr eciation of the national currency
that may enlarge the tradable goods sector and spur growth by correcting an overvalued currency or by
making the exchange rate more competitive, it may also be conflicting by increasing the reimbursement
costs of external debts expressed in foreign currencies, particularly in dollars.
The depreciation of the Republic of Moldova national currency started in the late 2014. It was an
outcome of a series of frauds covered by high corruption at top governmental levels, which we re executed
on behalf of a group of three banks from Moldova, namely CB "Unibank" JSC, CB "Banca Sociala" JSC
and BC "Banca de Economii" JSC. The situation developed as follows: in the beginning there was issued a
large amount of doubtful credits to suspic ious companies. These companies embezzled the received
capital, transferring it on bank accounts out of the country, in this way creating a shortage of foreign
currency in circulation, which according to the law of supply generated a spontaneous increase i n the
value of the good, i.e. of the foreign currencies, while due to underperforming credit portfolios, these
banks have lost their liquidity and the National Bank of Moldova, based on the Moldovan Parliament’s
decision, was forced to classify their activ ity as violation of the legislation on banking activity, and
decided on their forced liquidation.
Chart 1.The evolution of the USDMDL and EURMDL in the period of 2015 -2016
Source: Authors’ representation based on the data of the National Bank of Moldov a [4] .
In the graph shown above, we can follow a rapid increase in price of the reference currencies
(EUR and USD) related to the national currency MDL in an extremely short period of time. In the
beginning of January 2015, the MDL was rat ed at 15,6152 per 1USD and 18,7699 per 1EUR, as, already
on 18thof February, 1USD was appreciated at 20,9933 and 1EUR at 24,0154. This means a depreciation
of the national currency in relation to the USD by 34,19% and by 27,94% compared to the EURO. Then,
The National Bank of Moldova reacted with a large sale of foreign currency reserves in order to
artificially maintain the currency rate, which followed by a rapid drop in price to a value of 17,7729
for 1USD and 20,121 for 1EUR by 25.02.2 015 due to the surplus of foreign currency entered
in the country and was demanded to be exchanged, this time creating a shortage of national currency in the
exchange offices.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 91
Nr.3 / 2016Generally speaking, in attempts of stabilizing the nati onal currency, the National Bank of
Moldova applied a series of basic measures which included sales in large amounts of foreign currency
reserves, and calling international credits for covering the gap generated by the fraud. These measures
were efficient for a short term, helping to steady the steep fluctuations of the national currency, which
obviously was again followed by an inevitable subsequent depreciation on the background of the reference
currencies. In time, the environment grew highly unstable, d ue to high currency rates volatility and
periodic fluctuations, subsequently exposing banks to a high degree of currency risk. These events had
very tough consequences for all the levels of the economy, leading to a chain of events like problems with
portf olios of deposits and credits in foreign currency of the banks due to clients’ inability to pay the rates,
an almost 3 times inflation increase from 4.6% at the beginning of the year to 13.6% by the end of the year
and a base interest rate increase from 8. 5% to 19.5% in the same period [4].
Reactions to the currency crisis in the Republic of Moldova. Having given this conditions, the
crisis had to be dealt with at each level using specific methods and tactics. At the banks’ level, the internal
policies reg arding foreign exchange operations were updated and adjusted to the conditions on the market,
whereas at the upper level, the NMB decided to fight the situation through regulatory policies. In this way,
on June 10, 2016 the Law no.94 of May 13, 2016 for am ending and supplementing the Law on foreign
exchange regulation no.62 -XVI of March 21, 2008 was published in the Official Monitor of the Republic
of Moldova no.157 -162.
The main purpose of the modifications and completions to the Law on foreign exchange
regulation is to improve the regulatory background regarding the foreign exchange activities, considering
the commitments of the Republic of Moldova assumed together with the Moldova -EU Association
Agreement. These amendments also improve functionality of th e national currency market as they follow
the developments of the international financial, monetary and foreign exchange markets, as well as the
upgrades which came as consequences of the global financial crisis.
These supplements of the law are intended t o gradual elimination of administrative implications
towards residents carrying out foreign exchange operations; improvement of the operations efficiency on
the domestic foreign exchange market; stimulating the competition between the participants of the m arket;
strengthening the protection of consumer rights in respect of clients of foreign entities; improving the
procedures related to licensing, functioning and control over the activity of foreign exchange entities;
upgrading the regulations on the non -bank foreign exchange operations payment services providers, with
regards to banks intermediary role in most of these operations.
The most considerable supplements to the Law on foreign exchange regulation relate to:
1.Liberalization of some foreign exchange o perations, which were subject to the NBM
authorization (operations with foreign financial instruments carried out by licensed banks and entities
whose activity is regulated and supervised by the National Commission for Financial Markets; granting of
financ ial loans to non -residents by the licensed banks; import into / export from the Republic of Moldova
by non -resident banks of cash in foreign currency; import into / export from the Republic of Moldova by
resident banks and non -resident banks of cash in nat ional currency in the amount not exceeding MDL 100
000; a series of capital foreign exchange operations of residents in the amount up to EUR 10 000);
2.application of the notification regime at the NBM on external loans/credits received by
residents within o perations related to direct investments, as well as exemption from the notification regime
of loans / credits and guarantees received by residents from non -residents, the amount of which does not
exceed EUR 50 000;
3.extending on non -bank payment service pro viders of the provisions regarding the rights and
obligations of licensed banks related to foreign exchange operations;
4.reducing the use of cash within the foreign exchange operations (e.g., the right of resident legal
entities to receive from non -resident individuals cash in foreign currency as loans/credits was excluded,
and for some cases the amount of an operation related to receipt by resident legal entities from non –
residents of cash in foreign currency was limited up to EUR 5 000);
5.stipulation of the right (not an obligation) of the NBM to apply a new safeguard measure in the
event of a systemic financial crisis, namely the possibility to prohibit or limit cash and non -cash
withdrawals in foreign currency from the accounts in foreign currency opened w ith resident payment
services providers, allowing only withdrawals of national currency. If in case of systemic financial crisis,
depending on a specific situation, such a safeguard measure will be considered strictly necessary, it will be
applied by the N BM in consultation with the Government (with immediate information of the Parliament)
Revistă teoretico -științifică / Theoretical and scientifical journal 92
Nr. 3/ 2016and only during a limited period of time (up to 6 months). Such mechanism would allow state authorities
to act urgently in order to avoid worsening the systemic financial crisis situation [10].
There is also a substantial part of the amendments is aiming to amend the conditions for licensing
and functioning of foreign exchange entities. The most important amendments relate to:
1.cancellation of the obligation of the licensed banks to provide at the beginning and during the
working day the amount of MDL 100 000 for each foreign exchange bureau;
2.cancellation of the requirement for foreign exchange offices to ensure at the beginning and
during the working day the minimum amount at the equivalent of MDL 400 000 for performing the
operations with individuals. However, the requirement for foreign exchange offices to hold circulating
cash assets (consisting of pecuniary contributions to equity capital) in the amount of MDL 500 000,
including for each branch, has been maintained;
3.setting the unlimited term of validity for the license of foreign exchange office and that of hotel
holding foreign exchange bureau (hotel), while increasing the license fee for the foreign exchange office
upto MDL 12 000 and MDL 6 000 for the hotel;
4.allowing to perform foreign exchange operations in cash with individuals through automated
foreign exchange devices;
5.establishing the right of foreign exchange entities to change the currency exchange rates durin g
the working day (in accordance with elaborated internal procedures), along with the NBM right to
establish the frequency of change in currency exchange rates during working day, as well as specifying the
obligations of foreign exchange entities to establ ish bid and ask rates of US dollar, Euro, Pound sterling,
Romanian leu and the Ukrainian hryvnia with two decimal places, and the Russian ruble –three decimal
places;
6.establishing the right of the foreign exchange entity`s client to request revocation of the
operation performed through the operational window within 30 minutes after its completion.
The law also amended certain provisions on foreign exchange control over the activity of foreign
exchange entities and the application of sanctions to them. Thes e amendments are intended to contribute
to improving the sanctions regime applicable to foreign exchange offices and hotels, as well as to increase
the level of responsibility of administrators and shareholders/associates of the foreign exchange offices fo r
compliance with licensing and functioning conditions [10].
The implementation of the changes and amendments for NBM has specific benefits on the
banking sector, namely:
• establishing the legal framework in line with the commitments in the context of the Association
Agreement with the European Union
• offering the possibility of obtaining statistical information on private external debt of the country
and forecasting private external debt servicing payments of the country, and to draw the balance of
payme nts of Moldova;
• offering more effective sanctions to be applied to breaches of the law by exchange offices and
hotels
• promoting cashless payments in currency operations.
• For consumers:
• Strengthening consumer rights protection because the customer o f an exchange office will be
entitled to request the revocation of foreign exchange transaction under certain conditions;
• increasing the level of competition in the market of foreign exchange operations in cash with
individuals due to exchange offices’ r ight to change working hours during the exchange rates applied.
However, their implementation has some negative impacts, such as:
1. The need of adjustment exchange offices’ activity in the context of changing exchange rate
throughout the day.
2. Providing by resident legal entities to notification of the NBM loans/credits received from non –
residents in transactions related to direct investments.
Summing up. Theoretical aspects described above emphasize the importance of academic
approach to the practical p roblems faced at foreign currency operations management of the commercial
banks. Also, these aspects are directly linked with the causes and effects of the currency crisis which arose
in Moldova at the end of 2014 and beginning of 2015, that is why it is a cutely necessary to be analyzed.
The conditions of high degree of instability of the basic economic indicators, which further
contributed to amplified foreign currency rates and volatility raised concerns about associated risks and
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 93
Nr.3 / 2016their effects on the sa fety and soundness of banks and overall financial stability. These conditions were
stimulated by poor national regulation of the banking sector. However, even though the consequences of
the currency crisis from 2014 -2015 are still being felt through risen economic indicators indexes (inflation
level, basic interest rate and foreign currency exchange rates, etc.), we consider that it had an extremely
important contribution for the development of the national banking sector –it forced those banks, which
rema ined on the market to upgrade their management strategies, to adapt to the new internal policies and
be better prepared for such critical events in the future. It also forced the National Bank of Moldova to
implement new amendments to the Law on Foreign Ex change Regulation no 62 -XVI of 21 March 2008
which have the purpose of gradual elimination of those effects, which the currency crisis had and still has
on the national economy.
In this way, considering the chain of events which took place during the peak of the crisis and the
evolution of the economic situation until now we can underline the following recommendations:
Banking sector administration:
Application of a thorough strategy of banks’ supervision. NBM has to change its approach
mechanism to bankin g sector supervision and adjust it to the conditions of potential further attacks on
banks and banking sector overall. It has to establish a maximum degree of risks at which are exposed to,
monitor banks assets and make monthly analysis of their value chan ges so it would completely eliminate
further fraudulent credit granting and subsequent embezzlements of the money on off -shore accounts.
Updating and improving anti money -laundering legal framework. This has to be done at the
governmental level with direct participation of NBM in this process. This would result in a better
monitoring of doubtful transactions and gathering complete information about the final beneficiaries of
these transactions, thus helping commercial banks minimize risky credit portfolios.
Improving banks’ internal regulations:
Improvement of FX operations management strategies. Considering the overall banking sector’s
conditions, it means adopting a cautious strategy in banks’ foreign exchange risk management so the
profits made in some o perations could cover losses resulted from other operations. Also, an appropriate
management of the currency operations in Moldova includes reviewing n et situation of every currency and
modifying it according to the overall conditions on the national and i nternational markets. This can also be
achieved through a better training of the currency dealers or the treasury department staff, who are
responsible for performing FX operations.
REFERENCES
1. ȘTEFÎRȚĂ, N. Gestiunea riscului valutar în sistemul bancar al Republicii Moldova : autoreferat
doctor în economie. Chișinău, 2006. 24 p.
2. PAPAIOANNOU, M. Exchange Rate Risk Measurement and Management: Issues and Approaches
for Firms. 2006, november [accesat 21 aprilie 2016]. Disponibil:
https://www.imf.org/external/pubs/ft/wp/2006/wp06255.pdf
3. GEORGESCU -GOLOȘOIU, L. Mecanisme Valutare. București, 2006 [accesat 21 aprilie 2016].
Disponibil: http://www.biblioteca -digitala.ase.ro/biblioteca/carte2.asp?id=173&idb=
4. National Bank of Moldova [accesat 21 aprilie 2016]. Disponibil: www.bnm.md
5. POPPER, H. Banks and Foreign Exchange Exposure. FRBSF Economic Letter. 1996, 20 september
[accesat 21 aprilie 2016]. Disponibil: http://www.frbsf.org/economic -research/publications/
economic -letter/1996/september/banks -and-foreign -exchange -exposure/
6. Legea pentru modificarea și completarea Legii nr. 62 din 21 martie 2008 privind reglementarea
valutară: nr. 94 din 13.05.2016. In: Monitorul Oficial al Republicii Moldova. 2016, nr. 157 -162, art.
322.
7. GLICK, R., HUTCHISON, M. Currency Crises. 2011, septemb er [accesat 21 aprilie 2016].
Disponibil: http://www.frbsf.org/economic -research/files/wp11 -22bk.pdf
8. CUHAL, R., UNGUREANU, M., BĂDULEȚEANU, M. Gestiunea riscului valutar în activitatea
sectorului bancar = Exchange rate risk management in the banking sector activity. In: Economie și
Sociologie = Economy and Sociology. 2011 , nr. 4, pp. 79 -80.
Recommended for publication: 0 4.09.2016
Revistă teoretico -științifică / Theoretical and scientifical journal 94
Nr. 3/ 2016DETERMINATION OF RESERVES
FOR AGRICULTURAL PRODUCTION
Tatiana DUDOGLO1, Senior Lecturer ,
Comrat State University
The pape revidences the essence of land potential in agriculture as well as the methodology of
determining thepotential levels of land fertility during the production of different crop types based on an
example of an existing agricultural enterprise. A method of calculating the coefficient of using the
potential land productivity in this field and an index of a potential level of land resources’ productivity as
a sum of the actual crop yield and its real reserve of growth is suggested. Presented graphics show the
activities of actual and potentially possible gross yield of grain, winter and spring crops, corn and
sunflower for the given enterprise.
Keywords :potential, land resources, crop yield, gross output, reserve.
În articol este demonstrată esen țapotențialului funciar în agricultură, precum șimetodologia de
determina re a nivelului poten țial al productivit ățiiterenurilor în procesul de producere a diferitelor
culturi ,având ca exemplu oîntreprinder eagricol ăexistentă .A fost propusă o metodă de calcul ularea
coeficientului de utilizare a poten țialului de productivitate a terenurilor în domeniu și a indicatorului
nivel ului poten țial al productivită țiiresurselor funciare ca suma randamentul uirealși rezervelor reale de
creștere . Graficele prezintă ,înmod clar ,indicatorii productivită țiibruteefectiv eși potențial ederecoltare
aculturilor de cereale de iarnă și de prim ăvară, porumb și floarea -soarelui pentru întreprindere a
cercetată .
Cuvinte -cheie :potențial,resurse funciare, rentabilitate ,product ivitate brută , rezerv ă.
Показана экономическая сущность земельного потенциала в сельском хозяйстве,
представлена методика определения потенциального уровня производительности земли при
производстве продукции различных культур на примере конкретного сель скохозяйственного
предприятия. Предложен вариант расчета коэффициента использования потенциала
продуктивности земли в отрасли и показателя потенциального уровня продуктивности земельных
ресурсов как сумма фактической урожайности и реального резерва ее рос та. На графиках наглядно
представлены показатели фактического и потенциально возможного валового сбора зерна озимых
и яровых культур, кукурузы и подсолнечника для данного предприятия.
Ключевые слова :потенциал , земельные ресурсы, урожайность, валовой сбор , резерв.
JEL Classification: N50, O13, Q10, Q18.
Introduction .The impact of scientific and technological progress on the development of the
economy is extremely important in modern conditions and is determined by many factors. The degree of
this effec t depends mainly on industry opportunities, whereby companies are actively involved in the
process of scientific and technological development, contributing to it, while taking into account local
conditions, and mak inga maximum use of i ts results in practice in order to improve the efficiency of land
use. These features are in turn determined by a set of terms, which arethe general concept of "land
potential" [1, c.80 -81].
From the standpoint of economic theory, land potential can be ex pressed as the estimated
maximum possible performance of the main means of production in agriculture, based on a proven set of
scientific and technological achievements under actual prevailing climatic conditions of the region, area,
business.
Thus, on the one hand, the scientific and technical potential characterizes the real possibilities of
1©Tatiana DUDOGLO, dudoglo_ tatiana@mail.ru
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 95
Nr.3 / 2016the industry to use the objective achievements of scientific and technological progress, on the other hand
defining the degree of direct participation in it. In agric ulture, this process contributes to a more efficient
use of land resources, improvement of soil fertility, creation of new high -yield plant varieties and
hybrids of plants.
The economic evaluation of land expresses its relative value as a means of production in
agriculture, based on the objective conditions in the certain natural and economic areas. The evaluation of
land is performed using a system of natural and value indicators. The evaluation information is recorded in
the cadastral document s. However, the economic evaluation of land has not been practically applied.
In a market economy ,owners or users of land determine themselves the structure of production,
its volume and quality indicators. However, this freedom of action, unfortunately, often leads to a retreat
from science -based rotation of crops, which, as a rule, is crucial for the conservation of soil fertility and
compliance with the rules of alternation of crops. In this regard, there is a need of introducing the new
concept –“Land potential”, instead of the currently used economic evaluation. The n ew introduced
concept would reflect the potential of land productivity in real production conditions. It is important to
make calculations of land potential on an annualized basis, for ex ample, for three to five years in a row.
Indicators of potential land productivity can be calculated for an individual sector, district or
region of the republic as a whole in natural and cost estimates. In an agricultural enterprise of a smaller
area, all other things being equal, it is easier to provide a higher crop yield than ensure it on a scale of a
whole country.
Consider the methodology for determining the potential level of land productivity in an example
of «CumnucAgro» Ltd. from Ceadir –Lunga district. The main crops are presented in Table 1.
Table 1
Production of major crops in the «Cumnuc Agro» Ldt. for 2004 -2015
YearWinter cropsSpring crops
excluding cornCorn Sunflower
ha cwt cwt/ha ha cwt cwt/ha ha cwt cwt/ha ha cwt cwt/ha
2004 593 25959 43,8 53 1706 32,2 626 23219 37,1 497 7 780 1 5,7
2005 656 17701 26,7 175 3554 20,9 386 13927 36,1 485 57 06 11,8
2006 658 18991 28,9 167 4801 28,7 334 7103 21,3 489 10438 2 1,3
2007 702 22591 32,2 237 2857 12,1 335 6035 18 363 4 006 11
2008 794 2654 2 33,4 61 2170 35,6 376 11856 31,5 389 10 121 26
2009 696 15728 22,6 61 1304 21,4 311 8432 27,1 508 8 395 16,5
2010 682 20721 30,4 86 1043 12,1 405 18214 45 510 12 269 24,1
2011 665 22215 33,4 89 2519 28,3 380 10607 27,9 504 10 852 21,5
2012 697 13647 19,6 105 1937 18,4 390 7343 18,8 516 8 908 17,3
2013 678 24324 35,9 91 1955 21,5 400 17120 42,8 542 12 032 22,2
2014 695 28360 40,8 153 4683 30,6 294 10676 36,3 557 13 950 25
2015 684 23254 34 149 4262 28,6 321 7507 23,4 705 15 252 21,6
Average 683 21669 31,7 119 2733 23,0 380 11837 31,2 505 9976 19,7
Source: Form number 9 –AIC «Cumnuc Agro» Ldt. for the relevant years .
We calculate the average yields (for 3 consecutive years) of major crops, established in the
investigated company during the last 12 years (2004 -2015). The results are shown in Table 2.
Revistă teoretico -științifică / Theoretical and scientifical journal 96
Nr. 3/ 2016Table 2
Moving average yields of m ajor crops at «Cumnuc Agro» Ltd, 2004 -2015
YearWinter cropsSpring crops excluding
cornCorn Sunflower
ha cwt cwt/ha ha cwt cwt/ha Ha cwt cwt/ha ha cwt cwt/ha
2004- – – – – – – – – – – –
2005 – – – – – – – – – – –
2006 635,7 20883,7 32,6 131,7 3353,7 25,5 448,7 14749,7 32,9 490,3 7974,7 16,3
2007 672 19761 29,4 193 3737,3 19,4 351,7 9021,7 25,7 445,7 6 717 15,1
2008 718 22708 31,6 155 3276 21,1 348,3 8331,3 23,9 413,7 8 188 19,8
2009 730,7 21620,3 29,6 119,7 2110,3 17,6 340,7 8774,3 25,8 420 7 507 17,9
2010 724 20997,7 29 69,3 1505,7 21,7 364 12834 35,3 469 10 262 21,9
2011 681 19554,7 28,7 78,7 1622 20,6 365,3 12417,7 34 507,3 10 493 20,7
2012 681,3 18861 27,7 93,3 1833 19,7 391,7 12054,7 30,8 510 10 676 20,9
2013 680 20062 29,5 95 2137 22,5 358 11690 32,7 520,7 10 597 20,4
2014 690 22110,3 32 116,3 2858,3 24,6 361,3 11713 32,4 538,3 11 630 21,6
2015 685,7 25312,7 36,9 131 3633,3 27,7 338,3 11767,7 34,8 601,3 13 745 22,9
Source: based on data in Table 1 .
In economics, production potential of land resources means the highest possible yield in quality
and quantity in a most efficient use of all available means of production and labor. Using the data ofTable
2, we find the maximum values of indicators of productivity. In the production of winter crops, spring
crops without corn and sunflower ,highest rates were reached in the past 3 years –for2013 -2015 –36.9
cwt/ha, 27.7 and 22.9 cwt / ha respectively. The cultivation of corn reaches its maximum yield of 35.3
cwt/ ha in the period of 2008 -2010. We take these indicators as normative as actually produced under the
specific conditions of the enterprise. They are marked in the table.
The estimated reserves of increase in the productivity of land is characterized by the difference
between the production potential and the achieved level of its use.
The coefficient of utilization of the potential land productivity in agriculture is determined by the
ratio of th e actual level of productivity to the potential one [2, p.103 -104].
К =
pqfq
(1)
The potential level of land productivity is defined as the sum of the actual yield and its real rese rve
of growth (Δq):
qfqpq (2)
Based on the data from Tables 1 and 2, we find the real reserves increase of land
productivity of„Cumnuc Agro ”Ldt. i n the production of winter crops, spring crops without corn, corn
and sunflower. The results are graphically presented in Figure 1. We can see that the shortfall of
production per hectare ranges from 13.2% in the production of corn to 20.5% in the cultiva tion of spring
crops without corn.
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 97
Nr.3 / 2016
Fig. 1. Indices of average actual yield and growth reserves for major crops
at SRL «Cumnuc Agro» during 2004 -2015
Source: based on data presented in Table 1 and Table 2 .
Over the last five years the average annual yiel d on sowings of winter crops at the studied
enterprise has been equal to 32.7 cwt/ ha (683.8 ha and 22,360 cwt), for spring crops without corn –26.2
cwt. / ha (117.4 ha and 3,071 cwt), corn –29.8 cwt / ha (357 ha and 10,651 cwt) and sunflower –21.6
centner / ha (564.8 ha and 12,199 cwt). By calculating the difference between potential and actual yields
indicators, we find the real reserve of production for each type of crop. Thus, the shortage of grain average
during 2011 -2015 makes up 2,872.2 cwt (683.8 ha* 36.9 cwt. / ha –22,360 cwt) or 12.9% for winter crops,
for spring crops without corn constitutes 181 centners (5.9%), for corn –1,772.6 cwt (16.7%) and for
sunflower –735 cwt (6.1%). Only in 2015 the potential gross harvest for the winter grain c rops amounted
to 25,239.6 centner (684 ha* 36,9cwt / ha), which is 1,985.6 cwt. or 8.6% less, corn –to 366.1 centners
less that is 4.9%), for sunflower –on 892.5 cwt. or 5.9%. Gross harvest of summer grain crops without
corn exceeded the potential leve l of 134.7 centners, which is 3.2%
Comparing actual and potential values of production of sunflower and crops in the enterprise we
can detect a difference in each year of cultivation. The calculations in the dynamics of the considered 12
years of winter gr ain crops and corn are shown in Figure 2.
Fig. 2. Indicators of the actual and potential gross harvest of winter crops
and corn for „Cumnuc Agro ”Ltd,2004 -2015
Source: based on data from Table 1 and Table 2 .
Revistă teoretico -științifică / Theoretical and scientifical journal 98
Nr. 3/ 2016The ratio of the actual and potential gross harvest of summer grain crops without corn and
sunflower is presented in Figure 3.
The analysis shows that in the production of winter crops for the studied period of 12 years the
gross g rain harvest reached the potential values only two times (in 2004 and 2014), whereas in
the production of spring crops it was observed every other year (2004, 2006, 2008, 2011, 2014 and 2015) for
corn it was 5 years (2004, 2005, 2010, 2013 and 2014), sunflower –only 3 years (2008, 2010 and 2014).
Fig. 3. The indicators of actual and potential gross grain harvest of spring
crops and sunflowers in „Cumnuc Agro ”Ltd, 2004 -2015
Source: based on data from Table 1 and Table 2 .
The production shortfall during the sample period of 12 years amounted to 4933 tons in the
production of winter crops, 2750 tones in the production of corn, whereas for summer grain crops except
corn it reached 826 tons and for sunflower see ds–2218 tones.
Using the above method every agricultural enterprise can determine its levels of productivity for
each crop in order to improve their production planning. Based on these calculations they can also plan the
gross grain crop yield for sunfl ower, grapes, fruit and other products.
REFERENCES
1.ПАРМАКЛИ, Д., ТОДОРИЧ. Л. Проблемы экономической устойчивости сельскохозяйственных
предприятий Республики Молдова: монография. Комрат: S. n., 2013. 208 с. ISBN 978 -9975 -4245 –
2-3.
2.ПАРМАКЛИ, Д., ТОДОРИЧ. Л., ДУДОГЛО, Т., ЯНИОГЛО, А. Эффективность
землепольз ования : теория, методика, практика: монография. Комрат: S. n., 2015. 274 с. ISBN
978-9975 -9943 -9-2.
3.BAJURA, T. Updated indicators regarding the land market in Republic of Moldova. In: Economie și
Sociologie = Economy and Sociology. 2015 , nr. 1, pp. 44 -48.
Recommended for publication: 13.07.2016
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 99
Nr.3 / 2016RECENZIE
la monografia: „Economia imaginației creative ”,
autor Dumitru MOLDOVANU , doctor habilitat în economie, profesor universitar, membru
corespondent al Academiei de Științe a Moldovei
Studiul doctorul ui habilitat în economie, profesorului universitar, membrului corespondent al A ȘM,
Moldovanu Dumitru , prezintă o cercetare de o originalitate veritabilă marcantă, care își găsește expresia în
investigarea unui subiect științific de cel mai înalt grad de no utate și a interacțiunilor și corelațiilor de un
caracter inovativ, care până în prezent nu a fost abordat în știința economică autohtonă. Cercetarea este
una prin excelență interdisciplinară –înzona de interferență dintre fizică (clasică și cuantelor), filosofie și
economie.
Apariția științei economice este pusă în dependență de mecanica clasică, regândirea științei
economice –cu revoluția cuantelor, iar fizica cuantică, demonstrează autorul, a împăcat știința și religia.
Faptul, că conștiința umană es te „fabrica care produce” realitatea materială este o teză pe care
savantul economist „clasic” și filozoful, din start, nu o poate accepta. Autorul, însă, îi face pe acești doi să
ezite asupra răspunsului tradițional, „forțați” de argumentele din studiu. În acest cadru, autorul implică
cercetarea și argumentarea sa din domeniul cosmologiei, transformării energiei în materie de către
conștiința umană la două nivele ale realității particulelor subatomice și obiectelor mari.
Sunt delimitate două niveluri ale procesului de producție: la nivelul subatomic și, apoi, la nivelul
obiectivelor mari, care sunt materializate din energia infinită a Universului cu „unealta” conștiinței umane
creative, având ca componente intențiile, imaginația, așteptările (p.55). Dorin ța este o forță mai mare decât
talentul. Deoarece particulele subatomice „înregistrează” momentan dorințele, așteptările și imaginile din
crierul omului, ele devin imediat cunoscute în întregul Univers! (p.69).
Autorul tratează Universul ca o hologramă –o proiecție a unei lumi mai profunde, dar invizibile
(p.72). Aceasta reiese și din paradigma acestei enorme holograme și, concomitent, este „răspunsul”
Universului (p.74 -75).
Prin legea atractivității –legea fundamentală a psihologiei, noi atragem totul ceea ce dorim, sau
lucrurile de care avem frică. Individul atrage în viața sa bunurile, situațiile, succesele la care visează sau și
le imaginează insistent (p.83) prin atragerea energiei necesare din univers.
Autorul, după economia cunoașterii, plasează economia imaginației creative, implicându -se în
cercetarea rolului calităților spirituale în derularea procesului economic, trecând de la relația Om –Pământ
la relația Om –Univers și plasând în centru raționamentelor sale „omul creativ” (p.85). Pe lângă
cosmofizică, cosmochimie, cosmobiologie, cosmobotanică, cosmozoologie, autorul afirmă că în scurt timp
va apărea și cosmoeconomia.
Aptitudinile spirituale vor deveni prioritare și în economie. Realizările economice tot mai mult
sunt determinate de calita tea gândurilor și dispoziția individului, acestea devenind neofactori de producție
cu totul speciali. Are loc tranziția la „economia imaginației creative” (p.89), atât la nivel micro -, cât și
macroeconomic. Este argumentată teza ca unele fenomene și proces e economice ar avea loc fără anumite
cauze obiective, ci „din senin”, asemănător cu „salturile cuantice” (p.92). Adică principiul incertitudinii
este valabil și pentru viața economică (de exemplu, nimeni nu a previzionat criza economică mondială din
anii 2 008-2009).
Autorul tratează econofizica ca folosirea metodelor și legilor fizicii teoretice pentru explicarea
fenomenelor economice (p.94), ceea ce permite să fie utilizat și principiul incertitudinii psihologice umane
în procesele economice.
Pornind de la teza lui K Marx despre „construcția” (citește „imaginația”) inițială a arhitectului
întâi în capul său, pe lângă cele două tipuri de muncă –fizică și intelectuală, autorul include un al treilea
tip, principial nou –efortul uman, spiritual, pe care îl numește munca imaginației creative (ca formă a
efortului spiritual) (p. 99).
În opinia autorului, „Homo economicus” „cedează” în fața „omului creativ”. Ultimul nu este un
mag, ci se aseamănă mai mult cu o „fabrică” și este forța motrice a „economiei im aginației creative”.
Scopul suprem al existenței omului creativ devine autoperfecționarea spirituală, și nu acumularea averii.
Mai mult ca atât: transformând energiile inepuizabile captate din Univers în bunuri economice, omul
creativ este în stare de a sc oate activitatea economică de sub presiunea legii rarității (p.110).
Este argumentată teza precum că energia solară, prin fotosinteză, este transformată în hrană de
Revistă teoretico -științifică / Theoretical and scientifical journal 100
Nr. 3/ 2016peste 3 mii de persoane. Aceste persoane sunt numite autotrofi (p.p.111,112). Sunt și mul te persoane care
trăiesc fără mâncare și apă!
Printr -o definiție mai concretizată, omul creativ este o „mașină”, o „fabrică”, care „produce”
cunoștințe, idei, invenții și „modelează” împrejurările și situațiile, în care trăiește. Ca fapt împlinit, autorul
amintește că alimentele organice asigură organismul cu energia necesară doar în proporție de 35 -40%.
Restul energiei necesare omul o absoarbe direct din Cosmos (p.113).
O altă teză originală: taina crizelor economice poate fi descoperită doar atunci, câ nd se va renunța
la interpretările sale pur „mecaniciste”, strict „obiective și materialiste” ale vieții economice, când
cercetătorii vor avea drept punct de plecare ideea fundamentală a fizicii cuantice, potrivit cărei „observația
creează efectiv realitat ea fizică observată” (p.1149 ).
Originea dezechilibrelor economice urmează a fi căutată în „comportamentul” conștiinței umane,
în „calitatea” gândurilor individului, în „acțiunile” involuntare și necontrolate, sceptice și pesimiste ale
imaginației, dar și ale așteptărilor unei mase critice de persoane. Crizele seculare, consideră autorul, ar
putea fi un rezultat al implicării în voința economică chiar a Spiritului Suprem! (p.115) ( ase lua în cont
ideea despre „mâna invizibilă”, de exemplu).
Dar, recunoașt e autorul, ideea implicării Rațiunii Supreme rămâne, deocamdată, doar o ipoteză.
Oricum, savantul admite această ipoteză și o tratează de pe poziții teologice, conectând -o la cazul crizelor
economice, stabilindu -le alte cauze: acumularea unei cantități eno rme de invenții și descoperiri care nu pot
fi implementate din cauza intereselor egoiste ale businessului.
Se argumentează ca criza economică este o „pauză” și „pistă” pentru un nou avânt, iar gândirea
pozitivă este un instrument de depozitare a crizelor economice, cauzele cărora sunt așteptările necontrolate
și pesimiste ale unei mase critice de indivizi (factorul psihologic), teză, pe care autorul o tratează tot de pe
poziția fizicii cuantice și psihologiei umane. De aici concluzia autorului: imaginația controlată și
așteptările optimiste ale individului reprezintă un instrument puternic și eficient de prevenire și depășire
rapidă a crizelor. Ca rezultat, se descrie cum ar putea contribui economiștii la depășirea crizelor în context
economic real.
Ultim ul, al șaptelea capitol al lucrării, este consacrat formării omului creativ în calitate de obiectiv
principal al școlii superioare. Autorul schimbă radical scopul tradițional în cauză, argumentarea
construind -o pe conceptul expus anterior în studiul său.
Formarea omului creativ ca forță motrice a „economiei imaginației creative” necesită folosirea
calităților sale spirituale ce pot fi formate prin educație și instruire. Este vorba de a crea realitatea prin
observare și la nivelul obiectivelor mari. Astăzi, pentru acestea, sunt create premise reale și, în primul
rând, descoperirea cunoștințelor, până acum, ezoterice (ascunse, secrete) de către foarte multe persoane și
utilizate pentru autoperfecționare. Transmiterea cunoștințelor ezoterice trebuie să devină sarcina
„instructorului spiritual” în scopul declanșării calităților spirituale ale omului (p.135). Astfel, imaginația și
intuiția devin mai importante ca cunoștințele. Plus la aceasta, profesorul -cercetător și instructorul spiritual
(magul) trebuie să fie colegi de facultate (p.140) și să conlucreze orchestrat.
…Keynes scria că „ economistul trebuie să fie matematician, istoric, om de stat, filosof –toate în
aceeași măsură”. O pleiadă de savanți –economiști iluștri, au venit din alte domenii de cercetar e sau au
fost autodidacți. Și toți ei posedau o imaginație creativă și o intuiție ieșită din comun (p. 144).
Responsabilă de formarea omului creativ este școala superioară, susține autorul, care trebuie să -și
reformuleze radical obiectivele, subordonate dezvoltării calităților spirituale ale studenților!
…Economia imaginației creative a m.c. al AȘM, Dumitru Moldovanu, nu acceptă o lectură
ușoară! Cei, care intenționează să pătrundă în conceputul, esența și conținutul operei numite, „din mers”
sau preconc eput, nici nu face să înceapă lectura. Înțelegerea „miezului” operei, asupra căreia ne -am expus,
necesită efort intelectual susținut, precum și „imaginația creativă”, pe care, la sigur, absoluta majoritate
dintre noi încă n -o posedăm!
…Deci, să deschidem cartea și să începem o lectură neordinară și dificil ă!
Vadim MACARI ,
doctor în economie,
conferențiar cercet ător,
Institutul Na țional de Cercet ări Economice
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 101
Nr.3 / 2016REVIEW
on the monograph: „Economy of creative imagination” ,
Dumitru MOLDOVANU , PhD, prof essor, correspondent member
of the Academy of Sciences of Moldova
The study of doctor habilitat in Economics, Professor, correspondent member of ASM, Moldovanu
Dumitru , presents a research with a marked genuine originality, which finds its expression in the
investigation of a scientific topic of the highest degree of novelty and interactions and correlations of an
innovative character, which until now has not been addressed in local economi c science. The research is
an interdisciplinary one par excellence –inthe area of interference between physics (classical and
quantum), philosophy and economics.
The emergence of economics is made depending on classical mechanics, rethinking of economics –
with the quantum revolution, and quantum physics, as demonstrated by the author, reconciled the science
and religion.
The fact that human consciousness is being "a factory producing" material reality is a statement
which the "classic" and philosopher ec onomist scientist, from the start, can not accept it. The author,
however, makes these two to hesitate on the traditional answer, being „forced” by the arguments from the
study. In this framework, the author implies his research and argumentation from the field of cosmology,
energy transformation in material by the human consciousness at two levels of reality of subatomic
particles and larger objects.
There are defined two levels of the production process: at the subatomic level and then at the level
of hig h goals, which are embodied from the infinite energy of the Universe with the "tool" of creative
human consciousness, with the components of intentions, imagination, expectations (p.55). Desire is a
force greater than the talent. Since subatomic particles "record" currently desires, expectations and images
of human brain, they immediately become known in the whole universe! (p.69).
The author treats the universe as a hologram –aprojection of a deeper world, but invisible (p.72).
This emerges from the para digm of this enormous hologram and, simultaneously, is "the answer" of the
Universe (p.74 -75).
Through the law of attractiveness –thefundamental law of psychology, we attract everything
what we want or what we fear. The man attracts in his life goods, ci rcumstances, successes that he dreams
for or imagines them strongly (p.83) by attracting the necessary energy from the universe.
The author, after the knowledge economy, puts the economy of creative imagination, engaging in
research of the role of spiritua l qualities in development of the economic process, moving from
relationship Man –Earth to relationship Man –Universe and by placing in the center of its reasoning the
"creative man" (p.85). Besides cosmophysics, cosmochemistry, cosmobiology, cosmobotan ics,
cosmozoology, the author states that soon will appear cosmoeconomy.
Spiritual skills will become priorities in the economy. Economic achievements are increasingly
determined by the quality of the individual thoughts and disposition, making them very special production
neo-factors. There is a transition to "creative imagination economy" (p.89), both at micro and macro
levels. There is argued the thesis that some economic processes and phenomena would occur without
some objective causes, but "suddenly" like "quantum leaps" (p.92), meaning that the uncertainty principle
is applied to the economic life (for example, no one predicted the global economic crisis in 2008 -2009).
The author treats econophysics as using the methods and laws of theoretical physics to explain
economic phenomena (p.94), which allows it to be also used the psychological uncertainty principle in
economic processes.
Starting from the thesis of K Marx about original "construction" (read "imagination") of the
architect first in his head, in addition to the two types of work –physical and intellectual, the author
includes a third type, essentially new –human, spiritual effort, which he calls work of the creative
imagination (as a form of spiritual effort) (p. 99).
According to the author, "Homo economicus" gives positions in front of the "creative man". The
latter is not a magician, but more like a "factory" and is the driving force of "creative imagination
economy". The ultimate goal of creative human existence becomes spiritual self -impr ovement, rather than
accumulating wealth. Moreover: transforming the inexhaustible energies of the universe captured in
economic goods, creative man is able to pull economic activity under the pressure of rarity law (p.110).
Revistă teoretico -științifică / Theoretical and scientifical journal 102
Nr. 3/ 2016There is argued the thesis that solar energy through photosynthesis, is converted into food for over
3000 people. These people are called autotrophic (p.p.111, 112). There are many people living without
food and water!
Through a materialized definition, creative man is a "machine", a "f actory" that "produces"
knowledge, ideas, inventions and "shapes" the circumstances and situations in which he lives. As an
accomplished fact, the author points out that organic foods provide the body with the energy needed only
in the proportion of 35 -40%. The man absorbs the remaining necessary energy directly from Cosmos
(p.113).
Another original thesis: the mystery of economic crises can be discovered only when we will quit
the purely "mechanistic" interpretations, strictly "objective and materialistic" of the economic life, when
researchers will have as a starting point the fundamental idea of quantum physics, according to which
"observation actually creates the observed physical reality" (p.1149).
The origin of economic imbalances has to be sought in t he "behavior" of human consciousness,
the "quality" of individual thoughts, in "actions" that are involuntary and uncontrolled, skeptical and
pessimistic belonging to imagination and expectations of a critical mass of people. Author believes that
secular c risis could be a result of involvement in economic will even of the Supreme Spirit! ( p.115) (to be
taken into account the idea of the "invisible hand", for example).
But the author admits, that the idea of involving Supreme Reason remains, for now, only a
hypothesis. However, the scientist admits this hypothesis and treats it from the theological position,
linking it to economic crises, setting them other causes: the a ccumulation of enormous amounts of
inventions and discoveries that can not be implemented due to the selfish interests of business.
It is argued that the economic crisis is a "break" and "track" for a new energy and positive
thinking is a tool for storage of economic crises, the causes of which are uncontrolled and pessimistic
expectations of a critical mass of individuals (psychological factor), thesys, which the author treats from
the position of quantum physics and human psychology. Hence the conclusion of the author: controlled
imagination and optimistic expectations of the individual are a powerful and effective way of preventing
and overcoming crises rapidly. As a result, there si describes how economists could contribute to
overcoming the economic cri sis in the real context.
The last, the seventh chapter of the book is devoted to creative human formation as the primary
objective of superior school. Author radically changes the traditional order in question, the arguments
consisting in a concept previou sly presented in his study.
Creative human formation as the driving force of "the economy of creative imagination" requires
the use of his spiritual qualities that can be formed through education and training. It is about creating
reality through observati on and high level objectives. Today, they have real conditions and, above all,
knowledge discovery, till now esoteric one (hidden, secret) by many people and used for self –
improvement. Transmission of esoteric knowledge must become the task of "spiritual i nstructor" to trigger
spiritual qualities of man (p.135). Thus, imagination and intuition are more important than knowledge. In
addition, teacher -researcher and spiritual instructor (magician) must be college colleagues (p.140) and
must work orchestrated.
…Keynes wrote that "the economist must be mathematician, historian, statesman, philosopher –all
equally". A host of scholars –illustrious economists came from other areas of research or were self -taught.
And all they possessed a creative imagination a nd extraordinary intuition (p. 144).
Superior school is responsible for the creative human formation, the author mentions, who must
radically reformulate objectives, subordinated to the developing spiritual qualities of the students!
…The economy of the creative imagination of c.m. of ASM Dumitru Moldovanu does not accept a
light reading! Those who intend to get the concept, the essence and content of work "on the fly" or
preconceived better do not start the reading. Understanding the "core" of the work, on which we have
mentioned above, requires sustained intellectual effort and "creative imagination", which, sure, the
absolute majority of us still do not possess!
…So, lets open the book and start an unordinary and difficult reading!
Vadim MACARI,
PhD , Associate Professor ,
National Institute for Economic Research
ECONOMIE ȘI SOCIOLOGIE /ECONOMY AND SOCIOLOGY 103
Nr.3 / 2016FOR THE AUTHORS
REQUIREMENTS
for presentation of scientific papers in order to be published
in the journal „Econo my and Sociology”, of „B” category
In order to ensure the quality and fair assessment of scientific publications, the authors are asked to take into account
the following criteria while presenting the articles for editing:
Article’s content must meet the high scientific level corresponding to the scientific journal of the Academy of
Sciences of Moldova. The article must have an original character and contain a determined originality. Theoretical
formulas must be confirmed by practical calculations. The pa per should be of interest to a wider society of readers.
Also, as a requirement, the article must include by what the authors results differ from those previously published.
Articles are presented in an electronic form ( Word 2003 ) and printed. The text wil l be printed on one side.
ARTICLE STRUCTURE:
1.Title of article (Bold, centered), translated in Romanian, English and Russian
2.Author of the article: (Surname, Name , scientific degree, scientific title, institution (without abbreviations),
inRomanian, English and Russian , with a footnote at the first page of the article © Surname, Name (author),
e-mail
3.Abstract about Actuality, Aim, Methodology and Results ,inRomanian, English and Russian (max. 1 pag. A4) .
4.Key words: 6-8 words, in Romanian, English and Russian
5.JEL Classification (Journal of economic Literature Classification System)
6.Introduction
7.Basic content –its name will be based on the content of the article
8.Results and Conclusions
9.References :8-12sources, including citation articles from past issues of the journal
10.Date of presentation
THE TEXT WILL BE WRITTEN:
Paper size: A4, 210 x 297 mm, Margins :20x20x20x20 mm
Times New Roman ;Font –12; line spacing –1,5
The paper will have up to 8-10 pages
Figures, photos and tables will be pl aced, directly after that reference in the text. Under the figure or
photograph will be indicated the serial number, name and legend. The scanned photos are allowed, but only in a
high quality. Tables are numbered and must be accompanied by title and, nece ssarily, the source will be given.
The bibliography is placed at the en d of the article in alphabetical order (name, initial of first name, title,
publisher, year). In text will indicate bibliographical references, according to the order number of referen ces (eg., [ 1]).
ETHIC STATEMENT:
At the first presentation of the article, the author signs, indicates the date and confirms that he knows and accept
requirements for paper publication, as well as the declaration of responsibility for the authenticity of the material
and the publisher get copyrights.
Note: I declare on my honor that the work presented is genuine, no hint of plagiarism. Transmit copyright and
publisher.
Presentation date: ___ Signature: ___.
REVIEW PROCESS:
The taking over of the texts th at are published in the journal „Economy and Sociology” is possible only with the
author’s agreement. Responsibility for each published text belongs to the authors. The authors declare on their own
responsibility that the articles are authentic and there i s no conflict of interest and also transmit the copyright to the
publisher. Authors views are not always accorded with the editorial board’s opinion.
Review is written in the language of the article, signed by the reviewer (the scientific degree of doctor habilitat, PhD)
and stamped. The PhD students are required to have the review from their scientific leader. Mandatory , the review
must assess the shortcomings in addition to the positive moments, which must be studied and modified by the author
of the arti cle until the second presentation.
Editorial board assumes responsibility and the right to appeal to another reviewer of the paper and it also decides
whether to publish article or not. Editorial board doesn’t have to explain why the article wasn’t approv ed and has the
right not to investigate the items that don’t meet the requirements. The manuscript will not be returned. It can be
published only one article of an author in a number of the journal. Habilitate Doctors have the right to publish
annual 2 articles, and the PhD students –1 article.
Editorial board of the journal „Economy and Sociology”
Revistă teoretico -științifică / Theoretical and scientifical journal 104
Nr. 3/ 2016Bun de tipar: 30.09.2016. Tirajul 100 ex.
Coli de tipar 13,00. Coli editoriale 12,4. Com. 19.
Complexul Editoria l alINCE ,2016
Adresa redacției:
MD-2064, or.Chișinău, str. Ion Creangă, 45.
tel.: 022 -50-11-30, fax: 022 -74-37-94
web: www.ince.md/complexul -editorial/
e-mail: bircaiulita@mail.ru
Copyright Notice
© Licențiada.org respectă drepturile de proprietate intelectuală și așteaptă ca toți utilizatorii să facă același lucru. Dacă consideri că un conținut de pe site încalcă drepturile tale de autor, te rugăm să trimiți o notificare DMCA.
Acest articol: ECONOMIE ȘI SOCIOLOGIE ECONOMY AND SOCIOLOGY 1 [621988] (ID: 621988)
Dacă considerați că acest conținut vă încalcă drepturile de autor, vă rugăm să depuneți o cerere pe pagina noastră Copyright Takedown.