Theoretical and Applied Economics
No. 5 / 2012 (570)
Inflation Targeting in the Romanian Banking Brushwood
Bucharest Academy of Economic Studies
Dorel AILENEI
Bucharest Academy of Economic Studies
Abstract. As a result of joining the global trend of the monetary policy modernization, Romania has adopted the inflation targeting strategy in August 2005. Although the implementation conditions have been prepared in advance on the background of a medium-term disinflation process, the National Bank of Romania (NBR) succeeded in reaching the inflation target only in one year (2006). Beyond the inevitable difficulties specific to emerging countries, the implementation of this strategy, that has proved to be effective even in conditions of crisis, was hampered by an unfavourable economic and political environment. In this paper, the authors aim to analyse the responses of the Romanian banking system to the signals of monetary policy sent by the NBR. In order to do this, the dynamics of the non-governmental domestic credit and the interest rates channel have been econometrically tested. The results of the analysis showed a chaotic growth in lending over the last years (2005-2011) in Romania, respectively an uncooperative attitude of the commercial banks on reaching the objectives of the monetary polic.
Contents
Optimal Labor Contracts with Asymmetric Information and More than Two Types of Agent
Inflation Targeting in the Romanian Banking Brushwood
Oligarchy versus Democracy and Regulation versus Deregulation under the Globalization Effect
Using Garch-in-Mean Model to Investigate Volatility and Persistence at Different Frequencies for Bucharest Stock Exchange during 1997-2012
Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement
The Biblical Matrix of Economics
The Sustainable Development Model
Comportamentul financiar al populaţiei în timpul crizei
Education and Crisis
The Post-Crisis Healthcare System: Effects of the Economic Crisis in Romania
Business Incubators – Favorable Environment for Small and Medium Enterprises Development
Procedural and Systematic Crisis Approach and Crisis Management