Anca Nucu - Academia.edu (original) (raw)
Papers by Anca Nucu
CES Working Papers, 2011
As an engine for economic development of CEE countries, FDI inflows have contributed to creating ... more As an engine for economic development of CEE countries, FDI inflows have contributed to creating new jobs and access to modern technologies; have had positive effects on balance of payments and state budget revenues. The purpose of this article is to highlight the implications of international financial and economic crisis of 2007 on FDI in CEE countries. Also, we realized a comparative approach of the factors that influence investors' decisions in Czech Republic, Hungary, Poland, Romania, Slovakia and a SWOT analysis of FDI in Romania at the end of 2009. The second part of the article represents an econometric analysis using SPSS of FDI impact on GDP and unemployment rate on the example of Romanian economy during 1991-2009. The fundamental hypothesis of econometric analysis is the following: it is a direct link between FDI and GDP, respectively, an inverse link between FDI and unemployment rate.
Challenges of the Knowledge Society, 2012
The Structural and Cohesion Funds as well as the loans obtained by our country from the IMF have ... more The Structural and Cohesion Funds as well as the loans obtained by our country from the IMF have significant implications upon the Romanian financial system. This article is a comparative approach structured on five parts as it follows: the second part is a review of the specific literature regarding the theme of our work, the third part is an analysis of the absorption stage of the Structural Funds and the evolution of the stand by agreements between Romania and IMF, the fourth part is a SWOT analysis of the Structural Funds versus the IMF loans and the last section is dedicated to the econometric quantification of the efficiency of the two financing opportunities. The IMF loans ensure the coordinates of the financial stability but the structural funds represent the link between stability and the development that Romania needs. We consider and claim that Romania needs European funds. We do not ask to give up entirely to the IMF loans but we plead for having an equilibrium which cou...
Ovidius University Annals: Economic Sciences Series, 2020
Small and medium-sized enterprises (SMEs) represent the backbone of global economic development b... more Small and medium-sized enterprises (SMEs) represent the backbone of global economic development because they account for creating private initiatives, innovation, and employment. In the wake of the Coronavirus outbreak, the SMEs were strongly affected, both from the demand and supply of products and services, tightening the ability to gather financial resources in order to meet short term liquidity demands and working capital requirements. Since the onset of the COVID-19 pandemic, many governments and multilateral development banks (MDBs) have provided financial resources to SMEs in order to tackle the effects of lockdown. This paper aims to characterize and assess current measures and initiatives adopted by MDBs to support SMEs. We highlight that international financial institutions act countercyclically in securing businesses and supporting jobs. The paper underlines the importance of transparency, a correct evaluation of risks and fiscal costs, and strong governance while dealing...
Ovidius University Annals: Economic Sciences Series, 2020
In the context of the COVID-19 pandemic, all countries are facing a sharp economic recession. Sma... more In the context of the COVID-19 pandemic, all countries are facing a sharp economic recession. Small and medium sized enterprises (SMEs) are severely affected and thus the involvement of the state in the economy is inevitable. The purpose of the paper is to analyze the impact of coronavirus outbreak on Romanian SMEs. The research explores the literature regarding economic strategies and model in recession times. Also, based on descriptive analysis methodology, the status of SMEs in the 42 counties of Romania corresponding to NUTS 2. The paper can be considered a useful viewpoint in understanding the impact of COVID-19 on Romanian SMEs.
Rezumat. Scopul prezentei lucrări este de a evalua eficacitatea transmisiei impulsurilor de polit... more Rezumat. Scopul prezentei lucrări este de a evalua eficacitatea transmisiei impulsurilor de politică monetară asupra inflaţiei şi creşterii economice, în România, prin intermediul canalului ratei dobânzii. Utilizând modelul vectorului cu autocorecţie (Vector Error Correction Model) şi funcţia de răspuns la şocuri, studiem răspunsul variabilelor macroeconomice la un şoc al politicii monetare prin intermediul ratei dobânzii, în perioada 2003M01-2012M06. Rezultatele empirice obţinute sunt în concordanţă cu teoria economică şi putem afirma că asistăm la o îmbunătăţire a eficacităţii transmisiei impulsurilor de politică monetară prin canalul ratei dobânzii. Cuvinte-cheie: politica monetară; rata dobânzii; modelul vectorului cu autocorecţie; România; stabilitate financiară.
Rezumat. Basel III reprezintă o revizuire fundamentală a cadrului de reglementare şi supraveghere... more Rezumat. Basel III reprezintă o revizuire fundamentală a cadrului de reglementare şi supraveghere a industriei bancare pe viitor, obiectivul fiind consolidarea stabilităţii sistemului financiar. Scopul acestui articol este de a analiza impactul introducerii Basel III asupra sistemului bancar la nivel european şi, respectiv, asupra sistemului bancar românesc. Dacă, la nivel european, se estimează un deficit substanţial de capital şi lichiditate, cu impact major asupra indicatorilor de profitabilitate, impactul Basel III asupra sistemului bancar din România se consideră a fi limitat. Măsurile pe care instituţiile de credit le-ar putea adopta în vederea atenuării impactului alinierii la noile standarde sunt ajustarea modelului de business şi restructurarea bilanţurilor bancare. Cuvinte-cheie: stabilitate financiară; sistem bancar; Basel III; risc sistemic; România. Coduri JEL: G21, G32.
The purpose of this article is to examine the influence of the following key macroeconomic indica... more The purpose of this article is to examine the influence of the following key macroeconomic indicators: GDP, inflation rate, money supply, interest rate and balance of payments on exchange rate of the Romanian leu against the most important currencies (EUR, USD) during 2000-2010 period. The main findings of our study are: it is an inverse relationship between exchange rate EUR/RON, Gross Domestic Product, respectively money supply and a direct relationship between exchange rate EUR/RON, inflation and interest rate. We can not validate the correlation between exchange rate and Balance of payment, because the test statistic is not significant. Key words: exchange rate, GDP, money supply, inflation, balance of payment, econometric analysis
The academic literature and recent experience of international crisis converge to the idea that m... more The academic literature and recent experience of international crisis converge to the idea that monetary stability is a necessary prerequisite, but not sufficient for ensuring financial stability. The purpose of this paper is to investigate the nexus between monetary stability and financial stability, in the experience of several Central and Eastern European countries (Bulgaria, Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania), during 2004M01-2012M02. Using a Vector Autoregressive model, we analyze the impact of monetary policy interest rate (proxy variable for monetary stability) upon the short term interest rates, exchange rates, share prices and loan to deposit ratio (proxy variables for financial stability). We want to test if key policy rate instrument is conducive to financial stability. The main findings of the paper emphasize that monetary policy interest rate is conducive to financial stability only in the case of Czech Republic and Poland, countries with a high...
The aim of the paper is to build a Monetary Conditi ons Index (MCI) for four Central and Eastern ... more The aim of the paper is to build a Monetary Conditi ons Index (MCI) for four Central and Eastern European (CEE) countries by com bining changes in the short-term interest rate and in the real effective exchange rate over the period August 2005 – December 2015. Contrary to previous p apers, we employ a Vector Error Correction Model to assess the relative i mportance of real interest rate and real exchange rate for the monetary conditions in everal CEE countries. The results of the analysis provide new empirical e vidence on the MCI’s ability to capture the monetary policy developments. Furthe rmore, we employ Granger causality to infer the extent of external influence s on the overall monetary conditions of analysed countries. The results highlight that monetary decisions in the Eurozone have a prominent influence on monetary con diti s in CEE countries.
Renewable Energy, 2019
Abstract One of the strategic objectives of the European Union is to increase the renewable energ... more Abstract One of the strategic objectives of the European Union is to increase the renewable energy consumption level, in a market which brings together technological, financing and customer engagement innovations. However, little is known about the impact of the financial sector on renewable energy consumption. The aim of the paper is to examine the effect of financial development on renewable energy consumption using a panel data of 28 countries in the European Union (EU) over the period 1990–2015. Our research is based on a panel fixed effects model, where renewable energy consumption is given as a function of income, energy prices, financial development, and foreign direct investments. The results of the empirical analysis show that all three different dimensions of financial development (banking sector, bond market, and capital market) have a positive effect on the share of renewable energy consumption. Additionally, our results show that capital market development does not influence renewable energy consumption in the new EU Member States. Our empirical results give valuable insights into how best to deploy capital in the renewable sector, in order to provide cost-competitive options to customers, with the final objective of expanding higher value-added services.
The global financial and economic crisis has revealed that the missing pillar of financial stabil... more The global financial and economic crisis has revealed that the missing pillar of financial stability architecture was the macroprudential approach of the financial supervision and designing of the prudential policy is considered one of the key elements of the post-crisis reforms. The micro-and macro-prudential regulation framework is currently going through a sustained process of revision, both at EU level and at national level. With the new financial supervisory architecture, due to the recent crisis, the area of macro-prudential instruments became much wider. The purpose of our article is to highlight the challenges and perspectives respectively, regarding the implementation of the macro-prudential regulatory tools at European level, with reference to the national level.
Procedia Economics and Finance, 2012
Emerging Markets Finance and Trade, 2014
We provide empirical evidence regarding the responses of Central and Eastern European capital mar... more We provide empirical evidence regarding the responses of Central and Eastern European capital markets to monetary policy via domestic and international short-term interest rate shocks. The analysis is conducted using a four-variable structural vector error correction model identified by means of permanent-transitory restrictions. The results indicate a noticeable effect of the international interest rate on stock market indexes in the cases of the Czech Republic, Hungary, Poland, and Romania. Since no monetary policy autonomy exists in Bulgaria, Latvia, and Lithuania, we find support only for the inverse relationship between foreign interest rate and stock index prices.
In conditions of financial globalization, innovations’ development and a broad spectrum of risks’... more In conditions of financial globalization, innovations’ development and a broad spectrum of risks’ amplification, between financial stability and monetary stability are created an interdependence relationship. Ensuring systemic financial-monetary stability has become a priority of the international economic agenda, particularly for candidate countries to the euro area. The purpose of this article is to highlight the importance of nominal and real
The purpose of this article is to examine the influence of the following key macroeconomic indica... more The purpose of this article is to examine the influence of the following key macroeconomic indicators: GDP, inflation rate, money supply, interest rate and balance of payments on exchange rate of the Romanian leu against the most important currencies (EUR, USD) during 2000-2010 period. The main findings of our study are: it is an inverse relationship between exchange rate EUR/RON,
Basel III represents a fundamental review of the regulatory and supervision framework of the bank... more Basel III represents a fundamental review of the regulatory and supervision framework of the banking industry in the future, the aim being to strengthen the stability of the financial system. The purpose of this paper is to analyze the impact of Basel III introduction upon the banking system at European level, respectively, upon the Romanian banking system. If at European
In the context of macroeconomic uncertainty and liquidity problems existing on international mark... more In the context of macroeconomic uncertainty and liquidity problems existing on international markets, expanding the banking system leads to amplification interferences of a broad spectrum of risks. This article delineates the recent area of researchers’ interest in the domain of credit risk management in banking and highlights the issues of relevant studies, both theoretical and empirical, in the area of credit-scoring, models for credit risk assessment and regulatory framework, on the background mutations caused by the international financial crisis.
Small and medium-sized enterprises (SMEs) represent the backbone of global economic development b... more Small and medium-sized enterprises (SMEs) represent the backbone of global economic development because they account for creating private initiatives, innovation, and employment. In the wake of the Coronavirus outbreak, the SMEs were strongly affected, both from the demand and supply of products and services, tightening the ability to gather financial resources in order to meet short term liquidity demands and working capital requirements. Since the onset of the COVID-19 pandemic, many governments and multilateral development banks (MDBs) have provided financial resources to SMEs in order to tackle the effects of lockdown. This paper aims to characterize and assess current measures and initiatives adopted by MDBs to support SMEs. We highlight that international financial institutions act countercyclically in securing businesses and supporting jobs. The paper underlines the importance of transparency, a correct evaluation of risks and fiscal costs, and strong governance while dealing...
CES Working Papers, 2011
As an engine for economic development of CEE countries, FDI inflows have contributed to creating ... more As an engine for economic development of CEE countries, FDI inflows have contributed to creating new jobs and access to modern technologies; have had positive effects on balance of payments and state budget revenues. The purpose of this article is to highlight the implications of international financial and economic crisis of 2007 on FDI in CEE countries. Also, we realized a comparative approach of the factors that influence investors' decisions in Czech Republic, Hungary, Poland, Romania, Slovakia and a SWOT analysis of FDI in Romania at the end of 2009. The second part of the article represents an econometric analysis using SPSS of FDI impact on GDP and unemployment rate on the example of Romanian economy during 1991-2009. The fundamental hypothesis of econometric analysis is the following: it is a direct link between FDI and GDP, respectively, an inverse link between FDI and unemployment rate.
Challenges of the Knowledge Society, 2012
The Structural and Cohesion Funds as well as the loans obtained by our country from the IMF have ... more The Structural and Cohesion Funds as well as the loans obtained by our country from the IMF have significant implications upon the Romanian financial system. This article is a comparative approach structured on five parts as it follows: the second part is a review of the specific literature regarding the theme of our work, the third part is an analysis of the absorption stage of the Structural Funds and the evolution of the stand by agreements between Romania and IMF, the fourth part is a SWOT analysis of the Structural Funds versus the IMF loans and the last section is dedicated to the econometric quantification of the efficiency of the two financing opportunities. The IMF loans ensure the coordinates of the financial stability but the structural funds represent the link between stability and the development that Romania needs. We consider and claim that Romania needs European funds. We do not ask to give up entirely to the IMF loans but we plead for having an equilibrium which cou...
Ovidius University Annals: Economic Sciences Series, 2020
Small and medium-sized enterprises (SMEs) represent the backbone of global economic development b... more Small and medium-sized enterprises (SMEs) represent the backbone of global economic development because they account for creating private initiatives, innovation, and employment. In the wake of the Coronavirus outbreak, the SMEs were strongly affected, both from the demand and supply of products and services, tightening the ability to gather financial resources in order to meet short term liquidity demands and working capital requirements. Since the onset of the COVID-19 pandemic, many governments and multilateral development banks (MDBs) have provided financial resources to SMEs in order to tackle the effects of lockdown. This paper aims to characterize and assess current measures and initiatives adopted by MDBs to support SMEs. We highlight that international financial institutions act countercyclically in securing businesses and supporting jobs. The paper underlines the importance of transparency, a correct evaluation of risks and fiscal costs, and strong governance while dealing...
Ovidius University Annals: Economic Sciences Series, 2020
In the context of the COVID-19 pandemic, all countries are facing a sharp economic recession. Sma... more In the context of the COVID-19 pandemic, all countries are facing a sharp economic recession. Small and medium sized enterprises (SMEs) are severely affected and thus the involvement of the state in the economy is inevitable. The purpose of the paper is to analyze the impact of coronavirus outbreak on Romanian SMEs. The research explores the literature regarding economic strategies and model in recession times. Also, based on descriptive analysis methodology, the status of SMEs in the 42 counties of Romania corresponding to NUTS 2. The paper can be considered a useful viewpoint in understanding the impact of COVID-19 on Romanian SMEs.
Rezumat. Scopul prezentei lucrări este de a evalua eficacitatea transmisiei impulsurilor de polit... more Rezumat. Scopul prezentei lucrări este de a evalua eficacitatea transmisiei impulsurilor de politică monetară asupra inflaţiei şi creşterii economice, în România, prin intermediul canalului ratei dobânzii. Utilizând modelul vectorului cu autocorecţie (Vector Error Correction Model) şi funcţia de răspuns la şocuri, studiem răspunsul variabilelor macroeconomice la un şoc al politicii monetare prin intermediul ratei dobânzii, în perioada 2003M01-2012M06. Rezultatele empirice obţinute sunt în concordanţă cu teoria economică şi putem afirma că asistăm la o îmbunătăţire a eficacităţii transmisiei impulsurilor de politică monetară prin canalul ratei dobânzii. Cuvinte-cheie: politica monetară; rata dobânzii; modelul vectorului cu autocorecţie; România; stabilitate financiară.
Rezumat. Basel III reprezintă o revizuire fundamentală a cadrului de reglementare şi supraveghere... more Rezumat. Basel III reprezintă o revizuire fundamentală a cadrului de reglementare şi supraveghere a industriei bancare pe viitor, obiectivul fiind consolidarea stabilităţii sistemului financiar. Scopul acestui articol este de a analiza impactul introducerii Basel III asupra sistemului bancar la nivel european şi, respectiv, asupra sistemului bancar românesc. Dacă, la nivel european, se estimează un deficit substanţial de capital şi lichiditate, cu impact major asupra indicatorilor de profitabilitate, impactul Basel III asupra sistemului bancar din România se consideră a fi limitat. Măsurile pe care instituţiile de credit le-ar putea adopta în vederea atenuării impactului alinierii la noile standarde sunt ajustarea modelului de business şi restructurarea bilanţurilor bancare. Cuvinte-cheie: stabilitate financiară; sistem bancar; Basel III; risc sistemic; România. Coduri JEL: G21, G32.
The purpose of this article is to examine the influence of the following key macroeconomic indica... more The purpose of this article is to examine the influence of the following key macroeconomic indicators: GDP, inflation rate, money supply, interest rate and balance of payments on exchange rate of the Romanian leu against the most important currencies (EUR, USD) during 2000-2010 period. The main findings of our study are: it is an inverse relationship between exchange rate EUR/RON, Gross Domestic Product, respectively money supply and a direct relationship between exchange rate EUR/RON, inflation and interest rate. We can not validate the correlation between exchange rate and Balance of payment, because the test statistic is not significant. Key words: exchange rate, GDP, money supply, inflation, balance of payment, econometric analysis
The academic literature and recent experience of international crisis converge to the idea that m... more The academic literature and recent experience of international crisis converge to the idea that monetary stability is a necessary prerequisite, but not sufficient for ensuring financial stability. The purpose of this paper is to investigate the nexus between monetary stability and financial stability, in the experience of several Central and Eastern European countries (Bulgaria, Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania), during 2004M01-2012M02. Using a Vector Autoregressive model, we analyze the impact of monetary policy interest rate (proxy variable for monetary stability) upon the short term interest rates, exchange rates, share prices and loan to deposit ratio (proxy variables for financial stability). We want to test if key policy rate instrument is conducive to financial stability. The main findings of the paper emphasize that monetary policy interest rate is conducive to financial stability only in the case of Czech Republic and Poland, countries with a high...
The aim of the paper is to build a Monetary Conditi ons Index (MCI) for four Central and Eastern ... more The aim of the paper is to build a Monetary Conditi ons Index (MCI) for four Central and Eastern European (CEE) countries by com bining changes in the short-term interest rate and in the real effective exchange rate over the period August 2005 – December 2015. Contrary to previous p apers, we employ a Vector Error Correction Model to assess the relative i mportance of real interest rate and real exchange rate for the monetary conditions in everal CEE countries. The results of the analysis provide new empirical e vidence on the MCI’s ability to capture the monetary policy developments. Furthe rmore, we employ Granger causality to infer the extent of external influence s on the overall monetary conditions of analysed countries. The results highlight that monetary decisions in the Eurozone have a prominent influence on monetary con diti s in CEE countries.
Renewable Energy, 2019
Abstract One of the strategic objectives of the European Union is to increase the renewable energ... more Abstract One of the strategic objectives of the European Union is to increase the renewable energy consumption level, in a market which brings together technological, financing and customer engagement innovations. However, little is known about the impact of the financial sector on renewable energy consumption. The aim of the paper is to examine the effect of financial development on renewable energy consumption using a panel data of 28 countries in the European Union (EU) over the period 1990–2015. Our research is based on a panel fixed effects model, where renewable energy consumption is given as a function of income, energy prices, financial development, and foreign direct investments. The results of the empirical analysis show that all three different dimensions of financial development (banking sector, bond market, and capital market) have a positive effect on the share of renewable energy consumption. Additionally, our results show that capital market development does not influence renewable energy consumption in the new EU Member States. Our empirical results give valuable insights into how best to deploy capital in the renewable sector, in order to provide cost-competitive options to customers, with the final objective of expanding higher value-added services.
The global financial and economic crisis has revealed that the missing pillar of financial stabil... more The global financial and economic crisis has revealed that the missing pillar of financial stability architecture was the macroprudential approach of the financial supervision and designing of the prudential policy is considered one of the key elements of the post-crisis reforms. The micro-and macro-prudential regulation framework is currently going through a sustained process of revision, both at EU level and at national level. With the new financial supervisory architecture, due to the recent crisis, the area of macro-prudential instruments became much wider. The purpose of our article is to highlight the challenges and perspectives respectively, regarding the implementation of the macro-prudential regulatory tools at European level, with reference to the national level.
Procedia Economics and Finance, 2012
Emerging Markets Finance and Trade, 2014
We provide empirical evidence regarding the responses of Central and Eastern European capital mar... more We provide empirical evidence regarding the responses of Central and Eastern European capital markets to monetary policy via domestic and international short-term interest rate shocks. The analysis is conducted using a four-variable structural vector error correction model identified by means of permanent-transitory restrictions. The results indicate a noticeable effect of the international interest rate on stock market indexes in the cases of the Czech Republic, Hungary, Poland, and Romania. Since no monetary policy autonomy exists in Bulgaria, Latvia, and Lithuania, we find support only for the inverse relationship between foreign interest rate and stock index prices.
In conditions of financial globalization, innovations’ development and a broad spectrum of risks’... more In conditions of financial globalization, innovations’ development and a broad spectrum of risks’ amplification, between financial stability and monetary stability are created an interdependence relationship. Ensuring systemic financial-monetary stability has become a priority of the international economic agenda, particularly for candidate countries to the euro area. The purpose of this article is to highlight the importance of nominal and real
The purpose of this article is to examine the influence of the following key macroeconomic indica... more The purpose of this article is to examine the influence of the following key macroeconomic indicators: GDP, inflation rate, money supply, interest rate and balance of payments on exchange rate of the Romanian leu against the most important currencies (EUR, USD) during 2000-2010 period. The main findings of our study are: it is an inverse relationship between exchange rate EUR/RON,
Basel III represents a fundamental review of the regulatory and supervision framework of the bank... more Basel III represents a fundamental review of the regulatory and supervision framework of the banking industry in the future, the aim being to strengthen the stability of the financial system. The purpose of this paper is to analyze the impact of Basel III introduction upon the banking system at European level, respectively, upon the Romanian banking system. If at European
In the context of macroeconomic uncertainty and liquidity problems existing on international mark... more In the context of macroeconomic uncertainty and liquidity problems existing on international markets, expanding the banking system leads to amplification interferences of a broad spectrum of risks. This article delineates the recent area of researchers’ interest in the domain of credit risk management in banking and highlights the issues of relevant studies, both theoretical and empirical, in the area of credit-scoring, models for credit risk assessment and regulatory framework, on the background mutations caused by the international financial crisis.
Small and medium-sized enterprises (SMEs) represent the backbone of global economic development b... more Small and medium-sized enterprises (SMEs) represent the backbone of global economic development because they account for creating private initiatives, innovation, and employment. In the wake of the Coronavirus outbreak, the SMEs were strongly affected, both from the demand and supply of products and services, tightening the ability to gather financial resources in order to meet short term liquidity demands and working capital requirements. Since the onset of the COVID-19 pandemic, many governments and multilateral development banks (MDBs) have provided financial resources to SMEs in order to tackle the effects of lockdown. This paper aims to characterize and assess current measures and initiatives adopted by MDBs to support SMEs. We highlight that international financial institutions act countercyclically in securing businesses and supporting jobs. The paper underlines the importance of transparency, a correct evaluation of risks and fiscal costs, and strong governance while dealing...