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E

CONOMIE yi SOCIOLOGI
E
REVIST
Ministerul Economiei
al Republicii Moldova
Academia de Stiinje
a Moldovei
revist teoretico-ytiinjific, fondat n anul 1953
Institutul de Economie, Finanje yi Statistic
Nr. 2 / 2012
ISSN: 1857-4130
Chiyinu, 2012
E
CONOMIE yi SOCIOLOGI
E
REVIST
Ministerul Economiei
al Republicii Moldova
Academia de Stiinje
a Moldovei
revist teoretico-ytiinjific, fondat n anul 1953
Institutul de Economie, Finanje yi Statistic
Nr. 2 / 2012
ISSN: 1857-4130
Chiyinu, 2012
E
CONOMIE yi SOCIOLOGI
E
REVIST
Ministerul Economiei
al Republicii Moldova
Academia de Stiinje
a Moldovei
revist teoretico-ytiinjific, fondat n anul 1953
Institutul de Economie, Finanje yi Statistic
Nr. 2 / 2012
ISSN: 1857-4130
Chiyinu, 2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
2
COLEGIUL DE REDACTIE:
Redactor-yef:
Gheorghe ILIADI, doctor habilitat, proIesor cercettor (IEFS)
Redactor-yef adjunct, compartimentul Economie.
Vadim MACARI, doctor, conIerentiar cercettor (IEFS)
Redactor-yef adjunct, compartimentul Sociologie:
Andrei TIMU$, membru corespondent (ASM)
Membrii:
Dumitru MOLDOVAN, membru corespondent (ASEM)
Gheorghe MI$COI, membru corespondent (ASM)
Alexandru STRATAN, doctor habilitat, conIerentiar universitar (IEFS)
Mircea CIUMARA, doctor, proIesor universitar, INCE al AS (Romnia)
Elena PDUREANU, doctor, CCEE, Academia Romn (Romnia)
Vasa LASZLO, doctor, conIerentiar universitar (Ungaria)
Michael GRINGS, doctor, proIesor (Germania)
Alexandr NECHIPELOV, academician, vicepresedinte AS (Rusia)
Felix ZINOVIEV, academician, proIesor (Ucraina)
1amila BOPIEVA, doctor habilitat (Kazahstan)
Vilayat VALIYEV, doctor (Azerbaijan)
Galina ULIAN, doctor habilitat, proIesor universitar (USM)
Alexandru GRIBINCEA, doctor habilitat, proIesor universitar (ULIM)
Dmitrii PARMACLI, doctor habilitat, proIesor universitar (USCH)
Ion SARBU, doctor habilitat, proIesor universitar (ASEM)
Victoria TROFIMOV, doctor, conIerentiar universitar (UCCM)
Tudor BA1URA, doctor habilitat, proIesor cercettor (IEFS)
Valeriu DOGA, doctor habilitat, proIesor universitar (IEFS)
Tatiana MANOLE, doctor habilitat, proIesor universitar (IEFS)
Victor MOCANU, doctor, conIerentiar universitar (ASM)
Anatol RO1CO, doctor, conIerentiar cercettor (IEFS)
Angela TIMU$, doctor, conIerentiar cercettor (IEFS)
Galina SAVELIEVA, doctor, conIerentiar cercettor (IEFS)
Radu CUHAL, doctor, conIerentiar universitar (BNM)
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,Lista revistelor recomandate pentru a fi recunoscute n calitate de publica(ii ytiin(ifice de profil yi acreditat cu
Categoria ,B.
Institutul de Economie, Finante si Statistic al ASM si ME
Sectia de Sociologie a Institutului Integrare European si Stiinte Politice al ASM
Preluarea textelor editate in revista ,Economie i Sociologie` este posibil doar cu acordul
autorului. Responsabilitatea asupra fiecrui text publicat apartine autorilor. Opinia redactiei nu coincide totdeauna cu
opinia autorilor.
Redactor-ef CE. Iulita BRC
Redactor tehnic. Tatiana PARVAN, Andrian SCLIFOS
Redactori (limba engle:). Eugenia LUCA$ENCO, Ludmila MUNTEANU-BURLAC
Designer copert. Alexandru SANDULESCU
Adresa redac(iei: Complexul Editorial, IEFS, MD-2064,
or. Chisinu, str. Ion Creang, 45. tel.: 50-11-30, fax: 74-37-94
web: www.ieIs.md/complexul-editorial/; e-mail: bircaiulitamail.ru
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 3
nr. 2 / 2012
E
CONOMY and SOCIOLOG
Y
REVIST
Academy of Sciences
of Moldova
Ministry of Economy
of the Republic of Moldova
Institute of Economy, Finance and Statistics
theoretical and scientifical journal, founded in 1953
Chisinau, 2012
No. 2 / 2012
ISSN: 1857-4130
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 3
nr. 2 / 2012
E
CONOMY and SOCIOLOG
Y
REVIST
Academy of Sciences
of Moldova
Ministry of Economy
of the Republic of Moldova
Institute of Economy, Finance and Statistics
theoretical and scientifical journal, founded in 1953
Chisinau, 2012
No. 2 / 2012
ISSN: 1857-4130
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 3
nr. 2 / 2012
E
CONOMY and SOCIOLOG
Y
REVIST
Academy of Sciences
of Moldova
Ministry of Economy
of the Republic of Moldova
Institute of Economy, Finance and Statistics
theoretical and scientifical journal, founded in 1953
Chisinau, 2012
No. 2 / 2012
ISSN: 1857-4130
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
4
EDITORIAL BOARD:
Editor-in-chief:
Gheorghe ILIADI, PhD, ProIessor (IEFS)
Editor-in-chief of Economics department:
Vadim MACARI, PhD, Associate ProIessor (IEFS)
Editor-in-chief of Sociology department:
Andrei TIMU$, Associate Member (ASM)
Members:
Dumitru MOLDOVAN, Associate Member (ASEM)
Gheorghe MI$COI, Associate Member (ASM)
Alexandru STRATAN, PhD, Associate ProIessor (IEFS)
Mircea CIUMARA, PhD, ProIessor, INCE oI AS (Romania)
Elena PADUREANU, PhD, CCEE, Romanian Academy (Romania)
Vasa LASZLO, PhD (Hungary)
Michael GRINGS, PhD, ProIessor (Germany)
Alexandr NECHIPELOV, Academician, Vice President oI AS (Russia)
Felix ZINOVIEV, Academician, ProIessor (Ukraine)
1amila BOPIEVA, PhD (Kazakhstan)
Vilayat VALIYEV, PhD (Azerbaijan)
Galina ULIAN, PhD, ProIessor (USM)
Alexandru GRIBINCEA, PhD, ProIessor (ULIM)
Dmitrii PARMACLI, PhD, ProIessor (USCH)
Ion SARBU, PhD, ProIessor (ASEM)
Victoria TROFIMOV, PhD, Associate ProIessor (UCCM)
Tudor BA1URA, PhD, ProIessor (IEFS)
Valeriu DOGA, PhD, ProIessor (IEFS)
Tatiana MANOLE, PhD, ProIessor (IEFS)
Victor MOCANU, PhD, Associate ProIessor (ASM)
Anatol RO1CO, PhD, Associate ProIessor (IEFS)
Angela TIMU$, PhD, Associate ProIessor (IEFS)
Galina SAVELIEVA, PhD, Associate ProIessor (IEFS)
Radu CUHAL, PhD, Associate ProIessor (BNM)
According to the decision of the Supreme Attestation Commission of NCAA, the journal ,Economy and
Sociology is included in ,The list of recommended journals to be recognized as scientific profile publications,
and is accredited with ,B category.
Institute oI Economy, Finance and Statistics oI ASM and ME
Sociology Department oI Institute oI European Integration and Political Science oI ASM
1he taking over of the texts that 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. Authors views are not always
accorded the editorial board's opinion.
Editor-in-chief EC. Iulita BIRCA
Technical editor. Tatiana PARVAN, Andrian SCLIFOS
Editor (English). Eugenia LUCASENCO, Ludmila MUNTEANU-BURLAC
Designer. Alexandru SANDULESCU
Address: Editorial Complex, IEFS, MD-2064,
Chisinau, 45, Ion Creanga str., tel.: 50-11-30, fax: 74-37-94
web: www.ieIs.md/complexul-editorial/; e-mail: bircaiulitamail.ru
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 3
nr. 2 / 2012
CUPRINS
ECONOMIE
Szakcs Zs., Guth L., Vasa L.
CARACTERISTICILE DE CONSUM ALE PRODUSELOR DIN CARNE DE MARC N UNGARIA
ABORDAREA DIN PUNCTUL DE VEDERE AL LANTULUI VALORIC ............... 9
Alexandru STRATAN, Marcel CHISTRUGA, Zinovia TOAC, Zaharia OLRESCU
DERULAREA PROCESULUI DE PROGNOZARE A INDICATORILOR MACROECONOMICI AI
REPUBLICII MOLDOVA N CADRUL IEFS........................... 17
Emilia Mioara CAMPEANU, Viorica CHIRIL, Adriana MANOLIC
STUDIU COMPARATIV PRIVIND PERCEPEREA CALITTII NVTMNTULUI SUPERIOR
ECONOMIC CAZUL TRILOR MEMBRE ALE UNIUNII EUROPENE................. 30
Emma DIBOVA, Radu CUHAL, Mihai UNGUREANU
ANALIZA COMPARATIV A PIETELOR VALORILOR MOBILIARE N REPUBLICA CEH SI
BULGARIA NAINTE DE IMPLEMENTAREA REGIMULUI DE TINTIRE A CURSULUI DE SCHIMB.... 40
Tatiana MANOLE
CERCETRI N DOMENIUL MANAGEMENTULUI FINANTELOR PUBLICE N UNIUNEA
EUROPEAN................................................................................................................................................................ 45
Alexandru NEGRUT, Ludmila TBCARU, Alexandru GRIBINCEA
EVOLUTIA COMERTULUI EXTERIOR AL REPUBLICII MOLDOVA N PERIOADA POSTCRIZ.... 53
Ion BZGU, Ana TIMU$
EFICIENTA PROIECTELOR INVESTITIONALE PRIVIND ALIMENTAREA CU AP N LOCALITTILE
URBANE DIN REPUBLICA MOLDOVA............................... 61
Elena ACULAI, Valentina VEVERITA
LEGISLATIA PRIVIND SUSTINEREA NTREPRINDERILOR MICI SI MIJLOCII N REPUBLICA
MOLDOVA: RETROSPECTIV SI PREZENT............................. 74
Ludmila COBZARI, Dumitru SLONOVSCHI
ELEMENTELE MODELULUI INVESTITIONAL GENERALIZAT AL UNEI TRI........................................ 84
Marcel CHISTRUGA, Maria HAMURARU
ACCESUL LA FINANTE CONSTRNGERE LA CRETEREA ECONOMIC N REPUBLICA
MOLDOVA......................................... 90
Petru CATAN, Viorica $EPTELICI
ROLUL MANAGEMENTULUI STRATEGIC N ACTIVITATEA INSTITUTIILOR BANCARE DIN
REPUBLICA MOLDOVA................................... 99
Vladimir CUCIREVII
PROPUNERI PENTRU LRGIREA BAZEI FISCALE SI PERFECTIONAREA POLITICILOR
CHELTUIELILOR PUBLICE N SCOPUL DIMINURII DEFICITULUI BUGETAR........... 106
Lilia OGLIND
EVALUAREA ETAPELOR SI A CRITERIILOR DE SELECTARE A PROIECTULUI INVESTITIONAL
OPTIM PENTRU AFACERILE MICI............................... 117
Corina MATEI GHERMAN
MARKETINGUL SI FIRMA N SOCIETATEA VIITOARE..................... 123
Radu CUHAL, Simion MI1A, Dorin SLOBOZIAN, Alexandru CRASOVSCHI
ESTIMAREA EFECTELOR DE RUNDA A DOUA ASUPRA INFLATIEI DE BAZ........... 130
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
6
Sergiu GU$ILO, Alexandru GRIBINCEA
ANALIZA PIETEI APARATELOR ELECTRONICE......................... 143
Sergiu DUTA
ABORDAREA SISTEMIC A ADMINISTRRII NTREPRINDERILOR MICI SI MIJLOCII........ 153
Silvestru MAXIMILIAN, Elena NIREAN
RISCURI: TRATRI METODOLOGICE............................. 159
Eugeniu POPA
COMERTUL EXTERN AL UNIUNII EUROPENE CU PRODUSE CULTURALE............ 167
Victoria GANEA, Cristina COPCEANU
REFLECTII ASUPRA POSIBILITTILOR DE OPTIMIZARE A SURSELOR DE FINANTARE A
AGENTULUI ECONOMIC................................... 173
Lilia ROTARU, Tatiana VI$ANU
ALINIEREA REPUBLICII MOLDOVA LA CELE MAI BUNE PRACTICI INTERNATIONALE N
DOMENIUL PLANIFICRII BUGETULUI............................ 179
Angela DELIU, Lilian BRODESCO
MIXUL DE MARKETING N SECTORUL BANCAR....................... 187
Silvestru MAXIMILIAN, Maria FISTIC
CORELAREA INTERESELOR PRODUCTORULUI DE STRUGURI CU ALE VINIFICATORULUI:
ASPECTUL METODOLOGIC................................. 194
SOCIOLOGIE
Ion MOCANU
ANUL 2011: PROCESE SOCIO-POLITICE N VIZIUNEA POPULATIEI................ 200
Valentina VINOGRADOVA
EVALUAREA RISCULUI DE SRCIE A GOSPODRIILOR CASNICE CU COPII........... 216
CERINTE DE PREZENTARE A ARTICOLELOR $TIINTIFICE SPRE PUBLICARE N REVISTA
,ECONOMIE $I SOCIOLOGIE................................ 222
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 7
nr. 2 / 2012
CONTENTS
ECONOMY
Szakcs Zs., Guth L., Vasa L.
CONSUMPTION CHARACTERISTICS OF BRANDED MEAT PRODUCTS IN HUNGARY THE VALUE
CHAIN APPROACH...................................... 9
Alexandru STRATAN, Marcel CHISTRUGA, Zinovia TOACA, Zaharia OLARESCU
THE PROCESS OF FORECASTING MACROECONOMIC INDICATORS IN THE REPUBLIC OF MOLDOVA
WITHIN IEFS......................................... 17
Emilia Mioara CAMPEANU, Viorica CHIRILA, Adriana MANOLICA
COMPARATIVE STUDY ON THE PERCEPTION OF QUALITY OF ECONOMIC HIGHER EDUCATION
THE CASE OF THE EUROPEAN MEMBER STATES....................... 30
Emma DIBOVA, Radu CUHAL, Mihai UNGUREANU
COMPARATIVE ANALYSIS OF SECURITIES MARKETS IN THE CZECH REPUBLIC AND BULGARIA
BEFORE IMPLEMENTING THE EXCHANGE RATE TARGETING REGIME............... 40
Tatiana MANOLE
RESEARCH ON FINANCIAL PUBLIC MANAGEMENT OF THE EUROPEAN UNION........... 45
Alexandru NEGRUTA, Ludmila TABACARU, Alexandru GRIBINCEA
DEVELOPMENT OF THE FOREIGN TRADE IN POST-CRISIS PERIOD OF THE REPUBLIC OF
MOLDOVA......................................... 53
Ion BIZGU, Ana TIMUS
THE EFFICIENCY OF INVESTMENT PROJECTS ON WATER SUPPLY IN URBAN AREAS IN REPUBLIC
OF MOLDOVA......................................... 61
Elena ACULAI, Valentina VEVERITA
LEGISLATION ON SMALL AND MEDIUM-SIZED ENTERPRISES` SUPPORT IN THE REPUBLIC OF
MOLDOVA: RETROSPECTIVE AND PRESENT........................... 74
Ludmila COBZARI, Dumitru SLONOVSCHI
ELEMENTELE MODELULUI INVESTITIONAL GENERALIZAT AL UNEI TRI............. 84
Marcel CHISTRUGA, Maria HAMURARU
ACCESS TO FINANCE CONSTRAINT TO THE ECONOMIC GROWTH IN THE REPUBLIC OF
MOLDOVA......................................... 90
Petru CATAN, Viorica SEPTELICI
THE ROLE OF STRATEGIC MANAGEMENT IN THE ACTIVITY OF BANK INSTITUTIONS IN
MOLDOVA......................................... 99
Vladimir CUCIREVII
PROPOSALS FOR THE TAX BASE WIDENING AND IMPROVING THE PUBLIC EXPENDITURE
POLICIES IN ORDER TO REDUCE THE BUDGET DEFICIT..................... 106
Lilia OGLINDA
EVALUATION PHASES AND SELECTION CRITERIA FOR AN OPTIMAL INVESTMENT PROJECT FOR
SMALL BUSINESS........................................ 117
Corina MATEI GHERMAN
MARKETING AND COMPANY IN FUTURE SOCIETY........................ 123
Radu CUHAL, Simion MI1A, Dorin SLOBOZIAN, Alexandru CRASOVSCHI
THE ESTIMATION OF SECOND ROUND EFFECTS ON CORE INFLATION.............. 130
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
8
Sergiu GUSILO, Alexandru GRIBINCEA
ANALYSIS OF THE ELECTRONIC APPLIANCES MARKET..................... 143
Sergiu DUTA
SYSTEMIC APPROACH OF THE SMES MANAGEMENT....................... 153
Silvestru MAXIMILIAN, Elena NIREAN
THE RISKS: METHODOLOGICAL APPROACHES.......................... 159
Eugeniu POPA
EUROPEAN UNION EXTERNAL TRADE WITH CULTURAL GOODS................ 167
Victoria GANEA, Cristina COPACEANU
EVALUATION PHASES AND SELECTION CRITERIA FOR AN OPTIMAL INVESTMENT PROJECT FOR
SMALL BUSINESS........................................ 173
Lilia ROTARU, Tatiana VISANU
ALIGNMENT OF THE REPUBLIC OF MOLDOVA TO THE BEST INTERNATIONAL PRACTICES IN THE
AREA OF BUDGET PLANNING................................. 179
Angela DELIU, Lilian BRODESCO
MARKETING MIX IN THE BANKING SECTOR .......................... 187
Silvestru MAXIMILIAN, Maria FISTIC
CORRELATION OF INTERESTS BETWEEN GRAPE PRODUCER AND THE WINEMAKER:
METHODOLOGICAL ISSUES.................................. 194
SOCIOLOGY
Ion MOCANU
THE 2011 YEAR: SOCIAL-POLITICAL PROCESSES IN THE POPULATION`S VISION............ 200
Valentina VINOGRADOVA
ASSESSMENT OF THE POVERTY RISK OF HOUSEHOLDS WITH CHILDREN............... 216
REQUIREMENTS FOR PREZENTATION OF THE SCIENTIFIC ARTICLES FOR PUBLICATION IN
,ECONOMY AND SOCIOLOGY................................ 222
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 9
nr. 2 / 2012
ECONOMIE
CARACTERISTICILE DE CONSUM
ALE PRODUSELOR DIN CARNE DE MARC
N UNGARIA - ABORDAREA DIN PUNCT
DE VEDERE AL LANTULUI VALORIC
CONSUMPTION CHARACTERISTICS
OF BRANDED MEAT PRODUCTS
IN HUNGARY - THE VALUE CHAIN
APPROACH
Szakcs Zs., Cuth L., Jasa L.
Szent Istvn University, Hungary
Faculty of Economics and Social Scienves
Szakcs Zs., Cuth L., Jasa L.
Szent Istvn University, Hungary
Faculty of Economics and Social Scienves
Marca si problemele sale strategice, ambele fiind
teoretic clasate in arii separate, repre:inta o parte decisiva
in comportamentul consumatorului si in comunicarea de
marketing, fapt ce de:valuie o relatie interesanta. Utili:ind
cercetarile noastre anterioare, abordam acele ba:e care fot
fi punctul de pornire pentru "constructie" si cu afutorul
acestuia, poate fi estimata valoarea adaugata a branding-
ului. incepind cu un impact mafor asupra ofertei, au fost
investigate consumurile. Pe parcursul ultimilor 25 de ani de
schimbari socio-economice, s-au simtit efecte sporite in
productia de carne, procesarea si consumul. Cu standarde
adecvate, informatii, supraveghere din partea unei surse de
incredere, utili:atorul sau consumatorul primesc un produs
de o calitate inalta (in :onele rurale, de obicei se consuma
propriul produs sau sau se procura de la piata de la un
vin:ator bine-cunoscut). Produsele straine sau de origine
necunoscuta. aici exista cel mai mare risc, deoarece in
multe hipermarket-uri, sau centre comerciale mari se
intimpla mai multe abu:uri, re-etichetari, nu este furni:ata
informatia necesara. Jalorile s-au schimbat in ultimul
deceniu si foarte des au dus la tendinte nutritive
contradictorii si discordante, care au afectat categoriile de
valori ce foaca un rol decisiv in comportamentul
consumatorului. Consideratiile etice si de sanatate, timpul si
placerea sunt printre cele mai importante valori.
Cuvinte cheie: Carne de marca, comunicare de
marketing, comportamentul consumatorului
The brand and its strategic issues both theoreticallv
separable area, it is a decisive part in the behavior of the
consumer and in marketing communication, which
reveals an interesting relationship. Using our previous
researches we am looking for those bases which can be
the starting ,building` point and with the help of it the
marketing added value of branding can be estimated.
Starting with a mafor impact on the supplv side,
consumption was investigated. Over the past two and a
half decades of socio-economic changes made a strong
affect in meat production, processing and consumption.
With appropriate standards, information, supervision
from a reliable source, the user or consumer get high
qualitv, domestic product (in rural areas tvpicallv
consume their own or thev buv the product in the market
from a well-known seller.) Foreign or unknown origin
products. here is the greatest risk because in manv
hvpermarkets, or large shopping center happens a lot
,abuse`, re-labeling, moreover not proper information
is provided. Jalues has changed in the last decade and
often led to contradictorv, discordant nutritional trends,
which have affected the value categories plaving a
decisive role in consumer behavior. Health, ethical
considerations, time and pleasure are among the most
important values.
Key words: branded meat, marketing communication,
consumer behavior
Introduction. During the period Irom 1991 until present
days the privatization oI Iood industry has given a very varied
result. Beside Ioreign capital investment, employee buyouts,
privatization lease application, mental arithmetic, stock sales,
bank property acquisition took place as well. Rather interesting
that large corporations are beginning to merger (e.g., Pick Co.
acquired the Herz salami Iactor and the Ringa Meat Company
Co., the Hajdusagi Co. became the poultry market strongest
company, the Group oI Babolna and the Conavis Co.) These
changes have led to an acceleration oI innovation in marketing,
the traditional domestic brands are reIreshed, the internationals
are widespread and appeared the commercial brand names.
Generally (as we know), the more we have, the less its value
worth. A wide variety oI brands and brand owners' presence
and communication enhance the market noise, which can
conIuse consumers. Meanwhile a lot oI people are seeking Ior
the security and something to grab on to. Moreover the
consumer expectations are changing as well: to provide
experiential purchase conditions, attraction, show elements has
become a requirement Ior the consumers (Trcsik, 2003).
1.1 Recogni:able changes on the consumers sides.
These processes have resulted a signiIicant realignment
in the demand side oI the Iood market. Nowadays, only
Iood can achieve long-term success that carries some
nutritional beneIits and has clearly distinguishable
marketing characteristics (Szente, 2006). From our point oI
view, all these required a necessary step to be made: a
novel approach oI the Iood consumer segmentation. In
order to reveal the characteristic diIIerences oI Iood
consumer's behavior, beside traditional demographic, social
and economic criteria, it is appropriate to use such
segmentation criteria as well, with which the individual
market groups can be characterized more precisely. In the
study oI consumer behavior - according to the Ioreign
literature - with the start oI the eighties, the value and value-
based market segmentation have got a bigger role.
1.2 Main obfectives of the research
The social changes, the accelerated pace oI liIe,
the revaluation oI quality oI liIe increased the value oI
leisure.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
10
According to our Iundamental hypothesis the
adjudication oI the values and the time in it can be applied
as a segmentation criteria, thereIore it oIIers the chance to
characterize new consumer target groups in the market oI
Iood consumption and ,work meal market as well.
Purposes:
- C1: Value concept, the general consumer behavior
characterization oI the dimensions.
- C2: The interpretation oI brand conscious behavior.
- C3: Conduction oI quantitative research to conIirm
the segmentation oI meat product.
- C4: Model Creation (in connection with the
inIluential Iactors oI communication).
The objective is to create a heuristic model in the view oI
the results oI the primary researches, which elements can be
used as a starting point oI Iurther researches. We would like
to make a model that can substantiate the communication oI
the branded meat products consumption in a period oI
purchase. It characterizes the connections system between
the Iactors which inIluence the content oI the message and
its chosen Iorm. Establishing the consumer model (in a
practical aspect as well) will give useIul inIormation to
proIessionals who is thinking about the development and
communication oI their product supply. In the research we
intend to prove that the values, the brand awareness, the
adjudication oI Iood consumption utility Iactors are very
distinct in diIIerent consumer section. There are links
between the target groups which were evolved according to
the demographic, and the behavioral segmentation criteria.
Between the target groups as aggregations there are always
some overlaps, but it is important to deIine the diIIerences
correctly.
MATERIALS AND METHODS
2.1 Basic secondary research
In the research we would like to analyze the inIluential
Iactors oI branded meat products' consumption and the
decisive preIerences oI costumers' decisions. Towards, we
did a previous secondary research, and it made possible to
determine those questions and "grey stains" which are need
to be examine in a deeper way during the qualitative quest.
With the help oI the secondary examinations the aim were
only the study oI the "environment", the delineation oI the
most important inIluential Iactors oI market and sector,
which play a role as an inIluential Iactors.
2.2 Quantitative national primary research
In the Irame oI the qualitative, primary research we
indented to reveal some questions more precisely, and in a
more detailed Iorm with the issue oI branding the products
and their Iactors in which way and how can they inIluence
the decisions oI the customers. We chose the survey as a
quantitative research method, including e-survey (or
electronic consultation), Ior me it was the most eIIective
way. To make a primary research methodology, Iirst it was
necessary to do a careIul planning and to analyze deeply the
data Irom the secondary research. The qualitative research
methodology's basic elements are the Iollowing:
Survey: via online questionnaire survey (method: CAWI)
based on the group oI aged 18-65. The questionnaire was
Iilled out by 550 people.
AIter Iiltering out the deIective questionnaires and
those who has exclusive proIessions (see questionnaire:
media, market research, marketing) the sample Iinally
has 390 elements. During the survey we used the
conducted sampling by weighting criteria, to not to get
very high weight numbers. (The reason oI that: Iirstly,
the demographics parameters oI the internet users still do
not Iit the whole Hungarian population, secondly, each
user groups are more active in Iilling the questionnaire.)
The data recording and processing happened during the
spring oI 2011.
Weighting and representativeness: The sample (390
people) became edge weighted according to
sex/age/educational level and region between the 18-65
years old people living in Hungary. See more: weighting
inIormation. It provides the representativeness.
Summary: The results are available partly in a tabular
Iorm. In the total column are the simple distributions.
There are some cross boards with the main
demographical characteristics.
Representation oI the results: Diagrams were made
about the basic results and some cross-correlation.
Evaluation criteria: BeIore all test, weights must be used
because oI correct adjustment. Another aspect is that a)
ranking oI each brands is not relevant because the
examination oI the brands is not holistic, Iurthermore, the
opinions themselves are too subjective. Only a small pieces
oI the brands were tested. AIter the results were overviewed
it became determined that what Iurther speciIic contexts
need to be explored regarding the study subject.
The proposed test directions were
- Some meat (pork, chicken, etc.) nutritional
value (in terms oI nutritional needs) price and
consumption habits. Do people make rational decisions?
- Role oI the brands and the importance oI the
assigned values.
- The diIIiculties oI the branded products.
RESULTS AND DISCUSSION
Starting with the examination oI supply side which
strongly inIluences the consumption. Over the past two
and a halI decades oI socio-economic changes on the
Iield oI meat production, processing and consumption
have made a great impact, as a result stock-raising, meat
production, processing, trade, namely the management
positions oI meat ,verticum have changed signiIicantly.
- Iirstly, the major part oI domestic Iood
consumption (demand) is satisIied by the domestic Iood
production;
- secondly, the domestic agricultural products' major
market is the domestic Iood industry;
- thirdly, one oI the main pillars oI the Iood industry
is the national economy`s export, the balance oI its
Ioreign trade is positive.
Nowadays it is a positive phenomenon that those
products' share grow in the export which have aimed at
more conIident buyers and require higher processing
degree. In the example oI meat can also be noted that
there is a strong competition between some meat
industry Iirms at home and abroad as well.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 11
nr. 2 / 2012
Internal conditions.
- the state`s role diminished, privatization;
- reduction oI the subsidies oI production and export,
liberalization;
- the abolition oI the central subsidy oI consumer
prices, making Iree the agricultural and Iood industry's Iarm
and consumer prices;
- the decline in Iood consumption, stricture oI the
domestic solvent demand;
- diIIerentiation.
External conditions.
- the Comecon (KGST), the East-European
cooperation system's collapse;
- transport to the industrialized countries;
- agreement about the abolishment oI trade policy
restrictions.
The Iood industry had to put a bigger emphasis to
product innovation, quality, marketing activities, corporate
identity design etc. than beIore. Just a Iew can manage to
Iorm their own shop network (e.g., Pick). While at the
beginning oI the millennium, the purchase oI households
(value basis) only 9 percent were home brands, while this
proportion increased to 26 percent by 2008, although the
growth rate have declined because oI the credit crisis. Today
is about 28. Above a certain magnitude the growth stop,
because it is unproIitable Ior the trader to increase his own
brand's proportion in the selection, as the trader can lose
those-tend to have more purchasing power-customers, Ior
whom the range oI branded products is important aspect.
3.1 National primarv quantitative research and the
creation of a theoretical model
The maintenance oI domestic meat value chain
competitiveness and its enhancement in Iood economy,
and maintaining its role in the national economy and
because oI these the issue has a strategic importance,
since in our home environment there are all the
capability Ior the proper quality agricultural products, or
rather raw material Ior the meat production and
processing. In today's worldwide problem is the Iinancial
crisis, which can appear in this Iield as well: lack oI
interest by producers, Iarmers; the strengthening oI
unemployment, layoIIs, loss oI income, and as a
consequence: mass-scale shiIt to cheaper products.
Appropriate instructions, inIormation, iI there is
supervision Irom a reliable source, the user and
consumer get good quality, domestic product (in rural
areas typically do this, or they consume their own,
or they buy it in the market Irom a well-known
seller).
3.1.1 Foreign or unknown origin products.
Here is the greatest risk, in many hypermarkets, or
large shopping center happening a lot abuse, because oI
re-labeling, moreover not proper inIormation. In the
questionnaire we also asked about these experiences,
sometimes with a very surprising result. Values have
changed in the last decade led oIten contradictory,
discordant nutritional trends, which have aIIected the
value categories playing a decisive role in consumer
behavior.
Fig. 1. Meat consumption habits - in the aspect of regularity
How often do they consume the following types of meats?
7
4
3
1
64
9
77
24
2
5
19
3
3
19
32
4
13
27
19
10
40
6
7
7
42
43
3
31
52
47
28
49
30
2
16
51
2
15
25
36
11
41
58
0 10 20 30 40 50 60 70 80 90 100
Pig
BeeI
Sheep
Chicken
Turkey
Duck
Geese
Fish
Wild meat
SeaIood
Daily Weekly
Monthly Less than monthly
Never
No answer
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
12
Szente-Szeles-Szakaly (2006) made a research on the
Iood consumer behavior trends and considered health an
outstanding trend as the main social value, which is
expected to play the most important role in the coming
years. The key values are the Iollowing: health (security,
controlled), ethical considerations (livestock, slaughter),
time(speed, comIort) and pleasure. The results are presented
in the Iollowing table (see Figure 1).
It can be determined Irom the test results that the
customers in a great proportion buy pork, presumably
because oI its low price and certain cultural anthropological
tradition, and the other extreme: the special meat originated
Irom the sea and it is consumed the least, which reasons can
be its relative obscurity or rather in a respective way its
price. It can be observed, however, that the balance seems to
tip towards the goods oI the white meat, and within Ior the
chicken, what the per capita consumption and the
consumption Irequency values support. Although some
people don't consider pork as "red meat", its consumption
amount and Irequency still exposes the crucial second halI
oI the consumption. The amount and Irequency oI
consumption oI beeI is accordingly to the international
trends.
The interesting thing is that the consumption oI the
lower amounted wild meat get a relatively higher value in
the aspect oI regularity, than lamb. Their consumption
unambiguously indicate the rare category. In the regularity
oI the consumption oI poultry meat except chicken meat
turkey meat is represented the most; consumed weekly. In
the Iollowing table we examined that each types oI meat
what kind oI gradation get in the purchase palette oI the
customers, based on how oIten the customers mentioned in
their answers. Results are displayed in the Iigure below (see
Figure 2). From the analysis oI the results clearly shows that
we can make the chicken meat the most beloved types oI
meat, because in connection with the mentions, it was the
most common in the Iirst and in the second place as well.
The chicken among the concept oI people, mostly it is
known about its simplicity, its relatively low price, and its
least negative health aIIects (in some sense its positive
aIIects). Not surprisingly, nowadays chicken is the most
popular types oI meat among costumers.
OI course, in the overall ranking and in the mentions, in
the second place is Ior the pork, however somewhat it is
surprising, that the in the third place is not Ior the beeI, but Ior
the Iish.
Fig. 2. Meat consumption habits - in the aspect of precedence
The data that can be seen in the Figure 3 indicating that
high-income respondents, except that a portion oI their
saving can be handled as their saving, the branded products
are also preIerred by them.
Only 22 oI the customers registered in a good
income category said that it is diIIicult Ior them to
achieve branded products, which can be claimed
remarkably too high in another aspect.
The determination of the three most popuIar types of meat by the number of mentions
Pig; 96
Pig; 84
Pig 87
Pig; 267
Beef; 39
Beef; 51
Beef; 43
Beef; 133
Chicken 158
Chicken 105
Chicken; 62
Turkey 28
Turkey; 50
Turkey; 36
Turkey 114
Duck 7
Duck 17
Duck; 22
Duck 45
Geese 4
Geese; 7
Geese; 11
Fish; 28
Fish; 55
Fish; 100
fish; 183
Wild meats; 11
Wild meats; 7
Wild meats; 14
wild meats; 33
Fruits of the sea; 9
Fruits of the sea; 11
Fruits of the sea 10
Fruits of the sea; 30
Chicken; 325
1st place
2nd place
3rd place
Summary of the number of
mentions
(total place 1-3)
aggregated
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 13
nr. 2 / 2012
No wonder that those respondents who registered
in the lower income category is almost 80, which is
probably too high comparing to the international
standards. Furthermore, it is numerous, that more than
third oI respondents in the middle category said the
same.
The highest consensus among respondents oI income
categories evolved in the aspect oI branded products are
saIe. In the categories oI upper and middle income
respondents' 80 answered in this way, while the
consumers majority oI the lowest income category agree
as well (64).
Fig. 3. Summarized statement in order to income status I
Similarly high acceptance characterized the Iollowing
questions as well, although these extent decreases with the
decline oI the income as well, this extent is about 70.
Some conclusions: a) The branded products are tasty, b) The
branded products are healthy (good inner content), c) The
name oI the brand is a guarantee Ior good quality.
The last statement got the maximum value Ior
acceptance among people in the higher income category,
which almost reached 90. The skeptical belieIs to the
brands can be discoverable iI the contraindicated question
relative high agreed response's value is observed, that "the
brand is only good to make the product more expensive".
The respondents in the high income category also agreed in
a quiet high proportion: 38, while in the bad income
category 69.
3.2 The high degree of price sensitivitv is supported bv
the following two questions.
We purchase high quality branded products, and thereIore
we are willing to pay higher price too. On this question, our
statement is based on the big diIIerence. In the category with
higher income, the positive answers were 82 oI respondents,
while 55 oI middle class and low-income category, only
35. We continuously monitor current promotions and
choose based on those. In the high-income category, the value
is 51 and 81 in the low income category
The Iinal evaluation oI the research collected data
about speciIic brands, during their analysis the most
common diIIerences were also emerged Irom income
status
Beside the best-known brands oI the domestic
market, less known brands were also studied. It is a
parallel analysis oI brand relevance and income level oI
the respondents. The results show no clear diIIerences
between the diIIerent brands, however, shows that in the
category oI the consumption oI higher price level brands,
the higher-income respondents were also represented
higher. We Iound outliers in the higher income
categories in the Iollowing brands: Csabai, Kaiser, Her:,
Zimbo, Ringa, Bekesi, Regnum.
It is remarkable also that the vast majority oI lower-
income respondents, choose the own brands oI the
supermarket chains.
4. NEW SCIENTIFIC findings
4.1 New scientific results
Brands meet diIIerent levels oI needs through their
Iunctions. The Iunctions can be built on each other,
some Iunctions are Iundamental, while others have a
higher level oI needs. These diIIerent Iunctions can
represent diIIerent importance depending on the
particular brand. (HoImeister-Toth & Trcsik 1996).
Agreements with the statements with the subdivision of the income categories
70%
65%
56%
68%
69%
66%
46%
67%
69%
52%
64%
67%
78%
42%
78%
59%
68%
83%
77%
35%
52%
89%
38%
77%
82%
83%
22%
72%
0% 20% 40% 60% 80% 100%
Brand name is a guarantee for excellent quality
Brand name only good to make products
more expensive
Branded products are healthy (inner content)
Branded products are safe (food safety)
Branded products are tasty
Branded products hard to achieve for such people,
like me
Brand name is important for me
Gets on well with his monthly income, and he has savings
Gets on with his monthly income but he has no savings
Does not get on with his monthly income
All
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
14
During the research we have examined the domestic Iood
and consumer behavior Iocusing on the consumption oI
meat and red meat consumption and psychographic Iactors
aIIecting the core market and the main trends oI its
evolution. In our study consumer behavior is Iundamental,
the key was the Iactors tied to the value trends, with Iocus
on determining role oI the brand.
Results of the research:
1. Quantitative, primary research was carried out to
explore, support the opportunities oI the characteristics oI
meat consumption and segmentation, which proved that the
diIIerences among the meat consumer segments are caused
by Iactors such as the ones mapped during the general Iood
consumer segmentation.
2. We outlined a communication model based on the
research that integrates the meat consumption
characteristics, its base is the construction and widening oI
brand-conscious behavior and takes into account the
diIIerent consumer characteristics.
3. In the research we proved that values, brand
awareness and utility assessment oI Iood consumption
Iactors in various consumer segments are signiIicantly
diIIerent.
During the research it was outlined that there are several
links among the target groups segmented by demographical
and behavioral criteria, yet we believe that the examined
groups can be easily and quickly separated Ior practitioners
as a result oI that it can be used and easily interpreted.
The segments outlined by the research can be eIIectively
characterized and certain meat consumer segments and
target groups can be estimated by certain producers. As a
result oI the research results marketing and communication
have become possible to plan how to reach the described
consumer segments.
There is an unexpected result oI our research such as it
can be seen more clearly the role oI nutritional beneIits and
the distinction oI branding based on the behavior oI the
domestic meat consumers (meat consumer segments),
particularly with regard to the diIIerent-income segments.
4.2 Conclusions and recommendations
The Iollowing statements were made during the
examination oI brand awareness oI the consumption oI meat
consumers. According to the Iundamental hypothesis, the
social change, the accelerated pace oI liIe, revaluation oI the
quality oI liIe increased the value oI leisure. As a result, the
values and judgment oI the time became a new segmentation
criterion, it oIIers an opportunity to characterize new
consumer target groups both on the Iood retail market.
- The domestic meat consumption segments oI the
literature are not well deIined, there is a lot oI uncertainty.
The marketing activities in practice, oIten more like Iashion
than justiIied. Some activities used were sometimes
exaggerated, sometimes dropped.
- The Hungarian meat consumer behavior reIlects the
general Iood consumer behavior.
- The brand awareness has increasing role in customer
decisions, which is proved in the research.
- Most customers oI meat products in the domestic
market, (signiIicantly) is committed to a brand, but it is
rather a habit than conscious brand loyalty (Easy to
inIluence).
- The price sensitivity is still high, that is a key
Iactor in the consumption oI meat, regardless oI income
category. OI course, the price sensitivity is the largest in
the lowest income category.
- The long-term Iinancially rational consumption
behavior among women is more determining.
- The high brand values by themselves do not have
signiIicant eIIect, iI it does not include real or deemed
(recognized by customers) to be realistic nutritional
beneIits. This is partly due to the undeveloped oI brand
awareness, on the other hand, the strong price sensitivity
- The brand is considered by consumers to be more
a positive measure oI value than steepening Iactors.
- Based on the results the appropriate use oI brands,
the creation oI perceived and real value Ior companies
can mean an exceptional opportunity.
- The income level signiIicantly inIluences the
attitude to brands, loyalty, education and social status
contributes to that the brand message can be easily
transIerred by the (brand oIIering) companies.
- Consumers strongly diIIerentiate branded
products, moderately willing to pay more Ior it iI it has
real beneIits Ior them, but there also a presence oI
skeptical belieIs.
- It cannot be decisively said that consumers accept
the health impact oI the brand value.
- Health awareness is present among the Hungarian
consumers (especially the revealed intentions), but due to
uncertainty in the knowledge there are no strong
loyalties. Many consumers enIorces more traditional
aspects regarding health awareness (For example: "You
cannot eat healthy with little money", "advertised healthy
Iood is not really healthy" ... etc.).
- The older generation much more accepts the
values oI the brand.
- Women are more likely to think in long term,
strive to save more in order to maintain their Iamilies,
less predisposed to experiment more, they go shopping
more regularly and they are more rational, less impulse
buyers but more receptive to the supermarkets own
branded products.
- In small towns and village communities people
reject branding.
- The higher the educational level, the less common
Ior a lower price-quality "private label" products to be
consumed.
- The commitment to Hungarian products is
extremely strong, although consumers may not have
accurate knowledge oI the origin oI the product.
- The taste-experience is signiIicantly over-
represented among the domestic consumers.
- Almost halI oI consumers deny that they would
try the advertised brands.
- The perceived behavior oI consumers and the
brand's high-priced products in the value oI their
reactions to disappointment.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 13
nr. 2 / 2012
Higher price
ranked "private
IabeI" products
RuraI areas
smaII popuIation
settIements
- Highlight product the benefits
- - Price advantage
- - Rational beneIits (eg, more,
bigger, promotional, packaging,
simplicity, etc) to the lower
income categories oI consumers
and Ior women
- - To emphasize the nutritional
beneIits Ior higher income
- -New popularity oI the beneIits
Ior younger
PRODUCT
price position
Lower price
ranked "private
IabeI" products
brand
acceptance
less!
brand
acceptance
more!
- The brand's role distinctive
only
- The emphasis on consumption
of local, historical or traditional
- The stress on Hungarian
products or components
- Highlight product the benefits
- - Price advantage
- - Rational beneIits (eg, more,
bigger, promotional, packaging,
simplicity, etc) to the lower
income categories oI consumers
and Ior women
- - To emphasize the nutritional
beneIits Ior higher income
- -New popularity oI the beneIits
Ior younger
- The brand's role distinctive
only
- The emphasis on consumption
of local, historical or traditional
- The stress on Hungarian
products or components
Emphasize the benefits of
BRAND
- - Emotional values
- - Emphasis on prestige
- - Conscious oI the nutritional
beneIits should be emphasized
Ior higher income (eg,
healthiness, saIety, home
values, content, intensity,
excellence, quality) Ior women,
men, older
- - Special products Ior quality,
Ior men (eg, culinary
curiosities, such as wine)
- - Special beneIits Ior the
younger
Cities
Iarge popuIation
settIements
- The role of brand recognition,
brand awareness to be used
- Traditional product values,
qualities emphasizing
- emphasis on product Hungary
(+ hungaricums)
Product and brand advantage is
emphasis on benefits
- - Rational beneIits (eg, quality,
certiIicate oI origin, etc.).
- - To emphasize the nutritional
beneIits Ior higher income and
brand awareness building
should be
- - New popularity oI the beneIits Ior
younger people (eg, quality,
tradition, a new Iorm)
- The brand's role not only an
isolation, more than that!
- (+ A conscious brand building)
- The consumption patterns,
trends, emphasizing, in
addition to local traditions
- The stress on the Hungarian
products or components
brand
acceptance
less!
brand
acceptance
more!
VALUE
DIMENSIONS
Product advantage
motivations
SOCIAL
motivations
(segments)
emotionaI
motivations
(brand
values)
VALUE
DIMENSIONS
SOCIAL
motivations
(segments)
Product advantage
motivations
emotionaI
motivations
(brand
values)
VALUE
DIMENSIONS
Product advantage
motivations
emotionaI
motivations
(brand
values)
SOCIAL
motivations
(segments)
VALUE
DIMENSIONS
SOCIAL
motivations
(segments)
emotionaI
motivations
(brand
values)
Product advantage
motivations
Cities
Iarge popuIation
settIements
RuraI areas
smaII popuIation
settIements
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
16
- Meat consumption shiIts not only in quantity but also
the Irequency oI white meat towards chicken.
AIter summarizing the test results we can say that
it is expedient to develop a brand communication
strategy which diIIerentiate the message by gender, age and
region.
Figure 4 we will try create an inIormation base
schema (model), which based on the research results,
integrates the Hungarian consumer behavioral characteristics
related to meat consumption, brand building and the
widening possibilities oI conscious behavior, and the
presented characteristics oI the diIIerent consumer
segments.
The basic model includes segregation, which can be
extended on request, be detailed. The essence oI the
model that beside the combination oI diIIerent segments,
the main values oI products are also diIIerent thus it is
also important to have an appropriate communication that
suits.
The model`s structure is Iollowed by a concept such
as price segments brand Iorms a coherent Iactor
system. The relationship is represented by a triangle with
the motivational Iactors situated in the peaks and these
Iactors are associated with the system. For example, the
motives related to product beneIits, we Iind the peak oI
the price Iactor, or other value dimensions originating
Irom product beneIits. Those value dimensions related to
brand value and the brand awareness are placed on the
peak oI emotional motivation. On the peak oI social
motivations can be Iound the characteristics oI the
identiIied customer segments and the resulting psychic
value dimensions.
We can display the shiIt oI communication Iocus
with the triangle representing the value dimensions. The
base oI the diIIerentiated communication model is given
by the segmentation Ieatures represented with a two-
headed column in the model. The priority was to keep
the model simple enough to be stay useIul.
1he possibilities of utilization of the results
The developed societies oI the world and values are
characterized by the diversity oI conIlicting value systems and
coexistence. The discordant values oIten appear in the Iorm oI
contradictory trends similar to the consumer and the Iood
consumer behavior (2006 Szakaly, Lehota 2004, Szente et al.,
2006). With this research work we managed to get results Irom
the research that can be used in practice in the area oI the
selection oI marketing tools, choice oI communication channels
and the deIinition oI communication contents.
The segments outlined in the research can be used
independently and in combination as well to help
manuIacturers and distributors oI branded products to
continue to speciIying and diIIerentiating mainly their
marketing activities and messages to each target
direction
The created model oI communication, oI course,
is not complete, just a basic skeleton oI speciIic
models used in practice, but can easily be used as a
pattern.
Referin(e bibliografice/References
1. TROCSIK, M. Fogyasztoi magatartas trendek. Uj Iogyasztoi csoportok. Budapest: Kjk-Kerszv, 2003. 352 p.
ISBN 9632247213.
2. SZENTE, V. Tendenciak az koelelmiszerek Iogyasztasaban es ertekesiteseben. In: Elelmiszer taplalkozas es
marketing. 2006, no. 1, pp. 31-36.
3. SZENTE-SZELES-SZAKALY. Az elelmiszer-Iogyasztoi magatartastrendek vizsgalata, kiemelt Iigyelemmel a
strategiai elelmiszerekre. In: Taplalkozas, elelmiszer es marketing. 2006, no. 3 (2), pp. 3-11.
4. HOFFMEISTER-TOTH, A., TROCSIK, M. Fogyasztoi magatartas. Budapest: Nemzeti tanknyvkiado, 1996.
5. SZAKALY, Z. A Taplalkozasmarketing uj iranyai. In: Taplalkozas, elelmiszer es marketing. 2006, no. 3 (1),
pp. 3-12.
6. LEHOTA, J. Az elelmiszer-Iogyasztoi magatartas hazai es nemzetkzi trendjei. In: Elelmiszer, taplalkozas es
marketing. 2004, no. 1 (1-2), pp. 7-13.
Recomandat spre publicare. 07.02.2012
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 17
nr. 2 / 2012
DERULAREA PROCESULUI DE PROGNOZARE
A INDICATORILOR MACROECONOMICI
AI REPUBLICII MOLDOVA N CADRUL IEFS
THE PROCESS OF FORECASTING
MACROECONOMIC INDICATORS IN THE
REPUBLIC OF MOLDOVA WITHIN IEFS
Alexandru S1RA1AA, dr. hab., IEFS
Marcel CHIS1RUCA, dr., cerc. yt. sup., IEFS
Zinovia 1OAC, dr., lector univ. sup., ASEM
Zaharia OLRESCU, cercet. St., IEFS
Alexandru S1RA1AA, PhD, IEFS
Marcel CHIS1RUCA, PhD, senior researcher, IEFS
Zinovia 1OACA, PhD, senior univ. professor, ASEM
Zaharia OLARESCU, scientific researcher, IEFS
In articolul dat s-a incercat de a descrie, cat se poate de
succint, procesul de progno:are a principalilor indicatori
macroeconomici ai Republicii Moldova pe termen mediu de
ctre colaboratorii IEFS cercettori tiintifici cu experient
in domeniu. El include aprecierea situatiei socio-economice
curente in linii generale, progno:e referitor la evolutia
economiei mondiale in anii apropiati, presupuneri pentru
anul 2012 in vi:iunea expertilor IEFS i calculri de
progno: pentru anii 2013-2015. In acest studiu calculrile
de progno: s-au efectuat utili:and pachetul econometric
EWIEJS, verificat i adaptat la realittile economiei
nationale.
Cuvinte cheie: proces de progno:are, indicatori
macroeconomici.
This article attempts to describe as brieflv as
possible, the process of medium term forecasting of
main macroeconomic indicators of the Republic of
Moldova bv IEFS staff experienced scientific
researchers. It includes the assessment of the current
general socio-economic situation, forecasts of the
global economv for the vears to come, IEFS experts
assumptions for 2012 and forecasts for vears 2013-
2015. In this studv, forecast calculations were
performed using the econometric package EWIEJS,
checked and adfusted to the realitv of the national
economv.
Key words. process of forecasting, macroeconomic
indicators.
Introducere. Dezvoltarea economic durabil si
bunstarea populatiei este scopul primordial al autorittii
centrale a trii si realizarea acestor scopuri depinde n mare
msur de viziunile strategice, de prognozarea si modelarea
situatiilor viitoare. Orice decizie este nsotit de unele
consecinte, care uneori nu pot Ii prevzute, dac nu sunt luate
n calcul eIectele si interactiunea dintre diIeriti indicatori
macroeconomici.
n cadrul cercetrilor stiintiIice ale IEFS un rol aparte
apartine cercetrilor n domeniul prognozrii si monitorizrii
indicatorilor macroeconomici ai Republicii Moldova.
Scopul principal al cercetrii const n analiza tendintelor
de dezvoltare, aprecierea situatiei social-economice actuale,
perIectarea si adaptarea modelelor macroeconometrice
existente la speciIicul economiei nationale si utilizarea
acestora n procesul de prognozare a evolutiei economiei n
concordant cu directiile prioritare de dezvoltare a trii pe
termen scurt si mediu.
n procesul de prognozare, drept suport si ghid
metodologic, se utilizeaz astIel de documente ca Programul
de activitate al Guvernului Republicii Moldova ,Integrarea
European: ,libertate, Democratie, Bunstare 2011-2014.
,Strategia National de Dezvoltare a Republicii Moldova
2012-2020, ,Memorandumul despre politica economic si
Iinanciar pentru anii 2010-2012 din 14 ianuarie 2010,
ncheiat ntre Guvernul Republicii Moldova si Fondul
Monetar International si alte documente importante.
Cercetrile se bazeaz si pe o inIormatie multipl: date
statistice, programe si strategii de dezvoltare a diIeritor
ramuri si domenii, inIormatii internet, cercetri selective si
speciale, precum si alte surse.
Rezultatele si scopul analizei rezid n determinarea
structurii economiei nationale, nivelului si proportiilor n
producerea si consumul productiei, identiIicarea modului de
Iunctionare a economiei, legturilor si interdependentelor
unor componente si elemente ale ei, dinamicii diIeritor
Introduction. Sustainable economic development
and population welIare is the key goal oI the country`s
central authorities and achieving this goal depends
largely on strategic visions, Iorecasting and modeling
oI Iuture situations. Any decision is accompanied by
some consequences, which sometimes can not be
predicted, iI one does not take into account the eIIects
and interaction oI various macroeconomic indicators.
Within the scientiIic research oI IFES, a special role
is attached to research in the area oI Iorecasting and
monitoring macroeconomic indicators oI the Republic
oI Moldova.
The main purpose oI the research is the analysis oI
development trends, assessing the socio-economic
situation, developing and adjusting existing
macroeconometric models to the peculiariteis oI the
national economy and their use in Iorecasting the
economic development in line with the country's
priority development in the short and medium term.
During the process oI Iorecasting the Iollwing
documents oI the Government Work Program were
used "European Integration: Freedom, Democracy, and
WelIare "2011-2014. "National Development Strategy
oI the Republic oI Moldova 2012-2020",
"Memorandum on economic and Iinancial policy Ior
2010-2012" as oI 14 January 2010, signed between the
Government oI Moldova and the International
Monetary Fund and other important documents.
Research was also based on multiple inIormation:
statistical data, programs and development strategies
Irom various sectors and areas, data Irom Internet,
selective and speciIic research, and other sources.
Results and purpose oI analysis determine the
structure oI the national economy, the level and scale
oI production and consumption oI production,
identiIying the Iunctioning model oI the economy,
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
18
procese n timp, evaluarea tendintelor care au loc si a celor
preconizate.
n procesul de studiere se utilizeaz urmtoarele metode
stiintiIice ca: analiza diagnostic; identiIicarea tendintelor n
dezvoltarea economiei; previziuni economice stiintiIic
argumentate; aplicri deductive si inductive; modelare
matematic a proceselor economice: econometrice, statistice,
analiza regresional, metoda calculului analitic si a.
Aprecierea situa(iei socio-economice curente n linii
generale
n procesul de analiz s-a constatat c, n perioada de
tranzitie la economia de piat, Republica Moldova s-a
conIruntat cu probleme majore n vederea asigurrii eIiciente
si rapide a transIormrilor economice. Dup mai mult de 20
de ani de reIorme economia trii nu a reusit s recupereze
pierderile din anii de recesiune, care s-au produs, n principal,
n primii 5 ani (1990-1994) de tranzitie.
n linii mari se poate de spus c, perioada de recesiune a
durat prea mult timp, pierderile au Iost prea mari, iar ritmurile
de crestere din perioada de relansare economic nu au Iost
suIiciente pentru a le recupera. La moment tara se aIl ntr-o
situatie diIicil, dispunnd de un potential economic egal cu
mai putin de 60 n raport cu cel care l avea la nceputul
reIormelor.
Din studiile eIectuate se poate de concluzionat c,
economia Moldovei s-a lansat pe traiectoria cresterii
nregistrnd ritmuri majore ntre anii 2001-2005. ncepnd,
ns, cu anul 2006 ritmurile de crestere s-au diminuat, iar n
2009, economia trii, Iiind puternic aIectat de criza
Iinanciar-economic mondial, pentru prima dat dup 2000 a
consemnat reduceri, nregistrnd o diminuare a PIB Iat de
anul precedent cu 6,0. Principala cauz a declinului a Iost
reducerea consumului care a reactionat nc n anul 2008.
Dup declinul din 2009, n anul 2010 economia trii a
reusit, ntr-o oarecare msur, s revin la normalitate,
recupernd decalajul admis n anul anterior, ba chiar
depsindu-l cu 1,1. Cel mai mare succes se consider
restabilirea echilibrului macroeconomic si a bugetului public
national cu un deIicit, care se ncadreaz n limitele
coordonate cu institutiile Iinanciare internationale (FMI;
BM). S-a produs o consolidare destul de puternic a
sistemului Iinanciar-bancar si monetar-creditar, marea
majoritate a indicatorilor acestui sector Iiind mai atractivi
dect cei de pn la criz.
Criza Iinanciar-economic mondial, suprapus de criza
politic din interiorul trii, a complicat mult situatia socio-
economic. Desi noua guvernare a trii a venit la conducere
cu un program anticriz bine aranjat si consistent, realizarea
acestuia s-a complicat din cauza instabilittii politice si a
conjuncturii neIavorabile pe pietele din exterior.
n ,Strategia National de Dezvoltare a Republicii
Moldova 2012-2020 se mentioneaz urmtoarele:
Cresterea economica din Republica Moldova, in tandem
cu tendinta de reducere a srciei, sunt strns corelate cu
Iluxul de remitente si consumul generat de acestea din urm.
Castigurile din munca moldovenilor aIla(i peste hotarele (arii
(vezi Figura ce urmeaz) au alimentat venitul disponibil al
gospodariilor casnice, conducand astIel la majorarea cererii
agregate de consum.
linkages and interdependencies oI its components and
elements, dynamics oI various processes in time,
assessing trends which are hapening and those
expected.
During the study the Iollowing methods were used:
diagnostic analysis, identiIiIication oI trends in
economic development, scientiIically reasoned
economic Iorecasts, deductive and inductive
applications, mathematical modeling oI economic
processes: econometrics, statistics, regression analysis,
analytical calculation method, etc.
Assessment of the current general socio-
economic situation
During the transition to market economy, Moldova
has Iaced major problems to ensure eIIicient and rapid
economic transIormations. AIter more than 20 years oI
reIorm the country's economy Iailed to recover the
losses Irom recession, which occurred mainly during
the Iirst Iive years (1990-1994) oI transition.
In general it can be said that recession has lasted too
long, the losses were too high and growth rates oI
economic upswing were not suIIicient to recover them.
Currently the country is in a diIIicult situation, with an
economic potential equal to less than 60 compared to
the one it had at the beginning oI reIorms.
Moldovan economy saw major growth rates in
2001-2005. Since 2006, growth rates have declined and
in 2009 the economy oI the country was strongly
aIIected by global economic and Iinancial crisis and Ior
the Iirst time since 2000 had a 6.0. GDP decrease
compared to the previous year. The main cause oI
decline was reduced consumption.
AIter declining in 2009, in 2010 the economy has
managed, to some extent, to return to normality, caught
up the previous year gap, even exceeding it by 1.1.
The biggest success is the recovering oI
macroeconomic balance and the general government
budget with a deIicit, within the lmits agreed with
international Iinancial institutions (IMF, WB). There
was a strenghtening oI the Iinancial and banking, and
monetary and crediting system, most indicators oI this
sector being more attractive than beIore the crisis.
Global economic and Iinancial crisis merged with
the political crisis inside the country, has greatly
complicated the socio-economic situation. Although
the country's new government came into power with a
well arranged and consistent anti-crisis program, its
implementation was complicated by political instability
and unIavorable environment on external markets.
The "National Development Strategy oI the
Republic oI Moldova 2012-2020" provided Ior the
Iollowing:
Economic growth in Moldova, together with
the trend oI poverty reduction are closely correlated
with the Ilow oI remittances and consumption
generated by the latter. Gains Irom Moldovans working
abroad (see Figure below) Iueled household disposable
income, leading to increased overall consumption
demand.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 19
nr. 2 / 2012
Fig. 1. Dinamica transferurilor de peste hotare, efectuate de persoane fizice prin intermediul bncilor (mil. dol. SUA)/
Fig. 1. Dynamics of transfers from abroad by natural entitites by means of banks (mil. USD)
Sursa/Source: Datele statistice ale anilor respective/Statistical data of previous years.
Constrns de capacit(ile limitate de produc(ie
autohton, aceast cerere a Iost satisIcut in mare msur de
importurile de bunuri si servicii. Bugetul public na(ional a
beneIiciat pe urma acestei situa(ii, ns balan(a comercial a
evoluat n direc(ia unui deIicit comercial alarmant. Pe lng
Iaptul c cresterea economic bazat pe consum si remiten(e
expune economia (rii ctre o serie de vulnerabilit(i, exist
un pericol si mai mare asociat acestui model de crestere
economic Iaptul c volumul remiten(elor va incepe s
scad la un moment dat.
ConIorm rezultatelor analizei, in Republica Moldova,
cresterea din anii 2000-2010 poate Ii atribuit, in principiu,
majorrii capitalului a stocului productiv de capital Iix.
Acesta s-a majorat, in mediu, cu 8,2 anual, ceea ce
reprezint un ritm destul de nalt, dar care s-a dovedit a Ii
insuIicient. n al doilea rnd, cresterea PIB a Iost condi(ionat
si de cresterea productivit(ii comune a muncii si capitalului
(4.7 anual). Prin urmare, natura cresterii a Iost mai mult
extensiv dect intensiv. Trecerea activittii economice din
sIera produc(iei agricole, caracterizat printr-o productivitate
joas n sIera industriei si serviciilor, unde productivitatea
este mai nalt explic aceast perIorman( relativ. Prin
contrast, dinamica Ior(ei de munc a aIectat negativ cresterea
economic. Tendin(ele migrationiste care s-au conturat in
aceast perioad au determinat scderea ratei de activitate n
economia na(ional de la 60 la 44. For(a de munc
eIectiv, ca Iactor al Iunc(iei de produc(ie, a sczut pe
parcursul ultimului deceniu de la 1514 mii persoane la doar
1143 mii n 2010 sau, n mediu, cu 2.8 anual. Aceast
scdere submineaz inIluen(a pozitiv a cresterii capitalului si
a productivit(ii, si n rezultat, erodeaz cresterea PIB
inregistrat.
Per total, am avut parte de o crestere economic Ir
Iormarea locurilor de munc si Ir retehnologizarea masiv a
produc(iei.
De altIel, cam la aceleasi concluzii au ajuns si expertii
Bncii Mondiale, care, studiind situatia din Republica
Moldova (Memorandumul Economic pentru Moldova), admit
Constrained by the limited capacity oI domestic
production, this demand was largely met by imports oI
goods and services. The central government has
beneIited Irom this situation, but the trade balance has
turned into an alarming trade deIicit. In addition to the
Iact that economic growth based on consumption and
remittances exposes the economy to a number oI
vulnerabilities, there is a greater danger associated with
this model oI economic growth, i.e. that remittances
will start to decline at one point in time.
As per analysis results, growth in the Republic oI
Moldova during 2000-2010 can be mainly attributed to
an increase in capital productive stock oI Iixed capital.
This has increased on average by 8.2 annually, which
is a pretty high rate, but still insuIIicient. Second, GDP
growth was also conditioned by an increase in common
productivity oI labor and capital (4.7 annually).
ThereIore, the nature oI growth was more extensive
rather than intensive. Switching economic activity in the
area oI agricultural production, characterized by low
productivity, to the area oI industry and services, where
productivity is higher, explains this relative perIormance.
By contrast, labor dynamics has adversely aIIected
economic growth. Migration trends that emerged during
this period have determined a decreased rate oI activity
in the national economy, Irom 60 down to 44.
Actual labor as a Iactor oI production decreased during
the last decade, Irom 1.514 million to only 1.143 million
in 2010 or, on average, by 2.8 annually. This reduction
undermines the positive inIluence oI capital and
productivity growth and, as a result, erodes recorded
GDP growth.
Overall, we have had a jobless economic growth,
without a massive re-equipment oI production.
In Iact, the World Bank experts reached basically
the same conclusions, hence in studying the situation in
the Republic oI Moldova (the Country Economic
Memorandum Ior the Republic oI Moldova) they admit
that almost 40 oI the labour Iorce oI the Republic oI
0
2 0 0
4 0 0
6 0 0
8 0 0
1 0 0 0
1 2 0 0
1 4 0 0
1 6 0 0
1 8 0 0
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
20
c cca. 40 din bratele de munc ale Republicii Moldova se
aIl peste hotarele trii. n acest document se mai
mentioneaz c, ,Moldova... este n prezent cea mai srac
tar din Europa. Venitul pe cap de locuitor a crescut
vertiginos din anul 2000, desi ntr-un ritm mai sczut dect
media din trile Europei de Est, Iiind n continuare net
inIerior nivelului din perioada sovietic. Nici Iluxurile de
capital, nici exporturile si nici investitiile strine directe (ISD)
nu au condus la prosperitatea economic recent a Moldovei,
aceasta datorndu-se mai degrab muncitorilor emigranti care
au plecat peste hotare si trimit bani acas. Moldova a
experimentat o crestere Ir crearea locurilor de munc...
Migratia a contribuit pe moment la reducerea srciei, n
schimb a contribuit la crearea unui ciclu de oportunitti
reduse acas.
Nivelul de ocupare, de altIel, vorbeste despre capacitatea
societtii de a crea locuri de munc si de a asigura cettenilor
si un trai decent. Cu regret, pe parcursul perioadei ce s-a
scurs de la nceputul reIormelor si pn n prezent, din
motivele lipsei de experient si a deciziilor incorecte ale
guvernantilor, adesea inspirate de propriile ambitii politice si
ideologiile distructive, incompatibile cu teoriile si practicile
deja probate a reIormelor, acestea nu s-au soldat cu rezultate
satisIctoare, ba mai mult ca att, aceast perioad ar putea Ii
apreciat ca stagnant.
Analiza tendintelor ce s-au Icut observate n structura
PIB pe perioada de analiz, denot Iaptul c, de rnd cu
ritmurile insuIiciente de crestere a PIB, s-a produs si un sir de
schimbri structurale negative. S-a nruttit semniIicativ
structura PIB ct pe categorii de resurse, att si pe categorii de
utilizri, ceea ce mrturiseste despre o deviere de la
normalitate n directia reducerii calittii valorice a acestuia,
(Tabelul 1).
Moldova resides abroad. The document also speciIies
that ,Moldova... is currently the poorest country in
Europe. Income per capita increased rapidly since
2000, though in slower pace than on average in Eastern
European countries, yet it is still much lower than its
level during the Soviet times. Neither capital inIlows,
nor exports and no direct Ioreign investments (DFI) led
to the recent economic prosperity oI Moldova, it is
rather due to emigrant workers, who leIt abroad and
sent money back home. Moldova experienced growth
without creating jobs... For the time being, migration
contributed to poverty reduction, yet on the other hand
it contributed to creating a cycle oI reduced
opportunities at home, too.
In Iact, the level oI employment speaks about the
society`s capacity to create jobs and to ensure decent
liIe Ior its citizens. It is with regret that during the
entire period between the reIorms launch and today,
because oI lack oI experience and incorrect decisions
oI the governing authorities, which oItentimes were
inspired by their personal political ambitions and
destructive ideologies incompatible with the already
proven theories and practices oI reIorms, the latter have
not resulted in satisIactory outcomes, but rather this
period can be considered stagnant.
The analysis oI trends that have been observed in
GDP structure during the analysed period shows that
alongside with an insuIIicient rate oI GDP growth a
number oI negative structural changes were made.
GDP structure worsened signiIicantly both in terms oI
categories oI resources and categories oI uses, which
testiIies to a deviation Irom normality towards a
decline oI its quality oI value (Table 1).
Tabelul 1/Table 1
Schimbri n structura PIB ( fa(a de total)/
Changes in GDP structure ( compared to total)
2000 2005 2010
PIB pe categorii de resurse /GDP by categories oI resources 100 100 100
Valoarea adugat brut total /Gross value added total
87,5 84,0 83,4
Bunuri /Goods 41,7 32,2 25,2
Agricultura /Agriculture 25,4 16,4 11.9
Industria / Industry 16,3 15,8 13.3
Servicii/Services 48,2 53,8 58,2
Impozite nete pe produse si import / Net taxes on products and import 12,5 16,0 16.6
PIB pe categorii de utilizri /GDP by categories oI uses 100 100 100
Consumul Iinal total /Final consumption total 103,1 109,9 115,0
consumul Iinal al gospodriilor /Final consumption oI households 87,6 92,2 91,4
Consumul Iinal al administratiei publice si private /Final consumption oI
public and private administrations
15,5 17,7 23.6
Formarea brut de capital /Gross capital Iormation 23,9 30,8 23.7
Formarea brut de capital Iix /Gross Iixed capital Iormation 15,4 24,6 22.7
Exportul net /Net exports -27,0 -40,7 -38.6
Export /Export 49,6 51,2 39,6
Import /Import 76,6 91,9 78,2
Sursa/Source: Datele statistice ale anilor respectivi/Statistical data of corresponding years.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 21
nr. 2 / 2012
AstIel, n structura PIB pe categorii de resurse, s-a
redus cota parte a valorii adugate brute cu 4,1
puncte procentuale (de la 87,5 n 2000 la 83,4 n 2010) si
n aceeasi msura s-a majorat cota parte a impozitelor nete pe
produse si import. Schimbri dezavantajate s-au produs si n
structura nssi a valorii adugate brute, n special a
bunurilor (industriei si agriculturii), ponderea crora n
valoarea adugat brut s-a redus n aceast perioad cu 16,5
puncte procentuale (de la 41,7 n 2000 pn la 25,2
n 2010).
n structura PIB pe categorii de utilizri s-au consemnat
schimbri si mai pronuntate. n prezent, n tar se consum
mai mult de ct se produce. CiIrele din tabelul de mai sus
denot, c n anul 2010 s-a consumat cu 15 mai mult de ct
PIB-ul produs n acest an, iar n comun cu acumulrile de
capital (cererea intern) a depsit volumul produs al PIB-ului
cu 38,7. AstIel, relansarea economiei nationale a Iost
nsotit de accentuarea dezechilibrului dintre volumul cererii
interne si volumul producerii. Rolul principal n cresterea
cererii Iinale l joac sporirea consumului gospodriilor
casnice determinat, n principal, de aIluxul de mijloace ale
remitentilor.
Prognoze referitor la evolu(ia economiei mondiale n
anii apropia(i
n procesul de prognozare, pe lng multitudinea de
cercetri la subiect, nu n ultimul rnd se tine cont de
prognozele si presupunerile institutiilor si expertilor ct
externi att si interni, cum ar Ii: FMI, Banca Mondial,
Centrul analitic independent Expert-Grup s. a.
AstIel, economistii de la Banca Mondial anticipeaz o
ncetinire a cresterii economice la nivel mondial n 2012.
Prognozele Bncii Mondiale au Iost stabilite n conditiile n
care criza din zona euro nu se adnceste. Potrivit, ns,
prognozelor reactualizate, n anul 2012 Produsul Intern Brut
va creste la nivel global cu 2,5, n timp ce rata de crestere
estimat pentru anul 2011 constituie 2,7, vezi ciIrele din
tabelul de mai jos.
Thus, in GDP structure by categories oI resources the
share oI gross value added declined by 4,1 percentage
points (Irom 87,5 in 2000 to 83,4 in 2010) and the
share oI net taxes on products and imports increased to the
same extent. Disadvantageous changes occurred in the
structure oI gross value added itselI, in particular in terms
oI goods (industry and agriculture), whose share in gross
value added declined by 16,5 percentage points during
that period (Irom 41,7 in 2000 to 25,2 in 2010).
Even greater changes were recorded in GDP
structure by categories oI uses. Currently the country
consumes much more than it produces. The Iigures in
the table above testiIy that in 2010, consumption was
higher by 15 than GDP produced that same year, while
together with the accumulation oI capital (domestic
demand) it exceeded the volume oI produced GDP by
38,7. Thus, the national economy re-launch was
accompanied by an emphasised imbalance between the
domestic demand and the volume level oI production.
Increased household consumption reasoned mainly by a
remittances-based inIlow oI money plays the main role
in the Iinal demand growth.
Forecasting the evolution of global economy in the
upcoming years
In Iorecasting, apart Irom a multitude oI relevant
researches, in no small measure do they take into
consideration the Iorecasts and assumptions oI both
Ioreign and domestic institutions and experts, such as:
IMF, the World Bank, Independent Analytical Center
Expert Grup, etc.
Thus, the World Bank economists predict a slower
economic growth worldwide in 2012. The World Bank
Iorecasts were set on condition that the Eurozone debt
crisis does not deepen. However, pursuant to updated
Iorecasts, the Gross Domestic Product will increase
worldwide by 2,5 in 2012, while the estimated growth
rate Ior 2011 is 2,7, see the table below.
Tabelul 3/Table 3
Prognoza general a dezvoltrii economiei mondiale (modificri procentuale fa( de anul precedent)
Overall forecast of the world economy`s development (percentage changes compared to the previous year)
2009 2010 2011 preal. 2012 prog. 2013 prog.
Conjunctura mondial /World conjuncture
Volumul comrtului mondial (mrIuri si servicii) /Volume oI world trade (goods and
services)
-10,6 12,4 6,6 4,7 6,8
Preturile la materia prim (dol.) /Raw materials prices (USD)
MrIuri materie prim, (cu ecsceptia petrolului) Raw materials goods, (except oil) -22,0 22,4 20,7 -9,3 -3,3
Pretul petrolului (dol./barel) /Oil price (USD per barrel) 61,8 79,0 104,0 98,2 97,1
Cresterea real a PIB /Real GDP growth
Mondial World -2,3 4,1 2,7 2,5 3,1
PIB mondial (n baza PPP)* /World GDP (based on PPP)* -0,9 5,0 3,7 3,4 4,0
Trile cu nivelul nalt al veniturilor /High income countries -3,7 3,0 1,6 1,4 2,0
Zona Euro /Euro Zone -4,2 1,7 1,6 -0,3 1,1
Japonia /Japan -5,5 4,5 -0,9 1,9 1,6
SUA /USA -3,5 3,0 1,7 2,2 2,4
Trile n curs de dezvoltare /Developing countries 2,0 7,3 6,0 5,4 6,0
Asia oriental si Oceanul PaciIic /Eastern Asia and the PaciIic Ocean 7,5 9,7 8,2 7,8 7,8
Europa si Asia Central /Europe and Central Asia -6,5 5,2 5,3 3,2 4,0
America Latin si trile bazinului Caraibe /Latin America and the Caribbean Basin
countries
-2,0 6,0 4,2 3,6 4,2
Orientul apropiat si AIrica de Nord /Middle East and North AIrica 4,0 3,6 1,7 2,3 3,2
Asia de Sud /South Asia 6,1 9,1 6,6 5,8 7,1
Trile AIricii spre sudul Saharei /AIrica South oI Sahara 2,0 4,8 4,9 5,3 5,6
PPP - paritatea puterii de cumprare. /PPP - Purchasing power parity.
Sursa/Source: Banca Mondial/ 1he World Bank.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
22
Unul din momentele cele mai pozitive ale recesiei din
anii 2008-2009 a Iost viteza cu care trile n curs de
dezvoltare au iesit din criz (53 din trile n curs de
dezvoltare ctre anul 2010 si-au restabilit potentialul de
pn la criz). Acum ns trile n curs de dezvoltare arat
mai vulnerabile n situatia posibilei nruttiri a
conjuncturii mondiale
Nectnd la Iaptul c, situatia neIavorabil a trilor
europene cu venituri nalte pn cnd nu a depsit pragul
limit, ns, dac criza se va extinde, si pietele nu ar
permite unui sir de economii europene s atrag Iinantri
suplimentare, rezultatele ar putea Ii mult mai diIicile si
volumul PIB mondial ar putea Ii cu 4 sub nivelul
prognozat n scenariul de baz.
Banca Mondial avertizeaz c de aceast dat, iesirea
din criza economic mondial va Ii mult mai diIicil. De
asemenea, institutia anticipeaz c ncetinirea economiei
globale risc s aIecteze n special trile n curs de
dezvoltare. n aceste conditii destul de incerte trile n
curs de dezvoltare trebuie s-si aprecieze gradul de
vulnerabilitate si s-si ntocmeasc planuri de rezerv n
caz de recesiune economic.
Criza acut a trilor cu nalt nive al veniturilor poate
conditiona presiuni asupra balantei de plti si a conturilor
acelor state, care n mare msur depind de exportul de
materie prim si de Iluxul de remitente. n acest caz
volumul de remitente poate s se reduc pn la 6 si mai
mult, ceea ce va inIluienta negativ asupra 24 de tri n
care volumul transIerului de bani constituie 10 si mai
multe procente din PIB.
Presupuneri pentru anul 2012 n viziunea
exper(ilor IEFS
n viziunea expertilor IEFS evolutia economiei
nationale pentru perioada scurt si medie este destul de
sumbr si se explic prin urmtoarele:
1. Economia trii este n direct dependent de
evolutia economiei mondiale si n primul rnd de trile
Europei si a vecinilor nostri cu care avem strnse legturi
de comert exterior, iar ultimele prognoze sunt mai
pesimiste, dect cele anterioare. AstIel, Comisia
european, n recenta apreciere a situatiei a diminuat
esential prognoza dinamicii PIB n zona Euro pentru 2012
- acum ea asteapt o reducere a acestuia cu 0,3, atunci
cnd n toamn se spera la o majorare cu 0,5.
Eurocomisia a ridicat si nivelul inIlationist pentru 2012
pn la 2,1 de la 1,7, stimulat de preturile nalte la
sursele energetice si majorarea impozitelor indirecte.
Expertii analitici ai Eurocomisiei presupun c n acest an
n Uniunea European n ansamblu va Ii o stagnare, iar n
zona Euro o mic recesie.
2. n legtur cu nruttirea situatiei din zona Euro e
mult posibil s se diminueze exporturile si importurile
Moldovei, acestea Iiind inIluentate si de conditiile
climaterice neIavorabile, care Ir ndoial vor duce la
diminuarea productiei agricole una din principalele surse
de export.
3. Din aceeasi pricin (p.1) pot s se reduc
remitentele, care n ultimii ani constituie 18-20 din PIB,
iar revenirea n tar a unei prti din muncitorii nostri ce
activeaz peste hotare ar putea completa rndurile
One oI the most positive aspects oI recession in 2008-
2009 was the speed, with which developing countries
overcame the crisis (53 oI developing countries
recovered their pre-crisis potential already by 2010).
However, now developing countries seem to be more
vulnerable in the situation oI a possible worsening oI the
world conjuncture.
In spite oI the Iact that the disadvantageous situation oI
the high-income European countries has not yet exceeded
the threshold limit, but iI the crisis extends and the markets
do not allow a number oI European economies to attract
additional Iunds, the results could be much more diIIicult
and the volume oI global GDP could be lower by 4 than
the level predicted in the baseline scenario.
The World Bank makes a warning that this time it will
be much more diIIicult to overcome the global economic
crisis. Also, this organisation anticipates that a slowdown
in world economy may aIIect, in particular, the developing
countries. In these quite uncertain conditions the
developing countries should assess their degree oI
vulnerability and develop back-up plans in the event oI
economic recession.
An acute crisis oI the high-income countries may cause
pressures on the balance oI payments and accounts oI these
countries, which, to a great extent, depend on raw material
exports and on remittances inIlows. In this case the
volume oI remittances may decline by up to 6 and even
more, which will have a negative inIluence on the 24
countries, where the volume oI money transIers amounts to
10 and more oI |their| GDP.
Assumptions for 2012 by IEFS experts
In the opinion oI IEFS experts the short-term and mid-
term development oI the national economy is quite gloomy
and the Iollowing explain it:
1. Country`s economy depends directly on the
development oI world economy and, above all, on
European countries and our neighbours, with whom we
have tight Ioreign trade connections, but the latest
Iorecasts are more pessimistic than the previous ones.
ThereIore, in its recent assessment oI the situation, the
European Commission has signiIicantly diminished the
Iorecast oI the Eurozone GDP dynamics in 2012 it is
now awaiting its decline by 0,3, when in autumn it is
hoped to have a 0,5 increase. European Commission has
also increased the inIlation level Ior 2012 Irom 2,1 up to
1,7, incited by high prices Ior energy sources and by
increase oI indirect taxes. Analytical experts oI the
European Commission suppose that this year the European
Union overall will Iace stagnation, while in Eurozone there
will be a small recession.
2. Given the worsening oI the situation in the Eurozone
it is highly possible that Moldova`s exports and imports
will decrease, being inIluenced also by unIavourable
weather conditions, which will unquestionably result in the
decline oI agricultural production one oI the main
sources Ior export.
3. For the same reason (p.1) there may be a decrease oI
remittances that made 18-20 oI GDP in the recent years,
while the return oI some oI our workers, who have worked
abroad, would supplement the rows oI the unemployed and
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 23
nr. 2 / 2012
somerilor si nrutti situatia social, care si asa e destul
de tensionat.
4. Productia industrial, dependent ntr-o mare
msur de situatia din sectorul agricol, care dup cum se
vede nu va Ii cea mai Iavorabil, deasemenea nu d mari
sperante la o majorare semniIicativ a volumului acesteia.
5. Investitiile n economia trii, care dup criza
Iinanciar-economic din 2009 asa si nu au revenit pe
Igasul majorrii sensibile si sunt nc departe de nivelul
anului 2008, prevestesc despre o posibil stagnare a
dezvoltrii economiei nationale, att pentru anul curent,
ct si pentru urmtorii ctiva ani. Deosebit de alarmant
este situatia reIeritor la investitiile din mijloacele
investitorilor strini, care n 2011 au constituit doar 38,5
din cele ale anul 2008.
6. Nu n ultimul rnd asupra evolutiei economiei
nationale vor inIluenta Iactorii negativi legati de
instabilitatea, incertitudinea provocat de clasa politic,
imposibilitatea acesteia de a se axa pe problemele
stringente ale trii, rezolvarea crora este un imperativ al
momentului. Totusi alegerea, n sIrsit, a seIului statului
permite de a se spera la un viitor mai previzibil n
solutionarea multor probleme acumulate.
Acestea si multe alte obstacole, care stau n calea
progresului, nu permit de a miza pe o evolutie mai
ncurajatoare pentru anul 2012 si pentru anii din
perspectiva apropiat.
Calculri de prognoz pentru perioada 2013-2015
n baza modelului macroeconometric s-au eIectuat
calculri de prognoz pentru perioada (varianta
preliminar).
Calculrile au Iost eIectuate cu ajutorul modelului
macroeconometric, care reprezint un sistem din 80 de
ecuatii, din care 36 regresii si 44 identitti. Numrul total
de variabile exogene este de 32, din care 22 sunt ratele de
venituri si cheltuieli ale bugetului public national, care,
pentru anii de prognoz, se consider la nivelul ultimului
an inclus n esantion. Cercetarea sistemic a modelului a
dus la divizarea acestuia intru-un bloc cu ecuatii simultane
si un bloc cu ecuatii recursive. Estimarea regresiilor din
blocul cu ecuatii recursive a Iost eIectuat cu ajutorul
Metodei Celor Mai Mici Ptrate Ordinar (OLS), iar
regresiile din blocul cu ecuatii simultane au Iost estimate
cu ajutorul Metodei Celor Mai Mici Ptrate n dou stadii
(2SLS). Calitatea regresiilor a Iost determinat utiliznd:
testul Student; R2, R2-ajustat; testul Fisher,
detectarea autocorelatiei: testul Durbin-Watson,
testul Breusch-GodIrey;
detectarea heterodasticittii: testul Breusch-
Pagan-GodIrey, testul Harvey, testul Glejser
testul de cauzalitate Granjer;
prioritate regresiilor s-a dat conIorm criteriilor
Aliake si Schwarz.
Esantionul utilizat pentru estimarea regresiilor include
anii 1994-2011. Variabilele constante au Iost recalculate
n preturile anului 2000.
Din punct de vedere economic modelul poate Ii divizat
n:
1. blocul sectorului real;
2. blocul sectorului extern;
would worsen the social situation, which is quite tense
already.
4. Industrial production, which greatly depends on the
situation in the agricultural area that apparently is not the
most advantageous one, does not give too much hope Ior a
signiIicant increase oI its volume either.
5. Investments in the country`s economy, which aIter
the Iinancial-economic crisis oI 2009 have not yet Iully
reach the level oI signiIicant increase and are Iar Irom the
level oI 2008, Ioretell possible stagnation in the
development oI national economy both Ior this year and
Ior several upcoming years. Particularly alarming is the
situation reIerring to investments made by Ioreign
investors, which in 2011 amounted to just 38,5 oI |total
amount oI investments made in| 2008.
6. Last but not least, the development oI the national
economy will be under the inIluence oI negative Iactors
related to instability, uncertainty caused by the political
elite, the latter`s impossibility to Iocus on urgent problems
in the country the solution oI which is a necessity Ior the
time being. Nevertheless eventual election oI the head oI
state allows hoping Ior a more predictable Iuture in Iinding
solutions Ior numerous accumulated problems.
These and many other obstacles that are impeding
progress do not allow counting on a more encouraging
development in 2012 as well as Ior next years in the near
Iuture.
Forecast calculations Ior 2013-2015 (preliminary
version) were made on basis oI a macro econometric
model.
Calculations were made by means oI macro econometric
model, representing a system oI 80 equations, oI which 36
regression equations and 44 identity equations. Total
number oI exogenous variables is 32, oI which 22 are rates
oI incomes and expenditures oI the central government
(national government budget) that in terms oI the Iorecasting
years are taken into consideration at the level oI the last year
included in a sample. Systemic study oI the model resulted
in its division into a block oI simultaneous equations and a
block oI recursive equations. Regression in the block oI
recursive equations was estimated by the Ordinary Least
Squares (OLS) method, while regressions in the block oI
simultaneous equations were estimated by Two-Stage Least
Square (2SLS) method. The quality oI regressions was
determined by using:
Student test; R2, adjusted version oI R2; Fisher
test,
detecting autocorrelation: Durbin-Watson test,
Breusch-GodIrey test;
detecting heteroscedasticity: Breusch-Pagan-
GodIrey test, Harvey test, Glejser test
Granjer causality test;
priority to regressions was given in compliance
with Aliake inIormation and Schwarz inIormation criteria.
The sample used Ior regression estimation includes the
years oI 1994-2011. Constant variables were re-calculated
in prices as oI year 2000.
From the economic angle oI view the model can be
divided into:
1. real sector block;
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
24
3. blocul salariu-ocupare;
4. blocul preturilor.
n procesul de prognozare, a Iost utilizat capacitatea
pachetul econometric EWIEVS de a implica prerea
expertilor, ceea ce este oportun n cazul economiei
Republicii Moldova. Utilizarea prerilor expertilor duce la
Iaptul ca prognozarea s devin un proces ciclic, n
decursul cruia are loc modiIicarea valorilor unor
indicatori, care sunt calculati cu ajutorul regresiilor, dar
care exclude inIluenta direct asupra valorilor PIB-ului
estimat. AstIel n prognoza prezent a Iost utilizat
prerea expertilor reIeritor la volumul de productie
agricol si anume: n anul 2012 din cauza ngeturilor din
iarna trecut si altor conditii neIavorabile acest indicator
va Ii n descrestere.
Variabilele exogene utilizate n modelul
macroeconometric anual pentru economia Republicii
Moldiva pot Ii divizate n dou grupe: indicatori mondiali
(Tabelul 4) si indicatori economici nationali.
Valorile Iactorilor exogeni mondiali (Tabelul 4) sunt
estimate de expertii Fondului Monetar International
(FMI). Aceast prognoz poate Ii gsit pe pagina WEB a
FMI, care este actualizat de dou ori pe an (de obicei n
lunile aprilie si septembrie-octombrie). n aIara de aceasta
la inceputul Iiecrui an este eIectuat o comparare a
valorilor estimate si celor de-Iacto. Eventual este corectat
prognoza pentru urmtorii 2 ani. Valorile prognozei PIB-
ului din octombrie 2011 prezentate n tabel sunt,
deasemenea, corectate. Prognozele expertilor FMI
reIeritor la PIB-ul mondial n aprilie 2012 sunt mai
optimiste dect cele din octombrie 2011.
2. external sector block;
3. wage-employment block;
4. price block.
During the Iorecasting the econometric package
EWIEVS`s capacity to involve experts` opinion was used,
which is advisable in terms oI the economy oI the Republic
oI Moldova. The use oI experts` opinions results in the
Iorecast becoming a cyclic process, during which there
occur changes in the values oI some indicators calculated
with the help oI regressions but excluding the direct
inIluence on the values oI estimated GDP. Thus, the given
Iorecast used experts` opinions reIerring to the volume oI
agricultural production, in particular: in 2012 due to Irost
last winter and other unIavourable conditions this indicator
will be in decrease.
Exogenous variables used in the annual
macroeconometric model Ior the economy oI the Republic
oI Moldova can be divided in two groups: world indicators
(Table 4) and national economic indicators.
Experts oI the International Monetary Fund (IMF)
estimate the values oI global exogenous Iactors (Table 4).
One can Iind this Iorecast on IMF`s webpage, where it gets
updated twice per year (as a rule in April and during
September-October). Apart Irom this, at the beginning oI
every year a comparison between the estimated and de-
Iacto values is carried out. Eventually the Iorecast Ior the
next 2 years is corrected. The values oI GDP Iorecast Ior
October 2011 oIIered in the table are also corrected.
Forecasts oI IMF experts reIerring to global GDP in April
2012 appear to be more optimistic than the ones dating
October 2011.
Tabelul 4/Table 4
Evolu(ia indicatorilor mondiali estimat de FMI pentru anii 2011-2015
World indicators` evolution estimated by IMF for 2011-2015
Unitatea de
msur /
Unit
oI measure 2011 2012 2013 2014 2015
PIB, preturi constante
GDP, constant prices
Octombrie/
October 2011
preturile
a.2000, mild.
USD
47707,4 49281,8 51203,8 53149,5 55169,2
Aprilie/ April
2012
47730,4 49415,3 51426,5 53665,6 56105,8
Indicele pretului de
consum mediu anual
Annual average consumer
price index
Octombrie/
October 2011 Index,
2000100
153,5 159,1 164,3 169,4 174,7
aprilie /April
2012 153,3 159,5 165,3 171,0 176,8
Indicele pretului la
produsele alimentare Food
price index
Octombrie/
October 2011 Index,
2000100
226,7 216,5 242,4 271,5 304,1
Aprilie/April
2012 222,6 202,3 196,8 191,5 186,4
Indicele pretului la
produsele petroliere Oil
price index
Octombrie/Octob
er 2011 Index,
2000100
365,5 354,2 371,9 390,5 410,0
Aprilie/ April
2012 368,4 406,3 389,6 409,1 429,5
Indicele pretului la gaze
Gas price index
Octombrie/
October 2011 Index,
2000100
288,9 296,8 304,8 313,1 321,6
Aprilie/ April
2012 306,8 354,7 359,5 364,4 369,3
Sursa/Source: Calculri ale autorilor n baza datelor EMI/Authors' calculations based on IMF data.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 23
nr. 2 / 2012
Ipotezele de calcul, care stau la baza prognozei
determinate de evolutia Iactorilor externi:
evolutia anual a PIB-ului mondial n preturi
constante de la 3,53 n 2012 pn la 4,55 n 2015;
o crestere anual a IPC mondial, n jur de 3,6, o
descrestere a preturilor la produsele alimentare n medie
cu 4, o crestere a pretului mondial la gazele naturale, n
medie, cu 14 si o crestere a preturilor la produsele
minerale cu 16,5 n 2015 Iat de 2012.
Ipotezele, care stau la baza prognozei determinate de
evolutia Iactorilor exogeni interni (Tabelul 5):
Se presupune c rata medie a dobnzii la creditele
acordate n R. Moldova va avea o descrestere n
continuare si n anul 2015 va atinge nivelul de 11,5.
Se estimeaz o crestere a remitentelor de 5,3
pentru anii 2013-2015, cauzat de evolutia nu att de
pesimist a PIB-ului mondial, prognozat de expertii FMI.
Pentru cursul de schimb al valutei nationale s-a
determinat o depreciere usoar a leului moldovenesc, care
ar trebui s Iavorizeze exportul, avnd ca rezultat
mbunttirea balantei comerciale.
n ultimii ani are loc descresterea numrului
populatiei n republic. n model, acest indicator este
exogen si, pentru anii urmtori (2012-2015), a Iost stabilit
la nivelul anului 2010.
Evolutia agregatului monetar M2 a Iost
determinat in baza unui trend in aIara modelului cu un
ritm descresctor.
Calculation assumptions underlying the Iorecast
stemming Irom the evolution oI external Iactors:
annual growth oI global GDP in constant prices
Irom 3,53 in 2012 up to 4,55 in 2015;
annual growth oI global CPI, about 3,6, decrease
oI Iood price on average by 4, growth oI world natural
gas price, on average, by 14 and growth oI mineral
products prices by 16,5 in 2015 compared to 2012.
Assumptions underlying the Iorecast stemming Irom
the evolution oI internal exogenous Iactors (Table 5):
It is assumed that the average rate oI loan interests
oIIered in Moldova will be continuously decreasing and in
2015 it will reach the level oI 11,5.
It is estimated that remittances will increase by
5,3 in terms oI 2013-2015, such increase being caused
by the less pessimistic evolution oI global GDP Iorecasted
by IMF experts.
In terms oI the national currency exchange a slight
depreciation oI MDL was registered, which should
encourage export, thus, resulting in improved trade
balance.
In recent years population decline was registered in
the republic. In the model this indicator is exogenous and
Ior next years (2012-2015) it was set at the level oI year
2010.
The evolution oI M2 monetary aggregate was
determined on basis oI a decreasing trend beyond the
model.
Tabelul 5/Table 5
Valorile factorilor exogeni utiliza(i n macromodel/
Values of exogenous factors used in the macromodel
2009 2010 2011 2012 2013 2014 2015
Rata dobnzii la creditele
acordate/ The rate oI
interest Ior oIIered loans
20,3 16,3 14,5 13,5 12,5 12,0 11,5
Indicele ratei dobnzii la
creditele acordate/ Index oI
the rate oI interest Ior
oIIered loans
2000100 61,0 48,8 43,6 40,6 37,5 36,05 33,04
Agregatul monetar M2 la
sIrsit de an /M2 monetary
aggregate at the end oI the
year
mil. lei 20942,0 24770,7 28265,4 31515,4 35070,4 38959,2 43213,1
Crestere anual /Annual
growth
96,2 118,3 114,1 111,5 111,3 111,1 110,9
Numrul populatiei RM
/Number oI population in
RM
mii 3567,5 3560,7 3559,5 3559,5 3559,5 3559,5 3559,5
Remiterile /Remittances mil.USD 1182,0 1244,1 1453,8 1578,8 1661,8 1749,1 1841,1
Crestere anual /Annual
growth
71,2 105,3 116,9 108,6 105,3 105,3 105,3
Cursul de schimb al
monedei nationale/
National currency exchange
rate
lei/USD 11,11 12,37 11,91 11,76 11,85 11,9 12
Sursa/Source: Estimari ale autorilor/Authors' estimations.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
26
n cazul realizrii ipotezelor mentionate, modelul
prognozeaz o crestere a PIB-ului pentru anul 2012 de 4,3
si n anii urmtori n jur de 5,7 (Tabelul 6). Ritmul relativ
jos de crestere a PIB-ului este determinat n careva msur de
evolutia negativ a volumului de productie agricol, estimat
de expertii din domeniu. Descresterea volumului de productie
agricol cu 3,1 va determina o descrestere a valorii
adugate cu 1,5. n cazul lipsei unor cataclisme naturale,
care ar aIecta sectorul agricol pentru urmtorii ani, modelul
estimeaz o crestere a valorii adugate n mediu de 3 pentru
urmtorii ani
Valoarea adugat n industrie va creste n mediu cu 5
n anii 2013-2015. n 2012 va Ii aIectat si sectorul industrial,
deoarece o cot parte mare apartine industriei alimentare,
bazat pe prelucrarea productiei agricole. AstIel valoarea
adugat n acest an va creste cu 2,6. n anii de prognoz se
mentine cota-parte de 65 de servicii din valoarea adugat
total. Comertului i apartine 18,5, iar activittii de
transporturi -18 din valoarea adugat pe economie. Aceste
activitti depsesc cota industriei (15).
II the mentioned assumptions become reality, the
model predicts GDP growth in 2012 by 4,3 and in the
Iollowing years almost by 5,7 (Table 6). A relatively
low rate oI GDP growth is caused to a certain extent by
a negative evolution oI the volume oI agricultural
production estimated by experts in this Iield. A
decrease oI agricultural production by 3,1 will cause
a decrease oI the value added by 1,5. In the absence
oI natural disasters that could aIIect the agricultural
sector Ior the Iorthcoming years, the model estimates
value-added growth on average by 3 in next years.
Industry value added will grow on average by 5
in 2013-2015. In 2012, the industrial sector will also be
aIIected because a big share reIers to Iood industry
based on agricultural products processing. Thus, value
added will grow by 2,6 this year. In the Iorecast-
subject years a share oI 65 oI services is maintained
oI the total value added. Trade gets 18,5, and
transport activity gets 18 oI economic value added.
These activities exceed the industry share (15).
Tabelul 6 /Table 6
Evolu(ia n dinamic a indicatorilor macroeconomici principali n anii 2009-2015
Dynamics of the evolution of main macroeconomic indicators in 2009-2015
Unitatea 2009 2010 2011 2012 2013 2014 2015
de msur/
Unit oI
measure
eIectiv estim. prognoz
PIB nominal /Nominal GDP mild. lei/
bln. MDL
60,4 71,9 82,2 91,7 103,6 116,2 130,1
Fat de anul precedent n
preturi comparabile /compared
to previous year at comparable
prices
94 107,1 106,4 104,3 106,1 105,7 105,4
Indicele pretului de consum
mediu anual /Annual average
consumer price index
100 107,4 107,6 107,1 106,8 106,5 106,1
Cursul mediu de schimb al
leului Average exchange rate
Ior MDL
lei/USD/
MDL/US
D
11,11 12,36 11,73 11,76 11,85 11,9 12,0
Export de bunuri /Export oI
goods
mil.USD 1283 1541,5 2221,6 2504,3 2841,1 3208,5 3616,5
Iat de anul precedent/
compared to previous year
80,6 120,1 144,1 112,7 113,4 112,9 112,7
Import de bunuri /Import oI
goods
mil.USD 3278 3855,3 5191,6 5838,3 6489,3 7137,4 7826,0
Iat de anul precedent/
compared to previous year
66,9 117,6 134,7 112,5 111,2 110,0 109,6
Soldul balantei comerciale/
Trade balance
mil.USD -1995 -2314 -2970 -3334 -3648 -3929 -4210
Productia industrial n preturi
curente/ Industrial production
at current prices
mild.lei/
bln.MDL
22,6 28,1 33,0 37,1 41,7 46,6 51,9
Iat de anul precedent n
preturi comparabile /compared
to previous year at comparable
prices
78,9 107,0 107,4 105,7 106,5 106 105,9
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 27
nr. 2 / 2012
Continuare Tabelului 6
Productia agricol n preturi
curente/
Agricultural production at
current prices
mild.lei/
bln.MDL
13,2 20,0 22,5 23,9 27,4 30,9 34,6
Iat de anul precedent n
preturi comparabile/ compared
to previous year at comparable
prices
90,4 107,9 104,6 96,9 105,3 104,2 104,1
Investitii n capital Iix/
Investment in Iixed capital
mild.lei/
bln.MDL
11,10 13,1 15,2 18,2 21,7 25,8 30,7
Iat de anul precedent n
preturi comparabile /compared
to previous year to comparable
prices
65 116,4 109,3 112,8 112,4 111,7 111,4
Salariul nominal mediu lunar/
Average nominal monthly
wage
lei 2748 2972,2 3188,1 3459,1 3745,2 4047,2 4368
Iat de anul precedent/
compared to previous year
a) nominal /a) nominal
108,6 108,2 107,3 108,5 108,3 108,1 107,9
b) real /b) real
108,6 100,7 99,7 101,3 101,4 101,5 101,7
Fondul de remunerare a muncii/
Labour Remuneration Fund mild.lei 29,2 31,4 33,5 38,4 43 48 53,4
Forta de munc Labour Iorce
mii pers./
thousands
people
1265 1235,4 1257,5 1242,6 1229,3 1217,3 1206,6
Numrul angajatilor n
economia national /
Number oI employees in
national economy
mii pers./
thousands
people
1184 1143,4 1173,4 1160,7 1152,1 1146,8 1142,7
Rata somajului /
Unemployment rate
6,4 7,4 7,2 7,1 6,7 6,2 5,6
Sursa/Source: Estimri ale autorilor n baza modelului macroeconometric/Authors' estimations based on the
macroeconometric model.
Desi ritmurile de crestere ale exportului sunt mai mari
dect ale importului, o mbunttire a situatiei balantei
comerciale nu se asteapt. O evolutie mai bun a
exporturilor poate avea loc cu conditia c vor Ii ntreprinse
msuri de ocupare a unor noi segmente pe piata extern,
se va ridica calitatea mrIurilor exportate. Nu se
preconizeaz mbunttiri cardinale n ceea ce priveste
importul. Va continua satisIacerea cererii interne prin
intermediul importului, odat ce se vor mri remiterile va
creste si cererea acoperit de import.
Ritmul de crestere a salariului mediu lunar pe
economie va constitui n mediu 8,2, iar a celui real
1,6. Cu toate c n anul 2011 s-a atestat cresterea
numrului populatiei, care intr n categoria Iortei de
munc, modelul prognozeaz o descrestere n continuare a
acestui indicator. n anii 2009 si 2010 s-a semnalat o
descrestere a numrului angajatilor n economia national,
cu toate c n 2010 a avut loc o crestere economic
important. Aceast tendint a Iost sesizat de model si
astIel pentru anii urmtori observm o descrestere
nesemniIicativ a acestui indicator. Cu toate acestea
pentru anii de prognoz se preconizeaz o descrestere a
ratei somajului.
Concluzii. Studiile eIectuate n domeniul prognozrii
In spite oI the Iact that growth rates oI export are
higher than the ones oI import, an improvement in trade
balance is not expected. Better evolution oI exports can be
in place provided measures will be undertaken to Iill new
segments on the Ioreign |external| market and the quality
oI exported goods will improve. In terms oI import no
pivotal improvements are expected. Due to import the
domestic demand will continue to be met; once remittances
increase, the demand covered by imports will increase, too.
The growth rate oI an average monthly salary in
economy will amount to an average oI 8,2, while the real
one to 1,6. Although 2011 has registered the growth oI
population that Ialls under the category oI labour Iorce, the
model Iorecasts a continuous decline oI this indicator. In
2009 and 2010 a decrease in the number oI employees in
the national economy was reported even though an
important economic growth was in place in 2010. This
trend was taken into consideration in the model, thus, in
the Iorthcoming years one can observe insigniIicant
decrease oI this indicator. Nevertheless, a decline oI the
unemployment rate is expected during the Iorecasting
years.
Conclusion. Studies carried out in Iorecasting and
monitoring oI macroeconomic indicators oI the Republic
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
28
si monitorizrii indicatorilor macroeconomici ai
Republicii Moldova denot Iaptul c, n perioada de
tranzitie la economia de piat, tara a avut de depsit o
multitudine de probleme majore. TransIormrile
economice s-au produs cu mari ntrzieri, adesea Iiind
blocate din mai multe motive, ns principalele Iiind
schimbarea Irecvent a cursului politic si guvernarea slab
a trii. n asa conditii, dup cum si era de asteptat, nu se
putea obtine rezultate de perIormant.
Relansarea economic, care a nceput n anul 2000,
adic dup circa 10 ani de prbusiri bruste si stagnri,
degrab a dat semne de ,oboseal, marcnd ritmuri medii
de crestere ce nu erau n stare s scoat tara din haosul
economic si social. Plus la acestea coruptia, de rnd cu
alte vicii sociale, care au strpuns toate domeniile si
activittile trii, nu Iavorizau crearea unui climat
investitional atractiv ct pentru investitorii autohtoni, att
si strini. Lipsa locurilor de munc a cauzat exodul masiv
al populatiei n cutarea unor oportunitti mai bune peste
hotarele trii. n rezultat, Republica Moldova, dup
nivelul de dezvoltare economic s-a distantat mult de alte
state din jur, ne mai vorbind despre cele puternic
dezvoltate.
Baza slab a economiei trii, aIectat si de criza
economico-Iinanciar mondial, nu permite de a conta n
viitorul apropiat pe niste salturi de proportii n relansarea
acesteia, de aceea si ritmurile destul de modeste
prognozate pentru anii apropiati. Printre altele, institutiile
Iinanciare mondiale (FMI, BM) presupun ritmuri de
crestere si mai modeste. Dar si aceste ritmuri de crestere,
prognozate de cercettorii stiintiIici ai IEFS, care s-ar
prea la ,limita posibilittilor, nu prea dau sperante la un
viitor apropiat mai decent. AstIel, dac economia trii se
va dezvolta n urmtorii ani dup cum se prognozeaz si
n acest caz, dup o perioad de transIormri economice
de 25 de ani, nu vom recupera nici trei sIerturi din
decalajul admis n primii 10 ani, despre ce ne vorbeste
Iigura de mai jos.
oI Moldova indicate that during the transition to market
economy the country had to overcome a multitude oI
major problems. Economic changes occurred with long
delays and oItentimes were blocked up Ior numerous
reasons, but main ones being Irequent change oI policies
and poor governance in the country. In such conditions,
just as one could expect, it was not possible to obtain
perIormance results.
Economic re-launch that started in 2000 aIter 10 years
oI sudden collapses and stagnations, it rather showed signs
oI 'Iatigue marking medium growth rates, which were
unable to draw the country out oI the economic and social
chaos. In addition, corruption together with other social
vices that pierced all Iields and activities in the country,
|they| didn`t encourage the Iormation oI an attractive
investment climate either Ior domestic investors or Ioreign
ones. Lack oI jobs caused massive population exodus in
search Ior better opportunities beyond the borders oI the
country. As a result, Irom the point oI view oI economic
development the Republic oI Moldova distanced itselI
greatly Irom other surrounding countries, not to mention
the highly developed countries.
The country`s economy weak in its basis and aIIected
by the global economic and Iinancial crisis does not allow
counting on any signiIicant jumps/breakthroughs in its re-
launch in the nearest Iuture, which explains quite modest
rates Iorecasted Ior the upcoming years. Inter alia, the
world`s Iinancial institutions (IMF and WB) assume even
more modest growth rates. But even these growth rates,
which are predicted by IEFS scientiIic researchers and
which may seem to have reached 'the limit oI
possibilities, |even they| do not give too much hope about
a more decent near Iuture. ThereIore, iI in the upcoming
years the economy oI the country will evolve as it is
Iorecasted, even in this case, aIter a 25-year long period oI
economic transIormation, we will not |be able to| recover
not even three quarters oI the gap allowed in the Iirst 10
years, which is reIlected in the picture below.
Fig. 2. Evolu(ia produsului intern brut al RM n perioada 1990-2015, n procente fa( de anul 1989
Fig. 2. Evolution of the gross domestic product of the RM during 1990-2015, in percentage compared to year 1989
Sursa/Source: ntocmit n baza datelor statistice a anilor respectivi yi prognoza pe anii 213-215/It is drafted on
basis of statistical data of the corresponding years and on the forecast for 213-215.
74,2
56,0
47,7
33,9
97,8
38,4
0
120
1990 1995 2000 2005 2010 2015
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 29
nr. 2 / 2012
Referin(e bibliografice/References
1. Situatia social-economic a Republicii Moldova n anul 2011. Biroul National de Statistic. |Accesat 21.04.2012|.
Disponibil: http://www.statistica.md/public/Iiles/publicatiielectronice/Raport trimestrial/ Raportanual
2011rom.pdI.
2. UNIMEDIA. |Accesat 21.04.2012|. Disponibil: humanosphere.kplu.org.
3. Report Ior selected country groups and subjects. |Accesat 22.04.2012|. Disponibil:
http://www.imI.org/external/pubs/It/weo/2012/01/weodata/weorept.aspx?pr.x57&pr.y11&sy2010&ey2017&s
csm1&ssd1&sortcountry&ds.&br1&c001&sNGDPRPCH&grp1&a1.
4. Report Ior selected country groups and subjects. |Accesat 22.10.2011|. Disponibil:
http://www.imI.org/external/pubs/It/weo/2011/01/weodata/weorept.aspx?pr.x51&pr.y8&sy2009&ey2016&sc
sm1&ssd1&sortcountry&ds.&br1&c001&sNGDPRPCH&grp1&a1.
Recomandat spre publicare. 26. 04. 2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
30
STUDIU COMPARATIV PRIVIND PERCEPEREA
CALITTII NVTMANTULUI SUPERIOR
ECONOMIC - CAZUL TRILOR MEMBRE
ALE UNIUNII EUROPENE
COMPARATIVE STUDY ON THE
PERCEPTION OF QUALITY OF ECONOMIC
HIGHER EDUCATION - THE CASE OF THE
EUROPEAN MEMBER STATES
Emilia Mioara CMPEAAU, dr., conf. univ.,
Postdoctorand bursier, aria tematic
Uniunea Economic yi Monetar,
Academia de Studii Economice din Bucureyti
Jiorica CHIRIL, dr., conf. univ.,
Postdoctorand bursier, aria tematic
Europenizare yi Clobalizare,
Universitatea ,Alexandru Ioan Cuza" din Iayi
Adriana MAAOLIC, dr., conf. univ.,
Postdoctorand bursier, aria tematic
Europenizare yi Clobalizare,
Universitatea ,Alexandru Ioan Cuza" din Iayi
Recenzent: Angela 1IMUS, dr., conf. cercet., IEFS
Emilia Mioara CMPEAAU, PhD, associate prof.,
Post-doctoral fellow, thematic area
Economic and Monetary Union,
Academy of Economic Studies of Bucharest
Jiorica CHIRILA, PhD, lecturer,
Post-doctoral fellow, thematic area
Europeanization and Clobalization,
,Alexandru Ioan Cuza" University of Iayi
Adriana MAAOLICA, PhD, lecturer,
Post-doctoral fellow, thematic area
Europeanization and Clobalization,
,Alexandru Ioan Cuza" University of Iayi
Reviewer: Angela 1IMUS, PhD, associate prof., IEFS
Schimbrile locale, nationale i globale impun
necesitatea ca fiecare societate i cettean s se reinvente:e
continuu, astfel incat s se cree:e, de:volte i s mentin
statul bunstrii. Din aceste considerente, guvernele au un
rol important in a asigura servicii publice de calitate in
completarea celor private. La nivelul serviciilor publice, un
rol important pentru intreaga economie national i
global revine serviciilor publice pentru educatie i
instructie, intrucat un nivel ridicat al pregtirii profesionale
asigur ba:ele unei de:voltri durabile i competitive.
Lucrarea ii propune s anali:e:e, prin prisma calittii lor,
serviciile publice pentru invtmant, in special la nivelul
invtmantului superior economic. Cum, ins, perceptia
calittii depinde de preferintele fiecrui individ i difer in
functie de o serie de factori, in cadrul lucrrii accentul cade
pe cuantificarea modului in care este perceput calitatea
invtmantului superior in ba:a unor indicatori specifici.
Studiul are in vedere ca:urile repre:entate de statele
membre ale Uniunii Europene, iar re:ultatele investigrii
permit reali:area unei anali:e comparative la nivel
european. Totodat, se reali:ea: i un clasament al trilor
cu un sistem de invtmant superior economic bine
perceput din punct de vedere al calittii.
Cuvinte cheie. educatie, eficient, eficacitate,
performant, cunotinte.
Clasificare 1EL. A29; H52; I25.
The local, national and global changes impose the need
that everv societv and citi:en must continuouslv reinvent
itself so that the welfare state should be created, developed
and preserved. To this aim, governments have the
important role to ensure high qualitv public services bv
completing the private ones. At the level of public services,
a significant role for the entire national and global
economv is attributed to public services for education and
training because a high level of professional training lavs
the foundations of a sustainable and competitive
development. The present paper aims to analvse, in the
light of their qualitv, the educational public services and
namelv the economic higher education. Since the
perception of qualitv depends on each persons preferences
and differs according to several factors, the focus of this
paper is on the quantification of the manner in which
qualitv in higher education is perceived on the basis of
some specific indicators. The studv centres on the cases of
the European Union member states, while the results of the
research allow a comparative analvsis at European level.
At the same time, it is conducted a ranking of the countries
having an economic higher education svstem verv well
perceived from the point of view of qualitv.
Key words. education, efficiencv, performance,
knowledge.
1EL Classification. A29; H52; I25.
Introducere. Lund n considerare schimbrile locale,
nationale si globale, Iiecare societate si cettean trebuie s
se reinventeze continuu, astIel nct s se creeze, dezvolte
si s mentin statul bunstrii. Din aceste considerente,
guvernele au un rol important n a oIeri servicii publice n
completarea celor private. La nivelul serviciilor publice,
trebuie s se asigure un cadrul institutional si legislativ
eIicient, care s Iie capabil s maximizeze Iunctionarea
mecanismelor corespunztoare.
Analiza serviciilor publice, a Iinantrii si eIicientei
acestora au Iost importante subiecte de dezbatere att n
mediul academic, ct si politic. Cum, ns, serviciile
publice sunt variate si ntr-o continu dinamic, studierea
Introduction. Taking into account the local,
national and global changes, each society and citizen
must continuously evolve so that the welIare state
should be created, developed and preserved. To this
purpose, governments have an important role in
oIIering public services which should double the private
ones. At the level oI public services, an eIIicient
institutional and legal Iramework must be ensured that
could maximize the Iunctioning oI appropriate
mechanisms.
The analysis oI public services, oI their Iinancing and
eIIiciency was an important debate topic both in the
academic and political environment. As the public services
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 31
nr. 2 / 2012
lor este diIicil ntr-o singur lucrare. Avnd n vedere
importanta nvtmntului pentru ntreaga societate,
prezenta lucrare si propune s analizeze aceste servicii
publice prin prisma calittii lor n ceea ce priveste
nvtmntul superior economic. ntruct perceptia
calittii depinde de preIerintele Iiecrui individ si diIer n
Iunctie de o serie de Iactori, n cadrul lucrrii accentul
cade pe cuantiIicarea modului n care este perceput
calitatea nvtmntului superior economic n baza unor
indicatori speciIici. Studiul are n vedere cazurile
reprezentate de statele membre ale Uniunii Europene, iar
rezultatele investigrii permit realizarea unei analize
comparative la nivel european.
Pentru demersul stiintiIic, propus n lucrare, sunt
tratate distinct pe sectiuni aspecte ce tin de cheltuielile
pentru nvtmnt, calitatea nvtmntului, cuantiIicarea
calittii percepute si impactul acestuia asupra mediului
economic prin intermediul plusului de cunostinte ce se
creeaz, disip si valoriIic la nivelul tuturor activittilor
economice. Totodat, se urmreste si Iormularea unor
aprecieri privind calitatea nvtmntului superior la
nivelul domeniului economic n baza inIormatiilor
publice, disponibile la nivelul bazelor oIiciale de date. Ca
urmare, lucrarea este structurat pe patru sectiuni. Dup
prima sectiune, dedicat introducerii n problematica
cheltuielilor si calittii nvtmntului, urmeaz sectiunea
a doua, n care este realizat o analiz la nivel european
asupra sumelor alocate din Ionduri publice pentru
nvtmnt, si n special nvtmnt superior. n sectiunea
trei sunt prezentate rezultatele analizei cantitative si
calitative asupra perceptiei privind calitatea
nvtmntului superior economic. Concluziile se regsesc
n ultima sectiune.
Con(inutul de baz. Analiza sumelor alocate pentru
nv(mntul superior
Dezvoltarea durabil si competitivitatea economiei nu
se pot realiza Ir investitii n resursa uman, prin alocarea
de importante Ionduri, menite s sustin Iinanciar att
sistemul de nvtmnt, indiIerent de nivel, ct si sistemul
cultural-educativ prin intermediul institutiilor specializate.
Aceast sustinere Iinanciar este realizat prin contributia
statului, reIlectat prin cheltuielile publice pentru
nvtmnt, cultur, cercetare-dezvoltare, precum si prin
eIorturile entittilor private care Iinanteaz direct unittile
private de nvtmnt, programe educative, proiecte
culturale etc. Toate aceste eIorturi se regsesc prin
serviciile publice de educatie, instructie si cultur, a cror
perceptie a utilittii lor depinde de preIerintele Iiecrui
individ si diIer n Iunctie de vrst, sex, mediu social,
regiune etc. Cu toate acestea, exist o preocupare comun
a tuturor entittilor, implicate n Iurnizarea acestor servicii
publice, de a se adapta cerintelor locale, nationale si
internationale, precum si de a se dezvolta Ir a
compromite calitatea acestora. n ceea ce priveste
perceptia asupra calittii serviciilor publice de educatie,
instructie si cultur, analiza este subiectiv atta timp ct
este diIicil de indicat aprecieri cantitative pentru toate
intrrile si rezultatele acestor servicii, menite s
mbuntteasc continuu calitatea Iortei de munc si, de ce
nu, a ntregii societtii.
are various and continuously dynamic, their study is
diIIicult to be perIormed in a one single paper. Taking into
consideration the importance oI education Ior the entire
society, the present paper aims to analyze these public
services in the light oI their quality as Iar as economic
higher education is concerned. Since the perception oI
quality depends on each person`s preIerences and diIIers
according to several Iactors, the Iocus in this paper Ialls on
the quantiIication oI the manner in which quality in
economic higher education is perceived based on some
speciIic indicators. The study centres on the cases
represented by the European Union member states while
the results oI the research enable the perIormance oI a
comparative analysis at the European level.
For the purpose oI the scientiIic approach oI the paper,
diIIerent sections deal with aspects related to education
expenditures, quality in education, and quantiIication oI the
quality perceived and the impact on the economic
environment by means oI the knowledge surplus that is
being created, distributed and capitalized at the level oI all
economic activities. The authors also aim to state
assessments regarding the quality oI economic higher
education relying on public inIormation available in
oIIicial data bases. As a consequence, the paper is
structured in Iour sections. The Iirst section is dedicated to
the introduction in expenditure and quality oI education;
the Iollowing second section conducts an analysis at the
European level oI the amounts granted Irom public Iunds
to education and especially to the economic higher
education. The third section presents the outcomes oI the
quantitative and qualitative analysis on the perception oI
quality in economic higher education. The conclusions can
be Iound in the last part oI the paper.
The basic content. The analysis of amounts granted
to higher education
The sustainable development and the economy
competitiveness cannot be perIormed without investments
in human resources by granting important Iunds able to
Iinancially support both the educational system as well as
the cultural and training system by means oI specialised
institutions. This Iinancial support is perIormed by the state
contribution reIlected in public expenditures Ior education,
culture, research and development as well as by means oI
private bodies which directly Iinance private education
units, educational programs, cultural projects, etc. All these
eIIorts are translated in the public educational, training and
cultural services; their utility depends on each person`s
preIerences, diIIering according to age, sex, social
environment, region, etc. In spite oI this, there is a
common preoccupation oI all the entities involved in the
provision oI these public services to adjust to local,
national and international requirements as well as to
develop, without trading oII their quality. As Iar as the
perception on the quality oI educational, training and
cultural public services is concerned, the analysis is
subjective as long as it is diIIicult to indicate quantitative
evaluations Ior all the inputs and outputs oI these services
destined to continuously improve the quality oI labour
Iorce and, why not, oI the whole society.
The degree oI development oI a society depends to a
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
32
Gradul de dezvoltare a unei societti depinde, n mare
msur, de cheltuielile pentru nvtmnt. Importanta
acestui domeniu este greu de cuantiIicat cu exactitate,
avnd n vedere rezultatul Iinal, reIlectat prin calitatea
Iortei de munc.
Pentru a indica cantitativ importanta educatiei, trebuie
pornit de la cheltuielile pentru educatie. Aceste cheltuieli
pot Ii sustinute prin Iinantare din partea statului, precum si
prin Iinantare privat. Din punctul de vedere al datelor
disponibile din surse oIiciale, ce pot Ii si comparate ntre
state, avem acces, mai degrab, la serii de date privind
educatia prin sistemul public. Folosind datele de la
Eurostat, se poate aIirma c, la nivel de Uniune European
(UE), per ansamblu, cheltuielile publice pentru nvtmnt
au o evolutie relativ constant ca pondere n PIB (ntre 3 si
7 din PIB pentru cheltuielile totale pentru nvtmnt,
respectiv 0,1 si 1,8 din PIB pentru cheltuielile totale
pentru nvtmntul superior) (Figura 1).
large extent on the educational expenditures. The
signiIicance oI this Iield is hard to quantiIy in exact values
taking into account the Iinal outcome reIlected in the
quality oI the workIorce.
In order to quantitatively indicate the importance oI
education, one should start with the education-related
expenditures. These expenditures can be supported by state
Iinancing as well as by private sources. From the
standpoint oI oIIicially available data which can be
compared among countries, we have access rather to data
series concerning the public education system. By
using the Eurostat data we may ascertain that at the level oI
the European Union (EU), on a whole, the educational
public expenditures have a relatively stable evolution as a
weight in the GDP (between 3 and 7 oI GDP) Ior the
total education expenditures, respectively 0.1 and
1.8 oI GDP Ior the total higher education expenditures)
(Figure 1).
Fig. 1. Nivelul mediul al cheltuielilor publice pentru nv(mnt ( din PIB) (1990-2010)/
Fig. 1. The average level of governmental expenditure for education ( of GDP) (1990-2010)
Sursa/Source: Prelucrare proprie pe baza datelor de la Eurostat./In-house processing based on Eurostat data.
Aot/Aote: Liniile orizontale indic valoarea medie a cheltuielilor guvernamentale indicate./1he horizontal lines
show the average value of governmental expenditures indicated.
Urmrind Figura 1, se constat Iaptul, c se investeste
sub media european n Grecia (3,4 din PIB), Romania
(3,7) si Slovacia (3,8), Iat de sustinerea Iinanciar cu
mult peste medie (5,4 din PIB) n tri, precum:
Danemarca (7,3 din PIB) si Suedia (7,1 din PIB). La
nivelul nvtmntului superior, se aloc sub valoarea
medie n Luxembourg (0,1 din PIB) si Italia (0,4 din
PIB), Iat de sustinerea Iinanciar important n Finlanda
(1,8 din PIB) si Estonia (1,5 din PIB).
n ceea ce priveste evolutia n timp a cheltuielilor
pentru nvtmnt, se constat Iluctuatii relativ reduse.
Din anul 2007, tendinta de crestere a cheltuielilor publice
pentru nvtmnt se constat n majoritatea trilor
europene, Iapt ce nu se atest si n cazul cheltuielilor
publice pentru nvtmntul superior. n acest din urm
caz, accentul se pune si pe Iinantarea privat a acestui
sector al pregtirii proIesionale.
O tendint constant de crestere a sumelor alocate
nvtmntului se nregistreaz n Marea Britanie, unde se
observ o crestere de 2 p.p. din PIB. Oricum n Marea
Britanie va avea loc o majorare semniIicativ a taxelor de
Analysing Figure 1, we can see that the investments are
made below the European average in Greece (3.4 oI
GDP), Romania (3.7) and Slovakia (3.8) in comparison
with the Iinancial support being much above the average
(5.4 oI GDP) in countries such as: Denmark (7.3 oI
GDP) and Sweden (7.1 oI GDP). In higher education, the
amounts allocated are below the average value in
Luxembourg (0.1 oI GDP) and Italy (0.4 oI GDP), in
comparison to the important Iinancial aid in Finland (1.8
oI GDP) and Estonia (1.5 oI GDP).
Relatively slow Iluctuations are registered in regard to
the evolution in time oI expenditures Ior education. Since
2007, the majority oI European countries seem to have an
increasing trend oI public expenditures Ior education,
which is not the same Ior the public expenditures Ior
higher education. In this last case, the Iocus also Ialls on
the private Iinancing oI this sector oI proIessional training.
A constant trend oI increase in the amounts allocated to
education is registered in Great Britain where a 2 p.p. oI
GDP growth can be traced. In any case, in Great Britain
there will be a signiIicant increase in tuition Iees in higher
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 33
nr. 2 / 2012
scolarizare la nivelul nvtmntului superior, planiIicat,
n special, pentru anul 2013.
n ceea ce priveste cazul Romniei, este diIicil de
indicat o tendint general, ntruct aceste categorii de
cheltuieli publice au cunoscut ani de crestere, urmati de
ani de scdere. Acesta este rezultatul inconsecventei si
necorelrii obiectivelor guvernamentale, unde
nvtmntul era considerat un domeniu prioritar, cu
sumele alocate. Mai mult, n termeni reali, cheltuielile
publice pentru nvtmnt scad.
Dinamica cheltuielilor pentru educatie ne indic
importante modiIicri n Estonia (o scdere de 1,2 p.p. din
PIB), Slovenia (o crestere de 6,6 p.p. din PIB) si Lituania
(o crestere de 6,1 p.p. din PIB). Mai exact, 18 state ale UE
au nregistrat o evolutie ascendent Iat de celelalte state
ale UE, n medie, de cca 29 p.p. din PIB. Spre deosebire
de cazurile acestor tri, reducerile de cheltuieli publice
pentru educatie au Iost, n medie, de 2,4 p.p. din PIB. Este
binevenit Iaptul, c per ansamblu, se nregistreaz tendinta
de crestere a acestor cheltuieli. n Iunctie de media de la
nivelul UE, se identiIic patru tipuri de state, respectiv:
i) tri ale cror cheltuieli publice pentru invtmant
sunt in cretere i depesc nivelul european (Slovenia,
Lituania, Polonia, Marea Britanie, Cipru, Danemarca,
Suedia, Portugalia, Belgia, Irlanda, Olanda, Ungaria si
Malta);
ii) tri ale cror cheltuieli publice pentru invtmant
sunt in cretere i sub nivelul european (Bulgaria, Grecia,
Slovacia, Luxembourg, Spania, Italia si Romnia);
iii) tri ale cror cheltuieli publice pentru invtmant
sunt in scdere i sub nivelul european (Germania si
Cehia);
iv) tri ale cror cheltuieli publice pentru invtmant
sunt in scdere i depesc nivelul european (Estonia,
Finlanda, Letonia, Franta si Austria).
Cum totalul cheltuielilor publice pentru nvtmnt se
reIer la toate nivelurile de nvtmnt, iar scopul lucrrii
vizeaz nvtmntul superior, este util de urmrit relatia
dintre aceste variabile (Figura 2).
education, planned Ior the year 2013.
As Ior Romania, it is diIIicult to Ioresee a general trend
since these categories oI public expenditures have known
years oI growth Iollowed by years oI decrease. This is the
result oI inconsistency and non-correlation between
governmental objectives, where education used to be
considered a priority Iield, and the amounts allocated.
Moreover, in real terms, public expenditures Ior education
are dropping.
The dynamics oI education expenditures indicates
important changes that occurred in Estonia (a decrease oI
1.2 pp oI GDP), Slovenia (an increase oI 6.6 p.p. oI GDP),
and Lithuania (an increase oI 6.1 p.p. oI GDP). More
exactly, 18 states oI the EU registered an ascending
evolution in comparison with the other EU states, on an
average oI around 29 p.p. oI GDP. Unlike these countries,
the decreases in public expenditures Ior education were, on
an average, oI 2.4 p.p. oI GDP. On a whole, it is good that
the increasing trend oI these expenditures is preserved.
Based on the mean at EU level, Iour types oI states can be
identiIied, as Iollows:
i) countries whose public expenditures for education
are increasing and exceed the European level (Slovenia,
Lithuania, Poland, Greta Britain, Cyprus, Denmark,
Sweden, Portugal, Belgium, Ireland, the Netherlands,
Hungary, Malta);
ii) countries whose public expenditures for education
are increasing and are below the European level (Bulgaria,
Greece, Slovakia, Luxembourg, Spain, Italy, Romania);
iii) countries whose public expenditures for education
are decreasing and are below the European level
(Germany, Czech Republic);
iv) countries whose public expenditures for education
are decreasing and exceed the European level (Estonia,
Finland, Latvia, France, Austria).
Since the total public expenditures Ior education reIer
to all levels oI education and the goal oI the present paper
is higher education, it is useIul to see the correlation among
these variables (Figure 2).
Fig. 2. Rela(ia dintre cheltuielile publice pentru nv(mntul superior
yi cheltuielile publice pentru nv(mnt ( din PIB) (1990-2010)/
Fig. 2. The correlation between public expenditures for higher education
and public expenditures for education ( of GDP) (1990-2010)
Sursa/Source: Prelucrare proprie pe baza datelor de la Eurostat./In-house processing based on Eurostat data.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
34
Pe baza valorilor medii ale cheltuielilor reprezentate n
Figura 2, se constat, c trile ce aloc importante sume
pentru nvtmnt asigur si o sustinere corespunztoare a
nvtmntului superior. La nivel european, se detaseaz
Finlanda, ce aloc nvtmntului superior cca 1/3 din
cheltuielile publice pentru nvtmnt.
Avnd n vedere Iaptul, c lucrarea urmreste s
analizeze, prin prisma calittii lor, serviciile publice pentru
nvtmnt, n special la nivelul nvtmntului superior
economic, atunci nu se detaliaz investigarea cheltuielilor
pentru nvtmntul superior, avnd n vedere si alte aspecte,
precum: sumele alocate pe student, numrul de absolventi,
numrul de studenti la un cadru didactic etc. Acestea vor Iace
subiectul unei alte lucrri.
Aprecieri privind calitatea nv(mntului superior
prin intermediul indicatorilor cu comparabilitate
interna(ional
Educatia este o component important a dezvoltrii
durabile n contextul integrrii n economie a cunostintelor
dobndite, dezvoltate, valoriIicate. AstIel, s-a ajuns ca
nvtmntul s Iie o component distinct a dezvoltrii
umane, economiei cunoasterii si competitivittii globale,
ntruct este inclus n calculul acestor indici. Este unanim
acceptat Iaptul, c cu ct se investeste mai mult n educatie,
cu att se ,culeg rezultate bune pe termen mediu si lung,
pentru c eIectele se vor resimti doar dup ce se intr pe piata
muncii, unde este o concurent acerb att la nivel national,
ct si international, cu att mai mult cu ct asistm continuu
la Ienomenul numit ,migratia creierelor. Acest din urm Iapt
creeaz externalitti pozitive pentru trile terte, care
beneIiciaz de Iort de munc caliIicat pe seama
cheltuielilor sustinute de un alt stat. Practic, putem spune c
trile sunt nu numai exportatoare/importatoare de bunuri,
servicii, capital, ci si de ,creiere.
De asemenea, nvtmntul este un domeniu cu
planiIicare strategic la nivel national si international. Pentru
aceasta sunt Iixate priorittile politice, obiectivele,
planiIicarea calendaristic si institutiile abilitate. Toate
acestea trebuie s conlucreze astIel nct s se respecte
legturile ntre nevoi, obiective, activitti, realizri, rezultate
si consecinte. Mai exact, este vorba de atingerea criteriilor de
evaluare a politicilor, prin care sunt puse n aplicare strategiile
privind nvtmntul, precum:
- pertinent, respectiv, n ce msur obiectivele pentru
nvtmnt sunt pertinente Iat de nevoile si priorittile
schimbtoare;
- eIicient, respectiv, n ce msur diIerite modalitti si-
au gsit corespondent n realizri si rezultate la nivelul
nvtmntului;
- eIicacitate, respectiv, n ce msur impactul politicii a
contribuit la realizarea obiectivelor speciIice si generale ale
nvtmntului;
- utilitate, respectiv, n ce msur impactul politicii
corespunde nevoilor populatiei;
- viabilitate, respectiv, n ce msur putem estima, c
schimbrile pozitive se mentin si dup Iinalizarea aplicrii
strategiei.
Criteriile enuntate mai sus se completeaz printr-un alt
obiectiv important, ce vizeaz asigurarea si mbunttirea
calittii nvtmntului, inclusiv a nvtmntului superior.
Based on the average values oI expenditures
represented in Figure 2, we may ascertain that the countries
which grant important amounts to education also ensure an
adequate support Ior higher education. At European level,
Finland occupies a distinct place, allocating approximately
1/3 oI its public expenditures Ior education to the tertiary
education.
Taking into account that the paper aims to analyze in
the light oI their quality the public expenditures Ior
education, especially those Ior the economic higher
education, the research does not Iocus on other aspects
such as amounts allocated Ior each student, number oI
graduates, number oI students per teaching staII, etc. These
details will make the topic oI a distinct paper.
Comments on the quality of higher education
by means of indicators with international
comparability
Education is an important component oI sustainable
development in the context oI integration in economy oI
acquired, developed and capitalized knowledge. Thus,
education has become a distinct component oI human
development, oI the knowledge economy, oI global
competitiveness since it is included in the computation oI
these indicators. It is commonly acknowledged that the more
it is invested in education the better the Iruits 'harvested on
a medium- and long-term, as the eIIects will be Ielt only
aIter the entrance on the labour market where there is a harsh
competition both at national and international level, the more
so as we witness the continuous phenomenon named 'brain
drain. This creates positive externalities Ior third countries
that beneIit Irom workIorce qualiIied based on the
expenditures perIormed by another state. We may say that
countries are not only exporters/importers oI goods, services,
capital, but also oI 'brains.
Education is also an area with strategic planning at
national and international level. To this aim, there are
political priorities, date planning and delegated institutions
which are set. All these need to cooperate so that the
connections among needs, objectives, activities,
accomplishments, results and consequences should be
Iunctional. More obviously, it is about the attainment oI
policy evaluation criteria by means oI which education
strategies are applied such as:
- pertinence, meaning to what extent the objectives Ior
education are pertinent in regard to the changing needs and
priorities;
- eIIiciency, meaning to what extent the diIIerent
approaches have resulted in outcomes and results in
education;
- productivity, meaning to what extent the impact oI
politics contributed to the achievement oI speciIic and
general objectives oI education;
- utility, meaning to what extent the impact oI politics
corresponds to the population`s needs;
- viability, meaning to what extent we may estimate
that positive changes are preserved aIter the end oI the
strategy application.
The above mentioned criteria are completed by another
important objective that Iocuses on the insurance and
improvement oI education, including higher education. It
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 33
nr. 2 / 2012
Nu trebuie omis Iaptul, c acestea trebuie s Iie n
permanent ancorate de nevoile cettenilor si adaptate la
aceste nevoi n continu diversiIicare.
Pentru ca eIorturile publice nationale si internationale n
acest domeniu sensibil s Iie corect percepute si apreciate de
cetteni, sunt necesare reguli credibile si Ilexibile, care s Iie
cunoscute, acceptate si respectate de ctre cetteni n calitate
de beneIiciari ai serviciilor publice din nvtmnt. AstIel, se
asigur si un grad ridicat de ncredere n nvtmnt, care va
avea consecinte Iavorabile si asupra perceperii calittii
nvtmntului. A nu se omite Iaptul, c perceperea calittii
este subiectiv datorit Iactorilor de inIluent cu puternic
tent individual.
Prin nvtmnt se creeaz valoare, dar, n acelasi timp,
trebuie s se permit si dezvoltarea, inovarea acestora ntr-un
mediu Ilexibil, deschis nouttilor, continuu preocupat pentru
asigurarea unei pregtiri corespunztoare elevilor, studentilor.
Pentru aceasta, este nevoie de buna Iunctionare a tuturor
angrenajelor din sistemul de nvtmnt. Orice slbiciune a
unuia conduce la esecul ntregului sistem. De exemplu, chiar
dac sunt cadre didactice caliIicate n tar si strintate, care
sunt orientate spre elevi/studenti, orice disIunctionalitate la
nivel central va atrage dup sine o perceptie slab la nivelul
beneIiciarilor de servicii de nvtmnt. Ca urmare, sunt
necesare ntrirea punctelor Iorte si corectarea slbiciunilor
sistemului ntr-o lume n continu schimbare.
n plus, nvtmntul, cu toate Iormele sale, este o
component important a:
- dezvoltrii umane (www.undp.org);
- dezvoltrii durabile (http://www.unesco.org);
- economiei cunoasterii (http://www.worldbank.org);
- competitivittii globale (http://www.weIorum.org).
Tinnd cont de prezenta educatiei drept component a
celor indicate mai sus, putem spune c nvtmntul
contribuie, n proportie de cca 25, la realizarea dezvoltrii
umane si durabile, economiei cunoasterii si competitivittii
globale.
Odat indicat locul si rolul nvtmntului la nivel
national si international, se trece la urmtorul pas al cercetrii
ntreprinse n aceast lucrare. Acest pas este reprezentat de
analiza perceptiei calittii n nvtmntul superior. n acest
scop, trebuie nceput de la ntrebrile Iiresti: ,Ce nseamn
calitatea nvtmntului superior?; ,Cum se msoar
calitatea nvtmntului superior?; ,Care este perceptia
asupra calittii nvtmntului superior economic?. n
continuare se vor indica punctual rspunsuri la aceste trei
ntrebri de mai sus.
Calitatea n nvtmnt este un subiect intens dezbtut, de
multe ori ignornd toate aspectele sale. Pentru a avea un
nvtmnt superior de calitate (sau, n general, un
nvtmnt de calitate), trebuie s se tin cont de
complexitatea sistemului, care este n strns legtur cu
mediul economic, politic si cultural. Totodat, calitatea
nvtmntului trebuie s vizeze toate prtile implicate,
respectiv: i) elevii/studentii, care trebuie s Iie sustinuti de
Iamilie si societate pentru a nvta; ii) mediul, care trebuie s
oIere sigurant, resurse si Iacilitti adecvate; iii) continutul,
care trebuie s se reIlecte n programe si materiale relevante
pentru dobndirea de cunostinte si competente; iv) procesele
didactice, prin care cadrele didactice instruite Iolosesc
should not be omitted that these one must be permanently
connected to the citizens` needs and adjusted to these ever-
changing needs.
In order Ior the national and international public eIIorts
in this sensitive Iield to be correctly perceived and valued
by citizens, credible and Ilexible rules are a must, being
known, accepted and met by citizens as beneIiciaries oI
public education services. Thus, a high degree oI
conIidence in education is also achieved, with Iavourable
consequences on the perception oI quality in education.
One should not disregard that the perception oI quality is
subjective due to the inIluence Iactors with a strong
personal touch.
Education creates value, but at the same time it should
enable development, innovation in a Ilexible environment,
openness to novelty, continuous interest in ensuring an
adequate training oI pupils and students. To this aim, all
the elements in the educational system should Iunction
properly. Any weakness may lead to the Iailure oI the
entire system. For instance, even iI there are pupil/student-
oriented qualiIied teachers, any malIunction at central level
will trigger a weak perception oI the beneIiciaries oI the
educational system. ThereIore, it is necessary to
consolidate the strong points and to correct the system
weaknesses in an ever-changing world.
Additionally, education in all its Iorms is an important
component oI:
- human development (www.undp.org);
- sustainable development (http://www.unesco.org);
- knowledge economy (http://www.worldbank.org);
- global competitiveness (http://www.weIorum.org).
Considering the presence oI education as a component
oI the above mentioned areas, we may state that education
contributes approximately with 25 to the human and
sustainable development, to the knowledge economy and
global competitiveness.
Once the place and role oI education are stated at
national and international level, the next step oI this
research is represented by the analysis oI perception oI
quality in higher education. To do this, one should Iind
answers at the Iollowing obvious questions: 'What does
quality in higher education mean?; 'How is quality in
higher education measured?; 'What is the perception on
quality oI economic higher education? In what
Iollows punctual answers to these three questions will be
provided.
Quality in education is an intensely debated topic, oIten
ignoring all its Iacets. In order to have high quality tertiary
education (or in general high quality education), one
should take into account the system complexity which is
closely correlated with the economic, political and cultural
environment. At the same time, quality in education should
Iocus all the parties involved, respectively: i) the
pupils/students who should be supported by Iamily and
society to study; ii) the environment which should provide
security, resources and adequate Iacilities; iii) the contents
reIlected in curricula and relevant materials Ior the
acquisition oI knowledge and competences; iv) the didactic
processes by which trained teaching staII use pupil/student-
oriented approaches and the existing inIrastructure in each
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
36
abordri orientate pe elev/student, utilzompetente, ce sunt
legate de obiectivele nationale pentru educatie si de
participare activ n societate (Green, 1994). De multe ori, n
procesul de evaluare a calittii, accentul se pune doar pe o
parte din criterii, cum este cazul Romniei.
Termenii, precum eIicient, eIicacitate, perIormant, au
Iost Iolositi Irecvent drept sinonime pentru calitatea
nvtmntului (Adams, 1993). Cu toate acestea, actualmente,
exist un consens general, care vizeaz dimensiunile calittii
nvtmntului asa cum au Iost prezentate anterior.
n prezent, se utilizeaz si expresia ,nvtmnt de
calitate (Motala, 2000), care este stabilit ca obiectiv la nivel
local, national, tinnd cont de contextul international.
Lucrarea urmreste s realizeze si o analiz cantitativ n
ceea ce priveste perceperea calittii n nvtmntul superior.
Ca urmare, trebuie luat n considerare o serie de indicatori,
capabili s reIlecte n mod adecvat aceast perceptie. Pentru a
asigura comparabilitatea datelor, se utilizeaz indicatorul
calitatea sistemului de nvtmnt per ansamblu si pe
componente, care este calculat si raportat de World Economic
Forum (WEF) pentru anul 2011. AstIel, n baza datelor
disponibile, a Iost realizat calcularea unui punctaj ce reIlect
perceperea asupra calittii nvtmntului superior n Iiecare
stat membru al Uniunii Europene. Acest indicator este numit
calitatea n nvtmntul superior per ansamblu si este obtinut
ca un indicator compozit, Iormat din calitatea sistemului de
nvtmnt, calitatea nvtmntului superior economic,
calitatea institutiilor de cercetare stiintiIic, colaborarea ntre
universitti si mediul privat n proiecte de cercetare-
dezvoltare si exodul creierelor ,brain drain. Prin includerea
acestor indicatori, se obtine un punctaj capabil s oIere o
imagine de ansamblu asupra calittii n nvtmnt, cu
precdere n nvtmntul superior. n baza acestor date,
obtinute de autori printr-o metodologie proprie, s-a realizat un
clasament al trilor membre ale UE n ceea ce priveste nivelul
calitativ al nvtmntului superior, care vizeaz gruparea
trilor n patru clase (Figura 3).
educational unit; v) the outcomes comprising knowledge,
skills, abilities, competences which are linked to the
national objectives Ior education and active participation in
society (Green, 1994). More than oIten, in the process oI
quality evaluation the highlight Ialls only on one oI the
parts, as it is the case oI Romania.
Notions such as eIIiciency, productivity, perIormance
were Irequently used as synonyms Ior quality oI education
(Adams, 1993). In spite oI this, a consensus has been
currently reached, Iocusing on the dimensions oI quality in
education as they were previously described.
Nowadays the expression 'high quality education
is also used (Motala, 2000), being set as an objective at local
and national level, considering the international context.
The paper also aims to undertake a quantitative analysis
as Iar as perception oI quality in higher education is
concerned. As a consequence, several indicators able to
adequately reIlect this perception should be considered. In
order to ensure data comparability, we use the indicator
quality in education on a whole and by components, which
is computed and reported by World Economic Forum
(WEF) Ior the year 2011. Thus, based on the available data
it was computed a score translating the perception oI
quality in higher education in each European Union
member state. This indicator is named quality in higher
education on a whole and it is obtained as a compound
indicator Iormed oI quality in the educational system,
quality in economic higher education, quality oI scientiIic
research institutions, collaboration between universities
and private sector in research-development projects and
~brain drain. By including these indicators it is obtained a
score showing an overview oI quality in education,
prevalently in higher education. Based on the data obtained
by the authors by means oI an in-house methodology, a
ranking Ior the EU countries was perIormed regarding the
qualitative level oI higher education, classiIying the
countries in Iour groups (Figure 3).
Fig. 3. Clasamentul privind perceperea calit(ii n nv(mntul superior (2011)/
Fig. 3. Ranking regarding the perception of quality in higher education (2011)
Sursa/Source: Prelucrat de autori de autori n baza datelor preluate de la WEF./Processed by the authors on the basis
of data taken from WEF.
Aot/Aote: Pentru fiecare categorie este indicat punctajul aferent dintr-un maxim de 7 puncte yi un minim de 1
punct./For each category there is a score ranging from a maximum of 7 to a minimum of 1.
0
1
2
3
4
5
6
UK
SE
BE
FI
NL
DK
DE
IE
AT
FR
LU
EE
PT
MT CY
ES
CZ
SI
HU
LT
LV
PL
IT
SK
BG
RO
EL
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 37
nr. 2 / 2012
Calculele indicatorilor sunt realizate n baza unei
metodologii proprii, care serveste scopului cercetrii
ntreprinse n aceast lucrare.
Pentru a vedea care este situatia la nivelul
nvtmntului superior de proIil economic, s-a reluat
aplicarea metodologiei si s-a realizat obtinerea punctajului
privind nivelul perceperii calittii, precum si clasamentul
trilor membre ale Uniunii Europene. Rezultatele sunt
reprezentate n Figura 4.
The computations oI indicators are perIormed based on
an in-house methodology serving the purpose oI the
research undertaken in this paper.
In order to see what the situation in economic
higher education is, the methodology was reapplied
and it was obtained the score regarding the perception
oI quality as well as the ranking by European
Union member countries. The results are presented in
Figure 4.
Fig. 4. Clasamentul privind perceperea calit(ii n nv(mntul superior economic (2011)/
Fig. 4. Ranking regarding the perception of quality in economic higher education (2011)
Sursa/Source: Prelucrat de autori de autori n baza datelor preluate de la WEF./Processed by the authors on the basis
of data taken from WEF.
Aot/Aote: Pentru fiecare categorie este indicat punctajul aferent dintr-un maxim de 7 puncte yi un minim de 1
punct./For each category there is a score ranging from a maximum of 7 to a minimum of 1.
Dup cum se observ prin simpla comparare a
clasamentelor realizate, se constat o modiIicare a
ncadrrii trilor ce asigur un nvtmnt superior
economic cu un nivel semniIicativ din punctul de vedere
al perceptiei asupra calittii acestuia. AstIel, clasele sunt:
1. nvtmnt superior economic de top din punct de
vedere al perceperii calittii n Belgia si Marea Britanie.
Punctajul obtinut este de 6,1 dintr-un maxim de 7 puncte.
Dup cum se constat, Marea Britanie se mentine n
Iruntea clasamentului si n ceea ce priveste nvtmntul
superior economic, care reuseste s ating peste 86
dintr-un nvtmnt superior economic cu un punctaj
maxim pentru perceperea calittii.
2. nvtmnt superior economic Ioarte avansat din
punct de vedere al perceperii calittii n tri, precum:
Spania, Franta, Olanda si Suedia. Punctajul obtinut este de
5,6 dintr-un maxim de 7 puncte. Suedia si Olanda si
mentin pozitia n clasament, ns sunt incluse si alte tri.
De exemplu, Spania are un nivel mediu avansat al
perceperii calittii n nvtmntul superior economic Iat
de nivelul mediu n cazul nvtmntului superior per
ansamblu. Sistemul de nvtmnt din Franta este ncadrat
pe o pozitie mai bun n ceea ce priveste nvtmntul
superior economic.
As it can be noticed Irom a simple comparison oI the
rankings, it can be determined a change in the countries`
classiIication ensuring a signiIicant level oI the economic
higher education Irom the perception oI its quality. Thus,
the groups are the Iollowing:
1. Top-level economic higher education Irom the point
oI view oI quality perception in Belgium and Great Britain.
The score obtained was 6.1 oI a maximum oI 7 points. As
it can be remarked, Great Britain leads the ranking as Iar as
economic higher education is concerned, reaching over
86 oI economic higher education with a maximum score
Ior quality perception.
2. Very advanced economic higher education Irom the
point oI view oI quality perception in countries such as
Spain, France, Netherlands, Sweden. The score is 5.6 oI a
maximum oI 7 points. Sweden and the Netherlands
maintain their position in the ranking, but there are also
other countries included. For example, Spain has an
average advanced level oI quality perception in economic
higher education in comparison with the average level oI
the higher education on a whole. The educational system in
France ranks on a better place as Iar as economic higher
education is concerned.
3. Advanced economic higher education as regards the
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
38
3. nvtmnt superior economic avansat din punct de
vedere al perceperii calittii n tri, precum: Finlanda,
Danemarca, Portugalia, Irlanda, Austria, Germania, Italia
si Malta. Punctajul obtinut este de 5,0 dintr-un maxim de 7
puncte. Statele ce si mentin pozitia n clasament sunt:
Danemarca, Irlanda, Austria si Germania, celelalte
nregistrnd o apreciere mai Iavorabil la nivel de
nvtmnt superior economic. Finlanda, per ansamblu,
are un sistem apreciat cu un nivel calitativ Ioarte avansat
pentru nvtmntul superior per ansamblu, Ir a excela
si la cel economic.
4. nvtmnt superior economic mediu din punct de
vedere al perceperii calittii n tri, precum Cipru, Estonia,
Slovenia, Luxembourg, Lituania si Letonia. Punctajul
obtinut este de 4,4 dintr-un maxim de 7 puncte. Dintre
aceste state, Luxembourg a pierdut o pozitie n clasament
la nivel de nvtmnt superior economic.
5. nvtmnt superior economic slab din punct de
vedere al perceperii calittii n tri, precum: Cehia,
Ungaria, Polonia, Romnia, Bulgaria, Grecia si Slovacia.
Punctajul obtinut este de 3,8 dintr-un maxim de 7 puncte.
Declasarea are loc la nivelul cazurilor reprezentate de
state, precum: Cehia, Ungaria si Polonia, care au un sistem
de nvtmnt superior, per ansamblu, apreciat mai bine
dect cel economic.
Cu ajutorul acestor indicatori ce reIlect perceperea
calittii n nvtmntul superior, se pot puncta si
diIerentele existente ntre statele membre ale UE, precum
si specializrile acestora n anumite domenii, asa cum s-a
indicat anterior.
Concluzii. Slbiciunile din domeniul nvtmntului
au un impact major asupra celorlalte componente, ce
actioneaz drept motoare ale stimulrii competitivittii si
perIormantelor Iiecrui stat n parte. Ca urmare, reducerea
cheltuielilor bugetare alocate educatiei Ir externalizarea
activittilor educationale de la sistemul public la cel privat
va genera consecinte negative asupra ntregii economii.
Poate c tocmai resimtirea acestor eIecte pe termen lung
conduce la iluzia, c orice reducere a sumelor alocate
nvtmntului nu are urmri neIavorabile. Aici intervin si
Iactorii politici n Iunctie de orizontul de timp vizat de
acestia, precum si de obiectivele prioritare Iixate la nivelul
Iiecrei economii. Oricum, nu trebuie omis Iaptul, c o
populatie educat este capabil s se adapteze rapid la
cerintele dinamice ale Iiecrei perioade, s inoveze si s
integreze aceste valori n economie astIel nct s se
asigure premisele crerii optimului social.
Este de neglijat nici Iaptul, c investitia n educatie
este generatoare de plusvaloare n economie pe un orizont
lung de timp. n plus, nvtmntul superior actioneaz ca
promotor al eIicientei si cheie pentru economia bazat de
cunoastere, competitivitate si eIicient.
Lucrarea analizeaz perceptia asupra calittii n
nvtmntul superior si n cel economic, cu precdere,
utiliznd o metodologie proprie, care a asigurat realizarea
analizei cantitative pe baz de punctaj, calculat pentru
Iiecare stat membru al UE, precum si a unei analize
calitative, ce a permis stabilirea unor clasamente ale
trilor, ce mpart sistemul de nvtmnt superior n patru
clase n Iunctie de perceptia calittii.
perception oI quality in countries such as Finland,
Denmark, Portugal, Ireland, Austria, Germany, Italy,
Malta. The score obtained is 5.0 oI the maximum oI 7
points. The states which maintain their position in the
ranking are Denmark, Ireland, Austria, Germany, the
others registering a more Iavourable assessment at the level
oI economic higher education. Finland, on a whole, has a
valued system with a very highly qualitative higher
education on a whole, still without shining in the economic
one.
4. Average economic higher education as regards the
quality perception in countries such as Cyprus, Estonia,
Slovenia, Luxembourg, Lithuania, Latvia. The score
obtained is 4.4 oI the maximum oI 7 points. OI these states,
Luxembourg has lost a position in the ranking as Iar as the
economic higher education is concerned.
5. Weak economic higher education Irom the point oI
view oI quality perception in countries such as Czech
Republic, Hungary, Poland, Romania, Bulgaria, Greece,
Slovakia. The score obtained is 3.8 oI the maximum oI 7
points. The de-ranking takes place Ior states such as Czech
Republic, Hungary, Poland which have a better evaluated
higher education system on a whole than the economic
one.
These indicators reIlecting the perception oI
quality in higher education also show the diIIerences
existing among the EU member states as well as their
specializations in several Iields as it was previously
stated.
Conclusions. The weaknesses in education have a
major impact on the other components that act as drivers
Ior the stimulation oI competitiveness and perIormances oI
each and every state. As a result, the drop in budgetary
expenditures allocated to education without externalizing
the educational activities Irom the public to the private
system will generate negative consequences on the entire
economy. The experience oI these eIIects on a long term
brings the illusion that any reduction in the amounts Ior
education does not have unIavourable eIIects. The
political Iactors also interIere in relation to the time
horizon Ioreseen as well as to the priority goals set
Ior each economy. Anyway, it should not be Iorgotten
that an educated population is capable to rapidly
adjust to the dynamic requirements oI each period, to
innovate and integrate these values in economy so that the
premises Ior the creation oI the social optimum should be
ensured.
It should not be neglected that the investment in
education generates added value in economy in the long
run. In addition, higher education acts as the promoter Ior
eIIiciency and is the key to the knowledge economy,
competitiveness and productivity.
The present paper analyzes the perception oI quality in
higher education and especially in the economic one, using
an in-house methodology enabling a quantitative analysis
which resulted in a score computed Ior each EU member
state as well as a qualitative analysis allowing to set some
rankings by countries and classiIying the higher education
system in Iour groups according to the perception oI
quality.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 39
nr. 2 / 2012
Acknowledgement. Aceast lucrare prezint rezultatele
cercetrii ntreprinse n cadrul campusului de creatie
multidisciplinar, Determinarea calittii percepute
a invtmantului superior economic din Romania in
contextul alinierii la standardele Uniunii Europene, al
proiectului POSDRU/89/1.5/S/59184. Lucrarea a Iost
coIinantat din Fondul Social European, prin Programul
Operational Sectorial Dezvoltarea Resurselor Umane
2007-2013, proiect numrul POSDRU/89/1.5/S/59184
,Performant i excelent in cercetarea postdoctoral in
domeniul tiintelor economice din Romania.
Acknowledgement. This paper presents the results oI
the research conducted in the multidisciplinary creative
campus, Determination of the perceived qualitv of
economic higher education in Romania in the context of
alignment with the EU standards, project
POSDRU/89/1.5/S/59184. This paper is supported Irom
the European Social Fund through Sectoral Operational
Programme Human Resources Development 2007-2013,
project number POSDRU/89/1.5/S/59184 ,Performance
and excellence in postdoctoral research in Romanian
economics science domain`.
Referin(e bibliografice/References
1. ADAMS, Don. DeIining educational quality. Improving Educational Quality Project: Biennial Report. Institute Ior
International Research. Pittsburgh: University oI Pittsburgh, 1993, january 6. 24 p.
2. Understanding education quality. Chapter 1. In: EFA Global Monitoring Report. 2005, pp. 27-37.
3. GREEN, Diana. What is Quality in Higher Education? Society Ior Research into Higher Education. London:
University Press, 1994. 132 p. ISBN 0-335-15740-8.
4. MOSTEANU, T., CMPEANU, E., CATARAM, D., STOIAN, A., GYORGY, A. Politici si tehnici bugetare.
Bucuresti: Editura Universitar, 2006.
5. MOTALA, S. Education transIormation and quality: The South AIrican experience In: Comparative and
International Education Society: annual meeting. San Antonio, 2000.
6. DeIining Quality in Education. UNICEF, The International Working Group on Education Florence. Florence, june.
43 p.
7. SCHWAB, Klaus, SALA-I-MARTIN, Xavier. The Global Competitiveness Report 2011-2012. World Economic
Forum. Geneva, 2011. 527 p.
Recomandat spre publicare.14.05.2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
40
ANALIZA COMPARATIV
A PIETELOR VALORILOR MOBILIARE
N REPUBLICA CEH $I BULGARIA NAINTE
DE IMPLEMENTAREA REGIMULUI
DE TINTIRE A CURSULUI DE SCHIMB
COMPARATIVE ANALYSIS OF THE
SECURITIES MARKETS IN THE CZECH
REPUBLIC AND BULGARIA BEFORE
IMPLEMENTING THE EXCHANGE RATE
TARGETING REGIME
Emma DIBOJA, dr., BAB, Bulgaria
Radu CUHAL, dr., BAM
Mihai UACUREAAU, BAM
Recenzent: Alexandru S1RA1AA,
dr. hab., conf. univ., IEFS
Emma DIBOJA, PhD, ABB, Bulgaria
Radu CUHAL, PhD, ABM
Mihai UACUREAAU, ABM
Reviewer: Alexandru S1RA1AA,
PhD, associate prof., IEFS
Acest articol ofer o scurt descriere a de:voltrii i a
istoriei titlurilor mobiliare in Republica Ceh i Bulgaria,
precum i importanta acestora in domeniul politicii
monetare. Implementarea politicii monetare este sever
limitat in ca:ul in care pietele financiare nu functionea:
corespun:tor, in special dac politica fiscal nu este
conformat cu orientarea politicii monetare. In ceea ce
privete supravegherea pietelor de valori mobiliare, un
sistem de autoreglementare trebuie s fie recomandat cu o
anumit proportie de control guvernamental. De asemenea,
se necesit ca, in cadrul functiei lor de supraveghere,
bncile centrale s monitori:e:e activittile pietelor
valorilor mobiliare atat timp cat bncile sunt ingriforate.
Cuvinte cheie. piat de valori mobiliare, bonuri,
certificate de tre:orerie, politic monetar, scadent,
economii, activitatea lombard.
This article gives a brief description of the
development and historv of securities in both, the C:ech
Republic and Bulgaria and the importance of these
markets in monetarv policv. The implementation of
monetarv policv is severelv constrained if financial
markets are not working properlv, particularlv if fiscal
policv is not in line with the monetarv policv stance.
Regarding the supervision of securities markets a self-
regulatorv svstem is to be recommended with a certain
amount of government control. Within their supervisorv
function the central banks also need to monitor the
activities of securities markets as far as banks are
concerned.
Key words. securities markets, bills, Treasurv
bills, monetarv policv, maturitv, savings, Lombard
activitv.
Introducere. Dezvoltarea pietelor valorilor mobiliare a
cunoscut o evolutie speciIic att n Republica Ceh, ct si
n Bulgaria, n derularea crui proces rolul statului si al
bncilor centrale rmne indiscutabil.
Introduction. Securities markets development has
evolved speciIy both in the Czech Republic and in
Bulgaria, whose running process state and central
banking role remains undisputed.
Con(inutul de baz. Dezvoltarea pie(elor de valori
mobiliare n Republica Ceh
Principalele tipuri de titluri, eliberate n Republica Ceh,
sunt: actiunile, obligatiunile de stat si bonurile de tezaur,
obligatiunile si cambiile emise de societti sau careva hrtii
de valoare comerciale, precum si certiIicate de depozit. n
1992, Guvernul a emis obligatiuni guvernamentale n
valoare total de 14,7 miliarde de coroane cehe si certiIicate
de trezorerie n valoare de 168 miliarde de coroane.
Procedurile de eliberare utilizate sunt oIertele publice,
plasamentele private si, cele mai utilizate, licitatiile.
Intermediarii Iinanciari principali sunt bncile comerciale si
Iirmele de brokeraj. n 1992, bonurile de tezaur au Iost
achizitionate, n mare parte, de ctre bnci. Nu a Iost
ntmpinat nici o problem n introducerea certiIicatelor de
trezorerie pe piata primar. Fiecare banc era limitat s
cumpere 50 din orice emitere.
Actul Consiliului National Ceh al Valorilor Mobiliare a Iost
adoptat la 20 noiembrie 1992.
Bursa de Valori din Praga (BVP) a nceput s tranzactioneze
n mod regulat, desi volumul de activitate a devenit mai mare
odat cu derularea tranzactiilor cu actiuni de privatizare, precum
si cu progresul general n procesul de privatizare. n prezent,
exist sapte valori mobiliare tranzactionate la BVP, dintre care
dou sunt listate ca titluri de stat, iar cinci sunt nelistate.
Tranzactiile aveau loc n Iiecare marti si ciIra de aIaceri a ajuns
The basical content. The development of securities
markets in the Czech Republic
The main types oI security issued in the Czech
Republic are: shares, government bonds and Treasury
bills, bonds and bills oI exchange issued by companies
and Iew commercial papers as well as certiIicates oI
deposit. In 1992 the Government issued government
bonds totaling Kcs. 14.7 billion and Treasury bills
amounting to Kcs. 168 billion.
The issuing procedures used are public oIIers, private
placement and, most oI all, auctions. The main Iinancial
intermediaries are commercial banks and brokerage
Iirms. In 1992 the Treasury bills were mostly purchased
by banks. There was no problem placing Treasury bills
on the primary market. Single banks were restricted to
buy 50 oI any issue.
The Act oI the Czech National Council on Securities
was passed on 20th November 1992.
The Prague Stock Exchange (PSE) started trading
regularly, although increased activity will come with
trade in privatization shares as well as general advance in
the privatization process. At present there are seven
securities traded on the PSE, two oI which are listed
government bonds and Iive are unlisted. Trading took
place every Tuesday and turnover reached Kcs. 8.1
million in early May 1993. The most sought-aIter
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 41
nr. 2 / 2012
la 8,1 mil. de coroane cehe la nceputul lunii mai 1993. Cele
mai cutate titluri au Iost obligatiunile de 5 de stat si
obligatiunile Bncii Comerciale.
Ministerul Finantelor joac rolul cheie n supravegherea
acestei piete n conIormitate cu legislatia privind valorile
mobiliare si piata valorilor mobiliare.
Pie(ele valorilor mobiliare yi economiile
n Republica Ceh exist diIerite tipuri de instrumente de
economisire. Traditionale si, pn n prezent, cele mai
utilizate pe scar larg sunt conturile de economii (Savings
book). Sunt Iolosite, de asemenea, si certiIicatele de conturi
de depozit si cele de depozit. Nu exist ciIre Iiabile
disponibile cu privire la ponderea instrumentelor respective.
Raportul de economisire intern brut (din Iosta
Cehoslovacie), care a rmas aproape la 30 la sIrsitul anilor
`80, a sczut la 25 n 1991. Economiile gospodriilor, care au
sporit pn la 4,3 din PIB n 1989, au devenit negative n
1990, dar au crescut considerabil, pn la 6,6, n 1992.
Depozitele de economii, anterior scutite de taxe Iiscale,
au Iost supuse pltii impozitului de 15 de la nceputul
anului 1993.
Pie(ele valorilor mobiliare yi politica monetar
Banca National a Cehiei (BNC) a jucat un rol important
n dezvoltarea pietelor valorilor mobiliare pe diIerite ci:
(a) a promovat reintroducerea Iacturilor de schimb prin
acceptarea acestora pentru Iacilitatea de reIinantare
disponibil pentru bnci la cea mai sczut rat a dobnzii,
adic rata de actualizare;
(b) a creat un sistem eIicient pentru emiterea si
comercializarea secundar de certiIicate de trezorerie, care
sunt emise n Iorm dematerializat (book entry) si
nregistrate ntr-un registru central la BNC;
(c) a promovat instituirea pietei secundare interimare
pentru valori mobiliare pe termen mediu, care au Iost
introduse n iulie 1991. Aceasta a Iost organizat si condus
de Banca National pn n decembrie 1992, cnd a Iost
preluat de ctre Bursa din Praga;
(d) a luat parte, mpreun cu Ministerul Finantelor, n
procesul de creare a cadrului legislativ pentru piata de
capital.
BNC utilizeaz activ tranzactiile cu valori mobiliare n
scopuri de politic monetar. Se eIectueaz operatiuni de
piat deschis, n care reglementeaz lichiditatea bncilor n
conIormitate cu obiectivele monetare stabilite de BNC.
Principalele instrumente sunt certiIicatele de trezorerie si,
ncepnd cu a doua jumtate a anului 1992, Iacturile emise
de ctre Banca National. Aceasta desIsoar, de asemenea,
operatiuni repo pe obligatiuni de stat pe termen mediu sau pe
termen lung. Piata este, astIel, receptiv la operatiunile BNC.
Fondurile excedentare ale bncilor comerciale majore,
care au Iost restrictionate n activittile lor de credit cu asa-
numitele limite de credit, au Iost directionate, n mare
msur, spre credite guvernamentale mai mult sub Iorm de
bonuri de tezaur dect mprumuturi de pe piata monetar
interbancar. Principalul motiv al acestor actiuni a Iost
minimizarea riscului de investitie, precum si proIitul din
randamentele relativ ridicate.
Dezvoltarea pie(ei valorilor mobiliare n Bulgaria
Tipurile de valori mobiliare, eliberate n Bulgaria sunt:
(a) titluri de stat pe termen scurt emise n Iorm
securities were 5 government bonds and bonds oI the
Commercial Bank.
The Ministry oI Finance plays the key role in
supervising the securities market according to the
securities and stock exchange legislation.
Securities markets and savings
There are various types oI savings instruments in the
Czech Republic. The traditional and until now most
widely used one is the savings book. CertiIicates oI
deposit and deposit accounts are used as well. There are
no reliable Iigures available on the share oI respective
instruments.
The gross domestic saving ratio (oI Iormer
Czechoslovakia) which remained close to 30 in the late
1980s, declined to 25 in 1991. Household saving,
which amounted to 4.3 oI GDP in 1989, turned
negative in 1990 but rose markedly to 6.6 in 1992.
Savings deposits, previously tax Iree, are subject to
15 tax as Irom the beginning oI 1993.
Securities markets and monetary policy
The Czech National Bank (CNB) has played a role in
the development oI securities markets in a number oI
ways:
(a) the CNB has promoted the reintroduction oI bills
oI exchange by accepting them Ior the rediscount Iacility
available Ior banks at the lowest interest rate, i.e. the
discount rate;
(b) it has created an eIIicient system Ior issuing and
secondary trading oI Treasury bills, which are issued in a
book entry system and registered in a central registry at
the CNB;
(c) it promoted the establishment oI the interim
secondary market Ior medium-term securities which was
introduced in July 1991. It was organized and run by the
CNB until December 1992, when it was taken over by
the Prague Stock Exchange;
(d) it took part, together with the Ministry oI Finance,
in the process oI creating the legislative Iramework Ior
the capital market.
The CNB actively uses securities transactions Ior
monetary policy purposes. It carries out open market
operations which regulate the banks' liquidity according
to monetary targets set by the CNB. The main
instruments are Treasury bills and, since the second halI
oI 1992, bills issued by the CNB. It also conducts
repurchase operations on medium or long-term
government bonds. The market is responsive to CNB
operations.
The excess Iunds oI the major commercial banks,
which were restricted in their credit activities by so-
called credit limits, were largely channeled to
Government credits in the Iorm oI Treasury bills rather
than loans on the interbank money market. The main
reason Ior this was to minimize investment risk as well
as to take advantage oI the relatively high yields.
Development of securities markets in Bulgaria
The types oI security issued in Bulgaria are:
(a) short-term book-entry government securities.
These are issued on a regular schedule oI Treasury bill
sales with maturities varying Irom 90 to 270 days. This
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
42
dematerializat (short-term book-entry government
securities). Acestea sunt emise n baza unui program regulat
al tranzactiilor cu certiIicate de trezoreriei cu scadente ntre
90 si 270 de zile. Valorile de acest tip sunt comercializate n
cadrul si n aIara sistemului bancar;
(b) titluri de stat pe termen mediu si pe termen lung.
Aceste valori sunt emise n Iorm de obligatiuni cu cupon,
cu scadente diIerite de la 3 la 30 de ani.
Procedura de eliberare a titlurilor de valoare este
reglementat prin Ordonanta nr. 5 cu privire la emiterea,
vnzarea si rscumprarea titlurilor de stat pe termen scurt.
Fiecare emisiune este anuntat n prealabil. Anuntul indic
valoarea nominal a bonurilor de tezaur oIerite spre vnzare
si pretul minim acceptabil al oIertelor.
Banca National a Bulgariei (BNB), n calitate de agent
de guvern, a dezvoltat o piat a titlurilor de stat sub Iorm de
licitatii, organizate la Iiecare dou sptmni, n care
valoarea oIertei este determinat, n prealabil, licitatiei, iar
oIertele competitive sunt cerute de la institutiile Iinanciare.
Principalii intermediari Iinanciari sunt bncile si companiile
de asigurri. n lipsa unei legi privind valorile mobiliare,
operatiunile pe piata secundar sunt eIectuate n
conIormitate cu Capitolul 3 din Ordonanta 5.
Pie(ele valorilor mobiliare yi economiile
Ca si n alte Ioste economii planiIicate, economiile
populatiei sunt concentrate la Banca de Economii de Stat
(BES). Cu toate acestea, unele schimbri au avut loc privind
creditarea. n trecut, cea mai mare parte a acesteia viza banca
central, iar n 1991, creditarea altor bnci a crescut pn la,
aproximativ, 60 din partea de active a BES.
Odat cu introducerea titlurilor de stat, BES a detinut o
pozitie dominant ca cumprtor principal al titlurilor de stat
guvernamentale, astIel sprijinind bugetul, costul de Iinantare
a deIicitului bugetar Iiind redus. Cu toate acestea, bncile
comerciale nu achizitionau titluri de valoare guvernamentale
ntruct costul resurselor lor era mult mai mare dect cele ale
BES.
Privind disponibilitatea economiilor, economiile interne
brute, n raport cu PIB, au atins punctul culminant n 1989,
cu o rat de economisire de aproape 33. ns, n 1991, rata
a sczut la mai putin de jumtate si n 1992 la o treime din
valoarea din 1989.
Pie(ele valorilor mobiliare yi politica monetar
Desi lipsit de unele premise importante, capabile s
asigure eIicienta operatiunilor de piat deschis, BNB a
nceput operatiuni de restrictionare pe piata deschis la
nceputul anului 1993. Aceasta se baza pe Rezolutia nr. 349
din de 26 noiembrie 1992. Scopul major al acesteia, pentru
moment, era de a garanta lichiditatea titlurilor de stat.
Treptat, odat cu dezvoltarea unei piete monetare si
Iunctionarea unui numr suIicient de valori mobiliare
eligibile, BNB intentioneaz s utilizeze acest instrument
pentru atingerea obiectivelor politicii monetare. Operatiunile
vor Ii utilizate pentru modiIicri temporare n bani de
rezerv si pentru a compensa schimbri n alte surse de bani
de rezerv.
BNB aIecteaz tranzactiile pe piata secundar numai cu
institutii Iinanciare care Iac obiectul unei rezerve minime
obligatorii necesare. Tipurile de tranzactii ncheiate sunt:
cumprri, vnzri simple si contracte de report. Procedura
type oI security is tradable within and outside the
banking system;
(b) medium and long-term government securities.
This type oI security is in the Iorm oI coupon bonds with
maturities varying Irom three to thirty years.
The procedure Ior issuing oI securities is regulated by
Ordinance No. 5 concerning the issuing, selling and
redemption oI short-term government securities. Every
issue is announced in advance. The announcement
indicates the nominal value oI the Treasury bills oIIered
Ior sale and the minimum acceptable price oI the bids.
The Bulgarian National Bank (BNB), acting as
government agent, has developed a government
securities market in the Iorm oI auctions held every two
weeks in which the amount oI the tender is determined in
advance oI the auction and competitive bidding is asked
Irom Iinancial institutions. The main Iinancial
intermediaries are banks and insurance companies. In the
absence oI a law on securities, secondary market
operations are eIIected according to Chapter Three oI
Ordinance No. 5.
Securities markets and savings
As in other Iormer planned economies, household
savings are concentrated at the State Savings Bank
(SSB). However, some changes have taken place on the
lending side. Whereas in the past the bulk oI lending
went to the central bank, lending to other banks has
increased, to approximately 60 oI the assets side oI the
SSB in 1991.
With the introduction oI government securities the
State Savings Bank held a dominating position as the
main buyer oI government securities while aiding the
budget as the cost oI budget deIicit Iinancing was thus
reduced. Commercial banks, however, do not purchase
government securities as the cost oI their resources is
much higher than those oI the SSB.
Looking at the availability oI savings, gross domestic
savings in relation to GDP peaked in 1989 with a saving
rate oI close to 33. It dropped to less than halI oI that
level in 1991 and again in 1992 to one third oI its 1989
peak.
Securities markets and monetary policy
Although lacking some important prerequisites which
ensure the eIIiciency oI open market operations, the
BNB started restricted operations on the open market at
the beginning oI 1993. This is based on Resolution No.
349 dated 26th November 1992. Its major aim Ior the
time being is to guarantee the liquidity oI government
securities. Gradually, with the development oI a
Iunctioning money market and a suIIicient supply oI
eligible securities, the BNB plans to use this instrument
Ior monetary policy goals. The operations will be used
Ior temporary changes in reserve money and to
compensate Ior changes in the other sources oI reserve
money.
The BNB eIIects transactions on the secondary
market only with Iinancial institutions which are subject
to a minimum reserve requirement. The types oI
transaction concluded are outright purchases, outright
sales and repurchase agreements. The procedure Ior these
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 43
nr. 2 / 2012
pentru aceste tranzactii este dup cum urmeaz.
Zilnic, institutiile Iinanciare care sunt interesate n
ncheierea tranzactiilor cu BNB, contacteaz Departamentul
operatiuni valutare al BNB si negociaz termenele si
conditiile:
(a) numrul emisiei si tipul tranzactiei;
(b) valoarea total nominal;
(c) scadenta;
(d) pretul pentru 100 de Leve nominale la zecimale.
BNB recomand institutiilor Iinanciare cu privire la
decizia sa, dar nu mai trziu de ora 10 dimineata, bazndu-si
deciziile sale, n principal, pe lichidittile din sistemul
bancar. BNB poate reIuza o tranzactie Ir a da vreo
explicatie. n prezent, activitatea pe piata valorilor mobiliare
suIer de Iaptul, c dobnda la titlurile de stat nu este
coordonat cu politica BNB a ratei dobnzii. n plus,
certiIicatele de trezorerie sunt valori mobiliare cu dobnd
Iix.
Politica BNB de lombard a nceput imediat dup primele
emisiuni de certiIicate de trezorerie, n a doua jumtate a
anului 1991. Din ianuarie 1992, BNB a Iurnizat, de
asemenea, credite de lombard, Iolosind obligatiuni emise de
Ministerul de Finante ca garantie. CertiIicatele de trezorerie
n portoIoliile bncilor comerciale pot Ii utilizate ca garantii
pentru credite lombard de pn la 70 din valoarea lor
nominal (anterior 90), avnd rata dobnzii de baz. La
sIrsitul anului 1992, creditele lombard constituiau 30 din
totalul Iondurilor Iurnizate n sistemul bancar.
n ianuarie-aprilie 1993, emisiunea de titluri de stat
acoperea 64,32 din necesarul de Iinantare a Guvernului.
Doar 35,68 au Iost sub Iorma de credite directe din partea
bncilor. Statisticile arat c coeIicientul de acoperire a
sczut n ultimele luni, adic nu toate valorile de oIert ar
putea Ii alocate cu discount maxim acceptabil.
transactions is as Iollows:
Each day the Iinancial institutions which are
interested in concluding transactions with the BNB,
contact the BNB's Domestic Currency Operations
Department and negotiate the Iollowing terms and condi-
tions:
(a) number oI issue and type oI transaction;
(b) aggregate nominal value;
(c) maturity;
(d) price Ior Leva 100 nominal to decimal places.
The BNB advises the Iinancial institutions oI its
decision not later than 10 a.m. basing its decisions
mainly on the liquidity oI the banking system. The BNB
can reIuse a transaction without having to give any
reasons. At present, activity on securities markets suIIers
Irom the Iact that the interest on government securities is
not coordinated with the BNB's interest rate policy.
Furthermore, Treasury bills are Iixed interest securities.
The BNB's Lombard policy began immediately aIter
the Iirst issues oI Treasury bills in the second halI oI
1991. Since January 1992, the BNB has also provided
Lombard credits using bonds issued by the Ministry oI
Finance as collateral. Treasury bills in commercial banks'
portIolios can be used as collateral Ior Lombard credits
up to 70 oI their nominal value (beIore: 90), carrying
the basic interest rate. At the end oI 1992 Lombard
credits made up 30 oI the total Iunds supplied to the
banking system.
Between January and April 1993 the issue oI
government securities covered 64.32 oI the
Government Iinancing requirement. Only 35.68 was in
the Iorm oI direct credits Irom banks. The statistics show
that the coverage coeIIicient has Iallen in recent months,
i.e. not all securities on oIIer could be allocated at the
maximum acceptable discount (see the tables).
Concluzii. Implementarea politicii monetare este sever
limitat n cazul n care pietele Iinanciare nu Iunctioneaz
corespunztor, n special dac politica Iiscal nu este
conIormat cu orientarea politicii monetare. n perioada de
tranzitie, guvernele se conIrunt cu probleme de plat privind
ratele reale pozitive ale dobnzilor; astIel, multe ntreprinderi
ar Ii nevoite s abandoneze aIacerile dac se mprumut la
aceste rate. Controlul lichidittii interne este o preocupare
principal si, n absenta pietelor valorilor mobiliare, problema
a Iost rezolvat prin mijloace pragmatice. Acest lucru a
nsemnat utilizarea plaIoanelor de credit si a rezervelor
minime obligatorii. Odat cu introducerea titlurilor de stat,
bncile centrale au trecut la instrumente indirecte pentru
controlul lichidittii interne, cum ar Ii operatiunile de piat
deschis si politica lombard. n Iazele initiale de tranzitie, este
util ca bncile centrale s detin un portoIoliu important de
titluri de valori pentru interventie. Operatiunile pot, astIel,
servi la realizarea unui scop dublu pentru schimburi de
portoIoliu sau pentru politic monetar. Cu toate acestea,
majoritatea trilor au limite pe creante asupra guvernului, pe
care bncile centrale le pot detine n portoIoliul lor.
Bncile centrale, n diIerite tri din Europa Central si
Europa de Est, au acumulat experient n utilizarea valorilor
mobiliare pentru scopuri de politic monetar. Ungaria, de
exemplu, a nceput operatiunile de piat deschis n 1991
Conclusions. The implementation oI monetary policy
is severely constrained iI Iinancial markets are not
working properly, particularly iI Iiscal policy is not in
line with the monetary policy stance. During transition,
governments have problems paying positive real interest
rates and many enterprises would be Iorced out oI
business iI they had to borrow at these rates. Controlling
domestic liquidity is a primary concern and so Iar, i.e. in
the absence oI securities markets, the problem has been
solved by pragmatic means. This has meant the use oI
credit ceilings and reserve requirements. With the
introduction oI government securities central banks have
switched to indirect instruments Ior controlling domestic
liquidity, such as open market operations and Lombard
policy. In the initial stages oI transition it is useIul iI the
central banks hold a substantial portIolio oI securities Ior
intervention. Operations can then serve a dual purpose,
Ior portIolio shiIts or Ior monetary policy. However,
most countries have limits on the claims on the
government which central banks can hold in their
portIolio.
Central banks in various countries oI central and
Eastern Europe have gained experience in using
securities Ior monetary policy purposes. Hungary, Ior
example, started open market operations in 1998 using
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
44
Iolosind certiIicate de trezorerie si certiIicate de depozit,
emise de Banca National. n Republica Ceh, banca central
emite bonuri proprii pentru a curta excedentul de lichiditate.
n Polonia, Banca National a utilizat anterior bonurile
proprii, iar n prezent a trecut la rscumprarea acordurilor
privind titlurile de stat pentru a controla nivelul de lichiditate.
Bulgaria a introdus recent operatiunile de piat deschis cu
titluri de stat, n timp ce Romnia nu are nc titluri de valoare.
Politica lombard a Iost Iolosit n trei tri: Republica Ceh,
Ungaria si Polonia. n Republica Ceh, doar titlurile de valori
de stat sunt eligibile ca garantii; aceast Iacilitate se utilizeaz
putin ntruct bncile au portoIolii limitate de titluri de stat si
rata lombard, n prezent de 14, este mai mare dect rata de
actualizare de 9. n mod similar, n Polonia, creditul
lombard este mai scump dect alte Iorme de reIinantare. n
Ungaria, rata lombard are, de asemenea, caracterul unei rate
de penalizare. Nevoia de credit lombard este determinat de
sistemul de plat, ntruct nevoile de lichiditate sunt
necunoscute pn spre sIrsitul zilei; astIel, creditul lombard
de la banca central este singura surs capabil s
ndeplineasc cerintele de lichiditate. Banca National a
Bulgariei a introdus Iacilittile lombard n scopul de a ncuraja
bncile s detin certiIicate de trezorerie. Cu toate acestea,
deoarece rata lombard este egal cu rata de baz (cea mai
sczut rat de mprumut de la banca central), bncile
comerciale au cumprat certiIicate de trezorerie, n principal,
pentru a avea acces la creditele bncii centrale, mai mult sau
mai putin, imediat. O not de precautie a Iost anuntat cu
privire la posibilitatea de a permite bncilor s si
ndeplineasc cerintele lor de constituire a rezervelor minime
cu bonuri de tezaur. n acest caz, plaIoanele de credit ar trebui
s Iie impuse, de asemenea.
Un aspect de interventie pe piata intern a bncilor
centrale din Vest este eIectul pe curba de randament si, astIel,
asupra cursului de schimb. Aceast consideratie este mai putin
relevant pentru bncile centrale din Europa Central si de Est
n cazul n care astIel de legtur strns ntre pietele valutare
interne si externe nu exist nc. n ceea ce priveste
supravegherea pietelor de valori mobiliare, este recomandat ca
sistemul de autoreglementare s cuprind ntr-o anumit
proportie controlul guvernului. De asemenea, se necesit ca, n
cadrul Iunctiei lor de supraveghere, bncile centrale s
monitorizeze activittile pietelor valorilor mobiliare att timp
ct bncile sunt ngrijorate.
Treasury bills and certiIicates oI deposits issued by the
National Bank. In the Czech Republic the central bank
issues its own bills to mop up excess liquidity. In Poland
the National Bank previously used its own bills and has
now switched to repurchase agreements on Treasury bills
to control the level oI liquidity. Bulgaria has recently
introduced open market operations with government
securities; whereas Romania does not yet have securities.
Lombard policy has been used in three countries, the
Czech Republic, Hungary and Poland. In the Czech
Republic only government securities are eligible as
collateral; there is little use oI this Iacility as the banks
have limited portIolios oI government securities and the
Lombard rate, currently at 14, which is higher than the
discount rate at 9. Similarly in Poland Lombard credit
is more expensive than other Iorms oI reIinancing. In
Hungary the Lombard rate also has the character oI a
penalty rate. The need Ior Lombard credit is determined
by the payment system as liquidity needs are unknown
until late in the day and then Lombard credit Irom the
central bank is the only source available to IulIill
liquidity requirements. The Bulgarian National Bank
introduced Lombard Iacilities in order to encourage
banks to hold Treasury bills. However, as the
Lombard rate equals the basic rate (lowest rate Ior
borrowing Irom the central bank) the commercial banks
bought Treasury bills mainly to gain access to central
bank credit more or less immediately. A note oI caution
was sounded on the possibility oI allowing banks to
IulIill their minimum reserve requirements with Treasury
bills. In that case credit ceilings would need to be
imposed as well.
One aspect oI western central bank intervention in the
domestic market is the eIIect on the yield curve and thus
on the exchange rates. This consideration is less relevant
Ior central banks in central and eastern Europe, where
such a close link between domestic and Ioreign currency
markets does not yet exist.
Regarding the supervision oI securities markets a
selI-regulatory system is to be recommended with a
certain amount oI government control. Within their
supervisory Iunction the central banks also need to
monitor the activities oI securities markets as Iar as
banks are concerned.
Referin(e bibliografice/References
1. CALVO, G. Monetary policy challenges in emerging markets: sudden stops, liability dollarization and lender oI last resort. In:
Current account and external Iinancing: 10th annual conIerence at the Central Bank oI Chile, 9-10 november 2006. Central
Bank oI Chile. Santiago, 2006.
2. DEBELLE, Guy. InIlation Targeting in Practice. In: IMF Research Department Paper. 1997, no. 35, march, pp. 1-32.
3. FRANKEL, J., SCHMUKLER, S., SERVEN, L. Global transmission oI interest rates: monetary independence and currency
regime. In: Journal oI International Money and Finance. 2004, no. 23, september, pp. 701-734.
4. MORENO, Ramon. Monetary policy transmission and the long-term interest rate in emerging markets. In: BIS Papers. 2008, no
35, pp. 61-79.
5. MORON, Eduardo, WINKELRIED, Diego. Monetary policy rules Ior Iinancially vulnerable economies. In: IMF Working Paper.
2003, no. 39, 21 march, pp. 1-35.
6. OBSTFELD, M., ROGOFF, K. The mirage oI Iixed exchange rates. In: Journal oI Economic Perspectives. 1995, no. 9, pp. 73-96.
7. SHAMBAUGH, Jay C. The eIIect oI Iixed exchange rates on monetary policy. In: The Quarterly Journal oI Economics. 2004, vol.
119, no. 1, pp. 301-352.
Recomandat spre publicare.28.01.2012
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 43
nr. 2 / 2012
CERCETRI N DOMENIUL
MANAGEMENTULUI FINANTELOR PUBLICE
N UNIUNEA EUROPEAN
RESEARCH ON FINANCIAL
PUBLIC MANAGEMENT
OF THE EUROPEAN UNION
1atiana MAAOLE, dr. hab., prof. univ., IEFS 1atiana MAAOLE, PhD, professor, IEFS
In acest articol, autorul a incercat s caracteri:e:e
situatia finantelor publice in Uniunea European (UE).
Indicatorul principal ce caracteri:ea: cri:a finantelor
publice in UE este creterea datoriei publice externe a unor
state membre ale UE i creterea enorm a deficitului
bugetar ca pondere in PIB. Aceast situatie pune problema
accenturii rolului statului in reglarea economic, concept
promovat de J. M. Kevnes la inceputul secolului al XX-lea.
O piedic in de:voltarea economiei sun :onele offshore,
unde se concentrea: marile capitaluri ale lumii. Creterea
deficitelor bugetare i a datoriilor publice aprofundea:
cri:a finantelor publice. Dei s-au luat msuri drastice
pentru diminuarea acestora, totui echilibrul bugetar nu
determin in mod fundamental stabilitatea macroeconomic.
Autorul crede c este nevoie de o reglementare din partea
statului a tuturor proceselor economice.
Cuvinte cheie: finante publice, Uniunea European,
doctrine economice, :one offshore, uncie de aur, echilibru
economic, cri:a european, deficit bugetar, echilibru
bugetar.
In present article, author has tried to characteri:e
public finances in the European Union (EU). The
main indicator that characteri:es the crisis of public
finances in the EU is the increase of external debt of
EU member states and budget deficit as a share in
GDP. This question reflects the states role in
economic regulation, a concept promoted bv J. M.
Kevnes, in the earlv twentieth centurv. Hindrances to
economic development are offshore areas, where the
great capitals are concentrated. Increasing budget
deficits and public debt deepens the crisis of public
finances. Although, were taken drastic measures to
reduce the budget balance, this do not fundamentallv
determine macroeconomic stabilitv. The author
believes that there is needed a state regulation of all
economic processes.
Key words: public finances, European Union,
economic doctrine, offshore areas, ounce of gold,
economic balance, European crisis, budget deficit,
balanced budget.
Introducere. n prezent, omenirea este aIectat de o
nou criz economic. Prin urmare, analistii economici caut
cu insistent cauzele care au provocat aceast criz. n aceste
conditii se Iace o rentoarcere la doctrinele economice care
au dominat periodic sistemele economice.
Con(inutul de baz. AstIel, dac pn la Marea Criz
economic din anii 1929-1933 a predominat doctrina clasic
a liberalismului economic, promovat, n temei, de
economistul scotian Adam Smith, apoi Marea Cri: de la
nceputul secolului al XX-lea a demonstrat c, Ir
interventia statului n economie si Ir reglementri eIiciente
ale sistemului Iinanciar, va Ii Ioarte greu de iesit din aceast
criz proIund, iar mai apoi de ocolit o nou criz Iinanciar.
Cel care a venit cu o nou teorie economic a Iost marele
economist al secolului al XX-lea 1ohn Maynard Keynes
(1883-1946). Noua teorie economic a lui Keynes a dominat
gndirea economic de dup Marea Criz si pn la Marea
InIlatie.
,Marea inIlatie din perioada 1965-1980 a pus capt unei
epoci, n care SUA a dominat complet lumea de dup cel de
al doilea Rzboi Mondial. n aceast perioad, SUA a
devenit o economie cu datorii, amenintat din punct de
vedere concurential de Japonia si Germania |1|.
Keynesismul si pierde dominatia asupra gndirii
economice dup marea criz inIlationist din anii `70, Iiind
nlocuit de monetarismul promovat de economistul american
Milton Friedman (1912-2006). Neoclasicul Milton
Friedman, proIesor de economie la Universitatea Chicago,
reprezentant principal al Scolii din Chicago, detintor al
Premiului Nobel pentru Economie (1976), a devenit un
opozant al interventionismului Keynesian, promovnd ideile
monetariste si liberalismul economic. El era convins c
inIlatia este un Ienomen monetar, considernd, totodat, c
Introduction. Nowadays, mankind is aIIected by a
new economic crisis. In these circumstances,
economic analysts are looking insistently the causes oI
this crisis. In these conditions there is a return to
economic doctrines that have periodically dominated
the economic systems.
The basic content. Thus, until the great economic
crisis oI 1929-1933, the classical doctrine oI economic
liberalism prevailed, which was mainly promoted by
the Scottish economist Adam Smith, then Iollowed the
Great Depression oI the early twentieth century,
which showed that without state intervention in
economy and an eIIective regulation oI the Iinancial
system, it will be very diIIicult to come out oI this
deep crisis, and then bypassed another Iinancial blow.
A new economic theory was given by the great
economist oI the twentieth century John Maynard
Keynes (1883-1946). New economic theory oI
Keynes dominated economic thinking oI the Great
Depression till the Great InIlation.
"The great inIlation oI the 1965-1980 ended an era
in which the USA completely dominated the world
aIter the second World War. During this period, USA
has archived a debt economy, being competitively
threatened by Japan and Germany" |1|.
The Keynesianism theory lose its dominance on
economic thinking in the years aIter the great
inIlationary crisis, Irom the 70s was replaced by
monetarism promoted by American economist Milton
Friedman (1912-2006). ProIessor oI economics Irom
the University oI Chicago, the principal representative
oI the School oI Chicago, and holder oI the Nobel
Prize Ior Economics (1976), Milton Friedman became
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
46
Iiecare economie are o rat natural a ocuprii Iortei de
munc, adic o rat natural a somajului, iar ncercarea de a
stimula pe cale Iiscal cresterea nivelului de ocupare a Iortei
de munc peste rata natural produce eIecte inIlationiste.
Acesta era convins, c, atunci cnd masa de bani creste mai
repede dect activitatea economic real (PIB-ul), preturile
vor creste n urma cresterii cererii, ca rezultat al cresterii
veniturilor Ir o acoperire real de productie. Considerm,
c aceast logic este foarte corect.
Astfel, toate abordrile tiintifice ale teoriilor lui Kevnes
i ale lui Friedman conduc la tendinta de obtinere a
echilibrului economiei.
Mai multi economiti din :ilele noastre consider, ins,
c practica i viata economic ne arat contrariul. ,starea
natural a oricrei pieje este dezechilibrul, iar echilibrul
su este atins doar n mod accidental" |1, p. 46|.
Studiile dlui Constantin Marinescu, n articolul
mentionat mai sus, atest, c Iondatorul ideii, c starea
fireasc a unei economii yi a piejelor este dezechilibrul,
este economistul austriac 1oseph Schumpeter (1883-1950),
demonstrand c economia este intr-o evolutie permanent
datorit inovatiilor aduse de antreprenori, distrugand astfel
starea de echilibru |1, p. 46|.
Aceast teorie economic revolujionist a fost
de:voltat mai departe de Aicolas Ceorgescu Roegen,
economist american, de origine romn (1906-1994), care,
fiind matematician i economist, considera c exist
contradictie intre `degradarea de neevitat a resurselor
naturale folosite de omenire, ca urmare a folosirii lor, i
creterea material nelimitat` |1, p. 46|.
Mai jos, voi reproduce principiile teoriei economice
revolu(ioniste, expuse n articolul citat mai sus:
Starea normal a pietelor, dar i a economiei este
de:echilibrul, adic cererea agregat nu se ntlneste cu
oIerta agregat la un nivel de echilibru.
Agentii economici nu sunt intotdeauna rationali, iar
rezultatele actiunii lor sunt imprevizibile. Deciziile
economice nu sunt determinate de ratiune, avnd ca scop
maximizarea Iunctiei de utilitate ca n teoria neoclasic, ci
de psihologia uman, acestea putand fi motivate de
incredere. Cand oamenii au incredere, cumpr, cand nu au
incredere, vand. O alt motivatie pentru deci:ia economic
o repre:int actiunile speculative pe piat. n prezent exist
o multitudine de societti ce actioneaz n scop speculativ pe
pietele Iinanciare, valutare, imobiliare, de capital etc., ale
cror deci:ii economice sunt greu de previ:ionat, iar din
acest motiv este foarte dificil de a simula diverse modele
economice.
Cri:ele economice sunt inerente i endogene, adic
provin din interiorul sistemului economic, si nu sunt
determinate de Iactorii externi, asa cum aIirm teoria
neoclasic.
Din cele expuse mai sus, putem constata c actualmente,
cnd lumea mondial se conIrunt cu crize economice si
Iinanciare, se caut mai nti tapul ispsitor, apoi solutii
rationale de iesire din criz. Este adevrat, c ritmul inalt de
de:voltare a inovatiilor creea: probleme serioase teoriilor
economice i modelelor economice de echilibrare
macroeconomic. Echilibrele i de:echilibrele se inlocuiesc
unele pe altele in functie de starea economic mondial.
an opponent oI Keynesian interventionism, promoting
monetarist ideas, economic liberalism. He was
convinced that inIlation is a monetary phenomenon,
considering also that each economy has a natural rate
oI employment and attempting to stimulate increasing
employment oI labor Iorce over natural rate oI
inIlation, these product inIlationary eIIects. He was
convinced that when the mass oI money grows Iaster
than real economic activity (GDP), prices will rise
with an increase oI demand as a result oI revenue
growth without real production coverage. We believe
that this thinking is correct.
Thus, all scientific approaches of the theories of
Kevnes and Friedman lead the trend towards
achieving economic balance.
Manv economists todav, consider that practical
and economic life shows us the opposite, that "
natural state of any market is the disequilibrium and
its equilibrium is reached only by an accident" |1,
p. 46|.
Marinescu Constantine`s article shows that
Austrian economist 1oseph Schumpeter (1883-1950)
is the Iounder oI the idea that the natural state of the
economy and markets is disequilibrium, showing that
the economv is in constant evolution, due to
innovations to the entrepreneurs, thus destroving the
equilibrium state |1, p. 46|.
This economic theory was developed further bv
Aicolas Ceorgescu Roegen, American economist
(1906-1994). He was a mathematician and economist
that believed that there is contradiction between
"unavoidable degradation of natural resources used
bv humanitv, as a result of their use, and unlimited
material growth" |1, p. 46|.
Below, we will reproduce the principles oI
economic theory exposed in the article cited above:
The normal state of markets and of economv
is unbalanced, where aggregate demand with
aggregate supply is in a balance.
Businessmen are not alwavs rational, and the
results oI their actions are unpredictable. Economic
decisions are not determined by reason, aim to
maximize the utility Iunction as in neoclassical theory,
but human psvchologv, thev mav be motivated bv
trust. When people trust thev buv, if thev do not trust
thev sell. Another motivation for economic decision
is the speculation on the market. At this moment there
are plenty oI companies that operate in Iinancial
markets Ior speculative purposes, currency, real
estate, capital etc., whose economic decisions are
difficult to predict, and therefore it is verv difficult to
simulate various economic models.
Economic crises are inherent and
endogenous, thev come from the economic svstem, and
they are not caused by external Iactors, as asserted by
neoclassical theory.
From the above we can see that now, when the
world Iaces global economic and Iinancial crisis, Iirst
thing are causes, then came rational solutions. It is
true that the high rate development of innovation
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 47
nr. 2 / 2012
Consider, c toate teoriile expuse mai sus, att cele
clasice, ct si cele neoclasice, au venit s rezolve problemele
cu care se conIrunt omenirea. Procesele economice
avanseaz vertiginos, scotnd economia din albia
echilibrului. Reiesind din acestea, suntem de prerea, c
marele Keynes a avut dreptate cnd a spus, c iesirea din
Marea Criz Economic de la nceputul secolului al XX-lea
poate Ii solutionat numai de stat prin instrumente de
reglementare, de interventie n economie.
De asemenea, consider c neoliberalismul lui Milton
Friedman, cu politica sa monetarist, a ncurajat pietele
Iinanciare si de capital. Munca a Iost umilit, iar Banul a
Iost supraapreciat. Au Iost cutate ci nelegale de acumulare
de bani!
Este impresionant articolul din revista Forbes, decembrie
2011 (Rusia) |2|. Acest articol cu titlul ,Iaeauu nupamoe u
quuaucucmoe" public 10 ciIre despre offshore din cartea
lui Nicolas Shekson ,Bmu, ooupaeuue +up". Obiectul
de studiu ale acestei lucrri sunt zonele oIshore.
Este stiut, c conditia principal a dezvoltrii economiei
este miscarea liber a capitalului. O reglementare excesiv
din partea statului va avea ca urmare navigarea banilor acolo
unde este mai bine, n sensul c impozitarea veniturilor este
simbolic. AstIel, cei mai multi bani se regsesc acum n
zonele oIIshore. Dup cum mentioneaz acest autor, prin
zonele oIIshore trece peste jumtate din comertul
international si 1/3 din investitiile directe, pe care
corporatiile multinationale le eIectueaz peste hotare.
Directia National de Revizie Financiar din Marea Britanie
a constatat n anul 2007, c n anul 2006, 1/3 din cele 700 de
companii mari ale Angliei nu au pltit nici un impozit n
tar, activitatea acestora Iiind nregistrat n zonele oIIshore.
ConIorm evalurilor FMI, n micile insule, care sunt centre
Iinanciare ale zonelor oIIshore, s-au concentrat actualmente
cca 18 trilioane de dolari SUA, sum egal cu 1/3 din PIB-ul
mondial. CiIre impresionante ne aduce Agentia Tax Justice
Network, care a calculat n 2005 capitalul pe care oamenii
bogati l detin n oIIshore, acesta nsumnd 11,5 trilioane de
dolari SUA, ceea ce constituie 1/4 din toat bogtia
mondial si este echivalent cu Venitul National al SUA.
Prin companiile oIIshore nregistrate n Olanda, care este
una din cele mai mari porturi ale impozitelor, n 2008 au
trecut capitaluri n sum de 18 trilioane de dolari SUA,
depsind de 20 de ori PIB-ul acestei tri.
n insulele Cayman, cel de-al cincilea dup mrime
centru Iinanciar mondial, sunt nregistrate 80 000 de
companii, constituind peste 3/4 din Iondurile mondiale,
depozitele lor pstrnd 1,9 trilioane de dolari SUA, sum
care ntrece de 4 ori depozitele din bncile New-York-ului.
Totodat, este de mentionat, c pe aceast insul exist
numai un singur cinematograI! Ca s ne dm seama de
marele ru (daune) care aceste Ienomene l aduc Iinantelor
publice, s mai aducem un exemplu: conIorm inIormatiilor
ziarului ,The Guardian, trei mari companii mondiale de
banane (Del Monte, Dole si Chiquita) au eIectuat n 2006 n
Marea Britanie aIaceri n sum de cca 750 milioane de dolari
SUA, dar au pltit impozite n sum de 235 000 dolari SUA,
ceea ce constituie, pentru comparare, mai putin de un salariu
mediu al unui Iotbalist englez din echipa ,Premier Leage.
Pot Ii aduse si alte exemple impresionante despre
creates serious economic theories and economic
models of macroeconomic balance. Balances and
imbalances are replaced each other according to the
global economic situation.
I think all the above theories, both classical and
neoclassical came to solve the problems Iacing
humanity. Economic processes are advancing rapidly,
pulling the economy out oI the equilibrium. In this
situation, we believe that Keynes was right when he
said that getting out oI the Great Depression oI the
early twentieth century can be solved only by the State
regulatory instruments oI intervention in the
economy.
I think that neoliberalist Milton Friedman with his
monetarist policy encouraged Iinancial and capital
markets. Work was humiliated, and money were
overrated. There were sought illegal ways oI money
accumulation.
It`s impressive the article Irom Forbes maga:ine,
december 2011 (Russian Federation) entitled "Harbor
for pirates and financiers" that shows 10 Iigures
Irom the Nicolas Shekson`s book "People who
robbed the world" about offshore. The subject oI this
paper are oIIshore areas.
It is recognized that economic development is the
main condition oI Iree capital movement. An
excessive state regulation will result in money
navigation where its better, where taxation is
symbolic. Now, biggest parts oI money are Iound in
oIIshore areas. Author mentioned that, by passing
oIIshore areas more than halI oI international trade
and the third oI direct investment that multinational
corporations made abroad. The National Financial
Auditing oI the UK in 2007 Iound that in 2006 one
third oI the 700 largest companies oI England did not
pay any tax in the country, whose activity was
recorded in oIIshore areas. According to IMF
assessments, these small islands are Iinancial centers
and concentrate approx. 18 trillion dollars, an amount
equal to one third oI world GDP. Tax Justice Network
Agency brings impressive Iigures, which has
calculated that in 2005 the capitals oI rich people are
in this oIIshore, around 11.5 trillion USD which is
one quarter oI all global wealth and equivalent to
national income oI USA.
The oIIshore companies registered in Holland,
which is one oI the largest ports oI taxes, passed in
2008 capital oI 18 trillion dollars, exceeding 20 times
the GDP oI this country.
The Cayman Islands, are the IiIth largest Iinancial
center, where there are registered 80,000 companies,
representing more than three quarters oI global Iunds
and the warehouses store 1.9 trillion dollars, an
amount that exceeds Iour times New York bank
deposits. It`s also worth to mention that there is only
one cinema on the island. In order to realize the great
harm (damage) that these events bring to public
Iinances, we can present an example - according to
,The Guardian newspaper's inIormation, three world
banana companies Del Monte, Dole and Chiquita,
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
48
capitalurile nregistrate n zonele oIIshore |2|.
Toate aceste exemple de concentrri imense de capital n
mna unui grup mic de oameni care conduc lumea ne duce la
gndul, c exist o mare prpastie ntre bani si munc.
Munca este baza oricrui sistem economic, iar banii sunt
suprastructura. Aceast suprastructur apas asupra bazei,
provocnd crize economice si Iinanciare. Zonele oIIshore
sunt un mare pericol de provocare n lant a crizelor
Iinanciare.
n prezent, omenirea se conIrunt cu o proIund criz
Iinanciar. Consider, c aceast criz Iinanciar a lovit, n
mare parte, Iinantele publice, Iiind exprimat prin mari
deIicite bugetare si imense datorii publice.
Desi ntr-o economie globalizat orice criz din orice colt
al lumii ne-ar aIecta, totusi Criza European ar Ii pentru
Republica Moldova un pericol mai apropiat. n opinia
proprie, Europa a uitat de credoul economiei: o najiune nu
poate consuma mai mult dect produce. Dar s-a ntmplat
invers. Unele tri si-au permis s triasc pe picior larg,
gndindu-se la ziua de astzi, nu si la cea de mine, nu si la
generatiile viitoare. Criza european a afectat n primul
rnd finan(ele publice! Enormele deficite bugetare pun
n pericol zona euro.
Sunt ntru totul de acord cu abordrile economistului
grec Marios EleIteriadis, care vede cauza crizei datoriilor
publice Iat de strintate ale Greciei, n general, n politica
promovat de Administratia Central, care, prin msuri
irationale, cumpra voturile de la populatie. AstIel, n anii
`80 ai secolului trecut, a Iost elaborat o lege, prin care se
interzicea eliberarea din lucru a angajatilor ntreprinderilor
de stat. La Iel, Iunctionarii publici erau angajati ,pe viat.
Toate aceste msuri au servit ca instrumente pentru toate
partidele grecesti. Actualmente, Iiecare al patrulea angajat n
Grecia este Iunctionar public. Acest comportament al
administratiei publice a introdus in tar haosul, la
maforitatea populatiei predomina simtul ,increderii`, c
niciodat nu trebuie s te gandeti la :iua de mane, nu
trebuie s faci eforturi mari. Aceste comportamente au fcut
ca oamenii s piard interesul fat de munc, devenind
lenei i hapsani. Dar, pentru a indestula cerintele mereu
crescande, puterea lua bani cu imprumut din strintate, ca
s plteasc angafatilor din sectorul public salarii umflate,
adic, astfel, se cumprau voturile. Datoria public a
Greciei constituie 150 din PIB, iar, pe cap de locuitor, a
atins 30 000 euro/locuitor |3|.
Dup cum mentioneaz acest autor, aceeasi politic a
Iost dus si n ale state europene, ca: Italia, Spania,
Portugalia s.a. Aceast politic a condus la cresterea datoriei
publice n aceste state. DeIicitul bugetar al Greciei, n anul
2011, a ajuns la 165 din PIB. Economia Greciei alctuieste
2 din toat economia UE si s-ar prea c situatia nu este
att de grav pentru UE, ns Grecia nu este unica tar din
UE cu astIel de situatie precar. Si Italia se conIrunt astzi
cu un mare deIicit bugetar, constituind n perioada
mentionat 82 din PIB-ul trii.
DeIicitele bugetare imense au determinat si cresterea
datoriilor publice Iat de creditori. AstIel, obligatiile
scadente ale Italiei, ctre anul 2014, alctuiesc 498 de
miliarde de euro la dobnzi mai mici de 7. Datoria enorm
a Italiei, n cazul de Iat, ca si al altor state din Uniunea
made in 2006 in UK business amounting to almost
750 million USD, but paid taxes amounting to
235,000 USD, that represents Ior the company less
than the Many others impressive examples in oIIshore
areas average salary oI an English Iootballer can also
be made |2|.
All these impressive examples about huge
concentrations oI capital in the hands oI a small group
oI people who run the world, leads us to think that
there is a great gulI between money and work. Work
is the base oI each economic system, but money are
the superstructure. This superstructure cause economic
and Iinancial crisis. OIIshore areas are a threat to
challenge the chain oI Iinancial crises.
In present humanity Iaces a deep Iinancial crisis.
This Iinancial crisis, I think mostly hit public Iinances,
as expressed by large budget deIicits and huge public
debt.
Although in a globalized economy, any crisis
anywhere in the world aIIects us, however European
crisis can be a danger to Moldova. We believe that
Europe has Iorgotten the credo oI the economy: a
nation can not consume more than it produces, but
the opposite happened. Some countries have allowed
to live on large Ioot, thinking about today, not about
the Iuture generations. European crisis primarily
affected the public finances. Enormous budget
deficits threaten the euro area.
I agree with the Greek economist Marios
EleIteriadis approaches, which considers that public
debt crisis in Greece is due to policy oI the Central
Administration, that buy votes Irom the public, with
irrational measures. Thus, in the 80s oI last century
was a law that Iorbids the release oI state working
employees. All these measures have served as tools
Ior all Greek parties. Currently every Iourth employee
in Greece is a public oIIicial. This behavior of
government introduced chaos in the countrv, where
mostlv people have a sense of "trust" that we should
not think on what remains and do not make great
efforts. These behaviors have caused people to lose
their interest in work and become la:v and grabbing.
To satisfv the growing demand, taking the power of
borrowing monev abroad to pav the inflated salaries
of public emplovees, in this wav votes are bought.
Greeces public debt is 150 of GDP and per capita
has reached 30,000 euro/person |3|.
As the author mentions, the same policy was
pursued in the European countries like Italy, Spain,
Portugal, etc. This policy has led to raise public debt
in these countries. Greece's budget deIicit in 2011
reached 165 oI GDP. Although the Greek economy
makes up 2 oI all EU economy, and it seemed that
the situation it`s not so serious Ior the EU, but Greece
is not the only in the EU with such a precarious
situation. With a large budget deIicit now is Iacing
Italy, being 82 oI GDP this country.
Huge budget deIicits determined the rise oI public
debt to creditors. Thus, obligations due oI Italy in
2014 represent 498 billion euro on interest rates below
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 49
nr. 2 / 2012
European, pune n gard investitorii. Ei nu vor dori s riste
cnd trile suprandatorate vor solicita noi mprumuturi
pentru nevoia reIinantrii datoriei publice. n aceste condijii,
investitorii vor cere ca garanjie, n calitate de gaj, un activ
cu valoare real. Acest activ cu valoare real este aurul.
Bunurile imobiliare, care au Iost considerate valori reale
pn la criza imobiliar din 2008 n SUA, nu mai sunt luate
n calcul. Dup criza imobiliar din SUA, investitorii nu mai
cred n aceste valori, considernd aurul unicul activ cu
valoare real n prezent.
Vorbind despre aur ca garant pentru investitori, este
necesar de identiIicat posibilittile trilor datornice n
depozitele de aur, si nu numai, dar si a zonei euro, n
general, deoarece, dup cum mentioneaz unii analistii,
aurul ar putea fi o solujie pentru criza european |4, p. 30-
32|.
Cresterea deIicitelor bugetare si a datoriilor publice
aproIundeaz criza Iinantelor publice. Desi s-au luat msuri
drastice pentru diminuarea acestora, totusi echilibrul bugetar
nu determin n mod Iundamental stabilitatea
macroeconomic. Summitul de la nceputul lunii decembrie
2011 a desemnat o sperant pentru pietele Iinanciare privind
rezolvarea crizei europene. Msurile restrictive, impuse de
statele Uniunii Europene, stabilite prin tratatul din 9
decembrie 2011 de la Bruxelles, cu privire la admiterea unui
deIicit bugetar de pn la 3 din PIB si reducerea datoriei
publice externe a statelor europene n primul semestru al
anului 2012 pn la 60 din PIB nu vor stabiliza pietele
Iinanciare, deoarece exist prea multi Iactori care au
provocat criza Iinanciar (avem n vedere si marele
concentrri de capitaluri n zonele oIIshore, eschivarea celor
suprabogati de la plata impozitelor). Finantelor publice le
este Ioarte greu s Iac Iat cheltuielilor publice mereu
crescnde. n aIar de aceasta, Iinantelor publice din trile
aIectate de criza Iinanciar le revine cel mai mare greu s
reduc deIicitul bugetar si s ramburseze datoria public
imens.
n conditiile unei datorii publice colosale, investitorii au
nevoie de garantii din partea datornicilor. Unii analisti (vezi
articolul dlui Laurentiu Rosoiu, Forbes, Romnia nr. 73/23
decembrie 2011-8 ianuarie 2012, ,Solutia de aur pentru criza
european) consider, c trile datornice pot emite
obligatiuni garantate cu aur. Cu att mai mult c trile
datornice excesiv dispun de rezerve de aur. AstIel, Italia
dispune de rezerve de aur de 2 451 de tone, cu o valoare de
piat de peste 100 de miliarde de euro. Drept gaj, aceast
rezerv ar Ii putut atrage usor Iinantare de peste 500 de
miliarde de euro. Aceast sum este suIicient pentru
acoperirea datoriilor Italiei n sum de 498 de miliarde de
euro, care reprezint obligatiile ei scadente pn n anul
2014.
Grecia dispune de 111,5 tone de aur, existente n
rezervele bncii centrale.
,Rezervele de aur ale bncilor centrale din zona euro si
ale Bncii Centrale Europene erau la Iinele lunii noiembrie
de, aproximativ, 10 800 de tone de aur, cu o valoare de piat
de cca 544 de miliarde de euro. Utilizarea aurului din rezerve
drept garantie pentru emiterea unor obligatiuni comune ar
permite stingerea din piete a pn la 2 000 de miliarde de
euro |4, p. 30|.
7. Enormous debt oI Italy, in this case, as other EU
countries, warns investors. They do not want to risk,
when these countries will require additional loans Ior
debt reIinancing. In these conditions investors will
demand a guarantee, an asset with real value. 1his
active real value is gold.
Real estate, which was considered true values by
USA real estate crisis oI 2008, now no longer can be
taken into account. ThereIore, aIter the U.S. housing
crisis, investors no longer believe in these values,
considering gold the only real value today.
Speaking oI gold as a guarantee Ior investors, it is
necessary to identiIy opportunities oI borrowers
country in gold deposits, but and in euro area, because
as mentioned some analysts, gold could be a solution
to the European crisis |4, p. 30-32|.
Rising budget deIicits and public debt deepens
public Iinances crisis. Although there were taken
drastic measures to reduce their budget balance,
however budget balance do not Iundamentally
determine macroeconomic stability. Summit in early
December 2011 was a hope oI solving the crisis oI
European Iinancial markets. The restrictive measures
imposed by EU countries established by the treaty oI 9
December 2011 in Brussels, regarding the admission
oI a budget deIicit to 3 oI GDP and external debt oI
European countries in the Iirst halI oI 2012 Iurther to
reduce at 60 oI GDP, but this will not stabilize
Iinancial markets, because there are too many Iactors
that caused the Iinancial crisis (the great concentration
oI capital in oIIshore areas, evasion oI rich people to
pay taxes). For public Iinance is very diIIicult to Iace
the increasing public spending. In addition, public
Iinances in countries aIIected by Iinancial crisis, it is
most diIIicult to reduce the budget deIicit and huge
debt to repay.
With a huge public debt, investors need guarantees
Irom debtors. Some analysts (see article Lawrence
Rosoiu, Forbes, Romania no. 73/23 December 2011-
January 8, 2012, "Gold solution Ior the European
crisis") believes that borrowers countries may issue
gold bonds, motivated by the countries that have
really gold reserves. Thus, Italy has gold reserves oI
2451 tons, at a market value exceeding 100 billion
euro. As a pledge, this reserve could easily attract
Iunding Ior more than 500 billion euro. This amount is
suIIicient to cover debt amounting to 498 billion euro,
which represents its due obligations until 2014.
Greece has 111.5 tons oI gold existing in Central
Bank reserves.
"Central Bank Gold reserves in the euro area and
European Central Bank were in late November,
approximately 10,800 tons oI gold, with a market
value oI approx. 544 billion euro. The use oI gold
reserves as collateral Ior the issuance oI common
bonds oII the market would allow up to 2000 billion
euro" |4, p. 30|.
The largest gold reserves in the euro area are
owned by: Germany 3401 tons oI gold, Italy 2451
tons oI gold, France 2435 tons oI gold, Netherlands
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
30
Cele mai mari rezerve de aur din zona euro sunt detinute
de: Germania 3 401 tone de aur, Italia 2 451 tone de aur,
Franta 2 435 tone de aur, Olanda 612 tone de aur, Banca
Central European are o rezerv de 502 tone de aur, apoi
urmeaz celelalte state din zona euro |4, p. 32|.
Considerm, c este mai binevenit gajarea cu aur a
datoriilor publice, prin emisia de obligatiuni, dect cresterea
ratei dobnzilor pentru riscul investitorilor. Dimpotriv,
obligatiunile garantate cu aur ar conduce la scderea
dobnzilor, deoarece investitorii ar avea o garantie c
valorile mobiliare (obligatiunile) sunt garantate cu aur.
Aceasta ar Ii mai beneIic pentru debitori, deoarece pretul
unei uncii de aur creste. Nu cunoastem de-a lungul istoriei ca
pretul la aur pentru o uncie s scad la bursele valutare
internationale. Lucrul acesta ni-l conIirm evolutia pretului
unei uncii pe parcursul anilor, n special dup cel de-al
Doilea Rzboi Mondial.
Garantarea prin aur a valorilor mobiliare (obligatiuni)
este o sigurant pentru investitori, aceast practic a Iost
utilizat si de alte natiuni suprandatorate, cum a Iost
Brazilia si Portugalia prin anii `70-80 ai secolului trecut.
Posibilittile de rambursare a datoriilor prin aur depind
de pretul unei uncii de aur pe piata valutar international (o
uncie este egal cu 31,1 grame de aur curat). n august 2011,
pretul unei uncii era de 1750 de dolari SUA. Desi aurul nu
mai joac rolul de bani universali, el este o rezerv valutar
Ioarte important pentru state, asigurndu-le cu valut n
orice moment. Aurul este un activ cu cea mai nalt
lichiditate.
Credem c este bine s mentionm, c prezidentul SUA
Nixon, n 1971, a schimbat sistemul valutar-creditar
international, demonetiznd aurul. Izolarea aurului de la
sistemul valutar international a servit ca preludiu pentru
emisia de moned Ir acoperire cu aur. Astzi este greu de
nchipuit c ar Ii posibil revenirea aurului n sistemul
valutar international (acum sistemul valutar international se
pre:int prin standard-devi: autorul).
Cantitatea de aur nu mai poate acoperi marea cantitate de
devize (bani de hrtie bancnote). Cantitatea de aur, extras
pe tot parcursul istoriei de dobndire a aurului, constituie
170 000 tone de aur. Bncile centrale ale tuturor trilor lumii
detin 18 din tot aurul sau 30 000 tone de aur. n anul 2008,
masa monetar n circulatie n lume a constituit cca 60 de
trilioane de dolari SUA. Si dac toate guvernele ar Ii decis s
asigure banii lor cu aur, apoi pretul unei uncii ar trebui s
ajung la 60 000 de dolari SUA. Acest lucru este ireal, desi
aurul rmne a Ii un activ cu valoare real mpotriva riscului
|5, p. 108-109|.
Dac ne reIerim la Republica Moldova, care este si ea
aIectat de criz economic si Iinanciar, mentionm, c
Iluxurile de capital strin sunt Iiresti si Iavorabile eIicacittii
sistemului economic, dar pot conduce, totusi, la situatii de
criz a ndatorrii si, adesea, se consider c datoria extern
creeaz attea probleme pe cte le rezolv. Un paradox este
constatarea Iaptului, c posibilitatea de a contracta datorii
externe, care ar trebui, n principiu, s ajute economia s
gestioneze mai bine riscurile cu care se conIrunt, conduce,
de Iapt, deseori la rezultatul opus.
La Iel, este de mentionat, c datoria extern mbrac
multiple Iorme si nu toate creeaz aceleasi probleme. AstIel,
612 tons oI gold, European Central Bank has
reserves oI 502 tons oI gold, and then Iollows other
countries Irom euro area |4, p. 32|.
We believe that gold is better pledge oI public debt
through emission oI bonds, than growth interest rate
Ior investor`s risk. Conversely, gold bonds would lead
to lower interest rates because investors would be
guaranteed the securities (bonds) that are backed by
gold. It would be more beneIicial Ior borrowers,
because the price oI ounces oI gold increases.
During history there isn`t any case that proves that
ounce gold price can Iall to international currency
exchanges. This thing is proved by ounce price
development over the years, especially aIter the
Second World War.
Ensuring the gold securities (bonds) its saIety Ior
investors, this practice was used by other nations, as
Brazil, Portugal in the `70-80s oI last century.
Debt repayment possibilities depend on the ounces
price oI gold on international Ioreign exchange market
(one ounce equals 31.1 grams oI gold). In august 2011
the price oI one ounce was 1750 USD. Although, gold
no longer plays the role oI universal money, it`s a very
important reserve currency Ior the countries, ensuring
a currency at any time. Gold is an asset with the
highest liquidity.
It`s good to note that president oI USA, Nixon, in
1971 changed U.S. currency system international
credit, demonetization gold. Gold isolation Irom the
international currency system served as a prelude to
the emission oI currency without gold coating.
Today's hard to imagine that gold can be back on
international currency system (now international
currencv svstem is presented bv standard-slogan
author).
The amount oI gold can not cover a large amount
oI currency (paper money banknotes). The amount
oI gold extracted throughout the history oI acquiring
gold is 170,000 tons oI gold. The Central Banks oI all
world countries have 18 oI all gold or 30,000 tons oI
gold. In 2008 the money supply in circulation in the
world was about 60 trillion dollars, and iI all
governments had decided to ensure their money with
gold, then an ounce price should reach 60,000 dollars
an ounce. This is unreal, while gold remains an asset
oI real value against the risk |5, p. 108-109|.
II will reIer to Moldova, which is also aIIected by
economic and Iinancial crisis, we notice that Ioreign
capital Ilows are Iavorable to economic eIIectiveness
oI the economic system, but it can however lead to the
debt crisis and oIten it is considered that external debt
creates how many problems it solves. A paradox is the
Iinding that the possibility oI contracting external
debt, which should, in principle help the economy to
better manage the risks they Iace, leading in Iact oIten
to the opposite result.
It`s to be mentioned that Ioreign debt takes many
Iorms and not all created the same problems. Such
debt (sovereign), contracted by governments and by
extension, that received their guarantee, Iormed most
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 31
nr. 2 / 2012
datoriile publice (suverane), cele contractate de ctre
guverne si, prin extensiune, cele care au beneIiciat de
garantia acestora au Iormat cea mai mare parte a
angajamentelor trilor n curs de dezvoltare, care au
cunoscut o criz Iinanciar n anii `80 anume din cauza
incapacittii guvernelor de a onora aceste angajamente.
Pentru Republica Moldova, acest caz trebuie s Iie o
lectie. Datoriile publice sunt contractate de la trei categorii
principale de creantieri: creditori privati (deseori bancari),
agentii guvernamentale si institutii Iinanciare internationale.
IndiIerent de categoria de creditori, tara trebuie s-si
controleze gradul de solvabilitate. n cazul n care debitorul
este guvernul, capacitatea de a rambursa datoria depinde de
aptitudinea acestui guvern de a obtine ulterior excedente
primare n bugetele lor si, deci, de capacitatea lui de a
mobiliza resursele Iiscale si de a-si controla cheltuielile
publice.
Datoria public extern poate crea, astIel, o problem de
echilibru al Iinantelor publice, n deosebi n cazul n care o
parte din resursele, mprumutate de ctre guvernele lor, vor
Ii Iost irosite din cauza Iacilittilor Iinanciare excesive
acordate anterior.
La Iel, este de mentionat, c datoria extern, indiIerent,
de altIel, dac este public sau privat, este generatoare de
obligatii de plat n devize. Atta timp ct rata de crestere a
ncasrilor din exporturi depseste rata dobnzii pltite
pentru mprumut, procesul de ndatorare extern poate
continua la inIinit, Ir a crea probleme de solvabilitate din
acest punct de vedere, deoarece noile ncasri de devize,
generate de exporturi, permit, cel putin, acoperirea
cheltuielilor cu dobnda datoriei, suma de baz a
mprumutului putnd Ii reportat Ir diIicultate de la un an
la altul |6, p. 251-252|. Spre exemplu, cea mai mare
creditare a Republicii Moldova vine de la Fondul Monetar
International (FMI). AstIel, n ianuarie 2010 a Iost aprobat
Programul de creditare si Iinantare a Republicii Moldova din
partea FMI n sum de 369,6 milioane DST (Drepturi
Speciale de Tragere valuta de cont a FMI) sau cca 572,7
milioane de dolari SUA. Mecanismul de Iinantare a Iost pe
transe: prima sum de 60 mil. DST, a Iost primit de RM
imediat dup aprobarea Programului FMI, n ianuarie 2010;
cealalt sum a Iost transIerat pe transe dup cum urmeaz:
n iulie 2010 60 mil. DST; aprilie 2011 50 mil. DST;
iulie 2011 50 mil. DST; Iebruarie 2012 50 mil. DST. n
parametrii acestui Program de creditare au rmas nc
neabsorbite 99,6 mil. DST. AstIel, FMI a creditat Republica
Moldova n sum de 369,6 mil. DST |7|.
n opinia specialistului Daniel Dianu, Ir cstiguri de
productivitate care s sustin cresterile salariale, economia
unei tri se asIixiaz mai devreme sau mai trziu. Cstigurile
de productivitate constante implic investitii productive
sistematice, alturi de transIeruri de tehnologie |8, p. 53|.
oI the commitments oI developing countries that have
experienced a Iinancial crisis in 1980, namely because
oI inability oI their governments to honor these
commitments.
For Moldova this case should be a lesson. Public
debts are contracted to three main categories oI
creditors: private creditors (oIten banks), government
agencies and international Iinancial institutions.
Regardless oI category oI creditors, the country
needs to control the degree oI solvency. II the debtor
is the government, then ability to repay the debt
depends by ability to obtain Iurther government
primary surpluses in their budgets and thereIore their
ability to mobilize Iiscal resources and to control
public expenditure.
External debt can create a problem oI public
Iinances balance, especially iI parts oI borrowed
resources by their governments have been wasted
due to excessive Iinancial incentives previously
granted.
Can be mentioned that the Ioreign debt, regardless,
iI it`s public or private, it is generating Ioreign
currency liabilities. As long as the growth rate oI
export receipts exceeds the interest rate paid on the
loan, the external debt can continue indeIinitely
without creating solvency problems in this regard, as
the new currency revenues generated by exports allow
at least to cover debt interest costs, the basic amount
oI the loan can be easily carried Irom one year to
another |6, p. 251-252|. For example, biggest credit oI
Moldova comes Irom the International Monetary Fund
(IMF). Thus, in January 2010 was approved the
program oI credit and Iinancing Irom the IMF the
Republic oI Moldova in amount oI 369.6 million SDR
(Special Drawing Rights IMF currency account) or
approx. 572.7 million dollars. Funding mechanism
was made in installments: the Iirst amount oI 60
million SDR, received immediately aIter approval oI
the IMF program in January 2010, the other amount
was transIerred installments as Iollows: July 2010
60 million SDR, April 2011 50 million SDR, July
2011 50 million SDR, February 2012 50 million
SDRs. The parameters oI the loan programs we still
unabsorbed 99.6 million SDR. Thus, IMF credited
Republic oI Moldova in the amount oI 369.6 million
SDR |7|.
According to specialist Daniel Daianu, without
gains oI productivity that will support wage increases,
economy oI country will asphyxiate sooner or later.
Constant productivity gains to involve systematic
productive investment and transIers oI technology
|8, p. 53|.
Concluzii
1. Prin Iaptul c, n unele tri din zona euro, au crescut
deIicitele bugetare ca pondere n PIB si datoriile publice Iat
de strintate, putem considera c, n aceste tri, Iinantele
publice sunt n mare criz.
2. Starea Iinantelor publice din trile supradatornice, ca:
Grecia, Italia, Spania, Portugalia, este cauzat de politicile
sociale, promovate de guvernele lor pentru a cumpra
Conclusions
1. The Iact that in some countries Irom euro area
increased budget deIicits as a share oI GDP and public
debt have also increased Irom abroad, we believe that
in these countries public Iinances are in great crisis.
2. The state oI public Iinances over borrower`s
countries like Greece, Italy, Spain, and Portugal is
caused by social policies promoted by their
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
32
voturile alegtorilor si a se mentine la putere, dar Ir o
acoperire Iinanciar a programelor sociale promovate.
3. mprumuturile exagerate au mentinut aceste guverne la
putere o anumit perioad, dar cnd nu au mai putut s se
mprumute, au Iost nevoite s reduc cheltuielile bugetare, s
taie din programele sociale promise, ceea ce a trezit
nemultumirea maselor.
4. Numai o crestere economic real, cu cstiguri de
productivitate poate sustine investitiile, transIerul de
tehnologii avansate si cresterea nivelului de trai.
governments to buy votes and stay in power, but
without Iinancial coverage oI social programs
promoted.
3. Excessive loans kept this Governments in power
some time, but when they couldn`t borrow, they cut
budget spending and social programs, which aroused
discontent among the masses.
4. Only real economic growth, with high
productivity can support investments in advanced
technology transIer and improve living standards.
Referin(e bibliografice/References
1. MARINESCU, Cristian. Criza global si esecul proIesiunii de economist. In: Revista Finante Publice si
Contabilitate. 2011, nr. 6, pp. 45-48. ISSN 1582-9774.
2. Ianann nnparon n ]nnancncron: dup Nicolas Shekson din cartea ,Hmn, ooxpanmne mnp|. B: FORBES.
2011, exapt. |Accesat 22.04.2012|. Disponibil: http://nsaiIa.org/gavani-piratov-i-Iinansistov.html.
3. 3HEuTEPHAHC, Mapnoc. B enponecxom ]nnanconom xpnsnce nnnonar .?. B: Komcomontcxax Hpana.
2012, 3 xnnapx.
4. ROSOIU, Laurentiu. Solutia de aur pentru criza european. In: FORBES Romnia. 2011, 23 decembrie. |Accesat
22.04.2012|. Disponibil: www.Iorbes.ro/Solutia-de-aur-pentru-criza-europe...
5. IPEuHBKHH Cepre. Peantnte nennocrn. B: FORBES. 2011, cenrxpt, cc. 108-109.
6. Dictionar de stiinte economice. Chisinu: ARC, Stiinta, 2006. 1023 p. ISBN 978-9975-67-002-9.
7. Mexannsm xpenronannx n ]nnancnponannx. B: 3xonomnuecxoe oospenne. 2012, 3 ]enpanx.
8. DIANU, Daniel. Fractura din zona euro. In: Piata Iinanciar. 2012, nr. 1-2, pp. 52-53. ISSN 1224-4368.
Recomandat spre publicare. 05.05.2012
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 33
nr. 2 / 2012
EVOLUTIA COMERTULUI EXTERIOR
AL REPUBLICII MOLDOVA
N PERIOADA POSTCRIZ
DEVELOPMENT OF THE FOREIGN
TRADE IN POST-CRISIS PERIOD
OF THE REPUBLIC OF MOLDOVA
Alexandru AECRUJ, drd., ULIM
Ludmila 1BCARU, drd., ULIM
Alexandru CRIBIACEA, dr. hab., prof. univ., ULIM
Recenzent: Petru ROSCA, dr. hab., ULIM
Alexandru AECRUJA, PhD candidate, ULIM
Ludmila 1ABACARU, PhD candidate, ULIM
Alexandru CRIBIACEA, PhD, professor, ULIM
Reviewer: Petru ROSCA, PhD, ULIM
Comertul exterior al Republicii Moldova, in perioada
postcri:, a cunoscut o cretere spectaculoas, marcand
ritmuri inalte de sporire a volumului comerciali:at cu trile
membre ale CSI i ale UE, precum i alte tri ale lumii.
Creterea exportului a fost conditionat mai mult de
diversificarea acestuia i facilitarea accesului bunurilor i
serviciilor autohtone la pietele externe. In pre:ent, se
mentine dependenta exportului de regimurile comerciale i
de:voltarea economic ale trilor partenere prin fluxul de
investitii strine directe i cerere, iar cea a importului de
volumul de remitente i nivelul calittii produselor
importate
1
.
Cuvinte cheie. comert exterior, import, export,
parteneri, dinamic, post-cri:.
Moldovas foreign trade in post-crisis period,
has increased dramaticallv, marking the highest
rates of increase in sold volume to the CIS countries and
the EU and other worlds countries. The export growth
was conditioned more bv its diversification, and
facilitation of access to domestic goods and services to
foreign markets. Currentlv, export dependence is
maintained bv trade regimes and economic
development of partner countries through foreign direct
investment flows and demand, the import the
volume of remittances and the qualitv of imported
products
1
.
Key words: foreign trade, import, export, partners,
dvnamic, post-crisis.
Introducere. Derularea comertului exterior este un
Iactor Ioarte important n dezvoltarea economic a unei tri,
mai ales pentru cresterea economic a Republicii Moldova.
Piata intern, relativ limitat, si baza de materii prime si de
resurse energetice, insuIiciente pentru a Iace Iat
necesittilor trii, au determinat Moldova s promoveze o
politic extern consecvent, orientat spre Iacilitarea
accesului bunurilor si serviciilor autohtone la pietele externe
si diversiIicarea pietelor de desIacere, Iavorizat de asezarea
geograIic a trii.
Introduction. Carrying out Ioreign trade is a very
important Iactor in a country's economic development,
especially economic growth in Moldova. Domestic
market, relatively limited, and the raw materials and
energy resources, insuIIicient to meet the needs oI the
country have caused Moldova to promote a consistent
Ioreign policy, aimed at Iacilitating access to local
goods and services to Ioreign markets and
diversiIication oI markets, encouraged by the geography
oI the country.
Con(inutul de baz. n scopul stimulrii activittii
comerciale externe si extinderii pietei de desIacere,
Republica Moldova a semnat multiple acorduri de comert
liber cu trile membre ale Comunittii Statelor Independente
(CSI). n mai 2001, Moldova a semnat protocolul de
conIerire a statutului de membru plenipotentiar al
Organizatiei Mondiale a Comertului, iar n luna iunie a
aceluiasi an a devenit participant cu drepturi depline la
Pactul de Stabilitate pentru Europa de Sud-Est, semnnd,
ulterior, acorduri de comert liber cu celelalte tri
participante. Un moment oportun pentru Moldova a Iost
reducerea suplimentar a tariIelor n cadrul Sistemului
Generalizat de PreIerinte Vamale ale Uniunii Europene
(UE). AstIel, politica promovat a determinat o crestere
considerabil a comertului exterior (vezi Figura 1).
Din anul 1999, ciIrele, nregistrate de comertul exterior
al RM, au Iost n continu crestere: de la 1049,8 (a.1999)
la 6489,9 milioane USD (a.2008). n anul 2009, ns,
criza Iinanciar mondial a conditionat o reducere drastic
(-29,7) a comertului exterior pn la 4 561,3 mil. USD.
The basic content. In order to stimulate Ioreign
trade and expanding markets, Moldova has signed Iree
trade agreements with many countries oI the
Commonwealth oI Independent States (CIS). In May
2001, Moldova signed the membership conIerring
plenipotentiary oI the World Trade Organization, and in
June oI that year became a Iull participant in the
Stability Pact Ior South Eastern Europe, signing
subsequent agreements Iree trade with other participating
countries. An opportune moment Ior Moldova was
Iurther reduced tariIIs under the Generalized System oI
PreIerences Customs Union (EU). Thus, the pursued
policy resulted in a considerable increase in Ioreign trade
(see Figure 1).
Since 1999, the Iigures recorded by the external trade
oI the Republic oI Moldova, have been steadily
increasing: Irom 1049.8 (1999) to 6489.9 million USD
(2008). In 2009, however, the global Iinancial crisis has
prompted a drastic reduction (-29.7) oI Ioreign trade up
to 4561.3 million dollars.
1
InIormatia analizat n articolul stiintiIic nu include operatiunile de export-import a ntreprinderilor si organizatiilor din partea stng a Nistrului si
municipiul Bender.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
34
Fig. 1. Comer(ul exterior al Republicii Moldova, 1997-2011, mil. USD/
Fig. 1. Foreign trade of the Republic of Moldova, 1997-2011, mil. USD
Sursa/Source: Elaborat de autor n baza datelor BAS./Elaborated by author on the dates of ABS.
Dup regresul nregistrat n anii 2008-2009, comertului
extern moldav revine n perioada postcriz la trendul
cresctor de pn la criz, depsind treptat nivelul anului
2008: 5 396,8 milioane USD n 2010 (cu 18,3 mai mult
Iat de 2009) si 7 413,2 milioane USD n 2011 (cu 37,4
mai mult Iat de 2010).
Aceast crestere rapid a comertului a Iost conditionat
de nivelurile majorate ale exportului si importului.
Totalul exporturilor RM, dup reducerea din 2009 de
308,1 milioane USD (-19,4), a constituit, n 2010, 1 541,5
milioane USD (cu 258,5 milioane USD mai mult dect n
anul precedent), iar n 2011 2 221,6 milioane USD (cu
680,1 milioane USD mai mult). Din volumul total al
exporturilor, 1 006,4 milioane USD (26) au constituit
reexporturi (n crestere cu 66,0 Iat de 2010). De
mentionat, c bunurile de consum si materia prim au
prevalat ntotdeauna n cadrul mrIurilor exportate originare
din Moldova.
Importurile, dup reducerea de 1 620,5 milioane USD
(-33,1) Iat de volumul nregistrat n anul 2008, n 2010 au
cumulat 3 855,3 milioane USD (577 milioane USD mai mult
dect n 2009) si n 2011 5 191,6 milioane USD (cu
1 336,3 milioane USD mai mult dect n anul precedent).
n ianuarie 2012, exporturile au atins volumul de 147,5
milioade USD (9,8 Iat de aceeasi lun a anului 2011 si
32,4 Iat de luna precedent), iar importurile 338,9
milioane USD (19 Iat de ianuarie 2011 si -36,7 Iat de
decembrie 2011).
Desi valoarea balantei comercile a rmas negativ
(-2 313,8 milioane USD n 2010 si -2970 milioane USD n
2011), iar sporirea valorii importurilor a prevalat cea a
exporturilor n 2011 si n 2010 (Iat de anul precedent),
ritmul de crestere a exporturilor a Iost mai mare dect cel al
importurilor (vezi Figura 2): exporturile au crescut cu 20,1
n 2010 si 44,1 n 2011, iar importurile cu 17,6 si,
rescpectiv, 34,7.
AIter the regress recorded in 2008-2009, Moldovan
Ioreign trade returns during the post-crisis period to the
increasing trend untill the crisis, gradually passing
beyond the year 2008: 5396.8 million USD in 2010
(18.3 more than in 2009) and 7413.2 million USD in
2011 (37.4 more than in 2010).
This rapid growth oI trade was due to increased
levels oI exports and imports.
Country's total exports, aIter reduction oI 308.1
million USD in 2009 (-19.4) constituted in 2010,
1541.5 million USD (with 258.5 million USD more than
the previous year), and 2011 to 2221.6 million USD
(with 680.1 million dollars more). OI total exports,
1006.4 million USD (26) were re-exports (up 66.0
Irom 2010). Mentioned that consumer goods and raw
materials have always prevailed within the originating
goods exported Irom Moldova.
Imports, aIter reduction oI 1620,5 million USD
(-33.1) to the volume registered in 2008, in 2010
accounted Ior 3855.3 million USD (577 million USD
more than in 2009) and in 2011 5191.6 million USD
(with 1336.3 million USD more than the previous year).
In January 2012, exports have reached the amount
147,5 million USD (9.8 compared with the same
month oI the year 2011 and 32.4 compared to the
previous month), while imports 338.9 million dollars
(19 compared with January 2011 and 36.7
compared with December 2011).
Although the trade balance remained negative
(-2313.8 million dollars in 2010 and -2970 million USD
in 2011), and increase the value oI the imports prevailed
exports in 2011 and 2010 (compared to the previous
year), the pace oI increase in exports was higher than that
oI imports (see Figure 2): exports increased by 20.1 in
2010 and 44.1 2011 while imports rose by 17.6 and
respectively 34.7.
0
1000
2000
3000
4000
S000
6000
7000
8000
1
9
9
7
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
S
2
0
0
6
2
0
0
7
2
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0
8
2
0
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|
|
.
U
S
D
Comer( exLern/ lorelgn 1rade
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LxporL
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 33
nr. 2 / 2012
Fig. 2. Varia(ia anual a comer(ului exterior al RM, 1998-2011, fa( de anul precedent/
Fig. 2. Annual change in foreign trade of the Republic of Moldova, 1998-2011, from the previous year
Sursa/Source: Calculat de autor n baza datelor BAS./Calculated by author on the dates of ABS.
Reprezentnd graIic variatia lunar a importurilor si
exporturilor (vezi Figura 3), exprimat n Iat de luna
precedent, constatm c ritmurile de crestere/descrestere
descriu tendinta de micsorare a diapazonului de variatie si de
omogenizare, deci, gradul de acoperire a importurilor cu
exporturi rmne nc nesemniIicativ: n 2009 39,1, n
2010 40, iar n 2011 42,8.
Graphically representing the variation oI monthly
imports and exports (see Figure 3), expressed in the
previous month, we Iind that rates oI increase/decrease
describe the tendency oI decreasing the range
speciIication the variation and homogenization, thereIore
the imports coverage by exports is still insigniIicant: in
2009 to 39.1, in 2010 to 40, and in 2011 to 42.8.
Fig. 3. Varia(ia lunar a exportului yi importului RM, I. 2008 - I. 2012, fa( de luna precedent/
Fig. 3. Monthly change of export and import of the RM, I.2008-I.2012, from the previous month
Sursa/Source: Calculat de autor n baza datelor BAS./Calculated by author on the dates of ABS.
De mentionat, c aceste ritmuri de crestere a exportului
au Iost asigurate de dinamica exportului anumitor grupe de
produse n urmtoarele proportii (vezi Tabelul 1): articole
manuIacturate diverse cu 23,3 n totalul exporturilor
anului 2010 si 22,9 n exportul din 2011, produse
alimentare si animale vii 25,1 si, respectiv, 20,1, buturi
si tutun 13,3 si 9,4, care au marcat majorare a volumului,
dar si si-au redus din ponderea n cadrul exportului total n
Iavoarea urmtoarelor grupe: masini si echipamente pentru
transport crestere a ponderii de la 12,5 (a.2010) la 14,8
(a.2011), materiale brute necomestibile, exclusiv
combustibili de la 9,4 la 12,8, mrIuri manuIacturate,
clasiIicate, mai ales, dup materia prim de la 7,6 la 9,6,
iar produse chimice si produse derivate de la 5,2 la 5,6.
AstIel, n anul 2011, cele mai semniIicative cresteri au
Iost nregistrate la exportul de materiale brute necomestibile,
exclusiv combustibili (cu 96,8 mai mult dect n 2010),
mrIuri manuIacturate (cu 82,0), masini si echipamente
pentru transport (cu 70,4), uleiuri, grsimi si ceruri de
It should be mentioned, that the growth oI exports
were provided by the dynamics oI export oI certain
groups oI products in the Iollowing proportions (see
Table 1): miscellaneous manuIactured articles with
23.3 in the total exports oI 2010 and 22.9 in exports
Irom 2011, Iood and live animals 25.1 and 20.1,
respectively, drinks and tobacco 13.3 and 9.4, which
marked an increase oI volume but also have reduced the
share oI the total exports in Iavour oI the Iollowing
groups: machinery and equipment Ior transportation to
increase the share oI 12.5 (2010) to 14.8 (2011), raw
materials, inedible, except Iuels Irom 9.4 to 12.8,
manuIactured goods, especially where the raw material
Irom 7.6 to 9.6 percent and chemicals and products
derived Irom 5.2 to 5.6.
So, in 2011, the most signiIicant increases were
recorded Ior exports oI crude materials, inedible, except
Iuels (with 96.8 more than in 2010), manuIactured
goods (with 82.0), machinery and equipment Ior
-60
-40
-20
0
20
40
60
1
9
9
8
1
9
9
9
2
0
0
0
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0
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1
2
0
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2
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0
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3
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0
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4
2
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0
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Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
36
origine animal sau vegetal (cu 62,6), produse chimice si
produse derivate nespeciIicate n alt parte (cu 56,7) si de
articole manuIacturate (cu 41,6).
Privind volumul total al importurilor, clasamentul
grupelor de produse, dup ponderea grupelor de produse, s-a
constituit n 2011 n Ielul urmtor: primele pozitii au Iost
detinute de importul de combustibili minerali, lubriIianti si
materiale derivate cu 22,5 (n 2010 20,5), masini si
echipamente pentru transport 22,3 (20,9) si mrIuri
manuIacturate, clasiIicate mai ales dup materia prim
18,8 (19,2), Iiind succedate de importul de produse
chimice si produse derivate 13,0 (n 2010 13,5) si
produse alimentare si animale vii 9,6 (10,6).
Valoarea negativ a balantei comerciale, mai mare cu
656,2 milioane USD sau 28,4 dect n 2010, n anul 2011
s-a datorat cresterii importurilor de produse din urmtoarele
grupe: combustibili minerali, lubriIianti si materiale derivate
(cu 47,3 mai mult dect n anul 2010), masini si
echipamente pentru transport (cu 43,8), mrIuri
manuIacturate, clasiIicate mai ales dup materia prim (cu
32,2), produse chimice si produse derivate (cu 29,3),
articole manuIacturate diverse (cu 27,8), produse
alimentare si animale vii (cu 22,1) si materiale brute
necomestibile, exclusiv combustibili (cu 22,1).
transport (70.4), oils, Iats and waxes oI animal or
vegetable origin (62.6), chemicals and derivatives nes
(with 56) and manuIactured articles (41.6).
On the total volume oI imports, classiIication oI
product groups where the share oI product groups, was
Iormed in 2011 in the Iollowing way: the Iirst positions
were held by imports oI mineral Iuels, lubricants and
derived materials by 22.5 (20.5 in 2010), machinery
and equipment Ior transport 22.3 (20.9) and
manuIactured goods classiIied chieIly by material
18.8 (19.2), being replaced by imported chemicals
and derivatives 13.0 (13.5 in 2010) and Iood and
live animals 9.6 (10.6).
The negative trade balance, more than 656.2
million dollars or 28.4 only in 2010, in 2011 was
due to increasing imports oI products in the Iollowing
groups: mineral Iuels, lubricants and derivative
(with 47.3 more than in 2010), machinery
and equipment Ior transport (43.8), manuIactured
goods classiIied chieIly by material (32.2),
chemicals and by-products (29.3) miscellaneous
manuIactured articles (27.8), with Iood and live
animals (22.1) and with raw materials, inedible, except
Iuels (22.1).
Tabelul 1/Table 1
Structura comer(ului exterior al Moldovei conform Clasificrii Standard de Comer( Interna(ional, 2010-2011/
Moldova's foreign trade structure by Standard International Trade Classification, 2010-2011
Grupul de mrfuri/Section
Export Import
2011,
mil.
USD
n
fa( de
2010/
to
2010
Ponderea
n total, /
from total
2011,
mil.
USD
n
fa( de
2010/
to
2010
Ponderea
n total, /
fromtotal
2010 2011 2010 2011
Produse alimentare si animale vii/
Food and live animals
446,3 115,2 25,1 20,1 500,9 122,1 10,6 9,6
Buturi si tutun/Beverages and tobacco 209,6 102,2 13,3 9,4 140,8 103,3 3,5 2,7
Materiale brute necomestibile, exclusiv
combustibili/Crude materials, inedible,
except Iuels
285,3 196,8 9,4 12,8 107,9 124,8 2,3 2,1
Combustibili minerali, lubriIianti si
materiale derivate/Mineral Iuels, lubricants
and related materials
24,1 de 3,1 ori 0,5 1,1 1 165,4 147,3 20,5 22,5
Uleiuri, grsimi si ceruri de origine animal
sau vegetal/Animal and vegetable oils, Iats
and waxes
77,6 162,6 3,1 3,5 11,1 126,2 0,2 0,2
Produse chimice si produse derivate
nespeciIicate n alt parte/Chemicals and
related products, n.e.s.
124,3 156,7 5,2 5,6 673,2 129,3 13,5 13,0
MrIuri manuIacturate, clasiIicate mai ales
dup materia prim/ManuIactured goods
classiIied chieIly by material
213,7 182,0 7,6 9,6 975,9 132,2 19,2 18,8
Masini si echipamente pentru
transport/Machinery and transport
equipment
328,0 170,4 12,5 14,8 1157,8 143,8 20,9 22,3
Articole manuIacturate diverse/
Miscellaneous manuIactured articles
508,4 141,6 23,3 22,9 458,0 127,8 9,3 8,8
Sursa/Source: Elaborat de autor n baza datelor BAS./Elaborated by author on the dates of ABS.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 37
nr. 2 / 2012
Totodat, analiza comertului exterior al Republicii
Moldova denot c, n perioada post-criz, schimburile
comerciale ale trii sunt orientate mai mult spre Uniunea
European (vezi Figura 4).
At the same time, the analysis oI external trade oI the
Republic oI Moldova reveals that, in the post-crisis
period, trade`s changes oI the country are geared more
towards the European Union (see Figure 4).
Fig. 4. Comer(ul exterior al Republicii Moldova pe grupe de (ri, 1997-2011, mil. USD/
Fig. 4. Foreign trade of the Republic of Moldova by groups of countries, 1997-2011, mil. USD
Sursa/Source: Elaborat de autor n baza datelor BAS./Elaborated by author on the dates of ABS.
Pn n anul 2005, ponderea exportului n UE (40,6) a
Iost inIerioar celui n CSI (50,5).
n perioada postcriz, ns, se observ c exportul n UE
este preponderent cu o cot de 52 n totalul exporturilor n
anul 2009, n 2010 47,3 si n 2011 49, comparativ cu
exportul realizat n trile CSI n proportie de: 38,2 n
anul 2009, 40,5 n 2010 si 41,4 n 2011. Volumul
exportului n celelalte tri ale lumii a rmas minoritar n
2011, cota maxim Iiind atins n 2010 12,2 din totalul
exporturilor.
Ponderea importului din UE nu a variat semniIicativ n
anii 2009-2011, cotnd valorile, respectiv, de: 43,4, 44,2 si
43,5 din totalul volumului importat n Moldova, ceea ce
putem aIirma si despre ponderea importului din trile CSI,
respectiv: 34,8, 32,6 si 33. Cota detinut de importul din
celelalte tri ale lumii este cu mult mai semniIicativ dect
cea cotat la capitolul export: n 2009 21,8, n 2010
23,2, iar n 2011 23,5.
Deci, n ansamblu, dup volumul comertului, prioritatea
n relatiile comerciale ale Moldovei este acordat trilor din
Uniunea European, desi, dac analizm structura
comertului pe tri n mod separat, nu putem aIirma acelasi
lucru (vezi Tabelul 2).
n clasamentul trilor conIorm volumului exportului al
Republicii Moldova n anul 2011, primele cinci pozitii nu au
Iost supuse schimbrilor, comparativ cu anul 2010, variatii
nregistrnd doar ponderea n total a exporturilor n aceste
tri: Federatia Rus de la 26,2 (a.2010) la 28,2 n 2011
(datorit cresterii cu 54,8 a volumului exportului
n 2011 Iat de 2010), Romnia de la 16,0 la 16,9
(52,8), Italia de la 9,6 la 9,7 (45,9), Ucraina de
la 5,9 la 6,9 (67,1) si Germania de la 4,9 la 5,0
(47,4).
Aceeasi situatie se constat si privind liderii
clasamentului conIorm importului n Moldova. Primele 4
tri nu au suIerit modiIicri ale pozitiilor, dar au nregistrat,
Iat de anul precedent, diIerent de puncte procentuale
detinute n volumul total al importurilor: Federatia Rus de
By 2005, the share oI exports to the EU (40.6) was
lower than that in the CIS (50.5).
In the post-crisis period, but it appears that the exports
in the EU is mainly with a 52 share in total exports in
2009, 2010 47.3 and in 2011 49, compared with
exports in the CIS: 38.2 in 2009, 40.5 in 2010 and
41.4 in 2011. The volume oI export to the other countries
oI the world remained a minority share in 2011, the
maximum being achieved in 2010 12.2 oI total exports.
The share oI imports in the EU has not varied
signiIicantly during 2009-2011, reaching the values,
respectively: 43.4, 44.2 and 43.5 Irom the total volume
oI imported in Moldova, what can we say about the
share oI imports Irom the CIS countries, namely: 34.8,
32.6 and 33. The share held by imports Irom the other
countries oI the world is Iar more signiIicant than that
quoted in chapter export: in 2009 21.8, in 2010
23.2 and in 2011 23.5.
So, overall, the volume oI trade, the priority oI the
Moldovan trade is granted to countries in the European
Union, though, iI we analyze the structure oI the trade by
countries in isolation, we can`t say the same thing (Table 2).
In the classiIication oI countries according to the
volume oI export oI the Republic oI Moldova in 2011,
the Iirst Iive positions have undergone changes
compared to 2010, only proportion, with variations in
total exports to these countries: Russian Federation-Irom
26.2 (2010) to 28.2 in 2011 (due to the increase with
54.8 in the volume oI exports in 2011 compared with
2010), Romania Irom 16.0 to 16,9 (52.8), Italy
Irom 9.6 to 9.7 (45.9), Ukraine Irom 5.9 to 6.9
(67.1) and Germany Irom 4.9 to 5.0 (47.4).
The same situation is Iound in the standings leaders
and on imports into Moldova. The top 4 countries have
undergone changes oI positions, but were recorded,
compared with the previous year, the diIIerence in
percentage points in the total volume oI imports: Russian
Federation Irom 15.2 (2010) at 15.9 in 2011
0
300
1000
1300
2000
2300
1
9
9
7
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
3
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
M
l
l
.

u
S
u
Lxport
1
9
9
7
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
3
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
Import
n/din [rile
CS/ to/from CS
n/din [rile
Uniunii
Europene/
to/from EU's
countries
n/din alte [ri/
to/from others
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
38
la 15,2 (a.2010) la 15,9 n anul 2011 (marcnd crestere a
volumului exportat n Moldova cu 40,3), Ucraina de la
13,7 la 12,3 (21,3), Romnia de la 10,0 la 11,1
(48,5), China de la 8,3 la 7,7 (24,9). Germania, a
cincea tar n top, si-a pstrat ponderea cu o crestere de
34,4 a volumului importat n Republica Moldova.
(increasing the volume exported scoring in Moldova
with 40.3), Ukraine Irom 13.7 to 12.3 (21.3),
Romania by 10.0 to 11.1 (48.5), China Irom 8.3
to 7.7 (24.9). Germany, IiIth in the top, has kept its
share with an increase oI 34.4 oI the volume imported
in Moldova.
Tabelul 2/Table 2
Principalii parteneri ai Republica Moldova n derularea comer(ului exterior, 2011/
Main partners of the Republic of Moldova in foreign trade, 2011
Export Import
Cl./
Rk.
Tara/Country
Mil. USD,
2011
n fa(
de 2010/
to 2010
Cl./
Rk.
Tara/Country
Mil. USD,
2011
n fa(
de 2010/
to 2010
1 Federatia Rus/Russia 625,5 154,8 1 Federatia Rus/Russia 823,0 140,3
2 Romnia/Romania 376,4 152,8 2 Ucraina/Ukraine 641,1 121,3
3 Italia/Italy 215,1 145,9 3 Romnia/Romania 574,2 148,5
4 Ucraina/Ukraine 153,0 167,1 4 China/China 399,8 124,9
5 Germania/Germany 111,2 147,4 5 Germania/Germany 396,2 134,4
6
Regatul Unit al Marei
Britanii si Irlandei de
Nord/United Kingdom
oI Great Britain and
Northern Ireland
101,8 124,0 6 Turcia/Turkey 366,9 178,3
7 Polonia/Poland 85,9 183,9 7 Italia/Italy 348,1 128,6
8 Belarus/Belarus 75,6 94,2 8 Belarus/Belarus 194,7 163,5
9 Turcia/Turkey 73,4 108,8 9 Polonia/Poland 134,6 128,1
10 Kazahstan/Kazakhstan 45,5 148,8 10 Ungaria/Hungary 100,1 156,9
11 Bulgaria/Bulgaria 33,8 179,7 11 Franta/France 87,0 127,3
12
Statele Unite ale
Americii/United States
oI America
24,9 113,1 12 Austria/Austria 85,4 144,1
13 Franta/France 24,0 103,1 13
Statele Unite ale
Americii/United States
oI America
79,7 128,9
14 Grecia/Greece 24,0 135,4 14 Grecia/Greece 68,7 73,7
15 Ungaria/Hungary 23,3 de 2,9 ori 15 Bulgaria/Bulgaria 66,7 136,3
Sursa/Source: Elaborat de autor n baza datelor BAS./Elaborated by author on the dates of ABS.
De asemenea, mentionm c, n 2011, exportul n alte
tri dect UE si CSI a cunoscut o crestere considerabil Iat
de 2010: Belize de 5,4 ori si Panama de 2,7 ori.
Aceste ciIre vin drept conIirmare a diversiIicrii
exportului moldovenesc si a sporirii cererii la produsele
autohtone n poIida tuturor lacunelor si riscurilor impuse de
economia Moldovei: insuIicienta investitiilor n tehnologiile
nalte, decalajul ntre calitatea produsului moldovenesc si
standardele internationale, rezervele privind gama de
produse, riscurile atribuite produselor agricole n legtur cu
vulnerabilitatea acestora Iat de conditiile climaterice,
dependenta de regimul comercial stabilit si situatia
economic ale partenerilor comerciali.
Studiind acesti Iactori n paralel prin transpunerea
graIic a datelor oIerite de Banca Mondial si Biroul
National de Statistic al Moldovei, constatm dependenta
inalienabil a evolutiei comertului exterior al Republicii
Moldova Iat de caracterul evolutiei PIB, determinat, la
rndul su, de dinamica cererii, asigurat de ctre Iluxul de
remitente si de volumul investitiilor strine directe (vezi
Figura 5).
Also mention that, in 2011, exports to countries other
than EU and CIS countries has witnessed a signiIicant
increase over 2010: Belize 5.4 times and Panama 2.7
times.
These Iigures come as conIirmation oI Moldovan
export diversiIication and increase demand Ior domestic
products in spite oI all the shortcomings and risks oI
Moldovan economy: shortage oI investment in high
technology product quality gap between the Moldovan
and international standards, reservations about the range
oI products, the risks attributed to agricultural products
in relation to their vulnerability to climatic conditions,
reliance on established trade regime and the economic
situation oI their trading partners.
Studying these Iactors in parallel by the transposition
oI data provided by the World Bank and the National
Bureau oI Statistics oI Moldova, we see inalienable
dependence oI the development oI the external
commerce oI Moldova towards the evolution oI the
GDP, in turn, demand dynamics, the Ilow oI remittances
and volume oI Ioreign direct investments (see Figure 5).
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 39
nr. 2 / 2012
Fig. 5. Dinamica unor indicatori economici ai Republicii Moldova: comer( exterior, PIB, ISD yi remiten(e,
1998-2010, fa( de anul precedent/Fig. 5. Dynamics of economic indicators of Moldova:
foreign trade, GDP, FDI and remittances, 1998-2010, , from the previous year
Sursa/Source: Elaborat de autor n baza datelor Bncii Mondiale yi BAS./Elaborated by author on the dates of World
Bank and ABS.
AstIel, n anul 2009, pe Ionul reducerii PIB-ului de la
6 054,8 (a.2008) la 5 439,4 milioane USD (-10,16 Iat de
2008), a investitiilor strine directe, respectiv, de la 712,8 la
127,8 milioane USD (-82,06) si a remitentelor de la 1 046
la 635,2 milioane USD (-39,27), exportul a cunoscut o
reducere de la 1 591,1 la 1 283 milioane USD (-19,36), iar
importul de la 4 898,8 la 3 278,3 milioane USD (-33,08).
Aceeasi tendint de dependent este relevat si de datele
nregistrate n anul 2010: PIB-ul a crescut (n milioane USD)
de la 5 439,4 (a.2009) la 5 808,8 (6,79 Iat de 2009),
investitiile strine directe pn la 127,84 (52,00),
remitentele pn la 648,72 (2,13), n timp ce exportul
pn la 1 541,5 (20,15), iar importul 3 855,3
(17,60) (vezi Figura 6).
Thus, in 2009, on the background oI reducing GDP
Irom 6054.8 (2008) to 5439.4 million dollars (-10.16
compared to 2008), Ioreign direct investments, respectively,
Irom 712.8 to 127.8 million USD (-82.06) and
remittances Irom 1046 to 635.2 million dollars (-39.27),
export had a reduction Irom the 1591.1 to 1283 million
dollars (-19.36), and imports Irom 4898.8 to 3278.3
million dollars (-33.08).
The same dependency trend is reIlected by the data
recorded in 2010: GDP grew (in millions oI dollars) Irom
5439.4 (2009) to 5808.8 (6.9 compared to 2009), Ioreign
direct investment up to 127.84 (52.00), remittances up to
648.72 (2.13), while the export up to 1541.5
(20.15) and imports - 3855.3 (17.60) (see Figure 6).
Fig. 6. Dinamica unor indicatori economici ai RM: comer( exterior, PIB, ISD yi remiten(e, 1997-2010, mil. USD/
Fig. 6. Dynamics of economic indicators of RM: foreign trade, GDP, FDI and remittances, 1997-2010, mil. USD
Sursa/Source: Elaborat de autor n baza datelor Bncii Mondiale yi BAS./Elaborated by author on the dates of World
Bank and ABS.
-1000
0
1000
2000
3000
4000
S000
6000
7000
8000
9000
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1

-100
-80
-60
-40
-20
0
20
40
60
80
100
120
140
0
1000
2000
3000
4000
3000
6000
7000
1
9
9
7
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
M
|
|
.
U
S
D
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 39
nr. 2 / 2012
Fig. 5. Dinamica unor indicatori economici ai Republicii Moldova: comer( exterior, PIB, ISD yi remiten(e,
1998-2010, fa( de anul precedent/Fig. 5. Dynamics of economic indicators of Moldova:
foreign trade, GDP, FDI and remittances, 1998-2010, , from the previous year
Sursa/Source: Elaborat de autor n baza datelor Bncii Mondiale yi BAS./Elaborated by author on the dates of World
Bank and ABS.
AstIel, n anul 2009, pe Ionul reducerii PIB-ului de la
6 054,8 (a.2008) la 5 439,4 milioane USD (-10,16 Iat de
2008), a investitiilor strine directe, respectiv, de la 712,8 la
127,8 milioane USD (-82,06) si a remitentelor de la 1 046
la 635,2 milioane USD (-39,27), exportul a cunoscut o
reducere de la 1 591,1 la 1 283 milioane USD (-19,36), iar
importul de la 4 898,8 la 3 278,3 milioane USD (-33,08).
Aceeasi tendint de dependent este relevat si de datele
nregistrate n anul 2010: PIB-ul a crescut (n milioane USD)
de la 5 439,4 (a.2009) la 5 808,8 (6,79 Iat de 2009),
investitiile strine directe pn la 127,84 (52,00),
remitentele pn la 648,72 (2,13), n timp ce exportul
pn la 1 541,5 (20,15), iar importul 3 855,3
(17,60) (vezi Figura 6).
Thus, in 2009, on the background oI reducing GDP
Irom 6054.8 (2008) to 5439.4 million dollars (-10.16
compared to 2008), Ioreign direct investments, respectively,
Irom 712.8 to 127.8 million USD (-82.06) and
remittances Irom 1046 to 635.2 million dollars (-39.27),
export had a reduction Irom the 1591.1 to 1283 million
dollars (-19.36), and imports Irom 4898.8 to 3278.3
million dollars (-33.08).
The same dependency trend is reIlected by the data
recorded in 2010: GDP grew (in millions oI dollars) Irom
5439.4 (2009) to 5808.8 (6.9 compared to 2009), Ioreign
direct investment up to 127.84 (52.00), remittances up to
648.72 (2.13), while the export up to 1541.5
(20.15) and imports - 3855.3 (17.60) (see Figure 6).
Fig. 6. Dinamica unor indicatori economici ai RM: comer( exterior, PIB, ISD yi remiten(e, 1997-2010, mil. USD/
Fig. 6. Dynamics of economic indicators of RM: foreign trade, GDP, FDI and remittances, 1997-2010, mil. USD
Sursa/Source: Elaborat de autor n baza datelor Bncii Mondiale yi BAS./Elaborated by author on the dates of World
Bank and ABS.
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
140
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
3
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
S
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
l8 (pre(url curenLe)/ Cu (currenL
prlces)
lmporL/ lmporL
LxporL/ LxporL
8emlLen(e/Workers' remlLLances
recelpLs
nvesti[ii strine directe, flux net/
Foreign direct investment net
inflows
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 39
nr. 2 / 2012
Fig. 5. Dinamica unor indicatori economici ai Republicii Moldova: comer( exterior, PIB, ISD yi remiten(e,
1998-2010, fa( de anul precedent/Fig. 5. Dynamics of economic indicators of Moldova:
foreign trade, GDP, FDI and remittances, 1998-2010, , from the previous year
Sursa/Source: Elaborat de autor n baza datelor Bncii Mondiale yi BAS./Elaborated by author on the dates of World
Bank and ABS.
AstIel, n anul 2009, pe Ionul reducerii PIB-ului de la
6 054,8 (a.2008) la 5 439,4 milioane USD (-10,16 Iat de
2008), a investitiilor strine directe, respectiv, de la 712,8 la
127,8 milioane USD (-82,06) si a remitentelor de la 1 046
la 635,2 milioane USD (-39,27), exportul a cunoscut o
reducere de la 1 591,1 la 1 283 milioane USD (-19,36), iar
importul de la 4 898,8 la 3 278,3 milioane USD (-33,08).
Aceeasi tendint de dependent este relevat si de datele
nregistrate n anul 2010: PIB-ul a crescut (n milioane USD)
de la 5 439,4 (a.2009) la 5 808,8 (6,79 Iat de 2009),
investitiile strine directe pn la 127,84 (52,00),
remitentele pn la 648,72 (2,13), n timp ce exportul
pn la 1 541,5 (20,15), iar importul 3 855,3
(17,60) (vezi Figura 6).
Thus, in 2009, on the background oI reducing GDP
Irom 6054.8 (2008) to 5439.4 million dollars (-10.16
compared to 2008), Ioreign direct investments, respectively,
Irom 712.8 to 127.8 million USD (-82.06) and
remittances Irom 1046 to 635.2 million dollars (-39.27),
export had a reduction Irom the 1591.1 to 1283 million
dollars (-19.36), and imports Irom 4898.8 to 3278.3
million dollars (-33.08).
The same dependency trend is reIlected by the data
recorded in 2010: GDP grew (in millions oI dollars) Irom
5439.4 (2009) to 5808.8 (6.9 compared to 2009), Ioreign
direct investment up to 127.84 (52.00), remittances up to
648.72 (2.13), while the export up to 1541.5
(20.15) and imports - 3855.3 (17.60) (see Figure 6).
Fig. 6. Dinamica unor indicatori economici ai RM: comer( exterior, PIB, ISD yi remiten(e, 1997-2010, mil. USD/
Fig. 6. Dynamics of economic indicators of RM: foreign trade, GDP, FDI and remittances, 1997-2010, mil. USD
Sursa/Source: Elaborat de autor n baza datelor Bncii Mondiale yi BAS./Elaborated by author on the dates of World
Bank and ABS.
PIB (pre|uri curente)/
GDP (current prices)
Investi|ii strine
directe, fIux net/
Foreign direct
investment net
infIows
Remiten|e/ Workers'
remittances receipts
Export/ Export
Import/ Import
l8 (pre(url curenLe)/ Cu (currenL
prlces)
lmporL/ lmporL
LxporL/ LxporL
8emlLen(e/Workers' remlLLances
recelpLs
nvesti[ii strine directe, flux net/
Foreign direct investment net
inflows
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
60
Impactul variatiei preturilor asupra derulrii comertului
extern moldav este nesemniIicativ, sporirea substantial a
volumului Iizic al acestuia (vezi Figura 7) Iiind datorat
restructurrii asortimentului de mrIuri, reorientrii
geograIice, revizuirii modului de intrare pe piata mondial,
mai ales privind conditiile preIerentiale de comert acordate
Moldovei, precum si, nu n ultimul rnd, sporirii capacittii
economice si a cererii partenerilor comerciali ai RM.
The impact oI price variations on the conduct oI
Ioreign trade is insigniIicant here, substantial increase oI
the physical volume (see Figure 7) being due to
restructuring, reorientation oI the assortment oI goods,
geographical review input mode on the world market,
especially on the conditions oI trade preIerences granted
to Moldova, and, last but not least, increase economic
capacity and demand partners oI Moldova.
Fig. 7. Varia(ia volumului comer(ului, a volumului fizic yi a indicilor valorii unitare, Republica Moldova,
2001-2010, n fa( de anul precedent/Fig. 7. Change of foreign trade volume, physical volume
and unit value indices, the Republic of Moldova, 2001-2010, , from the previous year
Sursa/Source: Elaborat de autor n baza datelor BAS./Elaborated by author on the dates of ABS.
Concluzii. Asadar, analiza evolutiei comertului
exterior al Republicii Moldova, abordate multidimensional,
n paralel cu evolutia altor indicatori ai dezvoltrii
economice, denot gradul nalt de sensibilitate si
vulnerabilitate a acestuia Iat de socurile economice
externe.
Cu toate acestea, Ministerul Economiei prognozeaz n
2012 o crestere de circa 10 a exporturilor si ngustarea
gamei de produse din import ce pot Ii substituite prin
productie local. n prezent, acestea reprezint 6-7 din
produsele importate |3|.
Conclusions. Thus, the analysis oI the development
oI the external commerce oI the Republic oI Moldova,
were multidimensional approach, in parallel with the
evolution oI other indicators oI economic development,
denote the high degree oI sensitivity and its vulnerability
to external economic shocks.
However, the Ministry oI Economy Iorecasts in 2012
an increase oI about 10 oI exports and the narrowing oI
the range oI imported products that can be substituted by
local production. Currently, these represent 6-7 oI the
imported products |3|.
Referin(e bibliografice/References
1. The World Bank. |Accesat 29.05.2012| Disponibil: http://data.worldbank.org
2. Biroul National de Statistic al Republicii Moldova. |Accesat 11.06.2012|. Disponibil: www.statistica.md
3. Ministerul Economiei al Republicii Moldova. |Accesat 11.06.2012|. Disponibil: http://www.mec.gov.
md/node/3393
4. MOGILEVSKII, Roman, HRISTEV, Eugen. Asistent pentru evaluarea necesittilor n domeniul comertului n
Republica Moldova. Comertul si dezvoltarea uman. PNUD. Chisinu, 2011, martie. 74 p. ISBN 978-92-95092-24-2.
Recomandat spre publicare.15.03.2012
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ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 61
nr. 2 / 2012
EFICIENTA PROIECTELOR INVESTITIONALE
PRIVIND ALIMENTAREA CU AP N LOCALITTILE
URBANE DIN REPUBLICA MOLDOVA
THE EFFICIENCY OF INVESTMENT PRO1ECTS
ON WATER SUPPLY IN URBAN AREAS
IN REPUBLIC OF MOLDOVA
Ion BZCU, dr. hab., prof. univ., USM
Ana 1IMUS, drd., USM
Recenzent: Eugenia BUSMACHIU, dr., conf. univ., ASEM
Ion BZCU, PhD, professor, SUM
Ana 1IMUS, PhD student, SUM
Reviewer: Eugenia BUSMACHIU, PhD, prof., AESM
Proiectele investitionale in domeniul alimentrii cu ap
au un impact semnificativ in solutionarea problemelor
furni:orului de servicii i, ca urmare, creterea
posibilittilor i a gradului de comfort al beneficiarilor
finali consumatorii.
Articolul are ca scop anali:a tendintelor indicatorilor de
performant in etapa pre- i postimplementare a proiectului.
Totodat se identific necesitatea determinrii i anali:ei
necesarului de investitii per locuitor, pentru implementarea
proiectelor investitionale eficiente in sectorul alimentrii cu
ap i canali:rii, in general pe tar. Studiul indicatorilor de
performant permite estimarea eficientei proiectelor
investitionale din punct de vedere tehnic i financiar i
stabilirea obiectivelor prioritare pentru investitiile ulterioare.
Cuvinte cheie: proiect investitional, eficient, investitie,
indicatori de performant, re:ultate, alimentare cu ap,
intreprindere ,Ap-Canal`.
The investment profects within the water supplv have
a significant impact to solve the problems of service
provider and therefore to increase abilities and comfort
level of final beneficiaries consumers.
The article aims to analv:e trends of performance
indicators in the pre and post stage of profect
implementation. Also identifies the necessitv of
determination and analvsis regarding investment need per
capita, for effective implementation of investment profects
in water supplv and sanitation sector, generallv on
countrv. The studv of performance indicators allows the
estimation of efficiencv regarding investment profects in
technical and financial terms and the establishment of
prioritv obfectives for future investments.
Key words. Investment profect, efficiencv, investment,
performance indicators, results, water supplv, ,Ap-
Canal` SA.
Introducere. EIicienta serviciilor publice de alimentare
cu ap si canalizare a Iost si rmne a Ii o problem
primordial de solutionat n Republica Moldova. Gradul
avansat de uzur al mijloacelor Iixe, ntreruperile dese n
Iurnizarea serviciilor, durata mare de interventie sunt doar
unii Iactori ce nemultumesc consumatorii. Pentru redresarea
situatiei acestui sector sunt necesare investitii esentiale si
aceste investitii trebuie s Iie implementate cu eIicient
maxim.
Pornind de la sensul lingvistic al notiunii de eIicient
(a produce eIectul util asteptat), se poate spune c eIicienta
este atributul oricrei actiuni umane de a produce eIectul util
dorit. EIicienta economic nseamn obtinerea eIectelor
economico-sociale utile n conditiile cheltuirii rationale,
economicoase a resurselor tehnice, materiale, de munc si
Iinanciare, Iolosindu-se n acest scop metode stiintiIice de
conducere si organizare a activittii investitionale si
productive |4|. n rezultatul eIortului de investitii se obtin
diverse eIecte economice, reIlectate si pe plan Iinanciar.
Nivelul acestor eIecte, n raport cu eIortul investitional, d
msura eIicientei investitiei.
Proiectele investitionale n inIrastructura de ap a
localittilor urbane sunt Iinantate, n mare parte, din
mijloacele Iinanciare ale investitorilor strini, sub Iorm de
credit. Acestea sunt precedate de studii privind diagnosticul
ntreprinderilor ce vor beneIicia de Iinantare. Studiile au
drept scop identiIicarea situatiei la momentul initierii
proiectului de investitie si transpunerea acesteia ntr-un set
de indicatori de perIormant. Rezultatele scontate ale
proiectului, la Iel, sunt cuantiIicate cu scopul de a urmri
evolutia lor comparativ cu situatia initial.
Introduction. The eIIiciency oI public water supply and
sanitation services was and remain to be a primary problem
what needs to be solved in the Republic oI Moldova. The
advanced degree oI wear oI Iixed assets, Irequent
interruptions in the service providing, the long duration oI
intervention are just some Iactors that displease consumers.
To redress the situation in this sector the essential
investments are necessary and these investments must be
implemented with maximum eIIiciency.
Starting Irom the linguistic meaning oI the notion oI
eIIiciency (to produce the expected eIIect) we can say that
the eIIiciency is the attribute oI any human action to produce
desired eIIect. The economic eIIiciency means to obtain the
useIul social and economic eIIects, in rational and
economical terms oI spending the technical resources,
materials, labor and Iinancial resources, using Ior this
purpose the scientiIic methods to manage and organize the
investment activities and productive activities |4|. The
various economic eIIects are obtained as a result oI the
investment eIIort that are reIlected and on Iinancial plan.
The level oI these eIIects in relation to the investment eIIort
shows the eIIiciency oI investment.
The investment projects in water inIrastructure oI urban
areas are Iunded mainly Irom the Iinancial means oI Ioreign
investors, in the Iorm oI credit. Those are preceded by studies
regarding the enterprise's diagnosis which will beneIit oI
Iunding. The studies aim to identiIy the situation at the
moment oI investment project's initiation and transpose it into
a set oI perIormance indicators. The expected results oI the
project are also quantiIied in order to observe their evolution
in comparison with initial situation.
Con(inutul de baz. Cel mai important proiect
investitional n sectorul de alimentare cu ap si de canalizare
Main content. The most important investment project
in water supply and sewerage sector in urban areas in
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
62
n localittile urbane din Republica Moldova din perioada
2000-2010 este ,Proiectul Pilot de Aprovizionare cu Ap si
de Canalizare, Iinantat de Asociatia International pentru
Dezvoltare din cadrul Grupului Bncii Mondiale.
I. Aspecte generale privind ,Proiectul Pilot de
Aprovizionare cu Ap yi de Canalizare
,Proiectul Pilot de Aprovizionare cu Ap yi de
Canalizare a Iost implementat n perioada 2003-2008.
Potrivit Acordului de credit pentru dezvoltare nr. 3763-MD
din 09.06.2003, Asociatia International pentru Dezvoltare a
Bncii Mondiale a acordat Republicii Moldova un
mprumut n valoare 12 milioane USD pentru
implementarea la 5 ntreprinderi ,Ap-Canal a Proiectului
Pilot de Aprovizionare cu Ap si Canalizare. Acest proiect a
beneIiciat de coIinantare din partea Guvernului Republicii
Moldova. ntreprinderile beneIiciare au Iost:
ntreprinderea Municipal ,Regia Ap-Canal, or. Orhei;
ntreprinderea Municipal ,Regia Ap-Canal, mun. Blti;
ntreprinderea Municipal ,Ap-Canal, or. Cahul;
ntreprinderea Municipal ,Directia de Apeducte si
Canalizare, or. Soroca;
ntreprinderea Municipal ,Directia de Productie Ap-
Canal, or. SteIan Vod.
Creditul a Iost acordat n termene standard ale Asociatiei
Internationale pentru Dezvoltare, cu scadent de 40 de ani,
inclusiv perioada de gratie de 10 ani. Ministerul Finantelor
al Republicii Moldova urma s achite Asociatiei
Internationale pentru Dezvoltare o rat anual a dobnzii n
mrime de 0,75 din suma creditului tras si o tax de
angajament pentru suma principal netras din credit de
0,5 anual, perioada de valoriIicare a creditului Iiind
stabilit pentru anii 2003-2007. n acelasi timp,
ntreprinderilor beneIiciare li s-a impus o rat anual a
dobnzii de 1,5 si o tax de angajament de 0,5 |4|.
n scopul gestionrii si monitorizrii procesului de
implementare a Proiectului, prin Hotrrea Guvernului nr.
986 din 11.08.2003 ,Cu privire la crearea Unittii de
implementare a proiectelor de aprovizionare cu ap si
canalizare |6| a Iost creat Unitatea si a Iost aprobat
regulamentul acesteia si componenta nominal a
Comitetului de supraveghere.
n vederea realizrii obiectivului Proiectului, Ministerul
Finantelor, din surse externe si interne, a acordat
ntreprinderilor 12.809,5 mii de dolari SUA, inclusiv:
1. ntreprinderea Municipal ,Directia Ap-Canal, or.
Soroca, a beneIiciat de suma de 2.591,4 mii de dolari SUA;
2. ntreprinderea Municipal ,Directia de Productie
Ap-Canal, or. SteIan Vod, a primit Iinantare n sum de
1.355,5 mii de dolari SUA;
3. ntreprinderea Municipal ,Ap-Canal, or. Cahul, a
beneIiciat de 3.044,9 mii de dolari SUA;
4. Valoarea subproiectului pentru ntreprinderea
Municipal ,Regia Ap-Canal, mun. Blti, a Iost de
3.005,8 mii de dolari SUA;
5. ntreprinderea Municipal ,Regia Ap-Canal, or.
Orhei, a primit 2.706,0 mii de dolari SUA;
6. Primria satului Corjova, raionul Criuleni, a Iost
Iinantat cu 105,9 mii de dolari SUA.
Lipsa de investitii esentiale n sistemele ap-canal n
perioada 1990-2000 a dus la o degradare Iizic major a
Republic oI Moldova during 2000-2010 is ,Water Supply
and Sewerage Pilot Project, Iunded by International
Development Association within World Bank Group.
I General aspects regarding ,Water Supply and
Sewerage Pilot Project
,Water Supply and Sewerage Pilot Project was
implemented during 2003-2008. According to
Development Credit Agreement no. 3763-MD Irom
09.06.2003, International Development Association oI
World Bank gave Republic oI Moldova a loan worth 12
million USD Ior the implementation oI Water Supply and
Sewerage Pilot Project to 5 water and sewerage
enterprises. This project beneIited by co-Iinancing Irom
the Government oI Republic oI Moldova.
The beneIiciary enterprises were as Iollows:
Municipal Enterprise ,Regia Ap-Canal, Orhei;
Municipal Enterprise ,Regia Ap-Canal, Blti;
Municipal Enterprise ,Ap-Canal, Cahul;
Municipal Enterprise ,Directia de Apeducte si
Canalizare, Soroca;
Municipal Enterprise ,Directia de Productie Ap-
Canal, SteIan Vod.
The credit was given in standard terms oI
International Development Association with the payable
oI 40 years including 10 years grace period. The Ministry
oI Finance oI the Republic oI Moldova should have been
paying to International Development Association an
annual rate oI interest oI 0.75 oI the credit's amount
withdrawn and a commitment Iee Ior credit's non-
withdrawn principal amount oI 0.5 annually, the
recovery period oI credit being established Ior the years
2003-2007. While the beneIiciary enterprises were taxed
with an annual rate oI interest oI 1.5 and a commitment
Iee oI 0.5 |4|.
In order to manage and monitor the
implementation process oI the Project by Government
Decision no. 986 Irom 11.08.2003 ,On the creation oI
Implementation Unit oI water supply and sewerage
projects |6|; the Unit was created and its Regulation and
nominal composition oI the Supervisory Committee have
been approved.
In order to achieve the Project's objective, the
Ministry oI Finance, Irom internal and external sources,
gave to enterprises 12,809.5 thousands USD, including:
1. Municipal Enterprise ,Directia Ap-Canal, Soroca
beneIited by the amount oI 2,591.4 thousands USD;
2. Municipal Enterprise ,Directia de Productie Ap-
Canal, SteIan Vod, received Iunding in the amount oI
1,355.5 thousands USD;
3. Municipal Enterprise ,Ap-Canal, Cahul,
beneIited by 3,044.9 thousands USD;
4. The sub-project's value Ior Municipal Enterprise
,Regia Ap-Canal, Blti, was 3,005.8 thousands USD;
5. Municipal Enterprise ,Regia Ap-Canal, Orhei,
received 2,706.0 thousands USD;
6. The town hall oI the Corjova village, rayon
Criuleni was Iinanced with 105.9 thousands USD.
The lack oI essential investments in the water-
sewerage systems during 1990-2000, led to a major
physical degradation oI Iixed assets. This exceeded the
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 63
nr. 2 / 2012
mijloacelor Iixe. Aceasta depsea valoarea permis a
gradului de uzur si atingea nivelul de 75. Proiectul pilot a
ameliorat partial situatia sistemelor de alimentare cu ap n
orasele selectate. Indicatorii de perIormant, stabiliti de
banc pentru evaluarea rezultatelor Proiectului, ne
demonstreaz c scopurile tint nu au Iost realizate n
totalitate si mai exist necesitti mari de investitii.
Pentru Iunctionarea sistemelor de alimentare cu ap
conIorm normativelor sunt necesare investitii pentru
ntretinerea si reconstructia instalatiilor existente. Valoarea
investitiilor se estimeaz n baza studiului mijloacelor Iixe.
Studiul se reIer la gradul de uzur Iizic si/sau moral,
numrul de avarii si ntreruperi n procesul de prestare a
serviciului, identiIicarea scurgerilor latente etc. si
transpunerea n unitti monetare a lucrrilor necesare pentru
mbunttirea situatiei. Prin implementarea proiectelor
investitionale se execut o serie de lucrri de reconstructie
si, respectiv, se acoper o parte din valoarea necesar de
investitii.
Pentru a preciza cele nominalizate, a Iost estimat
acoperirea necesarului de investitii prin valoriIicarea
mijloacelor Iinanciare din Proiectul pilot, prin calcularea
ponderii sumelor valoriIicate din totalul necesar de
investitii. Valoarea acestui indicator depinde, ntr-o msur
mare, de valoarea mijloacelor Iixe gestionate, gradul de
uzur al mijloacelor Iixe si capacitatea de productie a
sistemului.
Necesarul de investitii este mai mic n ntreprinderile ce
deservesc un numr mai mic de populatie si, respeciv, au
capacitate de productie mai mic. Acesta este cazul
ntreprinderii din SteIan Vod. Ponderea acoperirii
necesarului de investitii prin valoriIicarea mijloacelor
Iinanciare din Proiect constituie 85,6 si este cea mai bun,
comparativ cu celelalte ntreprinderi analizate. Pentru
ntreprinderea din Orhei acest indicator este de 44, din
Soroca 20,8 si 27,7 pentru cea din Cahul. Cel mai
mic procent de acoperire a nregistrat ntreprinderea din
Blti (9,3), care deserveste cel mai mare numr de
consumatori, comparativ cu celelalte ntreprinderi, si,
respectiv, are necesitate de investitii mari. n Tabelul 1 sunt
prezentate: necesarul de investitii, sumele valoriIicate prin
Proiect si ponderea investitiilor valoriIicate n totalul
necesarului de investitii.
permitted value oI degree oI wear and reached
the level oI 75. The Pilot Project partially
ameliorated the situation oI water supply systems in
selected towns. The perIormance indicators,
established by Bank Ior the evaluation oI Project's
results, show that the target purposes have not been
achieved completely and still there are large needs oI
investments.
To operate the water supply systems according to
regulations the investments are necessary to maintain and
restore the existing Iacilities. The investments' value is
estimated based on the study oI Iixed assets. The study
reIers to the degree oI physical and/or moral wear, the
number oI accidents and interruptions in the process oI
service providing and the identiIication oI latent leaks
etc., and the transposition in monetary units oI necessary
works to improve the situation. By implementing oI
investment projects it runs a set oI reconstruction works
and respectively it covers a part oI the necessary value oI
investments.
To speciIy the nominated, the coverage oI investment
need was estimated by capitalizing the Iinancial means
Irom Pilot Project, by calculating the weight oI amounts
capitalized Irom total investment need. The value oI this
indicator depends mainly oI the value oI Iixed assets
managed, the wear degree oI Iixed assets and production
capacity oI the system.
The necessary oI investments is lower in the
enterprises that serve a smaller number oI population and
respectively they have a lower production capacity. This
is the case oI the enterprise Irom SteIan Vod. The
coverage weight oI investment need by capitalizing oI
Iixed assets Irom the Project is 85.6 and it is better in
comparison with other analyzed enterprises. For the
enterprise Irom Orhei this indicator is 44, Ior Soroca
20.8 and 27.7 Ior Cahul. The lowest percentage oI
coverage was recorded Ior the enterprise Irom Blti
9.3, which serves the greatest number oI consumers in
comparison with other enterprises and respectively it has
a great investment need. The Table 1 shows the
investment need, the amounts capitalizing by Project and
the weight oI investments capitalizing Irom the total
investment need.
Tabelul 1/Table 1
Ponderea investi(iilor valorificate n valoarea total necesar/
The weight of capitalized investments from total necessary value
Denumirea ntreprinderii/Name of enterprise
Necesar de investi(ii,
mil. MDL/
Investments need,
mil. MDL
Valoarea investi(iilor
valorificate, mil. MDL/
Value of capitalized
investments, mil. MDL
Ponderea sumei
valorificate,/
Weight of capitalized
amount,
ntreprinderea Municipal ,Regia Ap-Canal, mun. Blti
389,8 36,1 9,3
ntreprinderea Municipal ,Ap-Canal, or. Cahul
132,0 36,5 27,7
ntreprinderea Municipal ,Regia Ap-Canal, or. Orhei
73,8 32,5 44,0
ntreprinderea Municipal ,Directia Ap-Canal, or. Soroca
136,8 28,5 20,8
Directia de Productie ,Ap-Canal, or. SteIan Vod 17,4 14,9 85,6
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare, membre ale
Asociajiei ,Moldova Ap-Canal" pentru anul 2" yi calculele autorului./,Financial and production index of activity of water
supply and sewerage enterprises, members of the Association ,Moldova Ap-Canal" for the year 2", and author's calculations.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
64
Analiznd ponderea investitiilor valoriIicate n
valoarea investitiilor total necesar, constatm c pentru a
identiIica eIicienta investitiilor este oportun descrierea
situatiei Iinanciare pentru Iiecare ntreprindere. Ca
punct de reper a Iost stabilit anul 2003, care a Iost
precedent anului de semnare a contractului de mprumut.
Datele Iinanciare din aceast perioad au Iost utilizate n
majoritatea studiilor de Iundamentare a deciziilor de
investitie.
II. Analiza economico-financiar a ntreprinderilor
beneficiare de finan(are
CiIra de aIaceri determin rata de crestere a oricrei
aIaceri. ntreprinderile beneIiciare de proiect denot tendinte
de crestere a acesteia pe parcursul implementrii proiectului,
datorate att cresterii tariIului, ct si cresterii volumului de
servicii Iacturate (Diagrama 1).
Analyzing the investments' weight which are
capitalized Irom the total necessary value oI investments, we
Iind that to identiIy the eIIiciency oI investments is
appropriate to describe the Iinancial situation Ior each
enterprise. As a rough guide it was established the year
2003, which was previous year oI loan contract signing. The
Iinancial data Irom this period have been used in the
most studies regarding the substantiation oI investment
decisions.
II. Economic and financial analysis of enterprises
receiving funding
The turnover determines the growth rate oI any
business. The enterprises, which beneIit Irom the project,
show trends oI its growing during the project
implementation due to both tariII increase and increase oI
the volume oI billed services (Diagram 1).
Diagrama 1. Evolu(ia cifrei de afaceri/Diagram 1. Evolution of the turnover
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare,
membre ale Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29 yi calculele autorului./"Financial and
production index of activity of water supply and sewerage enterprises, members of the Association ,Moldova Ap-
Canal" for the year 23 and 29, and author's calculations.
ntreprinderea din Blti, n 2003 an de initiere a
Proiectului, a nregistrat ciIra de aIaceri de 34.067 mii de
lei, care are cea mai mare valoare comparativ cu celelalte
ntreprinderi. Ritmul de crestere n 2009, comparativ cu anul
2003, a Iost de 64. Cea mai mic n 2003 valoare a ciIrei
de aIaceri, de 1.083 mii de lei, a Iost nregistrat de
ntreprinderea din SteIan Vod. Aceste dou ntreprinderi
pot Ii considerate cu valori ale ciIrei de aIaceri deosebite n
comparatie cu celelalte trei ntreprinderi, care nregistreaz
n 2003 venituri din activitatea operational cuprinse
ntre 3,3 si 5,9 milioane de lei. Din totalul de 39 de
ntreprinderi urbane ,Ap-Canal din Republica Moldova,
ntreprinderea din Blti se plaseaz pe locul 2 dup ciIra de
aIaceri, ntreprinderea din Orhei pe locul 5, din Cahul pe
locul 6, din Soroca pe locul 9, iar cea din SteIan Vod este
pe locul 23.
Aceeasi situatie se constat si privind indicatorul
The enterprise Irom Blti, in 2003 the year oI initiation
oI the Project, was recorded a turnover in a value oI 34,067
thousands lei, which has the greatest value in comparison
with other enterprises. The growth rate in 2009, in
comparison with the year 2003 was 64. The lowest value
oI turnover oI 1,083 thousands lei n 2003, was recorded at
the enterprise Irom SteIan Vod. These two enterprises can
be considered with the diIIerent values oI turnover in
comparison with other three enterprises, which recorded in
2003, revenues Irom the operational activity between 3.3
and 5.9 million lei. By the turnover, the enterprise Irom Blti
is on second place Irom total number oI urban WSS (Water
Supply and Sanitation) enterprises (39) Irom Republic oI
Moldova; the enterprise Irom Orhei on 5th place, Irom
Cahul on 6th place, Soroca on 9th place and the
enterprise Irom SteIan Vod is on 23rd place.
The same situation is Ior the indicator the number of
34,1
5,7 5,9
3,3
1,1
55,8
15,3
13,2
9,9
3,2
0,0
10,0
20,0
30,0
40,0
50,0
60,0
Bal[i Cahul Orhei Soroca t Vod
m
i
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n
e


I
e
i
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m
i
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I
e
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2003 2009
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 63
nr. 2 / 2012
numrului persoanelor din :ona deservit,
ntreprinderea din Blti 150,6 mii persoane, iar cea din
SteIan Vod 9,1 mii persoane. ntreprinderile amplasate n
orasele Cahul, Orhei si Soroca presteaz servicii pentru zone
cu o populatie ce variaz n intervalul 37,1-41,1 mii
persoane. Analiza comparativ a indicatorilor demonstreaz
Iaptul, c din cele cinci ntreprinderi, dou au caracteristici
extreme pentru acest grup din punctul de vedere al
mrimii ciIrei de aIaceri si numrului populatiei din zona
deservit. Acesti indicatori ai ntreprinderii Municipale
,Regia Ap-Canal, mun Blti, sunt mult mai mari dect
media celor ai ntreprinderilor din proiect, iar ai
ntreprinderi Municipale ,Ap-Canal, or. SteIan Vod, sunt
cu mult sub medie.
population from served area: the enterprise Irom Blti
150,6 thousands persons, and Irom SteIan Vod 9,1
thousands persons. The enterprises located in the towns
Cahul, Orhei and Soroca provide services Ior areas with
population which vary in the range Irom 37.1 thousands
to 41.1 thousands persons. The comparative analysis oI
indicators demonstrates that Irom those 5 enterprises, two
oI them have characteristics that are extreme Ior this
group, regarding the size oI turnover and the number oI
population Irom served area. This indicators Ior
Municipal Enterprise ,Regia Ap-Canal, Blti, are
much greater than the average oI enterprises Irom the
project, and Ior the Municipal Enterprise ,Ap-Canal,
SteIan Vod, these values are much under average.
Tabelul 2/Table 2
Indicatorii de performan( ai ntreprinderilor ,Ap-Canal n 2003/
Performance indicators of water and sewerage enterprises in 2003
Denumirea ntreprinderii/Name of enterprise
Numrul popula(iei din
zona deservit, mii
pers./Number of
population from the
served area, thousands
persons
Profit/pierdere pn la
impozitare, mii MDL/
Profit/Loss before
taxation,
thousands MDL
Gradul de acoperire
a cheltuielilor de
tarif/Coverage
degree of tariff's
costs
2003 2003 2009 2003 2009
ntreprindera Municipal ,Regia Ap-Canal, mun. Blti 150,6 -2264 -2751 0,89 0,85
ntreprinderea Municipal ,Ap-Canal, or. Cahul 41,1 -532 -4705 0,85 1,17
ntreprinderea Municipal ,Regia Ap-Canal, or. Orhei 37,1 -5 -6953 0,79 0,88
ntreprinderea Municipal ,Directia Apeduct Canalizare,
or. Soroca
38,9 -4510 -8802 0,49 0,53
ntreprinderea Municipal ,Ap-Canal, or. SteIan Vod 9,1 -184 -2484 0,68 0,54
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare,
membre ale Asociajiei ,Moldova Ap-Canal" pentru anul 23" yi calculele autorului./"Financial and production
index of activity of water supply and sewerage enterprises, members of the Association ,Moldova Ap-Canal" for the
year 23", and author's calculations.
Rezultatele Iinanciare ale ntreprinderilor analizate
pentru anul 2003 si 2009 se caractzerizeaz prin valori
negative. Cele mai mari pierderi n perioada de gestiune,
pn la impozitare, nregistrate n raportul de proIit si
pierderi, au Iost nregistrate n Soroca. n 2003, pierderile au
constituit 4.510 mii de lei, iar n 2009 au Iost de 8.802 mii
de lei. n 2003, cele mai mici pierderi, din cele cinci
ntreprinderi studiate au Iost nregistrate n Orhei, n valoare
de 5 mii de lei, iar n 2009 n SteIan Vod (Tabelul 2).
Pierderile au Iost cauzate, n special, de neaprobarea
tariIului la nivelul costurilor, volumele mici de servicii
Iacturate si cheltuielile mari de ntretinere a sistemelor.
Un Iactor important, care a inIluentat rezultatele
Iinanciare, este tariIul pentru serviciile de alimentare cu ap.
TariIele nu au Iost actualizate si aprobate la nivelul
costurilor din diverse motive, cum ar Ii, spre exemplu:
ntreprinderile ap-canal nu au cerut actualizarea tariIelor n
termenii necesari sau administratia public local nu a
aprobat tariIul la nivelul costurilor din cauza Iactorilor
politici, sau volumul eIectiv de servicii Iacturate a Iost
mult mai mic Iat de cel planiIicat. n 2003, gradul de
acoperire a cheltuielilor de tariI al celor 5 ntreprinderi nu
depseste valoarea 1. Situatia cea mai critic la acest
capitol este la ntreprinderea din Soroca, unde gradul de
The Iinancial results oI analyzed enterprises Ior the
year 2003 and 2009, are characterized by negative
values. The biggest losses oI reporting period beIore
taxation recorded in the relation oI proIit and losses were
recorded in Soroca. In 2003 the losses were 4,510
thousands lei, and in 2009 were 8,802 thousands lei. In
2003, the lowest losses Irom those 5 studied enterprises
were recorded Ior Orhei with the value oI 5 thousands lei,
and in 2009 Ior SteIan Vod (Table 2). The losses were
caused mainly because oI disapproval oI tariII at costs'
level, small volumes oI billed services, high costs Ior
maintenance oI systems.
An important Iactor, that inIluenced the Iinancial
results, is the tariII Ior water supply services. The tariIIs
have not been updated and approved at costs' level by
various reasons such as: the water-channel enterprises
have not asked or required Ior updating tariIIs in
necessary terms or the local public administration have
not approved the tariII at costs' level because oI political
Iactors or the eIIective volume oI billed services was
much lower than the planned one. In 2003, the coverage
degree oI tariII's costs Ior all Iive enterprises did not
exceed the value oI 1. Regarding this chapter the most
critical situation was Ior the enterprise Irom Soroca
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
66
acoperire a cheltuielilor de tariI constituie 0,49, iar cel mai
nalt indicator a Iost la ntreprinderea din Blti si reprezint
0,89. Privind situatia din 2009, ntreprinderea din Cahul
are un grad de acoperire a cheltuielilor de tariI n valoare de
1,17, care este cel mai bun din toate ntreprinderile
analizate. ntreprinderea din Soroca, n 2009, ca si n 2003,
comparativ cu celelalte ntreprinderi, are cel mai mic
indicator privind acoperirea cheltuielilor de tariI si acesta
constituie 0,53.
Un indicator ce demonstreaz necesitatea de investitii
este gradul de uzur al mijloacelor Iixe. Cea mai avansat
uzur este a mijloacelor Iixe ale ntreprinderii din Orhei, cu
valoarea de 77. Indicatorul pentru ntreprinderea din
Cahul este 71, din Blti 69, din Soroca 60, iar din
SteIan Vod 70. Pentru inIrastructura de alimentare cu
ap gradul critic de uzur al mijloacelor Iixe este considerat
de 65. Din cele 5 ntreprinderi, 4 au depsit acest prag
critic. Uzura avansat a mijloacelor Iixe duce la
nregistrarea de pierderi de ap, avarii dese, ntreruperi n
programul de Iurnizare a serviciilor si consum mare de
energie electric.
where the coverage degree oI tariII expenses is 0.49, and
the highest indicator was at the enterprise Irom Blti,
which is 0.89. For the situation Irom 2009, the enterprise
Irom Cahul, had a coverage degree oI tariII expenses
with a value oI 1.17, which is the best Irom all studied
enterprises. The enterprise Irom Soroca, in 2009, as well
as in 2003, in comparison with other enterprises, have the
lowest indicator regarding the coverage oI tariII expenses
and it is 0.53.
An indicator that demonstrates the necessity oI
investments is the wear degree oI Iixed assets. The most
advanced wear is the wear oI Iixed assets oI the
enterprise Irom Orhei, with the value oI 77. The
indicator Ior the enterprise Irom Cahul is 71, Ior Blti
69, Ior Soroca 60 and Ior SteIan Vod 70. The
critical wear degree oI Iixed assets Ior water supply
inIrastructure is 65. OI those Iive enterprises, 4 have
exceeded the critical threshold. The advanced wear
degree oI Iixed assets lead to recording oI water loss,
Irequent breakdowns, interruption in the schedule oI
providing services and high electricity consumption.
Tabelul 3/Table 3
Evolu(ia coeficien(ilor de eficien( a ntreprinderilor ,Ap-Canal/
Evolution of the coefficient of efficiency of water and sewerage enterprises
Denumirea ntreprinderii/Name of enterprise
Coeficientul
autonomiei
financiare/The
financial coefficient of
autonomy
Rentabilitatea, /
Profitability
Venitul per 1
angajat, mii lei/pers/
Income per
employee, thousands
lei/persons
2003 2009 2003 2009 2003 2009
ntreprindera Municipal ,Regia Ap-Canal, mun. Blti 0,9 0,5 6,7 4,9 96 153
ntreprinderea Municipal ,Ap-Canal, or. Cahul 1 0,4 -2,8 18,4 31 84
ntreprinderea Municipal ,Regia Ap-Canal, or. Orhei 0,9 0,4 28,7 16,6 32 66
ntreprinderea Municipal ,Directia Apeduct
Canalizare, or. Soroca
0,7 0,2 -8,6 -22,6 22 77
ntreprinderea Municipal ,Ap-Canal, or. SteIan Vod 0,9 0,3 13,2 -3,4 15 64
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare,
membre ale Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29 yi calculele autorului./,Financial and
production index of activity of water supply and sewerage enterprises, members of the Association ,Moldova Ap-
Canal" for the year 23 and 29, and author's calculations.
Evolutia situatiei Iinanciare a ntreprinderilor de la
nceputul si pn la Iinalul Proiectului se cuantiIic prin
coeIicientii de rezultat si perIormant. Acestia sunt
prezentati n Tabelul 3. Rentabilitatea, n 2003, a dou
ntreprinderi din cinci este negativ, iar cea mai mare
valoare s-a nregistrat la ntreprinderea ,Ap-Canal din
Orhei. n 2009, rentabilitatea este negativ la 2 ntreprinderi,
una dintre ele Iiind cea din Soroca, care si-a nruttit
acest indicator, comparativ cu 2003. Cea mai bun evolutie
la acest indicator a nregistrat ntreprinderea din Cahul
de la -2,8 n 2003 la 18,4 n 2009. CoeIicientul de
autonomie Iinanciar, n 2003, are valoarea 1 la
ntreprinderea din Cahul, iar la ntreprinderea din Soroca
valoarea este de 0,69. n anul 2009, acest indicator scade la
toate ntreprinderile si aceasta se explic prin cresterea
brusc a datoriilor pe termen lung privind rambursarea
creditului din Proiect.
Veniturile, n medie pe un angajat, n 2003, sunt cele
The evolution oI Iinancial situation oI enterprises, at the
beginning and end oI the project, is presented by coeIIicients
oI result and perIormance; those are shown in Table 3. The
proIitability, in 2003, at two enterprises oI Iive is negative,
and the greatest value was recorded at the WSS enterprise
Irom Orhei. In 2009 the proIitability is negative at two
enterprises, one oI them is Irom Soroca, which has
worsened this indicator in comparison with 2003. The best
evolution regarding this indicator has been recorded at the
enterprise Irom Cahul Irom -2.8 in 2003 to 18.4 in 2009.
The coeIIicient oI Iinancial autonomy in 2003 has value oI 1
Ior the enterprise Irom Cahul, and Ior the enterprise Irom
Soroca the value is 0.69. In 2009 this indicator goes down
Ior all enterprises, this is explained by suddenly increasing
oI long-term debts regarding reimbursement oI credit Irom
Project.
The incomes in average per employee in 2003, are the
greatest at the enterprise Irom Blti with the value oI 96.2
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 67
nr. 2 / 2012
mai mari la ntreprinderea din Blti n valoare de 96,2 mii
lei/angajat, iar cele mai mici sunt la ntreprinderea din
SteIan Vod, n valoare de 15 mii lei/angajat. Acest
indicator a evoluat pozitiv la toate ntreprinderile n anul
2009, comparativ cu 2003. Venitul mediu per un angajat, n
2009, comparativ cu 2003, a crescut la ntreprinderea din
Blti de 1,6 ori, iar la SteIan Vod a crescut de 4,2 ori. Ca si
rezultat, cu ct ntreprinderea deserveste un numr mai mare
de consumatori, cu att utilizarea personalului este mai
eIicient.
Printre obiectivele de baz ale Proiectului se numr si
reducerea pierderilor de ap (apa ce nu aduce venituri) si
cresterea eIicientei energetice. Indicatorii care ne permit
estimarea eIicientei Proiectului pilot pot Ii considerati:
pierderile Iizice de ap, ponderea apei neIacturate n apa
dobndit, ponderea sumelor colectate n sumele Iacturate,
consumul speciIic de energie electric pentru dobndirea si
transportarea 1m
3
de ap si consumul speciIic de ap pentru
populatie si institutiile bugetare.
thousands lei/employee, and the lowest are Ior the enterprise
Irom SteIan Vod, with the value oI 15 thousands
lei/employee. In the year 2009 compared with 2003, this
indicator has been developed positively Ior all enterprises.
The average revenue per one employee in 2009 compared
with 2003, Ior the enterprise Irom Blti increased by 1.6
times, and Ior SteIan Vod increased by 4.2 times. As a
result, the more the enterprise serves a greater number oI
consumers the more eIIicient is the use oI personnel.
Among the main objectives oI Project could be
mentioned and the reduction oI water losses (water without
revenues) and the increase oI energy eIIiciency. The
indicators which allow us to estimate the eIIiciency oI Pilot
Project can be considered: physical losses oI water, the
weight oI not invoiced water Irom gained water, the weight
oI amounts collected Irom invoiced amounts, the speciIic
consumption oI electricity Ior acquisition and transportation
oI one cubic meter oI water and the speciIic water
consumption Ior population and budgetary institutions.
Diagrama 2. Volumul de ap pierdut la 1 km de re(ea de ap/
Diagram 2. Volume of water lost from 1 km of water network
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare,
membre ale Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29 yi calculele autorului./,Financial and
production index of activity of water supply and sewerage enterprises, members of the Association ,Moldova Ap-
Canal" for the year 23 and 29, and author's calculations.
Analiza indicatorilor, pentru anul 2003 (an de initiere a
Proiectului) si pentru anul 2009 (urmtorul an dup
Iinalizarea Proiectului) ne demonstreaza Iaptul c nu toate
valorile tint, stabilite initial, au Iost realizate.
Totodat, observam c valoarea indicatorului volumul
de pierderi Iizice de ap nu poate Ii comparat pn si dup
Iinalizarea Proiectului, deoarece lungimea retelelor de
alimentare cu ap s-a mrit.
Pentru a Ii comparabil, volumul de pierderi Iizice de
ap, trebuie mprtit la lungimea retelelor (Diagrama 2).
n perioada analizat, 2003-2009, pentru dou din cele
cinci ntreprinderi, acest indicator a crescut la ntreprinderea
din Cahul cu 6,7 mii m
3
/an per km si pentru ntreprinderea
din Soroca cu 7,8 mii m
3
/an per km. La ntreprinderea din
The analysis oI indicators, Ior the year 2003 (the year
oI project initiation) and the year 2009 (the next year aIter
the project Iinalization) demonstrates that not all target
values, established initial, were achieved.
Also, we notice that the value oI indicator volume of
phvsical water losses can not be compared even aIter the
Iinalization oI Project because the length oI water supply
networks has increased.
To be comparable, the volume oI physical water losses
should be divided at the length oI networks (Diagram 2).
In the analyzed period, 2003-2009, this indicator
increased Ior two oI those Iive enterprises. For the
enterprise Irom Cahul with 6,7 thousands m
3
/year per km
and Ior the enterprise Irom Soroca with 7,8 thousands
11,2
4,6
3,4
5,8
4,3
7,4
11,3
3,4
13,6
1,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
Bal[i Cahul Orhei Soroca t Vod
m
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/
k
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2003 2009
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
68
Orhei, indicatorul a cotat o valoare relativ constant, iar la
ntreprinderea din Blti si SteIan Vod valoarea
indicatorului a sczut. Lund n considerare Iaptul c
ntreprinderea Municipal ,Regia Ap-Canal, mun. Blti, a
Iost inclus n proiect mai trziu, comparativ cu celelalte
ntreprinderi, datele din 2009, n acest caz, pot s nu reIlecte
n totalitate rezultatele proiectului.
ntreprinderea Municipal ,Ap-Canal, or. SteIan Vod,
a obtinut cele mai bune rezultate din punct de vedere al
reducerii nivelului de pierderi. Valoarea pierderilor de ap per
1 km de retea s-a redus de la 4,3 la 1. Acest rezultat se
datoreaz si Iaptului c, la aceast ntreprindere, ponderea
retelelor de ap renovate n lungimea total retelelor a Iost cea
mai mare si a constituit 52, comparativ cu ntreprinderea
Municipal ,Regia Ap-Canal, or. Orhei, unde valoarea
indicatorului a constituit 20, la ntreprinderea Municipal
,Directia Ap-Canal, or. Soroca 40 si ntreprinderea
Municipal ,Ap-Canal, or. Cahul 27.
Pentru a analiza volumul apei neIacturate, este relevant
si indicatorul ponderea apei neIacturate n volumul de ap
dobndit. O evolutie n descrestere a acestui indicator s-a
nregistrat la ntreprinderea din SteIan Vod de la 64 n
2003 la 28 n 2009; la ntreprinderea din Orhei indicatorul
a sczut neesential, iar la Blti scderea a Iost de 2 ori
(Tabelul 4). Privind ntreprinderile din Soroca si Cahul,
indicatorul are o evolutie n crestere din cauza c numai o
cot mic, cu valoarea de 21 si, respeciv, 28, din
lungimea total a retelei de alimentare cu ap a Iost
renovat. La Iel, n procesul de reconstructie a retelelor,
volumul de ap necesar pentru splarea si dezinIectarea
retelelor nu a Iost inclus n actul de primire-predare a
lucrrilor executate, dar a a Iost considerat ca volum de ap
pierdut.
m
3
/year per km. For the enterprise Irom Orhei, the
indicator had a relatively constant value, and Ior the
enterprises Irom Blti and SteIan Vod the value
decreased. Taking into account that the Municipal
Enterprise ,Regia Ap-Canal, Blti, was included in the
project later than other enterprises, the data Irom 2009 Ior
this case may not Iully reIlect the project's results.
The Municipal Enterprise ,Ap-Canal SteIan Vod
obtained the best results regarding the reduction oI losses'
level. The value oI water losses per 1km oI network was
reduced Irom 4.3 to 1. This result is due to the Iact
that Ior this enterprise the weight oI renovated water
networks Irom the total oI networks' length was the
greatest 52, in comparison with the Municipal Enterprise
,Regia Ap-Canal, Orhei, where the indicator's value was
20; Ior Municipal Enterprise ,Directia Ap-Canal,
Soroca 40 and Ior the Municipal Enterprise ,Ap-
Canal, Cahul 27.
In order to analyze the not invoiced water volume, is
also relevant the indicator oI 'not invoiced water weight
Irom the achieved water volume. A decreasing evolution oI
this indicator was recorded at the enterprise Irom SteIan
Vod Irom 64 in 2003 to 28 in 2009; Ior the enterprise
Irom Orhei the decrease was inessential, and Ior Blti the
decrease was oI two times. (Table 4) For the enterprises
Irom Soroca and Cahul, the indicator has an increasing
tendency due to that only a small weight, with a value oI
21 and respectively 28 Irom the total length oI water
supply network has been renovated. As well as in the
process oI reconstruction oI networks, the water volume
necessary Ior washing and disinIecting networks was not
included in the act oI reception-rendition oI perIormed
works, but was considered as volume oI lost water.
Tabelul 4/Table 4
Ponderea apei nefacturate n volumul apei dobndite, /
The weight of not invoiced water from the achieved water volume,
Intreprinderea/Enterprise 2003 2009
ntreprinderea Municipal ,Regia Ap-Canal, mun. Blti 57,6 27,9
ntreprinderea Municipal ,Ap-Canal, or. Cahul 36,1 42,5
ntreprinderea Municipal ,Regia Ap-Canal, or. Orhei 50,0 48,3
ntreprinderea Municipal ,Directia Ap-Canal, or. Soroca 46,4 65,8
ntreprinderea Municipal ,Ap-Canal, or. SteIan Vod 64,3 28,1
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare,
membre ale Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29, yi calculele autorului./,Financial and
production index of activity of water supply and sewerage enterprises, members of the Association ,Moldova Ap-
Canal" for the year 23 and 29, and author's calculations.
Al treilea indicator de perIormant se reIer la ponderea
sumelor colectate din sumele Iacturate. Acest indicator si la
nceputul proiectului, la majoritatea ntreprinderilor, a avut o
valoare mai mare de 100. Aceasta se explic prin Iaptul
c, n perioada de gestiune, se colecteaz si sume Iacturate
n perioadele precedente. Exceptie la acest capitol a Iost, n
anul 2003, ponderea colectrilor ntreprinderii din Orhei,
care a nregistrat o valoare de 87, datorit Iaptului c, n
acest an, a Iost o majorare de tariI, ceea ce a redus valoarea
The third perIormance indicator reIers to the weight oI
collected sums Irom the invoiced sums. For most oI the
enterprises, this indicator had a value exceeding 100
also at the beginning oI the project. This is because during
the management period are also collected sums invoiced in
previous periods. An exception regarding this chapter, in
the year 2003, was the weight oI collections Ior the
enterprise Irom Orhei, which recorded a value oI 87, due
to that in this year was a tariII increase which reduced the
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 69
nr. 2 / 2012
Iacturilor colectate. n anul 2009, comparativ cu 2003,
cresterea acestui indicator a Iost nregistrat numai la
ntreprinderile din Orhei si Soroca, celelalte ntreprinderi au
artat scderi ale ponderii colectrilor. Ponderea sumelor
colectate n 2009 nu a atins pragul de 100 din sumele
Iacturate la ntreprinderea din Cahul (97) si la
ntreprinderea din SteIan Vod (95).
value oI collected bills. For the year 2009, compared with
2003, a increase oI this indicator was recorded only at the
enterprises Irom Orhei and Soroca, other enterprises had
decreases oI collections' weight. The weight oI amounts
collected, in 2009, did not reach the 100 threshold Irom
invoiced amounts Ior the enterprise Irom Cahul (97) and
Ior the enterprise Irom SteIan Vod (95).
Diagrama 3. Evolu(ia ponderii sumelor colectate n sumele facturate pentru serviciile de alimentare cu ap
yi canalizare/Diagram 3. The evolution of collected sums weight from the invoiced sums for water and WSS services
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare,
membre ale Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29 yi calculele autorului./,Financial and
production index of activity of water supply and sewerage enterprises, members of the Association ,Moldova Ap-
Canal" for the year 23 and 29, and author's calculations.
Pentru ameliorarea situatiei Iinanciare si reducerea
costurilor operationale, o activitate important n cadrul
Proiectului a Iost nlocuirea pompelor existente cu pompe
noi, mai perIormante. Prin aceast activitate s-a stabilit
drept scop reducerea consumului de energie electric si a
cheltuielilor de reparatie a agregatelor de pompare.
IdentiIicarea rezultatului acestei activitti se eIectueaz prin
analiza evolutiei indicatorului consumul de energie electric
pentru dobndirea si transportarea 1 m
3
de ap. Indicatorii
pentru ntreprinderile municipale din Blti si Soroca au Iost
calculati, dar aceste variatii mari nu se datoreaz activittilor
din proiect. Aceste ntreprinderi, n perioada analizat, au
procurat ap de la ntreprinderea de Stat ,Acva-Nord, or.
Soroca. Din acest motiv, evolutia indicatorului nu reIlect n
exclusivitate rezultatele proiectului.
Consumul speciIic de energie electric pentru
dobndirea si transportarea 1 m
3
de ap a avut evolutii n
descrestere la ntreprinderile din Cahul si SteIan Vod. La
ntreprinderea din Orhei s-a nregistrat o crestere
nesemniIicativ. Cea mai accelerat evolutie a indicatorului
consumul speciIic de energie electric pentru dobndirea
1 m
3
de ap, si anume scderea de 2 ori n 2009, comparativ
cu 2003, a Iost nregistrat de ntreprinderea din Cahul.
Aceasta se datoreaz si Iaptului c ntreprinderea din
Cahul are 6 statii de pompare si aceast valoare este mult
mai mic, comparativ cu valoarea aceluiasi indicator cotat
de celelalte ntreprinderi.
To ameliorate the Iinancial situation and reduce
operational costs, an important activity within the Project
was the replacement oI existing pumps with new pumps,
more eIIicient. Through this activity was established the
purpose oI reducing the electric energy consumption and
repair costs oI pumping aggregates. The identiIication oI the
results oI this activity will be made through the analysis oI
evolution oI electric energv consumption indicator Ior
acquisition and transportation oI one cubic meter oI water.
For the municipal enterprises Irom Blti and Soroca, the
indicators were calculated, but these large variations are not
due the project's activities. During the analyzed period, these
enterprises purchased water Irom State Enterprise ,Acva-
Nord, Soroca, thus the indicator's evolution does not reIlect
exclusively the project's results.
The speciIic consumption oI electric energy Ior
acquisition and transportation oI one cubic meter oI water
decreased Ior the enterprises Irom Cahul and SteIan Vod.
For the enterprise Irom Orhei, an insigniIicant increase has
been registered. The most accelerated evolution oI indicator,
the speciIic consumption oI electric energy Ior acquisition
and transportation oI one cubic meter oI water, namely the
decrease by 2 times, in 2009 compared with 2003, was
registered Ior the enterprise Irom Cahul. This is also due to
the Iact that the enterprise Irom Cahul has 6 pumping
stations and this value is much smaller in comparison with
this indicator at other enterprises.
108
118
87
139
100
101
97
105
95
103
0
20
40
60
80
100
120
140
160
BaI|i CahuI Orhei Soroca t Vod
p
o
n
d
e
r
e
a


s
u
m
e
i

c
o
I
e
c
t
a
t
e

d
i
n

c
e
a


f
a
c
t
u
r
a
t
a
/
c
o
I
I
e
c
t
e
d

s
u
m
s

w
e
i
g
h
t

f
r
o
m

t
h
e

i
n
v
o
i
c
e
d

s
u
m
s
2003 2009
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
70
Diagrama 4. Consumul specific de energie electric la dobndirea yi transportarea 1 m
3
de ap/
Diagram 4. Electric energy specific consumption for acquisition and transportation on 1 m
3
of water
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare, membre ale
Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29 yi calculele autorului./,Financial and production index of activity of
water supply and sewerage enterprises, members of the Association ,Moldova Ap-Canal" for the year 23 and 29, and
author's calculations.
Scopul de baz al oricrui proiect n domeniul apei este
crearea comIortului consumatorilor Iinali. Pentru estimarea
acestuia au Iost utilizati doi indicatori numrul de ore de
livrare a apei consumatorilor din 24 de ore si consumul
speciIic de ap. Consumul speciIic de ap la categoria de
consumatori populatie si institutii bugetare a avut o evolutie
pozitiv n cadrul ntreprinderilor din: Blti, Orhei, Soroca
si SteIan Vod. Cea mai mare crestere a Iost cotat de
consumatorii ntreprinderii Municipale ,Ap-Canal, or.
SteIan Vod de 2,6 ori. O scdere a acestui indicator de la
60,3 n 2003 la 56 l/persoan/zi n 2009 s-a nregistrat la
ntreprinderea din or. Cahul (Diagrama 5).
The main scope oI any project regarding water is to
create comIort Ior the Iinal users. To assess it, two
indicators were used the number oI hours oI water
delivery to users in 24 hours and the water speciIic
consumption. For population and budgetary institutions
user categories, the water speciIic consumption had a
positive evolution at the enterprises Irom Blti, Orhei,
Soroca and SteIan Vod. The biggest increase, oI 2,6
times, was Ior the consumers oI Municipal Enterprise
,Ap-Canal, SteIan Vod. The indicator decreased Irom
60.3 l/c/d to 56 l/c/d in 2009 at the enterprise Irom Cahul
(Diagram 5).
Diagrama 5. Evolu(ia consumului specific de ap de ctre popula(ie yi institu(ii bugetare/
Diagram 5. Evolution of water specific consumption for population and budgetary institutions
Sursa/Source: ,Indicii financiari yi de producjie ai activitjii ntreprinderilor de alimentare cu ap yi canalizare, membre ale
Asociajiei ,Moldova Ap-Canal" pentru anul 23 yi 29 yi calculele autorului./,Financial and production index of activity of
water supply and sewerage enterprises, members of the Association ,Moldova Ap-Canal" for the year 23 and 29, and
author's calculations.
n cadrul procesului de evaluare, ntreprinderilor
participante, la Iinalizarea proiectului n 2008, li s-au stabilit
16 indicatori de perIormant. Analiza eIicientei a Iost
eIectuat n baza rezultatelor chestionarelor adresate la 5
respondenti din 6 participanti la proiect. ConIorm rezultatelor
Within an evaluation process, at the Iinalization oI the
project in 2008, 16 perIormance indicators were set Ior
the participating enterprises. EIIiciency analysis was
perIormed based on the results oI the questionnaires
addressed to 5 out oI 6 participants. According to these
2,2
1,6
2,2
1,0
0,1
0,8
1,5
0,8
1,0
1,6
0,0
0,5
1,0
1,5
2,0
2,5
Bal[i Soroca Orhei Cahul tefan Vod
k
w
/
m
3
2003 2009
48,6
60,3
37,4
29,2
13,8
53,4
56,0
46,4
32,4
36,0
0
10
20
30
40
50
60
70
Bal[i Cahul Orhei Soroca t Vod
I
/
p
e
r
s
/
z
i
I
/
p
e
r
s
/
d
a
y
2003 2009
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 71
nr. 2 / 2012
chestionrii, din 12 indicatori de perIormant stabiliti de
Proiect, n 31 de cazuri (51,7) indicatorii au Iost realizati, n
23 de cazuri (38,3) nu au Iost realizati si n 6 cazuri (10)
nu au Iost stabiliti. La 3 ntreprinderi au rmas nerealizati
indicatorii de perIormant ce tin de reducerea pierderilor
Iizice, la 3 ntreprinderi rata colectrilor, la 4 ntreprinderi
rata apei neIacturate si la 2 ntreprinderi consumul de
energie electric la 1 m
3
de ap livrat |4|.
Analiza indicatorilor a demonstrat c nu toti indicatorii
de perIormant au atins valoarea tint stabilit la nceputul
proiectului. Cele mai importante motive au Iost:
1. Excluderea cheltuielilor privind volumul de ap
necesar pentru testarea si splarea tevilor din costurile
proiectului;
2. Lipsa unui studiu de oportunitate privind necesitatea
schimbrii agregatelor de pompare cu scopul reducerii
consumului de energie electric;
3. Lipsa unui studiu de identiIicare a retelelor de ap cu
cele mai importante scurgeri a dus la includerea n caietul de
sarcini a portiunilor de retea ce nu au Iost de prioritate
stringent privind nlocuirea;
4. Alocarea investitiilor sub pragul necesittilor reale
pentru o realizare eIicient a proiectului.
III. Analiza rezultatelor implementrii proiectului
Cele mai bune rezultate, n urma implementrii
Proiectului privind indicatorii tehnici de perIormant, cum
ar Ii: volumul de ap pierdut per 1 km de retea, ponderea
apei neIacturate n volumul de ap dobndit si consumul
speciIic de ap al consumatorilor bugetari si populatiei, au
Iost realizate de .M. ,Ap-Canal, or. SteIan Vod. Aceasta
se explic prin Iaptul c, n acest oras, valoarea medie a
investitiilor pe locuitor a constituit 149 USD/pers. si prin
implementarea proiectului s-au renovat 52 din totalul
retelelor. Acesti indicatori sunt mult mai mari Iat de
celelalte localitti participante. La ntreprinderile din Cahul,
Orhei si Soroca, valoarea medie a investitiei pe locuitor
variaz 67-74 USD/pers., ceea ce este, aproximativ, de
2 ori mai putin, comparativ cu SteIan Vod. ReIeritor la
indicatorul ponderea lungimii retelelor renovate n lungimea
total a retelelor de ap, SteIan Vod coteaz cea mai mare
valoare, pentru comparatie, n Cahul au Iost renovate 28,
iar n Soroca 21. Aceste valori sunt, aproximativ, de
2 ori mai mici, comparativ cu indicatorul pentru SteIan Vod.
Valoarea investitiilor realizate n SteIan Vod (150
USD/locuitor) depseste necesarul de investitii pentru
sistemul de alimentare cu ap n unele tri din Europa, cum
ar Ii: Lituania (131 USD/locuitor), Portugalia (129,5
USD/locuitor) si Slovacia (110 USD/locuitor) |5|. Lund n
consideratie c unul din scopurile Proiectului pilot a Iost
identiIicarea necesarului de investitie speciIic, valoarea de
150 USD/locuitor ar putea Ii utilizat ca indicator de
reIerint a necesarului de Iinantare pentru o utilizare
eIicient a investitiilor n sistemele de alimentare cu ap n
Republica Moldova.
IV. Efectele asupra beneficiarilor n cadrul
,Proiectului Pilot de Aprovizionare cu Ap yi de
Canalizare
,Proiectul Pilot de Aprovizionare cu Ap si de
Canalizare, Iinantat de Asociatia International pentru
Dezvoltare din cadrul Grupului Bncii Mondiale a avut
results, Irom 12 perIormance indicators established by
the project, in 31 cases (51.7) the indicators were
realized, in 23 cases (38.3) were not realized and in 6
cases (10) they have been not established. At three
enterprises were not realized the perIormance indicators
regarding the reduction oI physical losses, at 3
enterprises collection rate, at 4 enterprises not
invoiced water rate and at 2 enterprises electric energy
consumption at 1m
3
oI supplied water |4|.
Indicators' analysis proved that not all the
perIormance indicators reached the target value
established at the beginning oI the project. The most
important reasons were:
1. Exclusion oI costs regarding the water volume
needed to test and wash the pipes Irom the project costs.
2. The lack oI an opportunity study regarding the
necessity to replace the pumping equipments in order to
reduce the electric energy consumption.
3. The lack oI a study Ior identiIying the water
networks with the most important leakages led to the
inclusion in the speciIications oI network parts whose
replacement was not a high priority.
4. Allocation oI investments under the threshold oI
real necessities Ior an eIIective realization oI the project.
III. The analysis of project implementation results
The best results aIter implementing the project
regarding the technical perIormance indicators such as:
the volume oI water lost per 1 km oI network, the weight
oI not invoiced water Irom the volume oI gained water
and the speciIic consumption oI water Ior budgetary
consumers and population were achieved by the
Municipal Enterprise ,Ap-Canal, SteIan Vod. This,
because Ior this city the average value oI investments per
inhabitant was oI 149 USD/capita and by implementing
the project, 52 Irom the total networks were renovated.
These indicators are much bigger in comparison with the
rest oI participating localities. For the enterprises Irom
Cahul, Orhei and Soroca, the average value oI
investments per inhabitant is between 67 and 74
USD/capita, about two times less that Ior SteIan Vod.
Regarding the indicator oI weight oI length oI renovated
networks Irom the total network length, SteIan Vod has
the highest value, Cahul renovated 28, and Soroca
21. These values are about two times less than the
value Ior SteIan Vod.
The value oI investments, oI 150 USD/capita,
realized in SteIan Vod, exceeds the investments
necessary Ior the water supply system in some european
countries such as: Lithuania (131 USD/capita), Portugal
(129.5 USD/capita) and Slovakia (110 USD/capita) |5|.
Taking into account that one oI the pilot project's scope
was to identiIy the speciIic investment necessary, the
value oI 150 USD/capita could be used as a reIerence
indicator oI Iinancing necessary Ior an eIIective use oI
investments in water supply systems in Republic oI
Moldova.
IV. Effects on beneficiaries within ,Water Supply
and Sewerage Pilot Project
,The Pilot Project oI Water Supply and Sewerage
Iinanced by the International Association Ior
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
72
multe eIecte pozitive pentru ntreprinderile si consumatorii
beneIiciari, cum ar Ii: revenirea la graIicul de prestare a
serviciului 24 ore din 24, reducerea numrului de avarii si a
timpului de lichidare a avariilor.
Dotarea ntreprinderilor cu utilaj de constructie modern
a contribuit la cresterea capacittii ntreprinderilor de a
executa lucrri de constructie cu Iorte proprii si de a reduce
timpul de lichidare a avariilor. Personalul de interventie a
Iost orientat spre executarea lucrrilor de ntretinere si
reparatie, ceea ce a avut eIecte pozitive prin prevenirea
ntreruperilor n prestarea serviciului si cazurilor de
deIectare a utilajului de productie.
n acelasi timp, a Iost identiIicat un sir de puncte slabe
privind proiectele investitionale implementate n sectorul
alimentrii cu ap n Republica Moldova, si anume:
1. Volumul mic al Iinantrilor ntreprinderilor de
alimentare cu ap care a implementat Proiectul pilot nu a
condus la o eIicient considerabil, dar a avut rolul de a
stopa degradarea Iizic a sistemelor de alimentare cu ap si
de canalizare;
2. Estimarea capacittilor de rambursare a creditului a
Iost eIectuat Ir a lua n consideratie Iaptul c, din cauza
Iactorilor politici, tariIul nu se aprob la nivelul costurilor
eIective;
3. ntreprinderile ,Ap-Canal, n majoritate, nu au
obtinut perIormante Iinanciare Ioarte bune n rezultatul
implementrii Proiectului, dar, cu toate acestea, spre
exemplu, la ntreprinderea din Orhei, n primii ani de
rambursare, ponderea sumei de deservire a datoriei n ciIra
de aIaceri este de, aproximativ, 13,8. Pentru Proiectul
pilot ar Ii Iost binevenit o schem de Iinantare cu o anumit
pondere de grant. Iar dup ce o parte impuntoare a
problemelor tehnice ar Ii Iost rezolvat, proiectele
investitionale ulterioare ar putea Ii Iinantate n proportie de
100 prin credit.
Development, Irom the World Bank group, had a lot oI
positive eIIects Ior the beneIiciary enterprises and
consumers, such as: the return oI service perIormance to
a 24/24 hours chart, the reduction oI the damages number
and oI their repair time.
Providing enterprises with modern construction
equipment contributed to increase the capacity oI
enterprises to perIorm construction works by themselves
and reduce the time oI liquidation oI damages. The
intervention staII was directed to the execution works oI
maintenance and repair, which has had positive eIIects by
preventing the interruption oI service providing and cases
oI Iailure oI production equipment.
In the same time were identiIied a series oI
weaknesses regarding the implemented investments
projects in the WSS sector oI Republic oI Moldova, as
Iollows:
1. Small Iinancing Ior the water supply enterprises
which implement a pilot project have not led to a
considerable eIIiciency, but had the role to stop the
physical degradation oI WSS systems.
2. The assessment oI ability to repay the loan was
made not taking into account the Iact that, due to political
Iactors, the tariII is not approved at the level oI the
eIIective costs.
3. Most oI the WSS enterprises did not obtain very
good Iinancial perIormances aIter the Project
implementation, however, Ior example Ior the enterprise
Irom Orhei in the early years oI repayment the weight oI
debt service amount Irom turnover is about 13.8. It
would have been welcome Ior Pilot Project a Iinancing
scheme with a certain percentage oI grant. And aIter an
impressing part oI technical problems had been resolved,
the Iurther investment projects to be Iinanced in the
proportion oI 100 by credit.
Concluzii. InIormatia asupra proiectelor de investitii, pe
care o Iurnizeaz indicatorii de perIormant, permite
investitorilor, bncilor care acord credit pentru investitii,
Iactorilor de decizie n domeniu s cunoasc si s aprecieze
gradul de utilizare rational a investitiilor ntr-o oarecare
variant de proiect, care este rentabilitatea Iinanciar a
investitiilor, ct coteaz mrimea capitalului angajat pentru
construirea si Iunctionarea capacittilor de productie si
servicii ce se realizeaz prin proiectul respectiv, dup ct
timp se reconstituie capitalul avansat pe seama veniturilor si
se dispune din nou de lichiditti Iinanciare pentru lansarea
unor noi proiecte, care este beneIiciul ce l va aduce
proiectul dat de investitii etc.
Fr a prelucra inIormatiile primare privind costurile si
eIectele economice si a calcula indicatorii de perIormant,
nu se poate vorbi de msurarea eIicientei investitiilor, nu se
pot analiza complex proiectele, nu se poate aprecia
viabilitatea acestora din punct de vedere economic, Iinanciar
si social.
Valoarea investitiilor de 150 USD/locuitor, rezultat n
urma studiului indicatorilor de perIormant a Proiectului, ar
putea Ii utilizat ca o valoare de start n estimarea
necesarului de Iinantare pentru proiecte investitionale
eIiciente n sistemele de alimentare cu ap n Republica
Moldova.
Conclusions. The inIormation on investment projects
that was provided by perIormance indicators allows
investors, banks that give credit Ior investments, decision
Iactors in the Iield to know and appreciate the degree oI
rational utilization oI investments in one variant oI project
or another, which is the Iinancial return oI investments,
how much is the size oI capital Ior construction and
operation oI production capacities and the services that are
perIormed by the project, aIter how long the capital is
reconstituted by revenues and when the Iinancial liquidity
will be available again to launch new projects, which is the
beneIit brought by the project etc.
Without the primary inIormation processing regarding
costs and economic eIIects and to calculate the
perIormance indicators, we can not talk about the
measuring oI investments' eIIiciency, the projects can not
be analyzed complexly, their viability can not be
appreciated in terms oI economic, Iinancial and social.
The value oI investments oI 150USD/inhabitant,
resulting Irom the study oI perIormance indicators oI the
Project, could be used as a start value in the estimation oI
Iinancing need Ior investments' project eIIicient in the
water supply system in the Republic oI Moldova.
For the eIIicient implementation oI investments'
projects it is recommended to Iacilitate the Iollowing
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 73
nr. 2 / 2012
Se recomand pentru implementarea eIicient a
proiectelor investitionale de a Iacilita urmtoarele actiuni:
1. identiIicarea necesittilor si stabilirea indicatorilor de
perIormant n urma unui studiu minutios al mediului de
aIaceri si capacittilor interne ale Iiecrei ntreprinderi;
2. identiIicarea riscurilor privind implementarea
proiectului si elaborarea planurilor de msuri, precum si a
actorilor responsabili de monitorizarea si combaterea lor;
3. actualizarea indicatorilor de perIormant previzionati
si analiza celor realizati n dependent de Iactorii de
perturbare din exteriorul ntreprinderii. De exemplu, criza
economic, ce a nceput n 2008, a avut eIecte negative
asupta indicatorilor: consumul speciIic de serviciii si gradul
de ncasare a sumelor Iacturate;
4. selectarea prin concurs si pregtirea personalului
pentru echipa Unittii de Implementare a Proiectelor prin
traininguri specializate de perIectionare;
5. scolarizarea managementului superior al
ntreprinderilor ce vor Ii implicate n proiect;
6. petrecerea audierilor cu populatia privind scopurile si
conceptele proiectului de investitie; inIormarea permanent
a societtii civile despre deciziile primite;
7. stabilirea relatiilor prietenoase cu toti Iactorii
interesati; o implicare mai activ n procesul de
implementare a proiectului a administratiei publice locale si
coordonarea cu aceasta a obiectivelor si a activittilor din
cadrul proiectului.
Este important, ca proiectele investitionale ulterioare s
Iixeze drept scop realizarea de perIormante
Iinanciare, institutionale si manageriale, cresterea calittii
serviciilor prestate si, nu n ultimul rnd, a celor care sunt
apreciate de consumatori, cum ar Ii: reducerea timpului de
lichidare a avariilor, periodicitatea de veriIicare a calittii
apei si actiunile de mbunttire a acesteia, reducerea
timpului de executie a bransamentului, micsorarea timpului
de rspuns la o petitie etc. Implementarea proiectelor
investitionale necesit s Iie precedat de studii de
preIezabilitate si Iezabilitate ce trebuie s demonstreze
eIicienta investitiilor. La Iel, este util chestionarea opiniei
publice cu privire la stabilirea scopurilor unui proiect
investitional si suportabilitatea tariIelor ce vor rezulta n urma
implementrii.
actions:
1. to identiIy the needs and establish the perIormance
indicators aIter a thorough study oI the business
environment and internal capabilities oI each enterprise;
2. to identiIy the risks regarding the project
implementation and develop action plans and actors
responsible Ior their monitoring and control;
3. to update Iorecasting perIormance indicators and
analyze those which were achieved depending on
disturbance Iactors Irom outside oI enterprise. For
example, the economic crisis, which was started in 2008
had negative eIIects on indicators: the speciIic
consumption oI services and the degree oI collection oI
billed amounts;
4. selection by competition and training the staII Ior
the Project Implementation Unit's team, through
specialized perIormance trainings;
5. schooling the superior management oI enterprise
which will be involved in the project;
6. perIorming meetings with the population regarding
the goals and concepts oI investment project; permanent
inIormation oI civil society about received decisions;
7. establishing Iriendly relationships with all the
stakeholders; a more active involvement in the process oI
project implementation oI local public administration and
the common coordination with it oI the project's
objectives and activities.
It is important that the subsequent investment projects
establish the scope to realize Iinancial, managerial and
institutional perIormances, to increase the quality oI
perIormed services and not least oI those appreciated by
consumers, such as: reduced damages' repairing time,
periodic veriIication oI water quality and actions to
improve it, reduced time Ior perIorming the connection,
reduced response time to a petition etc. The
implementation oI investment projects needs to be
preceded by pre-Ieasibility and Ieasibility studies, which
have to demonstrate the eIIiciency oI investments. Also it
is useIul the public questioning regarding the
establishment oI purposes oI an investment project and
aIIordability oI tariIIs which will result aIter the
implementation.
Referin(e bibliografice/References
1. INDICII Iinanciari si de productie ai activittii ntreprinderilor de alimentare cu ap si canalizare, membre ale
Asociatiei ,Moldova Ap-Canal pentru anul 2003. Asociatia ,Moldova Ap-Canal. Chisinu, 2004.
2. INDICII Iinanciari si de productie ai activittii ntreprinderilor de alimentare cu ap si canalizare, membre ale
Asociatiei ,Moldova Ap-Canal pentru anul 2006. Chisinu, 2007 (anexa III).
3. INDICII Iinanciari si de productie ai activittii ntreprinderilor de alimentare cu ap si canalizare, membre ale
Asociatiei ,Moldova Ap-Canal pentru anul 2009. Asociatia ,Moldova Ap-Canal. Chisinu, 2010.
4. Hotrrea privind raportul asupra controlului utilizrii creditului extern acordat de Asociatia Internetional pentru
Dezvoltare a Bncii Mondiale n scopul implementrii Proiectului de aprovizionare cu ap si canalizare: nr. 4 din
24.02.2009. In: Monitorul OIicial al Republicii Moldova. 2009, nr. 82, art. 8.
5. Evaluarea strategic a mediului si prevenirea riscurilor. ECOLAS &GHK. In: Raport de tar. Romnia, 2006.
|Accesat 01.03.2012|. Disponibil: www.rowater.ro/.../DPMMaterialapeuzat.
6. Hotrre cu privire la crearea Unittii de implementare a proiectelor de aprovizionare cu ap si canalizare: nr. 986 din
11.08.2003. In: Monitorul OIicial al Republicii Moldova. 2003, nr. 177-181, art. 1014.
Recomandat spre publicare. 12. 04.2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
74
LEGISLATIA PRIVIND SUSTINEREA
NTREPRINDERILOR MICI $I MI1LOCII
N REPUBLICA MOLDOVA:
RETROSPECTIV $I PREZENT
LEGISLATION ON SMALL AND
MEDIUM-SIZED ENTERPRISES` SUPPORT
IN THE REPUBLIC OF MOLDOVA:
RETROSPECTIVE AND PRESENT
Elena ACULAI, dr., conf. cercet., IEFS
Jalentina JEJERIJA, dr., ME al RM
Recenzent: Jadim MACARI, dr., conf. cercet., IEFS
Elena ACULAI, PhD, associate researcher, IEFS
Jalentina JEJERI1A, PhD, ME of RM
Reviewer: Jadim MACARI, PhD, assoc. resear., IEFS
Articolul pre:int o vi:iune a principalelor legi, menite
s sustin intreprinderile mici i miflocii din Republica
Moldova, evidentia: principalele etape in de:voltarea
legislatiei, cu accentul pe inovatiile din documentele
anali:ate, indic asupra schimbrii de abordare in
sustinerea de stat a acestui sector, pre:int o evaluare a
de:voltrii legislatiei in decursul perioadei reformelor
economice.
Cuvinte cheie: intreprinderi mici i miflocii, sustinere
de stat a mediului de afaceri, legislatie.
The article presents a view on the main laws aimed at
supporting small and medium enterprises in the Republic
of Moldova, the main stages in the development of
legislation are highlighted, attention is paid on the
novelties of the analv:ed documents, changes in the
approach of the government support of the sector are
pointed, the development of legislation for the period of
economic reforms is assessed.
Key words: small and medium-si:ed enterprises,
government support of the business, legislation.
Introducere. n anul curent se mplinesc 20 de ani de
la data adoptrii n Republica Moldova a Legii cu
privire la antreprenoriat si ntreprinderi, care a pus bazele
juridic, organizatoric si economic de dezvoltare a
mediului de aIaceri n tar. n aceast lege pentru prima
oar la nivel legislativ a Iost introdus notiunea de
'ntreprindere mic. Deja n a.1993 n cadrul Academiei
de Stiinte a Moldovei, la comanda Ministerului
Economiei, a Iost elaborat proiectul de lege orientat
asupra dezvoltrii ntreprinderilor mici. n a.1994 a Iost
adoptat Legea cu privire la sustinerea si protectia micului
business, aprobat Programul de stat de sustinere a
antreprenoriatului si micului business n Republica
Moldova pentru anii 1994-1997 si creat Fondul pentru
sustinerea antreprenoriatului si dezvoltarea micului
business.
n decursul a 20 de ani, politica de stat de
sustinere a ntreprinderilor mici si mijlocii a suportat
modiIicri esentiale. n prezent exist posibilitatea si
necesitatea de a analiza istoria crerii si dezvoltrii
acesteia. Cu att mai mult c n a.2012 n domeniul
respectiv se asteapt multe modiIicri noi: sunt elaborate
si se vor examina proiectele Legii cu privire la
ntreprinderile mici si mijlocii si Strategia de sustinere a
sectorului ntreprinderilor mici si mijlocii pentru anii
2012-2020, se preconizeaz crearea incubatoarelor de
inovare n regiuni.
n anul curent, n trei numere ale revistei vor Ii publicate
articolele cercettorilor Academiei de Stiinte a Moldovei si
Ministerului Economiei al Republicii Moldova, n care vor
Ii analizate etapele principale si perspectivele dezvoltrii
sistemului de sustinere de stat a ntreprinderilor mici si
mijlocii n Republica Moldova. O atentie deosebit i se va
acorda dezvoltrii legislatiei, programelor de stat si
strategiilor, precum si bazei institutionale de sustinere a
ntreprinderilor mici si mijlocii.
Directorul Institutului de Economie,
Finan(e yi Statistic,
dr. hab. Alexandru STRATAN
Introduction. This year marks the 20
th
anniversary
Irom the adoption oI the Law on Entrepreneurship and
Enterprises which created a legal, organizational and
economic base Ior the business development in the
country. The concept oI small enterprises was
introducedIor the Iirst time at the legislative level. In Iact,
the elaboration oI government policy oI small and
medium-sized enterprises` support began in this year. In
1993, the draIt oI the Law, directed to the development oI
small enterprises was developed within the Academy oI
Sciences oI Moldova on the request oI the Ministry oI
Economy. In 1994, the Law on Support and Protection oI
Small Business was adopted; the State Program on Support
oI Entrepreneurship and Small Business in the Republic oI
Moldova Ior the period 1994-1997 was approved; the Fund
Ior the Entrepreneurship Support and Small Businesses
Development was created.
Over the past 20 years, the government policy oI small and
medium-sized enterprises` support has passed through
signiIicant changes. Today we have the possibility and
necessity to analyze the history oI its creation and development.
Moreover, more novelties are expected in this Iield in 2012: the
DraIts oI the new Law on Small and Medium-sized Enterprises
and the Strategy oI Support oI Small and Medium-sized
Enterprises Sector Ior the period 2012-2020 have been
elaborated and are to be discussed, innovative incubators in the
regions are expected also to be created.
This year, articles oI the researches oI the Academy oI
Sciences oI Moldova and the Ministry oI Economy will be
published in three issues oI the journal, which will analyze
the main stages and development prospects oI the
government system oI support oI small and medium-sized
enterprises in the Republic oI Moldova. The main attention
will be paid to the development oI legislation, state
programs and strategies as well as institutional base oI
small and medium-sized enterprises` support.
Director of the Institute of Economy,
Finance and Statistics
PhD Alexandru STRATAN
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 73
nr. 2 / 2012
Con(inutul de baz. Sustinerea de stat a mediului de
aIaceri poate Ii realizat prin diIerite metode, una dintre cele
mai principale Iiind dezvoltarea cadrului legal. n legislatie si
n alte acte normative sunt stabilite att normele, care
reglementeaz antreprenoriatul (de nregistrare, licentiere,
impozitare etc.), ct si mecanismele de sustinere de stat a
anumitor grupuri de ntreprinderi.
ntreprinderile mici si mijlocii (IMM), n virtutea
potentialului limitat si tinnd cont de rolul lor n dezvoltarea
economic contemporan, necesit sustinere special din
partea statului. n RM sustinerea legislativ a IMM are deja o
istorie de peste 20 de ani. n articol este prezentat o
retrospectiv a principalelor legi, orientate direct ctre
sustinerea IMM n decursul ntregii perioade de reIorme
economice; sunt evidentiate principalele etape n dezvoltarea
legislatiei, cu accent pe inovatiile din documentele analizate;
este indicat asupra schimbrii de abordare n sustinerea de stat
a acestui sector, Iapt reIlectat n legislatie; este Icut o
evaluare a dezvoltrii legislatiei, menite s sustin sectorul
IMM.
Au Iost evidentiate 4 etape principale n dezvoltarea
legislatiei, care reglementeaz sustinerea IMM pe teritoriul
Republicii Moldova:
1. 1986-1991. Legalizarea antreprenoriatului mic privat
n conditiile economiei planiIicate; Introducerea n cadrul
juridic a notiunii de ,ntreprindere mic, care necesit
msuri speciale de sustinere din partea statului;
2. 1992-2000. Crearea bazelor legislatiei, care
reglementeaz dezvoltarea si sustinerea micului business n
conditiile stabilizrii economiei de piat n Republica
Moldova;
3. 2001-2005. Schimbarea la nivel legislativ de abordare
n sustinerea de stat a sectorului ntreprinderilor mici (IM)
de la sustinerea preIerential a unor grupe de IM la crearea
conditiilor Iavorabile generale pentru mediul de aIaceri;
4. 2006 pn n prezent. Dezvoltarea legislatiei, n care
sunt reglementate elementele cheie ale sustinerii sectorului
IMM: crearea bazei institutionale si elaborarea principalelor
documente de politici (strategii si programe).
Principalii Iactori, care au inIluentat asupra dezvoltrii
legislatiei privind sustinerea IMM n Republica Moldova,
sunt reprezentati n urmtoarea schem:
The basic content. Government support oI the business
can be carried out by diIIerent methods; one oI the key
methods is the development oI a legal Iramework. Both
standards oI business regulation (registration, licensing,
taxation, etc.) and mechanisms oI government support Ior
certain groups oI businesses are established within the
legislation and subordinate legal acts.
Small and medium-sized enterprises (SMEs), due to their
limited capacity and taking into account their role in the
modern economic development need a deliberate support
Irom the state. The legislative support Ior SMEs has a history
oI more than 20 years in the Republic oI Moldova. The article
presents a retrospective oI the major laws aimed directly at
supporting SMEs during the period oI economic reIorms, the
main stages in the development oI legislation are highlighted,
and attention is paid on the novelties oI the analyzed
documents; changes in the approach oI the state support Ior
the sector that are reIlected in the legislation are pointed; the
development oI legislation Ior the SMEs support is assessed.
Four main stages in the development oI legislation on
SMEs support in the territory oI the RM are highlighted:
1. 1986-1991. Legalization oI opportunities to be engaged
in private business under the conditions oI planned economy;
Introduction in the legal basis oI the concept oI "small
enterprise", which requires special measures oI government
support;
2. 1992-2000. Creating the Iundamentals oI legislation
regulating the development and support oI small business
under the market economy Iormation in the RM;
3. 2001-2005. The change at the legislative level oI the
approach to the government support Ior small enterprises (SE)
sector Irom the primary support Ior certain SE groups, to the
creation oI overall Iavourable conditions Ior the business
environment;
4. 2006 up to the present. The development
oI legislation that regulates the key elements to support
the SME sector: institutional capacity building and
development oI the basic policy documents (strategies and
programs).
The main Iactors that inIluenced the development oI
legislation Ior SME support in the Republic oI Moldova are
shown in the Iigure:
Fig. 1. Principalii factori, care influen(eaz asupra dezvoltrii legisla(iei privind sus(inerea IMM n Republica Moldova/
Fig. 1. The main factors that influenced the development of SMEs support legislation in the Republic of Moldova
Sursa/Source: ntocmit de autori./Drawn by the authors.
Influen(a donatorilor yi a
exper(ilor exteni /
Influence of external
donors and experts
Posibilit(ile financiare ale
statului / Financial resources of
the state
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 73
nr. 2 / 2012
Con(inutul de baz. Sustinerea de stat a mediului de
aIaceri poate Ii realizat prin diIerite metode, una dintre cele
mai principale Iiind dezvoltarea cadrului legal. n legislatie si
n alte acte normative sunt stabilite att normele, care
reglementeaz antreprenoriatul (de nregistrare, licentiere,
impozitare etc.), ct si mecanismele de sustinere de stat a
anumitor grupuri de ntreprinderi.
ntreprinderile mici si mijlocii (IMM), n virtutea
potentialului limitat si tinnd cont de rolul lor n dezvoltarea
economic contemporan, necesit sustinere special din
partea statului. n RM sustinerea legislativ a IMM are deja o
istorie de peste 20 de ani. n articol este prezentat o
retrospectiv a principalelor legi, orientate direct ctre
sustinerea IMM n decursul ntregii perioade de reIorme
economice; sunt evidentiate principalele etape n dezvoltarea
legislatiei, cu accent pe inovatiile din documentele analizate;
este indicat asupra schimbrii de abordare n sustinerea de stat
a acestui sector, Iapt reIlectat n legislatie; este Icut o
evaluare a dezvoltrii legislatiei, menite s sustin sectorul
IMM.
Au Iost evidentiate 4 etape principale n dezvoltarea
legislatiei, care reglementeaz sustinerea IMM pe teritoriul
Republicii Moldova:
1. 1986-1991. Legalizarea antreprenoriatului mic privat
n conditiile economiei planiIicate; Introducerea n cadrul
juridic a notiunii de ,ntreprindere mic, care necesit
msuri speciale de sustinere din partea statului;
2. 1992-2000. Crearea bazelor legislatiei, care
reglementeaz dezvoltarea si sustinerea micului business n
conditiile stabilizrii economiei de piat n Republica
Moldova;
3. 2001-2005. Schimbarea la nivel legislativ de abordare
n sustinerea de stat a sectorului ntreprinderilor mici (IM)
de la sustinerea preIerential a unor grupe de IM la crearea
conditiilor Iavorabile generale pentru mediul de aIaceri;
4. 2006 pn n prezent. Dezvoltarea legislatiei, n care
sunt reglementate elementele cheie ale sustinerii sectorului
IMM: crearea bazei institutionale si elaborarea principalelor
documente de politici (strategii si programe).
Principalii Iactori, care au inIluentat asupra dezvoltrii
legislatiei privind sustinerea IMM n Republica Moldova,
sunt reprezentati n urmtoarea schem:
The basic content. Government support oI the business
can be carried out by diIIerent methods; one oI the key
methods is the development oI a legal Iramework. Both
standards oI business regulation (registration, licensing,
taxation, etc.) and mechanisms oI government support Ior
certain groups oI businesses are established within the
legislation and subordinate legal acts.
Small and medium-sized enterprises (SMEs), due to their
limited capacity and taking into account their role in the
modern economic development need a deliberate support
Irom the state. The legislative support Ior SMEs has a history
oI more than 20 years in the Republic oI Moldova. The article
presents a retrospective oI the major laws aimed directly at
supporting SMEs during the period oI economic reIorms, the
main stages in the development oI legislation are highlighted,
and attention is paid on the novelties oI the analyzed
documents; changes in the approach oI the state support Ior
the sector that are reIlected in the legislation are pointed; the
development oI legislation Ior the SMEs support is assessed.
Four main stages in the development oI legislation on
SMEs support in the territory oI the RM are highlighted:
1. 1986-1991. Legalization oI opportunities to be engaged
in private business under the conditions oI planned economy;
Introduction in the legal basis oI the concept oI "small
enterprise", which requires special measures oI government
support;
2. 1992-2000. Creating the Iundamentals oI legislation
regulating the development and support oI small business
under the market economy Iormation in the RM;
3. 2001-2005. The change at the legislative level oI the
approach to the government support Ior small enterprises (SE)
sector Irom the primary support Ior certain SE groups, to the
creation oI overall Iavourable conditions Ior the business
environment;
4. 2006 up to the present. The development
oI legislation that regulates the key elements to support
the SME sector: institutional capacity building and
development oI the basic policy documents (strategies and
programs).
The main Iactors that inIluenced the development oI
legislation Ior SME support in the Republic oI Moldova are
shown in the Iigure:
Fig. 1. Principalii factori, care influen(eaz asupra dezvoltrii legisla(iei privind sus(inerea IMM n Republica Moldova/
Fig. 1. The main factors that influenced the development of SMEs support legislation in the Republic of Moldova
Sursa/Source: ntocmit de autori./Drawn by the authors.
DEZVOLTAREA
LEGISLATIEI /
DEJELOPMEA1
OF LECISLA1IOA
Nivelul de dezvoltare a
bazei legislative / Level of
legislative framework's
development
Nivelul de stabilizare/
dezvoltare a IMM / Level
of formation/ development
of SMEs
Mediul de afaceri yi
problemele antreprenorilor
/ Business environment and
problems of entrepreneurs
Abordarea statului fa( de
sus(inerea sectorului IMM /
Approach of the government
to the SME sector's support
Influen(a donatorilor yi a
exper(ilor exteni /
Influence of external
donors and experts
Posibilit(ile financiare ale
statului / Financial resources of
the state
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 73
nr. 2 / 2012
Con(inutul de baz. Sustinerea de stat a mediului de
aIaceri poate Ii realizat prin diIerite metode, una dintre cele
mai principale Iiind dezvoltarea cadrului legal. n legislatie si
n alte acte normative sunt stabilite att normele, care
reglementeaz antreprenoriatul (de nregistrare, licentiere,
impozitare etc.), ct si mecanismele de sustinere de stat a
anumitor grupuri de ntreprinderi.
ntreprinderile mici si mijlocii (IMM), n virtutea
potentialului limitat si tinnd cont de rolul lor n dezvoltarea
economic contemporan, necesit sustinere special din
partea statului. n RM sustinerea legislativ a IMM are deja o
istorie de peste 20 de ani. n articol este prezentat o
retrospectiv a principalelor legi, orientate direct ctre
sustinerea IMM n decursul ntregii perioade de reIorme
economice; sunt evidentiate principalele etape n dezvoltarea
legislatiei, cu accent pe inovatiile din documentele analizate;
este indicat asupra schimbrii de abordare n sustinerea de stat
a acestui sector, Iapt reIlectat n legislatie; este Icut o
evaluare a dezvoltrii legislatiei, menite s sustin sectorul
IMM.
Au Iost evidentiate 4 etape principale n dezvoltarea
legislatiei, care reglementeaz sustinerea IMM pe teritoriul
Republicii Moldova:
1. 1986-1991. Legalizarea antreprenoriatului mic privat
n conditiile economiei planiIicate; Introducerea n cadrul
juridic a notiunii de ,ntreprindere mic, care necesit
msuri speciale de sustinere din partea statului;
2. 1992-2000. Crearea bazelor legislatiei, care
reglementeaz dezvoltarea si sustinerea micului business n
conditiile stabilizrii economiei de piat n Republica
Moldova;
3. 2001-2005. Schimbarea la nivel legislativ de abordare
n sustinerea de stat a sectorului ntreprinderilor mici (IM)
de la sustinerea preIerential a unor grupe de IM la crearea
conditiilor Iavorabile generale pentru mediul de aIaceri;
4. 2006 pn n prezent. Dezvoltarea legislatiei, n care
sunt reglementate elementele cheie ale sustinerii sectorului
IMM: crearea bazei institutionale si elaborarea principalelor
documente de politici (strategii si programe).
Principalii Iactori, care au inIluentat asupra dezvoltrii
legislatiei privind sustinerea IMM n Republica Moldova,
sunt reprezentati n urmtoarea schem:
The basic content. Government support oI the business
can be carried out by diIIerent methods; one oI the key
methods is the development oI a legal Iramework. Both
standards oI business regulation (registration, licensing,
taxation, etc.) and mechanisms oI government support Ior
certain groups oI businesses are established within the
legislation and subordinate legal acts.
Small and medium-sized enterprises (SMEs), due to their
limited capacity and taking into account their role in the
modern economic development need a deliberate support
Irom the state. The legislative support Ior SMEs has a history
oI more than 20 years in the Republic oI Moldova. The article
presents a retrospective oI the major laws aimed directly at
supporting SMEs during the period oI economic reIorms, the
main stages in the development oI legislation are highlighted,
and attention is paid on the novelties oI the analyzed
documents; changes in the approach oI the state support Ior
the sector that are reIlected in the legislation are pointed; the
development oI legislation Ior the SMEs support is assessed.
Four main stages in the development oI legislation on
SMEs support in the territory oI the RM are highlighted:
1. 1986-1991. Legalization oI opportunities to be engaged
in private business under the conditions oI planned economy;
Introduction in the legal basis oI the concept oI "small
enterprise", which requires special measures oI government
support;
2. 1992-2000. Creating the Iundamentals oI legislation
regulating the development and support oI small business
under the market economy Iormation in the RM;
3. 2001-2005. The change at the legislative level oI the
approach to the government support Ior small enterprises (SE)
sector Irom the primary support Ior certain SE groups, to the
creation oI overall Iavourable conditions Ior the business
environment;
4. 2006 up to the present. The development
oI legislation that regulates the key elements to support
the SME sector: institutional capacity building and
development oI the basic policy documents (strategies and
programs).
The main Iactors that inIluenced the development oI
legislation Ior SME support in the Republic oI Moldova are
shown in the Iigure:
Fig. 1. Principalii factori, care influen(eaz asupra dezvoltrii legisla(iei privind sus(inerea IMM n Republica Moldova/
Fig. 1. The main factors that influenced the development of SMEs support legislation in the Republic of Moldova
Sursa/Source: ntocmit de autori./Drawn by the authors.
Nivelul de stabilizare/
dezvoltare a IMM / Level
of formation/ development
of SMEs
Mediul de afaceri yi
problemele antreprenorilor
/ Business environment and
problems of entrepreneurs
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
76
Continutul acestor etape este examinat n continuare.
Legalizarea antreprenoriatului mic privat n condijiile
sistemului economic planificat. Premisele pentru
dezvoltarea micului business n Republica Moldova au Iost
stabilite n a doua jumtate a anilor '80, n conditiile
economiei planiIicate. n aceast perioad, URSS a adoptat
o serie de legi, care au permis populatiei de a se ocupa legal
cu activitatea antreprenorial privat:
-Legea ,Cu privire la activitatea individual de munc
(1986) a oIerit posibilitatea de a dezvolta antreprenoriate n
mai multe domenii: industria mestesugreasc, servicii de
larg consum populatiei etc. ns, n lege au Iost stabilite
restrictii semniIicative: (i) activitatea de ntreprinztor putea
s se bazeze exclusiv pe propria munc a cettenilor si
membrilor Iamiliilor acestora, Ir utilizarea Iortei de munc
angajate; (ii) persoanelor, angajate n productia social, li s-a
permis eIectuarea activittilor individuale de munc n
timpul lor liber (n aIara orelor de munc de baz);
(iii) existau restrictii asupra multor genuri de activitate.
-Legea ,Cu privire la cooperatie n URSS (1988) a
legalizat posibilittile de antrenare n activitti de
antreprenoriat n Iorm de cooperative. Activitatea
cooperativelor de productie trebuia s se bazeze, n primul
rnd, pe participarea personal a membrilor cooperativei n
activitatea de munc. Totodat, membri ai cooperativei
puteau Ii, de asemenea, si persoane, care lucrau n baza unui
contract de munc. Adic a Iost legalizat posibilitatea
muncii salariate.
-Legea ,Cu privire la bazele generale ale
antreprenoriatului cettenilor n URSS (1991) a deIinit
notiunea de activitate de ntreprinztor, a reglementat
drepturile si responsabilittile entittilor de antreprenoriat,
relatiile antreprenorilor cu organele administratiei de stat.
Primul document, care reglementa activitatea IM private
pe teritoriul Republicii Moldova, a Iost Hotrrea
Guvernului ,Cu privire la ordinea nIiintrii si bazele
activittii ntreprinderilor mici (nr.340 din 21.09.1990).
Hotrrea stipula, c la IM se raporteaz ntreprinderile nou
create si cele existente de toate Iormele de proprietate, n
Iunctie de numrul de angajati. Criteriile de clasiIicare a
ntreprinderilor ca Iiind mici erau deIinite prin apartenenta
lor la anumite ramuri/sectoare: (i) n industrie si constructii
pn la 200 de persoane, (ii) n stiint si deservirea stiintiIic
pn la 100 de persoane, (iii) n alte ramuri ale sIerei de
productie pn la 50 persoane; (iv) n ramurile sIerei
neproductive pn la 25 de persoane; (v) n comertul cu
amnuntul si alimentatia public 15 persoane.
Aceste documente juridice au jucat un rol pozitiv,
deoarece au permis populatiei trii de a cpta o experient
modest n activitatea antreprenorial. Aceast experient a
Iost util dup a.1991, cnd au Iost nchise ntreprinderile
mari de stat si mii de cetteni au rmas Ir locuri de munc,
au Iost lipsiti de mijloace de existent. ConIorm datelor
statistice deja n a.1992, IM constituiau 43 din numrul
total de ntreprinderi. Perioada analizat a Iost, de asemenea,
caracterizat printr-o acumulare initial de capital pentru
dezvoltarea ntreprinderilor individuale si a aIacerilor
Iamiliale, ceea ce a permis n urmtorii ani nu doar de a
creste nivelul ocuprii Iortei de munc si a asigura venituri
The content oI these steps is considered below.
1he legalization of small private enterprises within
a planned economic system. Prerequisites Ior the
development oI small businesses in the Republic oI
Moldova were laid during the second halI oI the 80s,
under a planned economy conditions. During this period,
the USSR adopted a number oI laws, legally allowing to
be engaged in the private entrepreneurship:
- Law "On the SelI-employment" (1986) provided an
opportunity to be engaged in entrepreneurship in many
areas: handicraIts, domestic services Ior population, etc.
However, signiIicant limitations were set in the law:
(i) entrepreneurial activity may be based solely on
personal work oI citizens and their Iamilies, without
the use oI hired labor; (ii) persons employed in social
production, were allowed to be engaged in selI-
employment activities in their spare time;
(iii) restrictions on many activities existed.
- Law "On Cooperation in the USSR" (1988)
legalized the entrepreneurship opportunities in the Iorm
oI cooperatives. The activities oI production cooperatives
should been based primarily on the personal labor
participation oI members oI the cooperative. However,
members oI the cooperative could also be persons
working under an employment contract. So, the
possibility oI hired labor was legalized.
- Law "On General Principles oI Citizens`
Entrepreneurship in the USSR" (1991) deIined the
concept oI entrepreneurial activity, regulated the rights
and responsibilities oI business entities, relations
between entrepreneurs and the government authorities.
The Iirst document regulating the activities oI
individual SE in the Republic oI Moldova was the
Government Decree "On Creation Procedure and
Activity Fundamentals oI Small Enterprises" (N 340
Irom 21.09.1990). The Decree set that SE are the newly
created and existing enterprises oI all types oI
property depending on the number oI employees. Criteria
Ior classiIying enterprises as being small were deIined
by their belonging to certain industries/sectors: (i) in
industry and construction up to 200 persons; (ii) in
science and scientiIic activities up to 100 persons;
(iii) in other sectors oI the production up to 50 persons;
(iv) in the non-production sectors up to 25 persons;
(v) in the retail trade and public catering 15 persons.
These legal acts have played a positive role, because
people Irom the country were allowed to gain a modest
entrepreneurship experience. This experience was useIul
to them aIter 1991, when large state-owned enterprises
were closed and thousands oI people remained without
work, deprived oI the means oI subsistence. According
to the statistics, in 1992 SE were already 43 oI the total
number oI enterprises. The analyzed period was also
characterized by an initial accumulation oI capital
Ior the development oI individual enterprises and
Iamily businesses, which allowed in the subsequent
years, not only to increase employment and provide
income to the population, but also contributed to the
change oI ownership and realization oI other market
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 77
nr. 2 / 2012
pentru populatie, dar, de asemenea, a contribuit la
schimbarea Iormelor de proprietate, realizarea altor reIorme
de piat.
Crearea bazelor legislajiei, care reglementeaz
dezvoltarea antreprenoriatului, precum yi susjinerea IM n
condijiile economiei de piaj. n a.1992 a Iost adoptat
Legea Republicii Moldova 'Cu privire la antreprenoriat si
ntreprinderi, care a stabilit bazele juridice, organizatorice,
economice ale activittii antreprenoriale |2|. n lege au Iost
speciIicate Iormele organizatorico-juridice ale activittii de
ntreprinztor: ntreprinderi individuale, societti n nume
colectiv si n comandit, societti cu rspundere limitat,
societti pe actiuni, cooperative de productie etc. ReIeritor la
micul business s-a constatat, c orice ntreprindere, creat n
Iormele organizatorico-juridice sus mentionate, n Iunctie de
numrul de angajati si alte criterii, poate Ii raportat la
grupul de ntreprinderi mici (art. 13, p.4). Legea respectiv a
suportat o serie de completri si rectiIicri, dar este n
vigoare pn n prezent. Concomitent, n a.1992 a Iost
initiat elaborarea proiectului de lege, orientat asupra
sustinerii sectorului micului business.
Pentru prima oar Legea cu privire la sustinerea si
protectia micului business n Republica Moldova a Iost
adoptat n a.1994 |3|. Versiunea initial a proiectului de
lege a Iost elaborat n cadrul Centrului de Studiere a
Problemelor Pietei al ASM. n documentul mentionat la
nivel legislativ a Iost speciIicat n mod clar necesitatea de
sustinere de stat a IM si reIlectate urmtoarele aspecte-cheie
ale acestei sustineri:
(1) A fost efectuat clasificarea agentilor micului
business in dou grupe micro i mici. Au fost stabilite
criteriile de raportare a agentilor micului business la
microintreprinderi i intreprinderi mici. Singurul criteriu
cantitativ era numrul de angajati: de la 1 la 19 persoane
pentru microntreprinderi, de la 20 la 75 de persoane
pentru ntreprinderi mici, indiIerent de apartenenta lor la un
anumit sector. De rnd cu criteriile cantitative au Iost
stabilite si criteriile calitative. La IM nu au Iost raportate
ntreprinderile (i) care ocup o pozitie dominant pe piata
intern, (ii) n capitalul statutar al crora ponderea
Iondatorilor, care nu pot Ii raportati la agentii micului
business (MB), depseste 35.
(2) A Iost prevzut sustinerea agentilor MB att din
partea statului, ct si Iorme nestatale de sustinere. Ideea
privind necesitatea de dezvoltare a sustinerii nestatale a IM a
Iost Ioarte promittoare. n Lege se declara sustinerea de stat
a institutiilor, create n baza capitalului privat, care investesc
n IM si le oIer servicii, precum si a ntreprinderilor mari si
mijlocii, care dezvolt contracte pe termen lung cu IM.
(3) A Iost indicat necesitatea de sustinere diIerentiat a
anumitor grupuri de ntreprinderi, n Iunctie de genul de
activitate, perioada de Iunctionare, dimensiunea aIacerii si
alte criterii. De exemplu, n lista agentilor MB, care
pretindeau la credite preIerentiale si subventii, au Iost
incluse nu doar ntreprinderile, care contribuie la cresterea
economic (antrenate n genuri prioritare de activitate etc.),
dar, de asemenea, cele care ntmpin diIicultti n activitate
(de exemplu, care se aIl n pragul Ialimentului ca urmare a
activittii partenerilor sau a circumstantelor de Iort major).
(4) A Iost reglementat crearea Fondului pentru
reIorms.
Creation of the legal framework regulating the
development of entrepreneurship, as well as support for
the small business (SB) in the context of market
economy formation. The Law oI the Republic oI
Moldova "On Entrepreneurship and Enterprises" was
adopted in 1992; it established the legal, institutional and
economic Iramework Ior the entrepreneurial activity |2|.
The law speciIied the organizational-legal Iorms oI
business: individual enterprises, general and limited
partnerships, limited liability companies, joint stock
companies, production cooperatives and others. In regard
to the small business it was noted that any oI the
enterprises established in the abovementioned
organizational-legal Iorms, depending on the number oI
employees and other criteria, can be attributed to a group
oI small enterprises (Article 13, paragraph 4). The Law
has undergone several additions and corrections, but is
still in Iorce. At the same time, the development oI the
draIt law, targeted on the support oI the small business
sector was initiated in 1992.
Firstly, the Law on Support and Protection oI Small
Business in the Republic oI Moldova was adopted in
1994 |3|. The original version oI the draIt law was
developed at the Center Ior Market Problems Research
oI the Academy oI Sciences oI Moldova. The document
at its legislative level has been clearly identiIying the
need Ior public support oI SE and reIlected the Iollowing
key aspects oI this support:
(1) The classification of small subfects of business in
the two groups small and minor was given. Criteria
for classifving enterprises to the small businesses were
established. The only quantitative criterion was the
number oI employees: 1 to 19 persons Ior micro
enterprises, Irom 20 to 75 persons small enterprises,
regardless oI aIIiliation to a particular activity. In
addition to the quantitative, the qualitative criteria are
deIined. Among the SE, there are not assigned the
Iollowing companies (i) that occupy a dominant position
in the domestic market, (ii) having the share oI Iounders
that are non-actors oI the SB oI more than 35 in their
authorized capital.
(2) The government support Ior SB as well as non-
governmental forms of support were stipulated. The idea
oI the need to develop the non-governmental support Ior
SE was very promising. The law declared government
support to institutions based on private capital that invest
in SE and provide them services as well as to large and
medium-sized enterprises, developing long-term
contracts with the SE.
(3) The need Ior differentiated support Ior particular
groups oI enterprises, depending on the type oI activity,
the period oI operation, business size and other criteria
was established. For example, in the list oI SB subjects
claiming preIerential loans and subsidies have been
included not only the companies that contribute to
economic growth (engaged in prioritized activities, etc.),
but also experiencing diIIiculties in their activities (e.g.,
that are on the verge oI bankruptcy due to the activities
oI their partners or Iorce majeure).
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78
sustinerea antreprenoriatului si dezvoltarea micului business.
n sarcina Fondului au Iost puse nu doar Iunctiile de
institutie Iinanciar, care oIer credite si granturi agentilor
MB, ci si cele de stabilire a genurilor prioritare de activitate
a agentilor MB, alte Iunctii, ce se reIer la realizarea de
politici. AstIel, pentru prima dat, Iunctia de elaborare a
politicii, realizat de Ministerul Economiei, si Iunctia de
implementare a acesteia au Iost puse n sarcina diIeritor
institutii.
(5) A Iost indicat posibilitatea diIeritor tipuri de
sustinere de stat a IM: (a) sustinere economico-Iinanciar,
acordat sub Iorm de credite preIerentiale si subventii, de
nlesniri Iiscale si de asigurare, privilegii vamale, precum si
metode de amortizare accelerat; (b) sustinerea tehnico-
material si asistent n comercializarea productiei, eIectuate
prin incheierea contractelor de livrare a productiei pentru
necesittile statului; (c) sustinere organizatoric, care
include simpliIicarea procesului de nregistrare a
ntreprinderilor mici, pregtirea si perIectionarea
specialistilor, servicii de inIormatii si consultant pentru
agentii micului business.
(6) Au Iost prevzute nu doar mecanisme, ci si Iacilitti
concrete pentru IM. n special:
- A Iost prevzut posibilitatea de nregistrare a IM n
baza unei Iise de nregistrare de model stabilit, prezentat de
ctre antreprenori personal sau expediat prin post. Aceasta
a Iost o decizie Ioarte ndrzneat reIeritoare la nregistrarea
ntreprinderilor, care nu era legat de asocierea capitalurilor
(cotelor de participare), ns pn n prezent aceasta nu a
Iost realizat n practic.
- IM, antrenate n activitatea de productie sau care
acordau servicii publice populatiei, aveau posibilitatea de a
obtine un credit Iiscal. ns, ntreprinderile care solicitau
acordarea acestei Iacilitti, trebuiau anual s investeasc n
dezvoltarea productiei proprii cel putin 80 din creditul
Iiscal. n plus, n cazul lichidrii agentului MB creditul Iiscal
trebuia s Iie rambursat integral tinnd cont de indexarea
acestuia. Ulterior, n a.1997 Iacilittile Iiscale pentru IM au
Iost incluse n Capitolul II al Codului Fiscal (articolul 49).
O caracteristic distinctiv a primei legi a Iost stabilirea
diIeritor Iorme si metode de sustinere, orientate spre diIerite
grupuri de ntreprinderi. Mai mult, Legea a prevzut
stabilirea unor tipuri concrete de Iacilitti, indicnd
parametrii lor cantitativi. Din punctul de vedere al
abordrilor din prezent includerea parametrilor cantitativi n
legislatie nu este rational. Dar n a.1994, n absen(a altor
documente juridice, care s reglementeze sustinerea IM,
aceasta era o sans real de a stimula dezvoltarea acestui
sector. Cu toate acestea, multe dintre Iacilitti nu au Iost
realizate n acea perioad, deoarece normele legislative nu
au Iost nso(ite de dezvoltarea mecanismelor de punere a lor
n aplicare, sau din cauza lipsei Iondurilor n bugetul de stat
pentru implementarea acestora. Unele Iacilitti nu au Iost
realizate n practic pn n prezent, ca de exemplu,
acordarea IM a cotei n sistemul contractelor de stat sau
nregistrarea businessului, creat Ir asocierea capitalului,
prin post.
n a.1998 a Iost adoptat o alt lege important pentru
micul business Legea ,Cu privire la patenta de
(4) The establishment oI the Fund Ior
Entrepreneurship Support and Small Business
Development was regulated. The Fund was assigned not
only with Iunctions oI a Iinancial institution that
provided loans and grants to SB entities, but also with
the establishment oI priority activities oI SB subjects and
other Iunctions related to policy implementation. Thus,
Ior the Iirst time, the Iunction oI policy development,
carried out by the Ministry oI Economy, and the Iunction
oI the policy`s implementation have been assigned to
diIIerent institutions.
(5) The possibility oI diIIerent types oI government
support to SE was indicated: (a) the Iinancial and
economic one, which was realized in the Iorm oI
concessional loans and subsidies, tax beneIits and
insurance, customs exemptions and accelerated
depreciation methods; (b) the logistical support and
assistance in the areas oI sales, carried out by making
contracts Ior the supply oI goods Ior the state needs;
(c) organizational support, including the simpliIication oI
the small enterprises registration process, training and
proIessional development, inIormation and consulting
services to small business entities.
(6) Not only the mechanisms but also the speciIic
beneIits oI the SE were established. In particular:
- A SE could have been registered based on the
registration card provided by the employer in person or by
mail. It was a brave decision on registration oI enterprises,
not connected with the capital (stocks) joining, but so Iar it
has not received a practical implementation.
- SE engaged in production activities, or providing
personal services to the population were able to get a tax
credit. However, enterprises applying Ior the beneIits had
to direct at least 80 oI the tax credit annually to
develop their own production. In addition, when
liquidating the SB subject, the tax credit had to be
reIunded in the Iull amount considering also its indexing.
Subsequently, in 1997 tax credits Ior SE have been
included in Section II oI the Tax Code (Article 49).
A distinctive Ieature oI that Iirst law was the
establishment in it oI various Iorms and methods oI
support that were targeted to diIIerent groups oI
businesses. Moreover, the law provided the establishment
oI speciIic types oI beneIits with their quantitative
parameters. From the perspective oI today's approaches, it
is inappropriate to speciIy the quantitative parameters oI
the privileges and exemptions in the legislation. However,
in 1994 in the absence oI other legal documents governing
the support oI SE, it gave a real opportunity to encourage
the development oI this sector. However, many beneIits
were not realized at that period, since the legislation was
not accompanied by the development oI the mechanism oI
their implementation, or state Iunding Ior their
implementation was absent. Some beneIits have not
received yet a practical implementation, such as the
provision oI SE with quota in the system oI public
contracts or business registration that was created without
the association oI capital, through the mail.
In 1998, another important Law Ior small business
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 79
nr. 2 / 2012
ntreprinztor. Legea a Iost orientat asupra sustinerii celor
mai mici, mai vulnerabili antreprenori, cu venituri limitate.
Cettenii, care au dobndit o patent, au primit dreptul de a
se angaja n anumite activitti antreprenoriale, Ir
nregistrarea ntreprinderii, n conditiile unui sistem de
impozitare, evident si raportare simpliIicat. Legea a jucat
un rol important n legalizarea activittii individuale,
simpliIicarea activittii ntreprinztorilor individuali si altor
Iorme de microntreprinderi. Dar mrimea pltilor pentru
patent anual crestea. Concomitent, posibilittile oIerite de
lege, au nceput s Iie utilizate de antreprenorii, care aveau
venituri mai mari pentru a vinde produsele lor pe piete si n
supermarket-uri. Ca rezultat, Guvernul a restrictionat sIera
de activitate a detintorilor de patente, si n prezent Legea nu
realizeaz n msura necesar scopul de sustinere a celor mai
mici si mai vulnerabili antreprenori, care era prioritar initial,
la elaborarea ei.
n cadrul etapei examinate n a.1992 a Iost adoptat
Legea cu privire la gospodriile trnesti (de Iermier). n
prezentul articol nu vom examina aceast Iorm a activittii
antreprenoriale n agricultur, deoarece reglementarea si
sustinerea ei posed un speciIic deosebit. Mai mult,
gospodriile trnesti (de Iermier) Iormal conIorm legislatiei
Republicii Moldova nu apar(in sectorului IM.
Implementarea legislajiei cu privire la IMM n a doua
jumtate a anilor :9 a demonstrat, c o parte esenjial din
facilitjile prevzute nu poate fi realizat din cauza
insuficienjei mijloacelor bugetare, si n rezultat aceste
Iacilitti au Iost revocate. Aceasta a condus la necesitatea de
a revizui principalele prevederi ale Legii ,Cu privire la
sustinerea si protectia micului business (1994). n a.2001 n
Legea respectiv au Iost introduse modiIicri substan(iale.
Principale printre acestea au Iost urmtoarele:
(1) Au Iost modiIicate criteriile de raportare a
ntreprinderilor la agentii micului business n scopul de a le
apropia de normele corespunztoare ale UE:
- Legea a stabilit n loc de un criteriu (numrul de
salariati), dou criterii cantitative: numrul mediu anual de
salariati si suma anual a vnzrilor nete ale ntreprinderii:
(a) la microntreprinderi sunt raportate ntreprinderile cu
numrul de salariati, ce nu depseste 9 persoane si suma
anual a vnzrilor nete de pn la 3 milioane de lei; (b) la
ntreprinderile mici ntreprinderile cu numrul de salariati
cuprins ntre 10 si 50 persoane inclusiv, si suma vnzrilor
nete de pn la 10 milioane de lei.
- Au Iost adugate criterii calitative de raportare a
ntreprinderilor la ntreprinderi mici si micro. Legea nu se
rsIrngea asupra ntreprinderilor, care ocupau o pozitie
dominant pe piat si n capitalul statutar al crora, ponderea
Iondatorilor, care nu se raporteaz la agentii MB, depsea
35 (prevederi, n vigoare din a.1994), precum si asupra
ntreprinderilor, care acordau n principal servicii Iinanciare
cu un nivel potential ridicat de rentabilitate (companii de
trust si de asigurare; Ionduri de investitii, bnci si alte
institutii Iinanciare; ntreprinderi, antrenate n activitti de
schimb valutar etc.).
(2) n scopul revigorrii activit(ii Fondului pentru
sustinerea antreprenoriatului si dezvoltarea micului business
a Iost prevzut, ca pn la 0,5 din bugetul de stat s Iie
On the Entrepreneur`s Patent was adopted. The law was
designed to support the smallest and the most
disadvantaged enterprises with limited incomes. Citizens
who have acquired the patent, were given the right to be
engaged in certain types oI business activities without
business registration, with concessional taxation,
accounting and reporting. Law has played an important
role in the legalization oI selI-employed activity,
simpliIying the business activity oI individual
entrepreneurs and other Iorms oI micro enterprises. But
the patent Iees were increased annually. At the same time,
the opportunities provided by the law, have begun to be
used by the entrepreneurs with more signiIicant revenues
in order to sell their goods at markets and supermarkets.
As a result, the Government restricted the scope oI the
patent, and now the law does not Iully realize the goal oI
smallest and the weakest entrepreneurs` support, which
has been a priority in its development.
As part oI the examined stage in 1992 The Law on
On the Peasant (Farmer) Enterprise was adopted. In this
paper we do not consider the speciIied Iorm oI
entrepreneurial activity in agriculture, because its regulation
and support has substantial speciIics. In addition, the Iarmer
sector Iormally does not belong to a sector oI the SE under
the laws oI the Republic oI Moldova.
1he introduction of legislation on SMEs in the 2
nd
half of the 9s demonstrated that a significant portion
of the provided benefits can not be implemented due to
the lack of budget funds; as a result they have been
canceled. This has necessitated the revision oI the main
provisions oI the Law On Support and Protection oI
Small Business (1994). Substantial changes have been
made in the Law in 2001. The main among them were
the Iollowing:
(1) The criteria Ior classiIying enterprises as small
business subjects in order to bring them to the relevant
EU standards were changed:
-The law has established instead oI one (number oI
employees), two quantitative criteria: average annual
number oI employed workers and the annual amount oI
net sales oI the company: (a) minor enterprises were the
ones with the number oI employees oI no more than 9
persons and annual net sales amounting to 3 million lei;
(b) small companies were the ones with the number oI
employees Irom 10 to 50 persons inclusive, the annual
net sales amounting to 10 million lei.
-Qualitative criteria Ior classiIying enterprises to
small and minor were added. The law was not applied to
companies holding a dominant position in the market and
in whose authorized capital the share oI the Iounders oI
the non-actors oI the SB was more than 35 (provisions
were in Iorce since 1994), as well as companies, oIIering
mostly Iinancial services with potentially high level oI
proIitability (trust and insurance companies, investment
Iunds, banks and other Iinancial institutions, enterprises
engaged in currency exchange, etc.).
(2) In order to revive the activities oI the the Fund Ior
Entrepreneurship Support and Small Business
Development it was stipulated that up to 0.5 oI the
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
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80
directionate anual pentru crearea mijloacelor Fondului.
Suma concret trebuia s Iie stabilit anual n procesul
adoptrii legii bugetului.
(3) Avnd n vedere numrul mare al organelor de
control, Irecventa controalelor si costul lor mare pentru
antreprenori (din cauza mituirii Iunctionarilor), n prezenta
Lege s-a Icut o completare: inIormatia privitoare la control
este necesar de a Ii nscris n Jurnalul de nregistrare a
controalelor, care se pstreaz la ntreprindere.
Aceast etap n dezvoltarea legisla(iei s-a caracterizat
printr-o schimbare de abordare n sustinerea sectorului IMM
de la sustinerea preIerential a anumitor grupe de IM la
crearea conditiilor Iavorabile generale pentru mediul de
aIaceri. Schimbarea de abordare a Iost necesar, Iiind
conditionat, n primul rnd, de insuIicienta resurselor
bugetare, necesare pentru sustinere. n con(inutul legisla(iei
acestei etape ntr-o msur mai mare au Iost reIlectate bazele
generale ale susutinerii businessului. n acelasi timp, n
textul Legii au Iost incluse si normele, care vizeaz
solutionarea problemelor speciIice ale antreprenorilor (de
exemplu, a scuti IM de controalele si inspec(iile Irecvente
neplaniIicate). Posibil, c aceste msuri nu ar trebui s Iie
prevzute n legisla(ie, ns Iaptul evidentei problemelor
antreprenorilor n documentele politice este pozitiv.
Dezvoltarea legislajiei, n care sunt reglementate
elementele cheie ale susjinerii sectorului IMM: crearea
bazei institujionale yi elaborarea principalelor documente
de politici (strategii yi programe). n a.2006 a Iost adoptat
o nou Lege privind sustinerea sectorului ntreprinderilor
mici si mijlocii |4|. Principalele inovatii, prevzute n legea
respectiv:
(1) Legea pentru prima oar reglementeaz n Republica
Moldova notiunea de ntreprindere mijlocie; corespunztor,
a Iost introdus notiunea de ,sector al ntreprinderilor mici si
mijlocii. n aIar de aceasta, de rnd cu numrul de salariati
si suma anual a veniturilor din vnzri, a Iost adugat al
treilea criteriu de raportare a ntreprinderilor la sectorul
IMM: valoarea total anual de bilant a activelor. Acest Iapt
si mai mult a apropiat legislatia Republicii Moldova de
normele UE. Criteriile cantitative de raportare a
ntreprinderilor la sectorul IMM, stabilite n Legea din
a.2006, si modiIicarea acestor criterii de la nceputul anilor
90, sunt reprezentate n urmtorul tabel.
(2) A Iost limitat sIera de reglementare a legii:
prevederile legii se extindeau exclusiv asupra ntreprinderilor
cu participarea capitalului privat.
(3) Au Iost introduse modiIicri n activitatea institutiilor
de reglementare a sustinerii IMM:
- S-a stabilit, c elaborarea, coordonarea, monitorizarea
si evaluarea politicii si actiunilor privind sustinerea de stat a
sectorului IMM se eIectueaz de ctre Guvern, prin
intermediul Ministerului Economiei.
Legea privind sustinerea sectorului ntreprinderilor
mici si mijlocii (2006) a prevzut consolidarea bazei
institutionale, distribuirea clar a Iunctiilor ntre
Ministerul Economiei si nou creata Organizatie pentru
Dezvoltarea Sectorului ntreprinderilor Mici si Mijlocii,
responsabile de elaborarea si realizarea politicii din sIera
respectiv.
state budget must be sent annually to the Iormation oI the
Fund. The speciIic amount had to be set each year by
adopting the law on the budget.
(3) Given the large number oI bodies that control the
business, Irequency oI inspections and their high cost Ior
the entrepreneurs (through extortion oI the oIIicials), the
addition was introduced in the law: inIormation about the
inspections should be recorded in the register oI checks
that is stored in the enterprise.
The speciIied stage in the development oI legislation
was marked by the change in approach to support the
SME sector Irom the primary support Ior certain SE
groups to creation oI overall Iavourable conditions oI the
business environment. The change in the approach was
Iorced, which was due, primarily, to the lack oI budgetary
resources needed Ior the support. The general principles oI
business support were mainly reIlected in this phase oI the
legislation. However, regulations addressed to solve the
speciIic entrepreneurs` problems (e.g., to save the SE Irom
the Irequent unscheduled inspections) have been included
in the text oI the law. OI course, similar measures should
be hardly provided in the legislation, but the Iact that
problems oI the entrepreneurs have been taken into
account in the political documents, is positive.
1he development of legislation that regulates the key
elements to support the SME sector: institutional
capacity building and development of basic policy
documents (strategies and programs). A new Law On
Support oI Small and Medium-sized Enterprises Sector
was adopted in 2006 |4|. The novelties stipulated by the
Law are:
(1) The Law regulated Ior the Iirst time in the Republic
oI Moldova the concept oI medium-sized enterprises;
respectively, the concept oI "the sector oI small and
medium-sized enterprises" was introduced. In addition,
along with the number oI employees and income Irom
sales, the third criterion Ior inclusion oI enterprises to the
SME sector has been added: the annual balance value oI
assets. This Iact made even closer the legislation oI the
Republic oI Moldova to the EU standards. Quantitative
criteria Ior classiIying enterprises in the SME sector,
established by the law oI 2006 and change oI the criteria
since the early 90s are presented in the table.
(2) The area oI law regulation was limited: the law
provisions applied only to the enterprises with the
participation oI private capital.
(3) Changes were introduced in the activity oI
regulatory institutions Ior the SME support:
- It is established that the development, coordination,
monitoring and evaluation oI policies and measures oI
government support Ior the SME sector are carried out by
the Government through the Ministry oI Economy.
The Law On Support oI Small and Medium-sized
Enterprises Sector (2006) provided the strengthening oI
the institutional Iramework, a clear division oI
responsibilities between the Ministry oI Economy and
newly created Organization Ior Small and Medium-sized
Enterprises Development, which are responsible Ior
developing and implementing policies in the relevant Iield.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 81
nr. 2 / 2012
Tabelul 1/Table 1
Modificarea criteriilor de raportare a ntreprinderilor la sectorul IM (IMM) n Republica Moldova/
Changing the criteria for SE (SME) identification in the Republic of Moldova
Denumirea actului
normativ-juridic/
Aame of the normative legal act
Criteriile cantitative de raportare a ntreprinderilor la IM (IMM)/
Quantitative criteria for enterprises' attribution to SE (SME)
1 2
Hotrrea Guvernului ,Cu
privire la ordinea nfiin(rii yi
bazele activit(ii ntreprinderilor
mici (a.1990)/Covernment
Decree On Creation Procedure
and Activity Fundamentals of
Small Enterprises (1990)
ntreprinderi mici: numrul maxim de salariati n industrie si constructii 200
pers.; n stiint si deservirea stiintiIic 100 pers.; n alte ramuri ale sIerei de
productie pn la 50 pers.; n ramurile sIerei neproductive pn la 25 pers.;
n comertul cu amnuntul si alimentatia public 15 pers./Small enterprises.
the maximum number of emplovees in industrv and construction 200 persons,
in science and scientific activities 100 persons, in other sectors of production
50 persons, in non-production sectors 25 persons, in retail trade and public
catering 15 persons.
Legea ,Cu privire la sus(inerea yi
protec(ia micului business
(a.1994)/Law On Support and
Protection of Small Business
(1994)
- Microntreprinderi: numrul de salariati 1-19 pers.;/Minor enterprises.
number of emplovees 1-19 persons,
- ntreprinderi mici: numrul de salariati 20-75 pers./Small enterprises.
number of emplovees 20-75 persons.
Legea ,Cu privire la
introducerea modificrilor yi
completrilor n Legea cu privire
la sus(inerea yi protec(ia micului
business (a.2001)/Law on
amendments and additions to the
Law On Support and Protection of
Small Business (2001)
- Microntreprinderi: numrul de salariati 1-9 pers.; suma vnzrilor nete
pn la 3 mil. MDL;/Minor enterprises. number of emplovees 1-9 persons, the
amount of net sales up to 3 mil. MDL,
- ntreprinderi mici: numrul salariatilor 10-50 pers.; suma vnzrilor nete
de la 3 pn la 10 mil. MDL./Small enterprises. number of emplovees 10-50
persons, the amount of net sales from 3 to 10 mil. MDL.
Legea privind sus(inerea
sectorului ntreprinderilor mici yi
mijlocii (a.2006)/Law On Support
of Small and Medium-sized
Enterprises Sector (2)
- Microntreprinderi: numrul de salariati 1-9 pers.; suma veniturilor din
vnzri cel mult 3 mil. MDL, valoarea total anual de bilant a activelor nu
depseste 3 mil. MDL;/Micro enterprises. number of emplovees 1-9 persons,
amount of sales income up to 3 mil. MDL, balance value of assets no more
than 3 mil. MDL,
- ntreprinderi mici: numrul de salariati 10-49 pers., suma veniturilor din
vnzri de la 3 la 25 mil. MDL, valoarea total anual de bilant a activelor
de la 3 la 25 mil. MDL;/Small enterprises. number of emplovees 10-49
persons, amount of sales income from 3 to 25 mil. MDL, balance value of
assets from 3 to 25 mil. MDL,
- ntreprinderi mijlocii: numrul de angajati 50-249 pers., suma veniturilor
din vnzri de la 25 la 50 mil. MDL, valoarea total anual de bilant a
activelor de la 25 la 50 mil. MDL./Medium enterprises. number of emplovees
50-249 persons, amount of sales income from 25 to 50 mil. MDL, balance
value of assets from 25 to 50 mil. MDL.
Sursa/Source: 1abelul este ntocmit de autori n baza legislajiei Republicii Moldova./1able is made by the authors on
the basis of legislation of the Republic of Moldova.
Totodat, n Legea actual nu sunt clar reglementate
Iunctia statului si instrumentele de sustinere a sectorului. Ca
rezultat, impactul Legii asupra sectorului se diminueaz,
problemele majore cu care se conIrunt continuu n
activitatea sa ntreprinderile mici si mijlocii rmn a Ii:
competitivitatea joas a IMM din sectorul de producere
si sIera prestri servicii;
insuIicienta de promovare a instrumentelor Iinanciare,
de tipul capitalului de risc si a Iondului de garantare a
creditelor adresate IMM;
cultura antreprenorial subdezvoltat si, drept
consecint, un grad insuIicient de absorbtie a Iortei de
munc specializate/caliIicate;
At the same time, the present Law does not clearly
regulate Iunctions oI the Government and the tools to
support the sector. As a result, the impact oI the Law on the
sector is reduced and the most important issues which the
SMEs are continuously Iacing in their work remain to be:
low competitiveness oI small and medium-sized
enterprises in the industrial and service providing sectors;
insuIIicient promotion oI Iinancial instruments, as
risk capital and credit guarantee Iund Ior small and
medium-sized enterprises;
underdeveloped entrepreneurial culture and as a result,
low rate absorption oI specialized/qualiIied labor Iorce;
the lack oI mechanisms and systems in strengthening
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
82
lipsa unor mecanisme si sisteme de consolidare a
capacittilor tehnologice a IMM din domeniile prioritare de
dezvoltare;
ntrzierea achitrii subventiilor pentru productorii
agricoli si restituirea TVA n termenii stabiliti de legislatie etc.
Concomitent, rolul central al ntreprinderilor mici si
mijlocii a Iost recunoscut de ctre Comisia European prin
adoptarea n anul 2008 al unui cadru amplu de politic
pentru IMM: Legea european pentru ntreprinderile mici
(Small Bussines Act), n care se mentioneaz, n mod
expres, necesitatea promovrii unei culturi antreprenoriale si
crearea unui mediu propice IMM; crerii unei Europe mai
atractive pentru IMM; abordrii 'Gandete mai intai la
scar mic`, ca principiu cluzitor al Comisiei si al
Statelor Membre, aplicabil pentru IMM si sprijinirea
aIacerilor acestora n pstrarea sau recstigarea
competitivittii.
n acest context, n cadrul Aegocierilor dintre Uniunea
European - Republica Moldova, a fost recomandat
mbuntjirea cadrului administrativ yi legal al Republicii
Moldova pentru IMM pe baza implementrii prevederilor
Legii europene pentru ntreprinderile mici (Small Business
Act).
Drept prim obiectiv este reglementarea juridic n
domeniul ntreprinderilor mici si mijlocii din Republica
Moldova. Statul este obligat s stabileasc un cadru
legislativ eIicient care ar reglementa activitatea IMM-urilor,
rezolvnd un sir de probleme care rmn a Ii nesolutionate
n contextul reglementrilor existente.
n prezent Ministerul Economiei n colaborare cu alte
organe ale administrrii de stat, comunitatea de aIaceri si
cercettori elaboreaz un nou proiect de lege cu privire la
sustinerea sectorului IMM.
Acest nou proiect de lege ar veni s stabileasc cadrul
legal al ntreprinderilor micro, mici si mijlocii si al msurilor
de stimulare pentru crearea si dezvoltarea acestora, avnd
drept scop promovarea dezvoltrii durabile a IMM-urilor,
prin mbunttirea mediului juridic si economic, n care
acestea sunt create si Iunctioneaz.
Totodat, legea nou va avea drept obiectiv asigurarea si
cresterea competitivittii si perIormantelor IMM-urilor,
precum si Iacilitarea ajustrii la timp cu schimbrile
economice si tehnologice. PerIectionarea continu a
legislatiei n vigoare va spori ncrederea antreprenorilor Iat
de calitatea politicilor implementate, va creste numrul de
noi ntreprinderi create, va spori nivelul de caliIicare si
mbunttire a abilittilor manageriale, Iapt care conduce n
mod direct la cresterea nivelul de producere la ntreprinderi,
realizarea de noi produse si servicii la costuri mai reduse
dect Iirmele mari si, respectiv la surse suplimentare de
venituri la bugetul statului (impozite, TVA etc.). Vom obtine
nu numai cresterea numrului de IMM-uri, dar si viabilitatea
acestora, precum si cresterea ponderii n PIB.
Concluzii. Analiza si evaluarea procesului de modiIicare
a legislatiei privind sustinerea IMM au permis de a Iace
urmtoarele concluzii:
n decursul a 20 de ani de reIorme n tar a Iost creat
cadrul legislativ, care a pus bazele pentru sustinerea
sectorului IMM. n opinia expertilor autohtoni si strini,
reglementarea legislativ a antreprenoriatului n ultimii ani
technological capacities oI small and medium-sized
enterprises in the priority development areas;
delay in payment oI subventions Ior agricultural
producers and VAT reIund in the terms established by
law, etc.
Also, the central role oI small and medium-sized
enterprises was recognized by the European Commission
through the adoption oI a comprehensive policy
Iramework Ior small and medium-sized enterprises in
2008: Small Business Act for Europe, which expressly
mentions the necessity to promote an entrepreneurial
culture and create a supportive environment Ior small
and medium-sized enterprises; the creation oI more
attractive Europe Ior small and medium-sized
enterprises; the approach to "Think small first" as the
guiding principle oI the Commission and the Member
States applicable to small and medium-sized enterprises
and the support oI small and medium-sized enterprises in
their activities to keep or regain their competitiveness.
In this order of ideas, in the context of the
Aegotiations between the European Union - Moldova,
it was recommended to improve the administrative and
legal framework of the Republic of Moldova for small
and medium-sized enterprises on the basis of the
implementation in the Republic of Moldova of
provisions of the Small Business Act.
As primary objective is the legal regulation in the
Iield oI small and medium-sized enterprises in the
Republic oI Moldova. The State is bound to establish an
eIIective legal Iramework that would regulate the activity
oI SMEs, solving a number oI issues which remain
unsolved by the context oI existing regulations.
At the present time, the Ministry oI Economy in
cooperation with other public authorities, business
community and researchers elaborates a new draIt oI the
law on SME sector`s support.
A new law project would come to establish the legal
Iramework Ior micro, small and medium-sized
enterprises and Ior the measures that stimulate the
creation and development oI SMEs, with the main
objective oI promoting the sustainable created and work.
However, the new law will aim to ensure and increase
the competitiveness and perIormance oI micro, small and
medium-sized enterprises and to Iacilitate the adjustment to
economic and technological changes in time. Continuous
improvement oI the legislation in Iorce will enhance the
conIidence oI entrepreneurs to the quality oI the
implemented policies, will increase the number oI new
businesses created, will increase the level oI qualiIication
and improvement oI managerial skills, which lead directly
to increased level oI enterprises production, the
development oI new products and services at lower cost
than support the large Iirms and to additional sources oI
income to the State budget (taxes, VAT, etc.). We will get
not only increasing number oI SMEs, as well as their
viability, but also, increase oI their share in GDP.
Conclusions. Analysis and evaluation oI the process
oI changing legislation on SME support allowed to make
the Iollowing conclusions:
During 20 years oI reIorms, a legal Iramework that
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 83
nr. 2 / 2012
are un impact pozitiv asupra schimbrii mediului de aIaceri
|5|, nu creeaz bariere considerabile pentru dezvoltarea
aIacerilor |1|.
S-a schimbat esential continutul legilor adoptate cu
privire la IMM. n prezent legislatia reIlect doar dispozitiile
cheie, reIeriroare la sustinerea IMM. Metodele, tipurile si
msurile concrete de sustinere, precum si parametrii
cantitativi ai Iacilittilor propuse nu sunt stipulate n
legislatie (ca n anii 90), ci n programele de stat speciale, si
anual se concretizeaz n legea bugetului.
Din punctul de vedere al dezvoltrii cadrului legislativ
modiIicrile de asemenea pot Ii evaluate ca Iiind pozitive:
adoptarea legilor n ultimii ani este nsotit de elaborarea
mecanismelor de realizare a lor; exist o prim experient de
evaluare a impactului proiectelor de legi asupra dezvoltrii
mediului de aIaceri; proiectele de documente elaborate sunt
examinate n comun cu antreprenorii si societatea civil. Un
punct mai slab rmine a Ii controlul asupra executrii
legislatiei.
n procesul perIectionrii legislatiei s-a reusit schimbarea
de abordare n sustinerea IMM. De la modelul, utilizat n
Germania, unde statul sustine activ si multiaspectual diverse
grupe de ntreprinderi, a avut loc trecerea la modelul
britanic, care este unul mai liberal, iar accentul se pune pe
crearea conditiilor Iavorabile generale pentru mediul de
aIaceri. Anumite grupe de ntreprinderi de asemenea sunt
sustinte, ns ntr-o msur mai mic. Schimbarea abordrii/
modelului a Iost conditionat, n primul rnd, de insuIicienta
mijloacelor bugetare, care trebuiau s Iie orientate asupra
sustinerii IMM.
Unele msuri de sustinere, stipulate n primele acte
legislative de la nceputul anilor 90, asa si nu au Iost
realizate pn n prezent, cu toate c implementarea acestora
nu necesit mijloace Iinanciare considerabile (spre exemplu,
nregistrarea prin intermediul postei, acordarea cotelor n
sistemul contractelor de stat pentru IMM.
n procesul de elaborare a documentelor normativ-
juridice n prezent relativ mai Irecvent se tine cont de
problemele antreprenorilor, identiIicate n baza datelor
statistice si a sondajelor si interviurilor cu antreprenorii.
ns, ntr-o msur mai mare directiile si metodele de
sustinere a IMM sunt determinate de posibilittile bugetului
de stat. Acest Iapt mentine directia Iiscal a bazei juridice
si a sistemului de reglementare a mediului de aIaceri n
ansamblu.
provided a basis Ior supporting the SME sector was
established in the country. According to Moldovan and
Ioreign experts, the legal regulation oI business had a
positive impact on the transIormation oI the business
environment in recent years |5| and does not create
signiIicant barriers to business |1|.
The content oI laws on SMEs has substantially
changed. Today, the law reIlects only the key provisions
relating to the support oI SME. SpeciIic methods and
Iorms oI support, as well as quantitative parameters oI
the proposed exemptions are not speciIied in the
legislation (as in the 90s), but in the state target programs
and are reIined in the annual budget law.
In terms oI development oI legislation, changes can be
assessed as positive: the adoption oI laws in recent years is
accompanied by the development oI mechanisms Ior their
implementation; there is the Iirst experience oI assessing
the impact oI the draIt laws on business development; the
developed draIts oI the documents are discussed with the
entrepreneurs and civil society. The weak point is still the
monitoring oI legislation`s implementation.
A change in approach to SME support was reIlected in
the improvement oI the legislation. From the model used
in Germany, where the state actively and comprehensively
supports various business groups, there was a transition to
a more liberal British model, where the emphasis is on
creating an overall Iavourable environment Ior business.
Certain groups oI companies are also supported, but in a
much lower degree. Changing oI the approach/model was
due, above all, to the lack oI budgetary resources that
could be used to support SME.
Certain support measures that have occurred in the
Iirst legislative acts in the early 90's have not been
implemented so Iar, although their implementation does
not require signiIicant Iinancial resources (Ior example,
registration by mail, providing SME with quota in the
public contracts system).
Today, in the development oI legal documents, the
problems oI entrepreneurs, revealed on the basis oI
statistical data and surveys or interviews with the
entrepreneurs are considered relatively more oIten.
However, in a greater degree, directions and methods Ior
SME support are deIined by the capacity oI the state budget.
This preserves the Iiscal orientation oI the legal Iramework
and the system oI business regulation in general.
Referin(e bibliografice/References
1. PHILIPONNER, N., MECHELEN, L., RICHTER, A. Competitivitatea si dezvoltarea sectorului privat: Republica
Moldova: ncurajarea dezvoltrii sectorului IMM. Chisinu: Imona-Grup, 2011. 112 p. ISBN 978-9975-4235-5-7.
2. Lege cu privire la antreprenoriat si ntreprinderi: nr. 845 din 03.01.1992. In: Monitorul Parlamentului. 1994, nr. 2,
art. 33.
3. Lege cu privire la sustinerea si protectia micului business: nr. 112 din 20.05.1994. In: Monitorul OIicial al Republicii
Moldova. 2002, nr. 69-70, art. 553.
4. Legea privind sustinerea sectorului ntreprinderilor mici si mijlocii: nr. 206 din 07.07.2006. In: Monitorul OIicial al
Republicii Moldova. 2006, nr. 126-130, art. 605.
5. PerIectionarea sistemului reglementrii de stat a businessului: analiza si estimarea mediului de aIaceri si climatului
investitional: raport stiintiIic. Proiect nr. 08.817.08.011A. Institutul de Economie, Finante si Statistic. Chisinu,
2009.
Recomandat spre publicare. 03.05.2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
84
ELEMENTELE MODELULUI
INVESTITIONAL GENERALIZAT
AL UNEI TRI
ELEMENTS OF THE GENERALIZED
INVESTMENT MODEL
OF A COUNTRY
Ludmila COBZARI, dr. hab., prof. univ., ASEM
Dumitru SLOAOJSCHI, drd., ASEM
Ludmila COBZARI, PhD, professor, AESM
Dumitru SLOAOJSCHI, PhD student, AESM
Un climat investitional favorabil incurafea:a mediul de
afaceri s-si imbuntteasc eficienta i productivitatea
pentru a spori veniturile i capitalul disponibil de a fi
investit. De asemenea, ofer investitorilor incredere in piata
i ii incurafea: s investeasc mai mult capital.
In aceast lucrare am anali:at procesul investitional
mondial i am incercat s explicm directionarea fluxurilor
investitiilor strine directe in unele tri pe durata ultimilor
ani.
Cuvinte cheie: investitori, climat investitional, mediul de
afaceri, fluxurilor investitiilor.
A favorable investment climate encourages
businesses to improve efficiencv and productivitv
in order to increase revenues and capital available
for investment. It also gives investors confidence
in the market and encourages them to invest more
capital.
In this paper we analv:e the global investment
process and trv to explain the directing of FDI flows to
certain countries during last vears.
Key words: investors, investment climate, encourages
businesses, FDI flows.
Introducere. Volumul investitiilor strine directe se
consider unul din principalii indicatori care conIirm
succesul politicilor si perspectivelor economice ale unei tri.
Atunci cnd ISD sunt n crestere, acestea pot ncuraja si alti
investitori strini s aloce noi resurse n economia
respectiv. AstIel, dup ce un anumit prag al nencrederii
este depsit, ISD devin o important Iort motrice pentru o
dezvoltare economic de calitate. n acest context se poate
mentiona c ISD sunt importante nu doar ca resurse
Iinanciare, dar si ca o combinatie a experientei,
cunostintelor, practicilor de management, inovatiilor de
marketing si know-how tehnologic, stimulnd si investitiile
capitalului autohton |2|.
Con(inutul de baz. Abordarea aspectelor speciIice ale
internationalizrii procesului investitional nu ar putea
dezvluit pe deplin, Ir concretizarea ctorva categorii
economice ce stau la baza acestui Ienomen.
Bazndu-ne pe principiile semanticii
1
si principiile
generale ale Ienomenului analizat, vom recurge la deIinirea
modelului investitional international.
Din perspectiva prezentei cercetri, considerm c
modelul investitional repre:int totalitatea elementelor
(factorii) i mecanismelor cu impact asupra derulrii
procesului investitional.
Exist mai multi Iactori care concureaz la
dimensionarea cantitativ si calitativ a investitiilor
strine, precum si la directionarea acestora
(Figura 1).
Introducere. The amount oI Foreign Direct
Investment is considered to be one oI the leading
indicators that conIirm the success oI economic policies
and prospects oI a country. When FDI is increasing, this
may encourage other Ioreign investors to allocate new
resources to the respective economy. Thus, aIter a certain
level oI distrust is exceeded, FDI become a major driver
Iorce Ior a qualitative economic development. In this
context, it is worth to mention that FDI is important not
only as Iinancial resources, but also as a combination oI
experience, knowledge, management practices,
marketing innovations and technological know-how,
stimulating the investment oI the domestic
capital |2|.
The basic content. Approach oI speciIic aspects oI
internationalization oI investment process may not be
Iully disclosed, without materialization oI some
economic categories underlying this phenomenon.
Based on the principles oI semantics
1
and general
principles oI the analyzed phenomenon, we will deIine
the international investment model.
From the perspective oI this research, we consider
that the investment model represents all elements
(factors) and mechanisms affecting the performance of
the investment process.
There are many Iactors that compete in the
qualitative and quantitative dimensioning oI FDI, as well
as in their targeting (Figure 1).
1
n prezenta cercetare autorul se bazeaz pe sensul generalizat al cuvntului model cu urmtoarea semniIicatie: Un model reprezint o
simpliIicatie schematic, ce nltur aspectele neesentiale pentru a evidentia continutul, Iorma si Iunctionarea unui mecani sm mult mai complicat/
In this research, the author bases on the general meaning oI the word model with the Iollowing meaning: A model is a simpliIied scheme, which
removes the essential aspects to highlight the content, Iorm and Iunction oI a more complicated mechanism.
.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 83
nr. 2 / 2012
Fluxuri/ Flows
Caption: - categories oI Iactors that determine the country's investment climate.
Fig. 1. Elementele modelului investi(ional generalizat al unei (ri/
Fig. 1. Elements of the generalized investment model of a country
Sursa/Source: Elaborat de autor./Developed by the author.
Analiza evolutiei investitiilor strine directe pe plan
mondial, a relatiilor de dependent de ansamblul
economiilor nationale, dar si a relatiilor externe a acestora,
denot c investitiile strine directe sunt inIluentate de o
multitudine de Iactori, care ar putea Ii asociati urmtoarelor
categorii:
Categoria 1. Factorii economici, redati n special
prin Produsul Intern Brut (PIB) (PIB/locuitor, mrimea
si diversiIicarea economiei), Iactorii stabilittii
economice (datoria public intern, situatia bugetar),
Iactorii de natur Iiscal (calitatea sistemului Iiscal, politica
Iiscal si, n special presiunea Iiscal, Iacilittile si
stimulentele acordate investitorilor strini si autohtoni),
mrimea piejei interne, Iactorii de evaluare redati prin
preturi (inIlatia, dobnda), precum si tendintele pe termen
lung a acestora; existenta Iortei de munc, calitatea acesteia
si costul acesteia (nivelul salariilor), cota economiei
tenebre s.a.;
Categoria 2. Factorii sociali, redati n special prin
nivelul somajului, calitatea vietii, cultur si traditii;
Categoria 3. Factorii politici, redati n special prin
stabilitatea politic, suprematia legii, nivelul coruptiei si a
criminalittii s.a.;
Categoria 4. Factorii institu(ional-legali, care se reIer
la structura institutional, calitatea guvernantei, Iactorii ce
determin cadrul legislativ (stabilitatea si calitatea cadrului
legislativ, nivelul de previziune a modiIicrilor cadrului
juridic s.a.), transparenta, suprematia legii, nivelul coruptiei
si a criminalittii s.a.;
Categoria 5. Pozi(ia economic a (rii respective pe
pia(a interna(ional redat de situatia balantei de plti
The analysis oI FDI evolution worldwide, oI
dependency relations oI all national economies, but also
their international relations, shows that FDI is inIluenced
by many Iactors, which may be associated with the
Iollowing categories:
Category 1. Economic factors represented, in
particular, by Gross Domestic Product (GDP) (GDP /
capita, size and diversiIication oI the economy),
economic stability Iactors (domestic public debt, state oI
the budget), Iiscal Iactors (quality oI the tax system,
Iiscal policy and, in particular tax burden, Iacilities and
incentives Ior Ioreign and local investors), size oI the
domestic market, evaluation Iactors represented through
prices (inIlation, interest rate) and their long term trends;
labor Iorce, its quality and its cost (level oI wages), the
share oI shadow economy, etc.
Category 2. Social factors reIlected in particular
through unemployment, quality oI liIe, culture and
traditions;
Category 3. Political factors, reIlected in particular
through political stability, rule oI law, corruption and
crime level, etc.;
Category 4. Institutional and legal factors that are
related to the institutional structure, governance quality,
Iactors that determine the legal Iramework (stability and
quality oI the legal Iramework, the prediction level oI
changes in legal Iramework, etc.), transparency, rule oI
law, corruption and crime level, etc.;
Category 5. Country's economic position in the
international market reIlected by the extern balance oI
payments, particularly by the capital and Iinancial
ISD] IDI
CaLegorla 1/
CaLegory 1
CaLegorla 2 /
CaLegory 2
CaLegorla 3/
CaLegory 3
CaLegorla 3/
CaLegory 3
CaLegorla 6/
CaLegory 6
CaLegorla 7/
CaLegory 7
Plan na(ional/ National
plan
Plan interna(ional/
International plan
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
86
externe, n special a soldului contului de capital si Iinanciar,
datoria public extern, evolutia cursului valutar, ponderea
pe anumite piete s.a.;
Categoria 6. Factorii ce (in de conjunctura pie(ei
interna(ionale, care includ Iactori economici, politici,
militari si psihologici de pe piata international;
Categoria 7. Factori lega(i de evolu(ia ratingului de
(ar atribuit de agentiile de evaluare si estimarea
perspectivelor (negativ sau pozitiv) yi pozi(ia
organiza(iilor interna(ionale vis-a-vis de tara respectiv.
Categoriile 1-4 elucidea: dimensiunea najional a
modelului investitional, iar Iactorii din categoriile 5-7
conturea: dimensiunea extern a acestuia.
Fiecare dintre aceste grupe de factori actionea: in
sens de formare i modificare (/ A) (accelerare sau
franare) a fluxurilor de investitii din/ctre tara anali:at.
Prin urmare, n Iunctie de ,greutatea categoriilor
de Iactori enuntate, Iluxurile de ISD se ndreapt
Iie ctre spatiul national, Iie ctre strintate. ,Greutatea
n contextul analizat Iiind deIinit de calitatea
Iactorilor, iar modelul actioneaz pe principiul
balantei nclinndu-se n directia cu greutate mai
mare, respectiv ndreptnd Iluxurile investionale n/din
(in/out
eng
) tara ncadrat n procesul investtional
international.
Multitudinea Iactorilor angajati, evolutia lor dinamic
si deseori contradictorie, precum si posibilitatea implicrii
unor interese, evidentiaz complexitatea mecanismului
analizat.
Un aspect important al modelului investitional propus
se reIer la Iaptul c alturi de dimensiunea eIectiv si
real a Iiecrui Iactor un rol important l joac
interpretarea informatiilor cu privire la modiIicrile
intervenite n evolutia acestora.
AstIel, mentionm c atribuirea de ctre agentiile de
evaluare Iinanciar a unui rating de tar sczut pentru o
tar, are o ,Iort enorm si poate distruge ,Iorta de
atractivitate a oricrui climat investitional, orict de
Iavorabil.
n acelasi timp, unele elemente si mecanisme ale
modelului investitional se aIl sub inIluenta actiunii
umane si ca urmare pot Ii inIluentate cu ajutorul diIeritor
politici, de autoritti sau alti participanti importanti ai
procesului investitional de obicei, investitori, n modul si
directia dorit. n timp ce altii nu cad sub inIluenta activittii
umane.
De asemenea, pentru inIluentarea n parte a Iactorilor
enumerati se necesit eIorturi antrenate de diIerit greutate,
complexitate si cost. Obtinerea rezultatelor asteptate are loc
n intervale diIerite de timp, iar eIectele deja obtinute se
maniIest n perioade de timp limitate.
Trebuie s constientizm c modelul pre:entat se
ba:ea: pe comportamentul pur economic si reprezint un
tablou simpliIicat si generalizat al realittii.
Evaluarea Iactorilor modelului investitional al Republicii
Moldova se prezint n Tabelul 1.
account balance, external debt, evolution oI exchange
rate, the share on certain markets, etc.;
Category 6. Factors related to the international
market conditions, including economic, political,
military and psychological Iactors on the international
market;
Category 7. Factors related to a change of country
rating assigned by rating agencies that estimate the
prospects (negative or positive) and the position of
international organizations vis-a-vis the speciIic
country.
Categories 1-4 highlight the national dimension oI
the investment model and Iactors Irom categories 5-7
outline its external dimension.
Each of these groups of factors act in respect of
training and change ( / - A) (acceleration or braking)
of investment flows from / to the analv:ed countrv.
ThereIore, according to the "weight" oI the
mentioned Iactors categories, FDI Ilows are directed
either to the national space or abroad. "Weight" in the
analyzed context being deIined by the quality oI Iactors
and the model works on the principle oI balance -
bowing towards the heavier weight, respectively
channeling investment Ilows in/out the country placed in
the international investment process.
The multitude oI the involved Iactors, their dynamic
and oIten contradictory evolution, and possible
involvement oI some interest, highlight the complexity
oI the considered mechanism.
An important aspect oI the proposed investment
model is the Iact that with the eIIective and real size oI
each Iactor, an important role is played by the
interpretation of the information regarding the changes
in their evolution.
Thus, we note that allocation oI Iinancial rating
agencies oI a low country rating Ior a country has an
enormous "Iorce" and can destroy the "attractive Iorce"
oI any investment climate, however Iavorable it could
be.
At the same time, some elements and mechanisms oI
the investment model are under the inIluence oI human
action and thereIore can be inIluenced by diIIerent
policies, authorities or other major actors oI the
investment process - typically investors, in the needed
manner and direction, while others are not under the
inIluence oI human activity.
Also, in order to inIluence the listed Iactors in part,
there are required eIIorts oI diIIerent weight, complexity
and cost. Achievement oI the expected results takes place
in diIIerent time intervals, and the already achieved
eIIects are maniIested in limited time periods.
We must be aware that the presented model is based
on purelv economic behavior and it is a simpliIied and
generalized picture oI reality.
Evaluation oI Moldova's investment model Iactors is
shown in Table 1.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 87
nr. 2 / 2012
Tabelul 1/ Table 1
Evaluarea dinamicii calit(ii factorilor modelului investi(ional al Republicii Moldova
din perspectiva anilor 200020052011/ Evaluation of dynamic of investment model quality factors of the
Republic of Moldova from the perspective of 2000 2005 2011
Denumirea
factorului
determinant / Name
of the determining
factor
Tendin(a nregistrat /
Recorded trend
Argumentarea / Argument
PIB/ GDP Crestere / increase Cu exceptia anulor 2008-2009 PIB-ul Republicii Moldova ntregistreaz trend
cresctor, ceea ce se apreciaz pozitiv din perspectiva investitorilor strini./ With
exception oI 2008-2009, GDP oI the Republic oI Moldova records an upward trend,
which is welcomed by the Ioreign investors.
Mediul economic/
Economic
environment
Stabilitate/ stability Au Iost ntreprinse mai multe actiuni de mbunttire a mediului economic pentru
dezvoltarea aIacerilor, actiuni precum reducerea costurilor de deschidere a
aIacerilor si Legea Ghilotinei se apreciaz pozitiv, ns recent se observ orientarea
ctre vechiul sistem. / Several actions were taken in order to improve the economic
environment Ior business development, actions like opening oI a business cost
reduction and the Guillotine Law are positively apreciated, but recently the old
system orientation is observed.
Datoria public
intern /
Domestic public debt
Crestere lent / slow
increase
Se apreciaz pozitiv lipsa datoriei publice interne la salarii si pensii, precum si
capacitatea guvernului de a Iace Iat provocrilor crizei Iinanciare ncepute n anul
2008. / The lack oI internal public debt at wages and pension and government's
ability to meet the challenges oI Iinancial crisis started in 2008 are welcomed.
Datoria public
extern /
External public debt
Descrestere, urmat de
crestere/
Decrease Iollowed by
increase
Indicatorul a nregistrat tendint de scdere, ns n contextul crizei Iinanciare
recente a nregistrat crestere. La nivel international, n cazul analizei copmarative cu
situatia din alte state cu caracteristici similare, acest Iapt nu se caliIic negativ. /
The indicator recorded a decrease trend, but in the context oI recent Iinancial crisis
has registered an increase. At the international level, in the case oI comparative
analysis with the situation Irom other countries with similar characteristics, this Iact
can not be seen as a negative one.
Situatia bugetar /
State oI the budget
Stabilitate / stability Se nregistreaz deIicite bugetare n limitele dezideratelor impuse de FMI. /
There are recorder budget deIicits within the limits oI aims imposed by IMF.
Situatia balantei de
plti externe /
External balance oI
payments
Stabilitate / stability Se nregistreaz deIicite n proportii acceptabile, Iactorul pozitiv n acest sens
constituind remitentele trimise de emigrantii moldoveni./ DeIicits in acceptable
proportions are recorded, the positive Iact being the remittances oI the Moldovan
emigrants.
Calitatea sistemului
Iiscal / Quality oI the
tax system
mbunttire/
Improvement
ntreaga perioad analizat este caracterizat de mbunttire relativ din
perspectiva investitorilor autohtoni. n acelasi timp au Iost anulate Iacilittile
prevzute pentru investitorii strini. Pe viitor se asteapt nruttirea situatiei,
pornind de la unele prevederi ale politicii Iiscale pentru anul 2012. / The whole
analyzed period is characterized by relative improvement Irom the perspective oI
local investors. At the same time, Iacilities provided Ior Ioreign investors were
canceled. The Iuture expects the worsening oI the situation, starting with some
certain provisions oI tax policy Ior 2012.
Piata intern de
consum / Domestic
consumption market
Crestere/ increase Factor Ioarte Iavorabil. A crescut cererea solvabil a populatiei alimentat din
remitente si ca urmare a procesului de multiplicare si din alte surse. / Favorable
Iactor. The solvent demand oI the population increased, being Iueled by remittances
as a result oI the multiplication process and other sources.
Resurse naturale /
Natural resources
Stabilitate / stability Tara dispune de soluri bogate, politica agricol orienteaz ctre obtinerea
productiei ecologice. / The country has rich soils; agricultural policy is oriented to
achieve organic production.
Pregtirea Iortei de
munc / WorkIorce
training
Crestere / increase n perioada analizat a crescut numrul persoanelor cu caliIicri ridicate, n
special numrul absolventilor institutiilor superioare de nvtmnt. n acelasi timp
mentionm rezerve reIetitoare la calitatea instruirii si convergenta sistemului de
nvtmnt la cele din trile dezvoltate si sistemul european. / In the analyzed period
the number oI people with higher qualiIications increased, especially the number oI
graduates oI higher education institutions. At the same time we mention reserves
regarding the quality oI training and convergence oI the educational system to the
one Irom developed countries and the European system.
Costul Iortei de
munc / Cost oI the
labor Iorce
Crestere / increase Sub impactul procesului migrator si n corelare cu cresterile nregistrate n alte
tri se nregistreaz cresterea costului Iortei de munc. n acelasi timp costul Iortei
de munc rmne a Ii redus comparativ cu cel la nivel europrean. / Under the impact
oI migration process and in conjunction with increases in other countries there is
recorded the growth oI labor costs. While labor cost remains low compared to
europrean level.
Costuri de productie /
Production costs
Crestere relativ / relative
increase
Cresterea costurilor de productie se datoreaz majoritar cresterii continue a
costurilor la energie electric si carburanti. / Production costs increase is due mainly
to the continuous growth oI electricity and Iuel costs.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
88
Continuarea Tabelului 1/ Table 1
InIrastructur /
InIrastructure
Crestere lent / slow
increase
Rezerve mari se mentioneaz la calitatea inIrastructurii n toate regiunile trii, n
special n aIara municipiilor. / High reserves reIerres to the quality oI inIrastructure
in all regions oI the country, especially outside the cities.
Politici
guvernamentale /
Governmental
policies
mbunttire/
improvement
Politicile promovate de guvern corespund dezideratelor dezvoltrii economice si
urmeaz tendinta continu de mbunttire. Unle acttiuni prevzute n polotici nu
ajung sa Iie implementate. / Policies promoted by the Government meet the
aspirations oI economic development and Iollow the continuous trend oI
improvement. Some actions reIlected in policies Iail to be implemented.
Concurenta /
Competition
Crestere / increase n corespunderea cu dezideratele organismelor internationale a Iost creat
Agentia national pentru protectia concurentei. Sunt nregistrate rezultate Iavorabile
n domeniu, ns urmeaz s se lucreze asupra transparentei si impartialittii n
activitate. / In compliance with the needs oI international bodies, the National
Agency Ior Protection oI Competition was created. Favorable results are recorded
in the Iield, but are a need to be worked on transparency and impartiality in their
activity.
Rentabilitatea
aIacerilor / Business
proIitability
Scdere lent / slow
decrease
Liberalizarea importurilor la unele categorii de produse si bunuri a condus la
cresterea concurentei si ca urmare la scderea rentabilittii. Situatia nu s-a schimbat
la unlele categorii de bunuri. / Liberalization oI imports at some categories oI
products and goods has increased competition and thereIore decrease oI
proIitability. The situation has not changed at some categories oI goods.
Gradul de protejare a
propriettii / Degree
oI property
protection
Scdere / decrease Cazurile cu atacurile de raider indic asupra existentei unor probleme grave n
sistemul legislativ si judiciar / Cases oI raider attacks indicate the existence oI
serious problems in legal and judicial system
Restrictiile din
legislatia muncii /
Restrictions Irom
labor legislation
Stabilitate / stability Odat cu aprobarea noului Cod al Muncii n anul 2003 nu s-a recurs la instituirea
unor noi restrictii./ With the approval oI the new Labour Code in 2003 new
restrictions have not been imposed.
Politica Iat de
capitalul strin /
poliy towards the
Ioreign capital
Scdere / decrease Nu se acord preIerinte investitorilor strini. Acestora le sunt oIerite conditii si
sunt plasati n conditii identice cu cele acordate investitorilor autohtoni. / No
preIerence is given to Ioreign investors. They are oIIered and are placed under
conditions identical to those granted to domestic investors.
Cota economiei
tenebre / Share oI the
shadow economy
Stabilitate / stability Evaluarea acestui Iactor din perspectiva investitorilor strini este ambigu. /
Evaluation oI this Iactor Irom the perspective oI Ioreign investors is ambiguous.
Nivelul coruptiei /
Level oI corruption
Stabilitate / stability Chiar si crearea unui organ de stat cu atributii n domeniu Centrul de
Combatere a Crimelor Organizate si Coruptiei nu a adus rezultatele asteptate n
perioada analizat. / Even creating a state agency with responsibilities in the Iield -
Center Ior Combating Organized Crime and Corruption has not delivered the
expected results in the period.
Criminalitatea /
Crime
Stabilitate / stability Nivelul criminalittii este mai jos dect n multe tri cu nivel de dezvolatre
similar. / The crime level is lower than in many countries with a similar
development level.
Stabilitatea cadrului
legislativ /
Establishment oI the
legislative Iramework
munttire/
improvement
Tendint continu de mbunttire / A continuous trend oI improvement
Evolutia ratingului de
tar atribuit de
agentiile
internationale /
Evolution oI the
country raiting
oIIered by
international agencies
Scdere / decrease n perioada analizat au Iost nregistrate mbunttiri periodice ale imagiunii trii
noastre pe plan international, ns n ultimii ani reputatia noastr scade simtitor / In
the analyzed period there were periodic signals oI the internationally image
improvement oI our country, but in recent years our reputation signiIicantly
decreased
Pozitia organizatiilor
internationale FMI,
BM / Position oI
international
organizations IMF,
WB
mbunttire/
improvement
Odat cu schimbarea guvernrii comuniste se observ o conlucrare mai eIicient
si o deschidere Iat de tara noastr / With the change oI the communist government
there is a more eIIective cooperation and openness to our country
Conjunctura pietei
internationale /
International market
conditions
Turbulente / turbulence Recenta criz Iinanciar international a aIectat grav economiile statelor
dezvoltate, deIicitele de lichiditti au sczut simtitor capacittile de investitii att a
investitorilor institutionali ct si privati/ The recent international Iinancial crisis has
seriously aIIected the economies oI developed states, the cash deIicits signiIicantly
decreased the investment capabilities oI both institutional and private investors
Sursa/Source: Elaborat de autor./Developed by the author.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 89
nr. 2 / 2012
Reiesind din evaluarea Iactorilor modelului investitional
al Republicii Moldova (Tabelul 1) modelul investitional al
Republicii Moldova are orientare declarativ ctre
investitorul strin i local, comparativ favorabil din
perspectiv economic, ns exist mari rezerve, la Iactorii
institutionali-legali, n special ce tin de protectia propriettii,
calitatea justitiei, nivelul coruptiei si instabilitatea politic,
respectiv nefavorabil din perspectiv politic i
institutional-legal, dimensiunea extern a modelului foac
in rol relativ decisiv in formarea tabloului investitional al
Republicii Moldova.
Trebuie s mentionm c calitatea ultimilor
Iactori mentionati ,stopeaz inIluxurile de capital ale
investitorilor strini si servesc bariere importante chiar si n
prezenta Iactorilor de origine economic de nivel (rating)
superior celor din Republica Moldova. La aceste aspecte
guvernarea din Chisinu ar trebuie s-si tinteasc
atentia.
Based on the assessment oI Moldova's investment
model Iactors (Table 1) Moldovas investment model has
a declarative orientation to foreign and domestic
investors, being comparativelv favorable from an
economic perspective, but there are large reserves
regarding the institutional-legal Iactors, particularly
related to property protection, quality oI justice, the level
oI corruption and political instability, respectively -
unfavorable from the political and institutional-legal
perspective, the external dimension of the model plavs
the decisive role in shaping the investment picture of the
Republic of Moldova.
We should mention that the quality oI the last
mentioned Iactors "stops" the inIlows oI FDI and serve
as important barriers even in the presence oI Iactors oI
economic origin oI a higher level (rating) than in
Moldova. The Government Irom Chisinau should pay
attention especially to these Iactors.
Referin(e bibliografice/References
1. HALPERN, Paul. Finante manageriale: modelul canadian. Bucuresti: Editura Economic, 1998. 956 p. ISBN 973-
590-043-2.
2. Raportul de analiz a constrngerilor n cresterea economic. |Accesat 01.03.2012|. Disponibil: http://mca.
gov.md/Iile/CA20Report20320septembrie20MD.pdI.
3. MELIN, L. Internationalization as a Strategy. In: Strategic Management Journal. 1992, no. 13, pp. 99-118.
4. MILLINGTON, A. I., BAYLISS, B. T. The process oI internationalisation: UK companies in the EC. In:
Management International Review. 1990, vol. 30, no. 2, pp. 151-161.
5. JOHANSON, J., VAHLNE, J. E. Business Relationship Learning and Commitment in the Internationalization
process. In: Journal oI International Entrepreneurship. 2003, vol. 1, pp. 83-101.
6. World Investment Prospects Survey 2010-2012. |Accesat 25.03.2012|. Disponibil: http://www.
unctad.org/en/docs/diaeia20104en.pdI.
Recomandat spre publicare. 31.05.2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
90
ACCESUL LA FINANTE - CONSTRANGERE
LA CRETEREA ECONOMIC
N REPUBLICA MOLDOVA
ACCESS TO FINANCE - CONSTRAINT
TO THE ECONOMIC GROWTH
IN THE REPUBLIC OF MOLDOVA
Marcel CHIS1RUCA, dr., IEFS
Maria HAMURARU, dr., USM
Recenzent: Rodica PERCIUA, dr., conf. cercet., IEFS
Marcel CHIS1RUCA, PhD, IEFS
Maria HAMURARU, PhD, SUM
Reviewer: Rodica PERCIUA, PhD, Associate Prof., IEFS
Autorii compar diferiti indicatori financiari, in scopul de
a descoperi o situatie interesant pentru Republica Moldova.
Toti indicatorii financiari au un trend po:itiv, dar Republica
Moldova nu dispune de resursele financiare necesare pentru
o bun de:voltare. Compararea i utili:area indicatorilor
financiari din ba:e de date internationale dau posibilitateain
acest articol pentru perspective noi de evaluarea a
performantelor financiare in Moldova.
Cuvinte cheie: indicatori financiari, evaluare
financiar, performanta financiar
Authors compare different financial indicators in
order to reveal an interesting situation for Republic of
Moldova. All financial indicators have a positive
trend, but still Moldova lacks the financial resources
needed for a good development. Comparing and using
financial indicators from international database article
pleads for new insights for the financial assessment in
Moldova.
Key words: financial indicators, financial
assessment, financial performance
Introducere. Una din constrngerilor iminente revelate
de ctre analiza constrngerilor este accesul deIectuos la
Iinante. Unul din 7 piloni pe baza crora se va elabora
Strategia National de Dezvoltare 2012-2020 este adresat
acestei probleme. Analiza suplineste studiile deja existente,
evidentiind si alte aspecte ce identiIic constrngerile i
cauzele asociate cu accesul la Iinante n Republica
Moldova. Rezultatele studiului au Iost discutate i
prezentate n cadrul Grupului de Lucru ,Finante accesibile
i ieItine, Ministerul Economiei.
La mod general, problema trebuie privit att din
perspectiva accesului la Iinantele interne, ct i la pietele
Iinanciare internationale. La rndul su, accesul deIectuos
la Iinantarea intern este asociat cu urmtoarele dou
cauze: lipsa competitiei i costuri mari ale banilor. Pe cnd
accesul pe pietele Iinanciare externe este conditionat de
riscurile de tar, climatul investitional, riscul cursului
valutar.
Dac vorbim de o cretere economic sustenabil,
Republica Moldova trebuie s nregistreze creteri ale
ratei investi(iilor, cel putin mai mare dect n trile din
regiune. Pentru realizarea acestui obiectiv se cere mai
multe actiuni ce ar permite dezvoltarea sistemului
Iinanciar.
Con(inutul de baz
ACCESUL LA FINANTAREA INTERN
Actualmente, n Republica Moldova si desIsoar
activitatea 15 institutii Iinanciar-bancare, dintre care n
2010 erau 9 cu capital strin. Numrul total al institutiilor
bancare (Iiliale, reprezentante) a crescut de la 388 n 1999
la 1160 n 2010. ProIunzimea sectorului bancar este n
continu crestere si, n mare parte, adecvat comparativ cu
trile din regiune, dar slab dezvoltat comparativ cu trile
UE.
Introduction. One oI the inherent constraints
revealed by Iurther analysis is poor access to Iinance.
One oI the seven pillars on which the National
Development Strategy 2012-2020 is going to be based
addresses this problem. The analysis complements
existing studies, highlighting other issues identiIying the
constraints and causes associated with access to Iinance
in Moldova. The Iindings oI the study were discussed
and presented at the Working Group "Accessible and
Inexpensive Finance", held by the Ministry oI Economy.
In general, the problem should be seen both in terms
oI access to domestic Iinance and to international
Iinancial markets. In turn, the poor access to domestic
Iinancing is associated with the Iollowing two reasons:
a lack oI competition and the high costs oI Iinancial
resources. At the same time, access to external Iinancial
markets is subject to country risks, investment climate
and exchange rate risk.
II we are seeking sustainable economic growth,
Moldova needs to boost the investment performance
to a level that is at least higher than in other countries
oI the region. To achieve this, several actions that
would allow the development oI the Iinancial system
are needed.
The basic content
ACCESS TO DOMESTIC FINANCE
Currently, there are 15 Iinance and banking
institutions operating in Moldova, oI which 9 were
Ioreign-owned in 2010. The total number oI banking
institutions (branches, representative oIIices) increased
Irom 388 in 1999 to 1160 in 2010. The banking sector
is growing continuously and is largely adequate in
comparison with countries in the region, but weak
compared to EU countries.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 91
nr. 2 / 2012
Fig. 1. Sucursale bancare la 100 mii adul(i/
Fig. 1. Bank branches per 100,000 adults
Sursa/Source: Conform datelor World Bank Database./According to World Bank Database.
Sistemul bancar din Moldova are o pondere relativ
mare a bncilor cu capital de stat. Statul este prezent n
proportie destul de mic n regiune, dac excludem
Bielorusia, atunci media pentru trile din regiune este de 6,1
din totalul activelor, iar n Moldova aceast ciIr este
de 13,4.
The banking system in Moldova has a relatively large
share oI state-owned banks. The state currently has a
relatively small presence in the region; iI we exclude
Belarus, the average Ior countries in the region is 6.1 per
cent oI total assets, while in Moldova the Iigure is 13.4 per
cent.
0 , 0 3 , 0 1 0 , 0 1 3 , 0 2 0 , 0 2 3 , 0
A l b a n l a
8 o s n l a s l P e r z e g o v l n a
8 u l g a r l a
C r o a L l a
M a c e d o n l a
u n g a r l a
k a z a h s L a n
k l r g h l z l a
L e L o n l a
M o l d o v a
M o n g o l l a
M u n L e n e g r u
o l o n l a
8 o m a n l a
S l o v a c l a
1 a d [ l k l s L a n
u c r a l n a
M e d l a
M e d l a a c L l v e l o r
b a n c l l o r c u c a p l L a l d e
s L a L , 2 0 0 4 - 2 0 0 9
Fig. 2. Ponderea activelor bncilor cu capital de stat/
Fig. 2. The share of state-owned bank assets
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
n acelasi timp, n sistemul bancar autohton, ponderea
bncilor cu capital strin n totalul activelor din sistemul
bancar are o medie de 28 n anii 2004-2009, crescnd pn la
31,6 n 2010. Aceast deIicient este conIirmat de studiul
OECD Competitiveness and Private Sector Development in
Republic oI Moldova, respectiv, cu exceptia Bielorus si
Azerbaidjan, toate trile ECE au o medie de 88.
At the same time, the share oI Ioreign-owned banks by
total banking assets was 28 per cent on average in 2004-
2009, rising to 31.6 per cent in 2010. This deIiciency is
conIirmed by the OECD study "Competitiveness and
Private Sector Development in the Republic oI Moldova";
with the exception oI Belarus and Azerbaijan, all CEE
countries have an average oI 88 per cent.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 91
nr. 2 / 2012
Fig. 1. Sucursale bancare la 100 mii adul(i/
Fig. 1. Bank branches per 100,000 adults
Sursa/Source: Conform datelor World Bank Database./According to World Bank Database.
Sistemul bancar din Moldova are o pondere relativ
mare a bncilor cu capital de stat. Statul este prezent n
proportie destul de mic n regiune, dac excludem
Bielorusia, atunci media pentru trile din regiune este de 6,1
din totalul activelor, iar n Moldova aceast ciIr este
de 13,4.
The banking system in Moldova has a relatively large
share oI state-owned banks. The state currently has a
relatively small presence in the region; iI we exclude
Belarus, the average Ior countries in the region is 6.1 per
cent oI total assets, while in Moldova the Iigure is 13.4 per
cent.
0 , 0 3 , 0 1 0 , 0 1 3 , 0 2 0 , 0 2 3 , 0
A l b a n l a
8 o s n l a s l P e r z e g o v l n a
8 u l g a r l a
C r o a L l a
M a c e d o n l a
u n g a r l a
k a z a h s L a n
k l r g h l z l a
L e L o n l a
M o l d o v a
M o n g o l l a
M u n L e n e g r u
o l o n l a
8 o m a n l a
S l o v a c l a
1 a d [ l k l s L a n
u c r a l n a
M e d l a
M e d l a a c L l v e l o r
b a n c l l o r c u c a p l L a l d e
s L a L , 2 0 0 4 - 2 0 0 9
Fig. 2. Ponderea activelor bncilor cu capital de stat/
Fig. 2. The share of state-owned bank assets
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
n acelasi timp, n sistemul bancar autohton, ponderea
bncilor cu capital strin n totalul activelor din sistemul
bancar are o medie de 28 n anii 2004-2009, crescnd pn la
31,6 n 2010. Aceast deIicient este conIirmat de studiul
OECD Competitiveness and Private Sector Development in
Republic oI Moldova, respectiv, cu exceptia Bielorus si
Azerbaidjan, toate trile ECE au o medie de 88.
At the same time, the share oI Ioreign-owned banks by
total banking assets was 28 per cent on average in 2004-
2009, rising to 31.6 per cent in 2010. This deIiciency is
conIirmed by the OECD study "Competitiveness and
Private Sector Development in the Republic oI Moldova";
with the exception oI Belarus and Azerbaijan, all CEE
countries have an average oI 88 per cent.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 91
nr. 2 / 2012
Fig. 1. Sucursale bancare la 100 mii adul(i/
Fig. 1. Bank branches per 100,000 adults
Sursa/Source: Conform datelor World Bank Database./According to World Bank Database.
Sistemul bancar din Moldova are o pondere relativ
mare a bncilor cu capital de stat. Statul este prezent n
proportie destul de mic n regiune, dac excludem
Bielorusia, atunci media pentru trile din regiune este de 6,1
din totalul activelor, iar n Moldova aceast ciIr este
de 13,4.
The banking system in Moldova has a relatively large
share oI state-owned banks. The state currently has a
relatively small presence in the region; iI we exclude
Belarus, the average Ior countries in the region is 6.1 per
cent oI total assets, while in Moldova the Iigure is 13.4 per
cent.
0 , 0 3 , 0 1 0 , 0 1 3 , 0 2 0 , 0 2 3 , 0
A l b a n l a
8 o s n l a s l P e r z e g o v l n a
8 u l g a r l a
C r o a L l a
M a c e d o n l a
u n g a r l a
k a z a h s L a n
k l r g h l z l a
L e L o n l a
M o l d o v a
M o n g o l l a
M u n L e n e g r u
o l o n l a
8 o m a n l a
S l o v a c l a
1 a d [ l k l s L a n
u c r a l n a
M e d l a
M e d l a a c L l v e l o r
b a n c l l o r c u c a p l L a l d e
s L a L , 2 0 0 4 - 2 0 0 9
Fig. 2. Ponderea activelor bncilor cu capital de stat/
Fig. 2. The share of state-owned bank assets
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
n acelasi timp, n sistemul bancar autohton, ponderea
bncilor cu capital strin n totalul activelor din sistemul
bancar are o medie de 28 n anii 2004-2009, crescnd pn la
31,6 n 2010. Aceast deIicient este conIirmat de studiul
OECD Competitiveness and Private Sector Development in
Republic oI Moldova, respectiv, cu exceptia Bielorus si
Azerbaidjan, toate trile ECE au o medie de 88.
At the same time, the share oI Ioreign-owned banks by
total banking assets was 28 per cent on average in 2004-
2009, rising to 31.6 per cent in 2010. This deIiciency is
conIirmed by the OECD study "Competitiveness and
Private Sector Development in the Republic oI Moldova";
with the exception oI Belarus and Azerbaijan, all CEE
countries have an average oI 88 per cent.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
92
0,0 30,0 100,0 130,0
Albanla
8osnla sl Perzegovlna
8ulgarla
CroaLla
Macedonla
ungarla
kazahsLan
klrghlzla
LeLonla
Moldova
Mongolla
MunLenegru
olonla
8omanla
Slovacla
1ad[lklsLan
ucralna
Medla acLlvelor
bancllor cu caplLal
sLraln, 2004-2009
Fig. 3. Ponderea activelor bncilor cu capital strin/
Fig. 3. The share of foreign-owned bank assets
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
Primele sase bnci din Moldova detin n jur de 70 din
activele pietei bancare si totalul creditelor acordate
economiei. Desi, corespunde mediei regiunii, indicele de
concentrare (CR-4 si HHI Indicele HerIindahl-Hirschman)
a pietei relev un grad relativ de concentrare a pietei bancare
n Republica Moldova.
The Iirst six banks in Moldova hold about 70 per cent
oI bank assets and total loans to the economy. Although
corresponding to the region average, the concentration
index (CR-4, HerIindahl-Hirschman Index HHI) oI the
market shows a high relative degree oI banking market
concentration in Moldova.
Tabelul 1/Table 1
Indicatorii de concentrare a sectorului bancar, n anii 2009-2010/
Banking sector concentration indexes 2009-2010
Nr. Indicatorii 2009 2010
1
CR-4, 59
2
HHI, puncte 1172 121
Sursa/Source: 1endinje n economia Moldovei, Ar.1/211, Chiyinu, Complexul Editorial IEFS, 211./Moldovan
Economic 1rends, Ar.1/211, Chiyinu, Complexul Editorial IEFS, 211.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 93
nr. 2 / 2012
Calculnd indicatorii de concentrare a acestui segment
de piat (CR-4 si HHI Indicele HerIindahl-Hirschmann),
observm, c n anul 2010 se nregistreaz un nivel de 1210
puncte, astIel piata bancar se caracterizeaz printr-un grad
de concentrare moderat, Iapt ce presupune un nivel
satisIctor al concurentei.
Costurile nalte ale finan(elor. Pe parcursul anilor,
ratele reale ale dobnzilor la credite si depozite au demonstrat
tendinte de scdere. AstIel, evolutiile echilibrate ale
dobnzilor ar nsemna o alimentare constant a sectorului
real cu resurse Iinanciare ce ar sustine o crestere uniIorm a
economiei, gradual si Ir Iluctuatii importante. Totusi, unii
agenti economici si oameni de aIaceri consider c ratele
dobnzii n Republica Moldova snt mari.
The concentration indicators oI this segment oI the
market (CR-4 and HHI HerIindahl-Hirschmann) show
that in 2010 a level oI 1210 points was recorded, so the
banking market is characterized by a moderate degree of
concentration, which implies a satisIactory level oI
competition.
High cost of finance. Real interest rates on loans and
deposits have shown declining trends during the years.
Thus, the balanced developments oI the interests would
mean a constant supply oI Iinance to the real sector, that
would support a uniIorm growth oI the economy, gradually
and without major Iluctuations. However, some businesses
and business people consider that interest rates in
Moldova are high.
Fig. 4. Evolu(ia ratelor reale ale dobnzilor la credite yi depozite/
Fig. 4. Evolution of real interest rates on loans and deposits
Sursa/Source: Conform datelor World Bank database./According to World Bank database.
Necesitatea si insuIicienta accesului sectorului real la
Iinantare este captat de Global Competitiveness Report
2010-2011, unde majoritatea respondentilor au ales accesul
la Iinante o problem acut pentru desIsurarea aIacerii n
Republica Moldova. Aceeasi situatie o gsim si n Raportul
Doing Business 2011, n care la capitolul accesul la credit
Republica Moldova scade cu 2 trepte n clasament, Iiind pe
locul 89 din totalul trilor analizate. O situatie similar
prezint chestionarul ntreprinderilor BEEPS, unde
problemele ce tin de accesul la Iinante au Iost evidentiate de
ctre agentii economici intervievati.
Costurile nalte ale accesului la credite sunt asociate cu
rata inIlatiei. Invitabil, creditarea economiei se Iace la rate
ale dobnzii mai mari dect costul mijloacelor si nu mai mici
dect rata inIlatiei. Comparativ cu nivelul regiunii, rata
dobnzii la credite n Republica Moldova, att n valori
nominale, ct si n reale, este la un nivel mare. Partial
datorit unei ratei a inIlatiei mari, Republica Moldova
are una din cele mai mari rate ale dobnzii din regiune.
Odat cu dezvoltarea sectorului Iinanciar, o consecint
neIast a ratelor nalte ale dobnzii ar putea Ii stimularea
presiunilor speculative, cu consecinte asupra stabilittii
cursului valutar.
The need Ior and insuIIiciency oI access oI the real
sector to Iinance is captured by the Global
Competitiveness Report 2010-2011, where most
respondents mentioned the access to Iinance as a
particularly acute problem Ior business development in
Moldova. The same situation is Iound in the Doing
Business Report 2011, the section Access to credit in the
Republic oI Moldova oI which shows a 2-step drop in
ranking to the 89th position oI all countries analyzed. A
similar situation is presented in BEEPS survey, where
issues related to access to Iinance have been identiIied by
the interviewed businesses.
High cost oI access to credits is associated with
inIlation. Loans to the economy are made at higher
interest rates than the cost oI Iunds and at levels that are
not below the inIlation rate. Compared with the level in the
region, the interest rate on loans in Moldova, both in
nominal and in real terms, is at a high level. Partly due to
a high inIlation rate, Moldova has one oI the highest rates
oI interest in the region. With the Iinancial sector
development, a negative consequence oI high interest
rates may be the stimulation oI speculative pressures,
with consequences Ior exchange rate stability.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 93
nr. 2 / 2012
Calculnd indicatorii de concentrare a acestui segment
de piat (CR-4 si HHI Indicele HerIindahl-Hirschmann),
observm, c n anul 2010 se nregistreaz un nivel de 1210
puncte, astIel piata bancar se caracterizeaz printr-un grad
de concentrare moderat, Iapt ce presupune un nivel
satisIctor al concurentei.
Costurile nalte ale finan(elor. Pe parcursul anilor,
ratele reale ale dobnzilor la credite si depozite au demonstrat
tendinte de scdere. AstIel, evolutiile echilibrate ale
dobnzilor ar nsemna o alimentare constant a sectorului
real cu resurse Iinanciare ce ar sustine o crestere uniIorm a
economiei, gradual si Ir Iluctuatii importante. Totusi, unii
agenti economici si oameni de aIaceri consider c ratele
dobnzii n Republica Moldova snt mari.
The concentration indicators oI this segment oI the
market (CR-4 and HHI HerIindahl-Hirschmann) show
that in 2010 a level oI 1210 points was recorded, so the
banking market is characterized by a moderate degree of
concentration, which implies a satisIactory level oI
competition.
High cost of finance. Real interest rates on loans and
deposits have shown declining trends during the years.
Thus, the balanced developments oI the interests would
mean a constant supply oI Iinance to the real sector, that
would support a uniIorm growth oI the economy, gradually
and without major Iluctuations. However, some businesses
and business people consider that interest rates in
Moldova are high.
Fig. 4. Evolu(ia ratelor reale ale dobnzilor la credite yi depozite/
Fig. 4. Evolution of real interest rates on loans and deposits
Sursa/Source: Conform datelor World Bank database./According to World Bank database.
Necesitatea si insuIicienta accesului sectorului real la
Iinantare este captat de Global Competitiveness Report
2010-2011, unde majoritatea respondentilor au ales accesul
la Iinante o problem acut pentru desIsurarea aIacerii n
Republica Moldova. Aceeasi situatie o gsim si n Raportul
Doing Business 2011, n care la capitolul accesul la credit
Republica Moldova scade cu 2 trepte n clasament, Iiind pe
locul 89 din totalul trilor analizate. O situatie similar
prezint chestionarul ntreprinderilor BEEPS, unde
problemele ce tin de accesul la Iinante au Iost evidentiate de
ctre agentii economici intervievati.
Costurile nalte ale accesului la credite sunt asociate cu
rata inIlatiei. Invitabil, creditarea economiei se Iace la rate
ale dobnzii mai mari dect costul mijloacelor si nu mai mici
dect rata inIlatiei. Comparativ cu nivelul regiunii, rata
dobnzii la credite n Republica Moldova, att n valori
nominale, ct si n reale, este la un nivel mare. Partial
datorit unei ratei a inIlatiei mari, Republica Moldova
are una din cele mai mari rate ale dobnzii din regiune.
Odat cu dezvoltarea sectorului Iinanciar, o consecint
neIast a ratelor nalte ale dobnzii ar putea Ii stimularea
presiunilor speculative, cu consecinte asupra stabilittii
cursului valutar.
The need Ior and insuIIiciency oI access oI the real
sector to Iinance is captured by the Global
Competitiveness Report 2010-2011, where most
respondents mentioned the access to Iinance as a
particularly acute problem Ior business development in
Moldova. The same situation is Iound in the Doing
Business Report 2011, the section Access to credit in the
Republic oI Moldova oI which shows a 2-step drop in
ranking to the 89th position oI all countries analyzed. A
similar situation is presented in BEEPS survey, where
issues related to access to Iinance have been identiIied by
the interviewed businesses.
High cost oI access to credits is associated with
inIlation. Loans to the economy are made at higher
interest rates than the cost oI Iunds and at levels that are
not below the inIlation rate. Compared with the level in the
region, the interest rate on loans in Moldova, both in
nominal and in real terms, is at a high level. Partly due to
a high inIlation rate, Moldova has one oI the highest rates
oI interest in the region. With the Iinancial sector
development, a negative consequence oI high interest
rates may be the stimulation oI speculative pressures,
with consequences Ior exchange rate stability.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 93
nr. 2 / 2012
Calculnd indicatorii de concentrare a acestui segment
de piat (CR-4 si HHI Indicele HerIindahl-Hirschmann),
observm, c n anul 2010 se nregistreaz un nivel de 1210
puncte, astIel piata bancar se caracterizeaz printr-un grad
de concentrare moderat, Iapt ce presupune un nivel
satisIctor al concurentei.
Costurile nalte ale finan(elor. Pe parcursul anilor,
ratele reale ale dobnzilor la credite si depozite au demonstrat
tendinte de scdere. AstIel, evolutiile echilibrate ale
dobnzilor ar nsemna o alimentare constant a sectorului
real cu resurse Iinanciare ce ar sustine o crestere uniIorm a
economiei, gradual si Ir Iluctuatii importante. Totusi, unii
agenti economici si oameni de aIaceri consider c ratele
dobnzii n Republica Moldova snt mari.
The concentration indicators oI this segment oI the
market (CR-4 and HHI HerIindahl-Hirschmann) show
that in 2010 a level oI 1210 points was recorded, so the
banking market is characterized by a moderate degree of
concentration, which implies a satisIactory level oI
competition.
High cost of finance. Real interest rates on loans and
deposits have shown declining trends during the years.
Thus, the balanced developments oI the interests would
mean a constant supply oI Iinance to the real sector, that
would support a uniIorm growth oI the economy, gradually
and without major Iluctuations. However, some businesses
and business people consider that interest rates in
Moldova are high.
Fig. 4. Evolu(ia ratelor reale ale dobnzilor la credite yi depozite/
Fig. 4. Evolution of real interest rates on loans and deposits
Sursa/Source: Conform datelor World Bank database./According to World Bank database.
Necesitatea si insuIicienta accesului sectorului real la
Iinantare este captat de Global Competitiveness Report
2010-2011, unde majoritatea respondentilor au ales accesul
la Iinante o problem acut pentru desIsurarea aIacerii n
Republica Moldova. Aceeasi situatie o gsim si n Raportul
Doing Business 2011, n care la capitolul accesul la credit
Republica Moldova scade cu 2 trepte n clasament, Iiind pe
locul 89 din totalul trilor analizate. O situatie similar
prezint chestionarul ntreprinderilor BEEPS, unde
problemele ce tin de accesul la Iinante au Iost evidentiate de
ctre agentii economici intervievati.
Costurile nalte ale accesului la credite sunt asociate cu
rata inIlatiei. Invitabil, creditarea economiei se Iace la rate
ale dobnzii mai mari dect costul mijloacelor si nu mai mici
dect rata inIlatiei. Comparativ cu nivelul regiunii, rata
dobnzii la credite n Republica Moldova, att n valori
nominale, ct si n reale, este la un nivel mare. Partial
datorit unei ratei a inIlatiei mari, Republica Moldova
are una din cele mai mari rate ale dobnzii din regiune.
Odat cu dezvoltarea sectorului Iinanciar, o consecint
neIast a ratelor nalte ale dobnzii ar putea Ii stimularea
presiunilor speculative, cu consecinte asupra stabilittii
cursului valutar.
The need Ior and insuIIiciency oI access oI the real
sector to Iinance is captured by the Global
Competitiveness Report 2010-2011, where most
respondents mentioned the access to Iinance as a
particularly acute problem Ior business development in
Moldova. The same situation is Iound in the Doing
Business Report 2011, the section Access to credit in the
Republic oI Moldova oI which shows a 2-step drop in
ranking to the 89th position oI all countries analyzed. A
similar situation is presented in BEEPS survey, where
issues related to access to Iinance have been identiIied by
the interviewed businesses.
High cost oI access to credits is associated with
inIlation. Loans to the economy are made at higher
interest rates than the cost oI Iunds and at levels that are
not below the inIlation rate. Compared with the level in the
region, the interest rate on loans in Moldova, both in
nominal and in real terms, is at a high level. Partly due to
a high inIlation rate, Moldova has one oI the highest rates
oI interest in the region. With the Iinancial sector
development, a negative consequence oI high interest
rates may be the stimulation oI speculative pressures,
with consequences Ior exchange rate stability.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
94
-10 0 10 20 30
Moldova
Albanla
8elarus
8ulgarla
CroaLla
Czech 8epubllc
LsLonla
Ceorgla
Pungary
LaLvla
LlLhuanla
oland
8omanla
8usslan lederaLlon
Serbla
Slovenla
Slovak 8epubllc
ukralne
2009
2004
Fig. 5. Ratele regionale ale dobnzii, valori nominale/
Fig. 5. Regional rates of interest, nominal values
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
Excluznd rata inIlatiei, respectiv o parte din politicile
macroeconomice, cauzele unor rate reale nalte ale dobnzii
deriv din structura si particularittile pietei Iinanciare. Pe
de o parte, cauze asociate cu managementul si administrarea
corporativ a actorilor de pe piata Iinanciar, iar pe de alt
parte, elemente ce nu tin de modul de administrare n
interiorul sistemului, de exemplu cadrul regulator, structura
pietei, diversitatea produselor Iinanciare, accesul la pietele
externe etc.
n acest sens, cauza ratelor ale dobnzilor nalt sunt
primele de risc si mrimea gajului. Comparativ cu trile din
regiune, att prima de risc, ct si mrimea gajului sunt unele
din cele mai mari din regiune. Prima de risc este diIerenta
dintre ratele dobnzilor la creditele acordate clientilor buni si
ratele dobnzii la valorile mobiliare emise de stat. Practic,
prin aceast diIerent este evidentiat partea pe care o retine
banca pentru a se asigura n cazul riscului de neplat.
Nesiguranta, incertitudinea si calitatea mediului de aIaceri
sunt reIlectate n mrimea primei de risc. Trebuie s
mentionm c exist si alti Iactori ce inIluenteaz mrimea
primei de risc, acesti Iactori tin de modul de evaluare a
riscurilor, dar si de nivelul competitiei n cadrul sistemului
bancar.
Excluding the inIlation rate, thus a part oI the
macroeconomic policies, the reasons Ior high real interest
rates derive Irom the structure and particularities oI the
Iinancial market. On the one hand, the causes are associated
with corporate management and administration on the
Iinancial market, and, on the other, with elements that are
not related to administration within the system, such as the
regulatory Iramework, market structure, diversity oI
Iinancial products, access to Ioreign markets, etc.
In this respect, the high interest rates are the result oI
risk premiums and the amount oI collateral. Compared
with countries in the region, both the risk premium and
the size oI collateral are some oI the largest in the region.
The risk premium is the diIIerence between interest rates
on loans provided to best customers and the interest rates
on state securities and bonds. Basically, this diIIerence
highlights the share retained by the bank to insure
against the risk oI deIault. The insecurity, uncertainty
and the quality oI the business environment is reIlected
in the size oI the risk premium. It should be noted that
there are other Iactors that inIluence the size oI the risk
premium, and these Iactors are related to risk assessment
and the level oI competition in the banking system.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 93
nr. 2 / 2012
Fig. 6. Prima de risc (media ultimilor 10 ani)/
Fig. 6. Risk premium (average of the last 10 years)
Sursa/Source: Conform datelor World Bank Database./According to World Bank database.
Volatilitatea si nesiguranta mediului de aIaceri autohton
este compensat de sistemul bancar prin cerinte sporite Iat
de procedurile de gajare. Mrimea gajului este identiIicat
de ctre BEEPS ca o problem a mediului de aIaceri la
contractarea unui credit. Mrimea gajului n Republica
Moldova este de peste 130 din suma creditului.
Dinamica creditrii. n ultimii 5 ani sistemul bancar a
nregistrat perIormante pozitive la capitolul proIituri ale
bncilor si nivelul de capitalizare. Aceast perIormant se
datoreaz, partial, cresterii creditelor acordate. De
exemplu, n 2008 soldul creditelor contractate s-a majorat
cu peste 20, comparativ cu 2007, implicit au crescut si
creditele de consum. Dac pn n 2004, s-a simtit o
reticent a bncilor n acordarea creditelor pentru consum,
apoi situatia s-a redresat vizibil dup 2005. Ponderea
acestui tip de credit a crescut de la 3,6 la peste 10 n
2008-2009 din portoIoliul de credite bancare, aceast
tendint de crestere s-a materializat n urmtorii ani cu
ritmuri de crestere de peste 12. De Iapt, media cresterii
creditelor n economie pe perioada ultimelor 5 ani a Iost de
17. Comparativ cu trile din regiune, cresterea din
Republica Moldova constituie o perIormant. Dar, n
acelasi timp, creditele nationale sunt sub nivelul mediu de
creditare raportat la PIB al regiunii. n timp ce trile UE
crediteaz sectorul real al economiei cu o pondere de peste
100 din PIB, Republica Moldova are o pondere a
creditelor acordate aceluiasi sector de doar 23 (media
ultimilor 10 ani).
Volatility and uncertainty in the local business
environment is oIIset in the banking system by increased
collateral requirements. The size oI the collateral is
identiIied by BEEPS as a problem Ior business in
seeking credit. In Moldova the size oI collateral is over
130 per cent oI the loan amount.
Credit dynamics. In the last five years the banking
system recorded a positive perIormance in terms oI bank
proIits and level oI capitalization. This perIormance is
partly due to an increase in provision oI loans. For instance,
in 2008 the balance oI loans taken increased by over 20 per
cent compared to 2007, the consumption credits also
recording an increase. While beIore 2004, there was a
reluctance on the part oI banks to grant consumption
credits, the situation has clearly recovered since 2005. The
share oI this type oI credit increased Irom 3.6 per cent in
2008-2009 to over 10 per cent oI bank loan portIolios, this
upward trend materialized in the coming years with
growth rates oI over 12 per cent. In Iact, average credit
growth in the economy over the last Iive years has been
17 per cent. Compared with countries in the region, the
increase recorded in Moldova is a strong perIormance.
However, national credits are below average credit to
GDP among the countries in the region. While the EU
countries credit the real sector oI the economy with a
share oI over 100 per cent oI the GDP, Moldova has a
share oI loans to the same sector oI only 23 per cent
(average oI the last 10 years).
Fig. 7. Credite acordate sectorului real al economiei, PIB/
Fig. 7. Loans to the real sector, per cent GDP
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
0
2
4
6
8
10
12
Pun S88 CL
Luropa sl Asla CenLral ((rl in curs de dezvolLare)
|rl cu venlLurl mlcl sl medll
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 93
nr. 2 / 2012
Fig. 6. Prima de risc (media ultimilor 10 ani)/
Fig. 6. Risk premium (average of the last 10 years)
Sursa/Source: Conform datelor World Bank Database./According to World Bank database.
Volatilitatea si nesiguranta mediului de aIaceri autohton
este compensat de sistemul bancar prin cerinte sporite Iat
de procedurile de gajare. Mrimea gajului este identiIicat
de ctre BEEPS ca o problem a mediului de aIaceri la
contractarea unui credit. Mrimea gajului n Republica
Moldova este de peste 130 din suma creditului.
Dinamica creditrii. n ultimii 5 ani sistemul bancar a
nregistrat perIormante pozitive la capitolul proIituri ale
bncilor si nivelul de capitalizare. Aceast perIormant se
datoreaz, partial, cresterii creditelor acordate. De
exemplu, n 2008 soldul creditelor contractate s-a majorat
cu peste 20, comparativ cu 2007, implicit au crescut si
creditele de consum. Dac pn n 2004, s-a simtit o
reticent a bncilor n acordarea creditelor pentru consum,
apoi situatia s-a redresat vizibil dup 2005. Ponderea
acestui tip de credit a crescut de la 3,6 la peste 10 n
2008-2009 din portoIoliul de credite bancare, aceast
tendint de crestere s-a materializat n urmtorii ani cu
ritmuri de crestere de peste 12. De Iapt, media cresterii
creditelor n economie pe perioada ultimelor 5 ani a Iost de
17. Comparativ cu trile din regiune, cresterea din
Republica Moldova constituie o perIormant. Dar, n
acelasi timp, creditele nationale sunt sub nivelul mediu de
creditare raportat la PIB al regiunii. n timp ce trile UE
crediteaz sectorul real al economiei cu o pondere de peste
100 din PIB, Republica Moldova are o pondere a
creditelor acordate aceluiasi sector de doar 23 (media
ultimilor 10 ani).
Volatility and uncertainty in the local business
environment is oIIset in the banking system by increased
collateral requirements. The size oI the collateral is
identiIied by BEEPS as a problem Ior business in
seeking credit. In Moldova the size oI collateral is over
130 per cent oI the loan amount.
Credit dynamics. In the last five years the banking
system recorded a positive perIormance in terms oI bank
proIits and level oI capitalization. This perIormance is
partly due to an increase in provision oI loans. For instance,
in 2008 the balance oI loans taken increased by over 20 per
cent compared to 2007, the consumption credits also
recording an increase. While beIore 2004, there was a
reluctance on the part oI banks to grant consumption
credits, the situation has clearly recovered since 2005. The
share oI this type oI credit increased Irom 3.6 per cent in
2008-2009 to over 10 per cent oI bank loan portIolios, this
upward trend materialized in the coming years with
growth rates oI over 12 per cent. In Iact, average credit
growth in the economy over the last Iive years has been
17 per cent. Compared with countries in the region, the
increase recorded in Moldova is a strong perIormance.
However, national credits are below average credit to
GDP among the countries in the region. While the EU
countries credit the real sector oI the economy with a
share oI over 100 per cent oI the GDP, Moldova has a
share oI loans to the same sector oI only 23 per cent
(average oI the last 10 years).
Fig. 7. Credite acordate sectorului real al economiei, PIB/
Fig. 7. Loans to the real sector, per cent GDP
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
CL L1u CZL Svn CLC LvA 8CM 8C8 8uS AL8
0 30 100 130
Luropa sl Asla CenLral ((rl in curs de dezvolLare)
|rl cu venlLurl mlcl sl medll
MuA
8CM
8uS
uk8
CredlLe acordaLe
secLorulul real (l8)
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 93
nr. 2 / 2012
Fig. 6. Prima de risc (media ultimilor 10 ani)/
Fig. 6. Risk premium (average of the last 10 years)
Sursa/Source: Conform datelor World Bank Database./According to World Bank database.
Volatilitatea si nesiguranta mediului de aIaceri autohton
este compensat de sistemul bancar prin cerinte sporite Iat
de procedurile de gajare. Mrimea gajului este identiIicat
de ctre BEEPS ca o problem a mediului de aIaceri la
contractarea unui credit. Mrimea gajului n Republica
Moldova este de peste 130 din suma creditului.
Dinamica creditrii. n ultimii 5 ani sistemul bancar a
nregistrat perIormante pozitive la capitolul proIituri ale
bncilor si nivelul de capitalizare. Aceast perIormant se
datoreaz, partial, cresterii creditelor acordate. De
exemplu, n 2008 soldul creditelor contractate s-a majorat
cu peste 20, comparativ cu 2007, implicit au crescut si
creditele de consum. Dac pn n 2004, s-a simtit o
reticent a bncilor n acordarea creditelor pentru consum,
apoi situatia s-a redresat vizibil dup 2005. Ponderea
acestui tip de credit a crescut de la 3,6 la peste 10 n
2008-2009 din portoIoliul de credite bancare, aceast
tendint de crestere s-a materializat n urmtorii ani cu
ritmuri de crestere de peste 12. De Iapt, media cresterii
creditelor n economie pe perioada ultimelor 5 ani a Iost de
17. Comparativ cu trile din regiune, cresterea din
Republica Moldova constituie o perIormant. Dar, n
acelasi timp, creditele nationale sunt sub nivelul mediu de
creditare raportat la PIB al regiunii. n timp ce trile UE
crediteaz sectorul real al economiei cu o pondere de peste
100 din PIB, Republica Moldova are o pondere a
creditelor acordate aceluiasi sector de doar 23 (media
ultimilor 10 ani).
Volatility and uncertainty in the local business
environment is oIIset in the banking system by increased
collateral requirements. The size oI the collateral is
identiIied by BEEPS as a problem Ior business in
seeking credit. In Moldova the size oI collateral is over
130 per cent oI the loan amount.
Credit dynamics. In the last five years the banking
system recorded a positive perIormance in terms oI bank
proIits and level oI capitalization. This perIormance is
partly due to an increase in provision oI loans. For instance,
in 2008 the balance oI loans taken increased by over 20 per
cent compared to 2007, the consumption credits also
recording an increase. While beIore 2004, there was a
reluctance on the part oI banks to grant consumption
credits, the situation has clearly recovered since 2005. The
share oI this type oI credit increased Irom 3.6 per cent in
2008-2009 to over 10 per cent oI bank loan portIolios, this
upward trend materialized in the coming years with
growth rates oI over 12 per cent. In Iact, average credit
growth in the economy over the last Iive years has been
17 per cent. Compared with countries in the region, the
increase recorded in Moldova is a strong perIormance.
However, national credits are below average credit to
GDP among the countries in the region. While the EU
countries credit the real sector oI the economy with a
share oI over 100 per cent oI the GDP, Moldova has a
share oI loans to the same sector oI only 23 per cent
(average oI the last 10 years).
Fig. 7. Credite acordate sectorului real al economiei, PIB/
Fig. 7. Loans to the real sector, per cent GDP
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
AL8 MuA
130
CredlLe acordaLe
secLorulul real (l8)
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
96
Desi la costuri mari, n ultimii ani, datele statistice
atest o cretere rapid a creditelor, dar, la moment, insuIicient
pentru a acoperi necesitatea de creditare a economiei. Trile din
regiune au o rat a creditelor acordate economiei raportat la
PIB, per total mai mare ca cea a Republicii Moldova. Tri, ca
Slovacia, Ungaria si Estonia sunt liderii acestui clasament, chiar
si Ucraina a ntrecut Moldova.
Caracteristic sectorului bancar, comparativ cu trile
din regiune, este un grad nalt al creditelor neperformante.
Desi n 2011 acest indicator s-a diminuat de la 17,8
la 9,3, sistemul bancar national este constrns n
operatiunile de creditare. Aceast situatie are explicatia, partial,
n socurilor externe din ultimul timp, n special cele
asociate cu operatiunile de export, ce au diminuat bonitatea n
economie. n ultimii 10 ani, media creditelor neperIormante n
economie este extrem de mare. De aceea, cauzele pot Ii
reIlectate de calitatea si volatilitatea mediului de aIaceri
autohton, dar si de practicile sistemului bancar de acordare a
creditelor (n mare parte, Ir asigurarea unor msuri de
management al riscurilor, dar si a practicilor de administrare
corporativ).
Although expensive, the statistics Ior recent years have
shown a rapid increase in lending, but at the moment
volumes are insuIIicient to cover the needs oI the economy.
The rate oI loans against GDP in other countries in the
region is higher than in the Republic oI Moldova. Countries
like Slovakia, Hungary and Estonia are leading the ranking,
even Ukraine outranked Moldova.
Characteristic oI the banking sector, compared with
countries in the region, is a high degree of non-
performing loans. Although in 2011 this indicator Iell Irom
17.8 per cent to 9.3 per cent, the national banking system is
constrained in its lending operations. This situation is partly
explained by external shocks it has suIIered in recent years,
especially those associated with export operations, which
led to a decrease in reliability in the economy. In the last 10
years average non-perIorming loan levels in the economy
have reached extremely high levels. ThereIore, the causes
can be reIlected by the quality and volatility oI the local
business environment, but also by the practices oI credit
banking system (mostly without providing risk management
measures, but also corporate governance practices).
Fig. 8. Credite neperformante acordate, analiz comparativ/
Fig. 8. Non-performing loans granted, comparative analysis
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
Structura creditelor ne arat c cele mai multe credite
sunt acordate industriei si comertului. Tinnd cont de
ponderile acestor dou sectoare, att n PIB, ct si n VAB,
considerm c majoritatea creditelor au Iost canalizate spre
comert. O Iractiune mic din totalul de credite ajunge n
dezvoltarea capacittilor productive al economiei. n
aceste conditii, n special sunt deIavorizate MM, care se
conIrunt cu o lips acut de Iinantare. Creditele acordate
gospodriilor casnice reprezint 20 din totalul de credite,
realizare inIerioar mediei regionale.
The structure oI loans shows that most loans are
issued to industry and trade. Given the weight oI these
two sectors, both in GDP and in the VAB, we consider
that most loans were channeled to trade. A small Iraction
oI the total loans go Ior the development oI productive
capacity oI the economy. Under these conditions the
SME are particularly disadvantaged, Iacing an acute lack
oI Iunding. Loans issued to households represent 20 per
cent oI total loans, which is below the regional average
achievement.
Luropa CenLral ;l Asla ((rl in dezvolLare)
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
96
Desi la costuri mari, n ultimii ani, datele statistice
atest o cretere rapid a creditelor, dar, la moment, insuIicient
pentru a acoperi necesitatea de creditare a economiei. Trile din
regiune au o rat a creditelor acordate economiei raportat la
PIB, per total mai mare ca cea a Republicii Moldova. Tri, ca
Slovacia, Ungaria si Estonia sunt liderii acestui clasament, chiar
si Ucraina a ntrecut Moldova.
Caracteristic sectorului bancar, comparativ cu trile
din regiune, este un grad nalt al creditelor neperformante.
Desi n 2011 acest indicator s-a diminuat de la 17,8
la 9,3, sistemul bancar national este constrns n
operatiunile de creditare. Aceast situatie are explicatia, partial,
n socurilor externe din ultimul timp, n special cele
asociate cu operatiunile de export, ce au diminuat bonitatea n
economie. n ultimii 10 ani, media creditelor neperIormante n
economie este extrem de mare. De aceea, cauzele pot Ii
reIlectate de calitatea si volatilitatea mediului de aIaceri
autohton, dar si de practicile sistemului bancar de acordare a
creditelor (n mare parte, Ir asigurarea unor msuri de
management al riscurilor, dar si a practicilor de administrare
corporativ).
Although expensive, the statistics Ior recent years have
shown a rapid increase in lending, but at the moment
volumes are insuIIicient to cover the needs oI the economy.
The rate oI loans against GDP in other countries in the
region is higher than in the Republic oI Moldova. Countries
like Slovakia, Hungary and Estonia are leading the ranking,
even Ukraine outranked Moldova.
Characteristic oI the banking sector, compared with
countries in the region, is a high degree of non-
performing loans. Although in 2011 this indicator Iell Irom
17.8 per cent to 9.3 per cent, the national banking system is
constrained in its lending operations. This situation is partly
explained by external shocks it has suIIered in recent years,
especially those associated with export operations, which
led to a decrease in reliability in the economy. In the last 10
years average non-perIorming loan levels in the economy
have reached extremely high levels. ThereIore, the causes
can be reIlected by the quality and volatility oI the local
business environment, but also by the practices oI credit
banking system (mostly without providing risk management
measures, but also corporate governance practices).
Fig. 8. Credite neperformante acordate, analiz comparativ/
Fig. 8. Non-performing loans granted, comparative analysis
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
Structura creditelor ne arat c cele mai multe credite
sunt acordate industriei si comertului. Tinnd cont de
ponderile acestor dou sectoare, att n PIB, ct si n VAB,
considerm c majoritatea creditelor au Iost canalizate spre
comert. O Iractiune mic din totalul de credite ajunge n
dezvoltarea capacittilor productive al economiei. n
aceste conditii, n special sunt deIavorizate MM, care se
conIrunt cu o lips acut de Iinantare. Creditele acordate
gospodriilor casnice reprezint 20 din totalul de credite,
realizare inIerioar mediei regionale.
The structure oI loans shows that most loans are
issued to industry and trade. Given the weight oI these
two sectors, both in GDP and in the VAB, we consider
that most loans were channeled to trade. A small Iraction
oI the total loans go Ior the development oI productive
capacity oI the economy. Under these conditions the
SME are particularly disadvantaged, Iacing an acute lack
oI Iunding. Loans issued to households represent 20 per
cent oI total loans, which is below the regional average
achievement.
LS1
LvA
CLC
Pun
Svn
8C8
L1u
8L8
8uS
Svk
AL8
A8M
Luropa CenLral ;l Asla ((rl in dezvolLare)
CZL
8lP
8CM
MuA
CL
S88
uk8
CredlLe neperformanLe (medla 10 anl)
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
96
Desi la costuri mari, n ultimii ani, datele statistice
atest o cretere rapid a creditelor, dar, la moment, insuIicient
pentru a acoperi necesitatea de creditare a economiei. Trile din
regiune au o rat a creditelor acordate economiei raportat la
PIB, per total mai mare ca cea a Republicii Moldova. Tri, ca
Slovacia, Ungaria si Estonia sunt liderii acestui clasament, chiar
si Ucraina a ntrecut Moldova.
Caracteristic sectorului bancar, comparativ cu trile
din regiune, este un grad nalt al creditelor neperformante.
Desi n 2011 acest indicator s-a diminuat de la 17,8
la 9,3, sistemul bancar national este constrns n
operatiunile de creditare. Aceast situatie are explicatia, partial,
n socurilor externe din ultimul timp, n special cele
asociate cu operatiunile de export, ce au diminuat bonitatea n
economie. n ultimii 10 ani, media creditelor neperIormante n
economie este extrem de mare. De aceea, cauzele pot Ii
reIlectate de calitatea si volatilitatea mediului de aIaceri
autohton, dar si de practicile sistemului bancar de acordare a
creditelor (n mare parte, Ir asigurarea unor msuri de
management al riscurilor, dar si a practicilor de administrare
corporativ).
Although expensive, the statistics Ior recent years have
shown a rapid increase in lending, but at the moment
volumes are insuIIicient to cover the needs oI the economy.
The rate oI loans against GDP in other countries in the
region is higher than in the Republic oI Moldova. Countries
like Slovakia, Hungary and Estonia are leading the ranking,
even Ukraine outranked Moldova.
Characteristic oI the banking sector, compared with
countries in the region, is a high degree of non-
performing loans. Although in 2011 this indicator Iell Irom
17.8 per cent to 9.3 per cent, the national banking system is
constrained in its lending operations. This situation is partly
explained by external shocks it has suIIered in recent years,
especially those associated with export operations, which
led to a decrease in reliability in the economy. In the last 10
years average non-perIorming loan levels in the economy
have reached extremely high levels. ThereIore, the causes
can be reIlected by the quality and volatility oI the local
business environment, but also by the practices oI credit
banking system (mostly without providing risk management
measures, but also corporate governance practices).
Fig. 8. Credite neperformante acordate, analiz comparativ/
Fig. 8. Non-performing loans granted, comparative analysis
Sursa/Source: Conform datelor International Financial Statistics database./According to International Financial
Statistics database.
Structura creditelor ne arat c cele mai multe credite
sunt acordate industriei si comertului. Tinnd cont de
ponderile acestor dou sectoare, att n PIB, ct si n VAB,
considerm c majoritatea creditelor au Iost canalizate spre
comert. O Iractiune mic din totalul de credite ajunge n
dezvoltarea capacittilor productive al economiei. n
aceste conditii, n special sunt deIavorizate MM, care se
conIrunt cu o lips acut de Iinantare. Creditele acordate
gospodriilor casnice reprezint 20 din totalul de credite,
realizare inIerioar mediei regionale.
The structure oI loans shows that most loans are
issued to industry and trade. Given the weight oI these
two sectors, both in GDP and in the VAB, we consider
that most loans were channeled to trade. A small Iraction
oI the total loans go Ior the development oI productive
capacity oI the economy. Under these conditions the
SME are particularly disadvantaged, Iacing an acute lack
oI Iunding. Loans issued to households represent 20 per
cent oI total loans, which is below the regional average
achievement.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 97
nr. 2 / 2012
Fig. 9. Structura creditelor/
Fig. 9. Loans structure
Sursa/Source: Conform datelor anuale ale BAM./According to annual data of the Aational Bank of Moldova.
Rata de economisire. Ca urmare a volumului nalt de
transIeruri din partea moldovenilor aIlati la munc peste
hotare si cresterilor salariale, au crescut economiile
populatiei, respectiv si rata de economisire. ns, din cauza
ritmului lent al reIormelor structurale si lipsa unor politici de
directionare a remiterilor, a esuat canalizarea acestor
aIluxuri masive de valut n scopuri productive. EIectele
pozitive ale remiterilor au Iost suprapuse peste cele negative.
Acestea au determinat aprecierea leului moldovenesc,
care, la rndul su, a stimulat consumul bunurilor de
import, dar a deteriorat competitivitatea extern a produselor
locale.
Cresterea economisirii din ultimii ani, comparativ cu trile
din regiune, dar si la nivel mondial, este insuIicient. ConIorm
clasiIicatiei Bncii Mondiale, trile cu venituri medii si mici
sunt n total 56, media economisirilor n aceste state a
constituit 35,3 din PIB, n timp ce n Moldova doar 17,7
din PIB.
Savings Rate. The high volume oI transIers Irom
Moldovans who work abroad and wage growth resulted
in increased household savings, and thus an increased
savings rate. However, because oI the slow pace oI
structural reIorms and the lack oI remittances' targeting
policies, the channeling oI these massive inIlows oI
currency Ior productive purposes Iailed. The positive
eIIects oI remittances have been superimposed over the
negative. These led to appreciation oI the Moldovan leu
which in turn has stimulated consumption oI imported
goods, but has damaged the external competitiveness oI
local products.
An increase in savings in recent years compared with
countries in the region and worldwide is insuIIicient.
According to the World Bank`s classiIication, there are 56
medium and small income countries, and average savings
in these countries accounted Ior 35.3 per cent oI GDP,
compared to only 17.7 per cent oI GDP in Moldova.
Fig. 10. Economisiri raportate la PIB, n din PIB/
Fig. 10. Savings to GDP, of GDP
Sursa/Source: World Development Database, http://data.worldbank.org./World Development Database,
http://data.worldbank.org.
0
10
20
30
40
30
60
70
80
90
100
1oLal
2003
1oLal
2006
1oLal
2007
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 97
nr. 2 / 2012
Fig. 9. Structura creditelor/
Fig. 9. Loans structure
Sursa/Source: Conform datelor anuale ale BAM./According to annual data of the Aational Bank of Moldova.
Rata de economisire. Ca urmare a volumului nalt de
transIeruri din partea moldovenilor aIlati la munc peste
hotare si cresterilor salariale, au crescut economiile
populatiei, respectiv si rata de economisire. ns, din cauza
ritmului lent al reIormelor structurale si lipsa unor politici de
directionare a remiterilor, a esuat canalizarea acestor
aIluxuri masive de valut n scopuri productive. EIectele
pozitive ale remiterilor au Iost suprapuse peste cele negative.
Acestea au determinat aprecierea leului moldovenesc,
care, la rndul su, a stimulat consumul bunurilor de
import, dar a deteriorat competitivitatea extern a produselor
locale.
Cresterea economisirii din ultimii ani, comparativ cu trile
din regiune, dar si la nivel mondial, este insuIicient. ConIorm
clasiIicatiei Bncii Mondiale, trile cu venituri medii si mici
sunt n total 56, media economisirilor n aceste state a
constituit 35,3 din PIB, n timp ce n Moldova doar 17,7
din PIB.
Savings Rate. The high volume oI transIers Irom
Moldovans who work abroad and wage growth resulted
in increased household savings, and thus an increased
savings rate. However, because oI the slow pace oI
structural reIorms and the lack oI remittances' targeting
policies, the channeling oI these massive inIlows oI
currency Ior productive purposes Iailed. The positive
eIIects oI remittances have been superimposed over the
negative. These led to appreciation oI the Moldovan leu
which in turn has stimulated consumption oI imported
goods, but has damaged the external competitiveness oI
local products.
An increase in savings in recent years compared with
countries in the region and worldwide is insuIIicient.
According to the World Bank`s classiIication, there are 56
medium and small income countries, and average savings
in these countries accounted Ior 35.3 per cent oI GDP,
compared to only 17.7 per cent oI GDP in Moldova.
Fig. 10. Economisiri raportate la PIB, n din PIB/
Fig. 10. Savings to GDP, of GDP
Sursa/Source: World Development Database, http://data.worldbank.org./World Development Database,
http://data.worldbank.org.
1oLal
2007
1oLal
2008
1oLal
2009
1oLal
2010
AlLe credlLe
CredlLe penLru consLrucLla
drumurllor sl Lranspor
CredlLe lndusLrlel/comerLulul
CredlLe guvernulul
CredlLe bancllor
CredlLe lndusLrlel energeLlce sl
a combusLlbllulul
CredlLe de consum
CredlLe penLru lmobll,
consLrucLle sl dezvolLare
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 97
nr. 2 / 2012
Fig. 9. Structura creditelor/
Fig. 9. Loans structure
Sursa/Source: Conform datelor anuale ale BAM./According to annual data of the Aational Bank of Moldova.
Rata de economisire. Ca urmare a volumului nalt de
transIeruri din partea moldovenilor aIlati la munc peste
hotare si cresterilor salariale, au crescut economiile
populatiei, respectiv si rata de economisire. ns, din cauza
ritmului lent al reIormelor structurale si lipsa unor politici de
directionare a remiterilor, a esuat canalizarea acestor
aIluxuri masive de valut n scopuri productive. EIectele
pozitive ale remiterilor au Iost suprapuse peste cele negative.
Acestea au determinat aprecierea leului moldovenesc,
care, la rndul su, a stimulat consumul bunurilor de
import, dar a deteriorat competitivitatea extern a produselor
locale.
Cresterea economisirii din ultimii ani, comparativ cu trile
din regiune, dar si la nivel mondial, este insuIicient. ConIorm
clasiIicatiei Bncii Mondiale, trile cu venituri medii si mici
sunt n total 56, media economisirilor n aceste state a
constituit 35,3 din PIB, n timp ce n Moldova doar 17,7
din PIB.
Savings Rate. The high volume oI transIers Irom
Moldovans who work abroad and wage growth resulted
in increased household savings, and thus an increased
savings rate. However, because oI the slow pace oI
structural reIorms and the lack oI remittances' targeting
policies, the channeling oI these massive inIlows oI
currency Ior productive purposes Iailed. The positive
eIIects oI remittances have been superimposed over the
negative. These led to appreciation oI the Moldovan leu
which in turn has stimulated consumption oI imported
goods, but has damaged the external competitiveness oI
local products.
An increase in savings in recent years compared with
countries in the region and worldwide is insuIIicient.
According to the World Bank`s classiIication, there are 56
medium and small income countries, and average savings
in these countries accounted Ior 35.3 per cent oI GDP,
compared to only 17.7 per cent oI GDP in Moldova.
Fig. 10. Economisiri raportate la PIB, n din PIB/
Fig. 10. Savings to GDP, of GDP
Sursa/Source: World Development Database, http://data.worldbank.org./World Development Database,
http://data.worldbank.org.
CredlLe penLru consLrucLla
drumurllor sl Lranspor
CredlLe lndusLrlel/comerLulul
CredlLe guvernulul
CredlLe bancllor
CredlLe lndusLrlel energeLlce sl
a combusLlbllulul
CredlLe de consum
CredlLe penLru lmobll,
consLrucLle sl dezvolLare
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
98
Alt particularitate a structurii creditelor si depozitelor
n Republica Moldova este gradul de maturitate
neproportional. Majoritatea depozitelor sunt de scurt
durat, iar majoritatea creditelor acordate este de durat
lung si medie. Ponderea cea mai mare a depozitelor, de cca
55, o detin depozitele n moned national, iar aproximativ
45 n valut strin.
Another Ieature oI the structure oI loans and
deposits in the Republic oI Moldova is a disproportionate
degree of maturity. Most deposits are short-term
deposits and most loans are long- and medium-term.
The largest share oI deposits, about 55 per cent, belongs
to deposits in local currency and about 45 per cent in
Ioreign currency.
Referin(e bibliografice/References
1. Competitiveness and Private Sector Development: Republic oI Moldova 2011. Fostering SME Development. 124 p.
|Accesat 12.06.2012|. Disponibil: http://www.oecdbookshop.org/oecd/display.asp?
CIDgoogle&LANGEN&SF1DI&ST15KGG9MT6BPG7.
2. OECD. |Accesat 12.06.2012|. Disponibil: http://www.keepeek.com/Digital-Asset-Management/oecd/ industry-and-
services/competitiveness-and-private-sector-development-republic-oI-moldova-2011 9789264112285-en.
3. World Development Database. |Accesat 01.06.2012|. Disponibil: http://data.worldbank.org.
4. BEEPS Database. The World Bank. |Accesat 06.06.2012|. Disponibil: http://www.ebrd.com/ downloads/
5. http://www.research/economics/beepsreportebrdapril10.pdI.
6. Ministerul Finantelor al Republicii Moldova. |Accesat 06.06.2012|. Disponibil: www. minIin.md.
7. Biroul National de Statistic. |Accesat 06.06.2012|. Disponibil: www.bns.md.
8. Banca Nationas a Moldovei. |Accesat 21.06.2012|. Disponibil: www.bnm.md.
Recomandat spre publicare. 07.02.2012
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 99
nr. 2 / 2012
ROLUL MANAGEMENTULUI STRATEGIC
N ACTIVITATEA INSTITUTIILOR BANCARE
DIN REPUBLICA MOLDOVA
THE ROLE OF STRATEGIC MANAGEMENT
IN THE ACTIVITY OF BANK
INSTITUTIONS IN MOLDOVA
Petru CA1AA, dr. hab., prof. univ., Universitatea Slavon
Jiorica SEP1ELICI, drd., IEFS
Petru CA1AA, PhD, professor, Slavic University
Jiorica SEP1ELICI, PhD student, IEFS
Obiectivul acestui articol este anali:a sectorului bancar din
Republica Moldova, prin prisma managementului strategic.
Astfel, se elucidea: principalele tendinte de de:voltare a
institutilor bancare din anul 2011, fiind reflectat prin
imbunttirea tuturor indicatorilor. In pofida faptului c o
banc comercial a inregistrat re:ultate negative in anul 2011,
sectorul bancar a reuit s mentin o activitate de incredere,
generand profituri de patru ori mai mari fat de anul 2010.
Prin urmare, putem afirma c elementul de ba: in cadrul
procesului de gestionare a riscurilor constituie managementul
strategic al fiecrei bnci, care posed strategii de a conduce o
banc intr-o manier sntoas i prudent.
Cuvinte cheie: managementul strategic, sectorul bancar,
stabilitate financiar, indicatori de concentrare, gestiunea
riscului.
The obfective of this analvsis is the banking sector in
Moldova, in terms of strategic management. Thus, it
highlights the main trends of development of banking
institutions in 2011, being reflected bv the improvement
of all indicators. In 2011 despite the fact that a
commercial bank has negative results, the banking sector
has managed to maintain a reliable activitv, generating
profits four times higher than in 2010. Therefore, we can
sav that the main component in the risk management
process is the strategic management of each bank, which
has strategies to manage a bank in a sound and prudent
manner.
Key words: strategic management, banking sector,
financial stabilitv, indicators of concentration, risk
management.
Introducere. Sistemul bancar detine un rol important n
cadrul economiei n ansamblu al Republicii Moldova, avnd
ca scop crearea unui sistem eIicient, Iunctional si capabil s
oIere o gam larg de produse si servicii, care s satisIac
exigentele tuturor potentialilor clienti. Ca si n orice stat, att
pe plan international, ct si pe plan intern, Iiecare tar, ct si
Republica Moldova este interesat n crearea unui sistem
bancar perIormant, care s permit asigurarea unui cadru
organizatoric corespunztor al dezvoltrii mecanismelor
Iinanciare.
AstIel, prin crearea unui mediu concurential adecvat, ct si
mentinerea stabilittii Iinaciare, bncilor, prin intermediul
politicilor adecvate de administrare si gestionare a riscurilor,
este necesar s implementeaze un management strategic
eIicient si coerent pentru realizarea strategiilor bancare.
Din perspectiva celor expuse mai sus, ct si din deIinirea
punctelor de vedere exprimate de unii autori, managementul
strategic nu reprezint un proces de Iormulare a strategiei care
se suprapune peste sistemul de management al bncii, ci o
nou form modern de management ba:at pe strategie |1|.
n acest scop, bncile si deIinesc strategiile att pe termen
mediu, lung, ct si pe termen scurt, pentru oprimizarea
raportului dintre ptoIit si risc, avnd ca scop: asumarea,
administrarea, monitorizarea si diminuarea riscurilor.
Un management strategic eIicient contribuie la stabilirea
unui tip de strategie corect, ce atribuie conditii adecvate
pentru banc, privind: pozitia de piat a bncii; concentrarea
activittilor prestate prin serviciile bancare pe cerintele si
nevoile clientilor; promovarea unei structuri bancare care s
permit eIicacitatea si eIicienta actiunilor; acoperirea unui
segment de piat care s asigure o rentabilitate ridicat,
reducerea costurilor si maximizarea proIiturilor.
Aplicarea unor strategii adecvate privind gestionarea
riscurilor este obligatorie pentru orice bnc, deoarece
costurile administrrii deIectuoase a riscurilor bancare sunt
mult mai mari, mai ales n cazul Ialimentului.
AstIel, bncile opereaz cu un volum semniIicativ de
Introduction. The banking system plays an important
role in the economy as a whole oI the Republic oI
Moldova, aimed at creating an eIIicient, Iunctional and
capable to provide a wide range oI products and services
to meet the requirements oI all potential customers. As in
any country both internationally and domestically, each
country and also the Republic oI Moldova is interested in
creating an eIIicient banking system, which would ensure
an appropriate organizational Iramework to develop
Iinancial mechanisms.
Thus, by creating a competitive environment as
appropriate, and maintaining Iinancial stability, banks,
through appropriate policies Ior administration and risk
management, are necessary to implement an eIIective
strategic management and consistent Ior the
implementation oI banking strategies.
In the light to that mentioned above, as well as Irom
deIining points oI view expressed by some authors,
strategic management does not represent a Iormulation
process oI a strategy which overlaps the bank management
system, but a new form based on modern management
strategv |1|.
For this purpose, banks deIine their strategies both in
the medium, long and short term, to optimize the
relationship between proIit and risk, with the aim: taking,
managing, monitoring and mitigation.
An eIIective strategic management, contribute to
establishing a correct type oI strategy that assigns the
appropriate conditions Ior the bank on: the bank's market
position; Iocusing the activities provided by banking
services on requirements and customer needs; promotion
oI banking structures that allow eIIective and eIIicient
actions; covering a market segment to ensure high
proIitability; reducing costs and maximizing proIits.
Application oI appropriate strategies regarding the risk
management is mandatory Ior all banks, because the
maladministration costs oI bank risk are much higher
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
100
resurse atrase, iar n cazul Ialimentului sunt aIectate nu numai
interesele actionarilor, ci si cele ale deponentilor.
Concomitent, exist pericolul de pierdere a ncrederii
subiectilor pietei Iat de integritatea bnci, astIel, diIiculttile
unei bnci se transIorm ntr-o criz de sistem |2|.
n acest context, stabilitatea Iinaciar reprezint o
important deosebit pentru orice economie, care
Iunctioneaz Ir zguduiri si blocaje, maniIestnd Iiecare o
mare rezistent la diverse pericole potentiale.
Totodat, asigurarea dezvoltrii stabile a sectorului bancar
este determinat si de cresterea economic a trii. De aceea, n
conditiile dezvoltrii pozitive a sectorului bancar, statul
trebuie s asigure politici strategice de dezvoltare a sectorului
real, care este motorul principal al dezvoltrii stabile a
economiei trii |4|.
n aceast ordine de idei, mai jos sunt analizate
principalele tendinte ale sectorului bancar din Republica
Moldova din ultimii cinci ani.
Con(inutul de baz. Principalele tendin(e ale sectorului
bancar din Republica Moldova
n anul 2011, evolutia sectorului bancar al Republicii
Moldova se caracterizeaz prin o tendint pozitiv de
dezvoltare, Iiind reIlectat prin mbunttirea indicatorilor
activittii bancare (lichiditatea, cresterea proIitabilittii si
calitatea portoIoliului de credite).
ConIorm rapoartelor BNM, n anului 2011, proIitul
bncilor comerciale (879,7 mil. MDL) a nregistrat cresteri de
patru ori mai mari dect proIitul pe tot anul 2010 (219,4 mil.
MDL). AstIel, sectorul bancar si-a continuat dezvoltarea,
nregistrndu-se o sporire att la acordarea creditelor, ct si la
atragerea depozitelor, care s-a ncadrat n limitele unei piete
cu un grad moderat de concentrare. ns, n al IV-lea trimestru
al anului 2011, Banca Comercial ,Universalbank S.A. a
nregistrat rezultate Iinaciare negative.
Pe parcursul perioadei 2005-2011, se atest o crestere a
sectorului bancar n raport cu PIB, cu o usoar abatere n anul
2008 si 2011. Activele bancare, n raport cu PIB, au crescut de
la 47,6 n anul 2005 la 58 n anul 2011. Evolutii similare
au Iost nregistrate si de depozite si credite n raport cu PIB.
Creditele acordate, n raport cu PIB, au crescut de la 26,8 n
anul 2005 pn la 37,1 n anul 2009, iar n anul 2011 acest
indicator a sporit pn la 38. AstIel, depozitele, n raport cu
PIB, au crescut de la 36,5 n anul 2005 la 43,7 n anul
2009, iar n anul 2011 acestea s-au redus, atingnd un nivel de
37 (vezi Figura 1).
La 31.12.2011, ponderea creditelor neIavorabile n totalul
creditelor a constituit 10,6 si s-a diminuat cu 2,6 p.p. Iat de
31.12.2010. Acelasi volum de credite neIavorabile, proiectat
asupra CNT, constitui 41,7 la 31.12.2011 si a sczut cu 7,8
p.p. Iat de 31.12.2010. Volumul creditelor expirate si a
creditelor n stare de neacumulare a dobnzii la 30.09.2011
a constituit 7,1 din totalul portoIoliului de credite.
Acest indicator a nregistrat o diminuare de 4 Iat de
31.12.2010.
Respectiv, volumul creditelor expirate si al creditelor n
stare de neacumulare a dobnzi, raportat la CNT, a constituit
28,1 la 31.12.2011, Iiind n scdere cu 13,7 p.p. Iat de
31.12.2010. n acest context, s-au diminuat si reducerile
pentru pierderile la credite cu 1,6 p.p.
especially in bankruptcy.
Thus, banks operate with a signiIicant amount oI
attracted resources, and in case oI bankruptcy are aIIected
not only the interests oI shareholders, but also those oI
depositors. Simultaneously, there is danger oI losing the
market conIidence subjects Ior the bank integrity, so the
diIIiculties oI a bank turns into a system crisis |2|.
In this context, Iinancial stability is particularly
important Ior any economy that works without shaking
and blocks, each showing high resistance to various
potential hazards.
Also ensuring stable development oI the banking
sector is determined also by the country's economic
growth. ThereIore, under the positive development oI the
banking sector the state must provide strategic policy oI
developing the real sector, which is mainly driven by
stable development oI the economy |4|.
In this context, below is analyzed the main trends oI
the banking sector in Moldova in the last Iive years.
The basic content. The main trends of the
Moldovan banking sector
In 2011, the evolution oI the banking sector oI the
Republic oI Moldova registered a positive development
trend, being reIlected through the improvement oI the
banking activity indicators (liquidity, increase oI
proIitability and quality oI the credit portIolio).
In 2011, the commercial banks proIile (MDL 879.7
mil.), registered increases Iour times higher than the proIit
throughout the 2010 year (MDL 219.4 mil.). Thus, the
banking sector continued its development, a growth being
registered both in granting credits and in attracting
deposits, which Iitted the limits oI a market with a
moderate degree oI concentration. However, in the IV
th
quarter oI 2011, the ,Universalbank S.A. Commercial
Bank, registered negative Iinancial results.
At the end oI 2005-2011, there was an increase oI the
banking sector in relation to GDP, with a slight deviation
in 2008 and 2010. Banking assets in relation to GDP
increased Irom 47.6 in 2005 to 58 in 2011. Similar
evolutions were recorded Ior deposits and loans in relation
to GDP. The loans granted in relation to GDP increased
Irom 26.8 in 2005 to 37.1 in 2009, and in 2011 this
indicator increased to 38. Thus, deposits in relation to
GDP increased Irom 36.5 in 2005 to 43.7 in 2009, and
in 2011 this indicator decreased to 37 (see Figure 1).
On December 31, 2012, the weight oI unIavorable
loans in the total loans was 10.6, 2.6 lower than
December 31, 2010. The same volume oI unIavorable
loans, projected on CNT, was 41.7 on December 31,
2011, 7.8 lower than December 31, 2010. The volume
oI expired loans and oI loans in a state oI interest non-
accumulation on September 30, 2011 was 7.1 oI the
total loan portIolio. This indicator recorded a 4
reduction compared to December 31, 2010.
Respectively, the volume oI expired loans and loans in
a state oI interest non-accumulation reported to CNT was
28.1 as oI December 31, 2011, 13.7 lower than
December 31, 2010. In this context, the reductions Ior loan
losses decreased by 1.6.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 101
nr. 2 / 2012
Fig. 1. Dinamica activelor, creditelor yi depozitelor raportate la PIB (), n perioada 2005-2011/
Fig. 1. Dynamics of assets, loans and deposits related to GDP (), in 2005-2011
Sursa/Source: Calculele autorului conform datelor Bncii Aajionale a Moldovei./According to the data of the
Aational Bank of Moldova.
Creditele neperIormante determin suportarea de ctre
bnci a urmtoarelor costuri: scderea reputatiei, cresterea
cheltuielilor administrative si cresterea cheltuielilor juridice.
Principalele cauze ale aparitiei creditelor neperIormante tin de
erorile comise de ctre creditor (interviu necorespunztor,
analiz Iinanciar necorespunztoare, necunoasterea activittii
clientului, garantarea deIectuoas a creditului, documentatia
incorect sau incomplet).
Bad loans determine banks to pay the Iollowing
costs: lower reputation, increase in administrative
costs and increased legal costs. The main causes
oI bad loans are the errors committed by the lender
(interview poorly, inadequate Iinancial analysis,
ignorance oI client activity, guaranteeing bad credit,
incorrect or incomplete documentation).
Fig. 2. Evolu(ia calit(ii creditelor bancare, /Fig. 2. Evolution of loan quality,
Sursa/Source: Calculele autorului conform datelor Bncii Aajionale a Moldovei./According to the data of the
Aational Bank of Moldova.
Experienta insuIicient n aIaceri (management
necorespunztor, capitalizare initial inadecvat, deteriorare
a productiei, activitate insuIicient de marketing, control
Iinanciar necorespunztor) determin, de asemenea,
creditele neperIormante ale companiilor. Creditele devin
neperIormante aproape ntotdeauna ca urmare a unei
deteriorri graduale a activittii companiei, care este nsotit
de numeroase semnale de avertizare.
n anul 2011, lider la capitolul credite si active bancare
InsuIIicient experience in business (inadequate
management, poor initial capitalization, damage to
production, insuIIicient market activity, inadequate
Iinancial control) also causes bad loans to companies.
Loans became nonperIorming almost always due to
gradual deterioration oI company activity, which is
accompanied by numerous warning signs.
In 2011, leader on the banking market Ior credits and
banking assets is Moldova-Agroindbank, registering a
47,6
50,8
60
50,8
66,1 58,9 58
26,8
30,9
38,9
39,4
37,1
35,5
38
36,5
38,5
43,3
43,2
43,7
40
37
2005 2006 2007 2008 2009 2010 2011
Total
depozite/PIB/T
otal
deposits/GDP
Total
credite/PIB/To
tal loan
portfolio/GDP
Total
active/PIB/Tot
al assets/GDP
10,6
13,3
6,9
8,S
41,7
49,7
7,1
11,2
28,1
41,8
31.12.2011 31.12.2010
Credite neperIormante/Total credite/nonperIorming loans/Total loans
Pierderi la credite/Total credite/loosses on loan/Total loans
Credite neperIormante/CNT/nonperIorming loans/CNT
Credite expirate/Total credite/expired loans/Total loans
Credite expirate/CNT/expired loans/CNT
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
102
pe piata bancar este Moldova-Agroindbank, nregistrnd un
sold de credite n sum de 6363,1 mil. MDL si sold de active
n sum de 9201,3 mil. MDL. n trimestrul IV al anului
2011, B.C. Victoriabank mentine pozitia de lider dup
volumul depozitelor atrase cu un sold de depozite n sum
de 6786,7 mil. MDL.
Respectiv, n anul 2011, se atest o crestere dup
valoarea activelor bncilor comerciale din Republica
Moldova. AstIel, dup valoarea activelor bancare, piata este
concentrat de 5 bnci comerciale, care detin 69 din totalul
activelor. Liderul dup valoarea activelor este BC Moldova-
Agroindbank, care la 31.12.2011 a atins valoarea total a
activelor de 9201,3 mil. MDL, n cretere cu 821,8 mil.
MDL Iat de 31.12.2010, iar cota de piat a bncii a sczut
cu 0,3, nregistrnd o cot de 19,5. Urmtoarea pozitie
este detinut de BC Victoriabank cu un volum al activelor
de 8069,1 mil. MDL, n crestere cu 1022,1 mil. MDL Iat de
31.12.2010, cota de piat a bncii a crescut cu 0,4 pn la
nivelul de 17,1.
La 31.12.2011, dup soldul creditelor bancare, piata este
concentrat de 5 bnci comerciale, care detin 70,5 din total
credite. La Iinele lunii decembrie 2011, BC Moldova-
Agroindbank este lider pe piata bancar, nregistrnd un sold
de credite n sum de 6363,1 mil. MDL, ceea ce constituie
mai mult cu 930,8 mil. MDL Iat de decembrie 2010.
Pe pozitia a II-a se aIl B.C. Victoriabank, volumul
creditelor creia constituie 4789,3 mil. MDL, n crestere cu
769 mil. MDL Iat de 31.12.2010, iar cota de piat a bncii
atinge 16,3.
credit balance oI MDL 6,363.1 mil. and an asset balance
amounting to MDL 9,201.3 mil. In the IV
th
quarter oI
2011, B.C. Victoriabank maintains the leader position by
the volume oI attracted deposits, with a balance oI
deposits oI MDL 6,786.7 mil.
In 2011, there is an increase according to the value oI
the assets oI the commercial banks oI the Republic oI
Moldova. Thus, by the value oI banking assets, the
market is concentrated by 5 commercial banks, which
own 69 oI the total assets. The leader by the value oI
assets is BC Moldova-Agroindbank, which as oI
December 31, 2011, reached the total value oI assets oI
9201.3 million MDL, 821.8 million MDL higher than
December 31, 2010, and the market share decreased by
0.3, at 19.5. The Iollowing position is occupied by
BC Victoriabank with a value oI assets oI 8069.1 million
MDL, 1022.1 million MDL higher than December 31,
2010, and the market share oI the bank increased by
0.4, up to the level oI 17.1.
As oI December 31, 2012, by the balance oI banking
loans, the market is concentrated by 5 commercial banks,
which own 70.5 oI the total loans. At the end oI
December 2011, BC Moldova-Agroindbank is the leader
on the banking market, with a loan balance oI 6363.1
million MDL, 930.8 million MDL more than in
December 2010. B.C. Victoriabank ranks second, with a
volume oI loans oI 4789.3 million MDL, 769 million
MDL higher than December 31, 2010, and the market
share oI the bank is 16.3.
Tabelul 1/Table 1
Indicatorii de concentrare a sectorului bancar, n anii 2010-2011,/
Index concentration in the banking sector, in 2010-2011,
Nr. Denumirea Bncilor/
Bank name
Cota de piaj dup valoarea
activelor/Market share by the
value of assets (")
Cota de piaj dup valoarea
creditelor/Market share by the
value of loans (")
Cota de piaj dup valoarea
depozitelor/Market share by
the value of deposits (")
31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011
1 Comer(bank 1,2 1,2 0,9 1,1 1,1 1,2
2 Banca Social 6,7 6,8 7,4 7,5 6,2 6,7
3 Jictoriabank 16,7 17,1 15,8 16,3 20,4 21,0
4 Moldova-Agroindbank 19,8 19,5 21,3 21,6 19,2 18,1
5 Moldindconbank 12,1 14,2 11,7 15,4 13,3 15,3
6 Banca de Economii 12,5 12,4 11,8 9,7 13,0 13,9
7 EuroCreditBank 0,7 1,0 0,6 0,6 0,4 0,8
8 Unikbank 1,0 1,3 0,7 1,3 0,8 1,2
9 FinComBank 3,9 3,5 3,6 2,8 3,3 0,6
10 Universalbank 0,9 0,4 0,8 0,4 0,7 2,2
11 Energbank 3,5 3,4 2,9 3,3 3,7 3,6
12 ProCreditBank 3,1 2,8 4,0 3,5 1,4 1,3
13 BCR Chiyinu 2,9 2,7 2,4 2,3 3,1 2,3
14 Eximbank-Cruppo
Jeneto Banca
8,1 7,7 10,0 8,6 6,5 5,9
15 Mobiasbanca-Grupe
Societe Generale
6,8 6,2 6,0 5,7 6,8 5,9
Indicatorul HHI (puncte)/
Index HHI (points)
1181,3 1211,1 1218,2 1264,0 1295,5 1341,4
Indicatorul CR-4 /Index () 70,1 63,2 60,6 63 65,9 68,3
Sursa/Source: Calculele autorului conform datelor Bncii Aajionale a Moldovei./According to the data of the
Aational Bank of Moldova.
n anul 2011, se atest o crestere a volumului depozitelor
bncilor comerciale din Republica Moldova. AstIel, dup
valoarea depozitelor bancare, piata este concentrat
In 2011, there is an increase oI the volume oI deposits
oI the commercial banks oI the Republic oI Moldova.
Thus, by the value oI banking deposits, the market is
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 103
nr. 2 / 2012
5 bnci comerciale detin 75. Liderul dup volumul
depozitelor atrase este BC Victoriabank, care la 31.12.2011
a atras depozite n valoare total de 6786,7 mil. MDL,
n crestere cu 9372,8 mil. MDL Iat de 31.12.2010, cota de
piat a bncii a crescut cu 1, Iiind de 21. Pozitia
secund n clasament, la 31.12.2011, este detinut de BC
Moldova-Agroindbank cu un cuantum al depozitelor
atrase de 5832,5 mil. MDL, n crestere cu 678,6
mil. MDL Iat de 31.12.2011, iar cota de piat a bncii
constituie 18.
n anul 2011, indicele de concentrare a pietei (indicele
HerIindahl-Hirschman) se ncadreaz n limitele unei piete
bancare din Republica Moldova cu un grad moderat de
concentrare (1211,1 puncte) dup valoarea activelor (vezi
Tabelul 1).
Volumul creditelor noi acordate de bnci la 31.12.2011 a
constituit 2662,5 mil. MDL, n crestere cu 26,4 n
comparatie cu 31.12.2010. Volumul depozitelor noi atrase
de bnci la data de 31.12.2011 a constituit 47883,4 mil.
MDL, majorndu-se cu 10,8, Iat de 31.12.2010.
Pe parcursul anului 2011, se atest o continu scdere a
ratei dobnzii la creditele acordate n moned national,
tendint care s-a stabilizat si n trimestrul IV al anului 2011.
n decembrie 2011, rata medie a dobnzii la creditele
acordate n moned national a constituit un nivel de
13,96, iar rata medie la depozite n lei a ajuns la un nivel
de 8,45. n acest context, observm c ratele medii ale
dobnzii la depozitele n moned national au nceput s
creasc de la nceputul anului 2011, constituind nivelul de
6,7 n luna ianuarie 2011. Respectiv, si ratele medii ale
dobnzii la depozite n moned strin au crescut de la
3,41 n luna ianuarie 2011 la un nivel de 3,83 n
decembrie 2011. Marja bancar la operatiunile n moned
national au sczut de la 8,45 n ianuarie 2011 pn la un
nivel de 5,51 n decembrie 2011.
concentrated by 5 commercial banks, which own 75.
The leader by the volume oI obtained deposits is BC
Victoriabank which as oI December 31, 2011, had
obtained deposits with a total value oI 6786.7 million
MDL, 9372.8 million MDL higher than December 31,
2010, and the market share oI the bank increased by 1,
at 21. The second position oI the standings as oI
December 31, 2011 is held by BC Moldova-Agroindbank,
with a value oI obtained deposits oI 5832.5 million MDL,
678.6 million MDL, compared to December 31, 2011, and
the market share oI the bank is 18.
In 2011, the market concentration index (the
HerIindahl-Hirschman index) is within the limits oI a
market with a moderate degree oI concentration on the
banking market oI the Republic oI Moldova (1211.1
points) by the value oI assets (see Table 1).
The volume oI credits granted by banks on 31.12.2011
was 2662.5 million MDL, increased by 26.4 compared
to 31.12.2010. The volume oI new deposits with banks at
31.12. 2011 was MDL 47,883.4 million, increasing by
10.8 compared to 31.12.2010.
In 2011, a continuous decrease oI the interest rate Ior
the credits granted in national currency is attested, which
trend also stabilized in the IV
th
quarter oI 2011. In
December 2011, the average interest rate Ior the credits
granted in national currency was 13.96, and the average
rate Ior the deposits in lei reached a level oI 8.45. In this
context, we notice that the average interest rates Ior the
deposits in national currency began to increase Irom the
beginning oI 2011, being at the level oI 6.7 in January
2011. Also, the average interest rates Ior Ioreign currency
deposits increased Irom 3.41 in January 2011 to 3.83,
in December 2011. The banking margin Ior the operations
in national currency decreased Irom 8.45 in January
2011 to 5.51 in December 2011.
Fig. 3. Evolu(ia marjei bancare`, a ratelor medii a dobnzii la depozite yi la credite n MDL, /
Fig. 3. The evolution of the bank margin`, of average rates on deposits and loans in MDL,
Sursa/Source: Calculele autorului conform datelor Bncii Aajionale a Moldovei./According to the data of the
Aational Bank of Moldova.
Evolutia proIitabilittii bancare denot, c bncile au Iost
capabile s majoreze venitul net raportat la active (ROA) cu
1,5 p.p., constituind 1,9 la 31.12.2011, ct si raportat la
The evolution oI the banking proIitability denotes that
the banks were capable oI increasing the net revenues
related to assets (ROA) by 1.5, constituting 1.9, as oI
-3
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3
10
13
20
23
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Rata medie la depozite n MDL/Average rate for deposits MDA
Rata medie la credite n MDL/Average rate for loans MD
Marja bancar/Bank margin
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
104
capitalul actionar (ROE) cu 8,9 p.p., nregistrnd 11,5 Iat
de 31.12.2010. Odat cu cresterea volumului de capital
actionar si de active, majorarea ROE si ROA denot, c
ritmul de crestere a proIitului net este mult mai rapid, Iapt
destul de ncurajator. AstIel, la sIrsitul anului 2011, venitul
net al bncilor pe ntregul sistem a constituit 879,7 mil.
MDL sau de 4.7 ori mai mult Iat de venitul nregistrat n
anul 2010.
Ponderea activelor generate de dobnd n totalul
active, la 31.12.2011, s-a majorat cu 2,42 p.p. si a
constituit 82,3, comparativ cu 31.12.2010, cnd a
constituit 79,8. Respectiv, la 31.12.2011 se evedientiaz
cresteri ale marjei nete din dobnzi cu 0,12 p.p., constituind
6,6 Ia( de 31.12.2010. AstIel, bncile n situa(ii mai
diIicile compenseaz veniturile din alte surse, si n
special din comisioanele din transIeruri, inclusiv ale celor
din strintate ,i din alte comisioane percepute de ctre
banc.
December 31, 2012, and related to the shareholding capital
(ROE) by 8.9, at 11.5, compared to December 31,
2010. At the same time with the increase oI the volume oI
the shareholding capital, the increase oI ROE and ROA
shows that the growth rate oI the net proIit is much Iaster,
which is quite encouraging. Thus, at the end oI 2011, the net
revenues oI the banks Ior the entire system was 879.7
million MDL or 4.7 higher than the revenues recorded in
2010.
The weight oI assets, generated by interests in the total
assets, as oI December 31, 2011, increased by 2.42 and was
82.3 compared to December 31, 2010, which was 79.8.
Respectively, as oI December 31, 2011, there were increases
oI the net margin Irom interests by 0.12, oI 6.6,
compared to December 31, 2010. Thus, banks in situations
more and more diIIicult, compensate revenues Irom other
sources, especially Irom transIer commissions, including
Irom abroad, and Irom other commissions applied by banks.
Fig. 4. Evolu(ia profitabilit(ii bancare, /
Fig. 4. The evolution of bank profitability,
Sursa/Source: Calculele autorului conform datelor Bncii Aajionale a Moldovei./According to the data of the
Aational Bank of Moldova.
Indicele de eIicient, detreminat ca raportul dintre
veniturile nete aIerente dobnzilor plus veniturile
neaIerente dobnzilor la cheltuieli neaIerente dobnzilor,
la 31.12.2011 este n crestere cu 31,8, constituind 181,8
Iat de 31.12.2010.
Lichiditatea bancar poate Ii privit att prin prisma
ponderii activelor lichide n total active, ct si prin prisma
obligatiunilor pe care banca este obligat s le onoreze.
AstIel, observm diminuarea ponderii activelor lichide
(principiul II al lichidittii) cu 1, nregistrnd 33,1 la
31.12.2011, ceea ce denot neaIectarea capacittii de plat a
bncilor.
Lichiditatea pe termen lung sau principiul I al
lichidittii, pe ntreg sistemul bancar, a nregistrat 0,69 la
31.12.2011, cu 0,02 mai mult Iat de 31.12.2010.
Aceste valori ale indicatorilor lichidittii relev existenta
surselor adecvate pentru sustinerea pltilor aIerente
obligatiunilor. Ponderea depozitelor n total active la
31.12.2011 este n scdere cu 0,7, constituind 65,3, Iat
de 31.12.2010 |5|.
The eIIiciency index, determined as the ratio between
the net revenues corresponding to interests plus revenues not
corresponding to interests Ior expenses not corresponding
to interests, as oI December 31, 2011 is 31.8 higher,
constituting 181.8compared to December 31, 2010.
Banking liquidity may be regarded both based on the
weight oI liquid assets in the total assets, and based on
bonds, which the bank is obligated to pay. Thus, we
notice the reduction oI the weight oI liquid assets (2nd
principle oI liquidity) by 1, recording 33.1 as oI
December 31, 2011, which shows that the payment
capacity oI banks is unaIIected.
Long-term liquidity or the 1st principle oI liquidity,
Ior the entire banking system recorded 0.69 as oI
December 31, 2011, 0.02 higher than December 31,
2010. These values oI the liquidity indicators show the
existence oI adequate sources Ior supporting payments
corresponding to bonds. The weight oI deposits Irom the
total assets as oI December 31, 2011 decreased by 0.7,
to 65.3, compared to December 31, 2010 |5|.
Concluzii. n ultima perioad, managementul strategic
devine destul de des utilizat n activitatea bancar, avnd o
Conclusions. In recent years, strategic management
is oIten used in banking, with an integral approach
11,S1
2,6
1,9S
0,4
12.31.2011
12.31.2010
8CA 8CL
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 103
nr. 2 / 2012
abordare integral cupriznd politici si strategii bancare
de gestionare a riscurilor. AstIel, existenta politicilor
strategice adecvate de minimizare a riscurilor ntr-o banc
conditioneaz un management bancar cu un nivel nalt de
proIesionalism si calitativ.
Prin urmare, aparitia risculului strategic n cadrul
activittii bancare aIecteaz proIitul si capitalul, Iiind cauzat
de decizii gresite, ct si de implementarea improprie a
decizilor sau lipsa de reactie la schimbrile din mediul de
aIaceri. AstIel, enumerm cele mai importante avantaje
strategice cu orientare asupra relatiei banc-client:
- obtinerea unei proIitabilitti stabile pe termen lung,
deoarece clientul n sine este sursa de proIit a bncii;
- preIerinta clientului pentru banca cu care are cea mai
stabil si puternic relatie n cazul n care primeste oIerte de
produse similare cu executie si costuri similare;
- motivarea activittii salariatilor n Iunctie de realizarea
unor indicatori principali, n primul rnd al proIitului
(lunar, trimestrial, anual); de asemenea, poate Ii luat n
vedere realizarea unor indicatori, precum: numrul de clienti
atrasi (sptmn, lun), numrul de produse/servicii
vndute;
- capitalizarea adecvat care s permit o prezent
remarcabil pe piat;
- asigurarea unei relatii optime ntre prudenta bancar si
tendinta de dezvoltare agresiv, pentru a asigura o
competitivitate sporit si pentru nIrngerea concurentei;
- realizarea indicatorilor de eIicient, Iinanciari si de
proIitabilitate are o important major att pentru buna
derulare a activittilor, pentru asigurarea unei corelri ntre
diIerite domenii si structuri, ct si pentru obtinerea unui
avantaj competitiv etc.
AstIel, putem concluzion c toate eIorturile
managementului strategic n activitatea bancar trebuie
directionate ntru asigurarea unui tip de startegii care s
asigure o bun Iunctionare a bncilor.
including bank policies and risk management strategies.
Thus, the existence oI appropriate strategic policy oI
minimizing risk in a bank makes a bank management
with a high level oI proIessionalism and quality.
ThereIore, the emergence oI strategic risk in bank
activity, aIIects proIits and capital, being caused
by bad decisions and improper implementation oI the
decision or lack oI response to changes in business
environment. Thus, mentioning the most important
strategic advantages to Iocus on the bank-customer
relationship are:
- obtaining a stable long-term proIitability, because
the client itselI is a source oI proIit to the bank;
- customer preIerence Ior the bank that has the most
stable and strong relationship when receiving similar
product oIIers with similar perIormance and costs;
- an employee work motivation according to the
development oI key indicators, Iirst oI proIit (monthly,
quarterly, annually), also can be considered the
development oI indicators, such as: number oI customers
attracted (week, month), number oI products/services
sold;
- an adequate capitalization that will allow an
outstanding market presence;
- ensuring the optimum relationship between banking
prudence and aggressive development trend to ensure
greater competitiveness and to deIeat competition;
- achieving eIIiciency indicators, Iinancial and
proIitability, which has a major importance Ior a proper
conduct oI activities to ensure a correlation between
diIIerent areas and structures and to gain competitive
advantage, etc.
Thus, we conclude that all eIIorts oI strategic
management in banking should be directed in order to
ensure a type oI strategy which will ensure proper
Iunctioning oI banks.
Referin(e bibliografice/References
1. TANTU, Adrian Dumitru. Managementul strategic - de la teorie la practic. Ed. a III-a. Bucuresti: Ed. C.H. Beck,
2011. ISBN 978-973-115-874-7.
2. TBRTA, Emma. Politici adecvate - riscuri minime. In: ProIit. 2011, nr. 12, pp. 82-84.
3. Banca National a Moldovei. |Accesat 21.06.2012|. Disponibil: www.bnm.md/.
4. LUPAN, Oxana. Sectorul bancar - o dezvoltare stabil. |Accesat 21.06.2012|. Disponibil: http://www.expert-
grup.org/?gonews&n50&nt4/ Expert Grup.
5. Lansarea celui de-al patrulea numr al publicatiei ,Tendinte n Economia Moldovei. |Accesat 21.06.2012|.
Disponibil: http://www.ieIs.md/ro/activitatea-ieIs/publicacii/met/199-lansarea-celui-de-al-patrulea-numr-al-
publicaiei-tendine-n-economia-moldovei.html/
Aot: Materialul poate fi regasit n publicajia trimestrial ,1endinje n economia Moldovei", Ar.4/211, Chiyinu,
Complexul Editorial IEFS, pag. 4-47, subcapitolul Sectorul bancar, autor - Septelici Jiorica.
Recomandat spre publicare 26.04.2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
106
PROPUNERI PENTRU LRGIREA BAZEI
FISCALE $I PERFECTIONAREA POLITICILOR
CHELTUIELILOR PUBLICE N SCOPUL
DIMINURII DEFICITULUI BUGETAR
PROPOSALS FOR THE TAX BASE WIDENING
AND IMPROVING THE PUBLIC
EXPENDITURE POLICIES IN ORDER
TO REDUCE THE BUDGET DEFICIT
Jladimir CUCIREJII, dr., conf. cercet., IEFS
Recenzent: Cheorghe ILIADI, dr. hab., prof., IEFS
Jladimir CUCIREJII, PhD, associate researcher, IEFS
Reviewer: Cheorghe ILIADI, PhD, professor, IEFS
Materialul pre:entat indic unele disproportii din cadrul
structurii sistemului fiscal, care reflect orientarea politicii
fiscale spre perfectionarea impo:itelor indirecte. Politica
fiscal in domeniul impo:itelor indirecte a fost orientat
spre reducerea facilittilor fiscale la taxa pe valoare
adugat nefondate i greu de administrat i la maforarea
acci:elor prin indexarea lor la rata inflatiei. Mecanismul
existent de acordare a facilittilor fiscale nu reali:ea:
pe deplin principiul echittii presiunii fiscale pentru toti
agentii economici. A fost efectuat anali:a cheltuielilor din
bugetul public national pentru intretinerea educatiei
i medicinei, precum i apreciate abaterile de la mrimea
lor optim.
Cuvinte cheie: presiune fiscal, buget public national,
cot de impunere, memorandum, facilitti fiscale.
The presented material shows some disparities,
which are included in the tax svstem structure that
reflects the tax policv orientation to the indirect taxes
improvement. Tax policv in the area of indirect taxes was
directed to the diminish of unfounded and hard to
manage JAT facilities and at the maforitv of excise
through their indexation at the inflation rate. The
existant mechanism of granting tax incentives does not
fullfill the equitv principle of the tax burden for all the
economic agents. The analvsis of expenditures from the
national public budget for the maintenance of education,
medicine were made and appreciated the deviations from
their optimal si:e.
Key words. tax burden, national public budget, tax
rate, memorandum, tax incentives.
Introducere. Gratie relansrii economice din anul 2000
si reIormelor de optimizare bugetar, deIicitul a Iost redus la
limite controlate. Aceasta a permis Guvernului s micsoreze
gradual impozitul pe veniturile persoanelor Iizice si juridice
de la niveluri relativ ridicate n primii ani de tranzitie pn la
niveluri sczute n 2008 (introducnd, din 1 ianuarie 2008, si
rata zero pentru venitul reinvestit al persoanelor juridice).
Totusi, cresterea continu a dependentei veniturilor bugetare
de impozitele indirecte (taxarea consumului) trezeste mari
ngrijorri.
Con(inutul de baz. Diminuarea presiunii Iiscale asupra
veniturilor persoanelor Iizice si juridice a avut un impact
pozitiv asupra cresterii veniturilor la buget. Pe parcursul
anilor 2005-2009, se observ o tendint de crestere a
veniturilor publice n produsul intern brut (PIB) de la 38,6
n anul 2005 pn la 40,6 n 2008 si o descrestere a lor de
la 38,6 n 2009 pn la 35,6 n 2010. Aceast sporire a
Iost sustinut de cresterea economic din anii precedenti,
dezvoltarea comertului exterior, majorarea salariilor, precum
si msurile de mbunttire a administrrii Iiscale.
n prognozele macroeconomice era prevzut o crestere
considerabil a impozitelor directe cu 89 n perioada
2005-2009. n realitate, cresterea a constituit 78 si s-a
datorat majorrii contributiilor de asigurare obligatorii de
stat de 2,03 ori si a primelor de asigurare medical de stat de
1,58 ori.
Realizarea acestei reIorme Iiscale nu a rezultat
nicidecum cu disproportii n cadrul structurii sistemului de
impunere, care ar reIlecta orientarea politicii de impunere
spre perIectionarea impozitelor indirecte.
Totodat, micsorarea cotei de impunere, pe de o parte,
nu este Iactorul principal care inIluenteaz acest proces.
Evident, c reducerea ncasrilor din impozitul pe venit
aplicat persoanelor Iizice si juridice diminueaz contributia
acestuia la buget, micsoreaz baza impozabil, care, ntr-o
Introduction. The deIicit was reduced to the
manageable limits due to the economic recovery since
2000 and thanks to reIorms oI budget optimization. This
Iact allowed the Government to reduce gradually the tax
on individuals and legal entities income Irom relatively
high levels during the Iirst years oI transition till the low
levels in 2008 (introducing Irom January 1, 2008 the
zero rate Ior the reinvested income oI the legal entities).
However, the continuous increase oI the budgetary
revenues dependence on the indirect taxes (consumption
charge) raises a great concern.
The basic content. Reduction oI the tax burden on
the income oI individuals and legal entities had a
positive impact on the growth in budget revenues.
During the period oI 2005-2009 it is observed a tendency
oI increase oI the public revenues Irom 38.6 oI GDP in
2005 to 40.6 in 2008 and a decrease Irom 38.6 oI
GDP in 2009 to 35.6 in 2010. This growth was
supported by the economic growth Irom the previous
years, growth oI the Ioreign trade, salary increase and the
measures oI improvement oI the Iiscal administration.
As it was speciIied in the macroeconomic Iorecasts,
there was a signiIicant increase by 89 oI the direct taxes
during 2005-2009, the increase was 78 due to the growth
by 2.03 times oI mandatory state insurance contributions
and the state health insurance payments by 1.58 times.
Together with this tax reIorm, those disparities which
are included in the tax system which would reIlect the
orientation oI the tax policy towards the improvement oI
the indirect taxes were not touched.
Also, the decrease oI the tax rate on the one hand is
not the main Iactor that inIluences this process.
Obviously, the reduction oI income tax receipts Irom
individuals and legal entities reduces the tax revenues to
the budget, shrinks the tax base which in some way is not
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 107
nr. 2 / 2012
oarecare msur, nu este legat de nruttirea situatiei
Iinanciare a contribuabililor. Datele Tabelului 1 atest
diminuarea ncasrilor pe venit n rezultatul diminurii
cotelor si mririi progresive a grilelor de impunere a
persoanelor Iizice si juridice.
n prognoza privind bugetuli public national ca pondere
n PIB, n anii 2011-2013 se observ o majorare a veniturilor
Iiscale din contul veniturilor directe, a cror surs principal
este impozitul pe venit din activitatea de ntreprinztor.
ConIorm estimrilor prezentate, ponderea n PIB a sursei de
venit de la persoanele Iizice se va mri de la 0,8 n 2010
pn la 1,8 n 2013.
related to the weakening oI the Iinancial position oI
taxpayers. Data Irom Table 1 show the reduction oI
income receipts due to the rates reduction and
progressive increase oI the tax scales Ior the individuals
and legal entities.
The Iorecast oI the national public budgets
estimations as a share oI GDP in 2011-2013 show an
increase oI the tax revenues Irom the direct incomes, the
main source being the income tax Irom the
entrepreneurial activity. According to the current
estimations the source oI income Irom individuals will
increase Irom 0.8 oI GDP in 2010 to 1.8 in 2013.
Tabelul 1/Table 1
Evolu(ia bugetului public na(ional (venituri yi cheltuieli de baz), aa.2005-2010/
Evolution of the national public budget (revenues and basic expenditures), 2005-2010
Indicatori/Indicators 2005 2006 2007 2008 2009 2010
Venituri/Revenues - total, mil. lei 14527,3 17847,8 22292,1 25516,9 23517,0 27550,0
in raport cu anul precedent, /
in relation to the previous vear,
27,3 22,8 24,9 14,5 -7,9 17,5
Venituri fiscale/Revenues from taxes, mil. lei 12063,2 15100,0 18396,5 21551,5 19531,7 22547,7
in structura bugetului public national, /
in the structure of the national public budget,
83,0 84,6 82,5 84,5 83,1 81,8
Impozitul pe venit/income tax, mil. lei 1671,1 2206,8 2717,1 2197,1 1907,8 2028,6
in raport cu anul precedent, /
in relation to the previous vear,
6,0 32,1 23,1 -19,9 -13,2 6,3
in structura bugetului public national, /
in the structure of the national public budget,
11,5 12,4 12,1 8,6 8,1 7,4
Contributii de asigurri sociale obligatorii de stat/
Contributions oI compulsory state social
insurance, mil. lei
2949,2 3660,8 4332,7 5429,9 5595,2 5993,6
in structura bugetului public national, /
in the structure of the national public budget,
20,3 20,5 19,4 21,3 23,8 21,8
Prime de asigurri obligatorii de asistent
medical/Payments Ior compulsory medical
insurance, mil. lei
425,4 523,7 783,7 1157,3 1376,6 1486,7
Impozite interne pe mrIuri si servicii, mil. lei /
Internal taxes on goods and services, mil. lei
6100,0 7645,4 9436,7 11355,2 9491,8 11679,3
in raport cu anul precedent, /
in relation to the previous vear,
33,4 25,3 23,4 20,3 -16,5 23,0
in structura bugetului public national, /
in the structure of the national public budget,
42,0 42,8 42,3 44,5 40,3 42,3
Impozite asupra comertului exterior, mil. lei /
Taxes on international trade, mil. lei
685,1 830,6 900,0 1150,0 907,6 1078,5
Cheltuieli - total, mil. lei, din care pentru:/
Expenditures - total, mil. lei, of which for:
13949,3 17973,9 22415,6 26146,9 27354,3 29318,9
Economie/The economy 1964,4 2721,1 3742,2 3490,9 2619,4 3190,7
in structura bugetului public national, /
in the structure of the national public budget,
13,5 15,3 16,8 13,7 10,3 13,6
Actiunile social-culturale total , mil. lei /
The socio-cultural activities total , mil. lei
8827,5 11360,2 14038,7 17101,3 19190,5 21462,1
in structura PBN/in the NPB structure, 60,7 63,6 63,0 67,0 81,6 77,9
nvtmnt/Education, mil. lei 2696,9 3605,8 4248,6 5178,3 5665,9 6574,7
in structura BPN/in the NPB structure, 18,5 21,2 18,0 19,8 20,7 24,0
Ocrotirea snttii/Health, mil. lei 1572,4 2111,8 2628,6 3391,4 3846,9 3996,6
Sursa/Source: Anuarul statistic 21./Statistical Yearbook, 21.
Unicul impozit care, n esent, continu de a Iorma baza
veniturilor bugetului public national este TVA. Ponderea
acestuia n veniturile Iiscale permanent creste (cu exceptia
anului 2009). Taxa medie se prognozeaz la nivel de 20.
The only tax that essentially continues to Iorm
the basis oI the national public budget revenues is VAT.
Its share in the tax revenues is steadily growing (except
in 2009). Middle tax is Iorecasted at 20.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
108
Tabelul 2/Table 2
Estimrile bugetului public na(ional pe anii 2011-2013 ()/
National public budget forecasts for 2011-2013 ()
Executat/
Executed
Executat/
Executed
Executat/
Executed
Executat/
Executed
Aprobat/
Approved
Scontat/
Expected
Prognoz/
Forecast
Ponderea n PIB/
Share of GDP 2006 2007 2008 2009
2010
2011 2012 2013
A. Venituri/Revenues 39,9 41,7 40,6 39,3 39,0 40,9 40,3 39,4 40,2
1. Jenituri Curente/
Current revenues
39,2 39,9 38,9 37,5 35,8 37,8 38,4 37,6 38,2
1.1 Jenituri Fiscale/
Tax revenues
32,9 33,6 33,2 32,4 31,6 33,5 34,4 33,9 34,8
1.1.1 Impozite directe/
Direct taxes
14,8 15,1 14,4 15,4 14,2 15,2 15,6 15,6 16,6
1.1.1.1 Impozitul pe venit din
activitatea de ntreprinztor/
Income tax Irom the business
activity
2,4 2,6 1,1 0,7 0,3 0,8 0,8 0,8 1,8
1.1.1.2 Impozitul pe venitul
persoanelor Iizice/Income tax
Irom individuals
2,5 2,5 2,4 2,5 2,3 2,4 2,5 2,5 2,5
1.1.1.3 Impozitul Iunciar/
Land tax
0,4 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,2
1.1.1.4 Impozitul pe bunurile
imobiliare/Real estate tax
0,1 0,1 0,1 0,1 0,1 0,1 0,1 0,1 0,1
1.1.1.5 Primele de asigurri
FAOAM/FAOAM
contributions
1,2 1,5 1,8 2,3 2,3 2,3 2,4 2,4 2,4
1.1.1.6 Contributii BASS/
BASS contributions
8,2 8,1 8,6 9,4 8,9 9,3 9,5 9,5 9,5
1.1.2 Impozite indirecte/
Indirect taxes 18,1 18,5 18,8 17,0 17,3 18,3 18,8 18,3 18,2
1.1.2.1 TVA/VAT
13,8 14,2 14,5 12,8 12,7 13,6 14,0 13,7 13,7
1.1.2.1.1 ncasate pe teritoriul
republicii/collected on the RM
territory
4,6 4,9 5,1 5,6 5,6 5,8 5,9 5,8 5,9
1.1.2.1.2 restituiri/reIunds -2,4 -2,6 -2,2 -2,1 -2,2 -2,1 -2,1 -2,1 -2,1
1.2.1.3 ncasate la vam/
collected at the customs
11,6 11,9 11,6 9,3 9,3 9,9 10,3 10,0 9,9
1.1.2.2 Accize/Excise 2,4 2,6 2,5 2,6 3,1 3,1 3,2 3,1 3,1
1.1.2.2.1 ncasri/receipts 2,6 2,7 2,6 2,7 3,2 3,2 3,3 3,2 3,2
1.1.2.2.2 restituiri/reIunds -0,2 -0,1 -0,1 -0,1 -0,1 -0,1 -0,1 -0,1 -0,1
1.1.2.3 Impozitele asupra
comertului exterior/Taxes on
the Ioreign trade
1,9 1,7 1,8 1,5 1,5 1,5 1,6 1,5 1,5
Sursa/Source: Prognoza Ministerului Finanjelor, 21-213./Forecast of the Ministry of Finance, 21-213.
Politica Iiscal n domeniul impozitelor indirecte a Iost
orientat spre reducerea Iacilittilor Iiscale la TVA
neIondate si greu de administrat, precum si spre majorarea
accizelor prin indexarea lor la rata inIlatiei.
Anularea Iacilittilor Iiscale la TVA pentru importul si
livrarea pe teritoriu a medicamentelor, pesticidelor si
ngrsmintelor minerale, a utilajului, tehnicii, productiei
agricole primare a sporit ncasrile TVA la buget, acestea
Iiind alocate pentru: suportul, dezvoltarea si ameliorarea
inIrastructurii sectorului agricol, restituirea agentilor
economici din agricultur a TVA la productia agricol n
Iorm de subventii, precum si compensarea medicamentelor,
destinate tratamentului persoanelor asigurate n conditii de
ambulator.
n anul 2007 au Iost puse accente pe aplicarea unor
Fiscal policy in the area oI indirect taxes was aimed
at reducing the unIounded and hard to manage VAT tax
Iacilities and at increasing the excise by their indexation
to the inIlation rate.
Cancellation oI tax Iacilities at VAT Ior import and
delivery on the territory oI drugs, pesticides and
Iertilizers, equipment, machinery, primary agricultural
production increased the VAT receipts to the budget,
these being assigned Ior the support, development and
improvement oI the inIrastructure oI agriculture, reIund
Ior the economic agents Irom agriculture oI the VAT on
the agricultural production in the Iorm oI subsidies and
also, Ior compensation oI medicines Ior the treatment oI
the insured persons in ambulatory conditions.
In 2007 there were applied new tax procedures. For
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 109
nr. 2 / 2012
proceduri Iiscale noi:
- au Iost introduse noi modalitti de nregistrare n
calitate de pltitor TVA, a Iost modiIicat pragul de
nregistrare obligatorie de contribuabil TVA;
- a Iost elaborat proiectul noului regulament cu privire la
restituirea TVA, care speciIic simpliIicarea procedurii de
restituire;
- au Iost elaborate si aprobate: Regulamentul privind
evidenta, calcularea uzurii n scopuri Iiscale.
n scopul simpliIicrii procedurilor si reducerii duratei de
restituire a TVA la mrIuri exportate si la investitii n
mijloace Iixe puse n exploatare, prin Hotrrea Guvernului
nr. 287 din 11 martie 2008 a Iost aprobat Regulamentul
privind restituirea taxei pe valoare adugat. Acest
regulament a Iost elaborat n scopul mbunttirii climatului
investitional.
Datele Tabelului 2 demonstreaz c cotele TVA n PIB
ating 12-13 si se prevede n viitor s rmn, practic, la
acelasi nivel, nregistrnd o crestere nesemniIicativ. Cota
medie a impozitului pe valoarea adugat pe anul 2012 la
majoritatea mrIurilor, nclusiv la zahr, rmne
neschimbat (20), se prevede introducerea cotei standard
TVA de 20.
Obiect impozabil reprezint livrarea si importul
mrIurilor si a serviciilor de ctre subiectii impozabili n
Republica Moldova, exceptie Iiind mrIurile de uz sau
consum personal, importate de persoane Iizice, a cror
valoare nu depseste limita stabilit de legea bugetului pe
anul respectiv.
Principalele msuri de politic care pe parcursul anilor
2010-2011 au Iavorizat consolidarea pozitiei Iiscale a TVA
au Iost:
- majorarea de 2 ori a plaIonului de nregistrare
obligatorie a contribuabililor ai TVA;
- majorarea cotei reduse a TVA la gazele naturale si
lichiIiate;
- introducerea cotei reduse a TVA pentru productia
agricol primar;
- extinderea mecanismului de restituire a TVA la
productia agricol primar;
- extinderea mecanismului de restituire a TVA la
investitii (cheltuieli) capitale eIectuate n tractoare agricole.
Cadrul bugetar pe termen mediu (2012-2014), elaborat
de Ministerul Finantelor n vederea optimizrii sistemului
Iiscal privind TVA, n anul 2012, prevede:
i) examinarea oportunittii anulrii Iacilittilor Iiscale
individuale privind TVA pentru organizatiile si
ntreprinderile societtilor orbilor, surzilor, invalizilor si
Iederatiilor sportive nationale, cu implementarea
mecanismului de compensare direct din buget a sumelor
TVA;
ii) examinarea oportunittii de neaplicare a TVA la
diIerenta negativ dintre pretul de realizare si cel de
achizitie, producere, procurare, valoarea de vam aIerent
mrIurilor si serviciilor.
Restituirea impozitului pe valoarea adugat, achitat de
agentii economici livratorilor de surse materiale, Iolosite la
producerea productiei pentru export, si n cazul livrrii
mrIurilor si serviciilor destinate realizrii diIeritor proiecte,
that:
- new ways oI registration as a VAT payer were
introduced, the known threshold oI mandatory
registration as a VAT taxpayer was modiIied;
- the draIt oI the new regulation on VAT reIunds was
developed,which speciIies the simpliIication oI the
reIund procedure;
- there have been developed and approved:
Regulation on evidence, depreciation calculation Ior the
tax purposes.
In order to simpliIy procedures and reduce the time
oI the VAT reIund Ior the exported goods and Ior
investment in the Iixed assets set into service through the
Government Decision no. 287 oI March 11, 2008 the
Regulation on VAT reIund was approved. This
regulation was developed in order to improve the
investment climate.
Data Irom the Table 2 show that the VAT rates Irom
GDP reach 12-13 and it seems that the Iuture Iorecasts
will remain at the same level with a little increase.
Average share oI the value added tax Ior the year 2012
Ior most oI the goods remains unchanged (20), it is
estimated that the standard VTA rate oI 20 will be
introduced Ior the sugar and it will remained unchanged
(20).
Supply and import oI goods and services represent a
taxable object by the subjects oI taxation in Moldova,
except Ior personal use or consumption oI goods
imported by individuals, whose value does not exceed
the limit established in the budget law Ior the year.
The main policy measures which Iavored the
strengthening oI the Iiscal position on VAT during the
years 2010-2011 were:
- double increase oI the compulsory registration limit
oI the VAT payers;
- increase oI the reduced VAT rate Ior natural and
liquiIied gas;
- introducing the reduced VAT rate Ior primary
agricultural production;
- extending the VAT reIund mechanism Ior primary
agricultural production;
- extending the VAT reIund mechanism Ior
capital investments (expenditures) made Ior agricultural
tractors.
Medium-term budgetary Iramework 2012-2014
developed by the Ministry oI Finance in order to
optimize the VAT tax system, provides in 2012:
i) examination oI the opportunity oI the individual
tax Iacilities regarding the VAT Ior companies and
business organizations oI the blind, deaI, disabled
persons and national sports Iederations with the
implementation oI the direct compensation mechanism
Irom the budget oI the VAT amounts;
ii) examination oI the opportunity regarding the
VAT non-appliance to the negative diIIerence between
the realization price and the acquisition one, production,
procurement, customs value related to goods and
services.
Return oI the value added tax paid by the economic
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
110
diminueaz simtitor veniturile la bugetul de stat. Prin
mecanismele existente de acordare a Iacilittilor Iiscale nu
se realizeaz pe deplin principiul echittii presiunii Iiscale
Iat de toti agentii economici. Procesele economice sunt
inIluentate de instrumentele politicii Iiscale, care, n
asemenea cazuri, sunt necesare de a Ii aplicate mai pe larg,
deoarece acestea stabilesc mecanismul de acordare a
Iacilittilor Iiscale.
Axarea presiunii Iiscale pe pretul mrIii, dar nu pe
veniturile de la productie, inevitabil, provoac procese
inIlationiste, determin ntreprinderile s compenseze
conIiscrile Iiscale pe calea majorrii preturilor. Acest
Ienomen diminueaz aportul ntreprinderilor la sporirea
eIicientei productiei, deoarece ntreprinderile devin
cointeresate nu n lrgirea producerii si n comercializarea
mrIurilor, dar n obtinerea Iacilittilor si amnrilor la plti.
Micsorarea presiunii Iiscale asupra productorilor si
transIerul acesteia asupra consumtorilor (n Iorm de
adaosuri la pret) reduce cererea de consum intern si
posibilittile de majorare a volumelor de productie ale
agentilor economici activi pe piata intern. Cresterea PIB are
loc, n mare msur, din contul exportului mrIurilor
(exporturile se impoziteaz cu TVA la cota 0).
ReIorma sistemului Iiscal al Republicii Moldova,
orientat spre optimizarea si ridicarea eIicientei impozitrii,
trebuie s asigure rationalizarea structurii acestuia, care nu
ar denatura stimularea activittii antreprenorilor n conditii
de piat.
Mizarea sistemului Iiscal pe impozitarea indirect nu
solutioneaz aceast ntrebare. n poIida unor coordonri si
succese obtinute n administrarea Iiscal, optimizarea
structurii sistemului Iiscal nc nu este realizat. n
asemenea situatie, politica bugetar trebuie s Iie orientat
spre micsorarea cheltuielilor bugetului consolidat, mai ales
n conditii de criz.
Datele tabelului 2 arat, c n structura impozitelor
directe, impozitele pe bunurile imobiliare detin o pondere
mic, ceea ce se explic, n primul rnd, prin Iaptul, c
obiectul impozitului pe imobil reprezint valoarea normativ
a imobilului, care este cu mult mai mic dect valoarea de
piat.
n scopul optimizrii administrrii impozitului pe
proprietate, n anii 2005-2007, au Iost initiate lucrri de
elaborare a unui nou sistem de impozitare a contribuabililor
prin implementarea Sistemului InIormational Automatizat.
Cadastrul Iiscal constituie, n prezent, un sistem complex de
baze de date, asigurat n baza tehnologiilor web.
Acest sistem permite de a tine evidenta obligatiunilor
Iiscale, deoarece contine inIormatii privind baza impozabil,
cotele impozitului pe bunurile imobiliare, nlesnirile si
Iacilittile de care beneIiciaz contribuabilii, restantele si
achitrile aIerente impozitului pe bunurile imobiliare.
De la 1 ianuarie 2007 a Iost implementat prima etap a
noului sistem de impozitare n baza valorilor de piat a
propriettii cu destinatie locativ din municipii si orase,
inclusiv localittile din componenta acestora.
Prin Legea organic nr.108 din 17.12.2009 pentru
modiIicarea si completarea unor acte legislative a Iost
modiIicat art. 280 din Codul Fiscal privind cotele
impozitelor:
agents to the delivers oI material sources used to
manuIacture Ior export and in the case oI delivery oI
goods and services Ior the realization oI various projects
signiIicantly reduces the state budget revenues. Through
the existing mechanisms oI granting the tax Iacilities the
principle oI Iairness oI the tax burden Ior all economic
agents is not Iully realized. Economic processes are
inIluenced by the Iiscal policy instruments and in such
cases it is necessary to use them in a more appropriate
way because they determine the mechanism oI granting
the tax Iacilities.
Orientation oI the Iiscal pressure on the prices oI
goods, rather than on the income Irom production causes
inevitably inIlation processes, aIIects companies to oIIset
the tax seizures via prices increase. This phenomenon
reduces the contribution oI enterprises Ior increasing the
production eIIiciency, because the companies have
interests not to extend the production and sale oI goods
but to obtain Iacilities and payment delay.
Reducing the tax burden Irom producers and its
transIer to consumers (in the Iorm oI additions to the
price) reduces the demand Ior domestic consumption and
possibilities Ior the increase oI production volumes oI
the economic agents who work on the internal market.
The GDP growth takes place mainly on the account oI
the goods export (especially exports are liable to VAT at
the zero rate).
ReIorming the tax system oI the Republic oI
Moldova, directed to optimize and increase eIIiciency oI
taxation, has to ensure the rationalization oI its structure,
which would not distort the reasons stimulating the
activity oI entrepreneurs in market conditions.
Orientation oI the tax system to the indirect taxation
does not resolve this question. In spite oI some
coordination and some success in tax administration,
streamlining the tax system structure is not yet done. In
this case, Iiscal policy should be aimed at reducing the
consolidated budget expenditures, especially in
conditions oI crisis.
Data Irom Table 2 show that in the structure oI
indirect taxes taxes on real estate have a small weight
and this is primarily due to the Iact that the object oI
property tax represents the normative value oI the
property, which is much lower than the market value.
In order to improve the property tax administration in
2005-2007 were initiated works to develop a new system
oI taxation oI taxpayers by implementing the Automated
InIormation System. Fiscal cadastre is now a complex
database system based on the web technologies.
This system allows keeping track oI tax liabilities,
because it contains inIormation on the tax base, tax rates
on the real estate, Iacilities and amenities that the
taxpayers beneIit Irom, tax arrears and settlements
related to real estate.
From January 1, 2007 the Iirst phase was
implemented on the new taxation system based on
market values oI property Ior housing in cities and
towns, including areas in their composition.
The Organic Law No.108 oI 17.12.2009 Ior
amending and supplementing certain normative acts art.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 111
nr. 2 / 2012
-pe bunurile imobiliare cu distinatie locativ
(apartamente si case de locuit individuale, terenuri aIerente
acestor bunuri) din municipii si orase, cu exceptia satelor
(comunelor), inclusiv pe garajele si terenurile pe care
acestea sunt amplasate, loturile ntovrsirilor pomicole cu
sau Ir constructii amplasate pe ele:
- cota maxim 0,25 din baza impozabil a bunurilor
imobiliare;
- cota minim 0,02 din baza impozabil a bunurilor
imobiliare;
-pentru bunurile imobiliare cu alt destinatie dect cea
locativ sau agricol, inclusiv exceptnd garajele si
terenurile pe care acestea sunt amplasate, si loturile
ntovrsirilor pomicole cu sau Ir constructii amplasate pe
ele 0,1 din baza impozabil a bunurilor imobiliare.
n redactia veche a Codului Fiscal nu erau speciIicate
categoriile de bunuri imobile, dar se impozitau, n general,
cu cota maxim de 0,5, iar autorittilor administratiei
publice locale le revenea Iunctia de a diIerentia cota maxim
n dependent de bunuri, dar nu sub nivelul de 50 din cota
maxim.
Odat cu dinamica proceselor economice n trile cu
economie de piat dezvoltat si cu economie n tranzitie, n
structura bugetelor acestor tri au avut loc schimbri
esentiale la compartimentul venituri si cheltuieli. Indicatorul
mediu al ponderii veniturilor bugetului consolidat n bugetul
public national (BPN), n trile dezvoltate si cu economie n
tranzitie, cercetate de Ciugunov Igor |5|, s-a diminuat de la
41,26 n anii 1982-1988 pn la 40,21 n anii 1995-
2000.
n Republica Moldova, ponderea veniturilor bugetului
public national n PIB, n medie pe anii 2005-2010, a
constituit 39,6.
n Romnia, conIorm Strategiei Iiscal-bugetare pe anii
2011-2013, veniturile bugetare detin o pondere n PIB de
32,3-32,8, n crestere Iat de anul 2010. ConIorm
prognozei, ncasrile din impozitul pe venit se vor mentine
la nivel de 3,3-3,4 din PIB n anii 2011-2013. ConIorm
legislatiei n vigoare, cota impozitului pe venit se va mentine
la nivel de 16. Potrivit prognozei, impozitul pe proIit
pentru agentii economici va atinge ciIra de 2,1 din PIB n
2013. Cota de impozitare a impozitului pe proIit, conIorm
legislatiei n vigoare, se va mentine la nivel de 16.
ReIeritor la TVA, vor Ii respectate angajamentele
asumate de Romnia prin acordurile ncheiate cu Fondul
Monetar International (FMI), Banca Mondial si Comisia
European. Va continua perIectionarea legislatiei privind
armonizarea cu legislatia comunitar, prin transpunerea n
legislatia national a obiectivelor adoptate la nivel european
n domeniul TVA.
Strategia prevede promovarea unei politici Iiscale care s
oIere sprijin procesului de crestere economic prin
mentinerea actualelor cote reduse de TVA, respectiv cota de
9 pentru anumite livrri de bunuri si servicii, prevzute
de Codul Fiscal, si cota de 5 pentru livrarea de locuinte
ca parte a politicii sociale.
ConIorm Strategiei Iiscal-bugetare pe anii 2011-2013,
cota standard a TVA a Iost majorat de la 19 la 24. n
prognoza pe termen mediu, ncasrile din TVA vor ajunge la
280 oI the Tax Code was modiIied, regarding the tax
rates on:
-real estate with housing destination (apartments and
individual houses, land relating to the property) in cities
and towns, except villages (communes), Ior the garages
and the land on which these things are located, lands
with Iruit trees with or without buildings situated on
them:
- maximum rate 0.25 oI the taxable real estate;
- minimum rate 0.02 oI the real estate.
-real estate goods with other purpose than residential
or agricultural, including except garages and land that
they are located on and lands with Iruit trees with or
without buildings situated on them 0.1 oI the taxable
base oI the real estate.
The old version oI the Tax Code does not speciIy the
categories oI real estate, but they were generally taxed
with the maximum rate oI 0.5 and the local public
authorities had to distinguish the maximum rate
depending on goods, but not lower than 50 oI the
maximum rate.
Once with the dynamics oI economic processes in the
developed market economy countries and transition
economies signiIicant changes have been made in the
structure oI the budgets oI these countries at the
compartment revenues and expenditures. Average
indicator oI the share oI budget revenues in the NPB in
the developed countries and with economies in
transition, which were investigated by Ciugunov Igor
|5|, decreased Irom 41.26 during 1982-1988 to 40.21
in the period 1995-2000.
In the Republic oI Moldova the share oI revenues
Irom the National Public in GDP, accounted Ior 39.6
over the period 2005-2010.
In Romania, according to the Fiscal-budgetary
Strategy Ior 2011-2013, budget revenues have a share in
GDP Irom 32.3 to 32.8, increasing Irom 2010.
According to Iorecasts, revenues Irom the income tax
will remain at 3.3-3.4 oI GDP in 2011-2013. The
income tax rate will remain at 16 according to the
current legislation. According to Iorecasts the income tax
Ior the economic agents will amount 2.1 oI GDP in
2013 and the tax rate on income tax under the current
legislation will remain at 16.
Regarding VAT the assumed by Romania
commitments will be Iollowed through agreements with
the IMF, World Bank and European Commission.
Improvement oI the legislation will continue in order to
harmonize it with the communitarian legislation by
transposing in the national legislation oI the goals
adopted at the European level in the Iield oI VAT.
The strategy aims to promote a Iiscal policy that
provides support Ior the economic growth by
maintaining the current reduced VAT rates, respectively
the rate oI 9 Ior certain supplies oI goods and services
provided by the Tax Code and the rate oI 5 Ior the
delivery oI housing as a part oI the social policy.
According to the Fiscal-budgetary Strategy Ior 2011-
2013, the standard VAT rate was increased Irom 19 to
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
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112
un nivel de 7,8-7,9 din PIB, n paralel cu evolutia
consumului. ConIorm prognozei, ponderea accizelor n PIB
va Ii de 3,1-3,2.
Politica Iiscal pentru anul 2012, adoptat de
Parlamentul Republicii Moldova prin Legea nr.267 din
23.11.2011 pentru modiIicarea si comletarea unor acte
legislative, contine un sir de msuri pentru diminuarea
presiunii Iiscale la impozitul pe venitul persoanelor Iizice,
majorndu-se suma scutirilor personale, scutirilor acordate
sotiei (sotului), scutirilor pentru persoanele ntretinute. n
articolul 35 al Codului Iiscal au Iost eIectuate modiIicri
reIeritor la deducerea donatiilor n Iavoarea caselor de copii
de tip Iamilial.
Un obstacol considerabil n acumularea veniturilor la
buget era acordarea Iacilittilor la plata impozitului pe venit
n Iorm de scutiri agentilor micului business, gospodriilor
trnesti (de Iermier), cooperativelor agricole (de prestri
servicii) si rezidentilor zonelor economice libere.
Reiesind din politica Iiscal pe anul 2012, prin legea
organic nr.267 din 23.11.2011 pentru modiIicarea si
completarea unor acte legislative, art. 49 al Codului Iiscal,
care prevedea scutirea de impozitul pe venit a acestor
categorii de contribuabili, a Iost anulat. Actualmente, art.49
al Codului Iiscal prevede impozitarea pe venit a agentilor
economici rezidenti ai zonelor economice libere n proportie
de 75 din cota stabilit n Republica Moldova.
Au Iost abrogate articole care reglementau scutirea
integral de la plata impozitului pe venit a organizatiilor din
sIera stiintei si inovrii si Iacilittile Iiscale pentru investitii.
Titlul II al Codului Iiscal s-a completat cu un capitol nou,
care prevede regimul Iiscal al agentilor economici subiecti ai
sectorului ntreprinderilor mici si mijlocii. Articolul 54
1
prevede, pentru categoria dat de contribuabili, cota
impozitrii pe venit n mrime de 3 din obiectul impunerii.
Subiecti ai impunerii cu TVA sunt agentii economici
nenregistrati ca pltitori de TVA pe parcursul perioadei
Iiscale declarate, cu exceptia gospodriilor trnesti (de
Iermier) si ntreprinztorii individuali. Agentii economici
care corespund prevederilor acestor conditii si care, la
situatia din 31 decembrie a perioadei precedente perioadei
Iiscale de declarare, au obtinut venit din activitti
operationale n sum de pn la 100.000 de lei se supun
regimului de impozitare prevzut n articolul dat.
Agentii economici care corespund prevederilor acestor
conditii si care, la situatia din 31 decembrie a perioadei
precedente perioadei Iiscale de declarare, au obtinut venit
din activitti operationale n sum de la 100.000 la 600.000
de lei pot alege regimul vizat de prezentul capitol sau cel
stabilit n modul general.
n Republica Moldova, n rezultatul optimizrii cadrului
de cheltuieli pentru ntretinerea serviciului de stat cu
destinatie general, se observ o usoar diminuare a ponderii
acestor cheltuieli n totalul cheltuielilor: de la 6,6 n anul
2005 pn la 5,2 n anul 2009 si 4,6 n 2010. n anul
2006, ponderea cheltuielilor pentru dezvoltarea sectorului
economic alctuia 15,1 din totalul cheltuielilor, iar n 2007
16,7. n legtur cu Iaptul c economia a Iost aIectat de
criza mondial, aceste cheltuieli au nregistrat o diminuare a
pn la 13,4 n anul 2008, 9,6 n 2009 si o mic
crestere pn la 10, 9 n anul 2010.
24. In the medium term Iorecast, VAT receipts will
reach a level oI 7.8-7.9 oI GDP in line with the
consumption trends. According to the Iorecast, the share
oI excises in GDP as Iorecast will be 3.1-3.2.
Fiscal policy Ior 2012 adopted by the Parliament oI
the Republic oI Moldova by Law 267 oI 23.11.2011 Ior
amending and completing some normative acts contains
a number oI measures to reduce the tax burden on
personal income tax increasing amount oI personal
exemptions, exemptions granted Ior wiIe (husband),
exemptions Ior the persons who are in somebody`s care.
In Article 35 oI the Tax Code changes were made on
donations deduction Ior Iamily-type children's houses.
A major obstacle to accumulate budget revenues was
providing Iacilities Ior the income tax in terms oI
exemptions Ior the small business entities, Iarms,
agricultural cooperatives (Ior services), residents oI Iree
economic zones.
Taking into consideration the Iiscal policy in 2012 by
the organic Law nr. 267 oI 23.11.2011 Ior amending and
supplementing certain normative acts, art. 49 oI the Tax
Code that provided exemption Irom income tax by this
category oI taxpayers was canceled. Currently, art. 49 oI
the Tax Code provides income taxation Ior the resident
economic agents oI the Iree economic zones in the share
oI 75 oI the quota established in Moldova.
Articles have been abolished that completely
exempted the income tax payment oI organizations Irom
the science and innovation Iield, and tax breaks Ior
investments. Title II oI the Tax Code is supplemented by
a new chapter that provides the tax system Ior economic
agents subjects oI small and medium enterprises sector.
Article 54
1
provides Ior this category oI taxpayers
income tax rate amounting to 3 oI the object oI
taxation.
Economic agents are the subjects oI taxation with
VAT, which are not registered as VAT payers during the
declared Iiscal period, except Iarms and individual
entrepreneurs. Economic agents that do not correspond
to these conditions and, who at December 31 oI the
previous period oI the Iiscal period, received income
Irom operating activities amounting to 100,000 lei uses
the tax system reIerred to in the article.
Economic agents that correspond to these conditions
and, at 31 December oI the reporting period to the
previous Iiscal period, received income Irom operating
activities amounting to 100,000 to 600,000 may elect the
regime Irom this chapter or generally established.
In the Republic oI Moldova aIter optimizing
expenditures Ior maintenance oI the state service with
general destination there is a slight decrease in the share
oI these expenditures in total expenditures Irom 6.6
in 2005 to 5.2 in 2009 and 4.6 in 2010. In 2006 the
share oI expenditures Ior the development oI the
economic sector made up 15.1 oI total spending, in
2007 16.7 and in connection with the Iact that the
economy was aIIected by the global crisis there is a
decrease in these expenses up to 13,4 in 2008, 9.6
in 2009 and a small increase to 10, 9 in 2010.
The share oI expenditures Ior the national deIense,
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 113
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Ponderea cheltuielilor pentru aprarea national,
ntretinerea organelor judiciare, mentinerea ordinii publice si
protectia civil n totalul cheltuielilor, n perioada anilor
2004-2009, se mentine, practic , la un nivel constant 7,9
n anul 2004 si 7,8 n 2009 (vezi Tabelul 3). n legtur cu
optimizarea cadrului de cheltuieli n scopul diminurii
deIicitului bugetar, n anul 2010, aceste cheltuieli s-au
micsorat pn la 6,4 din totalul cheltuielilor.
n anul 2005, cheltuielile publice ale Republicii Moldova
destinate educatiei constituiau 7,1 din PIB si erau
compatibile cu normativele OCDE si cu cele ale trilor cu
venituri mari/ medii. Dar, pe parcursul anilor 2006-2010,
aceste alocatii din buget au crescut cu ritmuri nalte,
atingnd n anul 2006 cota de 8,1 din PIB, n anul 2007
8,0, n 2008 8,2, n 2009 9,4, n 2010 9,2.
Aceste cheltuieli sunt mai mari, n comparatie cu standardele
internationale, si contribuie la Iormarea deIicitelor bugetare.
Totusi, exist un sir de deIiciente si inechitti cu care astzi
se conIrunt acest sector. Din punct de vedere al accesului la
educatie, Republica Moldova rmne n urma multor tri
apropiate. Inechittile dintre grupurile conIorm venitului sunt
esentiale, iar deosebirile dintre elevii din localittile urbane si
cele rurale au Iost si rmn o problema acut.
Din cauza schimbrii situatiei demograIice, are loc
scderea raportului elev/proIesor pe parcursul anilor recenti,
iar Iinantarea public dup Iormula utilizat pe cap de elev
pare a Ii ineIicient. n multe scoli din republic sunt clase
de elevi incomplete. De aceea, att Memorandumul FMI cu
privire la politicile economice si Iinanciare (2008), ct si
politica n domeniul educatiei a guvernului actual prevd
restructurarea sectorului educatiei n directia rationalizrii
institutiilor de nvtmnt.
maintenance oI judicial bodies, public order and civil
protection in the total expenditures Ior the period 2004-
2009 remains close to a constant value 7.9 in 2004 and
7.8 in 2009 (see Table 3). In connection with the
optimization oI the expenses in order to reduce the
budget deIicit in 2010 these expenditures are reduced to
6.4 oI the total expenditures.
In 2005 public expenditures oI the Republic oI
Moldova on education accounted Ior 7.1 oI GDP and
were compatible with the OECD standards and high-
medium income countries. But during the period 2006-
2010 these budget allocations have increased
signiIicantly reaching in 2006 to 8.1 oI GDP, in 2007
to 8.0, in 2008 to 8.2, in 2009 9,4, in 2010
9.2 oI GDP, these costs are higher compared to the
international standards and contribute to the budget
deIicits Iormation.
However, there is a number oI deIiciencies and
inequities that this sector deals with. In terms oI access
to education, Moldova lags behind many oI its
neighbors. Inequalities between the income groups are
essential, and the acute problem was and remains the
diIIerences between students in urban and rural areas.
Due to the changes in the demographic situation
occurs the lower rate oI teacher/student during the
recentyears and public Iunding seems to be ineIIicient
aIter the Iormula used per pupil. In many schools in the
country the students classes are incomplete. ThereIore,
the IMF Memorandum on economic and Iinancial
policies (2008), and educational policy oI the current
government assume the restructuring oI the education
system in the direction oI schools rationalization.
Tabelul 3/Table 3
Structura bugetului public na(ional pe cheltuieli, n fa( de suma total a cheltuielilor/
Strucure of the National Public Budget on expenditures, in of the total amount of expenditures
Indicatori/Indicators 2004 2005 2006 2007 2008 2009
Cheltuieli - total/Total expenditures 100 100 100 100 100 100
Economie/Economy 12,0 14,1 15,1 16,7 13,4 9,6
Ac(iuni socio-culturale - total, inclusiv pentru:/
Socio-cultural actions - total, including for:
62,6 63,3 63,2 62,6 65,4 70,1
nvtmnt/education 19,3 19,3 20,1 19,0 19,8 20,7
ocrotirea snttii/health care 11,9 11,3 11,7 11,7 13,0 14,1
asigurare si asistent social/
insurance and social assistance
29,0 30,4 28,7 29,4 30,2 33,2
cultur, art, sport si actiuni pentru tineret/
culture, arts, sports and youth actions
2,4 2,3 2,7 2,5 2,4 2,1
Aprare na(ional, organe judiciare, men(inerea
ordinii publice yi protec(ie civil/National defence,
judicial bodies, public order and civil protection
7,9 7,5 7,8 7,9 7,8 7,8
Servicii de stat cu destina(ie general/
eneral purpose government services
6,7 6,6 5,8 5,6 5,4 5,2
Activitatea economic extern/
External economic activity
1,4 1,8 1,3 1,3 1,0 0,7
Deservirea datoriei de stat/State debt service 6,9 3,4 2,4 2,7 2,8 3,1
Alte cheltuieli/Other expenditures 2,5 3,3 4,4 3,2 4,2 2,7
Sursa/Source: Anuarul statistic al Republicii Moldova, 21./Statistical Yearbook of the Republic of Moldova, 21.
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114
Au Iost ntreprinse msuri de restructurare a sectorului
ocrotirii snttii conIorm Conceptiei de dezvoltare a sistemului
de ocrotire a snttii. n rezultat, au Iost consolidate institutiile
medicale, numrul lor Iiind redus, iar accentul a Iost pus pe
asistenta medical primar si cea de urgent.
Cheltuielile pentru sntatea public au nregistrat o
crestere pn la 4,2 din PIB n anul 2005, 4,7 n 2006,
4,9 n 2007, 5,4 n 2008, 6,4 n 2009 si 5,6 n
2010. Guvernul din anul 2005 a initiat un program de
investitii publice, menit s modernizeze utilajul din spitale,
si a cheltuit mai mult pe asistenta medical primar, gratie
asistentei din partea donatorilor (Agentia pentru Dezvoltare
International, guvernele olandez si japonez).
Majorarea cheltuielilor pentru sntatea public se
datoreaz, preponderent, lansrii n anul 2004 a asigurrilor
medicale, schem n care Guvernul contribuia pentru
grupurile de cetteni ce nu erau angajati n cmpul muncii,
cum ar Ii: pensionarii, copiii si studentii. Acoperirea cu
polita de asigurare pentru sntate este estimat n proportie
de 83-84 din locuitori, dar autorittile raionale de sntate
oIer estimri considerabil mai joase 60-75 din locuitori.
Concluzii. Cercetrile eIectuate permit de a Iace unele
concluzii pe marginea politicii Iiscal-bugetare pe parcursul
anilor 2009-2011 si impactul acesteia asupra cresterii
economice n Republica Moldova.
Obiectivele generale ale politicii Iiscale pe anii 2009-
2011 au rmas nemodiIicate Iat de anii precedenti:
(1) asigurarea echittii, stabilittii si transparentei Iiscale;
(2) optimizarea presiunii Iiscale; (3) sistematizarea si
simpliIicarea legislatiei Iiscale; (4) armonizarea principiilor
puse la baza legislatiei Iiscale nationale cu cele ale legislatiei
comunitare. Pe termen mediu, au Iost ndeplinite o serie de
msuri de politic Iiscal, axate pe principalele tipuri de
impozite, dup cum urmeaz:
(1) impozitul pe venitul persoanelor Iizice;
(2) impozitele sociale;
(3) taxa pe valoarea adugat;
(4) accizele;
(5) continuarea implementrii celor trei etape ale
noului sistem de impozitare a diIeritor categorii de bunuri
imobiliare, n Iunctie de valoarea de piat a acestora;
(6) taxele locale;
(7) obiectivele politicii de administrare Iiscal.
- Veniturile bugetului public national au continuat s
creasc n anii 2005-2010, mentinndu-se, aproximativ, la
acelasi nivel n raport cu PIB, exclusiv anul 2010, cnd
raportul Iat de PIB s-a diminuat, n comparatie cu anul
2008, cu 5 p.p. Veniturile Iiscale continu s detin partea
major n veniturile bugetului constituind peste 80.
- Politica n domeniul cheltuielilor publice pe anii 2009-
2011 rezult din prevederile Programului de activitate a
Guvernului, Strategiei Nationale de Dezvoltare pe anii 2008-
2011, alte programe si strategii nationale. Obiectivele
generale ale politicii cheltuielilor pentru aceast perioad, n
general, au Iost ndeplinite:
i) n conditiile n care volumul total al cheltuielilor
publice, exprimat ca pondere n PIB, a atins cote majore, au Iost
luate msuri pentru utilizarea eIicient a resurselor publice;
ii) a Iost sporit responsabilitatea autorittilor publice n
Actions were taken on restructuring the sector
according to the Concept oI development oI the health
care system. As a result, medical institutions have been
strengthened, their number decreased, the Iocus was
placed on primary care and emergency care.
In recent years, public health spending increased to
4.2 oI GDP in 2005, 4.7 in 2006, 4.9 in 2007,
5.4 in 2008, 6,4 in 2009, 5.6 in 2010. In 2005
the Government launched a public investment program
aimed at modernizing equipment in hospitals and spent
more on primary care, thanks to the assistance oI donors
(Agency Ior International Development, the Netherlands
and Japan governments).
Increase oI the public health expenditures is mostly
due to the launch in 2004 oI the health insurance,
a scheme in which the Government contributed to
citizen groups that were not employed, such as
pensioners, children and students. Coverage with the
health insurance is estimated at a rate oI 83-84
oI the population, but regional health authorities
provide estimates considerably oI a lower value oI
60-75.
Conclusions. The made researches allow to make
some conclusions on Iiscal-budgetary policy during the
years 2009-2011 and its impact on the economic growth
in Moldova.
- general objectives oI the tax policy Ior 2009-
2011 remained as in previous years: (1) ensuring
equity, Iiscal transparency and stability, (2) optimizing
the tax burden, (3) structuring and simpliIying
tax laws, (4) harmonization oI principles at the basis oI
national tax legislation with the EU legislation. In
medium terms there were perIormed a series oI Iiscal
policy measures Iocused on the main types oI taxes, as
Iollows:
(1) personal income tax;
(2) social taxes;
(3) value added tax;
(4) excise duties;
(5) continuing the implementation oI the three
stages oI the new system oI taxation oI various
categories oI real estate according to their market value;
(6) local taxes;
(7) the objectives oI tax administration.
- National public budgetary incomes government
revenues continued to dynamically grow in the years
2005-2010 maintaining about the same level oI GDP,
excluding the 2010 the ratio to GDP has declined
compared with 2008 with 5 p.p. Tax revenues continue
to hold the major part oI the budget revenues
representing more than 80.
- Public expenditure policy Ior 2009-2011 results
Irom the stipulations oI the Program oI Government
Activity, the National Development Strategy Ior 2008-
2011, other programs and national strategies. The
general objectives oI the expenditure policy Ior this
period in general have been met:
i) While the total public expenditures, expressed as
a percentage oI GDP has reached major rates measures
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 113
nr. 2 / 2012
domeniul planiIicrii politicilor sectoriale n conIormitate cu
volumul disponibil de resurse;
iii) costurile de personal urmeaz s reIlecte obiectivele
Conceptiei optimizrii numrului angajatilor din sectorul
bugetar; nivelul cheltuielilor de personal au Iost optimizate
n anii 2008-2010;
iv) au Iost distribuite resursele publice pe sectoare
(domenii), programe si alte activitti, n conIormitate cu
priorittile stabilite;
v) urmtoarele domenii au constituit prioritti majore si
au obtinut alocri de Ionduri suplimentare:
reIorma salarial, ca Iactor determinant n sporirea
calittii serviciilor publice;
investitiile capitale, care constituie o prioritate major;
justitia;
stiinta si inovarea;
sustinerea sectorului real si inIrastructurii economiei,
principalele alocri de resurse Iiind directionate spre
programele de sustinere a productorilor agricoli, de
extindere a supraIetelor de plantatii viticole, reparatii si
ntretinere a drumurilor publice.
Propuneri:
1). Scopul principal al politicii Iinanciare trebuie s asigure
si n viitor stabilitatea si previziunea veniturilor, s acorde
sprijin echitabil impunerii si stimulrii cresterii economice.
2). ReIorma administrrii Iiscale n Republica Moldova a
nregistrat progrese semniIicative pn n prezent, desi mai
rmn de solutionat probleme grave n anii urmtori. Sunt
necesare schimbri importante n politica si legislatia Iiscal, n
special privind diminuarea cotei standard a TVA de 20,
diminuarea presiunii Iiscale asupra Iortei de munc. Cota de
23 aplicat asupra Iortei de munc este putin peste cota medie
international. Este necesar de a majora cota impozitului pe
venitul corporatiilor.
3). Sistemul Iiscal al Republicii Moldova rmne
competitiv n ceea ce priveste nivelul impozitrii directe, dar
necesit: Iinalizarea legislatiei privind impozitarea indirect,
tinnd cont de normele Uniunii Europene (UE)
corespunztoare, precum si Iunctionarea eIicient a sistemelor
de impozitare indirect, continuarea si accelerarea procesului de
modernizare a administrrii Iiscale din Republica Moldova, si
consolidarea cooperrii internationale.
4). n ceea ce priveste impozitul TVA, propunerile
speciIice se axeaz pe: scutirile suplimentare de la TVA,
existente n Republica Moldova, sistemul cotei zero, operatiile
de restituire a TVA si Iacturilor, combaterea Iraudei TVA si
mbunttirea aplicrii TVA. n domeniul accizelor, problema
principal const n: cotele, baza de impunere pentru unitatea de
acciz, precum si n tratarea zonelor libere, Iiind evident
necesitatea elaborrii unei legislatii suplimentare (n special cu
privire la momentul aparitiei obligatiei Iiscale). De asemenea,
este necesar o abordare pe etape a acestor probleme, axat, n
primul rnd, pe aspectele ce tin de sistem si, doar apoi, pe
armonizarea cotelor minime de impozitare indirect.
5). Tinnd cont de importanta unei administrri Iiscale
eIiciente si moderne, Guvernul Republicii Moldova a Icut
primii pasi: n primul rnd, a simpliIicat procedurile de
raportare Iiscal prin implementarea e-declaratiilor,
automatizarea completrii rapoartelor Iiscale. Una din
propunerile cheie se reIer la urgenta modernizrii pn la un
were taken Ior the eIIicient use oI public resources;
ii) Responsibility oI public authorities was increased
in the area oI planning oI the sectoral policies in
accordance with the available volume oI resources;
iii) Personnel costs will be reIlected in the objectives
oI the Concept oI optimization the number oI public
sector employees. The staII costs have been optimized in
2008-2010;
iv) Public resources were distributed by sectors
(areas), program, other activities in accordance with the
established priorities;
v) The Iollowing areas were the major priorities that
have directed additional Iunding:
Wage reIorm, as a determining Iactor in enhancing
the quality oI public services;
Capital investment, which represent a priority;
Justice;
Science and innovation;
Support Ior the real sector and economic
inIrastructure, the major allocations being directed
towards the support programs Ior Iarmers, vineyard
area expansion, repairs and maintenance oI public
roads.
Proposals:
1) The main purpose oI Iinancial policy has to
ensure the Iuture stability and Iorecast oI revenues, to
support Iair taxation and stimulate economic growth.
2) The tax administration reIorm in Moldova has
made signiIicant progress so Iar though serious problems
remain Ior years to come. Major changes are needed in
policy and tax legislation in the coming years, in
particular, reducing the standard rate oI 20 at VAT,
reducing the tax burden on the labor Iorce. The share oI
23 oI the labor Iorce is slightly higher than the
international average share. It is necessary to increase the
corporate income tax rate.
3) The tax system remains competitive in the
Republic oI Moldova regarding the level oI direct
taxation, it requires the completion oI the indirect
taxation legislation, taking into account the relevant EU
regulations and eIIicient Iunctioning oI the indirect
taxation systems, continuing and accelerating the
modernization oI the tax administration in Moldova and
strengthening international cooperation.
4) As regards the VAT tax, speciIic proposals are
Iocused on Iurther exemptions IromVAT in the Republic
oI Moldova, zero system, operations oI VAT
reimbursement, combating VAT Iraud and improvement
oI the VAT application. Regarding the excise,the main
issue is the rates, the tax Ior an excise unit, the need Ior
additional legislation (in particular the timing oI tax
liability), and the treatment oI Iree zones. There is need a
phased approach to these issues, Iocusing primarily on
aspects oI the system and then harmonizing the
minimum rates oI indirect taxation.
5) Given the importance oI eIIicient and modern tax
administration the Government oI the Republic oI
Moldova took its Iirst steps, Iirst it simpliIied the tax
reporting procedures by implementing the e-statements,
automation oI the IulIillment oI the tax reports. One oI
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116
nivel de Iunctionare deplin a sistemului tehnologiilor
inIormationale si a proceselor Inspectoratului Fiscal de Stat
(IFS). ReIormele necesare continue ale IFS trebuie s Iie
initiate ct mai curnd posibil pentru a mbuntti att situatia n
administratia Iiscal, ct si pentru a pregti administratia de a
Iace Iat provocrilor europene. n special, este necesar
proiectarea unui nou sistem de tehnologii inIormationale care s
corespund inclusiv cerintelor UE.
6). Este necesar de a supune unei revizii politica tariIar
privind reducerea taxelor vamale la importul de materie prim,
materiale auxiliare si echipamente tehnologice, precum si
maximizarea acestora la produsele Iinite, direct competitive cu
cele autohtone.
7). Prin completri si modiIicri la Codul cu privire la
contraventiile administrative si la Codul penal, de majorat
sanctiunile pentru comiterea evaziunii Iiscale.
8). PerIectionarea sistemului de administrare vamal
si Iiscal (prevenirea subevalurii n vam, transIerrii
proIitului etc.).
9). Mentinerea cheltuielilor sociale la un nivel nalt, pe
Iundalul reducerii substantiale a veniturilor bugetare, conduce
la cresterea deIicitului bugetar, iar n anii de criz, apare
necesitatea de a diminua cheltuielile pentru programele sociale
n scopul evitrii datoriilor interne si deIiciturilui bugetar. n
asemenea situatii, guvernul nu va preocupat de lansarea
programelor de investitii si reIorme structurale care implic
cheltuieli capitale, dar va optimiza cheltuielile bugetare, lrgind,
n paralel, baza Iiscal si identiIicnd surse externe pentru
acoperirea temporar a unor programe economice si sociale
importante, precum si a deIicitului bugetar.
10). ConIorm conditiilor din Memorandumul cu privire la
politicile economice si Iinanciare, semnate de ctre autorittile
Republicii Moldova la 14 ianuarie si 30 iunie 2010, pentru a
asigura evolutiile macroeconomice si a ajusta politicile
promovate, n perspectiv, vor continua eIorturile de reducere a
cheltuielilor curente cu 1,5 din PIB, crend, n acelasi timp,
un spatiu suIicient pentru Iinantarea necesittilor stringente de
investitii publice.
S-a majorat vrsta statutar de pensionare pentru
Iunctionarii publici, precum si judectori si procurori cu sase
luni n Iiecare an, pn la atingerea vrstei de pensionare
standard. ConIorm recomandrilor FMI, vor Ii implementate
msuri de optimizare a cheltuielilor n domeniul ocrotirii
snttii.
11). n poIida Iaptului c au Iost realizate unele ajustri si
obtinute anumite succese, n administrarea Iiscal exist nc
rezerve privind optimizarea structurii sistemului Iiscal. De
aceea, politica bugetar trebuie s Iie orientat spre micsorarea
cheltuielilor bugetului consolidat, mai ales n conditii de criz.
the key proposals is related to the urgency oI upgrading
to a Iull operating system oI the inIormation technology
level and IFS processes. The necessary and continue
reIorms oI the IFS should be initiated as soon as possible
to improve the situation both in tax and to prepare the
government to meet the European challenges. In
particular, it is necessary to design a new IT system as
the system should also meet EU requirements.
6) It is necessary to submit to a review the tariII
policy by reducing customs duties on imports oI raw
materials, auxiliary materials and technological
equipment and their maximization at the Iinished
products directly competitive with the local ones.
7) Through the additions and changes to the Code oI
Administrative OIIences and the Criminal Code it is
necessary to increase the penalties Ior committing tax
evasion.
8) Improving customs and tax administration
(prevent under customs, transIer oI proIits, etc.).
9) Maintain a high level oI social expenditures, on
the substantial reduction oI the budget revenues leads to
the increase oI the budget deIicit, it appears the necessity
during the crisis to diminish the expenditures on social
programs Ior not admitting domestic debt and budget
deIicits. In such situations we can not speak about the
launching oI investment and structural reIorm programs
involving capital expenditures. In such situations the
government will optimize budget spendings, while
expanding the tax base and identiIying external sources
Ior temporary coverage oI economic and social programs
and the budget deIicit.
10)AIter the conditions oI the Memorandum on
Economic and Financial Policies signed by the Republic
oI Moldova on January 14, 2010 and June 30, 2010, to
reIlect macroeconomic developments and policy
adjustments introduced in the Iuture will continue to
reduce the current spending with 1.5 oI GDP while
creating a space large enough to Iinance public
investment needs.
The statutory retirement age Ior civil servants and
judges, prosecutors increased with six months every year
until they reach the standard retirement age. According
to the IMFrecommendations measures oI optimization
the health care costs will be implemented.
11)Despite some coordination and some successes in
tax administration are under some reservations in
streamlining the tax system. In this case Iiscal policy
should be aimed at reducing the consolidated budget
expenditures, especially in conditions oI crisis.
Referin(e bibliografice/References
1. Legea pentru modiIicarea si completarea unor acte legislative: nr. 154 din 21.07.2005. In: Monitorul OIicial al Republicii Moldova. 2005, nr. 126-
128, art. 611.
2. Hotrrea Guvernului pentru aprobarea Programului de stabilizare si relansare economic n Republica Moldova pe anii 2009-2011: nr. 790 din
01.12.2009. In: Monitorul OIicial al Republicii Moldova. 2009, nr. 174-176, art. 874.
3. Rapoartele anuale ale BNM 2006, 2007, 2008, 2009, 2010. |Accesat 21.06.2012|. Disponibil: www.bnm.md.
4. MANOLESCU, Gheorghe. Buget: abordare economic si Iinanciar. Bucuresti: Editura Economic, 1997. 368 p. ISBN 973-590-025-4.
5. uVIVHOB, H. Fmxernax cncrema xax nncrpymenr perynnponannx +xonomnuecxoro pasnnrnx. Knen, 2005. 583 c.
Recomandat spre publicare. 30.03.2012
EVALUAREA ETAPELOR $I A CRITERIILOR
DE SELECTARE A PROIECTULUI
EVALUATION PHASES AND SELECTION
CRITERIA FOR AN OPTIMAL
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 117
nr. 2 / 2012
INVESTITIONAL OPTIM
PENTRU AFACERILE MICI
INVESTMENT PRO1ECT
FOR SMALL BUSINESS
Lilia OCLIAD, drd., ASEM
Recenzent: Jictoria CAAEA, dr., conf. univ., USM
Lilia OCLIADA, PhD student, AESM
Reviewer: Jictoria CAAEA, PhD, associate prof., USM
Acest articol abordea: unele aspecte ale procesului de
investire in afacerile mici. Investitorul reali:ea:, prin
intermediul organelor speciali:ate, o important progno:, in
ba:a creia obtine toate informatiile cu privire la posibilittile
pe care i le ofer viitorul in exploatarea obiectivului in care
investete. Orice proiect de investitii presupune dimensiuni,
constante, care sunt determinate prin metode diferite de
calcul, utili:ate de ctre profesioniti, i sunt strict necesare
pentru a de:volta un proiect, indiferent de amploarea sa.
Cuvinte cheie: investitii, proces investitional, evaluare,
deci:ie, necesitate, oportunitate, eficient.
This article describes some aspects of the process of
investment in small business activitv. Action for which
the investor carries out through speciali:ed bodies an
important forecast, under which it can obtain all of the
possibilities which offers this investment. Anv
investment profect consists of certain si:es, constants
which are determined bv different calculation methods
used bv professionals and are strictlv required to
develop a profect, regardless of si:e.
Key words: investment, investment process,
evaluation, decision, necessitv, opportunitv, efficiencv.
Introducere. Investitiile sunt o parte indispensabil a
unei activitti economice indiIerent de ramura activittii, Iie
c discutm despre o societate cu proIil industrial, Iie
despre o societate de prestri de servicii. Perioada actual,
pe care o trim cu totii, este vitreg att mediului de aIaceri,
ct si omului de rnd. Nu toti pot rezista acestei crize, care
s-a instaurat pe un termen nedeterminat. Ca s rezisti,
trebuie s modiIici n unele domenii totul din temelie pentru
a rmne competitiv pe piat si pentru a Iace Iat presiunii
si concurentei care vin de peste hotare. n aceste momente
diIicile, statul intervine cu o serie de norme si actiuni pentru
sustinerea activittii ntreprinderilor autohtone n
conIormarea cu cerintele si standardele att de nivel
national, ct si de nivel international.
Introduction. Investments are an integral part oI an
economic activity regardless oI branch activity, whether
talking about an industrial company or a services
company. The current period in which we all live is
Ioster both to the business media and the business man.
Not everyone can withstand the crisis that has taken
place Ior an indeIinite term. It is hard to resist the need
to change everything to the ground in some areas and to
remain competitive and meet market pressure and
competition that comes Irom beyond the country. State
intervenes in these diIIicult times with a set oI rules and
actions to support local business activity to meet the
requirements and standards not only local but also at
international level.
Con(inutul de baz. Prin investitii sunt directionate
resurse semniIicative ctre domenii particulare ale activittii
economice. Deciziile, luate de organizatii individual, n
ansamblul lor, au impact asupra pozitiei economice viitoare a
natiunii. La nivel organizational, deciziile privind
directionarea resurselor ctre bunuri de capital pe termen
lung au implicatii asupra multor aspecte operationale.
Investitia reprezint un aspect al activittii
organizationale ce nu poate Ii considerat izolat de celelalte
Iunctii si decizii, care constituie Iirma. De asemenea,
aceasta este sensibil la mediul de operare exterior Iirmei.
Relatiile interactive dintre deciziile de investitii capitale si
celelalte componente ale activittii organizationale apar n
interiorul unui mediu organizational dinamic, el nsusi Iiind
sub inIluenta mediului de operare extern. Investitia, n mod
traditional, a Iost nteleas ca un proces ordonat. Cuvntul
,proces conIer o imagine mecanicist, potrivit creia
inIormatia intr ntr-o anumit ,cutie neagr, acolo ea este
prelucrat si transIormat ntr-o recomandare pentru
actiune, iar apoi este implementat ca rezultat al procesului.
Procesul investitional reprezint o consecutivitate de etape,
actiuni si operatiuni de desIsurare a activittii investitionale.
Derularea procesului investitional depinde de obiectul
investirii. Nici un investitor nu poate investi capital ntr-un
obiectiv Ir a detine suIiciente inIormatii despre perspectivele
exploatrii obiectivului respectiv. Pentru aceasta, nainte de a
The basic content. Through investments signiIicant
resources are directed to particular areas oI economic
activity. Decisions taken by individual organizations as
a whole have an impact on the nation's Iuture economic
position. At the organizational level, decisions on hiring
resources to capital goods have long term implications
on many operational issues.
The investment represents an aspect oI
organizational activity which cannot be considered in
isolation Irom other Iunctions and decisions, which
constitutes the company. It is also sensitive to outside
business operating environment. Interactive
relationship between capital investment decisions and
other components oI organizational activity occurs
within a dynamic organizational environment, itselI
being under the inIluence oI external operating
environment. Investment traditionally has been
understood as an ordered process. The word
"process" provides a mechanistic view, where
inIormation goes into a certain "black box". There it is
processed and turned into a recommendation Ior
action, which is then implemented as a result oI the
process.
Investment process is a sequence oI steps, actions
and operations oI business investment. The Ilow oI the
investment process depends on the subject oI investing.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
118
trece la luarea deciziei de investire, investitorul desIsoar,
prin intermediul organelor specializate, o important actiune de
prognoz, n baza creia acesta va putea obtine toate
inIormatiile cu privire la posibilittile pe care i le oIer viitorul
n exploatarea obiectivului n care investeste.
Orice proiect de investitii este determinat de anumite
mrimi constante, care se stabilesc prin diIerite metode de
calcul, utilizate de ctre specialisti, si sunt strict necesare
elaborrii acestuia, indiIerent de amploarea sa.
Principalii parametri sunt:
1. Jolumul capitalului investit, care cuprinde att
capitalurile necesare extinderii activelor Iixe, ct si nevoia de
Iond de rulment pentru exploatarea mijloacelor Iixe nou create;
2. Durata de viat a obiectivului de investitie, care este
determinat de caracteristicile tehnice si Iunctionale ale
mijlocului Iix, de competitivitatea produselor create cu
investitia respectiv;
3. Stabilirea fluxurilor de numerar, care const n
diIerenta dintre ncasrile totale si cheltuielile totale. Acest
Ilux este indicativul care exprim asa-numita ,situatia la
zi, adic ce cstig sau pierdere sunt luate n calcul pentru
Iiecare an. Potrivit metodologiei BIRD privind indicatorii
de apreciere a eIicientei economice a proiectului de
investitii, exist mai multi indicatori, ca:
veniturile brute, care nglobeaz volumul total de
ncasri ntr-o anumit perioad de timp,
cheltuielile totale, care includ cheltuieli de investitie
si cheltuieli de productie;
4. Jaloare re:idual i cea de recuperare, care
reprezint pretul la care poate Ii vndut investitia dup
ncheierea duratei ei de viat.
Procesul investitional contine urmtoarele etape:
preinvestitional, investitional propriu zis si
postinvestitional. Fiecare din aceste etape, la rndul su, se
compune din subetape.
1. Etapa preinvestitional. Aceasta presupune c,
pentru ca un proiect s Iie acceptat si implementat, este
necesar de a parcurge anumiti pasi, ce ar permite luarea
deciziei reIeritoare la proiectul n cauz. Aceasta etap se
bazeaz pe urmtoarele activitti:
analiza potentialului de resurse naturale,
analiza cererii si oIertei,
legtura cu alte ramuri,
analiza posibilittilor de diversiIicare,
climatul investitional,
politica investitional,
costul Iactorilor de productie,
studiul pietelor externe.
Analiza posibilittilor are un caracter general si se
bazeaz mai mult pe date evazive, dar nu pe cele reale si
exacte. n Iunctie de conditiile investigate, poate Ii nIptuit
analiza posibilittilor generale, ce presupune eIectuarea unor
cercetri n directia regional, sectorial sau a resurselor. De
asemenea, poate Ii eIectuat si analiza posibilittilor concrete
ale proiectelor, care se nIptuieste n corespundere cu
identiIicarea initial a posibilittilor de investire n tar.
2. Etapa investitional propriu-:is. Etapa investitional a
proiectelor diIer n Iunctie de mrimea acestora. nIptuirea
unei investitii poate Ii divizat n urmtoarele subetape:
No investor can invest capital in an objective, without
having enough inIormation about the prospects oI
exploitation the speciIic objective. ThereIore, beIore
moving to the investment decision, the investor carries
out through specialized bodies, an important Iorecast
action, under which it can obtain all oI the possibilities
that the Iuture oIIers to the target operation in which it
invests.
Any investment project consists oI certain constant
sizes which are determined by diIIerent calculation
methods used by proIessionals and are strictly required
Ior its development, regardless oI its size.
The main parameters are:
1. The volume of capital invested this includes the
capital to expand Iixed assets and working capital needs
Ior the exploitation oI newly created assets.
2. The life of the investment obfective is determined
by technical and Iunctional characteristics oI the asset,
the competitiveness oI products made with that
investment.
3. Establish cash flow - the diIIerence between total
revenue and total expenditure is cash Ilow. This call
Ilow is expressing what is called "state oI play" and thus
the gain or loss is taken into account Ior each year.
According to the BIRD methodology on indicators Ior
assessing the economic eIIiciency oI investment project,
there are several indicators that:
gross income, which includes the total amount oI
receipts in a given period oI time,
total expenditure, including investment costs as
production costs.
4. Residual value and recoverv is the price at which
investment may be sold aIter its liIe duration.
Investment process includes the Iollowing steps: pre
investment, investment itselI and post investment. Each
oI these steps, in turn, consists oI sub stages.
1. Pre investment stage - meaning that Ior a project
to be accepted and put into operation, it is necessary to
go through certain steps that would allow a decision to
be made on the project. This step is based on the
Iollowing activities:
analysis oI potential natural resources,
supply and demand analysis,
connection with other branches,
assessing opportunities Ior diversiIication,
investment climate,
investment policy,
cost inputs,
study Ioreign markets.
Analysis oI the possibilities is general and is
based on data more elusive, but not on the real
and accurate. Depending on the conditions analyzed,
analysis oI general possibilities can be accomplished,
which involves conducting research in the region,
sector or resources. It can also be carried out analysis oI
speciIic project opportunities, which is administered in
accordance with the initial identiIication oI investment
opportunities in the country.
2. Investment stage itself. Stage oI investment Ior a
project varies by size. Administration oI an investment
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 119
nr. 2 / 2012
- Negocierile si nscrierea contractelor, care necesit de
a tine cont de obligatiunile juridice si Iinanciare. La aceast
subetap se semneaz contracte ntre investitori, pe de o
parte, si institutiile Iinanciare, consultanti, arhitecti, clienti,
detintori de patente si licente, intermediari, Iurnizorii de
utilaje si materii prime, pe de alt parte. Negocierile directe
si ntocmirea contractelor, deseori, implic modiIicri si noi
idei de perIectionare a proiectului, ceea ce duce la cresterea
costurilor investitionale.
- Elaborarea documentatiei tehnice si de proiect prin:
ntocmirea graIicului de lucru, alegerea locului de
amplasare, elaborarea unui plan amnuntit de exploatare si
alegerea tehnologiilor si utilajelor.
- Etapa constructiei, care include pregtirea spatiului si
constructia nemijlocit a obiectului.
- Pregtirea cadrelor, care coincide cu etapa constructiei
si are ca obiectiv cresterea rentabilittii si proIitabilittii.
- Darea n exploatare, ce const n asumarea
obligatiunilor, stabilirea graIicelor stricte si ndeplinirea la
timp a misiunilor. Faza investitional depinde Ioarte mult
de Iactorul timp.
3. Etapa de exploatare sau etapa postinvestitional.
Aceast etap tine de dou elemente, si anume de:
perspectiva de lung durat si perspectiva de scurt durat.
Perspectiva de scurt durat presupune nceputul unui ciclu
de producere, care va permite depistarea problemelor si
erorilor aprute n Iaza precedent. Aceste probleme trebuie
solutionate n perioade de timp Ioarte scurte.
Perspectiva de lung durat evidentiaz doi Iactori:
1. costul de productie,
2. venitul din vnzri.
Datorit importantei deosebite a deciziei de investire n
cadrul Iirmei, conductorii au nevoie de criterii
corespunztoare de evaluare a oportunittilor de investitii,
conIorm cerintelor impuse de ei nsisi.
n cadrul ntreprinderii pot aprea diverse modalitti de
investire. Pentru a decide asupra variantei optime, este
necesar realizarea unui studiu asupra Iiecrui proiect
investitional din punctul de vedere al necesittii,
oportunittii si eIicientei.
Necesitatea este determinat de msura n care o
ntreprindere nu-si poate ndeplini programul economic n
baza capacittilor de productie existente. Investitiile, n
acest caz, se concentreaz asupra nlocuirii echipamentului
de productie complet uzat, ntreprinderea urmnd vechile
aIaceri, ori asupra achizitionrii a noi echipamente pentru
lrgirea capacittii de producere existente. Cresterea
riscului de nerecuperare a investitiei este conditionat de
reducerea cererii pentru produsele ntreprinderii, de
nvechirea moral a utilajului.
Oportunitatea se apreciaz n strns legtur cu
necesitatea si timpul cel mai potrivit de creare si exploatare
a capacittilor de productie, care vor permite obtinerea unei
rentabilitti optime. Cele mai importante categorii de
investitii sunt cele care vizeaz consolidarea si lrgirea
pietelor, dezvoltarea resurselor umane si sustinerea
activittilor inovationale.
EIicienta este criteriul de baz al implementrii unui
proiect investitional. Respectarea rigorilor Iinanciare,
can be divided into the Iollowing sub stages:
- Negotiations and contract enrolment that require
keeping account oI legal and Iinancial obligations.
At this stage contracts are signed between the
investors, on the one hand, and Iinancial institutions,
consultants, architects, clients, owners oI patents and
licenses, intermediaries, suppliers oI equipment and
raw materials, on the other. Direct negotiations and
draIting contracts oIten involve changes and new
ideas to improve the project, which increases investment
costs.
- Development oI technical documentation and
project work by drawing the graph, choosing the
location, developing a detailed plan oI operation and
choice oI technologies and equipment.
- Stage construction including preparation space
and direct construction oI the object.
- StaII training to coincide with construction phase
and aims to increase proIitability.
- Commissioning stage consists in assuming
obligations, setting strict schedules and timelines oI the
missions. Investment phase is highly dependent on the
time Iactor.
3. The exploitation phase or the post investment
stage. This step takes two elements, namely the long-
term perspective and short run. Short run production
means the beginning oI a cycle that allows detecting
problems and errors occurring in the previous phase.
These problems must be solved in very short periods
oI time.
Long-term perspective highlights two Iactors:
1. production cost,
2. sales revenue.
Due to the particular importance oI the investment
decision in the company leaders need appropriate
criteria Ior assessing investment opportunities,
according to the requirements imposed on them.
The company may experience diIIerent types oI
investment. To decide on the optimal, a study on each
investment project in terms oI need, timeliness and
eIIiciency is needed.
The necessity is given by the extent to which a
company cannot meet the economic program on
existing production capacities. Investments in this case
Iocuses on replacing worn-out production equipment,
Iollowing old business enterprise or acquisition oI new
equipment Ior expansion oI existing production
capacity. Increased risk oI investment non-recovery is
subject on reducing demand Ior the company, Ior the
outdated equipment.
Opportunity to closely consider the need and the
best time oI creation and commissioning oI production
capacities will allow Ior an optimal return. The major
categories oI investments are aimed at strengthening
and broadening markets, human resources development,
and support innovation activities.
EIIiciency is the key criterion oI implementing an
investment project. Compliance with Iinancial rigors
associated investments involve realistic estimate oI the
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
120
asociate investitiilor, implic estimarea realist a
principalilor Iactori ce determin eIicienta investitiei:
Volumul total al cheltuielilor pentru investitii, care
cuprinde att capitalurile necesare extinderii activelor Iixe,
ct si nevoia de Iond de rulment pentru exploatarea
mijloacelor Iixe nou create;
Durata de viat, care determinat de caracteristicile
tehnice si Iunctionale ale mijlocului Iix, de competitivitatea
produselor create cu investitia respectiv;
ProIitul sau venitul net, ce se poate obtine ca eIect al
exploatrii investitiei;
Valoarea rezidual a investitiei, care reprezint pretul
la care poate Ii vndut investitia dup ncheierea duratei ei
de viat.
Criteriile Iinanciare, angrenate de Banca Mondial n
vederea alegerii unui proiect de investitii, sunt:
1.Termenul de recuperare exprim numrul de ani
necesari recuperrii, prin cash-Ilow-urile anuale actualizate
(CF
act/an
), a capitalului investit. El corespunde numrului de
ani, n care suma Iluxurilor Iinanciare pozitive de investire
devine egal cu valoarea investitiei initiale (I
0
). Se opteaz
pentru varianta de investire care asigur cea mai rapid
recuperare a capitalului investit.
2.Jaloarea actuali:at net (JAN) este un indicator ce
permite stabilirea diIerentei ntre volumul total al
ncasrilor, obtinute n ntreaga perioad de Iunctionare a
obiectivului, si costurile totale (de investitii si de
productie), n cazul n care toate valorile sunt actualizate.
main Iactors determining the eIIiciency oI investment:
A total volume oI investment expenditure, which
includes the capital Ior expansion oI Iixed assets and
working capital needs Ior the exploitation oI new assets
created.
The time liIe, which is determined by technical
and Iunctional characteristics oI the asset, the
competitiveness oI products made with that investment.
ProIit or income that can be obtained as a result oI
the investment operation.
The residual value oI an investment is the
price at which investment may be sold aIter its liIe
duration.
World Bank Iinancial criteria involved in choosing
an investment project are:
1. Term recoverv expresses the number oI years
necessary to recover, through annual cash Ilows
discounted (Iact / year), the capital. It corresponds to the
number oI years, the amount oI investment Iinancial
Ilows positive, is equal to the initial investment (I0). It
chooses investment option that provides the Iastest
recovery oI invested capital.
2. Net present value (NPJ) is an indicator that
allows to determine the diIIerence between the total
revenue obtained throughout the operating period oI the
objective, and total cost (the investment and
production), where all values are updated.
=
_
( )
+
( )
- (1)
VAN constituie un indicator Iundamental n
evaluarea economic si Iinanciar a proiectului de investitii.
Prin continutul su, acest indicator caracterizeaz, n
valoare absolut, avantajul economic al proiectului de
investitii, cstigul, rsplata sau recompensa
investitorului.
VAN st la baza acceptrii sau respingerii proiectului de
investitii.
Daca este un singur proiect, investitia se va accepta
numai atunci cnd VAN~0 si se va respinge cnd VAN0.
Dac exist posibilitatea selectrii dintre mai multe
proiecte de investitii, se va alege proiectul cu VAN maxim.
3. Rata intern de rentabilitate exprim rata de
discontare pentru care veniturile brute totale actualizate sunt
egale cu costurile totale (de investitii si de productie)
actualizate, ambii indicatori Iiind calculati pe ntreaga
viat economic. AltIel spus, rata intern de rentabilitate
este acea rat de actualizare pentru care venitul net actualizat
este 0.
VAN is a crucial indicator Ior economic and
Iinancial evaluation oI investment project. By its
content, this indicator characterizes, in absolute terms,
the economic advantage oI investment project, gain,
reward or investors reward.
VAN underlying investment project acceptance or
rejection.
II there is a single project, the investment will be
accepted only when NPV~ 0 and will be rejected
when the NPV 0.
II there is the possibility to select among several
investment projects, then will be chosen the project with
maximum NPV.
3. Internal Rate of Return expresses the rate oI
total gross revenues to date are equal to total costs
(investment and production) to date, both indicators are
calculated on the entire economic liIe. In other words,
internal rate oI return is the discount rate Ior the
discounted net iI the income is 0.
= +
(
-
)
| |
(2)
n cadrul metodologiei BIRD, rata intern de
rentabilitate este unul dintre cei mai semniIicativi indicatori
ai eIicientei proiectelor de investitii, deoarece exprim
Within the BIRD methodology, the internal rate oI
return is one oI the most signiIicant indicators oI
eIIiciency oI investment projects, because it expresses
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 121
nr. 2 / 2012
capacitatea investitiei de a Iurniza proIit pe ntreaga durat
de Iunctionare a obiectivului, stabilind puterea economic a
acestuia, respectiv proIitul net ce se obtine la un leu eIort
total din investitie si din productie.
4.Rata de rentabilitate contabil reprezint raportul
dintre proIitul mediu, realizat de investitie, si suma
investitiei medii.
5.Indicele de profitabilitate (IP) exprim rentabilitatea
relativ pe durata de viat a proiectului. Acesta indic
mrimea proIitului actualizat ce revine la un leu capital
investit de ctre investitor. Alegerea proiectului conIorm
acestui indicator presupune selectarea variantei care asigur
cel mai nalt IP.
the ability to provide return on investment throughout
the liIetime oI the object, setting its economic power
that net proIit is obtained Irom a total eIIort, the
investment and production.
4. Accounting rate of return is the ratio oI the
average proIit, realized investment and the average
investment amount.
5. Profitabilitv Index (PI) expresses the
relative proIitability oI the project`s liIe. This
indicates the size oI updated proIit per one capital
invested by the investor. Project choice involves
selecting this indicator version that provides the
highest IP.
= = 1 + (3)
Metodele de evaluare a investitiilor au la baz o
presupunere simpliIicatoare, care consider c Iluxurile de
numerar au loc la Iinele anului, desi ele au loc pe parcursul
anului. Urmare acestei presupuneri, se tinde ca Iluxurile de
numerar s Iie tratate drept ocazionate la cteva luni mai
trziu dect n realitate, ceea ce poate rezulta o micsorare
sistemic a valorii prezente nete. Din aceast cauz, este
bine, pe ct posibil, ca n practic, prognoza Iluxurilor de
numerar s Iie eIectuat lunar si actualizarea acestora
conIorm momentului de ocazionare asteptat.
Decizia de investire este complex. Cel mai des, n aIara
calculelor Iinanciare, se apeleaz la experienta proIesional
si intuitia conductorului Iirmei. n plus, trebuie de avut n
vedere c orice decizie de investire se ia ntr-un context
restrictiv al mediului economic (concurent, resurse etc.).
n aceste conditii de incertitudine si de restrictii ale
procesului investitional, n loc de a cuta o solutie optim,
adesea este preIerabil s se opteze pentru decizia care
satisIace cel mai bine un minimum de criterii.
Concluzii. n baza celor expuse n lucrare, se pot
concluziona urmtoarele:
1. Nu este usor s ntocmesti un proiect de investitii
corect si eIicient. Presupunnd c am ajuns la un numitor
comun si proiectul a Iost gsit, urmeaz un pas la Iel de
important ca primul, si anume gsirea metodelor de
Iinantare a acestui proiect. Costul unei Iinantri, n aceast
perioad de criz, a crescut considerabil, iar metodele de
Iinantare sunt Ioarte complexe si necesit o multime de
garantii pentru a nu transIorma aceast Iinantare ntr-o
povar pentru ntreprindere.
2. Asumarea riscului de a Iace o investitie de proportii
ntr-o ntreprindere mic are la baz o decizie complex,
cci n aIara calculelor Iinanciare, se apeleaz la experienta
proIesional si intuitia managementului Iirmei. Nu trebuie
omis Iaptul, c orice decizie de investire se ia ntr-un
context restrictiv al mediului economic, concurenta te
urmreste la Iiecare pas, resursele sunt reduse si cteodat
chiar insuIiciente. n aceste conditii de incertitudine si de
restrictii ale procesului investitional, n loc de a cuta o
solutie optim, adesea este preIerabil s se opteze pentru
decizia care satisIace cel mai bine un minimum de criterii.
3. Pentru businessul mic, activele sunt Ioarte
Investment evaluation methods are based on a
simpliIying assumption, who believes that cash Ilows
occur at the end, although they occur throughout the
year. Following this assumption, it tends to introduce an
element oI trend according to which cash Ilows are
treated as arising Irom a Iew months later than they
actually incurred. This tends to result in a decrease in
systematic net present value. ThereIore, it is well
possible that in practice to make cash Ilow Iorecast and
updates every month according to the exact moment
when they expected to be incurred.
Investment decision is complex and, oIten, outside
the Iinancial calculations, we rely on experience and
intuition oI the head oI the company. In addition, to be
considered that any decision to invest is taken in a
restrictive context oI the economic environment
(competition, resources, etc.). In these conditions oI
uncertainty and restrictions on the investment process,
instead oI seeking an optimal solution is oIten
preIerable to choose the best decision to meet the
minimum criteria.
Conclusions. From those presented in the paper we
can conclude the Iollowing:
1. It is not easy to draw up an investment project
correctly and eIIiciently, but suppose that we have come
to an agreement and the project was Iound, we move on
to the next step, a step that is as important as the Iirst,
namely Iinding Iinancing methods oI this project. The
cost oI Iunding in this period oI crisis has increased
considerably and Iunding methods are very complex
and require a lot oI guarantees not to make this Iunding
a burden on business.
2. Taking the risk oI making a serious investment
in a small complex is based on a decision Ior outside
Iinancial calculations; we rely on experience and
intuition oI the company management. Should not be
overlooked the Iact that any decision to invest is taken
in a restrictive context oI the economic environment,
competition is Iollowing you every step, resources are
small and sometimes too modest. In these conditions oI
uncertainty and restrictions on the investment process,
instead oI seeking an optimal solution it is oIten
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
122
importante. n Iunctie de active, de volumul lor, de gradul si
starea lor, se pot contura multe concluzii despre o societate
comercial. n baza acestora, se poate determina si
necesitatea de a investi n ele sau de a nainta un proiect
nou de gestionare corect a lor, cci o gestionare incorect
si abuziv a activelor unei ntreprinderi poate duce la
insolvabilitate si, chiar mai mult, la Ialiment.
4. Un calcul bine Icut si analiza unor indicatori care
caracterizeaz Iirma n detaliu ar putea s ne conving de
Iaptul c nu este nevoie de o investitie n acel domeniu, c
investitia trebuie Icut ntr-o alt directie, uneori chiar
diametral opus. Un proiect de investitii bine ntocmit si
bine gestionat aduce n timp unei societti beneIicii majore
din toate punctele de vedere, att n plan concurential, ct si
din punct de vedere al volumului vnzrilor si, implicit, al
cotei de piat.
5. La ntocmirea unui plan de investitii, indiIerent de
natura lui, statul este cel mai de ncredere partener si aliat al
antreprenorului, care vine mereu n ajutor la solutionarea
nevoilor si ajut la promovarea intereselor si sustinerea
tendintelor de evoluare si crestere a Iirmei.
n Iine, mentionm c statul trebuie s sprijine
cu insistent, prin toate mijloacele dezvoltarea si
cresterea mediului economic local. Legile si normele de
stat de rigoare au venit mereu n ntmpinarea
ntreprinderilor mici cu diIerite Iacilitti pentru a le asigura
cresterea si dezvoltarea cu scopul de a deveni competitive
pe piat. Fr un stat care s acorde sprijin atunci cnd este
initiat un proiect de scar larg, dar Ir un management
bazat pe o echipa bine pregtit, investitia este sortit
total esecului.
preIerable to choose the best decision to meet minimum
criteria.
3. Very important Ior small business are the
assets. Depending on these assets, the volume, grade
and their condition can draw many conclusions about a
company. Depending on them, one can determine the
need to invest in assets or to come up with a new project
Ior their proper management, mismanagement and
abuse as an asset may lead to insolvency and even more,
bankruptcy Ior a business.
4. A well-done computer analysis oI indicators
that characterize in detail the company could convince
us that there is a need Ior investment in that area or on
the contrary, the investment must be in a diIIerent
direction, sometimes diametrically opposed. A project
well prepared and well managed brings major beneIits
Ior society in all respects, both competitively and in
terms oI sales volume and market share by deIault.
5. In preparing an investment plan, whatever its
nature, the state is the most reliable partner and ally oI
the entrepreneur, always coming to help in solving
needs and helps to promote the interests and evolving
trends and business growth.
Finally, it should be noted that the state should by all
means strongly support and increase local economic
development. State laws and data always come in small
meeting with various Iacilities to ensure their growth
and development in order to become competitive on the
market. Without state support, when you start a project
without a large scale management team based on a good
investment, the project is doomed to a total Iailure.
Referin(e bibliografice/References
1. BOTNARI, Nadejda. Finantele ntreprinderii. Chisinu: Ed. Prim, 2008. 238 p. ISBN 978-9975-9801-0-4.
2. CARAGANCIU, A., DOMENTI, O., CIORBU, S. Bazele activittii investitionale. Chisinu: Ed. ASEM, 2004.
321 p. ISBN 9975-75-264-0.
3. CISTELECAN, Lazr M. Economia, eIicienta si Iinantarea investitiilor. Bucuresti: Ed. Economic, 2002. 535 p.
ISBN 973-590-627-9.
4. PRVU, Dumitru. EIicienta investitiilor. Bucuresti: Ed. Lumina Lex, 2003. 291 p. ISBN 973-588-724-X.
5. Portalul Financiarul.ro. |Accesat 21.06.2012|. Disponibil: http://www.Iinanciarul.ro.
Recomandat spre publicare15. 03. 2012
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 123
nr. 2 / 2012
MARKETINGUL $I FIRMA
N SOCIETATEA VIITOARE
MARKETING AND COMPANY
IN FUTURE SOCIETY
Corina MA1EI CHERMAA, lector asociat, dr. ec.,
F.E.A.A., Universitatea "Alexandru Ioan Cuza",
Iayi, Romnia
Recenzent: Jaleriu DOCA, dr. hab., IEFS
Corina MA1EI CHERMAA, lector asociat, PhD ec.,
F.E.A.A., Universitatea "Alexandru Ioan Cuza",
Iayi, Romnia
Reviewer: Jaleriu DOCA, PhD, IEFS
De mii de ani, structura economic s-a ba:at pe o
companie privat, detinut de o persoan care i-o
administrea:. Dup numai 40 de ani, a aprut un nou tip de
structur de companii, cu mii de angafati, aa cum au fost
cele care se ocupau cu constructia i functionarea societtii
de ci ferate Deutsche Bank din SUA sau in Germania. Ele
au fost adaptate caracteristicilor i legislatiei nationale, fiind
conduse in mod diferit. Lucrurile s-au schimbat dup 1970,
atunci cand a aprut un nou tip de proprietari in calitate de
investitori institutionali. fondurile de pensii i trusturile de
investitii. Odat cu economia, se de:volt resursele
tehnologice i elitele, care conduc societtile la restructurare.
Jiitoarea conducere a afacerilor firmei va fi de tip concentrat
i va unifica activitatea de management i marketing la nivel
deci:ional. Dar, subliniem c firma poate satisface
dimensiunea sa social (stabilitatea social) i uman numai
in ca:ul in care aceasta este prosper. In asemenea context,
firmele trebuie s se oriente:e spre schimbare pentru a
re:ista pe viitoarea piat concurential globali:at.
Cuvinte cheie: marketing, afaceri, societatea viitorului.
For thousands of vears, the economic structure was
based on a private companv owned bv a person who
operates. After onlv 40 vears, appeared a new tvpe of
companv structure, with thousands of emplovees, as
were those that dealt with construction and operation of
the railwav companv Deutsche Bank U.S. or Germanv.
Thev have been adapted to the characteristics and
national legislation. Thev are run differentlv. After
1970, things have changed when it appeared a new tvpe
of owners, as institutional investors. pension funds,
investment trusts. In the future, with the economv
develops and elite technologv resources, leading to
restructuring companies. Driving future business tvpe
companv will be focused and unified business
management and marketing decision-making level. But
note that the companv can meet its social dimension
(social stabilitv) and human onlv if it is prosperous. In
this context, firms must turn to change the future to
withstand competitive global market.
Key words: marketing, business, future societv.
Rezultate yi discu(ii. Compania modern a Iost
nIiintat aproape simultan n trei tri: America, Germania si
Japonia. Timp de mii de ani, structura economic avea la
baz Iirma particular, Iiind proprietate a unei singure
persoane care o administra.
Con(inutul de baz. n anul 1832, un studiu, eIectuat n
Anglia de McLane's Report, a artat c toate Iirmele erau
proprietate particular, aveau pn la 10 angajati si erau
conduse de proprietar. Exceptii erau Banca Angliei,
compania East India.
Dup numai 40 de ani, a aprut un nou tip de structur a
Iirmelor, cu mii de angajati, cum erau cele de constructie si
exploatare a cilor Ierate americane sau compania Deutche
Bank n Germania. Ele aveau caracteristici nationale si erau
adaptate legislatiei nationale, Iiind conduse n mod diIerit.
Dup anul 1970, lucrurile s-au schimbat din nou cnd a
aprut noul tip de proprietari, care actionau ca investitori
institutionali: Iondurile de pensii private si trusturile de
investitii, care n viitor, odat cu aparitia tehnoelitelor ca
principal resurs economic de dezvoltare, au condus la
restructurarea companiilor.
Supertehnoelitele (cuvnt introdus de autor) trebuie
motivate cu boniIicatii sau prime exceptionale, dar lor nu le
poti angaja doar o mn, ci tot corpul si, Ir motivatii
corespunztoare, nu vor Ii multumiti. Firma, ns, trebuie s
Iie constient c si ea are nevoie de acesti
supertehnospecialisti, care pot lua decizii n domeniul lor de
specializare.
Conducerea de vrI a Iirmei, puternic n luarea
deciziilor si responsabil Iat de viitorul Iirmei, ndeosebi n
Results and discussion. Modern company was
established almost simultaneously in three countries:
America, Germany and Japan. For thousands oI years, the
economic structure was based on private company,
owned by one person and administered it.
The basic content. In 1832, aIter a study in England
oI McLane's Report revealed that all Iirms were privately
owned, had up to 10 employees and were led by the
owner. Exceptions were the Bank oI England, East India
Company.
AIter only 40 years, appeared a new type oI structure
oI companies, with thousands oI employees, as were
those that dealt with construction and operation oI
railways company Deutsche Bank U.S. or in Germany.
They were national characteristics and adapted to national
legislation. They are run diIIerently.
AIter 1970 things have changed when it appeared the
new type oI owners, acting by institutional investors:
pension Iunds, investment trusts and in the Iuture, once
the main economic resource technological elites
development that leads to restructuring companies.
Super techno elite must be motivated with exceptional
bonuses or wage. But they can not hire just a handIul, but
his body and without proper reasons will not be satisIied.
But the company must be aware that it needs this super
technological specialists to make decisions in their area oI
specialization.
The Iirm, the top investor must separate, strong and
responsible decisions about the Iuture business,
particularly in research, innovation, design and strategy oI
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
124
cercetare, inovare, proiectarea si strategia surselor Iinanciare
si resursa uman de vrI, trebuie s Iie separat de
investitor.
n societatea viitoare, conducerea de vrI a Iirmei va
trebui s stabileasc structura economic, cea a resursei
umane si cea social. AstIel, modelul german al economiei
sociale de piat a pus accent pe dimensiunea social, cel
japonez pe dimensiunea uman, iar modelul american pe
suveranitatea actionarului |Drucker P., 2004, p. 276|.
Toate aceste trei Iractiuni ale Iirmei trebuie realizate
mpreun, ns precizm, c Iirma si poate realiza
dimensiunea social (stabilitatea social) si cea uman
numai dac este prosper.
n prezent, desi Europa se conIrunt cu recesiunea
economic si cu criza datoriilor suverane (vezi Grecia),
dimensiunea social si cea economic a Iirmei poate Ii
realizat chiar si cu riscul unor contestatii sociale.
Marile Iirme transnationale cu succese mari si de lung
durat pe piat (cazul directorului general Andrew Grove de
la 'Intel sau SanIord Weill de la 'Citigroup) au creat o
aur de legend directorilor si. Ideea s-a rspndit mai
departe, astIel nct unii autori consider c, n viitor,
Iirmele vor avea nevoie de manageri geniu, dar consider c
acest tip de manager al Iirmei viitorului trebuie neaprat s
Iac parte din tehnoelita viitorului singura resurs activ
n inovarea viitorului.
n cazul esecurilor, directorilor de Iirme, dup doar 2-3
ani de la numire, li se explic structurile neadecvate ale
Iirmei si lipsa de competent a subalternilor. Acestia trebuie
s tind s dea Iirmei o identitate unic una dintre
sarcinile managerului pentru societatea viitoare. Firma
trebuie s-si dovedeasc legitimitatea social prin valori,
misiune si viziune.
Pentru manageri, inIormatiile care vor veni din
exteriorul Iirmei vor Ii cele mai importante, ndeosebi cele
care sunt mai putin accesibile si cuantiIicate n lupta
concurential, si ele nu trebuie privite ca Iiind ,anecdote.
Pentru a supravietui n viitor, este necesar ca Iiecare
Iirm s adopte schimbarea si, implicit, s determine
constant aceast schimbare, deoarece implementarea
inovatiei ntr-un sistem traditional de organizare a Iirmei
conduce la rezultatele dorite.
Totul trebuie schimbat: Iirma, produsul, serviciul si
modul de abordare a schimbrii, ceea ce japonezii numesc
ntr-un singur cuvnt ,Kaizen.
Aceast schimbare trebuie privit ca o oportunitate.
Pentru c, dac nu suntem pregtiti total, nu vom putea Iace
Iat Iormelor deIinite sub care se va prezenta noua societate.
Actualmente, n plan social, suntem iritati de existenta a
prea multor bogati si chiar superbogati, iar eIectele
revolutiei inIormationale nu s-au Icut simtite. ntre
suveranittile economice nationale si decizionale la nivel
global trebuie gsit un nou echilibru.
Stabilitatea economic |Joseph Schumpeter| a viitorului
va consta n dezechilibrul dinamic, ca unic variant, sau
distrugerea creatoare prin inovatie, ca unica Iort motoare a
noii tehnologii.
Societatea viitoare, cred c va Ii total diIerit de cea
actual si, probabil, va avea ca principal caracteristic noile
teorii, noile ideologii si provocri, crora Iirma si omenirea
Iinancial and human resource peak.
In the Iuture leadership oI the company business
will have to establish the economic structure, the human
and social resources. So, the German model oI social
market economy emphasized the social dimension, the
Japanese - the human dimension, and American model is
based on shareholder sovereignty |Drucker P., 2004,
p 276|.
All three Iactions oI the company have achieved
together, but emphasize that the company can meet its
social dimension (social stability) and the human only iI it
is prosperous.
Today, Europe Iaces economic downturn and
sovereign debt crisis (see Greece), and the social
dimension oI the Iirms can be achieved, even at the risk
oI social contestation.
Large transnational companies with large market
success Ior a long time (the case oI the General Director
Andrew Grove oI Intel and SanIord Weill oI Citigroup)
have created an aura oI legend to its directory. The idea
went that some authors consider that in Iuture companies
will need managers genius, but I think this type oI
manager oI the Iuture company, you have to be part oI
technological elite Iuture, the only active resource in the
Iuture innovation.
II Iailure, managers oI Iirms, aIter only 2-3
years aIter appointment, explains that he inadequate
company structures and lack oI competence oI
subordinates. But they must strive to give the company a
unique identity, is one oI the tasks manager Ior
Iuture society. The company must prove
legitimacy through social values, mission and vision.
For managers the inIormation to come Irom outside
the company will be the most important, those that are
less accessible, quantiIied competitive Iight and they
should not be regarded as "anecdotes".
To survive in the Iuture is necessary Ior each
company to adopt constantly changing and thereIore
cause this change, since the implementation oI innovation
on a traditional business organization lead to desired
results.
Everything has changed: company, product, service,
approach to change, what the Japanese call a single word
"Kaizen".
This change must be seen as an opportunity. Because
iI we are not totally ready, we can not meet deIined Iorms
to be provided under the new company.
Today, the social, we are irritated by the existence oI
too many rich and even super-rich and the inIormation
revolution eIIects were not Ielt in the social. A new
balance must be struck between national economic
sovereignties and global decision.
Economic stability |Joseph Schumpeter| oI the Iuture
will consist oI dynamic imbalance as the only alternative
or creative destruction through innovation as the only
driving Iorce oI new technologies.
Future society, I think it will be totally diIIerent Irom
today and will probably be the main Ieature oI its new
theories, new ideologies, new challenges, which the
company and the world will have to Iind the right
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 123
nr. 2 / 2012
va trebui s gseasc rspunsurile potrivite.
n acest circuit, activitatea de marketing este prezent n
toate etapele, contribuind la Iinalizarea vnzrii unui
produs. Firma poate apela si la alte Iirme specializate care
oIer servicii.
Structurile de marketing din interiorul Iirmelor nu sunt
Iixe. Ele se adopt de la caz la caz, n Iunctie de necesittile
Iirmei la un moment dat si de schimbrile survenite n
mediul extern n care Iirma activeaz.
answers.
In this circuit, the marketing activity is present in all
stages, helping to complete the sale oI a product.
Company may turn to specialized companies that provide
services.
Marketing structures within Iirms are not Iixed. They
are taken on a case by case basis, depending on business
needs at a time and changes in the external environment
where the company operates.
Fig. 1. O structur posibil a firmei viitorului - viziunea autoarei
Fig. 1. A possible structure of the company's future - author's vision
Avnd n vedere cresterea rolului marketingului
n societatea bazat pe cunostinte, propun conceptul, conIorm
cruia decizia managerului (M) s se uniIice cu decizia
managerului de marketing (M), rezultnd cei doi M, astIel:
Given the increasing role oI marketing in the
Knowledge Society, proposed the notion that the
manager's decision (M) decision to merge the marketing
manager (M), resulting in the two M, as Iollows:
Aici ciIra unu este Iolosit n sens de unitate a celor doi
Iactori de decizie la nivelul Iirmei. Acest sistem reduce
canalele de comunicare ntre managerul de decizie al Iirmei si
cel de marketing, cci ambii trebuie s Iac parte din echipa
de supertehnoelite.
Supertehnoelitele vor rezolva toate Iazele
produsului/serviciului nou, plecnd de la Ieedbackul
clientilor, cerintele societtii legate de sustenabilitate si
mediu, de la conservarea resurselor naturale, nglobnd n
produs sau serviciu numai acele atribute, care s rspund
strict unei nevoi sociale, evitnd risipa de resurse si bani.
ntrebrile vor Ii: ,Pentru cine producem?, ,Avem resurse
naturale pentru a produce un anumit produs sau serviciu?,
,Care sunt atributele critice ale produsului sau serviciului?,
,Necesit un consum minim de resurse?, ,Vom aduce
mbunttiri atributelor maxime?.
n viitor, consider c Iirmele nu vor mai avea o structur
organizatoric vertical. Vor disprea subordonrile pe
vertical si orozontal. Echipa de lucru compus din
tehnoelite cu specializri diIerite, va rezolva mpreun toat
problematica realizrii produselor si serviciilor, colabornd
direct cu intrrile n Iirm, cu sursa de capital si cu piata.
Firmele care vor rspunde provocrilor secolului XXI
Here is a Iigure used in the sense oI unity oI the two
decision makers within the Iirm. This reduces the
communication channels between the manager and the
decision oI the company marketing both to join the elite
team oI super technology.
Super techno elites, will address all phases oI new
product/service again Ieedback based on the customer
requirements related to the sustainability oI society and
the environment, conserving natural resources, covering
the goods and services only those attributes that meet a
strict social needs, avoiding waste oI resources and
money. Questions will be: Who produce? We have
natural resources to produce a product or service? What
are the critical attributes oI the product or service?
Requires a minimum consumption oI resources? We
attribute maximum improvement? In Iuture, companies
will no longer vertical organizational structure.
Subordinations disappear horizontal/vertical team
composed oI technological elite. Working with diIIerent
specializations, will solve all problems with products
and services to achieve by working directly with entries
in the company, the source oI capital and market.
Companies that will meet the challenges oI XXI
M M 2M 1 DECIZIE/DECISION
Capital/Capital
Echip mixt de management
marketing Iormat din tehnoelite/
Joint management team comprised
oI technology marketing elite
Formatii de
cercetare/
Research groups
Alte resurse/
Other
resources
Piata/
The market
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
126
trebuie s ia n calcul abordarea SPIN, element esential
pentru a revolutiona marketingul bazat si pe experienta
clientului.
Situatie: gestionarea eIectelor emotionale, pe care un
client le trieste atunci cnd contacteaz o Iirm, este
considerat un Iactor de valoare (punct valoric); experienta
clientului are inIluent direct asupra mrcii si a perceptiei,
genernd sentimente de cstig si bunstare, ce se vor
maniIesta printr-un comportament de cumprare repetat sau
chiar continu, ce aduce cresteri valorice Iirmei.
Problem. gestionarea clientului este nesatisIctoare
astzi pentru c: nu se acord importanta necesar acestui
subiect; unii consider experienta clientului ceva Iinit,
trector, nerelevant, neacordndu-i valoare; lipsesc
abordrile de evaluare, de recompensare, pe grupuri de
proIesii s.a.
Implicare. marketerii si cei care sunt la captul lantului
de vnzare, cei care vin n contact nemijlocit cu clientul,
trebuie s se implice n procesul de vnzare pentru a
valoriIica experienta clientilor si a construi branduri, mrci,
servicii n baza asteptrilor acestora.
Nevoia de actiune: odat sistematizate si selectate dup
urgent si prioritate, Iirma trebuie neaprat s-si modiIice
produsele si serviciile dup modelul preIertat de exigenta
clientului, bazat pe o colaborare multiIunctional, plecnd de
la Ieedbackul clientului.
century, must take into account the approach SPIN
essential to revolutionize based marketing and customer
experience.
Status. managing the emotional eIIects that a
customer has when contacting a company is considered
a valuable Iactor (point value), has a direct inIluence on
customer experience and brand perception, leading to
Ieelings oI success, and wealth, will maniIest
purchasing behavior through repeated or continuous,
which brings increased business value.
Problem. customer management is poor today
because: unsalted not attach importance to this subject,
some consider the customer experience something
Iinite, Ileeting, irrelevant, not granting it valuable, lack
oI evaluation approaches, the reward, the proIessional
groups, and others.
Involvement. marketers and those who are in the
sales end, those who come in direct contact with the
client should be involved in the sale, to make the
customer experience and build brands, services that are
based their expectations.
Need for Action. once systematized and selected
based on urgency and priority, the company deIinitely
needs to change its products and services Ior demanding
customers preIerred model based on multi
collaboration, based on customer Ieedback.
Fig. 2. Implicarea clientului n abordarea de tip SPIN/
Fig. 2. Customer involvement in addressing the SPIN
Sursa/Source: Rackham, A., Strategia SPIA, Succesul n vnzari, Editura 1eora, Bucureyti. 21./Rackham, A.,
SPIA strategy, success in sales, 1eora Publishing, Bucharest, 21.
Metoda SPIN poate Ii privit si din punctul unei diluri a
rspunsului la o problem care apare la un moment dat, legat
de un produs, un serviciu, o reactie a pietei, determinat de
concurent sau de un anumit centru de putere Iinanciar sau
politic, care conduce la modiIicri de atitudini, de strategii sau
SPIN method can be seen in terms oI dilution oI
the answer to a problem that occurs at a time about a
product, service, market reaction due to competition
or some Iinancial or political power center, which
leads to changes oI attitudes, strategies or response
l l 8 M A / l l 8 M
M L 1 C u A S l n / M L 1 P C u S l n
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ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 127
nr. 2 / 2012
rspuns din partea Iirmei.
Propun o schem mai redus numit metoda CMG
(Client, Mediu, Generarea problemei), mai concentrat si mai
sugestiv, privind implicarea clientului ca reactie din exterior
ctre interiorul Iirmei:
Irom the company.
Propose a reduced scheme called method CMG
(Client, Environment, generation problem), more
concentrated and more suggestive oI the involvement
oI external customer response, to a company:
Fig. 3. Conceptul CMG/
Fig. 3. Concept CMG
Sursa/Source: Studiu propriu./Own study.
Plecm de la nemultumirile clientului, de la insatisIactia
lui, de la evolutia asteptrilor sale, de la ce si doreste cu
adevrat s cumpere (bunuri sau servicii), cumulm toate
aceste ,neajunjusuri ale clientului ntr-o singur denumire:
PROBLEM. Firma, care dispune de resursele si logistica
necesar, identiIic problema principal si orienteaz ntreaga
activitate spre cutarea rspunsului, care nu numai s rezolve
problema aprut, ci si s anticipeze viitoarele dezvoltri ale
produsului sau serviciului. Aceast etap poate Ii numit
etapa de reactie a oIertantului la problema aprut. n Ioarte
scurt timp, noua oIert ce va aprea pe piat va constitui
solutia concret a problemei aprute.
Dar, provocrile actuale la care este supus marketingul
actual pot Ii de natura:
nentelegerea importantei marketingului de ctre 70
dintre manageri;
alocarea bugetelor mici, insuIiciente pentru
departamentul de marketing;
nu toate persoanele care lucreaz n departamentele de
marketing au o pregtire de nivelul superelitelor;
nu totdeauna este cuantiIicat valoric contributia
marketingului la succesul unei Iirme;
nu toti managerii de marketing Iac parte din consiliul
directorilor superiori, unde se iau deciziile strategice, cele mai
importante;
Iolosirea unui singur canal de comunicatie cu clientii,
netinnd seama c ei preIer un anumit tip de comunicare;
nu se dispune de inIormatii suIiciente despre posibilele
schimbri de Iorte si ierarhii pe piat pentru a pregti o reactie
corespunztoare.
n consecint, marketingul a intrat ntr-o zon de
turbulent si discomIort.
Din studiul eIectuat a rezultat, c peste 75 dintre
manageri aIirmau, c nu nteleg clar cum si pot recupera
banii alocati compartimentului de marketing. Cercetarea
bazat pe chestionar, la care au rspuns 103 manageri de la
Iirme de mrimi diIerite, a condus la urmtoarele rezultate,
prezentate n Figura 4:
Start Irom customer complaints Irom his
dissatisIaction, the evolution oI his expectations oI what
they want really to buy (goods or services), combined
all these "shortcomings" customer in a single name:
PROBLEM. The company, which has the resources and
logistics, identiIy the main problem and directs all
activities, seeking the answer, not only to solve the
saIety problem but also to anticipate Iuture
developments oI the product or service. This may be
called tender stage reaction to the problem. In the short
term, new supply will come to market, will provide
practical solution to the problem. But challenges
currently being placed on marketing can be liable:
misunderstanding the importance oI marketing by
70 oI managers;
allocation oI small budgets, insuIIicient marketing
department;
not all people working in marketing departments
have specialized training;
not quantiIied the value contribution to the success
oI a business marketing;
marketing manager is not part oI the senior board
oI directors where strategic decisions are most
important;
use a single communication channel with
customers, notwithstanding that they preIer a certain
type oI communication;
does not have suIIicient inIormation about the
possible changes oI market Iorces and hierarchies to
prepare an appropriate response.
ThereIore, marketing has entered a zone oI
turbulence and discomIort.
The survey shows that over 75 oI managers stated
that clearly do not understand how they can recover the
money allocated to the marketing department. A survey
based on questionnaire answered by 100 managers Irom
companies oI diIIerent sizes, the Iollowing results,
presented in the Figure 4:
Firm/Firm
Mediul intern de Iunctionare/lnLernal operaLlng envlronmenL
1. Clientul/CusLomer
3. Cenerare probleme de la cllen(l/
roblems generaLed by cusLomers
2. Medlul incon[urLor al flrmel/
LnvlronmenL of Lhe company
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
128
Fig. 4. Atitudinea managerilor fa( de marketing/
Fig. 4. Attitude towards marketing managers
Sursa/Source: Studiu propriu./Own study.
16 din manageri consider, c relatia dintre directorul
general executiv si managerul de marketing nu este suIicient
articulat (A);
12 consider departamentul de marketing important
pentru Iirm (B);
4 din manageri consider aportul marketingului la
beneIiciile Iirmei nerelevant (C);
68 din manageri aIirm, c nu au stabilit valoric
perIormantele marketingului n cadrul Iirmei (D).
Din studiu a reiesit ideea principal a managerilor c
analiza global a rentabilittii unei investitii este considerat
atributul principal al departamentului de marketing, iar
prioritatea absolut a directorului general executiv este
cresterea proIitului.
Provocrile la adresa marketingului se clasiIic n:
provocri diIicile;
provocri medii;
provocri usoare.
ns, msurarea eIicacittii marketingului nu este o
problem simpl.
Dac costurile sunt clare, eIicacitatea pe termen lung a
marketingului este destul de greu de urmrit si Iace
provocarea si presiunea eIicacittii marketingului mai
complicat. Firmele vor s stie pe ce cheltuie banii.
n literatura de specialitate, eIicacitatea actiunilor de
marketing a Iist evaluat n raport cu trei elemente principale:
stabilirea directiei marketingului;
Iunctionarea normal a marketingului;
controlul implementrii (sistemului).
Stabilirea directiei de marketing n Iunctie de tipul de
aIaceri pe care urmeaz s-l deruleze Iirma, care trebuie
sustinute si promovate prin actiunile de marketing, este un
punct de plecare esential al planului de marketing. Aceast
directie unic trebuie s Iie asigurat cu Ionduri
corespunztoare.
Implementarea (Iormarea) corect n practic a msurilor
de marketing este stabilit pe etape si Iinalitti, iar derularea
corect se Iace prin control. Controlul ne asigur c ceea ce
ne-am propus am si realizat.
Concluzii. Resursa uman a Iirmei trebuie s Iie
supercaliIicat, din categoria tehnoelitelor, unde cuvntul de
ordine trebuie s Iie: creativitate, inovare, perIormant si
consum ct mai mic de materie si energie.
Managerii/marketerii trebuie s dezvolte si dimensiunea
16 oI managers consider the relationship
between the CEO and marketing manager not enough
articulated (A);
12 marketing department considers important to
the Iirm (B);
4 oI marketing managers consider irrelevant
contribution to beneIit company (C);
68 oI managers say that they have established
in-house marketing perIormance value (D).
The survey showed the main idea oI the managers
that the overall analysis oI the proIitability oI an
investment is considered the main attribute oI marketing
and CEO's top priority is to increase proIit.
Address marketing challenges are classiIied into:
diIIicult challenges;
environmental challenges;
easy challenges.
But measuring the eIIectiveness oI marketing is not
a simple problem.
II costs are clear, long-term eIIectiveness oI
marketing is quite diIIicult to monitor and challenge the
eIIectiveness oI marketing pressure and more
complicated. Companies want to know what the money.
In the literature the eIIectiveness oI marketing
actions were assessed against three main elements:
setting marketing direction;
normal Iunctioning oI marketing;
control implementation (the system).
Establishing marketing direction depending on the
type oI business to conduct business and it should be
supported and promoted by marketing actions, is an
essential starting point oI the marketing plan. This
unique direction must be provided with adequate Iunds.
Implementation (training) practice proper marketing
measures are established in stages and Iinal and make
the control. Control, we ensure that what we have
proposed and implemented.
Conclusions. Human resource Iirm must be the
super qualiIied, technological elites category, where the
watchword should be: creativity, innovation,
perIormance and consumption as low as matter and
energy. Managers/marketers must develop the social
dimension oI companies Irom which local population
have beneIited Irom existing Iirms. From their study,
A 16 8 12 C 4 u 68
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 129
nr. 2 / 2012
social a Iirmelor, de pe urma creia populatia local s aib
de cstigat. Din studiul propriu, am ajuns la concluzia, c
Iirma va trebui n viitor s renunte la organizarea de tip
piramidal si s adopte o Iorm de organizare de tip concentrat,
respectiv conceptul celor 2 M, avnd acelasi rol n luarea
deciziilor. De asemenea, conceptul integrat, numit CMG,
concentraz rspunsurile la provocrile clientului si mediul
nconjurtor al Iirmei. Promovarea n cadrul Iirmei va trebui
s ia n considerare mixul de marketing si costurile de mediu,
necesare reIacerii acestuia spre a evita destabilizarea. n
viitor, managerii vor trebui s-si schimbe modul de abordare a
managementului si marketingului Iirmei dac doresc s se
numere printre nvingtori n societatea bazat pe cunostinte.
we concluded that the company in the Iuture will have
to give the organization the pyramid and to adopt a
Iorm oI type organization Iocused, that the concept oI
2 M, the same role in decision making. Also called an
integrated Iirm answers CMG Iocuses on customer
and environmental challenges oI the company.
Promotion and the company will have to consider the
marketing mix and restoring necessary environmental
costs, to avoid destabilization. In the Iuture,
managers will have to change their approach to
management and marketing Iirm iI they want
to be among the winners in society based on
knowledge.
Referin(e bibliografice/References
1. CANTON, James. Provocrile viitorului. Principalele tendinte care vor reconIigura lumea n urmtorii 5, 10, 20 de
ani. Iasi: Ed. Polirom, 2010. 368 p. ISBN 978-973-46-1341-0.
2. Drucker, Peter. Managementul viitorului. Bucuresti: Ed. ASAB, 2004. 304 p. ISBN 973-7725-00-X.
3. MATEI-GHERMAN, Corina. Marketing: diIerentiere si pozitionare. Iasi: Tehnica-InIo, 2010. 420 p. ISBN 978-9975-
63-304-8.
4. GAMBLE, PAUL, R., TAAP, Alan, MARSELLA, Anthony, STONE, Merlin. Revolutia n marketing. O abordare
radicala pentru o aIacere de success. Iasi: Polirom, 2008. 416 p. ISBN 978-973-46-1282-6.
5. ZOOLONDZ, Hans Dieter. Fundamentele marketingului. Bucuresti: Ed. BIC ALL, 2009. 128 p. ISBN 978-973-571-
693-6.
6. RACKHAM, Neil. Succesul n vnzari: strategia SPIN. Bucuresti: Ed. Teora, 2001. 208 p. ISBN 9732000392.
7. Cresterea economic n conditiile internationalizrii Economic growth in conditions oI internationalization:
conIerinta international stiintiIico-practic, 20-21 octombrie 2011. Editia a 6-a. Institutul de Economie, Finante si
Statistic. Chisinu : IEFS, 2011, vol. 1. 494 p. ISBN 978-9975-4176-7-9.
Recomandat spre publicare. 23.04.2012
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
130
ESTIMAREA EFECTELOR DE RUNDA
A DOUA ASUPRA INFLATIEI DE BAZ
THE ESTIMATION OF SECOND
ROUND EFFECTS ON CORE INFLATION
Radu CUHAL, dr., BAM
Simion MI1A, BAM
Dorin SLOBOZIAA, BAM
Alexandru CRASOJSCHI, BAM
Recenzent: Alexandru S1RA1AA,
dr. hab., conf. univ., IEFS
Radu CUHAL, PhD, ABM
Simion MI1A, ABM
Dorin SLOBOZIAA, ABM
Alexandru CRASOJSCHI, ABM
Reviewer: Alexandru S1RA1AA,
PhD, associate prof., IEFS
Pentru determinarea i estimarea efectelor de runda a
doua asupra inflatiei de ba: se presupune crearea unui model
macroeconomic, care are la ba: un vector autoregresiv
structural. Modul in care reactionea: inflatia de ba: la
variatiile preturilor la petrol i produsele alimentare pe pietele
internationale repre:int un interes semnificativ pentru politica
monetar. Un alt interes semnificativ pentru politica monetar
este determinat de piata intern, i anume de forma de reactie a
inflatiei de ba: ca re:ultat al modificrii preturilor la
combustibili i la produsele alimentare, impactul acestor
modificri asupra inflatiei de ba: se anticipea: a fi unul
semnificativ. Prin urmare, determinarea mecanismului de
transmisie i a impactului asupra inflatiei de ba: al factorilor
atat interni, cit i externi este unul dintre obiectivele mafore ale
multor studii macroeconomice ale politicii monetare.
Cuvinte cheie: efecte de runda a doua, inflatia de ba:,
vector autoregresiv, curs de schimb, mecanism de
transmisie, inflatie.
In order to determine and estimate the second round
effects on core inflation it is supposed to create a
macroeconomic model that is based on a structural
auto-regressive vector. How core inflation reacts to
changes in oil and food prices on international
markets is a significant concern for monetarv policv.
Another significant concern for monetarv policv is
determined bv the internal market, namelv the form of
reaction of core inflation as a result of changes in fuel
prices and food, the impact of these changes on core
inflation is expected to be significant. Therefore
determining the transmission mechanism and impact on
core inflation factors both internal and external, is one
of the mafor obfectives of manv macroeconomic studies
in monetarv policv.
Key word: second round effects, core inflation,
autoregressive vector, exchange rate, transmission
mechanism, inflation.
Introducere. Actualitatea temei de cercetare este
determinat de cresterea preturilor la produsele alimentare si
la petrol pe pietele internationale, care au un impact sporit si
de lung durat asupra preturilor n Republica Moldova.
Ponderea mare n cosul de consum a produselor alimentare
si ancorarea redus a asteptrilor inIlationiste ngreuneaz
procesul de dezinIlatie. Din acest considerent, n cadrul
prezentei cercetri este studiat impactul cresterilor preturilor
la produsele alimentare si petrol pe pietele internationale
asupra inIlatiei de baz.
InIlatia de baz se doreste a Ii indicatorul ce permite
perceperea tendintei inIlatiei pe termen lung. n cele din urm,
socurile preturilor la produsele alimentare si la combustibili
pe pietele internationale se rsIrng nu numai asupra
preturilor la produsele alimentare si a celor la combustibili din
cadrul IPC, dar si asupra inIlatiei de baz, ceea ce presupune o
reactie mai puternic de nsprire a politicii monetare n
vederea diminurii asteptrilor inIlationiste, chiar si n absenta
unor presiuni din partea cererii agregate.
Acest subiect a Iost tratat pe larg n literatura de
specialitate. n lucrrile sale, Bernanke si altii (1997), Hooker
(1999), Laxton (2002) descriu pe larg eIectele cresterilor
preturilor la petrol pe piata international asupra activittii
economice si asupra preturilor. ConIorm cercetrilor lor, dac
inIlatia de baz nu reactioneaz la cresterile pretului la petrol
pe plan international, atunci autorittile monetare nu trebuie s
nspreasc politica monetar.
Potrivit S. Cerchetti si R. Moessner (2008), datorit
cresterii preturilor la materia prim au Iost nregistrate
cresteri ale preturilor n ntreaga lume. n viziunea lor, n
Introduction. The actuality oI the current research is
determined by the Iact that the increasing prices in Iood
and oil on international markets have a considerable
impact on prices and Ior a long period oI time in the
Republic oI Moldova. The large share in the
consumption basket oI the Iood products and a poor
anchorage oI inIlation expectations hinder the
disinIlation process. For this reason in the current
research is studied the impact oI the increases prices in
Iood and oil on international markets on core inIlation.
The core inIlation is intended to be the indicator that
allows to percept the inIlation tendency Ior long-term
period. Finally, the shocks in Iood prices and Iuel prices
on international markets will aIIect not only the prices on
Iood and Iuel in the CPI, but also on the core inIlation,
that will involve the reaction oI tightening the monetary
policy to reduce inIlationary expectations, even in the
absence oI pressure Irom the aggregate demand.
This topic has been studied extensively in the
relevant specialty literature. In his papers Bernanke and
others in (1997), Hooker (1999), Laxton (2002) describe
in detail the eIIects oI rising oil prices on international
markets on economic activity and prices. According to
their research, iI the core inIlation does not react to oil
price increases on international markets, the monetary
authorities shouldn`t tighten the monetary policy.
According to S. Cecchetti and R. Moessner (2008)
due to a high increases oI prices in raw materials were
recorded an increases in prices all over the world. In their
view in advanced countries the increased prices on raw
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 131
nr. 2 / 2012
trile cu economii avansate, cresterea preturilor la materia
prim nu a inIluentat evolutia inIlatiei de baz, ca urmare a
ponderii mici n IPC a produselor alimentare si a ancorrilor
puternice ale asteptrilor inIlationiste. Cresterea inIlatiei de
baz, n urma cresterilor preturilor la materia prim, este
observat n trile n curs de dezvoltare, acestea Iiind
caracterizate prin ponderea nalt a produselor alimentate n
IPC, ceea ce presupune existenta eIectelor de runda a doua.
O pondere nalt a produselor alimentare n IPC de cca 30 la
sut, este nregistrat si n Republica Moldova, ceea ce a
determinat scopul actualei cercetri de identiIicare si
estimare a eIectelor de runda a doua asupra inIlatiei de baz.
Con(inutul de baz. Analiza empiric
Scopul lucrrii este de a estima socurile de runda a doua
asupra inIlatiei de baz. n cadrul cercetrii date, inIlatia de
baz este deIinit ca parte a inIlatiei ce reIlect sursele
persistente ale presiunilor inIlationiste, care permit
perceperea trendului inIlatiei n cazul cnd eIectele
inIluentelor temporare si tranzitorii sunt eliminate. Calculul
acestui indice, n contextul prezentului studiu, are loc prin
eliminarea din inIlatia total (indicele preturilor de consum)
a preturilor volatile, precum cele la produsele alimentare si
la combustibili, si a celor reglementate care nu au
comportament de piat.
InIlatia de baz este calculat prin metoda excluderii,
ceea ce implic schimbarea componentei cosului de produse
si servicii al Indicelui Preturilor de Consum, si anume
eliminarea unor categorii de bunuri si servicii din acesta,
preturile crora sunt evident volatile, deoarece sunt Ioarte
sensibile la diIerite socuri att interne, ct si externe (Figura 1).
materials did not aIIect the evolution oI the core
inIlation, due to low weight oI Iood products in the CPI
and a strong anchoring oI inIlation expectations.
Increasing oI core inIlation Irom the rise in raw material
prices is observed in developing countries, which are
characterized by a high share oI the Iood products in the
CPI which implies the existence oI second round eIIects.
A high share oI the Iood products in the CPI oI around
30 percents is speciIic and Ior Republic oI Moldova,
which led to this research Ior identiIication and
estimation oI the second round eIIects on the core
inIlation.
The basical content. Empirical analysis
The purpose oI our paper is to estimate the second
round shocks on core inIlation. In the Iramework oI the
research paper, core inIlation is deIined as part oI
inIlation that reIlects the persistent sources oI
inIlationary pressures, which allow perception oI
inIlation trend iI the eIIects oI temporary and transient
inIluences are eliminated. The calculation oI this index,
in context oI this research takes place by eliminating
Irom total inIlation (consumer price index) the volatile
prices such as Iood and oil and regulated prices those
that doesn`t take the market behavior.
Core inIlation is calculated by excluding method,
which involves changing composition oI products and
services in Consumer Price Index by eliminating some
categories oI goods and services Irom CPI, which prices
are evidently volatile, because they are very sensitive to
diIIerent internal and external shocks (Figure 1).
Fig. 1. Creyterea trimestrial a componentelor IPC/
Fig. 1. Evolution of quarterly increases of the CPI components
Sursa/Source: Biroul Aajional de Statistic./Aational Bureau of Statistics.
Indicele inIlatiei de baz este calculat utiliznd metoda
excluderii, conIorm urmtoarei Iormule:
Core inIlation index is calculated by the excluding
method, according to the Iollowing equation:
-20
-15
-10
-5
0
5
10
15
20
A
p
r
.
0
0
O
c
t
.
0
0
A
p
r
.
0
1
O
c
t
.
0
1
A
p
r
.
0
2
O
c
t
.
0
2
A
p
r
.
0
3
O
c
t
.
0
3
A
p
r
.
0
4
O
c
t
.
0
4
A
p
r
.
0
5
O
c
t
.
0
5
A
p
r
.
0
6
O
c
t
.
0
6
A
p
r
.
0
7
O
c
t
.
0
7
A
p
r
.
0
8
O
c
t
.
0
8
A
p
r
.
0
9
O
c
t
.
0
9
A
p
r
.
1
0
O
c
t
.
1
0
A
p
r
.
1
1

Total CPI CPI food CPI fuel CPI core
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
132


= =
= =
-
-
=
m
f
ex
f
n
i
i
ex
f
m
f
ex
f i
n
i
i
p p
ip p ip p
IIB
1 1
1 1
* *
(1)
unde:
IIB indicele inIlatiei de baz;
p
i
ponderea unui bun sau serviciu din cosul IPC;
ip
i
indicele pretului unui bun sau serviciu din cosul IPC;
p
ex
f
ponderea unui bun sau serviciu exclus din cosul
IPC;
ip
ex
f
indicele pretului unui bun sau serviciu exclus din
cosul IPC;
i bunurile si serviciile care intr n cosul IPC;
j bunurile si serviciile care se exclud din cosul IPC la
calculul IIB;
n numrul bunurilor si serviciilor care intr n cosul
IPC;
m numrul bunurilor si serviciilor care se exclud din
cosul IPC la calculul IIB.
Pornind de la obiectivul de baz si sarcinile propuse spre
determinarea si cuantiIicarea eIectelor de runda a doua
asupra inIlatiei de baz, Ienomenul dat, n cadrul cercetrii, a
Iost studiat din dou aspecte: n primul caz, a Iost studiat
impactul preturilor la petrol si la produsele alimentare pe
pietele internationale asupra inIlatiei de baz, tinnd cont de
evolutia cursului de schimb n termeni nominali n raport cu
partenerii comerciali si a banilor n circulatie, iar n al doilea
caz, dat Iiind Iaptul c inIlatia de baz nu include preturile la
produsele si serviciile ce au o volatilitate sporit, cum ar Ii
preturile produselor alimentare si preturile la combustibili, a
Iost estimat impactul variatiilor preturilor produselor
alimentare si preturilor la combustibili din tar asupra
inIlatiei de baz.
where:
IIB core inIlation index;
p
i
weight oI good or service in CPI basket;
ip
i
price index oI good or service in CPI basket;
p
ex
f
weight oI good or service excluded Irom CPI
basket;
ip
ex
f
price index oI good or service excluded Irom
CPI basket;
i goods and services entering in CPI basket;
j goods and services that are excluded Irom CPI
Basket Ior calculation IIB;
n number oI goods and services entering in CPI
basket;
m number oI goods and services that are excluded
Irom CPI basket Ior calculation IIB.
Starting Irom the basic objective and proposed tasks
Ior the determination and quantiIication oI second round
eIIects on core inIlation in the study phenomenon given
in the base oI techniques and statistical methods has been
studied Irom two aspects: in Iirst case was studied the
impact oI oil and Iood prices on international markets on
core inIlation taking into account the evolution oI the
exchange rate in nominal terms related with trading
partners and oI the money in circulation, and in the
second case taking into account that the core inIlation
does not include the prices oI products and services that
have an increased volatility such as Iood and Iuel prices,
have been estimated the impact oI Iood price and
domestic Iuel prices variations on core inIlation.
Impactul prejurilor la petrol yi produse alimentare pe
piejele internajionale asupra inflajiei de baz
ntr-o economie cu regim al politicii monetare de tintire
direct a inIlatiei, cursul de schimb este Ilotant. Prin urmare,
att cursul de schimb, ct si Iactorii interni si externi au
inIluent asupra ratei inIlatiei. Oscilatiile preturilor la petrol
pe pietele internationale se reIlect pe piata intern prin
preturile la combustibili, iar cresterea pe pietele
internationale a preturilor produselor alimentare este
reIlectat pe piata intern prin preturile produselor
alimentare, prin prisma costului importurilor. Tinnd cont de
mecanismele de transmisie a politicii monetare, modiIicarea
ratei de baz creeaz Iluctuatii asupra cursului de schimb,
care aIecteaz nivelul actual al inIlatiei, precum si asteptrile
inIlationiste. ModiIicarea cererii si oIertei de bani, de
asemenea, are un impact asupra inIlatiei. Pentru
determinarea impactului variatiilor preturilor la petrol si la
produsele alimentare de pe pietele internationale asupra
inIlatiei de baz, a Iost utilizat un model econometric de tip
VAR structurat, care poate Ii scris n Iorma:
1he impact of oil and food prices on international
markets on core inflation
In an economy with monetary policy regime oI
inIlation targeting, exchange rate is Iloating, thereIore
both the exchange rate and internal and external Iactors
inIluence the rate oI inIlation. Fluctuations in oil prices
on international markets can be determined on domestic
market by the domestic Iuel prices and the growth oI
Iood prices on international markets is reIlected on the
domestic markets by the domestic Iood prices, through
the cost oI imports. Taking into account the monetary
policy transmission mechanisms, the change oI the base
rate creates Iluctuations on the exchange rate, which
aIIects the current level oI inIlation, and the inIlationary
expectations. Cyclical Iluctuations oI the demand and
money supply also may have an impact on inIlation.
To determine the impact oI the changes in oil and
Iood prices on international markets on core inIlation
was used an econometric VAR structured model that can
be written in the Iorm:
1 2 , 1 3 1 , 1 2 1 , 1
o o o + + + =
- - t t t
v v v
(2)
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 133
nr. 2 / 2012
2 2 , 2 5 1 , 2 4 2 , 1 3 1 , 1 2 1 , 2
+ + + + + =
- - - - t t t t t
v v v v v
(3)
3 2 , 3 7
1 , 3 6 2 , 2 5 1 , 2 4 2 , 1 3 1 , 1 2 1 , 3


+ +
+ + + + + + =
-
- - - - -
t
t t t t t t
v
v v v v v v
(4)
4 2 , 4 9 1 , 4 8 2 , 3 7 1 , 3 6
2 , 2 5 1 , 2 4 2 , 1 3 1 , 1 2 1 , 4


+ + + + +
+ + + + + =
- - - -
- - - -
t t t t
t t t t t
v v v v
v v v v v
5)
5 2 , 5 11
1 , 5 10 2 , 4 9 1 , 4 8 2 , 3 7 1 , 3 6
2 , 2 5 1 , 2 4 2 , 1 3 1 , 1 2 1 , 5



+ +
+ + + + + +
+ + + + + =
-
- - - - -
- - - -
t
t t t t t
t t t t t
v
v v v v v
v v v v v
(6)
unde:
1
v
cresterea trimestrial la petrol pe pietele
internationale;
2
v
cresterea trimestrial la produsele alimentare pe
pietele internationale;
3
v
cresterea trimestrial a banilor n circulatie;
4
v
rata nominal eIectiv de schimb (NEER);
5
v
indicele inIlatiei de baz;
11 1 9 1 7 1 5 1 3 1
,..., ; ,..., ; ,..., ; ,..., ; ,..., o o

coeIicienti de elasticitate;
5 1
,...,
termeni de eroare;
5 1
,...,
sunt procese stocastice cu o distributie normal
cu media nul si cu varianta pozitiv speciIic.
where:
1
v
quarterly growth oI oil price on international
markets;
2
v
quarterly growth oI Iood prices on
international markets;
3
v
quarterly growth oI money in circulation;
4
v
nominal eIIective exchange rate;
5
v
core inIlation index;
11 1 9 1 7 1 5 1 3 1
,..., ; ,..., ; ,..., ; ,..., ; ,..., o o
matrix oI coordination
5 1
,...,
matrix oI error vectors;
5 1
,...,
is a stochastic multivariate process which is
normal distributed with mean zero and positive co-variation
matrix equation deIined Ior each part oI the model.
, ,
5 1
,..., 5 1
, 0 ~ ,...,

o N
(7)
n cadrul acestui model au Iost impuse restrictii asupra
coeIicientilor de elasticitate pentru ajustarea sa la teoria
economic si reducerea parametrilor ncorporati, ceea ce
mbuntteste estimarea. ConIorm restrictiilor impuse,
variabilele locale (inIlatia de baz, banii n circulatie si rata
nominal eIectiv de schimb) nu inIluenteaz preturile la
petrol si produsele alimentare de pe pietele internationale, la
Iel cum si preturile la produsele alimentare de pe pietele
internationale (FAO)
1
nu inIluenteaz preturilor la petrol
In this model have been imposed restrictions on
elasticity coeIIicients to adjust to the economic theory
and to reduce the incorporated parameters, which
improve the estimated model. According to the imposed
restrictions, the domestic variables (core inIlation,
money in circulation and the nominal eIIective
exchange) don`t aIIect the oil and Iood prices on
international markets, just as the Iood prices on
international markets (FAO)
1
do not inIluence oil prices
1
Food and Agriculture Organization oI the United Nations
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
134
(Urals 32)
1
. Seriile de timp a variabilelor sus mentionate au
Iost deIinite ca diIerente de ordinul I ale logaritmilor
naturali, ajustate sezonier, si sunt introduse n cadrul
modelului VAR ca variabile exogene, cu Irecvent
trimestrial pentru perioada T1 2001-T2 2011.
ConIorm Iunctiei de impuls rspuns, a modelului descris
mai sus, impactul preturilor la petrol si la produsele
alimentare pe pietele internationale asupra inIlatiei de baz
nu este Ioarte mare (Figura 2), ns o inIluent relativ nalt
acestea o exercit asupra cursului de schimb si a banilor n
circulatie. n baza coeIicientilor estimati, n cadrul
modelului VAR, putem estima impactul cumulativ asupra
inIlatiei de baz.
InIlatia de baz va nregistra o crestere cumulativ de
0,053 procente dup 12 trimestre, ca rezultat al unui soc de
1,0 procente asupra pretului petrolului pe pietele
internationale.
Cresterea cumulativ a inIlatiei de baz este de 0,15
procente n urma unui soc de 1,0 procente la preturile
produselor alimentare pe pietele internationale. Aceast
reactie cumulativ se va nregistra la inIlatia de baz dup
8-12 trimestre.
(Urals 32)
1
. Time series oI the aIorementioned variables
were deIined as Iirst-order diIIerences oI the natural
logarithms seasonally adjusted and are placed in the
VAR model as exogenous variables, with quarterly
periodicity Ior the period Q1 2001-Q2 2011.
According to the impulse response Iunction oI the
described above model, the impact oI oil and Iood
prices on international markets on core inIlation is not
very high (Figure 2), but a relatively high inIluence,
they have on the exchange rate and money in circulation.
Based on the estimated coeIIicients in the VAR
model we can estimate the cumulative impact on core
inIlation.
The core inIlation will achieve a cumulative increase
oI 0.053 percentage points over 12 quarters, as a result oI
a positive shock oI 1.0 percent on oil price on
international markets.
The cumulative increase in core inIlation is 0.15
percent Iollowing a 1.0 percent shock to Iood prices
on international markets. This cumulative response
will be recorded in core inIlation over quarters 8-12
quarters.
Fig. 2. Transmisia pre(urilor la petrol yi la produsele alimentarepe
pie(ele interna(ionale asupra infla(iei de baz/
Fig. 2. The transmission of oil and food prices on international markets on core inflation
Sursa/Source: Calculele autorului n baza datelor de la BAS, FAO, BAM./Author's calculation based on ABS, FAO,
ABM data.
1
U.S. Energy InIormation Administration
2 + 6 8 10 12
-100
0
100
Soc 1: dl_oil
2 + 6 8 10 12
-20
0
20
Soc 1: dl_food
2 + 6 8 10 12
-10
0
10
Soc 1: dl_m0
2 + 6 8 10 12
-10
0
10
Soc 1: dl_neer
2 + 6 8 10 12
-0. 5
0
0. 5
Soc 1: dl_cpi_c
2 + 6 8 10 12
-1
0
1
Soc 2: dl_oil
2 + 6 8 10 12
-20
0
20
Soc 2: dl_food
2 + 6 8 10 12
-5
0
5
Soc 2: dl_m0
2 + 6 8 10 12
-5
0
5
Soc 2: dl_neer
2 + 6 8 10 12
0
0. 5
1
Soc 2: dl_cpi_c
2 + 6 8 10 12
-1
0
1
Soc 3: dl_oil
2 + 6 8 10 12
-1
0
1
Soc 3: dl_food
2 + 6 8 10 12
-20
0
20
Soc 3: dl_m0
2 + 6 8 10 12
-5
0
5
Soc 3: dl_neer
2 + 6 8 10 12
-1
0
1
Soc 3: dl_cpi_c
2 + 6 8 10 12
-1
0
1
Soc +: dl_oil
2 + 6 8 10 12
-1
0
1
Soc +: dl_food
2 + 6 8 10 12
-1
0
1
Soc +: dl_m0
2 + 6 8 10 12
-20
0
20
Soc +: dl_neer
2 + 6 8 10 12
-1
0
1
Soc +: dl_cpi_c
2 + 6 8 10 12
-1
0
1
Soc 5: dl_oil
2 + 6 8 10 12
-1
0
1
Soc 5: dl_food
2 + 6 8 10 12
-1
0
1
Soc 5: dl_m0
2 + 6 8 10 12
-1
0
1
Soc 5: dl_neer
2 + 6 8 10 12
0
1
2
Soc 5: dl_cpi_c
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 133
nr. 2 / 2012
n rezultatul acestei analize se observ un impact
moderat al preturilor petrolului si ale produselor alimentare
pe pietele internationale asupra inIlatiei de baz. Acest
impact poate Ii cauzat si de volatilitatea ratei nominale
eIective de schimb si a masei monetare, care atenueaz
eIectele inIlatiei importate asupra inIlatiei de baz n cadrul
transmisiei impulsurilor de la variabilele exogene.
Impactul prejurilor la combustibili yi produsele
alimentare din cadrul IPC asupra inflajiei de baz
EIectele reduse n urma oscilatiilor preturilor la petrol si
produsele alimentare pe pietele internationale asupra inIlatiei de
baz nu sunt o surpriz. Dar, tinnd cont de Iaptul c ele au
impact semniIicativ asupra preturilor la combustibili si
produsele alimentare din cadrul indicelui IPC, politica monetar
trebuie s Iie restrictiv, ca urmare a socurilor exogene. O
ntrebare interesant este n ce msur oscilatiile preturilor la
combustibili si produsele alimentare de pe piata intern creeaz
oscilatii asupra inIlatiei de baz? Pentru determinarea gradului
de inIluent a Iost creat un nou model, la Iel de tip vector
autoregresiv (VAR), care cuprinde preturile la combustibili si
preturile la produsele alimentare din cadrul IPC, precum si
inIlatia de baz, excluznd serviciile de telecomunicatii si
preturile la medicamente. Seriile de timp ale variabilelor
mentionate sunt introduse n cadrul modelului VAR ca
diIerent logaritmic de ordinul I. Variabilele independente sunt
introduse n model cu 1 si 2 lag-uri. Aplicarea modelelor de tip
VAR n analizele empirice a Iost introdus pentru prima dat de
ctre Sims
1
n anul 1980. Acest tip de model este bazat pe
ipoteza simultaniettii ecuatiilor, ceea ce nseamn c toate
procesele studiate se analizeaz din perspectiva unui sistem
endogen.
Modelele de tip VAR sunt o Iorm de modelare
econometric non-structural, unde datele, mai degrab dect
teoria, identiIic dinamica modelului. Restrictionarea
modelelor, adic excluderea din cadrul modelului a unor
parametri este criticat de ctre Sims, conIorm cruia, dac un
set de variabile sunt simultane, ar trebui tratate egal, nu ar trebui
s se Iac diIerentieri apriori ale variabilelor ca endogene si
exogene. Alternativa popularizat de Sims este ca, n cadrul
modelului VAR, toate variabilele s Iie tratate ca endogene,
astIel Iiind evitat coruperea modelului cu restrictii de
identiIicare stabilite arbitrar. ns, n cadrul cercetrilor
proceselor economice este Ioarte oportun de a Ii stabilite unele
restrictii, care sunt impuse, n mod normal, cu mult atentie, n
special privind structura si sensul economic dintre variabile.
Asadar, modelul oIer un cadru Ilexibil pentru analiza
proceselor economice. Prin urmare, ntre variabile sunt stabilite
relatii, care au la baz, n mod Iormal sau inIormal, eoria t
economic. AstIel, n cadrul modelului VAR utilizat, pentru
determinarea eIectelor de runda a doua a oscilatiilor preturilor
la combustibili si produse alimentare de pe piata intern asupra
inIlatiei de baz, s-a presupus c oscilatiile inIlatiei de baz nu
si rsIrng eIectele asupra preturilor la combustibili si
preturilor la produsele alimentare.
Modelul VAR utilizat poate Ii scris n Iorma:
Following this analysis, we see a moderate impact oI
oil and Iood prices on international markets on core
inIlation. This impact may be caused by the volatility
oI the nominal eIIective exchange rate and money
supply, which mitigates the eIIects oI imported inIlation
on core inIlation in the transmission oI impulses Irom the
exogenous variables.
1he impact of fuel and food prices in the CPI on
core inflation
The weak eIIects Irom Iluctuations in oil and Iood
prices on international markets on core inIlation are not a
surprise. But considering the Iact that they have
signiIicant impact on Iuel and Iood prices in the CPI
index, monetary policy should be restricted as a result oI
exogenous shocks. Interesting question is how much the
Iluctuation in Iuel prices and Iood prices on domestic
market creates oscillations on core inIlation. To
determine the extent oI inIluence was created a new
model, also vector auto-regressive vector (VAR)
type, including Iuel prices and Iood prices Irom CPI,
also the core inIlation excluding the prices oI
telecommunications services and drugs. Time series oI
the variables listed are included in the VAR model as
Iirst order logarithmic diIIerence, being independent
variables with two lags. Application oI the VAR models
in empirical analysis was introduced Ior the Iirst time by
Sims
1
in 1980. This type oI model is based on the
assumption oI equations simultaneity, which means that
all studied processes are analyzed Irom the perspective
oI an endogenous system.
VAR type models are a Iorm oI non-structural
econometric modeling, where data rather than theory,
identiIies the dynamic oI the model. The restriction oI
the models, meaning the exclusion oI some model
parameters is criticized by Sims, according to which, iI a
set oI variables are simultaneous, they should be treated
equally, should not be made a priori division oI variables
into endogenous and exogenous. The alternative
popularized by Sims is that in the VAR model, all
variables are treated as endogenous, thus avoid the
corruption oI the model with arbitrary identiIication
restrictions. Nevertheless, in the research oI economic
processes is very appropriate to be set some restrictions,
which are normally required, especially Ior the structure
and economic meaning oI the variables. In this way the
model provides a Ilexible Iramework Ior analyzing
economic processes. ThereIore, between variables are
established relationships, which are based Iormally or
inIormally on economic theory. So, in the VAR model
used to determine the eIIects oI the second round oI Iuel
price Iluctuations and domestic Iood inIlation
was assumed that core inIlation oscillations doesn`t
have a considerable eIIect on Iuel prices and Iood
prices.
The used VAR model can be written in the Iorm
1
C. A. Sims, 'Macroeconomics and Reality Econometrica, vol. 48, 1980
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
136
1 2 , 1 3 1 , 1 2 1 , 1
o o o + + + =
- - t t t
v v v
(8)
2 2 , 2 5 1 , 2 4 2 , 1 3 1 , 1 2 1 , 2
+ + + + + =
- - - - t t t t t
v v v v v
(9)
3 2 , 3 7 1 , 3 6
2 , 2 5 1 , 2 4 2 , 1 3 1 , 1 2 1 , 3


+ + +
+ + + + + =
- -
- - - -
t t
t t t t t
v v
v v v v v
(10)
unde:
1
v
indicele de crestere a preturilor la combustibili;
2
v
indicele de crestere a preturilor la produsele alimentare;
3
v
indicele inIlatiei de baz;
7 1 5 1 3 1
,..., ; ,..., ; ,..., o o
coeIicienti de
elasticitate;
3 1
,..., termeni de eroare;
where:
1
v
growth oI index oI Iuel prices;
2
v
growth oI index oI Iood prices;
3
v
index oI core inIlation;
7 1 5 1 3 1
,..., ; ,..., ; ,..., o o
coordination
matrix;
3 1
,..., vector oI errors matrix;
, ,
3 1
,..., 3 1
, 0 ~ ,...,

o N
(11)
Erorile sunt presupuse a Ii procese stocastice distribuite
normal cu media nul si cu variante pozitiv deIinite.
n cadrul modelului utilizat, cresterea preturilor la
combustibili este determinat doar de evolutiile sale
precedente cu 1 si 2 lag-uri, neIiind inIluentat de evolutiile
preturilor la produsele alimentare si a inIlatiei de baz.
Cresterea preturilor la produsele alimentare este determinat
de oscilatiile preturilor la produsele alimentare cu 1 si 2 lag-
uri si de variatiile preturilor la combustibili cu aceleasi lag-
uri. InIlatia de baz este determinat de evolutia sa cu 1 si 2
lag-uri, de evolutia preturilor la combustibili si la produsele
alimentare cu 1 si 2 laguri.
Cresterea preturilor la combustibili (Figura 3) are un
eIect pozitiv att asupra preturilor produselor alimentare, ct
si asupra inIlatiei de baz. Ca urmare a unei persistente
sporite a inIlatiei de baz, rspunsul la socul dat se va stinge
dup 8-10 trimestre. La aparitia unui impuls pozitiv, n
mrime de o deviatie standard a preturilor la produsele
alimentare, inIlatia de baz, la Iel, va nregistra un rspuns
pozitiv. Un soc al preturilor la combustibili se presupune c
nu va crea oscilatii semniIicative, impactul asupra preturilor
produselor alimentare si inIlatiei se stinge deIinitiv dup 8
trimestre.
Errors are assumed to be normally distributed
stochastic processes with zero mean and speciIic positive
variance.
In the model used, the increase oI the Iuel prices is
only determined by previous evolution with 1 and 2 lags
and is not inIluenced by evolution oI Iood prices and
core inIlation. The growth oI Iood prices is determined
by Iood price Iluctuations with 1 and 2 lags and
variations oI Iuel prices with the same lags. Core
inIlation is determined by its evolution with 1 and 2 lags
and by the evolution oI Iuel and Iood prices with 1 and 2
lags.
The growth oI Iuel prices, according to (Figure 3)
has a positive eIIect on both Iood prices and the core
inIlation. Due to a increased persistence oI core inIlation,
the shock will close over 8-10 quarters. The occurrence
oI a positive impulse in the amount oI a standard
deviation oI Iood prices, core inIlation also will record a
positive response. It is assumed that the Iuel prices will
not record oscillations. The way oI how variables react to
a shock Iuel prices is represented in according to which,
oscillations created by the shock are closed over 8
quarters.
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 137
nr. 2 / 2012
Fig. 3. Transmisia pre(urilor la combustibili yi produsele alimentare din cadrul IPC asupra infla(iei de baz/
Fig. 3. Transmission mechanism of fuel prices and domestic food prices on core inflation
Sursa/Source: Calculele autorului n baza datelor de la BAS./Author's calculation based on ABS.
n baza datelor, care deriv din cadrul modelului VAR,
putem determina impactul cumulativ al cresterii preturilor la
combustibili si la produsele alimentare din cadrul IPC
asupra inIlatiei de baz.
Based on data derived Irom the VAR model,
we can determine the cumulative impact Irom the
increases in Iuel and Iood prices in the Core CPI
inIlation.
Fig. 4. Func(ia de impuls rspuns cumulativ la un yoc (1,0 procente) al pre(urilor la combustibili/
Fig. 4. Cumulative impulse response function to a shock in fuel prices
Sursa/Source: Calculele autorului./Author's calculation.
Asadar, cum am si anticipat, cresterea preturilor la
combustibili din cadrul IPC are un eIect semniIicativ asupra
cresterii inIlatiei de baz (Figura 4). O crestere de 1,0
procente va avea un impact cumulativ asupra inIlatiei de
So, as anticipated, increasing oI Iuel prices in the
CPI has a signiIicant eIIect on the growth oI core
inIlation (Figure 4). An increase oI 1.0 percentage points
will have an impact on core inIlation over the medium
2 + 6 8 10 12
- 10
0
10
20
Shock 1: dl_cpi_e
2 + 6 8 10 12
- 2
0
2
+
Shock 1: dl_cpi_f
2 + 6 8 10 12
0
0. 5
1
Shock 1: dl_cpi_c
2 + 6 8 10 12
- 1
- 0. 5
0
0. 5
1
Shock 2: dl_cpi_e
2 + 6 8 10 12
- 5
0
5
10
Shock 2: dl_cpi_f
2 + 6 8 10 12
0
0. 5
1
Shock 2: dl_cpi_c
2 + 6 8 10 12
- 1
- 0. 5
0
0. 5
1
Shock 3: dl_cpi_e
2 + 6 8 10 12
- 1
- 0. 5
0
0. 5
1
Shock 3: dl_cpi_f
2 + 6 8 10 12
0
0. 5
1
1. 5
2
Shock 3: dl_cpi_c
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
1 2 3 4 5 6 7 8 9 10 11 12

dl_cpi_e dl_cpi_f dl_cpi_c


Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
138
baz pe termen mediu de 0,33 procente, preturile la
produsele alimentare Iiind aIectate si ele de o crestere de 0,5
puncte procentuale.
n baza restrictiilor impuse modelului, cresterea
preturilor la produsele alimentare din cadrul IPC nu va crea
oscilatii preturilor la combustibili (Figura 6), aceasta avnd
doar eIecte asupra inIlatiei de baz. La o crestere de 1,0
procente a preturilor alimentare, aceasta va nregistra o
crestere de 0,28 procente. Acest impact va Ii nregistrat dup
9 trimestre de la aparitia impulsului.
term cumulative 0.33 percentage points, Iood prices
also being aIIected by an increase oI 0.5 percentage
points.
Based on the restrictions imposed to the model, the
increase oI Iood prices in the CPI, will not create
oscillations on Iuel prices (Figure 6), only having eIIects
on core inIlation. An increase oI 1.0 percent in Iood
prices, will cause an increase oI 0.28 percent oI it. This
impact will be recorded over 9 quarters oI the impulse
occurrence.
Fig. 5. Impactul creyterilor pre(urilor locale la produsele alimentare asupra infla(iei totale/
Fig. 5. The impact of local food price increases on headline inflation
Sursa/Source: Calculele autorului yi World Economic Outlook, "Slowing Crowth, rising risks" IMF, September 211
chapter 3, p.112./Author's calculation and World Economic Outlook, "Slowing Crowth, rising risks" IMF,
September 211 chapter 3, p.112.
Fig. 6. Func(ia de impuls rspuns cumulativ la un yoc (1,0 procente) al pre(urilor la produsele alimentare/
Fig. 6. Cumulative impulse response function to a price shock (of 1.0 percent) on food
Sursa/Source: Calculele autorului./Author's calculation.
0
0.1
0.2
0.3
0.4
0.5
Advanced Economy Emerging and deveIoping economies R. MoIdova
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1 2 3 4 5 6 7 8 9 10 11 12

dl_cpi_e dl_cpi_f dl_cpi_c


ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 139
nr. 2 / 2012
Impactul cumulativ al cresterii produselor alimentare
asupra inIlatiei totale este de 0,46 (Figura 5)
1
dup o
perioad de 12 trimestre si este calculat n baza
ecuatiei:
Cumulative impact oI increasing oI Iood
inIlation on headline inIlation is 0.46 total (Figure 5)
1
,
over a period oI 12 quarters and is calculated based on
equation:
, , , , , ,
core core fuel fuel food food total
w cpi w cpi w cpi cpi * * * A + A + A = A
(12)
unde:
total
cpi A
inIlatia totat;
food
cpi A
cresterea preturilor produselor alimentare;
fuel
cpi A
cresterea preturilor la combustibili;
core
cpi A
inIlatia de baz;
food
w
ponderea produselor alimentare n cadrul IPC;
fuel
w
ponderea combustibililor n cadrul IPC;
core
w
ponderea inIlatiei de baz n cadrul IPC.
ntruct cresterea preturilor produselor alimentare nu
genereaz Iluctuatii asupra preturilor la combustibili, atunci
fuel
cpi A 0. Impactul asupra inIlatiei totale va Ii calculat n baza
cresterilor preturilor la produsele alimentare si a inIlatiei de baz.
Acest impact sporit asupra inIlatiei totale este determinat
si de ponderea mare a produselor alimentare n cadrul IPC.
ConIorm estimrilor din cadrul World Economic Outlook,
editia Octombrie, n trile n curs de dezvoltare, acest impact
este mai mare dect n trile cu economii avansate, ca
urmare a ponderii mai mari a produselor alimentare si a unei
ancorri reduse a asteptrilor inIlationiste.
Estimarea corela(iei variabilelor din cadrul
modelului
Pentru testarea legturilor dintre variabile n baza
modelului creat, s-a utilizat tehnica bootstrap
pentru perioada T1 2001-T2 2011. AstIel, au Iost generate
1000 de serii de timp aditionale. n baza acestor serii de
timp, s-au calculat corelrile si autocorelrile.
Aceast procedur s-a eIectuat pentru testarea legturilor
dintre variabilele incluse n cadrul modelului. ConIorm
Figurii 7, bara rosie reprezint corelatia/autocorelatia
variabilelor n baza modelului VAR, iar histograma
reprezint distributia probabilistic a corelatiei/autocorelatiei
dintre aceste variabile n baza seriilor de timp create
aditional.
where:
total
cpi A
headline inIlation;
food
cpi A
growth oI Iood prices;
fuel
cpi A
growth oI Iuel prices;
core
cpi A
core inIlation;
food
w
weight oI Iood prices in the CPI;
fuel
w
weight oI Iuel prices in the CPI;
core
w
weight oI core inIlation in the CPI.
Given that Iood price increases do not generate
Iluctuations on Iuel prices, it will be
fuel
cpi A 0. Impact
on overall inIlation will be calculated based on increases
in Iood prices and core inIlation.
This high impact on total inIlation is determined by
the large share oI Iood in the CPI. According to the
estimations Irom World Economic Outlet, October
edition, in developing countries this impact is greater
than in countries with advanced economies as a result oI
higher share oI Iood and a weak anchoring inIlation
expectation.
Testing the correlation between the variables in
the model
For testing the links between variables in the
elaborated model, it was used the bootstrap
technique Ior the period Q1 2001-Q2 2011. Based on
these time series there were calculated the correlation
and autocorrelation Iunctions. This procedure was
perIormed to test relations between variables included
in the model. According to Figure 7, the red bar
represents the correlation/autocorrelation oI variables in
the VAR model, and the histogram represents the
probability distribution oI correlation/autocorrelation
between these variables in the time series additional
created.
1
Pentru economiile dezvoltate si n curs de dezvoltare, parametrii sunt estimati imprecisi, n consecint este raportat mediana. Impactul cumulativ pentru
trile cu economii avansate si trile n curs de dezvoltare este calculat pentru o perioad de 5 ani. n cazul Republicii Moldova, acesta este calculat pentru o
perioad de 3 ani. Totusi datele pot Ii comparate dat Iiind Iaptul c, dup 3 ani, n cazul RM, sistemul, practic, se stabilizeaz./
For highly developed and developing countries the parameters are imprecise estimated, median is reported accordingly. Cumulative impact Ior countries
with advanced economies and developing countries is calculated Ior a period oI Iive years. In case oI Republic oI Moldova is calculated Ior a period oI
three years. However, the data can be compared given that aIter 3 years in R.M. the system actually is stabilizing.
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
140
Fig. 7. Autocorelarea cu un lag a componentelor IPC/
Fig. 7. Autocorrelations for lag one for CPI components
Sursa/Source: Calculele autorului./Author's calculation.
Analiznd rezultatele obtinute, se observ o persistent
puternic a inIlatiei de baz. n cazul preturilor la combustibili
si ale produselor alimentare din cadrul IPC, persistenta este
mai mic. Acesti coeIicienti sunt argumentati si de seriile
aditionale, care justiIic legturile de un lag ale variabilelor.
n baza Figurii 8, se poate remarca o corelatie dintre
inIlatia de baz si preturile produselor alimentare,
argumentat si de cele 1000 de serii aditionale, coeIicientul de
corelatie Iiind de cca 0,4, Iiind o legtur semniIicativ, dar
tinnd cont de persistenta inIlatiei de baz, si se anticip ca
inIluenta acestor Iactori s nu Iie puternic. Att coeIicientul
de corelatie dintre preturile produselor alimentare si inIlatia de
baz, ct si dintre preturile la combustibili si inIlatia de baz
sunt bine argumentati de seriile aditionale.
Analyzing the results it can be observed a strong
persistence Ior core inIlation. In case Ior Iuel prices and
Iood prices in the CPI the persistence is low. These
coeIIicients are justiIied and by the additional series,
which explain the links Ior lags one oI the variables.
Based on the Figure 8, it can be noticed a correlation
between core inIlation and Iood prices and the additional
1000 series, the correlation coeIIicient being about 0.4,
which is a strong connection, but given the persistence oI
core inIlation it is anticipated that the inIluence oI these
Iactors not to be so strong. The coeIIicient oI correlation
between Iood prices and core inIlation on one side and
Iuel prices and core inIlation on the other is well
substantiated by additional series.
Fig. 8. Analiza corela(iei contemporane/
Fig. 8. Cross correlations of order 0
Sursa/Source: Calculele autorului./Author's calculation.
- 0 . 2 0 0 . 2 0 . + 0 . 6 0 . 8
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 1 ) : d l_ c p i_ e 8 d l_ c p i_ e ( - 1 )
- 0 . 2 0 0 . 2 0 . + 0 . 6 0 . 8
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 1 ) : d l_ c p i_ f 8 d l_ c p i_ f ( - 1 )
0 0 . 2 0 . + 0 . 6 0 . 8 1
0
5 0
1 0 0
1 5 0
2 0 0
A C F ( 1 ) : d l_ c p i_ c 8 d l_ c p i_ c ( - 1 )
- 0 . 5 0 0 . 5 1
0
5 0
1 0 0
1 5 0
A C F ( 0 ) : d l_ c p i_ c 8 d l_ c p i_ f
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 0 ) : d l_ c p i_ c 8 d l_ c p i_ e
- 0 . 5 0 0 . 5 1
0
5 0
1 0 0
1 5 0
A C F ( 0 ) : d l_ c p i_ f 8 d l_ c p i_ c
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 0 ) : d l_ c p i_ f 8 d l_ c p i_ e
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 0 ) : d l_ c p i_ e 8 d l_ c p i_ f
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 0 ) : d l_ c p i_ e 8 d l_ c p i_ c
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 141
nr. 2 / 2012
Corelarea variabilelor din model reprezint o etap
important n cadrul analizei date. Aceasta justiIic, ntr-o
msur anumit, si necesitatea restrictionrii, care a Iost
eIectuat asupra variabilelor din cadrul modelului utilizat.
Cresterea inIlatiei de baz este mai bine corelat cu cresterile
preturilor la produsele alimentare din perioada precedent
dect din perioada similar (Figura 9). InIlatia de baz este
corelat cu preturile la combustibili din perioada precedent n
aceeasi msur ca si cu cele din perioada similar.
The correlation between the variables in the model
represents an important step Ior this analysis. This
justiIies a certain extent and need Ior the restriction,
which was perIormed on variables in the model used.
The increasing oI the core inIlation is better correlated
with increases in the Iood prices in the previous period,
than the same period (Figure 9). The correlation oI core
inIlation with Iuel prices, it is also related to Iuel prices
Irom previous period as in the same period.
Fig. 9. Analiza corela(iei de gradul 1/
Fig. 9. Cross correlations of order 1
Sursa/Source: Calculele autorului./Author's calculation.
Concluzii. Analiza eIectuat conIirm existenta eIectelor
de runda a doua asupra inIlatiei de baz ale modiIicrilor
preturilor la combustibili si la produsele alimentare. Totusi,
magnitudinea transmisiei depinde de abordarea aleas pentru
estimarea acesteia. n cazul cnd s-a analizat impactul asupra
inIlatiei de baz al preturilor internationale (n dolari SUA),
elasticitatea a Iost mai redus dect n cazul analizei
transmisiei de la preturile analogice, dar locale (din cadrul
IPC). Transmisia redus n cazul primei abordri poate Ii
explicat prin distorsionarea estimrii, ca rezultat al eIectelor
de estompare ale variabilelor intermediare (n special rata
nominal eIectiv de schimb si agregatele monetare).
mbucurtor este Iaptul, c unii coeIicienti estimati sunt
similari celor din economiile n curs de dezvoltare, Iiind
estimati n lucrrile altor autori. Si anume, impactul cumulativ
(pn la stabilizarea sistemului) al unui soc de 1,0 procente al
preturilor produselor alimentare asupra IPC total este de 0,46
procente. Pentru trile n curs de dezvoltare, acesta constituie
0,39 procente.
ConIorm estimrilor noastre, deviatia standard a
cresterilor preturilor la produsele alimentare din cadrul IPC
este de 1,4 la sut, coeIicientul de elasticitate cumulativ este
de 0,28; aceasta ar presupune un impact cumulativ asupra
inIlatiei de baz de 0,4 puncte procentuale dup 12 luni de la
producerea socului. Deviatia standard a cresterilor preturilor
la combustibili este de 2,2 puncte procentuale si coeIicientul
de elasticitate de 0,33; inIlatia de baz va nregistra o
Conclusions. The analysis conIirms the existence oI
second round eIIects on core inIlation Irom the changes
in Iuel and Iood prices. However, the magnitude oI the
transmission depends on the approach chosen to estimate
it. II you analyses the impact on core inIlation Irom
international prices (in U.S. dollars) then the elasticity
was lower than in the case oI the analysis oI an analogue
transmission but Irom the local prices (in CPI). Reduced
transmission Ior the Iirst approach can be explained by
the distortion estimation as a result oI the blurring eIIects
Irom the intermediate variables (especially nominal
eIIective exchange rate and monetary aggregates).
Encouraging is that some estimated coeIIicients are
similar to those oI developing economies, estimated in
the work oI other authors. Namely, the cumulative
impact (to stabilize the system) oI a shock oI 1.0 percent
in Iood prices on the total CPI is 0.46 percent. For
developing countries it is 0.39 percent.
According to our estimates, the standard deviation oI
Iood price increases in the CPI is 1.4 percent, cumulative
elasticity coeIIicient is 0.28, and this would imply a
cumulative impact on core inIlation oI 0.4 percentage
points, 12 months Irom the produced shock. Standard
deviation increases in Iuel prices is 2.2 percentage
points, the coeIIicient oI elasticity is 0.33, core inIlation
recording a cumulative growth oI 0.7 percentage points.
In the case when there were simultaneous growths oI
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
A C F ( 1 ) : d l_ c p i_ c 8 d l_ c p i_ f ( - 1 )
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
A C F ( 1 ) : d l_ c p i_ c 8 d l_ c p i_ e ( - 1 )
- 0 . 5 0 0 . 5
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
1 + 0
A C F ( 1 ) : d l_ c p i_ f 8 d l_ c p i_ c ( - 1 )
- 0 . 5 0 0 . 5 1
0
2 0
+ 0
6 0
8 0
1 0 0
1 2 0
A C F ( 1 ) : d l_ c p i_ f 8 d l_ c p i_ e ( - 1 )
- 0 . 5 0 0 . 5
0
5 0
1 0 0
1 5 0
A C F ( 1 ) : d l_ c p i_ e 8 d l_ c p i_ f ( - 1 )
- 0 . 2 0 0 . 2 0 . + 0 . 6
0
5 0
1 0 0
1 5 0
2 0 0
A C F ( 1 ) : d l_ c p i_ e 8 d l_ c p i_ c ( - 1 )
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
142
crestere cumulativ de 0,7 puncte procentuale. n cazul n
care au loc cresteri simultane, att ale preturilor la produsele
alimentare, ct si ale preturilor la combustibili, n mrime de
o deviatie standard, inIlatia de baz va creste cu 1,12 puncte
procentuale. Pe Iundalul acestor cresteri, inIlatia total va
nregistra un nivel superior cu 0,97 puncte procentuale.
n scopul mbunttirii studiului dat, ct si al dezvoltrii
acestuia, se presupune monitorizarea sistematic a acestor
eIecte asupra inIlatiei de baz odat cu aparitia mai multor
date statistice cu privire la variabilele din cadrul modelului.
both the Iood prices and Iuel prices in the size oI a
standard deviation, core inIlation would rise by 1.12
percentage points. On the background oI these increases,
the total inIlation will have a 0.97 percentage points
higher level.
To improve this study and its development, it
involves systematic monitoring oI these eIIects on core
inIlation with the advent oI several statistics on the
variables in the model.
Referin(e bibliografice/References
1. ANAND, Rahul, PRASAD, Eswar S. Optimal Price Indices Ior Targeting InIlation Under Incomplete Markets. In:
IMF Working Paper. 2010, september, pp. 1-57.
2. AUCREMANNE, Luc. The Use oI Robust Estimators as Measures oI Core InIlation. In: Development Economics
Research Centre. 2000, no. 2, pp. 1-68.
3. BILKE, Laurent, STRACCA, Livio. A Persistence-Weighted Measure oI Core InIlation in the Euro Area. In:
Working Paper Series. 2008, no. 905, june, pp. 1-26.
4. BRYAN, Michael F., CECHETTI, Stephen G. Measuring Core InIlation. In: Monetary Policy: conIerence, january
21-24 1993. Chicago: University oI Chicago Press, 1994, pp. 195-219. ISBN 0-226-50308-9.
5. CATO, Luis A. V., CHANG, Roberto. World Food Prices and Monetary Policy. In: IMF Working Paper. 2010,
june, pp. 1-66.
6. CECCHETTI, Stephen G., MOESSNER, Richhild. Commodity Prices and InIlation Dynamics. In: BIS Quarterly
Review. 2008, december, pp. 55-66.
7. HOOKER, Mark A. Are Oil Shocks InIlationary? Asymmetric and Nonlinear SpeciIications versus Changes in
Regime. In: Journal oI Money, Credit and Banking. 2002, vol. 34, may, pp. 540-561.
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National Institute Economic Review. 2002, vol. 179, no. 1, pp. 87-103.
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In: SCCIE Working Paper. 2004, Iebruary 19, pp. 1-25.
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242, pp. 1-35.
12. MISHKIN, Frederic S. Headline versus core inIlation in the conduct oI monetary policy: a speech at the Business
Cycles: International Transmission and Macroeconomic Policies ConIerence, 20 october 2007. Montreal, 2007. 73 p.
13. MISHKIN, Frederic S., SCHMIDT-HEBBEL, Klaus. Does InIlation Targeting Make a DiIIerence? In: NBER
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14. MOTLEY, Brian. Should monetary policy Iocus on ,core inIlation? In: FRBSF Economic Letter. 1997, april, pp.
97-111.
15. WYNNE, Mark A. Core inIlation: a review oI some conceptual issues. In: Federal Reserve Bank oI St. Louis
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Recomandat spre publicare. 28.01.2012
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 143
nr. 2 / 2012
ANALIZA
PIETEI APARATELOR
ELECTRONICE
ANALYSIS
OF THE ELECTRONIC
APPLIANCES MARKET
Sergiu CUSILO, drd., ULIM
Alexandru CRIBIACEA, dr. hab., prof. univ., ULIM
Sergiu CUSILO, PhDstudent, ULIM
Alexandru CRIBIACEA, PhD, Professor, ULIM
Inalta performant analogic include orice produse
analogice, cum ar fi. datele convertoare, amplificatoare,
interfat etc., care sunt de mare vite:, de preci:ie, sau
ba:ate pe oricare caiet de sarcini in ca:ul in care este
evaluat performanta mai mare decat pretul, care
repre:int cele mai recente in progrese analogice, creterea
in aceste produse este de a afuta la combustibilii inovatori,
cretere mare a dispo:itivelor in multe dintre pietele mai
rapid creterea de a:i, cum ar fi accesul fr fir, band
larg digital, digital audio, fotografierea i electronice
medicale. Acest lucru este, in primul rand, condus de
gestionare alimentare i baterie care diferentia: produse
finale.
High performance analog includes anv analog
product, such as data converters, amplifiers, interface,
etc. that are high speed, precision, or based on anv
specification where performance is valued above the
price, representing the latest in analog advancements,
growth in these products is helping to fuel innovative,
high-growth devices in manv of todavs fastest-growing
markets such as digital wireless, broadband access,
digital audio, high-resolution imaging, and medical
electronics. This is primarilv driven bv power and
batterv management that differentiates the end-products.
Other product markets that contribute to the high growth
rate include high speed data convertors and interface.
Cuvinte cheie: electronice, piat, tehnologii nalte,
dezvoltarea.
Key words: electronics, market, high technologies,
development.
Introducere. n ultimii ani, majoritatea statelor lumii, n
poIida crizei, investesc activ sume enorme n elaborarea si
implementarea nanotehnologiilor. Se consider, c anume n
acest domeniu exist solutii care vor schimba cardinal
viitorul. Evident, n acest proces, stiinta este sustinut de
business, care sper s obtin dividende solide din
investitiile n high-tech.
Industria electronic, cea mai nou ramur industrial, s-
a constituit n timp n anii postbelici. Principalii Iactori care
au contribuit asupra acestui proces au Iost:
relieIarea pregnant a particularittilor tehnice si
economice ale productiei electronice;
implementarea a noi principii de organizare a ramurii
industriale la toate nivelurile: de la centre de cercetare si
ntrepinderi pn la uniuni de ntreprinderi n Iiecare tr si
peste hotare;
consolidarea pietei mondiale unice a produselor
electronice complementare;
stabilirea legturilor externe comerciale speciIice,
Iormate ntre productorii.
Electronica, Iiind rezultat al coeziunii dezvoltrii stiintei
mondiale moderne, a tehnicii si tehnologiei, a devenit
primordial n prezent, gsind aplicare n toate domeniile
activittii umane si schimbnd, astIel, viata oamenilor ntr-o
perioad istoric Ioarte scurt, pentru care Iapt merit a Ii
comparat, dup contributia sa, cu descoperirea si
exploatarea de ctre om a Iocului, aburului, electricittii si
energiei atomice.
Introduction. In recent years, most countries oI the
world, despite the crisis, actively are investing huge
sums in developing and implementing nanotechnologies.
It is considered that in this area there are solutions that
will change the Iuture cardinal. Obviously, in this
process, science is supported by business, hoping to
obtain solid dividends Irom investments in high-tech.
Electronics industry, the latest industry, was Iormed
while the postwar years. The main Iactors contributing to
this process were:
highlighting the obvious technical and economic
Ieatures oI electronic production;
implementation oI new principles oI organization
oI the industrial sector at all levels: Irom research centers
and enterprises oI up to union business in each country
and abroad;
single global market consolidation complementary
electronic products;
establishing speciIic commercial external links
Iormed between producers.
Electronics, as a result oI cohesion oI modern world
science development, technique and technology has
become crucial now Iinding application in all Iields oI
human activity and changing people's lives in a very
short historical period, Ior which deserves to be
compared, by its contribution to discovery and
exploitation by human oI Iire, steam, electricity and
atomic energy.
Con(inutul de baz. Acest nou apogeu al revolutiei
tehnico-stiintiIice a conditionat necesitatea realizrii unor
cercetri Iundamentale proIunde n diverse domenii ale
Iizicii, a lucrrilor aplicative vaste n domeniul tehnologiilor
si investigatii aplicative constructive intense, determinnd,
n asa mod, potentialul stiintiIic al ntreprinderilor si,
respectiv, al trilor n elaborarea tipurilor noi (inovationale)
de productie electronic si n crearea tehnologiilor
perIormante. Realizarea acestor lucrri a Iost posibil n
The basic content. This new peak oI scientiIic and
technical revolution conditioned the need Ior deep
Iundamental research in various Iields oI physics,
extensive applied works in technology domain and
constructive applied intense investigation, leading in this
way, to business and scientiIic potential, and
respectively, oI countries in developing new types
(innovative) electronic production and creating
electronic technologies. The achievement oI these works
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
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144
conditiile colaborrii intense dintre institutiile de cercetare
stiintiIic si ntreprinderile industriale, n special n cadrul
parcurilor tehnologice, de tipul renumitei Silicon Valley din
SUA, unde, practic, nu exist delimitare teritorial ntre
cercetrile stiintiIice si procesul de producere. Aceast
legtur strns a oIerit ntreprinderilor avantajul de a Iace
Iat mai usor concurentei de piat, ntruct a Iost asigurat
eIicienta economic nalt a implementrii produselor
electronice prin reducerea radical a ciclului de producere:
de la momentul aparitiei unei noi idei pn la lansarea
producerii n mas a piesei propriu-zise.
Aceast activitate creativ multidimensional este
atribuit, ns, doar unui numr redus de companii ale trilor
industrial dezvoltate, care dispun de capacitatea Iinantrii
cercetrilor si organizrii rapide a producerii n mas a
pieselor electronice noi de nivel tehnologic nalt. De
exemplu, producerea componentelor electronice active este
concentrat prioritar n companiile transnationale mari, n
numeroasele lor Iiliale si ntreprinderi-Iiice din deverse tri
ale lumii. Elementele electronice active (semiconductoarele)
sunt principalele componente pentru majoritatea productiei
industriei electronice. n perioada 1958-1997, costul
producerii globale a acestora a sporit de la 340 mil. la 146
mild. USD, n prezent 4/5 din costul Iiecrei scheme
integrale sunt detinute de semiconductoare. La nceputul
anilor `80, 50 din productia mondial era asigurat de doar
10 cei mai mari productori, altele 25 de alti 10
productori de talie renumit. Traditia de predominare a
pietei produselor electronice de ctre productorii majori s-a
pstrat pn n prezent. ntruct nivelul tehnic al tuturor
productorilor de componente active este Ioarte nalt, pe
piata dat se desIsoar o lupt concurential Ioarte aprig
pentru pozitia de lider ntre companiile nationale si cele de
peste hotare.
EIicienta economic a componentelor active este
asigurat de avantajul tehnic prin implementarea noilor
tehologii de perIormant. Asortimentul acestora se lrgeste
rapid din contul absorbtiei a noi tipuri de produse
specializate, din ce n ce mai complexe si mai perIormante.
Unul din aceste produse este bateria litiu-ion.
Cercettorii de la Universitatea de Nord-Vest (Northwestern
University) au creat electrozi ce mresc capacitatea
energetic a bateriilor litiu-ion si micsoreaz de 10 ori
timpul lor de ncrcare, care este determinat de viteza de
deplasare a ionilor de la anod la catod: cu ct acestia sunt
mai aproape, cu att timpul de ncrcare este mai mic.
Tehnologia modern de producere a acumulatoarelor litiu-
ion utilizeaz n calitate de material pentru electrozi
carbonul (n Iorm de multiple straturi de graIen), care
acumuleaz pe 6 atomi 1 ion de litiu, comparativ cu siliciul,
care, desi retine pe Iiecare atom al su 4 atomi de litiu, la
ncrcare se mreste repede ca volum, ceea ce provoac
distrugerea lui si, respectiv, conduce la reducerea capacittii
sale. Sub conducerea proIesorului Harold Kung, cercettorii
au propus modiIicarea structurii electrozilor pe calea
adugrii clasterelor de siliciu ntre straturile graIenului.
Elasticitatea graIenului compenseaz, astIel, dilatarea
siliciului. Pe lng acestea, n Ioile de graIen se Iac guri de
10-20 nm (vezi Figura 1).
was possible under intensive collaboration between
research institutions and industrial enterprises, especially
in the technology parks, such as the Iamous Silicon
Valley in the U.S., where virtually is no territorial
boundary between scientiIic research and production
process. This close relationship has provided
businesses the advantage oI being easier to market
competition, having been assured high economic
eIIiciency oI the implementation oI electronic products
by reducing radical production cycle: Irom the
emergence oI a new idea to launch mass production oI
the piece itselI.
This multidimensional creative activity is attributed,
however, only to a Iew companies oI industrialized
countries that have the capacity oI research Iunding and
rapid organizational oI mass production oI new
electronic parts oI high technological level. For example,
the production oI active electronic components is largely
concentrated in large transnational companies, in their
many subsidiaries and subsidiaries elements oI diverse
countries. Active electronics (semiconductors) are key
components Ior the most electronic industry production.
During 1958-1997, the cost oI their overall production
has increased Irom 340 million to 146 million. USD,
now 4/5 Irom the cost oI each scheme is held by
semiconductor. In the early 80's, 50 oI world
production was provided by only 10 largest producers,
other 25 - 10 class known producers. The tradition oI
market dominance by the major producers oI electronic
products has maintained until now. Since the technical
level oI all producers oI active components is very high,
in this market takes place very Iierce competitive
struggle Ior leadership between national and abroad
companies.
Economic eIIiciency oI active components is
provided by technical advantage by implementing new
technology perIormance. Their assortment is growing
rapidly at the expense oI absorption oI new types oI
specialized products, becoming more complex and more
perIormances.
One oI such product is lithium-ion battery.
Researchers at the University oI North-West have
developed electrodes that increase the energy capacity oI
lithium-ion and decreases 10 times when the load is
determined by the speed oI the ions Irom the anode to
cathode: as they are closer, as the charging time is
less. Modern technology to produce lithium-ion
batteries use carbon as electrode material (in the Iorm oI
multiple layers oI graphene), which accumulates 6
atoms on a lithium ion, compared with silicon, that,
although each atom holds 4 atoms oI lithium, the
load increases rapidly in volume, leading to its
destruction and, respectively, led to its capacity. Under
ProIessor Harold Kung, researchers have proposed
changing the structure oI the electrodes on the way
silicon clasterelor added between graphene layers.
Graphene elasticity compensated thereIore expansion oI
silicon. In addition, the graphene sheets are holes oI
10-20 nm (see Figure 1).
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 143
nr. 2 / 2012
Fig. 1. Principiul de stratificare a grafenului n bateriile litiu-ion/
Fig. 1. Graphene layering principle in lithium-ion batteries
Sursa/Source: www.world-technology.ru
n rezultatul acestor transIormri, dup prerea
proIesorului Kung, este posibil majorarea capacittii
acumulatorului si vitezei de ncrcare de 10 ori, comparativ cu
bateriile contemporane, precum si majorarea de 5 ori a
eIicientei acestuia chiar si dup 150 cicluri de ncrcare-
descrcare.
Potrivit sursei http://www.marketresearch.com, utilizarea
bateriilor litiu-ion a nregistrat, n anul 2010, 3,902 miliarde
de unitti, cu 27,4 mai mult Iat de 2009, pentru anul 2011
estimrile Iiind de, aproximativ, 4,448 miliarde de unitti, cu
14 mai mult Iat de anul precedent.
n 2011, compania Panasonic a obtinut venituri de 760
miliarde JPY (aproximativ 8,66 miliarde USD), cu marja de
operare de 1,6, clasndu-se pe primul loc n lume. Dup
ctiva ani de crestere rapid, ns, ntreprinderile chineze de
baterii de litiu au artat semne de apatie. Att veniturile, ct si
volumul vnzrilor ale ntreprinderii lider pe piata bateriilor
de litiu BYD s-au redus, desi industria automobilelor si
teleIoanelor mobile utilizeaz mai mult resursele BYD. n
acelasi timp, ritmul de crestere al companiilor Lishen si BAK
ncetineste, comparativ cu perioada de pn la 2010.
ntreprinderile de baterii cu litiu nu reusesc s atrag mai mult
capital din cauza ratei rentabilittii n scdere. n plus,
aplicarea politicii monetare restrictive pentru o perioad lung
de timp submineaz competitivitatea acestora.
ntreprinderile coreene, dimpotriv, continu s avanseze
triumItor, n special Samsung SDI, care domin domeniul
teleIoniei mobile. n ceea ce priveste transporturile, Samsung
SDI detine ntietatea, Iiind n 2011 n continu crestere cu
34 Iat de anul 2010. LG Chem si pstreaz tendinta de
dezvoltare n industria sunetului, acaparnd teren n
aprovizionarea cu baterii a laptop-urilor HP si obtinnd
recunoastere din partea GM, Ford, BMW, Benz si Volvo
privind bateriile cu litiu pentru automobile.
n timp ce producerea bateriilor cu litiu pentru vehicule
cunoaste o crestere lent, industria teleIoanelor mobile si
laptop-urilor Iormeaz cea mai mare cerere la acest tip de
baterii. Productorii EV si HEV/PHEV sunt, n principal,
dependenti de subventiile guvernamentale pentru rata lor redus
privind raportul pret/perIormant. Comparativ, economiile
americane si europene sunt predipuse mai mult spre micsorarea
cheltuielilor, astIel nct subventia guvernului s Iie redus sau
chiar anulat, ceea ce le oIer posibilitatea dezvoltrii rapide.
ConIorm datelor http://www.electronics.ca, datorit
As a result oI these changes, according to ProIessor
Kung, can increase battery capacity and loading rate oI
10 times, compared with modern batteries and 5 times
increase its eIIiciency even aIter 150 charge and
discharge cycles.
According to http://www.marketresearch.com
source, the use oI lithium-ion recorded in 2010, 3.902
billion units, with 27.4 more than in 2009, estimates
Ior 2011 being approximately 4448 billion units, up
14 over the previous year.
In 2011, Panasonic Company has achieved
revenues oI 760 billion JPY (about 8.66 billion USD),
with operating margin oI 1.6, earning Iirst place in
the world. AIter several years oI rapid growth, however
Chinese enterprises oI lithium batteries showed signs
oI apathy. Both revenue and sales volume oI the
enterprise market leader BYD lithium batteries were
low, although the automotive and mobile phone use
more resources BYD. At the same time, the growth oI
companies and BAK Lishen slows compared to the
period up to 2010. Lithium companies Iailed to attract
more capital because oI the declining rate oI return. In
addition, application oI restrictive monetary policy Ior
a long time undermines their competitiveness.
Korean companies, by contrast, continues to
advance triumphantly, especially Samsung SDI, which
dominated the mobile phone industry. In terms oI
transport, Samsung SDI ranked Iirst, as in 2011
growing by 34 since 2010. LG Chem keeps the
development trend in the industry oI sound, taking over
the ground to supply the batteries HP laptop and
receiving recognition Irom GM, Ford, BMW, Benz and
Volvo's automotive lithium batteries.
While producing lithium batteries Ior vehicles is
growing slowly, the mobile industry and laptops Iorm
the demand Ior this type oI battery. ManuIacturers EV
and HEV / PHEV are mainly dependent on government
subsidies Ior their low rate oI price / perIormance. In
comparison, U.S. and European economies are
predipuse more towards reducing costs, so that
government subsidy is reduced or even canceled,
which enables rapid development.
According to http://www.electronics.ca by lowering
prices and increasing market demand and hybrid
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
146
reducerii preturilor si sporirii cererii pe piata automobilelor
electrice si hibride, tehnologia litiu-ion va detine ntietate n
domeniul bateriilor rencrcabile si va atinge 350 de crestere
a veniturilor n anii 2010-2020. Dup IHS iSuppli, se
prognozeaz ca veniturile globale din producerea bateriilor
litiu-ion s ating, comparativ cu 11,8 mild. USD n 2010,
31,4 mild. USD n 2015 si 53,7 mild. USD n 2020 (vezi
Figura 2).
electric cars, lithium-ion technology will hold
precedence in rechargeable batteries and will achieve
350 revenue growth in the years 2010-2020. AIter
IHS iSuppli predicts that global revenues Irom the
production oI lithium-ion batteries to achieve,
compared with 11.8 billion. USD in 2010, 31.4 billion.
And 53.7 billion USD in 2015. USD 2020 (see
Figure 2).
Fig. 2. Veniturile globale ale pie(ei bateriilor litiu-ion, mil. USD/
Fig. 2. Global lithium ion battery market revenue forecast, mil. USD
Sursa/Source: IHS iSuplli, August 211, http://www.isuppli.com.
Avantajul acestora pentru industria constructiilor de
masini (electrice si hibride) const n Ilexibilitatea sporit si
greutatea redus, siguranta Iat de Iactorii mediului,
prevenirea scurtcircuitelor, controlul generrii energiei
electrice n timpul descrcrii si al ncrcrii rapide, precum
si lipsa de memorie, adic mentinerea capacittii lor depline
chiar si dup o rencrcare partial, ceea ce le asigur o
aplicare larg si domeniului teleIoniei mobile si a notebook-
urilor.
Pe lng Iacilitatea oIerit de resursele inovatoare de
energie, un aport considerabil n lumea tehnologiilor
electronice este elaborarea, de ctre compania NEC
mpreun cu Universitatea Tohoku, a modulului de memorie
de tip nou (Content Adressable Memory CAM), capabil de
a solutiona o multitudine de probleme ale electronicii
contemporane. n special, memoria CAM (perIormant
notorie n domeniul spintronicii, care n viitor poate
strmtora electronica) permite receptionarea, pstrarea si
prelucrarea datelor chiar si n cazul deconectrii de la sursa
de energie. AstIel, pentru pstrarea datelor se Ioloseste nu
ncrctura electronului, dar spinul magnetic una din
particularittile Iizicii cuantice. O alt perIormant a
memoriei CAM este viteza sa mare de lucru. Accesul la
celula memoriei are loc doar n 5 nanosecunde. Potrivit
expertilor, pe cipului spintron trece curent electric de
mrime mic si, deci, nclzirea componentului nu are loc;
respectiv, nu este nevoie de rcire. De asemenea, arhitectura
unic a memoriei CAM prevede reducerea numrului de
tranzistori, suIicienti 3 la numr, Iat de varianta clasic cu 8
tranzistori la cteva celule de memorie. Prin urmare,
dimensiunile cipurilor CAM sunt cu 50 mai mici dect
cele ale cipurilor RAM.
n ceea ce priveste procesoarele companiilor NVIDIA si
Qualcomm, coeziunea acestora cu noua platIorm Windows
Their advantage Ior the car industry (electric and
hybrid) consists in increased Ilexibility and reduced
weight, saIety Irom environmental Iactors, preventing
short circuits, power generation control during unloading
and loading Iaster, and the lack oI memory, that
maintain their Iull no capacity even aIter a partial
recharge, which ensured a large and mobile telephony
and notebooks.
In addition to the Iacilities oIIered by innovative
energy resources, a signiIicant contribution to the world
oI electronic technology is developed by the company
with NEC Tohoku University, a new type oI memory
module (Content Adressable Memory CAM), able to
solve many problems oI modern electronics. In
particular, CAM memory (notoriously in spintronics
perIormance, which in Iuture may compel
electronics) allows receiving, storing and processing data
even when disconnected Irom power source. Thus, Ior
data storage using electron does not load, but the
magnetic spin - one oI the peculiarities oI quantum
physics. Another CAM memory perIormance is its high
working speed. Access to memory cell occurs only in 5
nanoseconds. According to experts, the chip power
switch spintronics small size and thereIore there is no
heating component, ie, no need Ior cooling. Also,
the unique architecture oI the CAM memory provides
Iewer transistors, suIIicient in number 3, to the classic
version with 8 memory cell transistors in a Iew.
ThereIore, CAM chip dimensions are 50 lower than
the RAM chips.
Regarding Qualcomm processors and NVIDIA
companies, their cohesion with the new
Windows OS platIorm in August will lead to a
new class oI cheap notebooks, capable oI
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 147
nr. 2 / 2012
OS 8 va duce la aparitia unei noi clase de notebook-uri
ieItine, capabile de a pune n pericol dominarea Intel pe
piata calculatoatelor personale portabile. Dup prerea lui
Matthew Wilkins, analitic al IHS-iSuppli, ,dup mai mult de
30 de ani de dominare a unei microarhitecturi Intel x86
n microprocesoare pentru PC... n sIrsit, piata este gata
pentru o concurent real. Potrivit estimrilor sale, aceasta
va duce n urmtorii ani la sporirea Iurnizrii pe piata PC a
procesoarelor ARM, care vor Ii instalate n 2015 deja n
Iiecare al cincilea notebook (vezi Figura 3).
threatening Intel`s market dominance oI portable
personal computers. According to Matthew
Wilkins, iSuppli IHS-analytical, "aIter more than 30
years oI domination oI a microarchitecture Intel x86
in microprocessors Ior PC... Finally, the market
is ready Ior real competition. "According to his
estimates, this will lead in the coming years to
increase market supply PC, ARM` processor, which will
already be installed in 2015 every IiIth notebook (see
Figure 3).
Fig. 3. Varia(ia lunar a exportului yi importului RM, I.2008-I.2012, fa( de luna precedent/
Fig. 3. Monthly change of export and import of the Republic of Moldova, I.2008-I.2012, to previous month
Sursa/Source: Calculat de autor n baza datelor BAS./Calculated by author on the dates of ABS.
De mentionat, c aceste ritmuri de crestere a exportului
au Iost asigurate de dinamica exportului anumitor grupe de
produse n urmtoarele proportii (vezi Tabelul 1): articole
manuIacturate diverse cu 23,3 n totalul exporturilor
anului 2010 si 22,9 n exportul din 2011, produse
alimentare si animale vii 25,1 si, respectiv, 20,1, buturi
si tutun 13,3 si 9,4, care au marcat majorare a volumului,
dar si si-au redus din ponderea n cadrul exportului total n
Iavoarea urmtoarelor grupe: masini si echipamente pentru
transport crestere a ponderii de la 12,5 (a.2010) la 14,8
(a.2011), materiale brute necomestibile, exclusiv
combustibili de la 9,4 la 12,8, mrIuri manuIacturate,
clasiIicate, mai ales, dup materia prim de la 7,6 la 9,6,
iar produse chimice si produse derivate de la 5,2 la 5,6.
AstIel, n anul 2011, cele mai semniIicative cresteri au
Iost nregistrate la exportul de materiale brute necomestibile,
exclusiv combustibili (cu 96,8 mai mult dect n 2010),
mrIuri manuIacturate (cu 82,0), masini si echipamente
pentru transport (cu 70,4), uleiuri, grsimi si ceruri de
origine animal sau vegetal (cu 62,6), produse chimice si
produse derivate nespeciIicate n alt parte (cu 56,7) si de
articole manuIacturate (cu 41,6).
Privind volumul total al importurilor, clasamentul
grupelor de produse, dup ponderea grupelor de produse, s-a
constituit n 2011 n Ielul urmtor: primele pozitii au Iost
detinute de importul de combustibili minerali, lubriIianti si
materiale derivate cu 22,5 (n 2010 20,5), masini si
echipamente pentru transport 22,3 (20,9) si mrIuri
manuIacturate, clasiIicate mai ales dup materia prim
18,8 (19,2), Iiind succedate de importul de produse
Note, that the export growth rates have been provided
on exports oI certain groups oI products in the Iollowing
proportions (see Table 1): miscellaneous manuIactured
articles 23.3 oI total exports in 2010 and 22.9 in
the export in 2011, Iood and live animals 25.1,
respectively, 20.1, beverages and tobacco 13.3 and
9.4, with marked increase in volume, but also have
reduced the share oI the total export Ior the Iollowing
groups: machinery and transport equipment increased
share Irom 12.5 (a.2010) to 14.8 (a.2011), crude
materials inedible, except Iuels Irom 9.4 to 12.8,
manuIactured goods, classiIied, especially aIter raw
materials Irom 7.6 to 9.6 and chemicals and
derivatives Irom 5.2 to 5.6.
Thus, in 2011, the most signiIicant increases
were registered in exports oI crude materials inedible,
except Iuels (by 96.8 more than in 2010),
manuIactured goods (by 82.0), machinery and
transport equipment (with 70.4), oils, Iats and waxes oI
animal or vegetable (with 62.6), chemicals and derived
products NES (by 56.7) and manuIactured articles
(41, 6).
On total imports, ranking product groups, the
share oI product groups, was Iormed in 2011 as Iollows:
top positions were held by imports oI mineral
Iuels, lubricants and derivative materials by 22.5
(in 2010 20.5), machinery and transport
equipment 22.3 (20.9) and manuIactured goods
classiIied mainly by raw 18.8 (19.2), and was
succeeded by the import oI chemicals and derived
-60,0
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Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
148
chimice si produse derivate 13,0 (n 2010 13,5) si
produse alimentare si animale vii 9,6 (10,6).
Valoarea negativ a balantei comerciale, mai mare cu 656,2
mil. USD sau 28,4 dect n 2010, n 2011 s-a datorat cresterii
importurilor de produse din urmtoarele grupe: combustibili
minerali, lubriIianti si materiale derivate (cu 47,3 mai mult
dect n anul 2010), masini si echipamente pentru transport (cu
43,8), mrIuri manuIacturate, clasiIicate mai ales dup
materia prim (cu 32,2), produse chimice si produse derivate
(cu 29,3), articole manuIacturate diverse (cu 27,8), produse
alimentare si animale vii (cu 22,1) si materiale brute
necomestibile, exclusiv combustibili (cu 22,1).
products 13.0 (2010 13.5) and Iood and live
animals 9.6 (10.6).
The negative trade balance increased by USD 656.2
million or 28.4 than in 2010, in 2011 was due to
imports oI products Irom the Iollowing groups: mineral
Iuels, lubricants and derivative materials (by 47.3 more
than in 2010), machinery and transport equipment (by
43.8), manuIactured goods classiIied mainly by
material (32.2), chemicals and derived products
(29.3), miscellaneous manuIactured articles (27.8),
Iood and live animals (22.1) and crude materials
inedible, except Iuels (22.1).
Fig. 4. Prognoza ponderii microprocesoarelor ARM yi X86 pentru notebook-uri (unit(i noutbook-uri, n )/
Fig. 4. Notebook PC Micropocessor share forecast for ARM and X86 (percentage of notebook units shipments)
Sursa/Source: IHS iSuplli, August 211, http://www.isuppli.com.
Utilizarea acestor procesoare nu este restrictiv doar
pentru sistemele de operare Linux sau Google Chrome OS: n
opinia lui Matthew Wilkins, cota major va reveni notebook-
urilor care lucreaz sub administrarea Windows 8: sistemele
ARM vor constitui 22,9 din livrrile mondiale n 2015, n
extindere de la 3 n 2012, iar Iurnizarea notebook-urilor
ARM va atinge numrul de 74 milioane n 2015, comparativ
cu 7,6 milioane de unitti n 2012. Majorarea considerabi a
numrului acestora, ns, nu va asigura un boom al proIitului.
Costul notebook-urilor va varia pn la 700 USD. Pretul
notebook-urilor similare cu procesoare Intel Celeron M si
Atom, precum si AMD de seria E, dominante actualmente, nu
este mai mic de 500 USD.
PlatIormele Windows 8 si ARM, desigur, vor determina
productorii de a se reIuza de Intel si AMD, cel putin, pe
segmentul primar al pietei. Primii pasi deja au Iost ntreprinsi
prin lansarea plansetelor. De exemplu, HP TouchPad lucreaz
n baza webOS si a procesorului Qualcomm, iar Samsung
Galaxy Tab 10.1 si Acer Iconia Tab 500 se bazeaz pe
Android si cipul NVIDIA. n asemenea conditii ale pietei
electronicii, lansarea productiei notebook-urilor ieItine nu va
Ii un pas att de sigur. Ca rspuns acestor povocri, compania
Apple deja a lansat notebook-urile subtiri si usoare, de tip
MacBookAir, numite si ,ultrabook, planiIicnd, n 2013,
prezentarea sistemului n baz de cip Haswell, prevzut pentru
notebook-urile de nivel mediu.
Aceste inovatii tehnologice pun n pericol productorii
de cipuri, ntruct n componenta tabletelor sunt 75 mai
putine cipuri dect ntr-un laptop obisnuit, relateaz
Bloomberg. n timp ce vnzrile de iPad au depsit 40 de
milioane de unitti, proIitul genernd venituri de 25,3
Using this process is not restricted only Ior
operating systems Linux OS or Google Chrome:
According to Matthew Wilkins, a major share will return
to notebooks working under the administration oI
Windows 8: ARM systems will constitute 22.9 oI
global shipments in 2015 the extension Irom 3 in 2012
and providing ARM notebooks will reach the number oI
74 million in 2015, compared with 7.6 million units in
2012. Considerable increase in their number, however,
will not ensure a proIit boom. Cost notebooks will vary
up to 700 USD. Price oI notebooks similar with Intel
Pentium M and Atom and AMD's series, currently
dominant, is not less than 500 USD.
Windows 8 and ARM platIorms, oI course, will
cause producers to reIuse Irom Intel and AMD, at least,
the primary segment oI the market. First steps have
already been taken by launching Planchettes. For
example, HP TouchPad working in the webOS and
Qualcomm processor and Android Acer Iconia Tab Tab
10.1 and 500 is based on Android and NVIDIA chip. In
such market conditions electronics production the launch
oI cheap notebooks will not be a step so sure. In response
to these challenges, Apple has already released thin and
light notebooks, MacBookAir type, called "ultrabook",
planning in 2013, chip-based presentation system
Haswell, scheduled Ior mid-level notebooks.
These technological innovations jeopardize the chip
producers, since the composition oI tablets are 75
Iewer chips than a standard laptop, according to
Bloomberg. While iPad sales exceeded 40 million
units, generating proIit oI 25.3 billion USD revenue,
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 149
nr. 2 / 2012
miliarde USD, Hynix Semiconductor (Coreea de Sud),
Elpida Memory (Japonia), precum si alti productori de
cipuri DRAM si de cipuri comune au nregistrat pierderi n
valoare de 14 miliarde USD n ultimii trei ani, chiar si n
conditiile investitiilor de 38 miliarde USD, menite s
stabilizeze si s consolideze piata.
Privind sistemele pe care se bazeaz productorii de
smartphone-uri, diverse companii analitice dau ciIre relativ
diIerite pentru trimestrul al IV-lea al anului 2011, preIerinta
Iiind Android (vezi Figura 4).
Hynix Semiconductor (South Korea), Elpida
Memory (Japan), and other manuIacturers oI DRAM
chips and the chips are common losses oI around 14
billion USD in the last three years, even with investment
oI 38 billion dollars intended to stabilize and strengthen
the market.
Systems that smartphones manuIacturers rely,
various analytical companies give slightly diIIerent
Iigures Ior the Iourth quarter oI 2011, preIerence was
Android (see Figure 4).
Gartner (February 2011) Nielsen (January 2012) comScore (February 2012)
Fig. 5. Ponderea sistemelor de operare pe pia(a smartphone-lor la nivel mondial, trim. IV, 2011/
Fig. 5. OS share on global smartphone market, Q4 2011
Sursa/Source: http://www.email-marketing-reports.com/wireless-mobile/smartphone-statistics.htm#smartphones
ConIorm structurii dup Iurnizori, vnzrile de
smartphone-uri, nregistrate la nivel mondial, au conturat
urmtorul tablou (vezi Figura 5):
According to the structure by suppliers, the sales oI
smartphones, registered worldwide, have outlined the
Iollowing picture (see Figure 5):
Fig. 6. Dinamica ponderii furnizorilor de smartphone-uri pe pia(a mondial,
trim. IV, 2010-trim. 4, 2011, dup nr. de unit(i/
Fig. 6. Vendors share changes on global smartphone market, Q4 2010-Q4 2011, units
Sursa/Source: IDC, http://www.email-marketing-reports.com/wireless-mobile/smartphone-statistics.htm#
smartphones
Portivit datelor IDC, n trimestrul al IV-lea al a.2011 au
Iost vndute 157,8 milioane de smartphone-uri, iar n total n
2011 491,4 milioane de unitti. Estimrile companiei
Gartner dateaz pentru acest trimestru ciIra de 149 milioane,
472 milioane pentru anul 2011 (31 din vnzrile
mijloacelor de comunicare mobil) si 297 milioane de
smartphone-uri (19 din 1,6 miliarde de teleIoane mobile
vndute) pentru 2010, cresterea constituind 58.
Dup raportul Nielsen, n aceeasi perioad (trim. IV, 2011),
According to IDC data in the Iourth quarter oI
a.2011 were sold 157.8 million smartphones, and in total
in 2011 to 491,400,000 units. The estimation oI Gartner
company dates Ior this quarter Iigure oI 149 million, 472
million Ior 2011 (31 oI U.S. mobile media)
and 297 million smartphones (19 oI the 1.6 billion
mobile phones sold) Ior 2010, the growth representing
58.
AIter the Nielsen report, in the same period (Iirst
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
130
46 din posesorii de teleIoane mobile din SUA au detinut
smartphone-uri. Studiile comScore atest, c SUA a cotat la
acest capitol ponderea de 41,8 (98 milioane de persoane),
Canada 45,3, iar Franta, Germania, Italia, Spania si Marea
Britanie pn la 44 din totalul utilizatorilor de teleIoane
mobile. Analistii de la Kantar Worldpanel declar, c 48,9
din populatia britanic posed smartphone-uri.
Expertii companiilor IDC, The Financial Times, IMS
Research si Morgan Stanley Research progozeaz vnzri totale
de 657 milioane de smartphone-uri pentru 2012, iar n 2016 1
miliard (1/2 din piata teleIoanelor mobile), devastnd, astIel,
vzrile calculatoarelor personale chiar n 2012.
Pe lng aplicatiile multimedia, pentru care, conIorm
http://discovermobileliIe.com/, se d preIerint, dispozitivele
electronice moderne sunt utilizate si n operatiunile mobile
banking, si n comertul electronic. De ex., n SUA, n trim. II
a.2011, 16 din utilizatorii de teleIonie mobil au nregistrat
Iolosirea dispozitivelor sale pentru a accesa inIormatii
Iinanciare pondere care doar se va mri n viitor din punct
de vedere al obisnuintei de a eIectua operatiuni bancare prin
teleIoane mobile si tablete. ConIorm datelor oIerite de
MarketLine, volumul vnzrilor prin e-comert a atins ciIra de
435 mlrd USD n 2010 (18 Iat de 2009), iar n 2015 se
estimeaz la 827 miliarde USD. Produsele electronice detin
cea mai mare pondere dintre toate produsele vndute 24
din valoarea total. Din punct de vedere regional, comertul
online cunoaste o dezvoltare diversiIicat n dependent de o
multime de Iactori. n China, de ex., dezvoltarea e-comertului
este Iavorizat de preturile online mai mici, n medie, cu 21
Iat de cele ale magazinelor oIIline si de Iorta de munc
ieItin (livrarea mrIii timp de 1 or n orice regiune a
orasului la pret de 5 yeni), precum si sistemele de plat (de
ex., platIorma electronic comercial Taobao si sistemul de
plti Alipay ale web-portalului Alibaba). Dup datele Credit
Suisse, o asemenea diIerent de preturi nu exist n nici o alt
tar a lumii.
quarter IV, 2011), 46 oI U.S. mobile phone owners
have owned smartphones. ComScore studies show that
the U.S. ranked in this weight oI 41.8 (98 million),
Canada 45.3, while France, Germany, Italy, Spain
and the UK - up to 44 oI all users mobile phone.
Kantar Worldpanel analysts claim that 48.9 oI British
people have smartphones.
Experts oI IDC company, The Financial Times and
Morgan Stanley Research IMS Research Iorecasts a total
sale oI 657 million smartphones in 2012, and in 2016 to
1 billion (halI oI the mobile phone market), devastating
thus Selling computers personal even in 2012.
In addition to multimedia applications, Ior which,
according to http://discovermobileliIe.com/, preIerence is
given, these modern electronic devices are used in
mobile banking operations, and electronic commerce.
For example, in U.S., in II quarter oI a.2011, 16 oI
users have been using mobile devices to access their
Iinancial inIormation - share will only increase in Iuture
in terms oI the habit oI perIorm banking transactions via
mobile phones and tablets. According to inIormation
Irom MarketLine, e-commerce sales volume reached 435
billion USD in 2010 (18 vs. 2009), and in 2015 is
estimated at 827 billion USD. Electronic products have
the largest share oI all products sold - 24 oI the total.
In terms oI regional e-commerce is experiencing a
diversiIied development depending on many Iactors. In
China, Ior example, e-commerce development is Iavored
by lower online prices on average 21 less than the
oIIline stores and cheap labor (delivery oI goods Ior one
hour in any region oI the city the price 5-yen) and
payment systems (eg., electronic trading platIorm
Taobao and Alipay payment system oI the web portal
Alibaba). AIter Credit Suisse data, such a price
diIIerence does not exist in any other country in the
world.
Tabelul 1/Table 1
Volumul vnzrilor mondiale prin comer( electronic, pe regiuni/Global e-commerce sales, regions
Regiunea/
Region
Vnzri online/
Online sales 2010,
mild. USD
Vnzri online/
Online sales 2015,
mild. USD
prognoz/Iorecast
Vnzri online de produse electronice/ Online
electronics sales 2010
mild. USD
Pondere ca valoare/
Share oI value,
SUA 153 252 36 ~ 23
UE 163 316 41 ~25
Asia-PaciIic 81 170 17 21
Sursa/Source: ntocmit de autor n baza datelor oferite de:/Elaborated by author on data from:
http://www.reportlinker.com/ci21/e-Commerce.html.
Comertul electronic mondial continu s indice o
crestere puternic datorit conIortului oIerit. Odat cu
penetrarea Internetului pe scar larg (potrivit yStats.com, n
2010 numrul utilizatorilor Internet a constituit 2 miliarde si
n 2015 va atinge 3 miliarde) si consolidarea tendintei de
dependent Iat de optiunile online, consumatorii se
obisnuiesc tot mai mult de a practica diverse activitti online
de la comunicarea prin retele sociale pn la realizarea
cumprturilor. Majorarea numrului de consumatori ai
industriei teleIoniei mobile relev Iaptul, c oamenii sunt
Global electronic commerce continues to show
strong growth due to the comIort. With widespread
Internet penetration (according yStats.com, in 2010 the
number amounted to 2 billion Internet users in 2015 will
reach 3 billion) and the strengthening trend oI
dependence on online options, consumers are
increasingly accustomed to practice diIIerent online
activities - Irom social networking communication
pending purchases. Increasing number oI consumers oI
mobile industry reveals that people are used to access the
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 131
nr. 2 / 2012
obisnuiti s acceseze Internetul oriunde si oricnd, Iie n
scopul utilizrii continutului online, Iie n scopul
achizitionrii bunurilor si serviciilor. Asigurarea eIecturii
securizate de ctre consumatori a pltilor prin intermediul
teleIoanelor mobile va Ii un Iactor important pentru
dezvoltarea n continuare a e-comertului.
Mentionm, c industria electronic nu-si poate asigura
dezvoltarea Ir memorie sau depozitarea inIormatiilor.
Componentele de memorie se gsesc n Iiecare aparat
electronic (teleIon mobil, computer, aplicatii auto, industriale
si altele). Din aceste considerente, se acord atentie si
porttoarelor Ilash USB, compacte, comode si universale, dar
cu volum limitat de memorie, ceea ce produce incomoditti.
Drept solutie, designerul portughez Pedro Machado a elaborat
conceptul Endless Storage, n traducere ,depozitare inIinit.
Ideea, destul de simpl, const n Iixarea unui port
suplimentar pentru a conecta un nou Ilash imediat cum spatiul
de memorie de pe primul este epuizat, Iiecare purttor Iiind
recunoscut de calculator ca disc separat. Desigur, este
preIerabil ca spatiul de memorie s Iie unic, dar aceast
metod de mrire a memoriei nu implic impedimente tehnice
si este un mijloc comod de pstrare a datelor.
Internet anywhere and anytime, either Ior the use oI
online content or to purchase goods and services.
Ensuring the consumer`s secure payments via mobile
phones will be an important Iactor Ior Iurther
development oI e-commerce.
Note, however, that the electronics industry can not
ensure development without memory or data storage.
Memory components are Iound in every electronic
device (cell phone, computer, automotive applications,
industrial and others). For these reasons, we pay
attention to USB Ilash carrier, compact, convenient and
universal, but limited amount oI memory, which causes
inconvenience. As a solution, the Portuguese
designer Pedro Machado Endless Storage developed the
concept goes "inIinite storage". The idea, quite simply, is
to Iix an additional port to connect a new Ilash memory
as soon as the Iirst is exhausted; each carrier is
recognized as a separate disk computer. OI course, it is
preIerable that the memory to be unique, but this method
oI increasing the memory does not involve
technical obstacles and is a convenient mean oI storing
data.
Fig. 7. Purttorul USB Endless Storage al lui Pedro Machado/
Fig. 7. Endless Storage USB Stick by Pedro Machado
Sursa/Source: http://www.pedromachado.me/2917/3842/gallery/endless-storage.
O dezvoltare de proportii nregistreaz si piata sistemelor
de control si automatizare a locuintelor, care n 2011 a generat
16.888,27 milioane USD, iar n 2016, conIorm prognozelor
www.marketresearch.com, va atinge ciIra de 35.627,83
milioane USD. Aceste sisteme nu doar ridic standardul de
viat al oamenilor, dar si contribuie la conservarea energiei
electrice. Acest segment al pietei mondiale cuprinde: sisteme
de control al luminii, al securittii, controlul accesului, al
nclzirii, ventilatiei si aerului conditionat (HVAC heating,
ventilation, and air conditioning), controlul entertainment, al
standardelor si protocoalelor de comunicare, precum si
monitorizarea exterioar.
Pe de alt parte, dezvoltarea spectaculoas a domeniului
electronicii implic o alt serie de probleme, care au dus la
aparitia unui segment separat piata deseurilor electronice.
Cererea n continu crestere la asa dispozitive, ca smartphone-
urile, tabletele si laptop-urile, versiunile noi ale crora se succed
pe piat ntr-o perioad scurt de timp, determin oamenii s
cumpere un aparat electronic nou si s-l arunce pe cel vechi,
majornd, astIel, volumul deseurilor electronice. Trile, precum
A major development records the control systems
and automatization oI housing, which in 2011 generated
U.S. $ 16,888.27 million and in 2016, according to
projections www.marketresearch.com, will reach U.S. $
35627.83 million. These systems not only raise the
standard oI living oI people, but also help to conserve
electricity. This world market segment includes: light
control systems, security, access control, heating,
ventilation and air conditioning (HVAC - heating,
ventilation, and air conditioning), entertainment control,
standards and communication protocols and external
monitoring.
On the other hand, the spectacular development oI
electronics involves a diIIerent set oI problems that have
resulted in a separate segment - electronic waste market.
Increasing demand Irom devices such as smartphones,
tablets and laptops, new versions oI which are
succeeding in the market in a short period oI time, causes
people to buy a new electronic device and throw the old,
increasing thus the volume oI electronic waste. Countries
Revist teoretico-stiin(iIic / Theoretical and scientiIical journal
nr. 2 / 2012
132
China si India, depun eIorturi pentru a emula acest
comportament, odat ce populatiile acestora devin mai bogate si
dau preIerint stilului de viat american. ConIorm asociatiei
consumatorilor aparatelor electronice (Consumer Electronics
Association), americanii detin, n prezent, aproximativ 24 de
produse electronice pe gospodrie, Iiecare cu o durat de viat
din ce n ce mai scurt. Doar o cot Ioarte mic din aparatele
electronice nedorite ajung ntr-un program de reciclare a
deseurilor electronice sau de reutilizare. Restul ajunge la gropile
de gunoi, desi ar putea Ii ca surs a unor metale valoroase, cum
ar Ii plumbul, cuprul si aurul, care se gsesc n unele
componente ale aparatelor electronice aruncate, chiar dac
acestea contin si multiple substante toxice, pentru care Iapt, din
mai 2012, n India va intra n vigoare un regulament nou,
naintat de Ministerul Mediului si Pdurilor al Indiei, prin care
productorii de aparate electronice si vor asuma
responsabilitatea pentru reciclare, reducerea nivelului de
substate duntoare si crearea centrelor de colectare. n 2009,
piata de reciclare si reutilizare a deseurilor de echipamente
electronice a atins valoarea de 6,2 miliarde USD, iar n 2010
6,8 miliarde USD. Analistii TechNavio au prognozat pentru
perioada 2011-2015 o crestere a acestui segment de 17,8.
like China and India seek to emulate this behavior, since
their populations become wealthier and preIer
American liIestyle. As consumer electronics association
(Consumer Electronics Association), Americans have
now approximately 24 electronic products per
household, each with a liIetime becoming shorter.
Only a very small share oI unwanted electronic
devices comes in a program to recycle or reuse
electronic waste. The rest go to landIill, although
it may be a source oI valuable metals such as lead,
copper and gold, Iound in some components
oI discarded electronics, even iI they contain
many toxic substances, Ior which, in May 2012, India
will take eIIect a new regulation submitted by the
Ministry oI Environment and Forests oI India, which
electronics manuIacturers to assume responsibility Ior
recycling, reduction oI harmIul substances and creating
collection centers. In 2009, the market Ior waste
recycling and reuse oI electronic equipment reached
USD 6.2 billion and in 2010 to 6,8 billion USD.
TechNavio analysts Iorecast Ior 2011-2015 this segment
increased 17.8.
Concluzii. Coeziunea dintre diIerite domenii a oIerit
posibilitatea de a asista, n prezent, la un nou boom
tehnologic, care marcheaz o treapt de neegalat a
progresului tehnico-stiintiIic prin dezvoltarea industriei
aparatelor electronice, care si-au gsit aplicare n absolut
toate domeniile activittii umane. Conlucrarea strns,
practic inalienabil, dintre sIera stiintiIic si cea industrial,
prin aparitia tot mai Iercvent a noilor modele de aparate
electronice si penetrarea Internetului n societatea tuturor
trilor, implicit dezvoltarea comertului electronic, a
determinat ca perIormanta si eIicienta s Iie cele care
dicteaz dezvoltarea economic dinamic a pietei mondiale
a aparatelor electronice, si mai putin politica extern si
comercial promovat de tri, spre deosebire de comertul cu
produse ale altor industrii.
Conclusions. Cohesion between diIIerent areas gives
the opportunity to be present today to a new technology
boom, which marks a step oI unparalleled scientiIic and
technological progress by developing the electronics
industry, which has Iound application in absolutely all
areas oI human activity. Close cooperation, almost
inalienable, between scientiIic and industrial sphere, the
more Irequent emergence oI new models oI electronic
devices and Internet penetration in the society oI all
countries, deIault e-commerce development, resulted in
perIormance and eIIiciency are those that dictate the
economic dynamic development oI global electronics
market, and less Ioreign and commercial policy
pursued by countries opposed to trade in other
industries.
Referin(e bibliografice/ Reference
1. 2011 State oI Online and Mobile Banking. |Accesat 021.05.2012|. Disponibil: http://www.comscore.com/Press
Events/PresentationsWhitepapers/2012/2011StateoIOnlineandMobileBanking.
2. Electronics Industry Market Research and Knowledge Network. |Accesat 19.05.2012|. Disponibil: http://www.
electronics.ca.
3. Industry Leaders Magazine. |Accesat 04.06.2012|. Disponibil: http://www.industryleadersmagazine.com/ recycling-
e-waste-becoming-big-proIitable-business/.
4. Marketing & Market Research. |Accesat 04.06.2012|. Disponibil: http://www.marketresearch.com.
5. ManuIacturers targeted by India's e-waste laws. |Accesat 04.06.2012|. Disponibil: http://www.rsc.org/
chemistryworld/ News/2011/July/13071101.asp.
Recomandat spre publicare. 3.5.212
ECOAOMIE SI SOCIOLOCIE / ECOAOMY AAD SOCIOLOCY 133
nr. 2 / 2012
ABORDAREA SISTEMIC A ADMINISTRRII
NTREPRINDERILOR MICI $I MI1LOCII
Sergiu DUJA, drd., ASEM
Recenzent: Jaleriu DOCA, dr. hab., prof. univ., IEFS
SYSTEMIC APPROACH OF THE SMES
MANAGEMENT
Sergiu DU1A, PhD student, AESM
Reviewer: Jaleriu DOCA, PhD, professor, IEFS
In economia concurential crete rolul abordrii sistemice in
administrarea afacerilor unde mediul interactionea: cu
intreprinderile mici i miflocii intr-o varietate de moduri
permanent in schimbare. Teoria sistemelor clasific organi:atiile
ca sisteme deschise, ceea ce inseamn c ele primesc inputuri,
modific sau tratea: aceste inputuri, dup care trimit inapoi
outputuri ctre mediu. Interactiunea cu mediul este vital i
constituie modul in care organi:atiile se adaptea: la
schimbrile economiei concurentiale i rspund cererilor expuse.
Toate aceste probleme sunt ilustrate prin intermediul
intreprinderilor din fudetul Jaslui, Romania.
Cuvinte cheie: abordare sistemic, administrare, afaceri,
intreprinderi mici i miflocii, management.
Within the competitive economv, the role of the
svstemic approach in business administration where
the environment interacts with SMEs in