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Search Results: 1 - 10 of 1553 matches for " Bogdan Capraru "
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THE ROMANIAN BANKING COMPETITION AND THE ACCESSION TO EU
Bogdan Capraru
Annals of the University of Oradea : Economic Science , 2010,
Abstract: In this study we try to assess banking competition in the Romania for 2001 – 2008, taking into account the evolution of market share of the top five, Herfindahl-Hirschman Index (HHI), performances indicators like ROA and ROE and evolutions of deposit and loans rates. We observed that the competition in the Romanian banking system increases continuously in the last years. The main factors which have influenced this process were: the privatization of the majority of state capital banks and the perspective of accession of our country in the EU. In the period assessed, there are two approaches: in the first period banks have had very good performances due to their market share in a low competitive banking environment and after the privatization of some state capital banks, the leader of the market lost market share in the favor of other bank with greater performances.
CONSIDERATIONS REGARDING CENTRAL BANK’S DILEMMA: PRICE STABILITY OR FINANCIAL STABILITY?
Bogdan CAPRARU
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2008,
Abstract: In this study, we intend to highlight the interaction between the decisions of the central banking concerning the fulfillment of the two main objectives: price stability and financial stability, as well as the effects of such decisions upon the economy.We suggest that central banks should be more preoccupied in taking into account the evolution of the stock market indicators, the evolution of the exchange rates, as well as the indicators on the residential and commercial real estate market when decide monetary policy’s measures, being rec-ommended that the central bank should influence these evolutions through its specific tools, whenever it is adequate. Besides the traditional monetary policy tools, communication with the public and per-suasion would be viable instruments under these circumstances.Also, we consider that all the banking institutions have to do their best in order to maintain their credibility.
Coordinates of National Bank of Romania Reform
BOGDAN CAPRARU
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2006,
Abstract: The reform process of the National Bank of Romania has started sixteen years ago since the communist regime was eliminated. The perspectives of Romania’s EU accession enforced this process and the NBR accounted performances in targeting its objectives. In this study we underline the challenges and consequences of Romanian central bank reform. In spite of a central bank independence, sometimes between monetary and fiscal polices there are no correlation. That’s why we propose the multiannual budgeting as a correspondent in fiscal policy for inflation targeting monetary policy framework. Also we assess the consequences of Basel II implementation for Romanian banking system and, especially NBR responsibilities.
FINANCIAL STABILITY AND CENTRAL BANK TRANSPARENCY IN EUROPE
Bogdan CAPRARU
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2010,
Abstract: In this paper we assess the transparency level in the field of financial stability, using the Sotom-ska-Krzysztofik and Szczepanska index for the central banks from the European Union countries and European Central Bank (ECB) – 28 central banks, Norway, Switzerland, Iceland, Russia and 3 candidates to EU: Turkey, Macedonia and Croatia, totally 35 central banks. Also, we do a comparison between our results in 2010 and Sotomska-Krzysztofik and Szczepanska calculation in 2004, for the central banks that was commonly assessed. We conclude that the preoccupations of central bank communication policy in the field of financial stability have increased in the last period. The main factors that have been influencing these trends were the process of European integration and the actual international financial crises.
THE REFORM OF NATIONAL BANK OF ROMANIA AFTER ACCESSION TO EU: CHALLENGES AND PERSPECTIVES
Cocris Vasile,Capraru Bogdan
Annals of the University of Oradea : Economic Science , 2008,
Abstract: In January 2007, Romania had become a member of the European Union and the National Bank of Romania a member of The European System of Central Banks (ESCB). This event was a confirmation of the success of Romanian reforms, but, on the other hand, it was a beginning of a new stage in the process of accomplishing the nominal and real convergence conditions, set in the Maastricht Treaty. In this study we have done some considerations about the NBR’s reform performances before and after EU accession and, also, we have talked about the main challenges and perspectives for Romanian central bank in the new economic environment imposed by the integration process.
EXTERNAL FACTORS INFLUENCE ON INFLATION: THE CASE OF ROMANIA
Capraru Bogdan,Ihnatov Iulian
Annals of the University of Oradea : Economic Science , 2011,
Abstract: In this paper we try to assess the main external determinants of inflation dynamics in Romania. The literature in the field of measuring inflation dynamics is wealthy and various. There are many developing country - level studies that examine inflation dynamics: Blavy (2004) - Guinea, Duma (2008) - Sri Lanka, Gottschalk et al (2008) - Sierra Leone, Moriyama (2008) - Sudan, Mwase (2006) - Tanzania, Williams and Adedeji (2004) - Dominican Republic, Hossain (2005) - Indonesia, Almounsor (2010) - Yemen. The issue of Romanian inflation dynamics is present in many and various studies, like Hammermann (2007), Pelinescu and Dospinescu (2006), Budina et al (2006) etc. There are no other recent studies that analyze the external determinants on Romanian inflation dynamics. In our paper we estimate an OLS single equation model, using a methodology derived from Almounsor (2010). The empirical analysis uses monthly data from August 2005 to January 2011. The start point of the data series is the moment of a major change in the National Bank of Romania (NBR) monetary policy: adoption of the inflation targeting regime. The independent variables used in our research are: harmonized consumer price index of EU-25 countries, EUR/RON exchange rate, crude oil price index (for analyzing the external shocks effect) and M2 monetary aggregate (intermediate money supply) as a control variable. The outcomes suggest that inflation in Romania is driven mainly by international price shocks - harmonized consumer price index of EU-25 countries. The EUR/RON exchange rate depreciation has a small influence on domestic inflation. In the short run, the effect of the international oil price is insignificant. Money supply, used here as a control variable, is shown to have a very small effect on inflation in Romania when using OLS regressions. The results show that 66% of the domestic inflation variance is explained by the independent variables in our model.
COMPETITION IN ROMANIAN BANKING SECTOR
Andries Alin Marius,Capraru Bogdan
Annals of the University of Oradea : Economic Science , 2011,
Abstract: Recent turmoil in the global financial system has impacted severely on the banking sector with many banks suffering large losses and necessitating the need to raise additional capital privately or through their respective national governments. In our study we investigate the impact of structural reforms performed throughout the European Union (EU) accession process on competition and contestability of banking systems in Romania. The literature of the measurement of competition can be divided into two major approaches: structural and non-structural. The structural approach to the assessment of competition embraces the Structure-Conduct-Performance Hypothesis (SCP) and the Efficient Structure Hypothesis (ESH). The structural approach, as the name suggests, assesses bank competition by examining measures of market structure such as concentration ratios (the share of assets held by the top 3 or 5 institutions) or indices (e.g., the Herfindhal-Hirschman index) and supposes that higher concentration in the banking market causes less competitive bank conduct and leads to higher bank profitability. The SCP model is originally developed by Bain (1956). The second approach, ESH, developed by Demsetz (1973) and Peltzmann (1977) suggests that the superior performance of the market leaders determines the market structure, implying that higher efficiency produces both higher concentration and greater profitability. The non-structural indicators of competition are mainly based on the measures of monopoly power developed by Lerner (1934). The Lerner Index suggests the mark-up of price over marginal cost. An alternative non-structural indicator of the degree of market competition is the Panzar and Rosse (1987) H-statistic. The H-statistic measures the extent to which changes in banking costs are reflected in changes in banking revenues. In order to examine the level of competition and market power of banks in Romania for period 2003 - 2009, we estimate the non-structural indicators and compare it with the structural indicators of competition. In particular, we measure competition using Lerner index and the H-statistic, indicators what are estimated using bank-level data and are compared with a standard market structure measure of concentration like HHI and CR5. There are no other studies that measure both structural and non-structural competition indicators for Romanian banking sector. Also, our assessment contains a period of seven years including the begging of the implications of the present international financial crises on Romanian banking sector. The structural in
LIMITS OF ECB MONETARY POLICIES ON ADJUSTING MACROECONOMIC SHOCKS
Capraru Bogdan,Ihnatov Iulian Romeo
Annals of the University of Oradea : Economic Science , 2009,
Abstract: : In this paper we intend to highlight the limits of ECB in managing the macroeconomic shocks in the Euro zone. We consider that in the last months the ECB monetary policy rate loses its effectiveness and, consequently, should be offset by other measures
Impact of Financial Liberalization on Banking Sectors Performance from Central and Eastern European Countries
Alin Marius Andries, Bogdan Capraru
PLOS ONE , 2013, DOI: 10.1371/journal.pone.0059686
Abstract: In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004–2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity.
Tendinte pe piata creditului ipotecar in Romania
Stoica O, Capraru B
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2005,
Abstract:
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