Browsing by Author "Speian, Olesea"

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    ASPECTE D EFINITORII ALE PIEȚEI VALORILOR MOBILIARE DE STAT ÎN REPUBLICA MOLDOVA
    (CEP USM, 2020) Speian, Olesea
    In the present paper intend out to make a theoretical analysis of the various concepts regarding the notions of the government securities market, primary and secondary -both nationally and internationally. The government securities market in the Republic of Moldova is a relatively young market. Being at an early stage of development, it is necessary to do a complex examination of the theoretical and practical aspects regarding the government securities market, in order to determine the directions for improvement. Therefore this is the purpose and objectives of the publication. In this contest, we set out to analyze a wide range of definitions, in order to adjust and introduce some new notions estableshed in the legal framework of the Republic of Moldova related to the government securities market.
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    ROLUL ȘI FUNCŢIILE INFRASTRUCTURII PIEŢEI VALORILOR MOBILIARE DE STAT: CAZUL REPUBLICII MOLDOVA
    (CEP USM, 2021) Speian, Olesea
    The financial market infrastructure plays a key role in the functionality of the economy, maintaining financial stability and improving the monetary transmission mechanism, contributing to the promotion of economic growth. The infrastructure takes over some of the risks of market participants, whence it results in the need for its proper functioning. In this context, there is a lot of controversy about the optimal infrastructure of the securities market. This paper aims to review the most efficient financial market infrastructure. Market participants are aware that the way that the market works influences their expectations and safety. Also, there is growing anxiety about the presence of conflicts of interest in the market infrastructure, where the government must implement mechanisms to minimize such conflicts. That is why, globally, several models of the infrastructure of the securities market are implemented, which are meant to control the market activity. The same is highlights the new infrastructure that has appeared as a consequence of the development of financial technologies. The article emphasizes the role of each player in the financial infrastructure. Changes in financial infrastructure and regulation are necessary to support welfare-improving financial innovation and government policies have to ensure proper operation of the market infrastructure.