DRIIE-International economics

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Browsing DRIIE-International economics by Author "Munteanu, Bogdan"

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    Banking distress-a comparative approach of two business cases in the Banking sector in USA in 2023
    (National University of Political Studies and Public Administration, Department of International Relations and European Integration, 2023-06) Munteanu, Bogdan
    The aims of the paper are to explore the recent liquidity stress situations encountered by the regional banks in the United States of America (with a particular focus on Silvergate Bank and Silicon Valley Bank, both headquartered in California) and to provide a descriptive viewpoint on the regulatory framework, prudentiality and financial management issues, including accounting aspects and corporate governance. The research methodology pertains to the cause-effect analysis and the dynamics of changes over time and to the synthesis of documented authentic public resources of information, giving substance to the main findings. The paper explores the causes and the consequences of the failing banks from the perspective of implications to the current regulatory environment and prudential requirements, with a view to the financial markets functioning. It analyses the business models and the root -causes that led to the recent distress in the first quarter of the year 2023 in the US banking system. The conclusions draw evidence on how clustered liquidity stress and fast-unfolding bank runs became risk factors, in a context where regulatory environment allowed for a more relaxed supervisory stance on banks and the rising interest rates in an inflationary economy affected the market value of financial instruments as means of liquidity in banks' portfolios. Still, despite some particular situations pertaining to some US banks, the US banking sector remains resilient, with significant risk-absorbing capacities.
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    European Union - A case for prudence while managing Imbalances: Debt-Led Economic Growth
    (SNSPA, 2022-06) Munteanu, Bogdan
    The paper aims to look at the EU Fiscal Framework and Governance from the viewpoints of the challenges to economic growth in a context marked by high inflation, geostrategic risks and commodities markets pressures, of the challenges stemming from the interplay between the fiscal and monetary policies when the monetary policy is constraint to tighten and of the challenges for the national authorities to deploy fiscal measures in a post-pandemic context in which the level of public debts increased substantially and constrain the fiscal space and affect the macro-financial stability. The paper takes into account the considerations and the past approaches at EU level to respond to crises with a view on the fiscal implications to achieve the financial stability, implementing legislative adjustments and working on institutional architecture development. This research takes a look at how to assess and understand the public debts sustainability and explores models and options that are possible to be taken into account by the EU leaders to strengthen the resilience of the EU fiscal framework. The paper concludes that, given the uncertainties caused by inflation, geostrategic tensions, prolonged supply chains bottlenecks, rising commodity prices and diminished fiscal space availability, all these imply expectations for further increases in new government debt instruments issuance, at a moment when the balance sheets in the financial sector (including the central banks) are already constrained by the existing debt.
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    Geopolitical views and Geo-economic considerations on the German strategy and EU wider framework relations with China
    (SNSPA, 2023-12) Munteanu, Bogdan
    On July 13, 2023, the German Government has released the first national strategy related to approaching China in international relations, including from a geo-economic perspective. The text of the German strategy is of significant importance for other EU member states and the EU authorities, as it encloses aspects pertaining to the industrial policy and cyber-security, serving nonetheless as a use-case and / or a model for developing a coherent approach to China, including the perspective of economic diplomacy in the larger context of policy dialogues with China. From a diplomatic stance, China has anchored international relations in the countries of Central and Eastern Europe, some of which being EU members - in 2012, China forged partnerships via the "16+1" Cooperation, later extended after the Dubrovnik Summit to "17+1" by the adhesion of Greece. China looks to consolidate bilateral relations in Europe via a multi-level approach and sectorial-specific coordination (to include trade, energy, financial technologies, forestry, maritime services, etc) and the German strategy complements the projected EU-China comprehensive strategic partnership, rather than to be an alternative to it. In this context, the paper explores the implications of the German strategy towards China from the European viewpoint and analyses its value-added potential to supporting the wider angle of EU international relations towards China. The research hypothesis is that in the current international geopolitical context related to China, the German strategy enhances at the national level the guiding principles of EU approach to managing the relations with China and adds value to EU economic diplomacy instead of duplicating it. The research methodology is focused on a qualitative analysis of documented authentic scientific public resources and synthesis of key aspects from a geopolitical and geo-economical wide angle of Sino-European relations. The conclusions draw on the fact that China acts as an international challenger, on a path to consolidate its international role and the EU and the German strategies towards China support the mitigation of exposures to economic dependencies by de-risking linkages rather than economic de-coupling from "a partner, a competitor and a systemic rival" at the same time, as designated by EU.
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    Unconventional Monetary Policy: changing European Central Bank's perspective on Financial Governance
    (SNSPA, 2017-06) Munteanu, Bogdan
    The paper aims to look at the European Central Bank governance in terms of decisions taken to deploy a new kit of unconventional monetary policy measures, in order to respond to a new economic paradigm characterized by dynamic change in evolution, high volatility and enhanced financial risks. As an institution, the European Central Bank is led by the Governing Council and the decisions taken on how to use monetary policy impact an entire financial system. European Central Banking governance is about safeguarding the common currency and ensuring a future for the economic and monetary area to emerge stronger. For this purpose, when conventional monetary policies reach limits in their effects, it is time for the European Central Bank governance to analyse and assume the decision to deploy the arsenal of unconventional monetary policies. The experience of recent years showed a positive effect of the European Central Bank's unconventional monetary measures, but costs could rise in case of extensive use of such measures. When these measures are used in combination, the effect is amplified and the European Central Bank needs to assess when it is time to withdraw the support, how to communicate and what exit strategy should use, what the costs are and impact can expect.