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  • ACADEMIA DE STUDII ECONOMICE DIN MOLDOVA

    Cu titlu de manuscris

    C.Z.U.:330.322.1:338.1(478)(043)

    ROTARU CRISTIAN

    ECONOMISIREA I STIMULAREA INVESTIIILOR

    MIJLOC DE PROPULSARE A CRETERII ECONOMICE

    08.00.10 FINANE; MONED; CREDIT

    Tez de doctor n tiine economice

    Conductor tiinific: Nadejda Botnari, conf. univ., dr. n economie

    Autorul:

    CHIINU, 2011

  • 2

    Rotaru Cristian, 2011

  • 3

    CUPRINS

    ADNOTARE...5

    LISTA ABREVIERILOR.8

    INTRODUCERE...9

    1. ABORDRI TEORETICE I METODOLOGICE PRIVIND CRETEREA

    ECONOMIC, ECONOMIILE I INVESTIIILE

    1.1 Viziuni asupra conceptului de cretere economic i factorii de propulsare a

    acesteia.......15

    1.2 Repere conceptuale ale economisirii i investiiilor i rolul acestora n realizarea creterii

    economice..35

    1.3 Aspecte metodologice privind corelaia dintre creterea economic, economisire i

    investiii.47

    1.4 Concluzii la capitolul 1 ...57

    2. CAPACITATEA DE ECONOMISIRE I INVESTIRE A ECONOMIEI NAIONALE

    I IMPACTUL ACESTEIA ASUPRA CRETERII ECONOMICE

    2.1 Formarea economiilor i transformarea lor n investiii..........................................................60

    2.2 Surse de finanare a investiiilor i politici financiare de stimulare a acestora....72

    2.3 Analiza corelaiei dintre remitene, economii, investiii i cretere economic......85

    2.4 Concluzii la capitolul 2....99

    3. DEZVOLTAREA POTENIALULUI DE CRETERE ECONOMIC A REPUBLICII

    MOLDOVA PRIN ECONOMISIRE I INVESTIII

    3.1 Cadrul metodologic de elaborare a modelelor de simulare a creterii economice....102

    3.2 Elaborarea modelului de simulare a creterii economice prin economisire i investire, i

    identificarea direciilor strategice de realizare a acesteia....109

    3.3 Concluzii la capitolul 3..127

    CONCLUZII GENERALE I RECOMANDRI..129

    BIBLIOGRAFIE....136

    ANEXE

    Anexa 1: Prezentarea celor mai relevante modele economice privind creterea economic..152

    Anexa 2: Instrumente de realizare a politicii de cretere economic..154

    Anexa 3: Clasificarea investiiilor...155

    Anexa 4: Evoluia ratelor medii la depozitele atrase i creditele acordate de bncile

    comerciale....157

  • 4

    Anexa 5: Msuri prevzute de autoriti pentru atingerea obiectivelor de cretere economic a

    Republicii Moldova.158

    Anexa 6: Contribuia activitilor economice la formarea Produsului Intern Brut n perioada

    2000-2009161

    Anexa 7: Date utilizate la elaborarea modelului de simulare a efectelor economisirii i investirii

    asupra economiei Republicii Moldova....162

    Anexa 8: Rezultatele testrii modelului de cretere economic specific Republicii Moldova,

    prin intermediul pachetului econometric de programe E-Views 5.0...163

    Anexa 9: Rezultatele testrii modelului complementar (1) de determinare a factorilor care

    influeneaz asupra Formrii Brute de Capital Fix n economia Republicii Moldova164

    Anexa 10: Rezultatele testrii modelului complementar (2) de determinare factorilor care

    influeneaz asupra Formrii Brute de Capital Fix n economia Republicii Moldova165

    Anexa 11: Certificat de implementare a rezultatelor tezei n cadrul MIEPO.166

    Anexa 12: Certificat de implementare a rezultatelor tezei la Ministerul Economiei..167

    Anexa 13: Certificat de implementare a rezultatelor tezei la Banca Naional a Moldovei...168

    DECLARAIA PRIVIND ASUMAREA RSPUNDERII169

    CV-ul AUTORULUI..170

  • 5

    ADNOTARE

    Rotaru Cristian, Economisirea i stimularea investiiilor mijloc de propulsare a creterii

    economice, tez de doctor n economie, Chiinu, 2011

    Teza cuprinde introducere, 3 capitole, concluzii generale i recomandri, bibliografia din

    215 titluri, 13 anexe i este expus pe 171 pagini, inclusiv 6 tabele i 18 figuri. Cercetrile sunt

    reflectate n 7 publicaii tiinifice.

    Cuvinte-cheie: economii, investiii, cretere economic, remitene, model de simulare,

    instrumente de politic bugetar-fiscal, instrumente de politic monetar-creditar, Produsul

    Intern Brut, cadrul instituional, model de cretere economic.

    Domeniul de studiu al tezei este reprezentat de creterea economic, precum i impactul

    stimulator al economisirii i a investiiilor asupra acesteia.

    Scopul i obiectivele lucrrii rezid n studierea interaciunii dintre economisire i

    investiii i creterea economic, i n identificarea modalitilor de stimulare a economisirii i

    mobilizrii capitalului economisit n scopul realizrii dezideratului de cretere economic a

    Republicii Moldova.

    Noutatea i originalitatea tiinific este reliefat de aprofundarea i dezvoltarea

    conceptelor de economisire, investiii i cretere economic, identificarea factorilor care au avut

    o inciden determinant asupra evoluiei economice a Republicii Moldova n perioada analizat,

    cercetarea mecanismelor i instrumentelor care urmeaz a fi utilizate n scopul stimulrii creterii

    economice, precizarea rolului veniturilor sub form de remitene i impactului acestora asupra

    proceselor de economisire, investire i cretere economic, elaborarea modelului de simulare a

    efectelor economisirii i investiiilor asupra dinamicii Produsului Intern Brut, precum i de

    cercetare a potenialului de cretere economic a Republicii Moldova n perioada 2010 2015.

    Semnificaia teoretic i valoarea aplicativ a lucrrii este determinat de dezvoltarea

    conceptelor contemporane referitoare la creterea economic, identificarea problemelor eseniale

    ale creterii economice specifice R. Moldova i propunerea de soluii pentru depirea acestora i

    revigorarea economiei naionale. Cercetrile efectuate au pus n eviden remitenele, n calitate

    de factor care a contribuit la extinderea acumulrilor de capital n cadrul economiei naionale,

    fapt care a favorizat deplasarea economiei pe o pant ascendent. De asemenea, n tez sunt

    reflectate modelul de simulare a efectelor economisirii i investirii asupra creterii economice,

    estimarea potenialului de cretere a economiei R. Moldova n urmtorii ani, precum i posibilele

    direcii strategice de realizare a creterii economice n R. Moldova.

    Implementarea rezultatelor tiinifice: unele recomandri, elaborate n tez, au fost

    acceptate spre utilizare n activitatea Ministerului Economiei al R. Moldova, BNM i MIEPO.

  • 6

    ANNOTATION

    Rotaru Cristian, Savings and stimulation of investments way to propel economic

    growth, doctoral thesis in economy, Chisinau, 2011

    The thesis consists of the introduction, 3 chapters, general conclusions and

    recommendations, bibliography containing 215 titles, 13 annexes and it is exposed on 171 pages,

    including 7 tables and 18 figures. Researches are reflected in 7 scientific papers.

    Key words: savings, investments, economic growth, remittances, simulation model,

    instruments of budgetary and fiscal policy, instruments of monetary policy, Gross Domestic

    Product, institutional framework, model of economic growth.

    The area of study of the thesis is represented by the economic growth and also by the

    stimulatory impact of savings and investments on it.

    The scope and the objectives of the thesis consists in studying of the interaction between

    savings, investments and economic growth, but also in the identification of the possible ways to

    stimulate capital accumulation and its investment, in order to obtain economic growth.

    Novelty and scientific originality are underlined by the deep study and development of

    such concepts as saving, investments and economic growth, identification of the factors that had

    an essential influence on the economical evolution of Republic of Moldova within the analyzed

    period of time, the research of mechanisms and instruments that are to be used in order to

    stimulate economic growth, specification of the role of incomes obtained as remittances and their

    impact on savings, investments and economic growth, elaboration of simulation model about the

    effects of savings and investments on the dynamic of Gross Domestic Product, and also by the

    research of the growth potential of Republic of Moldovas economy in 2010 2015 years.

    Theoretical significance and applied value of work is determined by the development of

    contemporaneous concepts related to economic growth, identification of essential issues of

    economic growth process specific to Republic of Moldova and proposal of solutions in order to

    overcome them and to revive national economy. The researches that have been made underlined

    the remittances as a factor that contributed to the enlargement of capital accumulation within

    national economy, fact that helped the ascendant development of national economy. Moreover,

    in the thesis are emphasized the model of simulation of the effects of savings and investments on

    economic growth, an estimation of growth potential of Republic of Moldovas economy in the

    next years, and also some strategic directions of obtaining economic growth in R. Moldova.

    Implementation of scientific results: some recommendations, developed in thesis, were

    accepted to be implemented in the activity of Ministry of Economy of the Republic of Moldova,

    NBM and MIEPO.

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