Domain: SH – Social Sciences and Humanities
     Subdomain: SH1 – Individuals, institutions and markets: economics, finance and management
     Main Research Field: SH1_1 – Macroeconomics, growth, business cycles
     Secondary Research Field: Monetary and macroprudential policies

The research project proposes a multidimensional analysis of monetary and macro-prudential policies, emphasizing their close interconnection. As macro-prudential policy frameworks are being developed, policymakers are increasingly turning their attention to the relationship between macro-prudential and monetary policies. The newly emerging paradigm is one in which both monetary policy and macro-prudential policies are used for counter-cyclical management: monetary policy primarily aimed at price stability; and macro-prudential policies primarily aimed at financial stability. These interactions can help achieve the efficient fulfillment of the main objectives of each policy type, demanding the need for coordination between both regulatory channels. The overarching goal of the project is reaching a better knowledge of the structure, behavior, and functionality of the financial system, as well as a broader substantiation of the systemic risk concept and of its quantification methods. The project’s outcome consists of elaborating models and programs which will allow sustainable prudential policy formulation in the financial field. This will lead to an equilibrium between the financial system development and the consolidation of its stability, from a macro-prudential perspective. The proposed models and solutions can ensure a sustainable rate of economic growth, as well as aiding Romania’s efficient integration process in the European structures.



- Developing research papers on subjects belonging to the macro-prudential policy field

- Developing research papers on subjects belonging to the monetary policy field

- Developing a coherent research framework regarding the interactions between macro-prudential and monetary policies



- Consultation of academic and research literature, in a national and international context

- Analysis, synthesis and systematization of the dataset

- Research development and estimation algorithm implementation

- Capitalization of the empirical research results



- Website publishing of the studies (together with the dataset and estimation algorithms)

- Editing volumes containing the detailed analyses

- Publishing in journals indexed in at least 3 international databases

- Organizing workshops on quantitative instruments

- Participating at conferences on macroprudential or monetary policy subjects

- Organizing a seminar for the practical dissemination of the research project’s main results