https://irek.ase.md:443/xmlui/handle/123456789/27 2026-11-09T10:51:19Z https://irek.ase.md:443/xmlui/handle/123456789/5591 Stablecoin-Based Parallel Exchange Rates in Republic of Moldova: Macroeconomic and Regulatory Determinants (2023-2025) Chirovici, Ivan This article examines whether stablecoins pegged to the U.S. dollar could create a shadow channel for USD/MDL pricing in the Republic of Moldova and how the stablecoin premium should be interpreted in 2023–2025. There search problem arises because the official exchange rate published by the National Bank of Moldova is used for accounting purposes and does not determine the actual execution of transactions, whereas after July 1, 2023, access to services related to virtual assets has become more restricted. The aim of this article is to identify regulatory and macroeconomic determinants capable of widening the gap between the P2P USDT/MDL exchange rate and the official USD/MDL reference rate, as well as to propose a framework for measuring this gap using historical exchange rate data. The methodology combines legal, regulatory, and macroeconomic analysis based on data from the National Bank of Moldova, the European Payments Council, the European Commission, the IMF, the FATF, and the FSB, as well as an operational definition of the stablecoin premium and the P2P spread. The results allow us to draw three conclusions. First, Moldova’s institutional environment has tended to foster segmented shadow pricing rather than neutral crypto pricing. Second, the ban on providing services related to virtual assets, which took effect in July 2023, likely intensified frictions in on-ramp and off-ramp channels, increasing the likelihood of a positive premium. Third, accelerating inflation in late 2024, tighter monetary policy in early 2025, and external imbalances likely boosted demand for dollar liquidity, whereas European integration and SEPA adoption suggest a reduction in medium-term frictions for euro transfers. Consequently, the most plausible analytical framework is an interpretation based on regulatory frictions, while the exact historical values of the premium require further reconstruction based on preserved P2P data. CZU: 336.748:338.1(478); JEL: E42; E58; F31; G28; F22 CHIROVICI, Ivan. Stablecoin-Based Parallel Exchange Rates in Republic of Moldova: Macroeconomic and Regulatory Determinants (2023-2025) = Параллельные курсы на основе стейблкоинов в Республике Молдова: макроэкономические и регуляторные детерминанты (2023-2025). Online. Coord. șt.: Zorina ȘIȘCAN. In: Simpozionul Ştiinţific cu participare internaţională al Tinerilor Cercetători. Ediţia a 24-a, 24-25 aprilie 2026, Chişinău. Lucrări ştiinţifice. Chişinău: SEP ASEM, 2026, vol. 3, pp. 213-221. ISBN 978-9975-182-45-4 (PDF). Disponibil: https://doi.org/10.53486/sstc2026.v3.44 2026-01-01T00:00:00Z https://irek.ase.md:443/xmlui/handle/123456789/5514 Panama Papers: Impact on the Global Economy and Tax Ethics Roșior, Sorin Scurgerea de informații din 2016 cunoscută sub denumirea de Panama Papers a dezvăluit un sistem global complex de structuri offshore utilizate pentru evaziunea fiscală și minimizarea obligațiilor fiscale. Prezenta lucrare analizează impactul Panama Papers asupra economiei globale și eticii fiscale, cu accent pe consecințele disproporționate asupra țărilor în curs de dezvoltare. Studiul examinează, de asemenea, modul în care evaziunea fiscală distorsionează concurența pe piață, acordând avantaje competitive nejustificate corporațiilor multinaționale față de firmele naționale transparente, și evaluează eficacitatea reformelor internaționale post-2016, inclusiv Inițiativele privind Eroziunea bazei impozabile(BEPS) și transferul profiturilor ale Organizației pentru Cooperare și Dezvoltare Economică(OECD). Cercetarea evidențiază că pierderile fiscale estimate la nivel global se situează între 190 și 600 de miliarde de dolari anual, cu un impact procentual semnificativ mai mare în economiile emergente (5-10% din PIB) față de economiile dezvoltate (1-2% din PIB). Analiza confirmă că, deși reformele adoptate reprezintă progrese reale, sistemul offshore rămâne în mare măsură funcțional, adaptându-se la noul mediu de reglementare. Metodologia utilizată are un caracter mixt, îmbinând analiza cantitativă a datelor provenite din baze de date internaționale cu abordări calitative bazate pe studii de caz. CZU: [336.227.2:332.122.6]:339.9; JEL: H26, F38, H87, D63, K34 ROȘIOR, Sorin. Panama Papers: Impact on the Global Economy and Tax Ethics = Panama Papers: impactul asupra economiei globale și eticii fiscale. Online. Coord. șt.: Zorina ȘIȘCAN. In: Simpozionul Ştiinţific cu participare internaţională al Tinerilor Cercetători. Ediţia a 24-a, 24-25 aprilie 2026, Chişinău. Lucrări ştiinţifice. Chişinău: SEP ASEM, 2026, vol. 3, pp. 388-392. ISBN 978-9975-182-45-4 (PDF). Disponibil: https://doi.org/10.53486/sstc2026.v3.73 2026-01-01T00:00:00Z https://irek.ase.md:443/xmlui/handle/123456789/5504 Effects of the Implementation of Pillar II BEPS on International Tax Competitiveness Gherb, Valeria; Gherb, Valeria The implementation of Pillar II of the OECD/G20 Base Erosion and Profit Shifting (BEPS) framework introduces a global minimum tax designed to curb aggressive tax competition and profit shifting by multinational enterprises. This article examines the implications of Pillar II for international fiscal competitiveness, focusing on how the new rules reshape the landscape of tax incentives, investment decisions, and jurisdictional attractiveness. While the global minimum tax aims to promote fairness and reduce harmful tax practices, it also challenges traditional strategies used by states to maintain competitive tax regimes. The analysis highlights both the potential benefits - such as increased transparency and stability—and the risks, including diminished sovereignty in tax policy and reduced flexibility for smaller economies. Ultimately, the study explores whether Pillar II fosters a more balanced international tax environment or constrains countries’ ability to compete for global capital. CZU: 339.137:336.22(100); JEL: F38, E63, H25, H26 GHERB, Valeria. Effects of the Implementation of Pillar II BEPS on International Tax Competitiveness = Efectele implementării pilonului II BEPS asupra competitivității fiscale internaționale. Online. Coord. șt.: Corina BULGAC. In: Simpozionul Ştiinţific cu participare internaţională al Tinerilor Cercetători. Ediţia a 24-a, 24-25 aprilie 2026, Chişinău. Lucrări ştiinţifice. Chişinău: SEP ASEM, 2026, vol. 1, pp. 354-357. ISBN 978-9975-182-42-3 (PDF). Disponibil: https://doi.org/10.53486/sstc2026.v1.82 2026-01-01T00:00:00Z https://irek.ase.md:443/xmlui/handle/123456789/5460 The Digital Services Ecosystem in the Era of Global Transformation: Tools and their Use by Individuals and Legal Entities in the Republic of Moldova Grigorița, Nicolae The service ecosystem in the era of global transformation is characterized by accelerated digitization, interconnectivity, and a focus on efficiency and accessibility. In this context, the main tools include e-government platforms, e-banking services, e-commerce applications, integrated information systems, electronic payment solutions, and mobile applications. Globally, the use of digital services has seen significant growth, driven by technological advances and the need to optimize economic and administrative processes. Companies are widely adopting digital solutions to streamline operations, reduce costs, and improve customer relations. Businesses are leveraging digital tools to a greater extent, using them to automate operational processes, optimize costs, and increase the efficiency of economic activity. Individuals are increasingly using these tools for payments, online shopping, and accessing public services. In the Republic of Moldova, the digital services ecosystem is continuously evolving through the implementation of platforms such as MPay, MConnect, MSign, and eFactura. These tools reflect global trends, contributing to the digitization of public administration and the business environment, while also highlighting challenges related to digital literacy, technological infrastructure, and user trust. CZU: 004:338.465(478); JEL: O3, L8, H3, H4 GRIGORIȚA, Nicolae. The Digital Services Ecosystem in the Era of Global Transformation: Tools and their Use by Individuals and Legal Entities in the Republic of Moldova = Ecosistemul serviciilor digitale în era transformărilor globale: instrumente și utilizarea de către persoane fizice și juridice în Republica Moldova. Online. Coord. șt.: Corina BULGAC. In: Simpozionul Ştiinţific cu participare internaţională al Tinerilor Cercetători. Ediţia a 24-a, 24-25 aprilie 2026, Chişinău. Lucrări ştiinţifice. Chişinău: SEP ASEM, 2026, vol. 3, pp. 262-266. ISBN 978-9975-182-45-4 (PDF). Disponibil: https://doi.org/10.53486/sstc2026.v3.52 2026-01-01T00:00:00Z