State Ownership Function Development in the Republic of Moldova: Between Institutional Centralization and Operational Constraints

Abstract

The reforms initiated in the Republic of Moldova after 2017, within the context of the reorganization of the central public administration, aimed to strengthen the state's ownership function through the centralization of public asset management under the Public Property Agency. Although this model is aligned with international practices regarding state-owned enterprise governance, its implementation reveals a significant gap between the level of asset concentration and the operational capacity of the responsible institution. The research analyzes the evolution of the structure and value of public property during the period 2017; 2022–2025, alongside an assessment of financial performance and institutional capacity. The research methodology combines quantitative and qualitative components, based on statistical, documentary, and empirical analysis. The results indicate an almost complete centralization of the ownership function, accompanied by a concentration of financial risks and the persistence of structural constraints in exercising this function. In this context, the efficiency of the centralized model depends on strengthening in stitutional capacities and optimizing organizational design. CZU: 342:347.218.2(478); JEL: H83, G32, L32