Impactul variabilelor macroeconomice asupra cursului leului moldovenesc

Abstract

The main objective of this study is to determine the interconnections between the exchange rate of the Moldovan leu and macroeconomic variables. In order to determine the links between the exchange rate and the macroeconomic variables, it was proposed to test the so-called major puzzles from the international economy in the Moldovan financial system. Therefore, the interdependence between the exchange rate of the Moldovan leu and the following macroeconomic variables was established: the real interest rate, the annual inflation rate, the current account balance. At the same time, the efficiency of interventions from the currency reserve of the Republic of Moldova was also determined. As a result of this study, it was highlighted that in the Republic of Moldova, major puzzles in the international economy are manifested in the way they are described in the specialized literature. Thus, we can conclude that in the Republic of Moldova, in the process of managing the exchange rate, it is important to evaluate the impact it can generate on macroeconomic variables. DOI: https://doi.org/10.53486/sstc.v3.48; CZU: 330.101.541:336.748(478)