Daniel Dăianu, Radu Vrânceanu, Andrei Tănase, Andrei Neacșu and Tudor Grosu

This paper investigates the macroeconomic effects from the Russian invasion of Ukraine in February 2022 on the economies of Bulgaria, Czechia, Hungary, Poland and Romania, using a SVAR model based on a similar analytical framework as that described in Bruhin et al. (2023).

Ana M. de Almeida (Banco de Portugal), Graeme Walsh (Central Bank of Ireland), Horațiu Lovin (Banca Națională a României), Marek Benda (Česká národní banka) and Wilko Bolt (De Nederlandsche Bank)

This article provides an overview of recent developments in the EU-UK foreign direct investment (FDI) relationships since Brexit. We begin with a conjunctural analysis that looks at recent trends in EU-UK FDI at a broad level, which includes detail at the sectoral and geographical level. Also included in the conjunctural analysis is a breakdown of foreign affiliates and an investigation of new FDI projects and jobs in the UK. We then look at recent developments in the financial sector, in terms of the real economy, FDI flows, banks, insurance companies, pension funds, and its evolving status as a leading global financial centre. The final part of the article turns to non-conjunctural analysis and provides an econometric investigation into the potential impact of Brexit in EU-UK FDI using a gravity-modelling approach. The formal analysis is a non-trivial exercise because the Brexit period overlaps with other significant events, such as the COVID-19 pandemic. Compared to a no-Brexit scenario, we find that Brexit contributed to a decline in EU FDI flows between the EU and the UK of around 4 per cent. Furthermore, business relocations involving temporary capital flows among important European financial centers marked the significant challenge the UK exit from the EU brought to the financial sector.

Daniel Dăianu, Advisor to the NBR Governor

This is an expanded English version of the article “QE in emerging economies: beware of traps”, which was published in Romanian by Opinii BNR, 1 July 2020. The views expressed do not necessarily represent the position of the institutions the author is affiliated with.

Coord: Daniel Dăianu, Member of the NBR Board; Ella Kállai, Gabriela Mihailovici, Aura Socol

This article has been published in the Romanian Journal of European Affairs, Vol. 17, No. 2, December 2017

Daniel Dăianu, Member of the NBR Board

The Great Recession has reignited the debate on “who creates money”, on the relationship between base money/outside money supplied by central banks and the inside money, which is created by commercial banks. It is in this context that the old controversy regarding the fractionalreserve banking system should be placed. This dispute should be linked with the equally old observation that the financial system is prone to crises, to instances of panic – to “runs”.

Daniel Dăianu, Member of the NBR Board

Daniel Dăianu, Member of the NBR Board

Mugur Isărescu, NBR Governor

Dissertation on the occasion of being admitted to the Real Acadèmia de Doctors in Barcelona, 24 November 2009

Horaţiu Lovin, Andra Pineta

Valentin Lazea

Presentation at the Central & South East European Financial Forum, Bucharest, 19-22 May 2009

Coord: George Virgil Stoenescu; Elisabeta Blejan, Brînduşa Costache, Adriana Iarovici

Coord: George Virgil Stoenescu; Elisabeta Blejan, Brînduşa Costache, Adriana Iarovici

BNR