Institute for Economic Research

As a sequel of research from previous years, this article aims to improve the specific taxation system applied to the oil and gas sector in Romania. The first part of the paper characterizes the specific taxation system applied to this sector, from which it results that the current upstream sector taxation system is, eminently, one oriented towards achieving short-term budgetary revenues, which does not bring a balance between the needs of the present and those of the future, being, thus, unsustainable in the long term. For these reasons, the second part of the article is dedicated to outlining measures to improve the current taxation system in the oil industry in our country. Given the identified deficiencies, and in order to achieve a balance between the needs of the present and those of the future, on the one hand, and the budgetary needs of the state and other strategic objectives, as well as the needs of the state and those of investors, on the other hand, the article has identified and detailed a set of measures that could have potential beneficial effects. But these must be balanced in a way that ensures energy security, protects vulnerable consumers, does not discourage investments, and at the same time allows the proper functioning of the energy market. And adapting a flexible hydrocarbon taxation system to exogenous stressors in order to ensure the need for crude oil and natural gas in crisis conditions is the solution to this problem.

Microfinance institutions (MFIs) play a crucial role in promoting financial inclusion and supporting vulnerable groups in the Republic of Moldova. However, the sector faces multiple challenges related to credit risk concentration, liquidity fluctuations, regulatory pressures, and macroeconomic instability. This paper analyzes the strategies of risk diversification applied by MFIs and assesses their contribution to strengthening sectoral resilience. Particular attention is given to the impact of innovative financing mechanisms, such as blended finance and guarantee schemes, in reducing vulnerability to external shocks. Empirical evidence from the Moldovan microfinance market indicates that institutions with a diversified risk management framework demonstrate higher financial stability, lower default rates, and greater adaptability to crises. The findings suggest that fostering risk diversification strategies not only enhances the sustainability of microfinance institutions but also contributes to the resilience of the national financial system as a whole. The article was developed within the framework of Subprogram 030101 „Strengthening the resilience, competitiveness, and sustainability of the economy of the Republic of Moldova in the context of the accession process to the European Union”, institutional funding.

Oenothera biennis L. is a biennial species native to North America and introduced to Europe in the 17th–18th centuries, used in traditional medicine or as a dietary supplement in various products, as well as in cosmetics and the pharmaceutical industry. In recent decades, oil extracted from seeds has been increasingly used for the treatment of various conditions. In this article, we highlight the polyphenolic content of 2 types of extracts from O. biennis species, collected from the wild flora of Romania, from two regions with different altitudes and pedoclimatic conditions (plains and mountains), namely: OHM—hydroalcoholic extract, Macea sample; OHVD—hydroalcoholic extract, Vatra Dornei; OAM—aqueous extract, Macea sample; OAVD—aqueous extract, Vatra Dornei sample. The LC/MS analysis of the whole plant extracts revealed 5 to 14 polyphenols, depending on the sample location and type of extract, out of which 7 flavonoids are newly reported for this species. Climatic parameters were mapped using QGIS. Higher qualitative and quantitative values of polyphenols were observed in the hydroalcoholic extract obtained from individuals collected from the plain area.

Heavy metal contamination of aquatic systems represents a critical environmental and public health concern due to the persistence, toxicity, and bioaccumulative potential of these elements. Geographic information systems (GISs) have emerged as indispensable tools for the spatial assessment and management of heavy metals (HMs) in water resources. This review systematically synthesizes current research on GIS applications in detecting, monitoring, and modeling heavy metal pollution in surface and groundwater. A bibliometric analysis highlights five principal research directions: (i) global research trends on GISs and heavy metals in water, (ii) occurrence of HMs in relation to World Health Organization (WHO) permissible limits, (iii) GIS-based modeling frameworks for contamination assessment, (iv) identification of pollution sources, and (v) health risk evaluations through geospatial analyses. Case studies demonstrate the adaptability of GISs across multiple spatial scales, ranging from localized aquifers and river basins to regional hydrological systems, with frequent integration of advanced statistical techniques, remote sensing data, and machine learning approaches. Evidence indicates that concentrations of some HMs often surpass WHO thresholds, posing substantial risks to human health and aquatic ecosystems. Furthermore, GIS-supported analyses increasingly function as decision support systems, providing actionable insights for policymakers, environmental managers, and public health authorities. The synthesis presented herein confirms that the GIS is evolving beyond a descriptive mapping tool into a predictive, integrative framework for environmental governance. Future research directions should focus on coupling GISs with real-time monitoring networks, artificial intelligence, and transdisciplinary collaborations to enhance the precision, accessibility, and policy relevance of heavy metal risk assessments in water resources.

Abstract The persistence and evolution of two well-known market anomalies − the Monday and January effects − in the S&P 500 over 2000-2024 is investigated in this paper. Conventional wisdom, including the Efficient Market Hypothesis (EMH), holds anomalies are “arbitraged out” from the market once discovered. Still discernible, though, are the two mentioned. The study examines daily closing prices and monthly returns of the S&P 500 to determine the degree to which these anomalies are still present and their evolution over the years. According to the analysis, Monday closing values are smaller than those of the other weekdays; however, this difference seems to have been lessened over time, suggesting some effort at arbitrage. Though the January effect also weakens post-2010, the data confirms it similarly. Several behavioural finance frameworks help explain the ongoing existence of these anomalies in the market, independent of the present high-frequency trading paradigm. One of the theories that clarifies how even after the market adjusts, such anomalies can survive because of investor behavior and information distribution is the Adaptive Markets Hypothesis. Therefore, this paper explains how these arbitrage opportunities can last beyond their initial discovery by connecting the practical consequences of financial market anomalies and interactions to behavioral finance theories. The observations could be helpful for academics, legislators, and investors since they show how behavior-driven market patterns can survive and change past general investor rationality.

New arrangement models have quickly become the most common work organization for many companies, offering employees a better work-life balance and higher job satisfaction. The COVID-19 pandemic has accelerated the adoption of these models without a clear understanding of emerging hybrid forms and the support needed to ensure a sustainable and efficient transition. The lack of clear regulatory frameworks and adequate infrastructure has created challenges for both employers and employees, highlighting the need for strategic policies and investments to support the sustainable development of the new forms of work. This study explores the determinants of the acceptance of the new working models and female employee satisfaction in post-pandemic Moldova. Using a questionnaire survey and an Ordinary Least Squares (OLS) regression model, the research evaluates employees’ preferences for traditional, hybrid, and remote work arrangements. The findings indicate a growing inclination toward hybrid work models, which offer flexibility and work-life balance. However, full adaptation remains hindered by limited digital infrastructure, employer concerns over productivity, and insufficient policy support. While remote work is valued for its flexibility, employers in Moldova express reservations about its impact on oversight and collaboration. By focusing on female employees—who represent the majority of the workforce sample—this study offers a gendered perspective on evolving work preferences and provides evidence-based recommendations for designing inclusive and adaptive work policies. The findings contribute to understanding workforce transformation in Moldova and support efforts to align labor market practices with broader trends in digitalization and gender equity.

Laut Schätzungen des Instituts für Wirtschaftsforschung und Politikberatung (IER) in Kyjiw wuchs das reale BIP 2024 um 3,5 Prozent zum Vorjahr, getragen durch die Binnennachfrage, jedoch gebremst durch Zerstörungen im Energiesektor. In einer gemeinsamen Prognose des IER und des German Economic Team (GET) schätzen wir ein Wachstum von 2,9 Prozent im Jahr 2025 und 3,2 Prozent 2026. Privater Konsum und Investitionen sind die wichtigen Wachstumstreiber. Das Exportwachstum bleibt begrenzt, während die Importe zunehmen. Dennoch wird erwartet, dass die Leistungsbilanz 2025 ausgeglichen ist, gestützt durch ein G7-Finanzpaket über 50 Mrd. USD durch Zinseinnahmen aus eingefrorenen russischen Zentralbankreserven (Extraordinary Revenue Acceleration; ERA). Für 2026 wird erneut ein Defizit prognostiziert. Die Inflation dürfte 2025 weiterhin zweistellig bleiben; erst 2026 wird sie sich dem Zielkorridor der Nationalbank annähern, begünstigt durch eine verbesserte landwirtschaftliche Ernte, eine restriktive Geldpolitik und weniger stark wachsende Energiepreise.