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    <title>Journal of Financial and Monetary Economics – Volume 13, Issue 1 (2025)</title>
    <link>https://www.icfm.ro/jfme.icfm.ro/</link>
    <description>RSS feed for Volume 13, Issue 1 of the Journal of Financial and Monetary Economics.</description>
    <language>en-us</language>
    <lastBuildDate>Mon, 27 Jul 2026 09:36:18 GMT</lastBuildDate>
    <generator>JFME RSS Generator</generator>
    <item>
      <title>IMPLICATIONS OF THE TRANSITION TO THE CIRCULAR ECONOMY ON ENERGY POVERTY AT EUROPEAN LEVEL</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p7-20.html</link>
      <description><![CDATA[The COVID-19 pandemic has brought into question the issue of housing space and decent living and working conditions. With the outbreak of the war in Ukraine, the problem has worsened due to the ever-increasing costs of energy products, especially oil and gas, at the European level. For the most vulnerable citizens, seriously exposed to the risk of energy poverty, solutions vary in the scope of restricting consumption, using dangerous non-compliant materials for heating and cooking, postponing bill payments, but also reducing spending on essential goods, such as food and medicine. Against this background, the increasingly important climate ambitions of European Union officials regarding the reduction of greenhouse gas emissions and the transition to a circular economy worsen the situation, through necessary investments in key infrastructure, such as energy and transport, which lead, through successive implications, to the support of these costs at the citizen level. In this context, the article analyzes, through an econometric model, with panel data, for the period 2015-2024, the implications of the circular economy transition captured by circular economy indicators on some energy poverty indicators at the EU27 level.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.1</guid>
    </item>
    <item>
      <title>WAYS FOR IMPROVING THE SPECIFIC TAXATION SYSTEM APPLIED TO THE OIL AND NATURAL GAS SECTOR IN ROMANIA</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p21-35.html</link>
      <description><![CDATA[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.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.2</guid>
    </item>
    <item>
      <title>THE SUSTAINABLE NATURE OF FISCAL AND BUDGETARY CONSOLIDATION FROM A LOGICAL AND INSTITUTIONAL PERSPECTIVE</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p36-52.html</link>
      <description><![CDATA[The article investigates the sustainability of fiscal consolidation from a dual perspective: logical-economic and institutional, with a focus on the interaction between fiscal adjustment strategies and the broader governance framework. The study goes beyond the restrictive accounting approach of consolidation, arguing that sustainability depends both on the logical coherence of fiscal policy design and on the institutional robustness of implementation mechanisms.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.3</guid>
    </item>
    <item>
      <title>MODELING THE EFFECTS OF SUSTAINABLE DEVELOPMENT ON THE EQUITY RISK PREMIUM</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p53-64.html</link>
      <description><![CDATA[This paper is a secondary data analysis regarding the relationship between sustainable development and the cost of equity (Equity Risk Premium — ERP) in the European context, with the main objective of providing a panel econometric model with country and time-specific effects for ERP estimation. The study adopts a quantitative methodology, combining panel regression and secondary data analysis of a sample from 28 European countries over the period 2000–2023. The findings reveal a generally negative correlation between the Sustainable Development Index (SDG Index) and ERP. Moreover, it was observed that most individual SDG indicators did not show statistical or economic significance; out of the 17 components of the aggregate SDG Index, only 6 proved to be significant. The study emphasizes that the panel econometric model employed can estimate ERP values with high accuracy, average estimation errors being small. Thus, the choice of long-term bond yields and the aggregate Sustainable Development Index (SDG Index) as independent variables generated significant results, indicating that these variables can be used in models for estimating the cost of equity.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.4</guid>
    </item>
    <item>
      <title>FISCAL CONSOLIDATION IN TIMES OF UNCERTAINTY: BETWEEN SUSTAINABILITY AND SOCIAL EQUITY</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p65-72.html</link>
      <description><![CDATA[In the history of contemporary economies, increasingly frequent crises and rapid technological transitions have favored the emergence of periods of uncertainty that have required conjunctural adaptations and strategic reconfigurations, often directly targeting fiscal-budgetary policy, respectively the fiscal consolidation process. In this context, the paper aims to analyze the issue of fiscal-budgetary consolidation in periods in which economic and social uncertainty are prominent, with an emphasis on maintaining a certain balance between budgetary sustainability and social equity. A complex approach is proposed to overcome the exclusively numerical vision, percentages, and aims to integrate economic and social dimensions. It also aims to capture national experiences (Greece, Romania, Germany, Portugal, Hungary and Bulgaria) and integrate the main theoretical paradigms (Keynesianism, neoliberalism, social justice). The results lead to the conclusion that the efficiency of consolidation depends on the state's capacity to ensure the balance between fiscal discipline and social equity.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.5</guid>
    </item>
    <item>
      <title>THE CAPITAL OF THE HOUSEHOLDS AND WAYS OF TAXING IT. A THEORETICAL ANALYSIS AT THE LEVEL OF EUROPEAN UNION COUNTRIES</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p73-82.html</link>
      <description><![CDATA[The taxation of capital is a widely debated topic in specialized literature, the main themes starting from the complex nature of capital to different evaluations of inequality, the theoretical validity of optimal fiscal results and how to approach the restrictions imposed by capital mobility, as well as the specifics of the countries analyzed. In this paper we propose to carry out a theoretical analysis of the tax treatment of household capital income among the EU member states (we refer to income from specific assets, capital gains, inheritances and donations/gifts), in this sense using mainly a descriptive methodology, by appealing to various bibliographic sources, mainly from foreign literature as well as the use of official documents of the fiscal entities of the respective countries.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.6</guid>
    </item>
    <item>
      <title>SMART TRANSFORMATION IN MOLDOVA’S AGRICULTURE</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p83-90.html</link>
      <description><![CDATA[The Moldovan agricultural sector stands at a crossroads, facing challenges such as climate volatility, labor migration, and low productivity. Yet, the digital era opens unprecedented opportunities to leapfrog traditional limitations. This paper explores Moldova’s potential to harness digital innovation in agriculture by aligning global technological trends—like AI, IoT, and data platforms—with local realities. Drawing on recent insights and studies, the article evaluates key enablers of transformation: digital infrastructure, governance, public-private partnerships, farmer-centric innovation, and other enabling pillars. Results highlight strong digital infrastructure achievements at national level alongside persistent rural gaps, nascent agri-tech ecosystems, and urgent needs in data governance, farmer training and finance.Moldova’s path to smart agriculture is examined through comparative case studies and evidence-based policy recommendations, setting a blueprint for a resilient, tech-driven rural economy.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.7</guid>
    </item>
    <item>
      <title>DIGITALIZATION AS A DRIVING FACTOR IN THE TRANSFORMATION OF BUSINESS PROCESSES IN THE BANKING SYSTEM</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p92-105.html</link>
      <description><![CDATA[In recent years, the banking business has undergone significant transformation under the influence of the digitalization of the environment and business. Banking products and services, driven by new economic phenomena and information technologies, are changing and modernizing. The issue of an effective path for the development of the banking system has become particularly relevant in the context of the rapid digitalization of economic activity. The application of modern technologies by banks fundamentally contributes to reducing costs and increasing revenues. The purpose of the research on the topic is to analyze the transformations of the banking business under the influence of digitalization and to identify the most effective ways to ensure the sustainable development of the banking system. This research aims to highlight how modern technologies contribute to the modernization of banking products and services, the reduction of operational costs, and the increase of revenues, especially in the context of the rapid digitalization of economic activity.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.8</guid>
    </item>
    <item>
      <title>THE ROLE OF CENTRAL BANKS AND ECONOMIC SUSTAINABILITY IN THE CONTEXT OF THE DIGITAL AGE</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p106-116.html</link>
      <description><![CDATA[Human history reflects a continuous evolution, initially slow over millennia but significantly accelerated during the Renaissance and modern era. Geography, natural resources, conflicts, and technological progress have shaped societies, generating both material and spiritual achievements. The Industrial Revolution marked a turning point by replacing manual labor with machinery, bringing comfort and prosperity, but also creating environmental imbalances that became more evident in the 20th century. In the 21st century, climate change and global warming represent pressing priorities on the international agenda, with the 2015 Paris Agreement establishing ambitious targets for reducing greenhouse gas emissions and fostering renewable energy development. The objective of this paper is to analyze the strategic role of central banks and financial institutions in promoting sustainable investments, supporting green transition policies, and enhancing public awareness regarding climate-related risks. The methodology combines literature review with comparative analysis of European and Romanian practices, highlighting both achievements and challenges. Preliminary results show that green finance emerges as a fundamental driver of economic resilience, providing tools for redirecting capital flows toward environmentally responsible projects. Romania’s commitment to renewable energy targets illustrates the relevance of aligning financial systems with climate objectives, contributing to a cleaner, more inclusive and sustainable future.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.9</guid>
    </item>
    <item>
      <title>THE IMPACT OF MENTAL ACCOUNTING ON FINANCIAL DECISIONS</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p117-127.html</link>
      <description><![CDATA[Mental accounting is a concept in which individuals categorize, evaluate, and manage money in various mental accounts without taking into account the fungibility of money. The purpose of this article is to present the methods, consequences and impact of mental accounting on financial decision-making. The study examined expert opinions on the topic, that were published on the Internet. Mental accounting refers to the way individuals perceive and categorize their money based on its source and intended purpose. Mental accounting's impact can be categorized as primary and secondary. Individuals divide monetary means into personal and public, owned and borrowed, obtained in a planned and unexpected manner. People tend to focus excessively on one account without considering the full spectrum of financial activities, which is caused by irrational financial decision-making as a secondary impact. Mental accounting manifests itself in various areas of finance, such as personal, corporate, public, and investment. Examining the effects of mental accounting helps to fully explain the dysfunctions of financial mechanisms.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.10</guid>
    </item>
    <item>
      <title>TRANSFORMING THE FINANCIAL ECOSYSTEM THROUGH INNOVATION: INNOVATIVE FINANCIAL INSTRUMENTS, DIGITAL FINANCE, AND OPEN FINANCE IN THE ERA OF DIGITALIZATION</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p128-138.html</link>
      <description><![CDATA[This paper explores the transformative impact of innovative financial instruments, digital finance, and open finance on the resilience and inclusiveness of modern financial ecosystems. The main objective is to assess how digital innovation supports systemic stability and financial accessibility, particularly in vulnerable or underserved regions. A mixed-methods approach is employed, combining qualitative analysis of policy and regulatory frameworks with quantitative assessment of fintech adoption rates, financial inclusion indicators, and economic resilience metrics. Case studies from both developed and emerging economies are analyzed to identify how open finance tools—such as mobile payments, API-based platforms, and digital identity solutions—enhanceability adapt in times of crisis. Preliminary results show that countries fostering inclusive financial innovation through regulatory flexibility, public-private partnerships, and open banking initiatives tend to demonstrate stronger financial resilience and improved access for marginalized populations. The findings underline the potential of digital finance as a structural mechanism for achieving long-term economic stability and inclusive growth.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.11</guid>
    </item>
    <item>
      <title>THE ROLE OF THE NATIONAL BANK OF ROMANIA IN REGULATING THE BANKING DIVIDEND POLICY – AN ESSENTIAL COMPONENT OF BANKING SUPERVISION</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p139-144.html</link>
      <description><![CDATA[In the Romanian banking system, National Bank of Romania (Banca Nationala a Romaniei) in the institution which, according to Romanian law, is assigned, on one hand, with the “exclusive jurisdiction to authorize credit institutions” and, on the other hand, with the responsibility for “prudential supervision of credit institutions that authorized them to operate in Romania”. One of the most important ‘tools’ at the command of National Bank of Romania in its ‘arsenal’ it uses to exert its prudential supervision of credit institutions is the dividend policy, as a means to ‘streamline’ shareholder returns so as to make sure capital will be available for the need of absorbing (potential) losses and also to make lending still possible, especially so during an economic crisis. For this – in principle –, prudential supervision can be exerted through restricting dividend payments to stakeholders in order to increase banks' capital buffers and their lending capacity.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.12</guid>
    </item>
    <item>
      <title>STRATEGIES FOR RISK DIVERSIFICATION IN MICROFINANCE INSTITUTIONS AND THEIR IMPACT ON THE RESILIENCE OF THE SECTOR IN THE REPUBLIC OF MOLDOVA</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p145-155.html</link>
      <description><![CDATA[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.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.13</guid>
    </item>
    <item>
      <title>DEGLOBALIZATION AND ITS FINANCIAL IMPLICATIONS: A THEORETICAL PERSPECTIVE</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p156-164.html</link>
      <description><![CDATA[The slowdown in globalization after the Global Financial Crisis in 2008 and the sovereign debt crisis in the Eurozone, especially after 2015, is due to deep structural transformations in the international economy and finance, increasing trade protectionism, growing regulatory burdens, and geopolitical instability. The report systematizes, from a theoretical point of view, the main driving forces behind the slowdown in globalization, the waves of globalization and deglobalization in the world economy, and the possible financial consequences of deglobalization. The analyzed theoretical aspects of deglobalization point to an intensification of the role of state intervention with negative consequences for the process of financial integration, with a refocusing of financial operations on local capital markets.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.14</guid>
    </item>
    <item>
      <title>FINANCIAL INSTRUMENTS USED TO SUPPORT THE GREEN TRANSITION IN ROMANIA</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p165-170.html</link>
      <description><![CDATA[The transition to a green economy represents one of the most complex challenges of the current decades, involving profound transformations of the energy, industrial and financial sectors. The main objective of this paper is to analyze and systematize the main financial instruments that contribute to supporting the green transition, with a focus on their role in mobilizing private and public capital for sustainable projects. The study examines a wide range of mechanisms – from green bonds, sustainable loans and ESG investment funds, to innovative schemes such as blended finance and sustainability-related derivatives. The research combines theoretical analysis of the European and international framework with an empirical assessment of the efficiency of these instruments in attracting investments in renewable energy, sustainable infrastructure and energy efficiency projects in Romania. The research conclusions emphasize the importance of collaboration between financial institutions, public authorities and investors to create an ecosystem favorable to green financing. Through a comparative and multidimensional approach, the paper provides a theoretical and practical basis for improving public policies and existing financial instruments, contributing to accelerating the transition to a low-carbon economy and achieving sustainable development goals.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.15</guid>
    </item>
    <item>
      <title>PRICE FORMATION IN THE INFORMATION ECONOMY: SPECIFIC FEATURES OF THE INFODOCUMENTARY MARKET</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p172-183.html</link>
      <description><![CDATA[Neoclassical growth models conceptualize knowledge as a private good subject to the rules of perfect competition. However, this perspective raises questions regarding the specificity of information and the limits of conventional market mechanisms in the knowledge domain. While classical production factors are consumed in the production process and recovered through the market realization of outputs, information and knowledge do not follow these standard patterns. Information integrated into production contributes anticipatively to achieving outcomes (feed-forward) without being consumed. It functions analogously to a catalyst: it facilitates transformations within the production process yet remains intact and can even increase in value through its use. Unlike classical economic markets, where demand and supply pertain to the same entity, the infodocumentary market is characterized by a structural disjunction: demand targets knowledge, whereas supply provides information. The defining feature of this market, without parallel in standard economic theory, lies in the existence of two equilibrium points, corresponding to two distinct transaction prices.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.16</guid>
    </item>
    <item>
      <title>EXPLAINING ONLINE PURCHASES IN THE EUROPEAN UNION: A COUNTRY-LEVEL PERSPECTIVE</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p184-190.html</link>
      <description><![CDATA[This paper investigates the determinants of online purchases in the European Union using annual country-level data for 2020–2023. We focus on macroeconomic (GDP per capita, inflation, consumption share), institutional (regulatory quality), technological (internet penetration, broadband subscriptions), and demographic (share of population aged 65+) factors. Our estimates shows that income, regulatory quality, and internet use are strongly and positively associated with online shopping, while consumption share is negatively related. Inflation exerts a modest positive effect, and ageing unexpectedly supports digital uptake. The findings highlight that online purchases depend not only on technology but also on income, institutions, and demographics. We bring an EU-wide update for 2020–2023 and show which country-level factors move with online buying. We also flag a measurement gap: fixed lines are a weak stand-in for day-to-day retail connectivity, so future work should add mobile metrics (4G/5G coverage, typical downlink, data affordability).]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.17</guid>
    </item>
    <item>
      <title>THE ROLE OF FINANCIAL INCLUSION IN REDUCING SOCIAL VULNERABILITY IN THE REPUBLIC OF MOLDOVA</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p191-202.html</link>
      <description><![CDATA[The paper examines practical ways to strengthen the scientific and methodological foundation for reducing social vulnerability by expanding financial inclusion among low-income groups in the Republic of Moldova. A key element of the study is the introduction of the “financial inclusion threshold”, understood as the minimum income level and economic autonomy required for meaningful participation in the formal financial system. The research aims to highlight the main difficulties faced by vulnerable groups in accessing and using financial services and to identify instruments tailored to their needs. The analysis combines statistical data on demographics and pensions with a comparative review of savings products designed for seniors, as well as social and digital inclusion programs. Preliminary results show that elderly people, rural households, and informal workers encounter significant barriers such as insufficient income, limited financial literacy, and poor access to digital infrastructure. As a response, the paper proposes an Integrated Financial Package for Seniors, including preferential savings accounts, socially guaranteed microloans, multifunctional social cards, and tailored health insurance, all supported by continuous financial education programs.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.18</guid>
    </item>
    <item>
      <title>ENHANCING ECONOMIC RESILIENCE THROUGH SECURE FINTECH PAYMENTS: A LEGAL AND REGULATORY ANALYSIS UNDER THE EVOLVING EU FRAMEWORK</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p203-220.html</link>
      <description><![CDATA[Digital payments are increasingly central to the European Union’s financial ecosystem, but it seems that they face growing security and operational risks. This study is proposing to explore how secure fintech payment services can enhance economic resilience by ensuring business continuity, security of the payment services and so reducing systemic vulnerabilities. Methodology is by focusing on the EU regulatory framework, particularly Payment Services Directive PSD2 [1] and the forthcoming Third Payment Services Directive (PSD3) [2]/Payment Services Regulation (PSR) [3], to identify and emphasize adequate security measures to mitigate the risks associated to payment services. This might eventually lead to compliance from fintech entities to preserve the economic resilience. The preliminary result of the analysis shows that secure fintech payment services, when aligned with EU regulatory requirements, significantly strengthen economic resilience. The research proposes to emphasize how the regulatory foresight combined with proactive security measures might foster a reliable, trusted, and resilient digital payment infrastructure, capable of supporting the EU economy under normal conditions and during periods of stress or disruption.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.19</guid>
    </item>
    <item>
      <title>FINANCIAL RESILIENCE OF PUBLIC HEALTH IN THE REPUBLIC OF MOLDOVA</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p221-229.html</link>
      <description><![CDATA[The healthcare system, like other areas of the national economy, is constantly changing, driven by the development of medical techniques and technologies, improvements in medical performance, and the refinement of treatment techniques and methods. The improvement of medical management is a consequence of the development of medical processes and culture, which ultimately contributes to the improvement of the quality of medical services and the effectiveness of treatments, which is ensured on an ongoing basis through financial resilience in the healthcare system.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.20</guid>
    </item>
    <item>
      <title>THE POTENTIAL OF DIGITAL TECHNOLOGIES IN THE DEVELOPMENT PROCESS OF COMPANIES</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p230-235.html</link>
      <description><![CDATA[The main objective is to highlight the contribution of digital technologies to the sustainable development of companies in the manufacturing industry. Based on the consultation of numerous specialized works and the processing of available data, it was found that although companies embrace digitalization, they encounter obstacles in terms of integrating digital technologies. In the context of the presented aspects, the most appropriate solutions capable of ensuring the elimination of barriers and ensuring long-term performance are identified.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.21</guid>
    </item>
    <item>
      <title>TRANSFORMING DEVELOPMENT: CIRCULAR ECONOMY AND ECONOMIC GROWTH IN THE GLOBAL SOUTH</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p236-248.html</link>
      <description><![CDATA[The article explores the intersection of circular economy (CE) and economic growth in developing countries, with a particular focus on Africa. It argues that CE is more than a technical framework for waste management – it is a transformative model that can foster industrial innovation, strengthen resilience, and promote inclusive development. Drawing on theoretical debates, comparative regional experiences, and case studies from Africa, the paper shows how CE contributes to employment creation, resource efficiency, and competitiveness. At the same time, structural constraints such as weak infrastructure, limited financing, and fragmented governance hinder its expansion. By analysing these dynamics, the article identifies conditions under which CE can support sustainable growth and highlights policy priorities, including integration of the informal sector, access to finance, and coherent national roadmaps for inclusive and resilient transitions.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.22</guid>
    </item>
    <item>
      <title>VULNERABILITIES IN ECONOMY ARISING FROM DEFICIENCIES IN PUBLIC PROCUREMENT</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p249-260.html</link>
      <description><![CDATA[Economy benefits from a powerful instrument for growth and development, namely public procurement; it can generate solutions to social and environmental challenges and contribute to the advancement of innovation. Public procurement plays a crucial role for both the public sector and the private sector, as its specific processes involve expenditures on goods, services, and works, enable investments, fostering employment. Integrity in public procurement is essential to fully benefit from the processes taking place within the economy. Otherwise, when public procurement is not conducted in compliance with legal procedures, lacking economic and social efficiency, and sound financial management, it generates vulnerabilities in economy. In practice, the primary objective is to assess whether effectiveness, and economy (‘value for money’) are achieved under conditions of integrity and accountability.The objective of this study is to assess the scope and scale of deficiencies and to focus on their reduction. The consequences of the identified deficiencies are reflected in the substantial extent of losses, additional revenues, and financial-accounting irregularities. The conclusion is that strengthening oversight in the field of public procurement in Romania can lead to a reduction of deficiencies in this area.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.23</guid>
    </item>
    <item>
      <title>PUBLIC PROCUREMENT REFORM AS A DRIVER OF FINANCIAL SUSTAINABILITY AND INCLUSIVE ECONOMIC DEVELOPMENT</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p261-271.html</link>
      <description><![CDATA[This study addresses the impact of public procurement reform on the economy and financial sustainability, focusing on the integration of inclusive development principles. The main objective of the research is to analyze how new regulations can support the efficient allocation of public resources, while promoting social inclusion and equitable development.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.24</guid>
    </item>
    <item>
      <title>CIRCULAR ECONOMY - SLOW TRANSITION IN EU MEMBER STATES</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p272-277.html</link>
      <description><![CDATA[This paper presents arguments regarding the security of implementing green public procurement at the European level. To conduct the study, the author approaches applicable traditional research methods: the monographic method, document analysis, comparison, trend analysis, etc. The conclusions arise as a result of the analysis of international documents, guidelines, and case studies, as well as reflection in order to provide for public spending on the procurement of products, services, and project care, promoting sustainable use.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.25</guid>
    </item>
    <item>
      <title>THE DIGITAL TRANSFORMATION OF SMALL AND MEDIUM-SIZED ENTERPRISES - OPPORTUNITIES AND PERSPECTIVES</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p278-284.html</link>
      <description><![CDATA[This paper addresses the need for digital transformation of SMEs in the Republic of Moldova as a predominant factor in ensuring the competitiveness of enterprises. The research aims to identify solutions for the digital transformation of SMEs in the Republic of Moldova to increase their competitiveness. At the same time, the need for digital transformation is punctuated by the changes that occur at a rapid pace in the external environment, which pressures SMEs to quickly adapt and integrate new information technologies into their activity, to increase competitiveness. From the need to face competitors, SMEs have to identify ways to innovate, optimize processes, and increase the human capital of their employees and thus raise their competitiveness. The research methodology focused on the use of the following research methods: analysis, synthesis, induction, deduction, abduction, and a few others. Finally, we can note that, at a national level, it is necessary to develop a digital transformation program for SMEs that would help organizations, through concrete activities, projects, and financial means, support and consultancy, in the effort to achieve competitiveness.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.26</guid>
    </item>
    <item>
      <title>FINANCIAL CHALLENGES OF INVESTING IN ECO-INNOVATION</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p285-294.html</link>
      <description><![CDATA[Eco-innovation represents the entrepreneurial and innovative potential of companies aimed at sustainable business practices based on the introduction and development of eco-innovations. Sources of financing for eco-innovation include bank loans, green loans, as well as external funding sources. The research in this paper focuses on the analysis of financial support measures for eco-innovation from the perspective of their relevant impact on fostering eco-innovations. By applying quantitative and qualitative research methods grounded in an analytical approach, the study examines the National Recovery and Resilience Plans (RRP) of EU countries in relation to the achieved Eco-Innovation Index in the domains of Eco-Innovation Inputs and Eco-Innovation Outputs. The obtained results are synthesized to underscore the need for enhanced financial support, viewed through the lens of how direct and indirect measures contribute to various relevant dimensions of eco-innovation.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.27</guid>
    </item>
    <item>
      <title>ASSESSING THE SUSTAINABILITY OF INTERDISCIPLINARY ECONOMIC FRAMEWORKS</title>
      <link>https://www.icfm.ro/jfme.icfm.ro/articles/vol13i1p295-302.html</link>
      <description><![CDATA[The sustainability of interdisciplinary economic models has become an increasingly urgent concern amid converging global challenges such as climate change, public health crises and digital disruption. Traditional economic approaches often prove insufficient for navigating such complexity, prompting the rise of models that integrate economic, legal, environmental, technological and social dimensions. This paper investigates the sustainability of these models across three interrelated domains: financial structures, institutional design and social inclusion. Drawing on a conceptual–comparative methodology and grounded in case studies from the European Union, South Asia and Africa, the analysis reveals that models are most resilient when financial mechanisms are transparent and accountable, governance is polycentric and adaptive and inclusion is embedded as a core design principle. Importantly, the study highlights that sustainability is not only a technical or institutional challenge, but also a normative one—requiring explicit commitments to equity, distributive justice and participatory governance. However, significant challenges persist in aligning fiscal innovation with fairness, coordinating across levels of governance and operationalizing inclusive processes. These findings underscore the need for interdisciplinary approaches that institutionalize complexity rather than simplify it and call for future research on the role of digital technologies in enabling inclusive, data-driven governance.]]></description>
      <pubDate>Tue, 30 Dec 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="true">https://doi.org/10.65672/jfme.2025.1.28</guid>
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