EEJRS Issue 11.1 Full text
Authors: Ahmad GHAREEB, Mihai Daniel ROMAN
Abstract: The COVID-19 pandemic has triggered a global crisis in health and economic sectors, causing profound impacts on sea transport and trade. This research paper investigates the ramifications of the pandemic on maritime shipping prices, and, hence, their subsequent influence on the stocks of shipping companies. This global upheaval disrupted international trade significantly, resulting in an unprecedented demand surge for shipping services and a substantial spike in freight rates. This study is intended to propose a predictive method based on Multivariate Multi-step convolutional neural network - Bidirectional Long Short-Term Memory (Multivariate Multi-step CNN-BiLSTM) networks in order to forecast the prices of three of the most prominent stocks of big organizations operating in maritime transport. The proposed method is composed of Convolutional Neural Networks (CNN) and Bidirectional Long Short-Term Memory (BiLSTM), where the research utilizes CNN to help for feature extraction from the inputted data, alongside BiLSTM that forecasts the closing stock price for the upcoming five days, utilizing the extracted feature data. Hence, stock price prediction can be realized by applying a novel optimization strategy, which was founded on the Multivariate Multi-step CNN-BiLSTM model and utilizing the Adam optimizer. Prediction accuracy can be assessed by incorporating four metrics into the system: Root Mean Square Error, Mean Absolute Error, Mean Absolute Percentage Error, and Median Absolute Percentage Error. Experimental findings demonstrate that Multivariate Multi-step CNN-BiLSTM yields the most dependable stock price forecasts with the highest accuracy. The proposed prediction method, correctly applied, can yield economic benefits at the macr and micro levels; the prediction accuracy can help policy makers make better future outlook estimates in relation to inflation, gross domestic product (GDP), and unemployment levels that might be impacted by the volatile, uncontrolled, or unexpected fluctuations of stock prices of some leading economic sectors that are closely connected to global shipping and supply chain operations; thus, leading to serious impacts at the microeconomic level in relation to costs, supply and demand, and behavior of individual consumers and companies.
Keywords: Multivariate, COVID-19, Forecasting, Stock price, Maritime transport, CNN-BiLSTM. Macro and microeconomic implications.
JEL Code: C22, C87, E27, F17.
UDC: [336.761:656.61]:338.124.4
Pages: 6-24 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.01
Author: Iulia IVAȘCENCO
Abstract: This paper explores how antifragility principles can be applied in the cosmetics industry to turn uncertainty and crises into opportunities for growth, innovation, and long-term resilience. Unlike traditional risk management, which focuses on minimizing disruption, antifragile business models thrive under volatility by embracing proactive adaptation, decentralized supply chains, sustainable innovation, and digital transformation. Drawing on case studies from leading firms such as L’Oréal, Estée Lauder, Shiseido, P&G, and Coty, the study identifies key decision-making approaches - including scenario planning, agile strategy shifts, and crisis response mechanisms - that support business agility in uncertain environments. Extending the analysis to emerging economies, particularly Moldova and Eastern Europe, the research examines how firms facing limited capital, regulatory uncertainty, and market constraints can adapt global antifragility strategies to their local contexts. The findings emphasize the importance of supply chain diversification, digitalization, and sustainability-focused consumer engagement in enhancing competitiveness. By offering a structured framework grounded in industry practices and secondary data, this study contributes to the literature on resilience, crisis management, and business strategy. Future research should validate these findings through empirical studies and comparative analyses. Ultimately, the paper argues that antifragile firms are not only more adaptive, but also better positioned for sustainable success in a complex global economy.
Keywords: antifragility, resilience, crisis management, cosmetics industry, digital transformation, sustainability, emerging markets.
JEL Code: L10, M10, O30, F61, Q56.
UDC: [687.55:005.334]:004
Pages: 25-44 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.02
Author: Alina-Camelia BELCIU (VASILESCU)
Abstract: The digital transformation of the European Union is a strategic priority, and the Digital Europe Programme (DIGITAL) is an essential mechanism to strengthen the digital infrastructure, improve technological innovation, and develop digital skills. This study aims to assess the role of DIGITAL in supporting the European Digital Agenda and to evaluate Romania’s performance in accessing this funding instrument. The research addresses the question: 'To what extent does the DIGITAL serve as a catalyst for the EU’s digital transformation, and how effectively has Romania accessed and utilized the funding opportunities provided by this initiative?' This study employed a qualitative and descriptive approach, based on the analysis of official EU regulations, policy documents, and data available through the DIGITAL Dashboard. Findings indicate that Romania has secured a relatively small share of DIGITAL funding, with disparities in allocations across beneficiary types and regions. While this instrument has generated benefits in Romania, current funding remains insufficient to bridge the digital divide and challenges persist. The study suggests that strengthening the role of European Digital Innovation Hubs and National Contact Points could support fund absorption and project implementation, ensuring Romania’s alignment with EU digitalization objectives and enhancing its economic competitiveness. It also highlights the importance of integrating DIGITAL with other instruments, such as the National Recovery and Resilience Plan and Horizon Europe. This research contributes to understanding how DIGITAL is operationalized at national level, identifying both opportunities and structural challenges in Romania’s current digital funding landscape, and offering recommendations to improve strategic alignment and implementation.
Keywords: Digital transformation, Digital Europe Programme, Romania’s performance, European technological sovereignty, Cyber security, Digital skills development, European Digital Innovation Hubs, Artificial Intelligence
JEL Code: O33, O38, L86
UDC: 339.727.22:[005.8:004](4EU+498)
Pages: 45-62 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.03
Authors: Anna VOLOSIUC, Aliona LÎSII
Abstract: This article examines the historical evolution and theoretical foundations of sustainable development as a guiding economic and policy principle from the early 20th century to contemporary global frameworks. The primary research question is: how have significant historical milestones and theoretical contributions influenced the conceptual development and practical implementation of sustainable development? Employing a historical-analytical methodology, the paper reviews critical documents and events, including The Limits to Growth (1972), the Brundtland Report (1987), the Rio Earth Summit (1992), the Kyoto Protocol (1997), and the adoption of the Sustainable Development Goals (2015). The data analysis highlights the progressive integration of sustainable principles into global policy agendas and institutional frameworks, emphasizing an increasing global commitment to environmental protection and social equity. Key findings suggest that international cooperation, policy integration, and continued innovation in sustainability frameworks remain essential. The article concludes with recommendations for future research, emphasizing the need to investigate the effectiveness of recent policies, such as the Paris Agreement, and explore innovative approaches to addressing key challenges in the practical implementation of sustainability principles, such as limited resources, regulatory gaps, and political inertia.
Keywords: Sustainable Development, Economic Sustainability, Environmental Policy, Social Equity, Global Cooperation, Sustainable Development Goals, International Agreements.
JEL Code: O44, Q56, Q58
UDC: 339.97:504.03
Pages: 63-77 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.04
Author: Valentin CUTCOVSCHI
Abstract: The research aims to evaluate the impact of the transition to green energy on the economic security of the Republic of Moldova by analyzing the benefits of diversifying energy sources and reducing dependency on imports, thus enhancing national energy autonomy. The research methodology employs a mixed approach, combining quantitative analysis of statistical data on energy consumption, production, and dependence, with qualitative analysis of relevant international policies, ensuring rigorous substantiation of the conclusions. The importance of the research arises from the necessity to strengthen the economic security of the Republic of Moldova through the transition to green energy as a sustainable solution to mitigate vulnerabilities arising from external energy dependence and fluctuations in the international energy market. The development and integration of renewable energy sources contribute to economic stability, attract investments, facilitate alignment with European standards on environmental protection and energy efficiency, thereby promoting energy independence, sustainable economic growth, and environmental sustainability.
Keywords: green energy, economic security, renewable sources, energy diversification, energy efficiency, economic sustainability, energy dependence.
JEL Code: Q43, O13, Q01, F52.
UDC: [620.9:504.06]:338.24(478)
Pages: 78-86 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.05
Author: Irene MALGINA
Abstract:The article is devoted to the modernization of the Startup Ecosystem in Belarus at the present stage. The article considers the evolution of the development of the Startup Ecosystem of the Republic of Belarus. The article provides a literary review of the definition of "Startup Ecosystem" and determines the relationship with economic security. The evolution of the development of elements of the Startup Ecosystem in Belarus is analyzed, various legislative acts of the Government of the Republic of Belarus and the President of the Republic of Belarus in this area are considered. The presented study of the Republic of Belarus is based on its own long-term analysis of the Startup Ecosystem in the country, as well as the experience of assessing the effectiveness of its individual organizations. It is noted that the development of the Startup Ecosystem at the current stage of development has a state focus and is carried out mainly by state organizations.
Keywords: economic security of the state, Startup Ecosystem, small and medium entrepreneurship, High-Tech Park
JEL Code: 030, P40, R10
UDC: 338.24:334.72(476)
Pages: 87-98 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.06
Authors: Ion VEVERIȚĂ, Ion PÂRȚACHI
Abstract: As a developing country with an open economy, the Republic of Moldova is highly dependent on the import of energy resources and sensitive to the exchange rates fluctuations, the resilience of the banking system is crucial for maintaining and development of the financial intermediation (deposits taking and loans providing). This is because reliable and stable intermediation services are provided for clients from one side and help to implement the investment programs that are supported by international financial organizations and the local government from the other side. As a robust economy requires a comprehensive and coherent legal environment, authorities implemented regulatory frameworks that build more stability and predictability and diminish the potential negative impact of crises that can affect the financial system and as a result of client trust in the robustness of banks. Quantitative analysis performed on freely available data sources stated the resultative effect on shocks impact, but did not take into consideration the corrective impact of the actions that the government activated during the extreme economic condition environment. Although the direct limitation of the profit distribution from the supervisory authority is not appreciated by the market players and their shareholders, there are reasons that preserve resilience at a controlled and sustainable level, the attractivity of the banking sector for investors on increasing/maintaining the investments or entering the market remains valid. As a next step, development of a high-frequency early warning indicator enhances the ability to detect operational disturbances within the banking system.
Keywords: banking crises, net interest income, banking profit, digitalization.
JEL Code: G14, G21, G28
UDC: [005.336:336.71(478)]:338.124.4
Pages: 99-106 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.07
Authors: Liliana LAZARI, Irina IAVORSCHI
Abstract: This research analyses the regulatory framework for financial reporting for entities in the Republic of Moldova, which depends on the way accounting is organized: based on national accounting standards or international accounting standards, as well as the category of the entity, which is distinct for accounting purposes versus the national legislative framework that defines the classification of small and medium-sized entities. The study uses scientific research methods such as the analysis of the regulatory framework governing the study, the synthesis of information regarding various provisions, and comparison to identify the distinctive features related to financial reporting. The study reveals that for entities organizing their accounting according to national accounting standards, three sets of financial reporting are foreseen depending on the category of the entity, the content of which is established by the National Accounting Standard (NAS) “Presentation of Financial Statements,” while for entities organizing their accounting according to International Financial Reporting Standards (IFRS), IAS 1 “Presentation of Financial Statements” contains minimum presentation requirements for information to adapt to each type of entity. Regarding the identification of the category of entities, the research examines the indicators presented by the accounting regulatory framework, versus the categories of entities defined by the Law on Small and Medium Entities.
Keywords: Accounting, financial statements, regulatory framework, national accounting regulations.
JEL Code: M41
UDC: 657.37(478)
Pages: 107-117 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.08
Authors: Daniela ANTONESCU, Ioana Cristina FLORESCU
Abstract: This paper investigates the concept of resilience through its social, ecological, economic, and institutional dimensions. It explores key factors such as social cohesion, social capital, and community infrastructure in enhancing social resilience. The analysis extends to ecological resilience, focusing on biodiversity, habitat complexity, and the functional roles ecosystems play in responding to disturbances. Economic resilience is discussed in terms of the capacity of regional economies to recover and maintain stability in the face of external shocks, while institutional resilience examines how governance structures adapt and implement effective responses to ongoing challenges. The paper further evaluates methods for assessing resilience, including the Social Vulnerability Index (SoVI) and its application in identifying vulnerable populations and areas. In doing so, it highlights strategies for strengthening resilience across these dimensions, such as fostering robust social networks, improving infrastructure, ensuring responsive governance, and promoting ecological conservation. The findings underline the importance of an integrated, multi-dimensional approach to resilience in both human and ecological systems.
Keywords: ecological resilience, social resilience, economic resilience, institutional resilience, SOVI index.
JEL Code: D85, O18, R58
UDC: [005.591+005.35]:351(1-21)
Pages: 118-143 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.09
Author: Cătălina BRATOSIN-VASILACHE
Abstract: One of the key means to foster resilience is by ensuring a secure energy sector. Shaped by the current geopolitical environment, the international energy system has been fronting significant multilayered challenges that are exerting a growing influence on the energy security dynamics and economic stability. In this context, the energy transition that aims to build a more sustainable and cleaner future does not come without drawbacks, however it could also serve as a catalyst to strengthen the worldwide energy security and create new economic opportunities. In the last decades, governments have been focusing on economic diplomacy as a strategic instrument with an important role in fulfilling the national and international economic interests, strengthening at the same time resilience in the energy sector, enabling nations to navigate geopolitical uncertainties, to secure the energy supplies and to support sustainable energy transitions. Therefore, this paper aims to explore the means and the effects of economic diplomacy in enhancing energy security and sustainability, by focusing on the scientific literature and analysing the findings of the peer-reviewed articles on the matter. This study underscores that a proactive and dynamic approach in economic diplomacy is crucial for building resilient energy partnerships in this increasingly interconnected world.
Keywords: economic diplomacy, energy sector, resilience, energy security.
JEL Code: F50
UDC: 620.9:005.574
Pages: 144-156 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.10
Author: Lida CUCOȘ
Abstract: The purpose of this study is to analyze the effects of automation and digitization on the commercial sector of the Republic of Moldova, with particular attention to the benefits and challenges associated with technological transformation. The study emphasizes the ways in which digital tools and automation affect market accessibility, trade efficiency, and general economic dynamics. The uniqueness of this study lies in its multidisciplinary methodology, which combines technological and policy perspectives on digitalization with economic analysis. The article looks at how digital tools can improve business operations, lower transaction costs, and boost competitiveness. It also examines how automation transforms business models, increases productivity, and fosters innovation in the Republic of Moldova's trade sector. The study finds that SMEs in Moldova show a 40% adoption rate of digital payment tools, compared to 95% in large enterprises, highlighting the digital divide. The global reliance on automation and digitalization in economic activity underscores the relevance of this study. In order to stay competitive and guarantee long-term economic resilience, the Republic of Moldova must incorporate these technologies into its trade policies and business plans. The report offers information on how the Republic of Moldova can use digital transformation to support long-term development and increase its market share abroad. The methodology combines policy evaluation, statistical interpretation of digital trade data, and bibliographic analysis to assess the effects of automation and digitalization. These approaches give a thorough assessment of how automation and digitization have affected the Republic of Moldova's business environment and offer practical suggestions for companies and policymakers. In summary, the interaction of automation, digitization, and trade growth highlights the need for the Republic of Moldova to enact progressive policies that encourage technological advancement. The nation will be able to improve trade efficiency, encourage innovation, and fortify its economic resilience in the face of international challenges by adopting a strategic approach to automation and digital tools.
Keywords: digitalization, automation, trade, competitiveness, economic development, Republic of Moldova.
JEL Code: O33, L81, F63.
UDC: 004:339.5(478)
Pages: 157-170 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.11
Authors: Yanhao ZHANG, Yating LAN, Zorina SISCAN
Abstract: In the context of heightened regional instability and rising energy insecurity triggered by the Russia–Ukraine conflict, the Republic of Moldova faces severe challenges, including surging natural gas and electricity prices that have significantly constrained its economic resilience. As a candidate country for European Union (EU) membership, Moldova's strategic energy realignment aligns with the EU’s “Energy Transition and Strategic Autonomy” agenda, which prioritizes the development of green electricity and green hydrogen to reduce dependency on imported fossil fuels. This paper conducts a comprehensive techno-economic assessment of Moldova’s potential to participate in the EU green energy system by investing in green hydrogen production. Using the Levelized Cost of Hydrogen (LCOH) model, the study evaluates the financial and regulatory feasibility of constructing a 5 MW electrolysis facility under different technological and market scenarios. The findings suggest that Moldova possesses both economic and infrastructural conditions conducive to producing tradable renewable hydrogen, in accordance with EU standards. Furthermore, the development of a domestic hydrogen industry could stimulate demand for renewable electricity, catalyze investment in green infrastructure, and contribute to Moldova’s long-term energy independence and economic diversification. This research offers both theoretical insight and policy guidance for small transitioning economies seeking to integrate into regional green energy markets.
Keywords: Hydrogen, EU, Republic of Moldova, European Integration, LCOH (Levelised Cost of Hydrogen)
JEL Code: Q42, Q48, Q56, O13, F15
UDC: 620.9(478):061.1EU
Pages: 171-193 | Full text (PDF)
DOI: https://doi.org/10.53486/2537-6179.11-1.12
Authors: Vitalie TOMA, Boris COREȚCHI
Abstract: The purpose of this study is to analyze the evolution and current state of solar energy development in the Republic of Moldova, with a particular focus on its role in reducing dependence on imported energy resources. The study identifies two key findings: (1) the implementation of 434 MW of solar capacity could reduce electricity imports by approximately 16.5%, and (2) domestic production could increase from 27% to 39% of national consumption, strengthening energy security. A review of recent literature highlights that while Moldova has made progress in developing solar energy capacities, practical applications of decentralized and hybrid systems remain limited, with significant potential for expansion. The actual level of research and achievements in the field shows that Moldova is at an early-to-intermediate stage, with ongoing pilot projects, emerging regulatory frameworks, and increasing public and private investments. This research evaluates Moldova’s solar energy potential based on climatic and geographic data, examines existing policies and regulatory frameworks, and analyzes current investments and projects in the photovoltaic sector. The paper proposes concrete measures to stimulate the expansion of solar infrastructure, including financial incentives, public-private partnerships, and technological innovation. Ultimately, this study contributes to the development of a more sustainable, resilient, and energy-independent future for the Republic of Moldova
Keywords: solar energy, energy independence, energy imports, sustainability, energy efficiency, climate change.
JEL Code: Q42, Q43, Q48, O13, H54.
UDC: 620.92(478)
Pages: 194-206 | Full text (PDF)