Viorica Lopotenco
PhD in Economics, Assistant Professor, Academy of Economic Studies of Moldova, Republic of Moldova


The fundamental purpose of this paper is to analyze the transformations in the international financial architecture and their impact on the national financial system. The analysis of the international financial architecture's functioning mechanism suggests its similarity with the software system structure. It is static in the way the system functionality is decomposed and divided into implementation teams. The efficiency of international financial architecture's functioning depends mainly on how balanced and interconnected its elements are. Thus, according to systems theory, only by overcoming the deformation of the international financial architecture at all its levels, it is possible to increase the financial system's overall performance. In this regard, maintaining a dynamic balance in the development of the international financial architecture as an integral unit of its structural elements and functions is becoming of urgent importance. This aspect of the research allows the creation of an instrumental and methodological basis for forecasting the directions for further developing the international financial architecture in the context of the globalization of the world economy at the national financial systems level. This study concludes that the complex solution of the international financial architecture challenges involves creating the foundations for implementing progressive structural changes in the economy and contributing to sustainable economic development.


Fischer, S. (1998). Reforming world finance: lessons from a crisis. IMF Survey, Special Supplement. Washington, D.C.: International Monetary Fund.

Camdessus, M. (1998). Presentation of the fifty-third annual report. By the Chairman of the Executive Board and Managing Director of the International Monetary Fund. In: Summary Proceedings of the Fifty-Third Annual Meeting of the Board of Governors. Washington, D.C.: International Monetary Fund. 20-31.

Jones, W. Clinton takes the lead on new financial architecture executive. In: Executive intelligence review, vol. 25, N 38, September 25, 1998. Retrieved from <>4.

Brown, G. (1998a). A New Global Financial Architecture. In: The Wall Street Journal Europe, October.

Brown, G. (1999). Building a Strong World Financial System. In: The Wall Street Journal Europe, April.

Brown, G. (1998). Britain’s Chancellor on Today’s World. In: The Wall Street Journal Europe, December.

Brown, G. (1998). Governor of the Fund and Alternate Governor of the Bank for the United Kingdom, at the Joint Annual Discussion. Press Release, 54.

Eichengreen, B. (2009). Toward a New International Financial Architecture. Washington, D.C.: Peterson Institute for International Economics.

Germain, R. (2002). Reforming the international financial architecture the new political agenda. In: Global Governance: critical perspectives, eds. Rorden Wilkinson and Stephen Hughes, pp. 17-35.

Шмелев, В. (2010). О реформе мировой финансовой архитектуры. In: Финансы. N. 8, c. 11.

Вовченко, Н. (2006). Институциональные преобразования финансовой системы России в условиях глобализации. Ростов-на-Дону: РГЭУ РИНХ.

Моисеев, А. (2006). Международные финансовые организации. Правовые аспекты деятельности. Москва: Омега, 293 с. 96. с.

Soros, G. (2000). Open Society. Reforming Global Capitalism. New York, Public Affairs, 400 p.

World Bank. (2005). International Financial Architecture: A Progress Report Information. Note by World Bank Staff, July 12.

Crockett, A. (2009). Reforming the Global Financial Architecture. In: Asia and the Global Financial Crisis. Conference sponsored by the Federal Reserve Bank of San Francisco, Santa Barbara, Oct 18-20. p.191-201.

Hopkinson, N. (2000). Managing the Global Economy: Prospects for a New Financial Architecture and Economic Recovery. In: The Brown Journal of World Affairs, Vol. 7, No. 2, Summer/Fall, pp. 129-140.

Cartapanis, A., Herland, M. (2002). The Reconstruction of the International Financial Architecture: Keynes' Revenge? In: Review of International Political Economy, Vol. 9, N. 2, May, pp. 257-283.

Eichengreen, B. (2008). Reforming the International Financial Architecture after Ten Years: The View from Emerging Markets. Prepared for the meeting of the Tokyo Club, Tokyo, Japan, 11-12 November.

Goldstein, M. (1997). The Case for an International Banking Standard. Washington, D.C.: Peterson Institute for International Economics. 128 p.

Saccomanni, F. (2008). Managing international financial stability. Edited text of remarks by Mr. Fabrizio Saccomanni, Director General of the Bank of Italy, at a meeting at the Peterson Institute for International Economics, Washington DC, 11 December.

Goldstein, M. (1999). Safeguarding Prosperity in a Global Financial System. The Future International Financial Architecture. (Goldstein Report), Washington DC: Institute for International Economics, 7 October.

Adams, T.D. (2006). The IMF: back to basics. In: E.M. Truman, Reforming the IMF for the 21st Century, special report, Washington, DC: Institute for International Economics, 19 April. pp. 133-138.

Truman, E.M. (2006). Overview on IMF Reform. In: E.M. Truman, Reforming the IMF for the 21st Century, special report, Washington, DC: Institute for International Economics, 19 Aprilie. pp. 30-42.

Major, A. (2012). Neoliberalism and the new international financial architecture. In: Review of International Political Economy, Vol. 19, N. 1, Jan. pp. 536-561.

Cartapanis, A. (2001). La nouvelle architecture financiere internationale AFRI, Volume II. Retrieved from < >.

Jospin, L. (2000). Discours du Premier Ministre lors de l’ouverture de la conférence européenne sur le développement de la Banque Mondiale et du Conseil d’Analyse Economique, Paris, 26 juin. Retrieved from < >

Flandreau, M. (1999). Leçons d’architecture. În: Economie Internationale, La revue du CEPII, no 78, 2e trimestre.

Cambridge dictionary. Retrieved from <>

Bertleff, J., Zăgan, L., Butică, D., Oneaţă, C. Misiunile arhitectului. Retrieved from < >

Bass, L., Clements, P., Kazman, R. Software Architecture in Practice, 3rd Edition. Boston: Addison Wesley, 2012, 640 p.

Crockett, A. (2010). What Have We Learned in the Past 50 Years about the International Financial Architecture? In: Reserve Bank of Australia 50th Anniversary Symposium, Sydney: Reserve bank of Australia. pp. 77-85.

North, D. (1996). Institutions, institutional change and economic performance. Cambridge: Cambridge university press. 164 p.

Galvin, J & Others. (2018). Synergy and disruption: Ten trends shaping fintech. In: Global Banking Practice, December. McKinsey.

The Bali FinTech Agenda. Retrieved from <>.

Financial Stability Implications from FinTech. Retrieved from < >.

New consortium to tackle the problem of risky FinTech innovations In: American Banker, 06.03.2018. Retrieved from <>

The Appropriate Use of Customer Data in Financial Services. In: White Paper, September 2018. Retrieved from <>

Bhargava, V. (2006). Global issues global citizens: an introduction to key development challenges. World Bank Publications. Washington, D.C.: The World Bank, 7194, June.

FinTech: the experience so far. In: IMF policy paper, June 2019. Retrieved from <>.

Kaminsky, G., Reinhart, C. (1999). The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. In: American Economic Review, Vol. 89, No. 3, June. pp.473-500.

Carlin, W. Mayer, C. Finance, investment and growth. Retrieved from Disponibil: <>.

Kimbal, R. (2000). Failures in risk management. In: New England Economic Review (January/February). pp.3-12.

Johnson, S., Kwak, J. (2010). 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown. New York: Pantheon Books. 336 p

Wang, H. (2014). China’s Long March Toward Economic Rebalancing. In: CIGI Policy Brief, No. 38 (April. Waterloo, Ontario: Centre for International Governance Innovation.

Boughton, J.M. (2014). Stabilizing International Finance: Can the System Be Saved? In: Essays on International Finance, volume 2 (September). Waterloo, Ontario: Centre for International Governance Innovation.

Acemoglu, D., Robinson, J. (2010). The Role of Institutions in Growth and Development. In: Review of Economics and Institutions, Vol. 1 – No. 2, Fall.

Fanelli, J., Medhora, R. (2001). The Emerging International Financial Architecture and Its Implications for Domestic Financial Architecture. In: Domestic Finance and Global Capital in Latin America Conference, Federal Reserve Bank of Atlanta.

Čihák, M., Demirguč-Kunt, A., Feyen E., Levine, R. (2010). Financial Development in 205 economies, 1960 to 2010. In: Working Paper, 18946. 49. Levine, R. (2005). Finance and growth: Theory, evidence, and mechanisms. In: The Handbook of Economic Growth. Amsterdam: North Holland. 50. Beck, T. (2008). Bank competition and financial stability: friends or foe? In: World Bank Policy Research Working Paper, 4656, June. 51. Schmidt, R.H., Tyrell, M. (2003). What constitutes a financial system in general and the German financial system in particular? In: Working Paper Series: Finance & Accounting, № 111, Johann Wolfgang Goethe-Universitaet Frankfurt am Main. 52. Schmidt, R.H. (1999). Differences Between Financial Systems in European Countries: Consequences for EMU. Retrieved from <>. 53. Schinasi, G. (2005). Safeguarding financial stability: theory and practice. Washington, D.C.: International Monetary Fund. 54. Boyd, J., Levine, R., Smith, B. (2000). The Impact of Inflation on Financial Sector Performance. In: Journal of Monetary Economics. 55. Khan, Mohsin S., Senhadji, A., Smith, B. (2001). Inflation and Financial Depth. In: International Monetary Fund, Working Paper, N. 44.

Jaffee, D., Levonian, M. (2001). The Structure of Banking Systems In Developed and Transition Economies. In: European financial management, vol. 7. N. 2. p.161-181.

Levine, R, Loayza, N., Beck, T. (1999). Financial Intermediation and Growth: Causality and Causes. In: Central Bank of Chile, paper, N. 56.

Black, B S. (2000). The Core Institutions that Support Strong Securities Markets. In: Business Lawyer, vol. 55, 1565-1607.

Jacobsson, P., Crockett, A. (2011). What financial system for the 21st century? Basel, June 26.

Allen, F., Gale, D. (2001). Comparing Financial Systems. Massachusetts: MITPress. 521 p.

Knot, K. (2013). Simplicity in the financial sector. In: at the 20th Risk Minds Global Risk Regulation Summit, Amsterdam, 2 December.

Haldane, A. (2012). Tails of the unexpected. In: The Credit Crisis Five Years On: Unpacking the Crisis, conference held at the University of Edinburgh Business School, 8-9 June.

Pilcher J. (2015). The Simplicity Revolution in Banking. In: The Financial Brand.

Bossone, B., Honohan, P., Long, M. (2001). Policy for Small Financial Systems. In: Financial Sector Policy for Developing Countries. New York: Oxford University Press. pp. 95–128.

North, D. (1996). Institutions, institutional change and economic performance. Cambridge: Cambridge university press.

Miller, M., Mylenko, N. and Sankaranarayanan, S. (2009). Financial Infrastructure Report. Building Access Through Transparent and Stable Financial Systems. Washington, D.C.: The World Bank.

Rafailov, D. (2018). Measuring the development of financial infrastructure. Varna: Union of Scientists. In: Economic Sciences Series. 7 (2):13-23

OECD guide. (2008). Handbook on Constructing Composite Indicators. Methodology and user guide. Paris: Cedex.

World Bank. International Financial Architecture: A Progress Report. In: World Bank, Washington DC., 2005. Retrieved from < >

World Bank. International Financial Architecture: A Progress Report. In: World Bank, Washington DC., 2005. Retrieved from < >

Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era, International Monetary Fund, Washington DC., 2014. Retrieved from < >

Factsheet, The Financial Sector Assessment Program (FSAP), September 21, 2015. [online]. Disponibil: < >

2019. INDEX OF ECONOMIC FREEDOM. Retrieved from < >

Relația Republicii Moldova cu Fondul Monetar Internaţional (FMI). Retrieved from < >

Biroul Național de Statistică. Retrieved from < >

BNM. Retrieved from <>

CNPF. Retrieved from <>

Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and the Republic of Moldova, of the other part. Retrieved from < >

Calvo, D., Crisanto, J.C., Hohl, S., Gutiérrez, P.G. (2018). Financial supervisory architecture: what has changed after the crisis? In: FSI Insights on policy implementation, No 8, aprilie. 36 p.

Legea cu privire la Banca Naţională a Moldovei nr. 548-XIII din 21.07.1995 Republicat: Monitorul Oficial al R. Moldova nr.297-300 art.544 din 30.10.2015

Legea cu privire la organizațiile de creditare nebancară nr. 1 din 16.03.2018 Publicat: 30.03.2018 în Monitorul Oficial Nr. 108-112 art Nr: 200 Data intrarii in vigoare: 01.10.2018

Pistor, K. (2013). A legal theory of finance. In: Journal of Comparative Economics, 41. pp. 315-330.

Moskow, M. (2002). Financial Infrastructure in Emerging Economies. In: Journal of Financial Intermediation, 11, 2002. pp.354-361. ISSN: 1042-9573

Kaufmann, D, Kraay, A., Mastruzzi, M. (2010). The Worldwide Governance Indicators Methodology and Analytical Issues. In: Policy Research Working Paper 5430. Retrieved from <>

Worldwide Governance Indicators. Retrieved from < >

Secrieru, A., Lopotenco, V., Pârțachi, I., Veveriță, I., Mija, S. Impactul adaptării sistemului financiar din Republica Moldova la standardele Uniunii Europene. Chișinău: ASEM, 2020. 198p.

Pistor, K., Xu, Ch. (2003). Incomplete Law, In: Columbia Law and Economics Working Paper, No. 204, 2003.

Llewellyn, D. (2006). Institutional Structure of Financial Regulation and Supervision. In: The Basic Issues, Paper presented at the World Bank Seminar, Aligning Supervisory Structures to Country Needs, Washington DC, 6-7 June.

Directive 2013/36/eu of the European Parliament and of the Council of 26 June 2013. Retrieved from <>

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms Retrieved from <>.

January 12, 2021

Details about this monograph

ISBN-13 (15)