Playing Online Games

Topics: Investment, Economics, Capital accumulation Pages: 33 (5018 words) Published: February 17, 2013
National Council for Eurasian and East European Research
Carnegie Research Fellowship Program

Research Paper

The International Investment Market and its Role in
Social Stability and Sustainable Development during
Financial Crises (evidence for the Republic of Moldova)
Olesea Melnicenco

May, 2010


I would like to express my gratitude to all those who gave me the possibility to complete this paper. I have to thank the University of Washington for the permission to do the necessary research work and the National Council for Eurasian and East European Studies for financial and organizational support. I am deeply indebted to all people who have helped me during the Carnegie Research Fellowship Program, who donated their time and energy and deserve highest appreciation. Especially I am bound to my scientific adviser Mrs. Cathryn Dewenter, associate professor of finance at the Department of Finance and Business Economics of Foster Scholl of Business who offered me priceless suggestions for the improvement of the paper and development of my research; to Dana Ponte – Senior Program Officer of NCEEER for support and encouragement; to Shoshana Billik and Alexei Kharlamov for useful advises before and after travelling to the USA. My special thanks to the Bacon and Barnes families for their help and love, which enabled me to feel myself in Seattle as home and to my family and friends in Moldova and other countries for their unconditionally love and permanent support.


FDI – Foreign Direct Investments
NBS – National Bureau of Statistics of the Republic of Moldova MDL – Moldovan Lei (currency of Moldova)
USD – dollar of the United States of America
PI – Portfolio Investments
UN – United Nations
IMF – International Monetary Fund
OSCE – Organization for Security and Co-operation in Europe NFII – new forms of international investments
ECB – European Central Bank
WP – working paper
DP – discussion paper
RP – research paper
Mil. - millions

Key words
Foreign direct investments, globalization, capital flows, economic and financial crisis, Republic of Moldova

Foreign investments, primarily foreign direct investments (FDI) are viewed as a major stimulus to economic growth and development. A current positive attitude to FDI is indeed striking. More than that, at the end of the twentieth century developing countries faced a series of serious financial crises differed markedly from those which had occurred previously. Many problems were compounded by the direct influence of transnational corporations – the main players on the global investment market and the main promoters of FDI. It will be analyzed in this paper how these problems affected or may affect social life and sustainable development of the countries.









fundamentalism, which is now the dominant ideology,
holding that markets are self-correcting, and this is false… There








investments… The large potential risks of such investments are not being acknowledged.
George Soros, 19981

Globalization issues became of top interest during the last decade. There is no generally accepted definition of this phenomenon; however it generally refers to the elimination of barriers in different spheres: economy, communication, culture etc. The world is getting smaller and closer, as there are no borders for almost anything. Globalization offers substantial opportunities for participating countries, but it also requires rapid adjustments in order to benefit from most of these opportunities.

Economic globalization is primarily based on liberalization of capital movements, as well as integration of markets. In this context, international investments are considered the main instrument of economic globalization and the most powerful one. So, their impact on social stability and sustainable...
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