Financial research at the institutional level originated in the early 1970s, when the Price Research Centre, attached to the State Price Committee (1971), and the Centre of Financial Research, attached to the Ministry of Finance (1973), were established by decisions of the Government. Since 1977, the Institute of Finance, Monetary Circulation and Prices has been established by merging the two centres. The new entity operated under the Ministry of Finance and the coordination of the Central Institute of Economic Research until December 1989. By Decree no. 10/1990 of the National Salvation Council, it goes under the name Institute of Finance, Prices and Currency Problems, within the National Institute of Economic Research and subordinated to the Romanian Academy. Since 1998, the institute has been renamed Institute of Financial and Monetary Research – “Victor Slăvescu”. Under the current name, “Victor Slăvescu” Financial and Monetary Research Centre, the institution has been operating since 2001. The institution is a Romanian legal entity of public interest with financial and functional autonomy. The provisions of the normative establishment act, the Statute of the Romanian Academy, the general and particular applicable legal norms, and its regulations adopted within its authority and autonomy limits conferred by law represent its operating norms.
Research areas, scientific research
The activity before 1990 materialised in research works included in the annual plans at the request of the tutelary bodies and the Central Institute of Economic Research. The institution trained researchers and specialists that, in the new historical conditions, contributed to formulating the strategy of transition to the market economy and subsequent reform programs. Many researchers were attracted to essential positions in the new structures of the National Bank of Romania, the Ministry of Finance, etc. Later, the Centre's activity was registered in the scope of fundamental and applied research in the fields of financial-monetary, fiscal-budgetary and the financing of the economy from the perspective of an integrative economic approach, aiming to increase the level of knowledge covering financial and fiscal phenomena and processes, and the functioning and adjustment of the market’s mechanisms.
Research is carried out based on projects included in fundamental and/or priority programs or strategic directions of the Romanian Academy and/or the “Costin C. Kirițescu” National Institute of Economic Research.
The Centre may conduct its research programs, approved by supervisory institutions, as well as based on contracts with public and private entities, under the conditions of the legislation in force. In line with his expertise, the Centre elaborates reports of public importance and participates in the national debate on the topics that concern economic development, reforms and integration in the European Union.
The research structure follows trends and the progress of ideas
in the field of reference and is oriented in three main directions of
fundamental and applied scientific research:
• financial-monetary studies: monetary theories, modelling, monetary market and policy instruments, central banks, globalisation, nominal and real convergence;
• fiscal-budgetary studies: theory of taxation, fiscal policy, deficits, national and global taxation trends and characteristics;
• micro and macroeconomic financing studies: scientific foundation, design and development of the financing system by domain, circular and environmental economics and their implications on the financial system and economic growth, the determining factors for a competitive environment.
The Centre is active in the current debate by publishing its journals and pursuing the continuous growth of scientific performance. It trains researchers, supports their career development, and cooperates with higher education institutions through internships, advisory committees in doctoral programs, and expertise in postdoctoral programs. The Centre encourages knowledge and methodological skills accumulation and supports research results dissemination by organising conferences and debates. The Centre is concerned with widening contacts with institutions and researchers from abroad, looking for integration into the international scientific community.