Selected papers~ SPECIAL EDITION - Index of

correlation is observed for Romania and
Bulgaria which shows that these countries
have been equally affected by the economic
crisis and the behaviour of non-bank agents in
these countries was similar, namely a
decrease in cash holdings and short-term
deposits. The lowest level of correlation is
remarked between Bulgaria and Poland which
is due to the fact that after the first effects of
the economic crisis in Poland, the primary
aggregate returned to levels comparable to
the pre-crisis period, while in the case of
Bulgaria the decline of this aggregate
continues.
Conclusions
Explaining money throw the statistical
definition of money aggregates is ,obviously
,more than presenting the static situation of
monetary aggregates because the level of
them is an important objective of the
monetary policy, the main criteria which are
followed in determining the main
monetary aggregates are: the efficacy of the
aggregates to be set as an intermediate target
for the monetary policy, the controllability
that can be exercise by the central bank
authority on its growth, the possibility to
allow the monetary authority to react quickly
entitles us to say that pursuit of monetary
aggregates is required for fulfilling the
criteria for euro adoption.
The tertiary aggregates are usually more
difficult to calculated and also are to narrow
to supervise by the central bank so in practice
usually its used the secondary aggregate
targeting
The biggest differences are found within the
primary aggregate, the highest correlation is
observed between Romania and Bulgaria; this
shows that these countries have been equally
affected by the economic crisis and the
behaviour of non-bank agents in these
countries was similar, namely a decrease in
cash holdings and short-term deposits. The
lowest level of correlation is remarked
312
between Bulgaria and Poland which is due to
the fact that after the first effects of the
economic crisis in Poland, the primary
aggregate returned to levels comparable to
the pre-crisis period, while in the case of
Bulgaria the decline of this aggregate
continues.
Bibliography
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Editura Universității de Vest, Timișoara,
2009
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www.batca.files.wordpress.com.
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