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DERIVATIVES ON THE CAPITAL MARKET IN ROMANIA
ILIE R?SCOLEAN,LILIANA IV?NU?,ROBERT SZABO
Annals of the University of Petrosani : Economics , 2009,
Abstract: The capital market is to supply and demand of medium and long term capital, with the same role as the financial market in general with the feature length greater maturity. Institution typical secondary capital market is the stock market. The secondary market securities can, in principle an auction market or a market negotiation. In Romania there are two regulated markets of securities i.e. BSE and RASDAQ as separate entities. The coverage of financial instruments, according to EU directives in force, is wide, including both tradable capital market instruments and money market instruments. Futures contract is an understanding between two parts to sell or purchase a particular asset at a predetermined price, the performance of the contract at a future date. Options are contracts between a buyer and a seller and giving the latter the right but not the obligation, to sell or buy any particular asset at a future date, as obtained on payment of a premium to the seller. The options may be for sale when the buyer acquires the right to sell the asset, or may be purchasing, when given the right to purchase the asset. In our country options contracts were introduced for the first time SIBEX, which is currently the only market in Romania where he traded options. This gives the buyer the right but not the obligation to buy or sell a futures contract at a predetermined price, the duration of the contract.
The offense of capital market manipulation
Laura MANEA
Bulletin of the Transilvania University of Bra?ov. Series VII : Social Sciences and Law , 2012,
Abstract: The novelty and use of current technology in stock exchange trading operations are just a few reasons for which the capital market domain is a controversial one, and the number of crimes already committed in the financial market raises the issue of securing the supply-demand relationship of capital and capital investment protection. If in the Community law there is no incrimination of market abuse, Romanian legislature sanctioned the capital market manipulation as criminal acts committed intentionally in order to discourage such practices and also to increase the confidence of investors in the financial market
CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CASE OF ROMANIA  [PDF]
FLAVIA BARNA,PETRU-OVIDIU MURA
Annals of the University of Petrosani : Economics , 2010,
Abstract: Capital markets play an important role in the economic development of emerging capital markets. Well functioning markets insure that both corporations and investors get or receive fair prices for their securities. In the literature on endogenous growth, the link between capital markets development and economic growth has received much attention. Thispaper examines the correlation between capital market development and economic growth in Romania using a regression function. The results show that the capital market development is positively correlated with economic growth, with feed-back effect, but the strongest link is from economic growth to capital market, suggesting that financial development follows economic growth, economic growth determining financial institutions to change and develop.
FIXED INCOME INSTRUMENTS IN THE CAPITAL MARKET IN ROMANIA
CIPRIAN ALEXANDRU
Challenges of the Knowledge Society , 2011,
Abstract: The presence of government bonds on the Bucharest Stock Exchange has changed the behavior of institutional investors on capital market and revenues from these titles made them more attractive than those with variable income, such as shares. In this paper is presented results of research on fixed income instruments in the capital market in Romania. In conclusion, are presented some opinions about the possibility of diversification of fixed income instruments and aspects of their use in portfolio management.
Human Capital and Romania’s Perspective in the EU
Mihai CHIRIL?
Annals of Dun?rea de Jos University. Fascicle I : Economics and Applied Informatics , 2009,
Abstract: The source of improving people life standard depends, alongsideother factors, on efforts oriented towards education, research, andknowledge enrichment. It is also related to development and disseminationof high performance technology, with knowledge development, skills andabilities, professional training able to realize, disseminate, and useinnovation. However, these investments in human capital will lead to goodresults by extending the active life of skilled workers, by improving thegeneral health status of the population, by preserving the environment, byimproving food products quality. All these are the more valid for Romania’seconomy, the more it needs to be integrated in the Western European area,which is a highly competitive area. Or, relative sub-investment inautochthonous human capital might force our country to developcomparative advantages in border fields from the point of view ofproductivity, to specialize in fields that intensively use raw materials, to turninto a low paid labour market.
CORRELATIONS BETWEEN CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CASE OF ROMANIA  [PDF]
Laura OBREJA BRASOVEANU,Victor DRAGOTA,Delia CATARAMA,Andreea SEMENESCU
Journal of Applied Quantitative Methods , 2008,
Abstract: In the literature on endogenous growth, the link between capital markets development and economic growth has received much attention. Although there are many studies regarding this aspect, approaches on emergent ex-communist countries’ economies, especially for Romania, are very few comparatively to the general cases. Our paper examines the correlation between capital market development and economic growth in Romania using a regression function and VAR models. The results show that the capital market development is positively correlated with economic growth, with feed-back effect, but the strongest link is from economic growth to capital market, suggesting that financial development follows economic growth, economic growth determining financial institutions to change and develop.
INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET  [PDF]
ILIE R?SCOLEAN,ROBERT SZABO
Annals of the University of Petrosani : Economics , 2010,
Abstract: Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders) claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.
ROMANIA'S EU ACCESSION. GAINS AND LOSSES (II)  [PDF]
Caba Stefan
Annals of the University of Oradea : Economic Science , 2012,
Abstract: This paper is a continuation of "Romania's EU accession. Gains and losses (I)" where we have been presented statistics on Romania's trade with major trading partners to whom, before, or after EU accession, the legal status has changed. In this paper we try to identify the benefits and costs of accession to the EU in terms of trade. In the first part we analyze the dynamics of trade with new partners, resulting from the accession. The last part is devoted to conclusions. The main idea that emerges from this work is that, unfortunately, Romania governors, did not know to take advantage of the opening to the biggest economic market although the financial and institutional support offered by the EU.
THE ROMANIAN BANKING COMPETITION AND THE ACCESSION TO EU  [PDF]
Bogdan Capraru
Annals of the University of Oradea : Economic Science , 2010,
Abstract: In this study we try to assess banking competition in the Romania for 2001 – 2008, taking into account the evolution of market share of the top five, Herfindahl-Hirschman Index (HHI), performances indicators like ROA and ROE and evolutions of deposit and loans rates. We observed that the competition in the Romanian banking system increases continuously in the last years. The main factors which have influenced this process were: the privatization of the majority of state capital banks and the perspective of accession of our country in the EU. In the period assessed, there are two approaches: in the first period banks have had very good performances due to their market share in a low competitive banking environment and after the privatization of some state capital banks, the leader of the market lost market share in the favor of other bank with greater performances.
THE PROCESS OF ACCESSION TO THE EU - THE CASE OF ROMANIA
Enrico Grillo Pasquarelli
Romanian Journal of European Affairs (RJEA) , 2002,
Abstract: This paper is the edited version of the speech given by Mr Enrico Grillo Pasquarelli at the European Institute of Romania on April 12, 2002. In his speech, Mr. Pasquarelli analyzes Romania’s situation in the larger context of the EU enlargement. The main argument throughout the speech is that accession is not about negotiations and transposition of the legislation, but it is about preparations at home. The lack of proper implementation and enforcement of EU conform legislation may result in a paper-only exercise which will further weaken the administrative capacity, resulting in the end in the inability of the Romanian economy to withstand competition in the Single Market. Romania still has to make progress in a number of areas such as civil service reform, independence of judiciary, corruption, environment, and economic reform, including agriculture. Positive developments can be noticed as well, such as a greater civic and democratic maturity of the Romanian society, and progress towards macroeconomic stability.
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