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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.
The Contributions of Capital Market to Economic Development in Nigeria
Adewuyi, I. D.,Olowookere, J. K.
International Journal of Economic Development Research and Investment , 2011,
Abstract: Virtually all aspects of human endeavor entail the use of money either self-generated or borrowed. In capital market, the stock in trade is money which could be raised through various instruments under well governed rules and regulations carefully administered and followed by different institutions or market operators. Economic development is a process by which a high degree of self reliant economic growth in a given society is sustained over a given time. It is associated with substantial reduction on poverty and unemployment levels, and income inequality. This paper examines the concept of capital market, the concept of economic growth and economic development, relationship between economic growth and development, factors that determines economic growth and development, framework of regulating the capital market, highlight of recent reforms in the capital market, the contributions of capital market to economic development in Nigeria.
Appraisal of Capital Market Efficiency on Economic Growth in Nigeria  [cached]
Sunday O E Ewah,Atim E Esang,Jude U Bassey
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v4n12p219
Abstract: The paper is an appraisal of the impact of capital market efficiency on economic growth in Nigeria, using time series data on market capitalization, money supply, interest rate, total market transaction and government development stock that ranges between 1961 to 2004. The model specification for the analysis of data is multiple regression and ordinary lest squares estimation techniques. The result of the study shows that the capital market in Nigeria has the potentials of growth inducing, but it has not contributed meaningfully to the economic growth of Nigeria. This is as a result of low market capitalization, low absorptive capitalization, illiquidity, misappropriation of funds among others. The empirical test indicates that, these variables satisfied the economic apriori and are statistically significant except total transactions and money. Thus it was concluded and recommended that, the capital market remain one of the mainstream in every economy that has the power to influence economic growth, hence the organize private sector is encourage to invest in it. This will enable the capital market improve its illiquidity status for economic growth and development. Therefore the government must contribute in order to achieve these objectives through investing government securities in productive sectors and relaxing laws that spell threat to the capital market.
Romanian Vulnerabilities in the Current Financial and Economic Crises Context
Corina-Maria ENE
Journal of Knowledge Management, Economics and Information Technology , 2011,
Abstract: The current global economic crisis was ignited in the financial markets of the major developed economies but soon the real economy was affected. The developing world, Romania in particular, has not been isolated from its impact. International trade and capital flows serve as a transmission mechanism that illustrated that the hypothesis of a de-coupling between the developed and developing world does not hold. Romanian economy mostly does not have fully developed financial systems and is less integrated into the global financial market, hence the initial expectation in some circles that our national economy would be isolated from the contagion of the crisis. This paper argues that this was an unrealistic presumption and that the disease had a serious fall-out in Romania. Consumer spending was cut back, investment plans were cancelled and stock levels were run down. The economic situation is serious. GDP has shrunk, the unemployment level is rising, investments are still slowing, lending is tight and budget deficits are growing fast. Fiscal policies implemented by our country are subordinated to our lack of necessary funding and access to. However, that generated a monopoly on this sector of the IMF. Also, a social crisis became imminent.
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.
DEVELOPMENT OF CAPITAL MARKET AND ITS IMPLICATIONS UPON THE ECONOMIC DEVELOPMENT
Carmen RADU
Lex et Scientia , 2009,
Abstract: This work is conceived as a comparative study regarding the occurrence, development and implication of the capital market in the economic development of states located in the area of emergent countries and of those under development. This study peruses in parallel the evolution of the emerging countries which absorb capital and those granting funds within the environment of the security markets. The study’s purpose is to prove the capacity of a well developed capital market to generate economic growth and, moreover, durable economic development. The data grounding this study, used as well in previous personal research, support the hypothesis according to which the capital market can and must represent a viable alternative for the funds’ capitalization before the market of short term titles.
MAIN THREATS TO THE ROMANIAN LABOUR MARKET IN THE CURRENT CONTEXT  [PDF]
DIMIAN Gina Cristina,DIMIAN Mihai
Annals of the University of Oradea : Economic Science , 2011,
Abstract: The paper’s topic is focused on the Romanian labour market prospects, which is going to be affected by two main threats: aging and population decline. These two factors are supposed to dramatically change Romania’s economic structure. It is therefore necessary to know how they will evolve in the next decades, facts which represent the main objective of our article. These topics are debated at large scale at the European and national level, because they describe a process which implies European Union as a whole. The methodology used in order to quantify this phenomenon includes statistical methods (correlation analysis and descriptive statistics). We have used data available at national and European level in order to build a proper argumentation. The results obtained are worrying because there is a high risk to assist at an accelerated aging of the Romanian people, doubled by a very low birth rate. This might create huge problems in the economic and social system due to productivity decrease and the pressures on the pension’s funds. The paper offers scientific arguments for developing macroeconomic policies in order to prevent the negative situation in which we could be within less than 40 years. As a comparison term we brought into attention the Germany situation, country which offers economic equilibrium to the EU, but is also affected by aging. The manner in which this problem has been approached is an original one because we tried to put Romania’s situation into the context of the European Union general situation, the threat being emphasised by the fact that it is going to be a trend for the whole continent. Actually, if it is not taken adequate measures, we will be confronted with a demographic crisis, much worse than the current financial one, because the effort of the country to reverse a birth rate decreasing trend with an aged population will take decades.
The Development of Foreign Capital Insurance Market, FDI and Economic Growth in China  [PDF]
Dongsheng Wang, Yumei Li
Modern Economy (ME) , 2019, DOI: 10.4236/me.2019.103058
Abstract: This paper analyzes the relationship among foreign capital insurance market, FDI and economic growth in China. We use unit root test, least square regression and Granger causality test to examine the relationship with the data over the period 1984-2015. It is found that the development of China’s foreign capital insurance market has not promoted China’s economic growth, FDI has promoted China’s economic growth, and China’s economic growth has generally promoted the development of foreign capital insurance market. The channels of insurance market acting on economic growth are not smooth enough for foreign capital in China, and its action modes may be mainly applicable to China’s domestic insurance market.
The Capital Market in the Context of the Integration within the European Union
Gabriela Anghelache
Theoretical and Applied Economics , 2007,
Abstract: This work is focusing on the main aspects concerning the present stage of the capital marketas well as on the perspective of its evolution after the adhesion to the European Union.After emphasizing the main characteristics, the material is analyzing the financial instruments market –Bucharest Stock Exchange, Monetary-Financial and Commodities Stock Exchange Sibiu, RASDAQ marketas well as the collective placement organisms.Finally, there are the main tendencies of the capital market which are pointed out.
Issues Existing in the Capital Market in Jilin Province and Solutions  [cached]
Hong Li
Journal of Politics and Law , 2012, DOI: 10.5539/jpl.v5n1p196
Abstract: Development of the capital market has attracted external sources of finance to the great extent, promoted Jilin Province to change from an old industrial base to an advanced international manufacturing base and greatly enhanced the overall economic strength of Jilin Province. Nonetheless, considering the current situation, mobility of capital in economy of Jilin Province is not yet strong and insufficient capital is still an impediment to constrain economic and social development of Jilin Province. Through a survey and analysis of the development condition of capital market in Jilin Province, this article expounds the major problems existing in development of capital market in Jilin Province and puts forward solutions for development of capital market in Jilin Province.
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