THE IMPACT OF THE FOREIGN INVESTMENTS ON THE CAPITAL MARKET IN ROMANIA

No country can develop without an active capital market, which has to be capable to meet the mobilization requests of the assets for financing the national economy. On the other hand, it has to be a profitable instrument for placing the available financing resources. The existence of a potential positive impact of the foreign investments on the competitivity of the receiving country is well known. Starting from the above mentioned, in this paper, we intend to examine the way in which the foreign investment flow influences the performance of the economy and that of the Romanian capital market.foreign investment, macroeconomic variables, GDP, capitalization

MACROECONOMIC DETERMINANTS OF THE INVESTMENT FUNDS MARKET. THE ROMANIAN CASE

The evolution of the investment funds market is influenced by a number of factors that have a more or less significant impact upon the trend this market follows. The implementing of stimulating policies in what concerns the development of the investment funds market, strictly connected to the development of the national economy, implies both the awareness of these factors existence as well as the need of evaluating the impact they have. The purpose of the present paper is to identify and quantify the impact of the macroeconomic variables, such as the inflation rate, interest rate or exchange rate, upon the evolution of the investment funds market in Romania.

ROMANIAN CAPITAL MARKET AND THE INFORMATIONAL EFFICIENCY

Many financial studies are based on the efficient capital markets hypothesis. In this context, testing the existence of this concept becomes an interesting field of study for the emerging capital market. The aim of this paper is to enlighten the difficulties of portfolio construction in a capital market with institutional and structural deficiencies, like the Romanian one, and to propose an alternative approach to the problem. The main features of our analysis are an empirical test for the efficient market hypothesis in the Romanian capital market case. The output of this approach could be resumed by the thesis that, even in a situation when the capital market is affected by severe dysfunctions, there is a possibility to build an "optimal" portfolio.efficiency, prices, information

ROLE OF INFORMATION IN ADOPTION OF INVESTMENT DECISIONS ON CAPITAL MARKET

Keeping information is a hard thing to do nowadays, mostly because of the development of communication and informational technology. An individual can hardly administer the huge amount of information he’s being bombarded with and that exceed his capacityinvestor’s attitude, investing strategy, informational asymmetry, capital market.

The Romanian Financial Market and the Financial Markets from EU - A Integration Analysis

Integration has become a second nature of Europeans.. Day-in, day-out, we experience more worldwide integration of markets and this will further develop as –in the end – it will mean real tangible benefits for all stakeholders involved. One of the most important parts of the integration process is the financial integration which could be seen as a complex process which involves institutional, functional, structural and behavioural aspects. The aim of this paper is represented by the assessment of the financial integration degree between the Romanian financial market on the one side and the EU financial markets on the other side, analyzing all the four aspects mentioned above. The final conclusion that could be drawn is that the Romanian financial market integration registered in the last period (especially in the period 2004-2005) a large progress which marks the “maturation” of the national financial market. Despite of these progresses, some significant divergences could be still seen and in consequences this process has to be continued with some further simulative mechanisms.financial market integration, institutions, structures, functions, behaviours

AGRICULTURAL INSURANCE IN ROMANIA

Production risks, meaning weather and climate related risks, affecting agricultural activities could be managed through agricultural insurance. First, the paper presents the specific production risk in agriculture and the tools that are used to manage itrisk, insurance, agriculture, catastrophe, climate

THE ANALISIS OF THE BET-FI INDEX’S STATIC PROPERTIES

The financial sector of the Bucharest Stock Exchange, reflected in the BET-FI index, has gone through important changes during the last few years, becoming very attractive for the individual and institutional investors. This paper’s aim is to offer an analysis of the static proprieties of the BET-FI index and of the way the financial sector positioned in respect to the other sectors, as well as to the whole financial Romanian market. This will be done by a co-integration between the BET-FI index and the others indexes of the market (namely BET and BET-C).BET-FI index, distribution, informational efficiency

La réforme du système de pensions de retraite en Roumanie et les implications sociales

Le travail se propose d’analyser les premises de la démarration de la reforme du système de pensions de retraite en Roumanie et présente l’architecture projetée de celui-ci. La modification du cadre législatif a déterminé des mutations dans la méthodologie de calcul des prestations des assurances sociales du système public, mais leur niveau est relativement réduit. Ce fait démontre la nécessité des sources alternatives qui assurent une meilleur protections sociale. Dans ce sens-là, l’étude utilise la méthode des scénarios, compte tenu de l’évolution en dynamique des principaux indicateurs macro-économique qui permissent influencer le niveau des revenus (la hausse économique, le niveau de vie, l’évolution démographique, l’espoir moyen de vie) et essaie de déterminer, à partir de ceux –ci, les possibles revenus de replacement complémentaires.Reforme, système de pensions, l’évolution démographique

The Analysis of the Bucharest Stock Exchange Financial Sector

The Romanian financial market has passed in the last years through a large “maturating” and consolidation process which has created an unfinished architecture, harmonising step by step with the capital markets from European Union. One possible way to analyse the empirical characteristics of this architecture could be the sectoral approach of the distribution, informational efficiency and volatility, synthesised by the index’s dynamic. This paper is oriented on the financial sector of the Bucharest Stock Exchange, reflected in the BET-FI index because this sector has gone through important changes during the last few years, becoming very attractive for the individual and institutional investors. The paper offers an analysis of the static proprieties of the BET-FI index and of the way the financial sector positioned in respect to the other sectors, as well as to the whole capital Romanian market (done through a co-integration between the BET-FI index and the others main indexes of the market namely BET and BET-C). The main results show an asymmetrical distribution of the BET-FI index, bring some evidences of a weak form of sector efficiency, and identify the presence of connections between the BET-FI index and the other indexes. Also some important mutations of the BET-FI short term volatility are registeredcapital market, efficiency, co-integration, volatility, rational behaviour

EFICIENŢA PIEŢEI FINANCIARE DIN ROMÂNIA - CONDIŢIE NECESARĂ ÎN PERSPECTIVA ADERĂRII LA UNIUNEA EUROPEANĂ

No country can develop without an active financial market, able to offer the conditions for financing national economy and also, an advantageous way of investing the temporary available resources. Having in mind this idea, the objective of this paper is to reveal the main coordinates of Romanian financial market evolution and to analyze in what way this evolution determined a functional emergent financial market. More precisely, the authors will test the efficiency market hypothesis (EMH), using the recent market evolutions. The fundamental adopted thesis consist in the fact that obtaining even a “week” result from the test is a clue of the institutional – managerial and structural development of Romanian financial market, critique precondition for integration in EU financial system.ipoteza pieţei eficiente, fair game, random walk, testare