Capital Markets and Non-bank Financial Institutions in Romania : Assessment of Key Issues and Recommendations for Development

Capital Markets and Non-bank Financial Institutions in Romania : Assessment of Key Issues and Recommendations for Development

This study assesses key issues and recommendations for development, and reviews the specific changes which are necessary in four areas: structural reforms, market institutions, and infrastructure; accounting, transparency, and disclosure; market...

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Bibliographic Details
Main Author:	World Bank
Format:	Publication
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING ACCOUNTING PRACTICES AMERICAN DEPOSITORY RECEIPTS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSET VALUE AUCTION AUDITING BALANCE OF PAYMENTS BANK LENDING BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKS BENCHMARKING BENCHMARKS BID BOND BOND ISSUES BOND MARKET BONDS BORROWING BUSINESS ENVIRONMENT CAPACITY BUILDING CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CASH MANAGEMENT CLEARANCE COLLATERAL COMPANY LAW COMPETITIVENESS CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE BONDS CORPORATE FINANCE CORPORATE GOVERNANCE CREDIT INSTITUTIONS CREDIT INSURANCE CREDIT RATING AGENCIES CREDIT RISK CURRENT ACCOUNT/ DEALERS DEBT DEBT SECURITIES DELIVERY VERSUS PAYMENT DEPOSITORY DEPOSITORY RECEIPTS DIRECT INVESTMENT DISCLOSURE DOMESTIC CAPITAL MARKETS DOMESTIC SECURITIES DVP EMERGING MARKETS EQUITY MARKETS EUROBOND MARKET FACTORING FIDUCIARY DUTIES FINANCIAL ACCOUNTING FINANCIAL ASSETS FINANCIAL CONGLOMERATES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FISCAL DEFICITS FOREIGN BANKS FOREIGN DIRECT INVESTMENT GDP GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT GROSS SETTLEMENT SYSTEM HOUSING HOUSING FINANCE INCOME INFLATION INFLATION RATE INFLATION RATES INFORMATION DISCLOSURE INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL STATISTICS INVESTMENT COMPANIES INVESTMENT FLOWS INVESTMENT FUND INVESTMENT POLICY INVESTMENT REQUIREMENTS ISSUERS JOINT STOCK LAWS LEASING LEASING COMPANIES LEGISLATION LIFE INSURANCE LOCAL ADMINISTRATION LOCAL CAPITAL MARKETS LOCAL GOVERNMENTS MACROECONOMIC PERFORMANCE MARKET PARTICIPANTS MATURITIES MATURITY MERGERS MIGRATION MONEY LAUNDERING MONEY MARKET MONEY MARKET INSTRUMENTS MORTGAGE BONDS MORTGAGE SECURITIES MORTGAGES MUNICIPAL BONDS MUNICIPAL FINANCE MUNICIPALITIES MUTUAL FUND MUTUAL FUNDS NATIONAL INCOME NONBANKS ORGANIZATIONAL STRUCTURE PENSION FUNDS PENSIONS PER CAPITA INCOME PER CAPITA INCOMES PORTFOLIO PRIVATE DEBT PRIVATE INVESTORS PRIVATE PENSION PRIVATIZATION PUBLIC DEBT PUBLIC FINANCE RATING AGENCIES REAL GDP REAL SECTOR REGULATORY FRAMEWORK REGULATORY REFORM REPURCHASE AGREEMENT RETAINED EARNINGS RETIREMENT RTGS SAVINGS SECURITIES SECURITIES DEALERS SECURITIES MARKETS SECURITIZATION SHARE CAPITAL SHAREHOLDERS STATE ENTERPRISES STOCK EXCHANGE STOCK MARKET SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES T-BILLS TAX INCENTIVES TRADE VOLUME TRANSITION ECONOMIES TRANSPARENCY WORKING CAPITAL YIELD CURVES
Online Access:	http://documents.worldbank.org/curated/en/2004/11/5518648/capital-markets-non-bank-financial-institutions-romania-assessment-key-issues-recommendations-development http://hdl.handle.net/10986/14867

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Summary:	This study assesses key issues and recommendations for development, and reviews the specific changes which are necessary in four areas: structural reforms, market institutions, and infrastructure; accounting, transparency, and disclosure; market infrastructure; and credit enhancements. With only three years remaining before joining the European Union, Romania is working hard to improve its capital markets and non-bank financial institutions, which remain less developed than those in other accession countries. Strengthening these sectors has become a top priority for policymakers, whose primary objective is to ensure that the financial system is sufficiently developed to serve the growing demands of the Romanian economy.

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