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The Romanian Municipal Bond Market and the International Financial Crisis

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  • VALENTINA VASILE

    ()
    (Institute of National Economy, Romanian Academy)

  • MIRELA MATEI

    ()
    (Petroleum and Gas University from Ploiesti,Faculty of Economics)

Abstract

In Romania, the bond market was set up later, comparatively to the equity market. This market is in a development process, but the international financial crisis has affected even the interest of investors in bonds. The secondary municipal bond market is not a very liquid market because these securities are bought from the primary market and held in portfolios by investors because these bonds have a low risk. The issue of these bonds is correlated with the financial independence and the level of decentralization of the local public authorities. The issuance of these bonds is correlated with financial independence and decentralization level specific to local public authorities. Under crisis conditions, the volatility of this market is more significant, the increasing deficits of local budgets decreasing the interest of the middle-class in investing in such financial instruments.

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Bibliographic Info

Article provided by Institute of National Economy in its journal Romanian Journal of Economics.

Volume (Year): 30 (2010(XX))
Issue (Month): 1(39) (June)
Pages: 110-126

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Handle: RePEc:ine:journl:v:1:y:2010:i:39:p:110-126

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Related research

Keywords: bonds; crisis; stock exchange; municipalities;

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  1. Tatiana Mosteanu & Carmen Maria Lacatus, 2009. "The Issue Of Municipal Bonds, A Challenge For The Romanian Local Public Administrations," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 47.
  2. Tatiana Mosteanu & Carmen Maria Lacatus, 2008. "The Municipal Bonds – the Cause and the Effect of the Local Financial Decentralisation Growth. Romanian Case," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 9(9(526)), pages 51-60, September.
  3. Mirela MATEI, 2008. "Aspects Regarding The Development Of Bucharest Stock Exchange," Romanian Journal of Economics, Institute of National Economy, vol. 27(2(36)), pages 145-159, December.
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