The Romanian Municipal Bond Market and the International Financial Crisis
AbstractIn 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Institute of National Economy in its journal Romanian Journal of Economics.
Volume (Year): 30 (2010(XX))
Issue (Month): 1(39) (June)
Contact details of provider:
Postal: Casa Academiei, Calea 13 Septembrie nr.13, sector 5, Bucureşti 761172
Phone: 004 021 318.24.67
Fax: 004 021 318.24.67
Web page: http://www.ien.ro/
More information through EDIRC
bonds; crisis; stock exchange; municipalities;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Valentina Vasile).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.