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

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  • Dima, Bogdan
  • Pirtea, Marilen
  • Barna, Flavia
  • Murgea, Aurora

Abstract

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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 12315.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:12315

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Related research

Keywords: financial market integration; institutions; structures; functions; behaviours;

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  1. Banerjee, Anindya & Dolado, Juan J. & Galbraith, John W. & Hendry, David, 1993. "Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198288107, October.
  2. Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
  3. Michael D. Bordo & Barry Eichengreen & Jongwoo Kim, 1998. "Was There Really an Earlier Period of International Financial Integration Comparable to Today?," NBER Working Papers 6738, National Bureau of Economic Research, Inc.
  4. Debabrata Bagchi & Georgios E. Chortareas & Stephen M. Miller, 2003. "The Real Exchange Rate in Small Open Developed Economies: Evidence from Cointegration Analysis," Working papers, University of Connecticut, Department of Economics 2003-27, University of Connecticut, Department of Economics.
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