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The Impact Of Accession To The European Union On The Romanian Capital Market


  • Dragoş Mînjină

    (Academy of Economic Studies, Bucharest)

  • Andrei Stănculescu

    (Academy of Economic Studies, Bucharest)


The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for the pre and post-accession periods. The study also contains a comparative analysis of market indicators of the new member states of EU, from the same region, computed for corresponding periods of time. Also, the paper is focusing on the phenomena which are amplified by the EU accession, such as the correlation of the Romanian stock market prices' evolution with the evolution of the prices from the capital markets of Central and Eastern European states new EU member, as well as the correlation with developed capital markets from Europe and United States, markets which determine the quotations' evolutions from before mentioned capital markets. For this purpose, we calculate and study the correlation coefficients of Romanian indices with the indices of foreign stock exchanges.

Suggested Citation

  • Dragoş Mînjină & Andrei Stănculescu, 2007. "The Impact Of Accession To The European Union On The Romanian Capital Market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(516)(s), pages 41-48, November.
  • Handle: RePEc:agr:journl:v:11(516)(supplement)(vol2):y:2007:i:11(516)(supplement)(vol2):p:41-48

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    market value; turnover; market index.;


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