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Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania

Author

Listed:
  • Marilen Pirtea

    (Universitatea de Vest, Timisoara)

  • Laura Raisa Iovu

    (Universitatea de Vest, Timisoara)

  • Marius Cristian Milos

    (Universitatea de Vest, Timisoara)

Abstract

Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.

Suggested Citation

  • Marilen Pirtea & Laura Raisa Iovu & Marius Cristian Milos, 2008. "Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 5(5(522)), pages 03-10, May.
  • Handle: RePEc:agr:journl:v:5(522):y:2008:i:5(522):p:03-10
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    Cited by:

    1. Gabriela ANGHELACHE & Alexandru MANOLE & Ana CARP & Cristina SACALA, 2016. "Tendencies in the evolution of the private pensions system in Romania," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 64(11), pages 101-111, November.

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