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Legislative Risk And Market Resilience In Emerging Economies: A Qualitative Study Of Political Influence On Romania’S Financial Market

Author

Listed:
  • Diane Paula VANCEA

    (Ovidius University of Constanța, Romania)

  • Cristian-Dan OPARIUC

    (Ovidius University of Constanța, Romania)

  • Luciana SIMION

    (Bucharest University of Economic Studies, Romania)

  • Lavinia MASTAC

    (Bucharest University of Economic Studies, Romania)

Abstract

This study analyzes the influence of politics on the Romanian financial market in the post-accession period to the European Union (2007-2022), using a qualitative methodology based on 15 interviews with experts from four relevant spheres: institutional, political, academic and media. The thematic analysis led to the identification of five main themes: political instability, the influence of economic legislation, market resilience, the role of political communication and the quality of institutional dialogue. The study was complemented by a conceptual network analysis and the correlation of political events with historical financial data (BET index, RON/EUR exchange rate). The results highlight that market volatility is often determined by political shocks, but economic fundamentals remain decisive in the long term. The case of GEO 114/2018 is unanimously mentioned as the most harmful legislative episode, with profound and persistent effects. The conclusions emphasize the need for political stability, legislative predictability and real consultation for market development. The study offers relevant implications for policymakers, investors and regulatory institutions, supporting the usefulness of interdisciplinary approaches in analyzing the relationship between politics and financial markets in emerging economies.

Suggested Citation

  • Diane Paula VANCEA & Cristian-Dan OPARIUC & Luciana SIMION & Lavinia MASTAC, 2025. "Legislative Risk And Market Resilience In Emerging Economies: A Qualitative Study Of Political Influence On Romania’S Financial Market," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 20(2), pages 356-375, August.
    • Handle: RePEc:blg:journl:v:20:y:2025:i:2:p:356-375
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    References listed on IDEAS

    as
    1. Aisen, Ari & Veiga, Francisco Jose, 2006. "Does Political Instability Lead to Higher Inflation? A Panel Data Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(5), pages 1379-1389, August.
    2. Kamer-Ainur Aivaz & Iulia Oana Florea & Ionela Munteanu, 2024. "Economic Fraud and Associated Risks: An Integrated Bibliometric Analysis Approach," Risks, MDPI, vol. 12(5), pages 1-21, April.
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