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The Necessity of the European Capital Markets Development in the Current Economic Environment


  • ªargu Alina Camelia

    () („Alexandru Ioan Cuza” University Iasi, Doctoral School of Economics)

  • Chirleºan Dan

    () („Alexandru Ioan Cuza” University Iasi, Romania Faculty of Economics and Business Administration)

  • Potlog Dorian

    () („Alexandru Ioan Cuza” University Iasi, Doctoral School of Economics)


The capital market plays an important role in every modern economy, regarding both, its current state and its sustainable development. The aim of this paper is to present the main role of the capital market on all of the three levels on which they appear (the macroeconomic level, the microeconomic level and the individual level), using a comparative analysis between the European capital markets and the American ones, in order to highlight the necessity of their development. Also, the paper analyses the growing importance of the capital market in the process of financing the economy, which has become an important and essential part of any long term sustainable development strategy employed by any modern state.

Suggested Citation

  • ªargu Alina Camelia & Chirleºan Dan & Potlog Dorian, 2011. "The Necessity of the European Capital Markets Development in the Current Economic Environment," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 2027-2034, May.
  • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:2027-2034

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    capital market; sustainable development; systemic risk; modern economy.;

    JEL classification:

    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading


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