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De ce şi cum trebuie projetaţi investitorii în instrumente financiare (Why and how investors in financial instruments have to be protected)

Author

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  • Arnaldo MAURI

    ()

  • Claudia Gabriela BAICU

    ()

Abstract

Household savings are to be protected by Authorities for ethical, social and economic reasons. However, inflation, unfair taxation, expropriations without just compensation and financial scandals have repeatedly and heavily affected the wealth of European households also since the end of World War II. This paper deals with recent failures in supervision of financial markets and focuses on Argentina bonds, Parmalat bonds and subprime loans. The paper concludes by analysing tools to be assigned to domestic supervisory authorities, changes in corporate governance to be introduced and administrative as well as criminal penalties to be enhanced by the new law on saving protection. The main provisions regarding investors’ protection established by the Markets in Financial Instruments Directive (MIFID) are also mentioned.

Suggested Citation

  • Arnaldo MAURI & Claudia Gabriela BAICU, 2009. "De ce şi cum trebuie projetaţi investitorii în instrumente financiare (Why and how investors in financial instruments have to be protected)," Departmental Working Papers 2009-01, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  • Handle: RePEc:mil:wpdepa:2009-01
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    File URL: http://wp.demm.unimi.it/files/wp/2009/DEMM-2009_001wp.pdf
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    Keywords

    Default; savings; financial instruments; corporate governance;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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