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Dynamic development of municipal bonds on capital markets in Romania and contribution to regional development

  • Ciprian Antoniade Alexandru


Investment demand for regional economic development led to the use of increasingly diversified financial instruments. The local authorities in the capital market were achieved through municipal bonds, the most used financial vehicle in the category of fixed income instruments. In this paper is presented results of research on the use of municipal bonds to finance projects on local or regional level in Romania. Among the research results is included determining the degree of correlation between risk and return of financial instruments, but also a possible causal link between the amount of investments by region and degree of development of the region. In conclusion are shown several views on the use of municipal bond into investment portfolio management from investment funds from Romania.

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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa11p951.

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Date of creation: Sep 2011
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Handle: RePEc:wiw:wiwrsa:ersa11p951
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  1. Chris Downing & Frank Zhang, 2004. "Trading Activity and Price Volatility in the Municipal Bond Market," Journal of Finance, American Finance Association, vol. 59(2), pages 899-931, 04.
  2. Nicholas Barberis & Ming Huang & Richard H. Thaler, 2006. "Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing," American Economic Review, American Economic Association, vol. 96(4), pages 1069-1090, September.
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