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

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  • Ciprian Antoniade Alexandru

Abstract

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.

Suggested Citation

  • Ciprian Antoniade Alexandru, 2011. "Dynamic development of municipal bonds on capital markets in Romania and contribution to regional development," ERSA conference papers ersa11p951, European Regional Science Association.
    • Handle: RePEc:wiw:wiwrsa:ersa11p951
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    File URL: https://www-sre.wu.ac.at/ersa/ersaconfs/ersa11/e110830aFinal00951.pdf
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    References listed on IDEAS

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    1. 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.
    2. Kidwell, David S & Trzcinka, Charles A, 1982. "Municipal Bond Pricing and the New York City Fiscal Crisis," Journal of Finance, American Finance Association, vol. 37(5), pages 1239-1246, December.
    3. 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, April.
    4. Chandrasekaran, Pravin & Katayama, Roy, 2006. "Municipal Bonds : Is India ready for more?," MPRA Paper 9807, University Library of Munich, Germany.
    5. Terrance Odean, 1999. "Do Investors Trade Too Much?," American Economic Review, American Economic Association, vol. 89(5), pages 1279-1298, December.
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    Cited by:

    1. VOICA, Marian Catalin & PANAIT, Mirela, 2018. "Government Securities Trade At Bucharest Securities Exchange And Their Evolution In The Context Of “Centenar” Treasury Bills Issues," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 6(1), pages 275-280, October.

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