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The Behavior Of The Bucharest Stock Exchange During The Current Financial Markets Crisis And Proposed Measures For Its Sustainable Development

Author

Listed:
  • Panait, Iulian

    (KTD Invest SA)

  • Lupu, Iulia

    (Centrul de Cercetari Fnanciare si Monetare Victor Slavescu)

Abstract

Our day to day study of the Romanian stock market during the period July 2007 – September 2009 revealed in many cases a specific behavior. Although all the emerging markets from the region evolved in correlation with the more established exchanges, the negative impact of the crisis on our exchange was in many aspects deeper and more powerful than it should have been if we look at the actual macro and micro economic situation, considering the empirical evidence that the capital market is positively correlated with the long term economic growth. We think that this overreaction to the negative side is the direct result of the lack of maturity of our local exchange (in terms of capitalization, liquidity, participants, legislation and surveillance) and we propose a few measures that are supposed to render a sustainable development and may improve its stability during times of financial turbulences.

Suggested Citation

  • Panait, Iulian & Lupu, Iulia, 2009. "The Behavior Of The Bucharest Stock Exchange During The Current Financial Markets Crisis And Proposed Measures For Its Sustainable Development," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 1(1), pages 73-80.
    • Handle: RePEc:ris:sphecs:0006
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    Cited by:

    1. Corina Maria Ene & Carmen Marilena Uzlau & Iulian Panait, 2013. "Stylized Facts Of The Daily, Weekly And Monthly Returns On Bucharest Stock Exchange During 2007-2012," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(15), pages 1-15.
    2. Daniel ?tefan ARMEANU & Camelia Cãtãlina JOLDE?, 2019. "The Impact Of Bond, Currency And Oil Markets On Investors From The Bucharest Stock Exchange," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(1), pages 106-114, November.
    3. Panait, Iulian & Slavescu, Ecaterina Oana, 2011. "Volatility and causality study of the daily returns on the Bucharest Stock Exchange during 2007-2011," MPRA Paper 41786, University Library of Munich, Germany.
    4. BARANGA, Laurentiu Paul & PANAIT, Iulian, 2018. "Estimating The Credit Risk Score For Non Bank Stock Exchange Intermediaries In The Eventuality Of Changeover To Euro Currency," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 22(4), pages 25-40, December.
    5. CIOACĂ, Sorin-Iulian, 2015. "Liquidity And Informational Inefficiency. The Case Of Romania," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(1), pages 80-92.
    6. CIUMARA, Tudor, 2022. "Financial Education And Digitalization. The Case Of Romania," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(4), pages 65-76, December.

    More about this item

    Keywords

    contagion; correlation; financial crisis; emerging capital markets;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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