Capital markets and non-bank financial institutions in Romania : assessment of key issues and recommendations for development / / Ramin Shojai, Michel Noel

• Autore: Shojai Ramin <1965->
• Pubblicazione: Washington, DC, : World Bank, 2005
• Edizione: 1st ed.
• Descrizione fisica: xvii, 90 pages ; ; 25 cm
• Disciplina: 332/.041/09498
• Soggetto topico: Capital market - Romania; Financial institutions - Romania
• Altri autori: NoelMichel <1954->
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- Contents -- Acknowledgments -- Acronyms and Abbreviations -- Executive Summary -- 1. Introduction -- Background -- Objective of the Study -- 2. Recent Evolution of NBFIs in Romania -- Overall Financial Sector Development -- Macroeconomic Environment -- Corporate Sector Developments -- Banks in Romania -- Non-Bank Financial Sector Development -- Capital Markets -- Equity Markets -- T-bills -- Government Bonds -- Sub-sovereign and Municipal Bonds -- Corporate Bonds -- Non-bank Financial Institutions -- Insurance -- Pension Funds -- Investment and Mutual Funds -- Leasing -- Factoring -- Mortgage and Housing Finance -- Credit Insurance -- Corporate Governance -- 3. Capital Markets and NBFIs: Key Challenges and Recommended Policy Reforms -- Impact of Macroeconomic and Sectoral Policies -- Structural Impediments to Growth -- Legal, Regulatory, Supervisory, Tax, and Infrastructure Impediments -- Securities Markets -- Bond Market -- Insurance -- Pensions -- Leasing -- Factoring -- Mortgage and Housing Finance -- Corporate Governance -- Accounting, Transparency, and Disclosure -- 4. Proposed Action Plan -- Recent Government Reforms Supported By PAL -- Legal and Regulatory Reforms -- Capacity Building for Supervisory Authorities -- Strengthening Capital Market Infrastructure -- Structural Reforms -- Corporate Governance Reforms -- Legal and Regulatory Issues -- Securities Market Regulation and Supervision Among Regulatory Agencies -- Accounting, Transparency, and Disclosure -- Market Infrastructure -- Equity Mobilization and Credit Enhancement -- Bibliography -- LIST OF TABLES -- 1. Macroeconomic Profile of Romania, 1996-2003 -- 2. Macroeconomic Comparison with EU-15 and CE-3 Countries, 1997-2003 -- 3. Data on Privatized Firms and Outstanding State Enterprises, 1992-2003 -- 4. Structural Comparison of Romania, the EU-15 and the CE-3, 1997-2003. ; 5. Profile of Romania's Banking System, 1996-2003 -- 6. Comparison of Romania's Banking System, the EU-15 and the CE-3, 1996-2003 -- 7. Profile of Romania's Financial Sector, 2003 -- 8. Romania's Market Indicators vs. Czech Republic and Hungary, 1996-2003 -- 9. Market Capitalization in Romania, 1996-2003 -- 10. Trade Volume and Turnover on the Romanian Exchanges, 1996-2003 -- 11. Adjustments to Market Capitalization and Turnover for Float, 2003 -- 12. Romania's, EU-15 and CE-3 Market Indicators, 1996-2002 -- 13. T-bills in Romania, 1996-2003 -- 14. T-bill Yields in Romania, 1996-2003 -- 15. T-bills Rates, 1996-2003 -- 16. Government Bonds and Domestic Debt Securities: 1996-2003 -- 17. Trading Volume and Turnover of Domestic Government Securities: 2000-2003 -- 18. Sovereign Debt Securities in the Eurobond Market: 1999-2003 -- 19. International Rating Agencies' Perceptions of Romania -- 20. Public Debt Securities in Romania, the EU-15 and CE-3 Markets: 1996-2003 -- 21. Municipal Bonds in Romania: 2000-2003 -- 22. Profile of Romanian Municipal Bond Features, 2003 -- 23. Profile of Romanian Domestic Corporate Bond Features, 2003 -- 24. Insurance Sector Indicators for Romania, 1997-2003 -- 25. Insurance Market Indicators for Selected EU Countries, 2002. -- 26. Insurance Market Indicators for CE-3 Countries for 2002 -- 27. Financial Performance of the Pension System, 1995-2003 (% of GDP) -- 28. Investment Fund Indicators for Romania, 1998-2003 -- 29. Summary of Leasing Data for Romania, 2001-2003 -- 30. Factoring Volume Indicators, 1997-2002 -- 31. Structural Targets -- 32. Corporate Governance Reform Targets -- 33. Strengthening Coordination Between Regulatory Authorities Targets -- 34. Targets for CNVM and Securities Market Regulation/Supervision -- 35. Pension: Legal and Regulatory Reform Targets -- 36. Insurance: Legal and Regulatory Reform Targets. ; 37. Mortgage and Housing Finance: Legal and Regulatory Reform Targets -- 38. Municipal and Corporate Bond: Legal and Regulatory Reform Targets -- 39. Leasing: Legal and Regulatory Reform Targets -- 40. Accounting and Disclosure Targets -- 41. Market Infrastructure Targets -- 42. Targets for Credit Enhancements -- LIST OF FIGURES -- 1. Financial Sector Development Indicators: Romania vs. EU-15, 2002.
• Sommario/riassunto: With only three years remaining before joining the European Union, Romania is working hard to improve its capital markets and non-bank financial institutions, which remain less developed than those in other accession countries. Strengthening these sectors has become a top priority for policymakers, whose primary objective is to ensure that the financial system is sufficiently developed to serve the growing demands of the Romanian economy. This study assesses key issues and recommendations for development, and reviews the specific changes which are necessary in four areas: structural reforms, market institutions, and infrastructure; accounting, transparency, and disclosure; market infrastructure; and credit enhancements.
• Titolo autorizzato: Capital markets and non-bank financial institutions in Romania
• ISBN: 1-280-08493-6; 9786610084937; 1-4175-6801-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910954880903321
• Lo trovi qui: Univ. Federico II
• Serie: World Bank working paper ; ; no. 45.