By Michel Noel, Ramin Shojai
"Capital Markets and Non-bank monetary associations in Romania is a part of the area financial institution operating Paper sequence. those papers are released to speak the result of the Bank?s ongoing examine and to stimulate public discussion.With basically 3 years final ahead of becoming a member of the eu Union, Romania is operating demanding to enhance its capital markets and non-bank monetary associations, which stay much less constructed than these in different accession nations. Strengthening those sectors has develop into a best precedence for policymakers, whose basic aim is to make sure that the economy is satisfactorily built to serve the becoming calls for of the Romanian economy.During 2003 and 2004, the Romanian professionals made major efforts to draft, undertake, and enact new laws to align Romania with european monetary directives. regardless of those efforts, in spite of the fact that, demanding situations stay within the sector of supervisory means and the implementation of legislation and regulations.This research assesses key matters and suggestions for improvement, and studies the categorical adjustments that are valuable in 4 parts: structural reforms, industry associations, and infrastructure; accounting, transparency, and disclosure; industry infrastructure; and credits enhancements."
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Additional info for Capital Markets and Non-bank Financial Institutions in Romania: Assessment of Key Issues and Recommendations for Development (World Bank Working Papers)
Cap. (%) n/a n/a n/a n/a n/a n/a 80 ROMANIA Market Cap. 9 Turnover/ Mkt. Cap. (%) 2 30 53 28 19 10 8 CZECH REPUBLIC Market Cap. 9 Turnover/ Mkt. Cap. (%) 50 46 38 37 60 34 37 HUNGARY Market Cap. 9 Turnover/ Mkt. Cap. (%) 42 73 114 96 91 44 46 POLAND Market Cap. 2 Turnover/ Mkt. Cap. (%) 85 78 54 46 50 26 29 Sources: BVB; RASDAQ; World Development Indicators; EMDB; Bakker Gross (2003 for 2002 figures); authors’ calculations. The domestic money market consists of discount T-bills, used by the government to finance near-term deficits.
4 billion). While small in total, they were far larger than Romania’s issuances, and in relation to GDP. 4 percent in Poland. Non-bank Financial Institutions Insurance At the end of 2003, Romania had 40 insurance companies with total premium revenues of US$738 million. 3 percent of GDP, reflecting a growing, yet still low, level of insurance market depth. In terms of market coverage, insurance “density” (premiums per capita) was US$34 in 2003, placing Romania among the lowest of European countries in terms of insurance sector penetration.
As a share of total public debt outstanding, the proportion has fluctuated. Government bonds outstanding are larger in value in the Eurobond market than they are in the domestic market. Yield curves are now available for ten years, as opposed to two years in 2002 and only one year prior to 2002. The trend has been more favorable recently, as the government has increased its one-year to three-year issues in the domestic market. Yields show that long-term bonds are now issued at rates about 300 basis points lower than T-bills, reflecting confidence that the inflation rate will continue to decline.