Factori determinanți ai dezvoltării pieței de capital
Determinants of capital market development

Summary/Abstract: The link between capital market development and economic growth has been intensively analysed over the last 100 years. Some studies consider economic growth as a cause of market development, but also the indirect causal relationship is proposed by other studies. The impact of the capital market on the economy has been intensively analysed and confirmed, and the researchers' attention was focused on determining the factors that influence the development of the capital markets. Using an extensive set of independent macroeconomic and institutional variables, this study tests their impact on the development of capital markets, as measured by market capitalization, using a database of 50 stock exchanges in 2008-2017. Analysing the data characteristic of the stock exchanges can be observed an increase of all the analysed indicators, a return after the period of economic crisis and, thus, development of the capital markets. The regression models obtained significantly explain the analyzed indicator, the macroeconomic factors being the most relevant, especially the size of the economy and private sector lending. Institutional factors, which refer to political and economic governance, are relevant and also explain the development of the capital market.

• Details
• Contents