Piaţa de capital: instrument strategic al dezvoltării regionale
The capital market: Strategic instrument of regional development

Author(s): George-Nicolae Jemboiu
Subject(s): Politics / Political Sciences
Published by: Editura Lumen, Asociatia Lumen
Keywords: capital market; regional development; investments; stock exchange; corporate governance
Summary/Abstract: Besides the existence of a qualified work force, the regional development also involves an important amount of capital in order to finance the investments. There are various methods to provide these financial sources, so the public authorities and the economic agents may turn to self-financing, structural funds, the financial market and to the capital market. In Romania, the banking sector has been lately consolidated, unlike the capital market which is far from becoming the financer of the national economy and far from financially supporting the regions of the country. One of the reasons is that both the stock exchange, as a representative institution of the capital market, and the principles of the corporate governance, as a source of development, were not promoted enough. Thus, when that area was made public, only its negative aspects were brought out. Another reason is that no proper attention was paid to the capital market as an instrument used for attracting foreign portfolio investments.The regional development does not have to be regarded as an abstract process, only from the point of view of the global indicators; firstly, an analysis of the socio-economic components is needed. It is true that some people know how to make money; others are busy spending it and others are complaining about not having it. What could the specialists in economy do as both practitioners and representatives of the scientific environment? Their activity is neither to make money nor to spend it; and not even to justify the poor performance of the economy or its limited possibilities of development due to the insufficient financial funds, but to promote the capital market and to guide people towards managing the financial resources as well.

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