World Bank2013-08-072013-08-0720050-8213-6015-9https://hdl.handle.net/10986/14867This 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. 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.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING PRACTICESAMERICAN DEPOSITORY RECEIPTSASSET MANAGEMENTASSET MANAGEMENT COMPANIESASSET VALUEAUCTIONAUDITINGBALANCE OF PAYMENTSBANK LENDINGBANKING CRISESBANKING SECTORBANKING SYSTEMBANKSBENCHMARKINGBENCHMARKSBIDBONDBOND ISSUESBOND MARKETBONDSBORROWINGBUSINESS ENVIRONMENTCAPACITY BUILDINGCAPITAL MARKETCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCASH MANAGEMENTCLEARANCECOLLATERALCOMPANY LAWCOMPETITIVENESSCONSOLIDATED SUPERVISIONCONSOLIDATIONCORPORATE BONDSCORPORATE FINANCECORPORATE GOVERNANCECREDIT INSTITUTIONSCREDIT INSURANCECREDIT RATING AGENCIESCREDIT RISKCURRENT ACCOUNT/DEALERSDEBTDEBT SECURITIESDEBTDELIVERY VERSUS PAYMENTDEPOSITORYDEPOSITORY RECEIPTSDIRECT INVESTMENTDISCLOSUREDOMESTIC CAPITAL MARKETSDOMESTIC SECURITIESDVPEMERGING MARKETSEQUITY MARKETSEUROBOND MARKETFACTORINGFIDUCIARY DUTIESFINANCIAL ACCOUNTINGFINANCIAL ASSETSFINANCIAL CONGLOMERATESFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL REPORTINGFINANCIAL RESOURCESFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL SYSTEMFISCAL DEFICITSFOREIGN BANKSFOREIGN DIRECT INVESTMENTGDPGOVERNMENT BONDSGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTGROSS SETTLEMENTGROSS SETTLEMENT SYSTEMHOUSINGHOUSING FINANCEINCOMEINFLATIONINFLATION RATEINFLATION RATESINFORMATION DISCLOSUREINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL FINANCIAL STATISTICSINVESTMENT COMPANIESINVESTMENT FLOWSINVESTMENT FUNDINVESTMENT POLICYINVESTMENT REQUIREMENTSISSUERSJOINT STOCKLAWSLEASINGLEASING COMPANIESLEGISLATIONLIFE INSURANCELOCAL ADMINISTRATIONLOCAL CAPITAL MARKETSLOCAL GOVERNMENTSMACROECONOMIC PERFORMANCEMARKET PARTICIPANTSMATURITIESMATURITYMERGERSMIGRATIONMONEY LAUNDERINGMONEY MARKETMONEY MARKET INSTRUMENTSMORTGAGE BONDSMORTGAGE SECURITIESMORTGAGESMUNICIPAL BONDSMUNICIPAL FINANCEMUNICIPALITIESMUTUAL FUNDMUTUAL FUNDSNATIONAL INCOMENONBANKSORGANIZATIONAL STRUCTUREPENSION FUNDSPENSIONSPER CAPITA INCOMEPER CAPITA INCOMESPORTFOLIOPRIVATE DEBTPRIVATE INVESTORSPRIVATE PENSIONPRIVATIZATIONPUBLIC DEBTPUBLIC DEBTPUBLIC FINANCERATING AGENCIESREAL GDPREAL SECTORREGULATORY FRAMEWORKREGULATORY REFORMREPURCHASE AGREEMENTRETAINED EARNINGSRETIREMENTRTGSSAVINGSSECURITIESSECURITIES DEALERSSECURITIES MARKETSSECURITIZATIONSHARE CAPITALSHAREHOLDERSSTATE ENTERPRISESSTOCK EXCHANGESTOCK MARKETSUPERVISORY AGENCIESSUPERVISORY AUTHORITIEST-BILLSTAX INCENTIVESTRADE VOLUMETRANSITION ECONOMIESTRANSPARENCYWORKING CAPITALYIELD CURVESWorld Bank10.1596/0-8213-6015-9