THE EFFECTS OF THE INTERNATIONAL FINANCIAL CRISIS OVER THE CAPITAL MARKET IN ROMANIA

The international financial crisis began when the Romanian capital market was still developing, having just completed the process of legislative harmonization and market architecture reconfiguration. After a positive evolution of about five years, Romania's capital market seemed able to overcome the first wave of the international financial crisis, its first effects became visible only in the second half of 2008. Gradually, however, outside gathered pressure led to increased volatility and lower market liquidity, but also mutations in the investor's preferences for certain types of financial instruments traded. In this context, regulators have attempted in 2008 to adopt measures to increase safety and boost market investors, whose effects were felt in late 2009. This paper aims to examine how the Romanian capital market overrode the first three years of financial crisis and the effects of the measures taken by authorities had on this development.