tailieunhanh - The Role of Investment Funds in Romania

The inclusion of Business Angels in the range of ‘informal’ (as opposed to ‘institutional’) investors provides us an indication that there are potential difficulties in measuring the size of the Business Angel community. Mason and Harrison identify two main problems, identification and definition. Regarding the former, in his seminal work on Business Angels, William Wetzel (1983) notes that the total population of Business Angels is unknown and probably unknowable on account of their invisibility, desire for anonymity, and the undocumented nature of their investing. Most studies are based on samples of convenience, such as angels who are members of Business. | 45 The Romanian Economic Journal The Role of Investment Funds in Romania Delia-Elena Diaconagu1 Alexandru Asăvoaei2 The main aim of this article is to present the influence of investment funds on the economic growth in Romania between 2007 and 2010. Unfortunately some of the main findings of the paper are insignificant share of investment funds in GDP low correlation between inflation rate and the net subscriptions of equity funds low correlation between benchmark interest rate and bond funds. Instead we validated the direct relationship between monetary funds and the benchmark interest rate. Also the importance of national investment funds does reflect in the share of net assets of financial investment companies in the market capitalization in the share of equity traded at the BSE in the UCITS portfolios and in the strong growth of net assets in recent years. Key words capital market financial markets monetary funds financial system net assets banking system bonds portfolio assets benchmark interest rate JEL Classification G11 G14 G21 G24 D53 E43 E44 I. Introduction Contemporary financial markets are now in constant transformation integration and interdependence. Their importance in the globalization process is significant in a situation where financial conditions in one 1 Delia-Elena DIACONAặU PhD University Alexandru Ioan Cuza of Iasi delia_diaconasu @ 2 Alexandru ASẢVOAEI PhD University Alexandru Ioan Cuza of Iasi alexasavoaei @ Year XIV no. 39 March 2011 The Romanian Economic Journal region spread almost instantaneously over the others. In this context the size of international financial markets has increased considerably along with the growing importance of institutional investors insurance companies pension funds mutual funds investment trusts and the decline of individual investors. From this mutual fund segment is the most dynamic. Their importance derives from the fact that are intermediaries that invest most in the financial market .

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