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The role of securities markets in an investment approach in the framework of globalization

Author: Harcenco Dorina
Degree:doctor of economics
Speciality: 08.00.14 - World Economy; International Economic Relations
Scientific adviser: Victoria Lupu
doctor, associate professor (docent), Academy of Economic Studies of Moldova
Scientific council:


The thesis was presented on the 1 September, 2010
Approved by NCAA on the 4 November, 2010


Adobe PDF document0.70 Mb / in romanian


used in the paper are: securities market, financial investments, securities market turnover, stock market liquidity, securities, financing the economies, investment risk, and securities’ portfolio.


The research paper for the PhD Degree in Economics on comprises introduction, three chapters, conclusions and recommendations, bibliography of 169 sources, 14 appendices, 149 pages of basic text, 31 figures, 20 tables.

The achieved results are published in 11 scientific works, five of which are in scientific magazines with reviews.

The area of research and objectives of the Paper refer to: the complex analysis of securities markets (SM) and their impact upon the increase of investments in the framework of globalization, the analysis of the correlation of SM and the global production, the deeper research of economic studies related to the place of SM in the process of financing, the elaboration of scientific, theoretical-practical mechanisms regarding the evaluation of the SM contribution to reaching a certain level of investments, estimating the informational impact on the functioning of SM, the analysis of the evolution of SM in Republic of Moldova, identifying the risks of the financing via the SM, using the economic-mathematical models for creating an optimum investment portfolio.

Novelty and originality of the scientific investigation consists in the deepening of the theoretical studies on financial investments; identifying the latest trends in light of current global financial crisis; determining the contribution of the SM to financing the real economy; highlighting the correlation between SM and global production; evaluating the risks of financing via SM; elaboration of proposals for improving the regulatory framework for SM regulation; identifying the optimal structure of financing our country’s economy; financial analysis of the portfolio of securities based on econometric calculations and development of an alternative method of selecting a portfolio of securities on Moldovan market.

Theoretical significance and applied value of the thesis consists in determining the ways to increase investment through the SM, raising the degree of financing the economies, formulating some recommendations and identifying the ways to enhance the efficient functioning and - the research, particularly, those obtained, on the bases of the econometric models can be successfully used by potential investors.