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Securities Market Development in the Republic of Moldova in the Сontext of European Financial Integrations

Author: Biloocaia Svetlana
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Rodica Hîncu
doctor habilitat, professor, Academy of Economic Studies of Moldova
Institution: Academy of Economic Studies of Moldova


The thesis was presented on the 15 January, 2015
Approved by NCAA on the 24 February, 2015


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stock market, financial integration, β- and σ- convergence, stock market functions, evaluation indices, economic growth, institutional development, EU Directives, measures of development of the securities market of the Republic of Moldova


Thesis structure: introduction, three chapters, conclusions and recommendations, bibliography comprising 343 sources, 29 annexes, 149 pages of basic text, 32 figures, 10 formulae and 21 tables. The obtained results have been published in 15 scientific publications.

The subject of the research: securities market of the Republic of Moldova in the context of European financial integration.

The object of the research: to elaborate the main directions of development of the securities market of the Republic of Moldova under the European financial integration prospect.

The solved scientific problem: under the conditions when the Moldovan securities market does not comply fully with its intended function and does not sufficiently stimulate national economic growth, have been identified the main problems that prevent its modernisation and elaborated the main directions of its further development in the context of European financial integration.

The scientific novelty and originality: have been emphasised the circumstances of positive influence of the financial integration on the economic growth of developing European countries and those in transition, including the Republic of Moldova; has been identified the decisive role of the institutional factor for the stock markets development and their positive role on economic growth; has been elaborated the method aiming to bring the securities market legislation in line with the European legal system, according to the operational and strategic goals presented in the research; has been proposed a method of national securities market integration evaluation, adapted to the conditions of the Moldovan stock market, based on the β- indicators and σ- convergence; has been ellaborated an indicative and functional approach, allowing the evaluation of the degree of securities market development following the fulfillment of its functions; has been assessed the degree of financial integration and emphasised the peculiarities of the EU and Moldovan securities markets; have been identified the main tendencies in the EU and Moldovan securities markets; their comparative analysis revealed the basic problems that impede the fulfilment of national securities market functions to stimulate economic growth.

Theoretical and practical significance consists in the following: have been systematized the indicators of securities market development at the micro- and macro level; have been researched and systematized the normative acts, implemented under the framework of creating a single EU financial market; have been emphasized the operational and strategic goals aiming the improvement of the legal basis of the national securities market; has been evaluated the role of EU and Moldovan securities markets for the national economic growth; have been proposed recommendations for bringing the securities market legal basis in accordance with the EU norms; has been revealed the fact that spread of the financial innovations initiates crises only in the case of market non-regulation; has been performed a comparative analysis of the integration level of European countries stock markets, with different levels of economic growth, including the Republic of Moldova; have been proposed recommendations on the development of Moldovan securities market under the context of financial European integration. The obtained results can be used by corresponding bodies of regulation and control, but also in educational uses.

Implementation of the scientific results: the necessity to implement the results of the study has been confirmed by: Ministry of Economy (Moldavian Export Promotion Organisation), National Commission for Financial Markets, Rating agency Estimator-VM, Department of Finance and Master School of Excellence in Business and Economics of ASEM.