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Theoretical and Applied Economics
No. 5 / 2008 (522)

Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania

Marilen Pirtea
Laura Raisa Iovu
Marius Cristian Milos
Universitatea de Vest, Timisoara

Abstract. Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.

Keywords: financial intermediation; capital market; economical growth.

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