This publication provides a comprehensive overview of capital markets in Romania, focusing on conditions for stock market listing, secondary stock market liquidity, growth markets, modalities for household savings, institutional investors and market-based debt financing.

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

The Romanian government has undertaken important legal and institutional changes over the past decade to improve the governance and performance of its state-owned enterprises (SOEs), yet significant implementation shortcomings persist. This review describes and assesses the corporate governance framework of the Romanian SOE sector against the OECD Guidelines on Corporate Governance of State-Owned Enterprises.

Romania’s Recovery and Resilience Plan is helping drive reform while also channeling support to vulnerable people. More policy focus is needed on addressing Romania’s disparate socio-economic outcomes and to lift employment among groups underrepresented in formal work, including women. Faster progress is also required to decarbonise the economy by 2050.

This report assesses Romania’s efforts to strengthen its integrity and anti-corruption system. It looks at the achievements of the 2021-2025 National Anticorruption Strategy (NAS) as well as the challenges that remain, including addressing structural issues such as political engagement, the role and placement of ethics offices and the design and review of integrity plans.

This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.

This report presents a comprehensive analysis of the use and structure of corporate bond markets in Asia.