The Financial Crisis and the Capital Market

The financial crisis was the negative, cumulative effect of several interconnected factors, of economic, financial and institutional nature. Interdependence of economies and global financial systems have led to the chaing propagation of the crisis effects, due to the globalization of the financial services market. The fall of developed markets has had a strong impact on emerging markets which have experienced an unprecedented lack of liquidity. Against this background the international financial crisis, the Romanian capital market was characterized by high volatility, reduced liquidity and a sudden decrease of stock exchange indices.