RECENT EVOLUTIONS OF THE ROMANIAN CAPITAL MARKET
          IN THE CONTEXT OF FINANCIAL CRISIS

                              Bogdan Dima, PhD Professor PhD
                                West University of Timişoara
                                bogdandima2001@gmail.com

                             Aurora Murgea, PhD Lecturer PhD
                                West University of Timişoara
                                 auroramurgea@gmail.com

                            Gabriel Marilen Pirtea, PhD Professor
                                West University of Timişoara
                                 marilen.pirtea@gmail.com


ABSTRACT: The favorable institutional and functional evolution of the Romanian capital
market was break out by the negative consequences of the financial crisis. Thus, the objective
of this paper is to analyze the current evolutions and to identify some of the crisis’ pathology
characteristics. Some conclusions are drawn and some further research directions are
indicated.

Keywords: Romanian capital market, financial crisis, Quandt-Andrews test, BET, BET-C, BET-FI

JEL Codes: G10,G15