ARHIVELE OLTENIEI - Universitatea din Craiova

356Gheorghe Pîrvu, Ramona GruescuTHE LIBERALIZATION CAPITAL ACCOUNT AND ITS IMPLICATIONS(Abstract)In the scientific literature numerous models have been published of competitiveness andfinancial market highlighted the fact that the opening of capital account can make the process ofeconomical growth more rapid especially through free capital circulation but opposed points ofview have emphasized some risks of an open capital account. Thus we have highlighted the factthat due to the existence of an informational asymmetry on the capital market, the liberalization ofcapital account doesn’t necessarily lead to a better resource sharing, especially when the respectivemarkets are characterized by major distortions.The policies adopted by the Romanian National Bank, regarding the interests and theflexibility of the exchange course are ment to discourage the entrance of speculative capital. Themeasures adopted by Romania regarding the reform of public administration, the efficiency ofinfra-structure, the reducing of the uncertainty degree of economical medium through the stabilityprices, the rates of interest represent premises of the growth of direct foreign investments inRomania.