[Agarwal, S., & Khan J.A. (2019). Investigation of Dynamics of Macro-economy and Commodity Mutual Funds: Empirical Evidence from India. Theoretical Economics Letters, 9, 872-894. DOI: 10.4236/tel.2019.94057.10.4236/tel.2019.94057]Search in Google Scholar
[Ahmad, N., & Ramzan, M. (2016). Stock Market Volatility and Macroeconomic Factor Volatility. International Journal of Research in Business Studies and Management, 3(7), 37-44.]Search in Google Scholar
[Albu, L.L., Lupu, R., & Călin, C. (2014). A nonlinear model to estimate the long term correlation between market capitalization and GDP per capita in Eastern EU countries. Working Paper no. 141115. Retrieved from https://ideas.repec.org/p/rjr/wpiecf/141115.]Search in Google Scholar
[Androniceanu, A., Gherghina, R., & Ciobănaşu, M. (2019). The interdependence between fiscal public policies and tax evasion. Administrație și Management Public, 32, 32-41. DOI: 10.24818/amp/2019.32-03.10.24818/amp/2019.32-03]Search in Google Scholar
[Ayuku, P.E., & Etale, L.M. (2015). Determinants of stock market development in Nigeria. A co-integration approach. Advances in Research, 3(4), 366-373. DOI: 10.9734/AIR/2015/12912.10.9734/AIR/2015/12912]Search in Google Scholar
[Bali, T.G., Brown, S.J., & Caglayan, M.O. (2014). Macroeconomic risk and hedge fund returns. Journal of Financial Economics, 114 (1), 1-19. DOI: 10.1016/j.jfineco.2014.06.00810.1016/j.jfineco.2014.06.008]Search in Google Scholar
[Barakat, M.R., Elgazzar, S.H., & Hanafy, K. M. (2016). Impact of Macroeconomic Variables on Stock Markets: Evidence from Emerging Markets. International Journal of Economics and Finance, 8(10), 195-207. DOI: 10.5539/ijef.v8n1p195.10.5539/ijef.v8n1p195]Search in Google Scholar
[BVB (2020). BET index. Retrieved from http://www.bvb.ro/FinancialInstruments/Indices/Overview.]Search in Google Scholar
[Boghean, C. (2014). Features of the capital market’s evolution in Romania in the context of the turbulences produced by the financial crisis. The USV Annals of Economics and Public Administration, 14(2), 58-65.]Search in Google Scholar
[Boyd, J.H., Jian, H., & Ravi, J. (2005). The Stock Market’s Reaction to Unemployment news: Why Bad Bad News is Usually Good for Stocks. The Journal of Finance, 60, 649-672.10.1111/j.1540-6261.2005.00742.x]Search in Google Scholar
[Celebi, K., & Honig, M. (2019). The Impact of Macroeconomic Factors on the German Stock Market: Evidence for the Crisis, Pre and Post Crisis Periods. International Journal of Financial Studies, 7(2), 1-13. DOI: 10.3390/ijfs7020018.10.3390/ijfs7020018]Search in Google Scholar
[Cevik, N.K., Dibooglu, S., & Kutan, A.M. (2016). Real and Financial Sector Studies in Central and Eastern Europe: A Review. Czech Journal of Economics and Finance (Finance a uver), 66(1), 2-31.]Search in Google Scholar
[El-Wassal K.A. (2013). The development of stock markets: In search of a theory. International Journal of Economics and Financial Issues, 3(3), 606-624.]Search in Google Scholar
[Errunza, V., & Hogan, K. (1998). Macroeconomic Determinants of European Stock Market Volatility. European Financial Management, 4, 361-377. DOI: 10.1111/1468-036X.00071.10.1111/1468-036X.00071]Search in Google Scholar
[Fama, E.F. (1981). Stock returns, Real Activity, Inflation and Money. The American Economic Review, 71, 545-565.]Search in Google Scholar
[Ferreira, M.A., Keswani, A., Miguel, A.F., & Ramos, S.B. (2012). The flow-performance relationship around the world. Journal of Banking & Finance, 36, 1759-1780. DOI: 10.1016/j.jbankfin.2012.01.01910.1016/j.jbankfin.2012.01.019]Search in Google Scholar
[Filip, D. (2018). The impact of fund attributes on performance: Empirical evidence for Polish equity funds. Zb.rad. Ekon.fak. Rij, 36(2), 465-488.]Search in Google Scholar
[Filip, D. (2020). Are Fund Attributes Risk Drivers? Evidence for the Polish Mutual Funds. Romanian Journal of Economic Forecasting, XXIII (1), 22-36.]Search in Google Scholar
[Flannery, M.J., & Protopapadakis, A.A. (2002). Macroeconomic Factors DO Influence Aggregate Stock Returns. Review of Financial Studies, 15, 751-782.10.1093/rfs/15.3.751]Search in Google Scholar
[Gay, R. (2016). Effect of Macroeconomic Variables On Stock Market Returns From Four Emerging Economies: Brazil, Russia, India And China. International Business & Economics Research Journal, 7(30), 1-8. DOI: 10.19030/iber.v7i3.3229.10.19030/iber.v7i3.3229]Search in Google Scholar
[Gera, A. (2007). Macro-economic factors affecting mutual funds in India and basis for evaluating mutual fund performance. Retrieved from www.indianmba.com/Occasional_Papers/OP158/op158.htm.]Search in Google Scholar
[Global Economy (2020). Statistics. Retrieved from https://www.theglobaleconomy.com]Search in Google Scholar
[ICI (2020). Statistics. Retrieved from http://www.icifactbook.org/data/.]Search in Google Scholar
[Ho, S., & Lyke, B.N. (2017). Determinants of stock market development: A review of the literature. Studies in Economics and Finance, 34(1), 143-164. DOI: 10.1108/SEF-05-2016-0111.10.1108/SEF-05-2016-0111]Search in Google Scholar
[Horobet, A.L., & Dumitrescu, S. (2009). On the causal relationship between monetary, financial and real macroeconomic variables: evidence from Central and Eastern Europe. Economic Computation and Economic Cybernetics Studies and Research, 43(3), 1-17.]Search in Google Scholar
[Hsing, Y. (2014). Impacts of macroeconomic Factors on the Stock Market in Estonia. Journal of Economics and Development Studies, 2(2), 23-31.]Search in Google Scholar
[Islam, F.T., Mostofa, M.S., & Tithi, A.A. (2017). Macroeconomic and Institutional Determinants of Capital Market Performance in Bangladesh: A case of Dhaka Stock Exchange. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(1), 306-311. DOI: 10.6007/IJARAFMS/v7-i1/2705.10.6007/IJARAFMS/v7-i1/2705]Search in Google Scholar
[Kavita, S., & Pasricha, J.S. (2017). Research Paper on Impact of Macroeconomic Indicators on Mutual Funds Market in India. MERI Journal of Management and IT, 10(2), 14-22. DOI: 10.25089/MERI/2017/v10/i2/151160.14.]Search in Google Scholar
[Lemeshko, O., & Rejnus, O. (2015). Modeling the Size of the Mutual Fund Industry in Countries of Central and Eastern Europe. Financial Assets and Investing, 6(1), 1-28. DOI: 10.5817/FAI2015-1-1.10.5817/FAI2015-1-1]Search in Google Scholar
[Liu, M., & Shrestha, K. (2008). Analysis of the long-term relationship between Macro-economic variables and the Chinese stock market using heteroskedastic cointegration. Managerial Finance, 34, 744-755. DOI: 10.1108/03074350810900479.10.1108/03074350810900479]Search in Google Scholar
[Megaravalli, A.V., & Sampagnaro, G. (2018). Macroeconomic indicators and their impact on stock markets in ASIAN 3: A pooled mean group approach. Cogent Economics & Finance, 6(1), 1432450. DOI: 10.1080/23322039.2018.1432450.10.1080/23322039.2018.1432450]Search in Google Scholar
[Nicolescu, L., & Tudorache, F.G. (2016). The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds. Management Dynamics in the Knowledge Economy, 4(4), 591-621.]Search in Google Scholar
[Nicolescu, L., Tudorache, F.G., & Androniceanu, A. (2020). Performance-risk analysis on mutual funds versus stock exchanges in young financial markets. Journal of International Studies, 13(1), 279-294. DOI: 10.14254/2071-8330.2020/13-1/18.10.14254/2071-8330.2020/13-1/18]Search in Google Scholar
[Noshipo, T., Zandile, T., Molebogeng, L., Eberson, J., & Andrew, Ph. (2016). The unemployment – stock market relationship in South Africa: Evidence from symmetric and asymmetric cointegration models. MRPA Paper no. 74101. Retrieved from https://mrpa.ub.uni-muenchen.de/74101.]Search in Google Scholar
[Pal, K., & Mittal, R. (2011). Impact of macroeconomic indicators on Indian capital markets. The Journal of Risk Finance, 12(2), 84-97. DOI: 10.1108/15265941111112811.10.1108/15265941111112811]Search in Google Scholar
[Paten, S. (2012). The Effect of macroeconomic Determinants on the Performance of the Indian Stock Market. NMIMS Management Review, 22, 117-127.]Search in Google Scholar
[Paul, S., & Malik, G. (2003). Macroeconomic Factors and Bank and Finance Stock Price: the Australian Experience. Economic Analysis and Policy, 33(1), 23-30. DOI: 10.1016/S0313-5926(03)50002-9.10.1016/S0313-5926(03)50002-9]Search in Google Scholar
[Rao, V.K., & Daita, N. (2013). Fundamentals factors influencing investment in mutual funds – the EIC approach: a case study of RCAML. Indian Journal of Finance, 6, 4-13.]Search in Google Scholar
[Rjoub, H., Civcir, I., & Resatoglu, N.G. (2017). Micro and Macroeconomic Determinants of Stock Prices: the Case of Turkish Banking Sector. Romanian Journal of Economic Forecasting, XX(1), 150-166.]Search in Google Scholar
[Qureshi, F., Qureshi, S., & Ghumro, A.K. (2017). Mutual Funds and Market Variables: A Critical Review of Literature. Journal of Poverty, Investment and Development, 34, 34-48.]Search in Google Scholar
[Sabău-Popa, D.C., Bolos, M.I., Scarlat, E., Delcea C., & Bradea, I.A. (2014). Effects of macroeconomic variables on stock prices of the Bucharest Stock Exchange (BSE). Economic Computation and Economic Cybernetics Studies and Research, 48(4), 103-114.]Search in Google Scholar
[Sindelar, J., & Budinski, P. (2019). Does commission remuneration affect the investor’s outcome? Experience from Central and Eastern Europe. Journal of Financial Regulation and Compliance, 27(4), 1358-1988.10.1108/JFRC-10-2018-0141]Search in Google Scholar
[Shah, S.A. (2018). Impact of Macro Level Economic Factors on Capital Markets Returns: Evidence from Emerging Market of Asia. Journal of Hotel & Business Management, 7(2), 183-188. DOI: 10.4172/2169-0286.1000183.10.4172/2169-0286.1000183]Search in Google Scholar
[Stoltz, O. (2020). The Equity Curve and Its Relation to Future Stock Returns. Journal of Risk and Financial Management, 13(2), 19. DOI: 10.3390/jrfm13020019.10.3390/jrfm13020019]Search in Google Scholar
[Swiecka, B., Yesildag, E., Özen,E., & Grima, S. (2020). Financial Literacy: The Case of Poland. Sustainability, 12, 700. DOI: 10.3390/su12020700.10.3390/su12020700]Search in Google Scholar
[Tudorache, F.G., Nicolescu, L., & Lupu, R. (2015). Evolution of mutual funds in Romania: performances and risks. Romanian Journal of Economic Forecasting, 18(4), 180-197.]Search in Google Scholar
[Tsaurai K. (2018). What are the determinants of stock market development in emerging markets? Academy of Accounting and Financial Studies Journal, 22(2), 1-11.]Search in Google Scholar
[Tvaronaviciene, M. (2019). Insights into global trends of capital flows’ peculiarities: emerging leadership of China. Administrație și Management Public, 32, 6-17.]Search in Google Scholar
[Ullah, F., Hussain, I., & Rauf, A. (2014). Impacts of macroeconomy on stock market: Empirical evidence from Pakistan. International Journal of Management & Sustainability, 3(3), 140-146.10.18488/journal.11/2014.3.3/11.3.140.146]Search in Google Scholar
[Vătămănescu, E. -M., Gazzola, P., Dinca, V.M.,& Pezzetti, R. (2017). Mapping Entrepreneurs’ Orientation towards Sustainability in Interaction versus Network Marketing Practices. Sustainability, 9(9), 1580. DOI: 10.3390/su9091580.10.3390/su9091580]Search in Google Scholar
[Vătămănescu, E. -M., Pînzaru, F., Andrei, A.G., & Zbuchea, A. (2016). Investigating SMEs sustainability with partial least squares structural equation modeling. Transformations in Business & Economics (TIBE), 15(3), 259-273.]Search in Google Scholar
[Vychytilova, J. (2018). Stock market development beyond the GFC: the case of V4 countries. Journal of Competitiveness, 10(2), 149-163. DOI: 10.7441/joc.2018.02.10.10.7441/joc.2018.02.10]Search in Google Scholar
[Yartey, C.A., & Adjasi, C.K. (2007). Stock market development in Sub-Saharian Africa: Critical issues and challenges. IMF Working Paper No. 07/209. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Stock-Market-Development-in-Sub-Saharan-Africa-Critical-Issues-and-Challenges-21233.]Search in Google Scholar
[Yusoff, W.F.W., & Guima, I.J. (2015). Stock market development of Middle East and North Africa (MENA) region. International Journal of Business and Economics Research, 4(3), 163-171. DOI: 10.11648/j.ijber.20150403.19.10.11648/j.ijber.20150403.19]Search in Google Scholar
[Zelga, K. (2017). Influence of macroeconomic factors on the financial market. World Scientific News, 78, 164-169.]Search in Google Scholar